( S ( NP-SBJ ( PRP They ) ) ( VP ( VBD found ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD had ) ( VP ( VBN bought ) ( NP ( NN stock ) ) ( PP-CLR ( IN from ) ( NP ( NP ( NN limit ) ( NNS orders ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ-2 ( PRP they ) ) ( VP ( VP ( MD might ) ( VP ( VB have ) ( VP ( VBN entered ) ( ADVP-TMP ( NP ( NNS weeks ) ( CC or ) ( NNS months ) ) ( RB earlier ) ) ) ) ) ( CC and ) ( VP ( VBD had ) ( VP ( VBN forgotten ) ( S ( VP ( TO to ) ( VP ( VB cancel ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

They found they had bought stock from limit orders that they might have entered weeks or months earlier and had forgotten to cancel


( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB always ) ) ( NP-PRD ( NP ( DT the ) ( NN responsibility ) ) ( PP ( IN of ) ( NP ( NNS investors ) ) ) ) ( S-2 ( VP ( TO to ) ( VP ( VB keep ) ( NP-CLR ( NN track ) ) ( PP-CLR ( IN of ) ( NP ( NP ( DT the ) ( NNS orders ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VB have ) ( VP ( VBN placed ) ) ) ) ) ) ) ) ) ) ) )

It is always the responsibility of investors to keep track of the orders they have placed


( S ( NP-SBJ-3 ( NP ( NNS Investors ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VB change ) ( NP ( PRP$ their ) ( NN mind ) ) ( PP ( IN about ) ( NP ( VBG buying ) ( CC or ) ( VBG selling ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ-1 ( DT an ) ( NN order ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN filled ) ) ) ) ) ) ) ) ) ) ( VP ( VBP are ) ( PRN ( ADVP-TMP ( RB usually ) ) ) ( VP ( VBD stuck ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NNS consequences ) ) ) ) ) )

Investors who change their mind about buying or selling after an order has been filled are usually stuck with the consequences


( S ( NP-SBJ ( NNP Mr. ) ( NNP Angrist ) ) ( VP ( VBZ writes ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NNS options ) ( CC and ) ( NNS commodities ) ( NNS markets ) ) ) ( PP ( IN for ) ( NP ( DT The ) ( NNP Wall ) ( NNP Street ) ( NNP Journal ) ) ) ) )

Mr. Angrist writes on the options and commodities markets for The Wall Street Journal


( S ( NP-SBJ ( NNP Tokyo ) ( NNS stocks ) ) ( VP ( VBD closed ) ( ADVP-CLR ( RBR higher ) ) ( PP-LOC ( IN in ) ( NP ( JJ active ) ( NN trading ) ) ) ( NP-TMP ( NNP Friday ) ) ( S-ADV ( VP ( VBG marking ) ( NP ( NP ( DT the ) ( JJ fourth ) ( JJ consecutive ) ( JJ daily ) ( NN gain ) ) ( PP-TMP ( IN since ) ( NP ( NP ( NNP Monday ) ( POS 's ) ) ( JJ sharp ) ( NN fall ) ) ) ) ) ) ) )

Tokyo stocks closed higher in active trading Friday marking the fourth consecutive daily gain since Monday 's sharp fall


( S ( NP-SBJ ( NNP London ) ( NNS shares ) ) ( VP ( VBD closed ) ( ADVP-CLR ( RB moderately ) ( RBR lower ) ) ( PP-LOC ( IN in ) ( NP ( JJ thin ) ( NN trading ) ) ) ) )

London shares closed moderately lower in thin trading


( S ( PP-LOC ( IN At ) ( NP ( NNP Tokyo ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNP Nikkei ) ( NN index ) ) ( PP ( IN of ) ( NP ( CD 225 ) ( VBN selected ) ( NNS issues ) ) ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB up ) ( NP ( CD 112.16 ) ( NNS points ) ) ( PP ( TO to ) ( NP ( CD 35486.38 ) ) ) ) ) )

At Tokyo the Nikkei index of 225 selected issues was up 112.16 points to 35486.38


( S ( NP-SBJ ( DT The ) ( NN index ) ) ( VP ( VBD advanced ) ( NP-EXT ( CD 266.66 ) ( NNS points ) ) ( NP-TMP ( NNP Thursday ) ) ) )

The index advanced 266.66 points Thursday


( S ( PP-LOC ( IN In ) ( NP ( RB early ) ( NN trading ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Tokyo ) ) ) ( NP-TMP ( NNP Monday ) ) ( NP-SBJ ( DT the ) ( NNP Nikkei ) ( NN index ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 101.98 ) ( NNS points ) ) ( PP-DIR ( TO to ) ( NP ( CD 35588.36 ) ) ) ) )

In early trading in Tokyo Monday the Nikkei index rose 101.98 points to 35588.36


( S ( NP-SBJ-1 ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NN volume ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( JJ First ) ( NNP Section ) ) ) ) ( VP ( VBD was ) ( VP ( VBN estimated ) ( PP-CLR ( IN at ) ( NP ( NP ( QP ( CD one ) ( CD billion ) ) ( NNS shares ) ) ( ADVP ( RB up ) ( PP ( IN from ) ( NP ( CD 862 ) ( CD million ) ) ( NP-TMP ( NNP Thursday ) ) ) ) ) ) ) ) )

Friday 's volume on the First Section was estimated at one billion shares up from 862 million Thursday


( S ( NP-SBJ ( NNS Winners ) ) ( VP ( VBD outpaced ) ( NP ( NNS losers ) ) ( ADVP ( CD 572 ) ( TO to ) ( CD 368 ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( CD 181 ) ( NNS issues ) ) ( VP ( VBD remained ) ( ADJP-PRD ( JJ unchanged ) ) ) ) ) ) )

Winners outpaced losers 572 to 368 while 181 issues remained unchanged


( S ( SBAR-ADV ( IN With ) ( S ( NP-SBJ ( NNS investors ) ) ( ADJP-PRD ( VBN relieved ) ( PP-CLR ( IN at ) ( NP ( NP ( DT the ) ( JJ overnight ) ( NN gain ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ( NNS stocks ) ) ) ) ) ) ) ) ( NP-SBJ ( JJ small-lot ) ( NN buying ) ( NNS orders ) ) ( VP ( VBD streamed ) ( PP-DIR ( IN into ) ( NP ( DT the ) ( NN market ) ) ) ( PP-TMP ( IN from ) ( NP ( JJ early ) ( NN morning ) ) ) ( S-ADV ( VP ( VBG making ) ( S ( NP-SBJ ( NNS traders ) ) ( VP ( VB believe ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB back ) ( PP ( TO to ) ( NP ( JJ normal ) ) ) ) ) ) ) ) ) ) ) ) )

With investors relieved at the overnight gain in New York stocks small-lot buying orders streamed into the market from early morning making traders believe the market was back to normal


( S ( NP-SBJ ( NP ( DT The ) ( NNP Nikkei ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD reached ) ( ADJP ( ADJP ( RB as ) ( JJ high ) ) ( PP ( IN as ) ( NP ( CD 35611.38 ) ) ) ) ( PP-TMP ( ADVP ( RB right ) ) ( IN after ) ( NP ( DT the ) ( NN opening ) ) ) ) ) ) ) ( VP ( VBD surrendered ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ early ) ( NN advance ) ) ) ) ( PP-TMP ( IN toward ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN day ) ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NN profit-taking ) ) ) ) )

The Nikkei which reached as high as 35611.38 right after the opening surrendered part of its early advance toward the end of the day because of profit-taking


( S ( S-TPC-3 ( NP-SBJ-1 ( NP ( NNS Investors ) ) ( RB especially ) ( NP ( NNS dealers ) ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB want ) ( S ( VP ( TO to ) ( VP ( VB hold ) ( NP ( DT a ) ( NN position ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( NN weekend ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( NP ( DT a ) ( NN trader ) ) ( PP-LOC ( IN at ) ( NP ( NNP Dai-ichi ) ( NNP Securities ) ) ) ) ( VP ( VBD said ) ( S-ADV ( VP ( VBG adding ) ( ADVP ( IN though ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN trading ) ( NN mood ) ) ( VP ( VBD remained ) ( ADJP-PRD ( JJ positive ) ) ( PP-TMP ( IN through ) ( NP ( DT the ) ( NN afternoon ) ( NN session ) ) ) ) ) ) ) ) ) )

Investors especially dealers do n't want to hold a position over the weekend a trader at Dai-ichi Securities said adding though that the trading mood remained positive through the afternoon session


( S ( NP-SBJ ( NP ( DT The ) ( NNP Tokyo ) ( NNP Stock ) ( NNP Price ) ( NNP Index ) ) ( PRN ( NP ( NNP Topix ) ) ) ( PP ( IN of ) ( NP ( NP ( DT all ) ( NNS issues ) ) ( VP ( VBN listed ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ First ) ( NNP Section ) ) ) ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD gained ) ( NP ( CD 22.78 ) ( NNS points ) ) ( NP-TMP ( NNP Thursday ) ) ) ) ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB up ) ( NP ( NP ( CD 14.06 ) ( NNS points ) ) ( CC or ) ( NP ( CD 0.53 ) ( NN % ) ) ) ) ( PP-CLR ( IN at ) ( NP ( CD 2679.72 ) ) ) ) )

The Tokyo Stock Price Index Topix of all issues listed in the First Section which gained 22.78 points Thursday was up 14.06 points or 0.53 % at 2679.72


( S ( NP-SBJ-2 ( NP ( DT The ) ( NNP Second ) ( NNP Section ) ( NN index ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD rose ) ( NP-EXT ( CD 15.72 ) ( NNS points ) ) ( NP-TMP ( NNP Thursday ) ) ) ) ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB up ) ( NP ( NP ( CD 11.88 ) ( NNS points ) ) ( CC or ) ( NP ( CD 0.32 ) ( NN % ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB close ) ( PP-CLR ( IN at ) ( NP ( CD 3717.46 ) ) ) ) ) ) ) )

The Second Section index which rose 15.72 points Thursday was up 11.88 points or 0.32 % to close at 3717.46


( S ( NP-SBJ-1 ( NP ( NN Volume ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ second ) ( NN section ) ) ) ) ( VP ( VBD was ) ( VP ( VBN estimated ) ( PP-CLR ( IN at ) ( NP ( NP ( QP ( CD 30 ) ( CD million ) ) ( NNS shares ) ) ( ADVP ( RB up ) ( PP ( IN from ) ( NP ( CD 28 ) ( CD million ) ) ( NP-TMP ( NNP Thursday ) ) ) ) ) ) ) ) )

Volume in the second section was estimated at 30 million shares up from 28 million Thursday


( S ( PP-LOC ( IN In ) ( NP ( NP ( NN turmoil ) ) ( VP ( VBN caused ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NP ( JJ previous ) ( NNP Friday ) ( POS 's ) ) ( NN plunge ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ( NNS stocks ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Nikkei ) ) ( VP ( VBD marked ) ( NP ( DT a ) ( JJ sharp ) ( JJ 647.33-point ) ( NN fall ) ) ( NP-TMP ( NNP Monday ) ) ) )

In turmoil caused by the previous Friday 's plunge in New York stocks the Nikkei marked a sharp 647.33-point fall Monday


( S ( CC But ) ( NP-SBJ ( DT the ) ( NNP Nikkei ) ) ( VP ( VBD fell ) ( X ( NP ( NP ( DT an ) ( JJ overall ) ( CD 1.8 ) ( NN % ) ) ( PP ( IN in ) ( NP ( NN value ) ) ) ) ) ( NP-TMP ( DT that ) ( NN day ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( NP ( NNP Wall ) ( NNP Street ) ( VBZ 's ) ) ( ADJP ( RB far ) ( JJR sharper ) ) ( ADJP ( CD 6.9 ) ( NN % ) ) ( NN drop ) ) ( PP-TMP ( IN on ) ( NP ( NNP Oct. ) ( CD 13 ) ) ) ) ) ) ) )

But the Nikkei fell an overall 1.8 % in value that day compared with Wall Street 's far sharper 6.9 % drop on Oct. 13


( S ( NP-SBJ ( NP ( DT The ) ( NNP Tokyo ) ( NN market ) ( POS 's ) ) ( NN resiliency ) ) ( VP ( VBD helped ) ( S ( NP-SBJ ( NNS participants ) ) ( VP ( TO to ) ( VP ( VB regain ) ( NP ( NN confidence ) ) ( ADVP-MNR ( RB gradually ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ-2 ( PRP they ) ) ( VP ( VP ( VBD spent ) ( NP ( JJR more ) ( NN time ) ) ( PP-CLR ( IN on ) ( S-NOM ( VP ( NN analyzing ) ( NP ( NP ( NNS factors ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD caused ) ( NP ( DT the ) ( NNP Friday ) ( NN plunge ) ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBD realized ) ( SBAR ( S ( NP-SBJ ( DT these ) ( NNS problems ) ) ( VP ( VBD were ) ( ADJP-PRD ( ADJP ( JJ unique ) ( PP ( TO to ) ( NP ( NNP New ) ( NNP York ) ( NNS stocks ) ) ) ) ( CC and ) ( RB not ) ( ADJP ( RB directly ) ( VBN related ) ( PP ( TO to ) ( NP ( NNP Tokyo ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Tokyo market 's resiliency helped participants to regain confidence gradually as they spent more time on analyzing factors that caused the Friday plunge and realized these problems were unique to New York stocks and not directly related to Tokyo


( S ( NP-SBJ-1 ( DT The ) ( NNP Nikkei ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB gain ) ) ) ) ( PP-TMP ( IN for ) ( NP ( NP ( DT the ) ( NN rest ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN week ) ) ) ) ) ( S-ADV ( VP ( VP ( VBG adding ) ( NP ( CD 1017.69 ) ( NNS points ) ) ( PP-TMP ( IN in ) ( NP ( CD four ) ( NNS days ) ) ) ) ( VP ( ADVP ( RBR more ) ( IN than ) ) ( VBG erasing ) ( NP ( NP ( NNP Monday ) ( POS 's ) ) ( NNS losses ) ) ) ) ) ) )

The Nikkei continued to gain for the rest of the week adding 1017.69 points in four days more than erasing Monday 's losses


( S ( CC But ) ( NP-SBJ-1 ( NP ( JJ further ) ( JJ major ) ( NNS advances ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Nikkei ) ) ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBN foreseen ) ( NP-TMP ( DT this ) ( NN week ) ) ( PP ( IN by ) ( NP-LGS ( NN market ) ( NNS observers ) ) ) ) ) )

But further major advances on the Nikkei are n't foreseen this week by market observers


( S ( NP-SBJ-2 ( NNS Investors ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB still ) ) ( VP ( VBG waiting ) ( S ( VP ( TO to ) ( VP ( VB see ) ( SBAR ( SBAR ( WHADVP-3 ( WRB how ) ) ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ( NN government ) ) ( VP ( MD will ) ( VP ( VB decide ) ( PP ( IN on ) ( NP ( NN interest ) ( NNS rates ) ) ) ) ) ) ) ( CC and ) ( SBAR ( WHADVP-4 ( WRB how ) ) ( S ( NP-SBJ-1 ( DT the ) ( NN dollar ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN stabilized ) ) ) ) ) ) ) ) ) ) ) ) )

Investors are still waiting to see how the U.S. government will decide on interest rates and how the dollar will be stabilized


( S ( NP-SBJ ( DT Some ) ( JJ high-priced ) ( NNS issues ) ) ( VP ( VBD made ) ( NP ( DT a ) ( NN comeback ) ) ( NP-TMP ( NNP Friday ) ) ) )

Some high-priced issues made a comeback Friday


( S ( NP-SBJ ( NNP Pioneer ) ) ( VP ( VBD surged ) ( NP-EXT ( NP ( CD 450 ) ( NNS yen ) ) ( PRN ( NP ( CD 3.16 ) ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 6,050 ) ( NNS yen ) ) ( PRN ( NP ( CD 42.60 ) ) ) ) ) ) )

Pioneer surged 450 yen 3.16 to 6,050 yen 42.60


( S ( NP-SBJ ( NNP Kyocera ) ) ( VP ( VBN advanced ) ( NP-DIR ( CD 80 ) ( NNS yen ) ) ( PP-EXT ( TO to ) ( NP ( CD 5,440 ) ) ) ) )

Kyocera advanced 80 yen to 5,440


( S ( NP-SBJ ( NNP Fanuc ) ) ( VP ( VBD gained ) ( NP ( CD 100 ) ) ( PP-DIR ( TO to ) ( NP ( CD 7,580 ) ) ) ) )

Fanuc gained 100 to 7,580


( S ( S-TPC-2 ( NP-SBJ ( NNS Breweries ) ) ( VP ( VBD attracted ) ( NP ( NNS investors ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( PRP$ their ) ( NN land ) ( NN property ) ( NNS holdings ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD could ) ( VP ( VB figure ) ( PP-LOC ( IN in ) ( NP ( NP ( NN development ) ) ( CC or ) ( NP ( JJ other ) ( NNS plans ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS traders ) ) ( VP ( VBD said ) ) )

Breweries attracted investors because of their land property holdings that could figure in development or other plans traders said


( S ( S ( NP-SBJ ( NNP Sapporo ) ) ( VP ( VBD gained ) ( NP ( CD 80 ) ) ( PP-DIR ( TO to ) ( NP ( CD 1,920 ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Kirin ) ) ( VP ( VBD added ) ( NP ( CD 60 ) ) ( PP-DIR ( TO to ) ( NP ( CD 2,070 ) ) ) ) ) )

Sapporo gained 80 to 1,920 and Kirin added 60 to 2,070


( S ( NP-SBJ-2 ( NNS Housings ) ( NNS constructions ) ( CC and ) ( NNS pharmaceuticals ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN bought ) ( PP-TMP ( VBG following ) ( NP ( NP ( NNP Thursday ) ( POS 's ) ) ( NNS gains ) ) ) ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( JJ strong ) ( NNS earnings ) ( NNS outlooks ) ) ) ) )

Housings constructions and pharmaceuticals continued to be bought following Thursday 's gains because of strong earnings outlooks


( S ( NP-SBJ ( NNP Daiwa ) ( NNP House ) ) ( VP ( VBD gained ) ( NP ( CD 50 ) ) ( PP-DIR ( TO to ) ( NP ( CD 2,660 ) ) ) ) )

Daiwa House gained 50 to 2,660


( S ( NP-SBJ ( NNP Misawa ) ( NNP Homes ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB up ) ( NP ( CD 20 ) ) ) ( PP-CLR ( IN at ) ( NP ( CD 2,960 ) ) ) ) )

Misawa Homes was up 20 at 2,960


( S ( S ( NP-SBJ ( NNP Kajima ) ) ( VP ( VBD advanced ) ( NP-EXT ( CD 40 ) ) ( PP-DIR ( TO to ) ( NP ( CD 2,120 ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Ohbayashi ) ) ( VP ( VBD added ) ( NP ( CD 50 ) ) ( PP-DIR ( TO to ) ( NP ( CD 1,730 ) ) ) ) ) )

Kajima advanced 40 to 2,120 and Ohbayashi added 50 to 1,730


( S ( S ( NP-SBJ ( NNP Fujisawa ) ) ( VP ( VBD added ) ( NP ( CD 80 ) ) ( PP-DIR ( TO to ) ( NP ( CD 2,010 ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Mochida ) ) ( VP ( VBD advanced ) ( NP-EXT ( CD 230 ) ) ( PP-DIR ( TO to ) ( NP ( CD 4,400 ) ) ) ) ) )

Fujisawa added 80 to 2,010 and Mochida advanced 230 to 4,400


( S ( NP-SBJ-1 ( NNP London ) ( NN share ) ( NNS prices ) ) ( VP ( VBD were ) ( VP ( VBN influenced ) ( PP ( ADVP ( RB largely ) ) ( IN by ) ( NP-LGS ( NP ( NP ( NNS declines ) ) ( PP-LOC ( IN on ) ( NP ( NNP Wall ) ( NNP Street ) ) ) ) ( CC and ) ( NP ( NP ( NN weakness ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ British ) ( NN pound ) ) ) ) ) ) ) ) )

London share prices were influenced largely by declines on Wall Street and weakness in the British pound


( S ( NP-SBJ ( DT The ) ( JJ key ) ( NNP Financial ) ( NNP Times-Stock ) ( NNP Exchange ) ( JJ 100-share ) ( NN index ) ) ( VP ( VBD ended ) ( ADVP-CLR ( NP ( CD 10.2 ) ( NNS points ) ) ( RBR lower ) ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 2179.1 ) ) ( ADVP ( ADVP ( RB above ) ( NP ( NP ( PRP$ its ) ( NN intraday ) ( JJ low ) ) ( PP ( IN of ) ( NP ( CD 2176.9 ) ) ) ) ) ( CC but ) ( ADVP ( RB off ) ( NP ( NP ( NP ( DT the ) ( NN day ) ( VBZ 's ) ) ( JJ high ) ) ( PP ( IN of ) ( NP ( CD 2189 ) ) ) ) ) ) ) ) ) )

The key Financial Times-Stock Exchange 100-share index ended 10.2 points lower at 2179.1 above its intraday low of 2176.9 but off the day 's high of 2189


( S ( NP-SBJ ( DT The ) ( NN index ) ) ( VP ( VBD finished ) ( PP-CLR ( NP ( CD 2.4 ) ( NN % ) ) ( IN under ) ( NP ( NP ( PRP$ its ) ( NN close ) ) ( PP ( IN of ) ( NP ( CD 2233.9 ) ) ) ( NP-TMP ( DT the ) ( JJ previous ) ( NNP Friday ) ) ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD recouped ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ sharp ) ( NNS losses ) ) ( VP ( VBD staged ) ( NP-TMP ( JJ early ) ( JJ last ) ( NN week ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN back ) ) ( PP ( IN of ) ( NP ( NP ( NNP Wall ) ( NNP Street ) ( POS 's ) ) ( NN fall ) ) ) ) ) ) ) ) ) ) ) ) ) )

The index finished 2.4 % under its close of 2233.9 the previous Friday although it recouped some of the sharp losses staged early last week on the back of Wall Street 's fall


( S ( NP-SBJ ( NNP London ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ weak ) ) ( PP-TMP ( IN throughout ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NN trading ) ) ) ( ADVP ( RB however ) ) ( PP ( IN on ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( NNS dealers ) ) ( VP ( VBN attributed ) ( PP-CLR ( TO to ) ( NP ( NP ( NP ( ADJP ( RB generally ) ( JJ thin ) ) ( NN interest ) ) ( ADVP-TMP ( RB ahead ) ( PP ( IN of ) ( NP ( DT the ) ( NN weekend ) ) ) ) ) ( CC and ) ( NP ( NP ( NP ( DT this ) ( NN week ) ( VBZ 's ) ) ( ADJP ( RB potentially ) ( JJ important ) ) ( NNP U.K. ) ( NN trade ) ( NNS figures ) ) ( PP ( IN for ) ( NP ( NNP September ) ) ) ) ) ) ) ) ) ) ) )

London was weak throughout Friday 's trading however on what dealers attributed to generally thin interest ahead of the weekend and this week 's potentially important U.K. trade figures for September


( S ( NP-SBJ ( DT The ) ( NNP FT-SE ) ( CD 100 ) ) ( ADVP ( RB largely ) ) ( VP ( VBD remained ) ( PP-LOC-PRD ( IN within ) ( NP ( NP ( DT an ) ( JJ 11-point ) ( NN range ) ) ( VP ( VBN establshed ) ( PP-TMP ( IN within ) ( NP ( NP ( DT the ) ( JJ first ) ( NN hour ) ) ( PP ( IN of ) ( NP ( NN trading ) ) ) ) ) ) ) ) ( PP-TMP ( RB before ) ( S-NOM ( NP-SBJ ( PRP it ) ) ( VP ( VBD eased ) ( PP-DIR ( TO to ) ( NP ( DT an ) ( NN intraday ) ( NN low ) ) ) ( ADVP-TMP ( RB late ) ( PP ( IN in ) ( NP ( DT the ) ( NN session ) ) ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NP ( DT a ) ( NN flurry ) ) ( PP ( IN of ) ( NP ( NN program ) ( NN selling ) ) ) ) ( VP ( VBD pushed ) ( NP ( NNP Wall ) ( NNP Street ) ) ( ADVP-CLR ( RBR lower ) ) ) ) ) ) ) ) ) )

The FT-SE 100 largely remained within an 11-point range establshed within the first hour of trading before it eased to an intraday low late in the session when a flurry of program selling pushed Wall Street lower


( S ( NP-SBJ ( DT The ) ( NNP FT ) ( CD 30-share ) ( NN index ) ) ( VP ( VBD closed ) ( ADVP ( NP ( CD 11.0 ) ( NNS points ) ) ( RBR lower ) ) ( PP-CLR ( IN at ) ( NP ( CD 1761.0 ) ) ) ) )

The FT 30-share index closed 11.0 points lower at 1761.0


( S ( NP-SBJ ( NN Volume ) ) ( VP ( VBD was ) ( UCP-PRD ( ADJP ( RB extremely ) ( JJ thin ) ( PP ( IN at ) ( NP ( NP ( QP ( CD 351.3 ) ( CD million ) ) ( NNS shares ) ) ( NP ( NP ( DT the ) ( JJS lightest ) ( NN volume ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN week ) ) ) ) ) ) ) ( CC and ) ( PP ( ADVP ( RB modestly ) ) ( RB under ) ( NP ( NP ( NNP Thursday ) ( POS 's ) ) ( QP ( CD 387.4 ) ( CD million ) ) ( NNS shares ) ) ) ) ) )

Volume was extremely thin at 351.3 million shares the lightest volume of the week and modestly under Thursday 's 387.4 million shares


( S ( NP-SBJ ( NNS Dealers ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN day ) ( POS 's ) ) ( NN action ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ featureless ) ) ( PP ( IN outside ) ( NP ( NP ( NP ( DT some ) ( NN response ) ) ( PP ( TO to ) ( NP ( NP ( NP ( NN sterling ) ( POS 's ) ) ( JJ early ) ( NN weakness ) ) ( PP ( IN against ) ( NP ( DT the ) ( NN mark ) ) ) ) ) ) ( CC and ) ( NP ( NNS fears ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Wall ) ( NNP Street ) ) ( VP ( MD might ) ( VP ( VB open ) ( ADVP-CLR ( RBR lower ) ) ( PP-TMP ( IN after ) ( NP ( NP ( PRP$ its ) ( JJ strong ) ( NN leap ) ) ( ADVP ( RB forward ) ) ( NP-TMP ( NNP Thursday ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Dealers said the day 's action was featureless outside some response to sterling 's early weakness against the mark and fears that Wall Street might open lower after its strong leap forward Thursday


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBD added ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNS market-makers ) ) ( VP ( VBD were ) ( ADVP ( RB largely ) ) ( VP ( VBN sidelined ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( ADVP-MNR ( RB aggressively ) ) ( VBG supporting ) ( NP ( DT the ) ( NN market ) ) ( NP-TMP ( NNP Thursday ) ) ( PP ( IN in ) ( NP ( PRP$ their ) ( NN quest ) ( S ( VP ( TO to ) ( VP ( VB cover ) ( NP ( NP ( JJ internal ) ( NNS shortages ) ) ( PP ( IN of ) ( NP ( NNP FT-SE ) ( CD 100 ) ( NNS shares ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

They added that market-makers were largely sidelined after aggressively supporting the market Thursday in their quest to cover internal shortages of FT-SE 100 shares


( S ( NP-SBJ ( NN Interest ) ) ( VP ( MD may ) ( VP ( VB remain ) ( ADJP-PRD ( JJ limited ) ) ( PP ( IN into ) ( NP ( NP ( NP ( NN tomorrow ) ( POS 's ) ) ( NNP U.K. ) ( NN trade ) ( NNS figures ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ-2 ( DT the ) ( NN market ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBG watching ) ( ADVP-MNR ( RB closely ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB see ) ( SBAR ( IN if ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( DT any ) ( NN improvement ) ) ( PP-TMP ( IN after ) ( NP ( NP ( JJ disappointing ) ( NNS numbers ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ previous ) ( CD two ) ( NNS months ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Interest may remain limited into tomorrow 's U.K. trade figures which the market will be watching closely to see if there is any improvement after disappointing numbers in the previous two months


( S ( NP-SBJ ( NP ( DT The ) ( JJ key ) ( JJ corporate ) ( NN news ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN day ) ) ) ) ( VP ( VBD was ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ-1 ( NNP British ) ( NNP Airways ) ) ( VP ( VBD decided ) ( S ( VP ( TO to ) ( VP ( VB withdraw ) ( PP-DIR ( IN from ) ( NP ( NP ( DT a ) ( JJ management-led ) ( NN bid ) ) ( PP ( IN for ) ( NP ( NP ( NNP UAL ) ( NNP Corp. ) ) ( NP ( NP ( DT the ) ( NN parent ) ) ( PP ( IN of ) ( NP ( NNP United ) ( NNP Airlines ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The key corporate news of the day was that British Airways decided to withdraw from a management-led bid for UAL Corp. the parent of United Airlines


( S ( NP-SBJ-1 ( NNP British ) ( NNP Airways ) ) ( VP ( VBD rose ) ( ADVP-TMP ( RB initially ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG announcing ) ( NP ( NP ( PRP$ its ) ( NN withdrawal ) ) ( PP ( IN from ) ( NP ( DT the ) ( NNP UAL ) ( NN deal ) ) ) ) ) ) ) ) )

British Airways rose initially after announcing its withdrawal from the UAL deal


( S ( NP-SBJ ( NNS Dealers ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD viewed ) ( NP ( NP ( DT the ) ( JJ initial ) ( ADJP ( CD 390-million ) ) ( PRN ( ADJP ( QP ( CD 622 ) ( CD million ) ) ) ) ( NN outlay ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( CD 15 ) ( NN % ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN airline ) ) ) ) ) ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( NN bit ) ( JJ much ) ) ) ) ) ) ) )

Dealers said they viewed the initial 390-million 622 million outlay for a 15 % stake in the airline as a bit much


( S ( NP-SBJ-1 ( PRP$ Its ) ( NNS shares ) ) ( VP ( VBD slid ) ( PP-LOC ( IN in ) ( NP ( JJ late ) ( NNS dealings ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB close ) ( ADVP-CLR ( NP ( NP ( DT a ) ( NN penny ) ) ( PP ( IN per ) ( NP ( NN share ) ) ) ) ( RBR lower ) ) ( PP-CLR ( IN at ) ( NP ( CD 197 ) ( NN pence ) ) ) ) ) ) ) )

Its shares slid in late dealings to close a penny per share lower at 197 pence


( S ( NP-SBJ ( DT The ) ( NN airline ) ) ( VP ( VBD was ) ( NP-PRD ( DT the ) ( ADJP ( RBS most ) ( JJ active ) ) ( NNP FT-SE ) ( CD 100 ) ) ( PP ( IN at ) ( NP ( NP ( QP ( CD 8.2 ) ( CD million ) ) ( NNS shares ) ) ( VP ( VBN traded ) ) ) ) ) )

The airline was the most active FT-SE 100 at 8.2 million shares traded


( S ( NP-SBJ ( DT The ) ( ADJP ( JJ next ) ( RBS most ) ( JJ active ) ) ( JJ top-tier ) ( NN stock ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NNP B.A.T ) ( NNP Industries ) ) ( NP ( NP ( DT the ) ( NN target ) ) ( PP ( IN of ) ( NP ( NP ( NNP Sir ) ( NNP James ) ( NNP Goldsmith ) ( POS 's ) ) ( ADJP ( QP ( CD 13.4 ) ( CD billion ) ) ) ( NN bid ) ) ) ) ) ) )

The next most active top-tier stock was B.A.T Industries the target of Sir James Goldsmith 's 13.4 billion bid


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD gained ) ( NP ( NP ( NN shareholder ) ( NN approval ) ) ) ( NP-TMP ( NNP Thursday ) ) ( SBAR-1 ( S ( VP ( TO to ) ( VP ( NN restructure ) ( PP ( IN in ) ( NP ( DT a ) ( NN bid ) ( S ( VP ( TO to ) ( VP ( VB fend ) ( PRT ( RP off ) ) ( NP ( DT the ) ( NN hostile ) ( NN takeover ) ) ) ) ) ) ) ) ) ) ) ) )

The company gained shareholder approval Thursday to restructure in a bid to fend off the hostile takeover


( S ( NP-SBJ ( NNP Sir ) ( NNP James ) ) ( VP ( VBD said ) ( NP-TMP ( NNP Thursday ) ( NN night ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( PRP$ his ) ( NNS plans ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN takeover ) ) ) ) ( VP ( VBD had ) ( RB n't ) ( VP ( VBN changed ) ) ) ) ) ) )

Sir James said Thursday night that his plans for the takeover had n't changed


( S ( NP-SBJ ( NNP B.A.T ) ) ( VP ( VBD ended ) ( NP ( DT the ) ( NN day ) ) ( PP-CLR ( IN at ) ( NP ( CD 778 ) ) ) ( ADVP-CLR ( RB down ) ( NP ( CD 5 ) ) ) ( PP ( IN on ) ( NP ( NP ( NN turnover ) ) ( PP ( IN of ) ( NP ( QP ( CD 7.5 ) ( CD million ) ) ( NNS shares ) ) ) ) ) ) )

B.A.T ended the day at 778 down 5 on turnover of 7.5 million shares


( S ( NP-SBJ ( NNS Dealers ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBN hit ) ( PP ( IN by ) ( NP-LGS ( NP ( DT some ) ( NN profit-taking ) ) ( PP-TMP ( IN after ) ( NP ( NNS gains ) ) ) ( PP-TMP ( IN since ) ( NP ( NN mid-week ) ) ) ) ) ) ) ) ) ) )

Dealers said it was hit by some profit-taking after gains since mid-week


( S ( PP-LOC ( IN In ) ( NP ( JJ other ) ( JJ active ) ( NNS shares ) ) ) ( NP-SBJ ( NNP Trusthouse ) ( NNP Forte ) ) ( VP ( VBD shed ) ( NP ( CD 10 ) ) ( PP-DIR ( TO to ) ( NP ( CD 294 ) ) ) ( PP ( IN on ) ( NP ( NP ( NN volume ) ) ( PP ( IN of ) ( NP ( QP ( CD 6.4 ) ( CD million ) ) ( NNS shares ) ) ) ) ) ( PP-TMP ( IN after ) ( NP ( DT a ) ( NNP Barclays ) ( NNP De ) ( NNP Zoete ) ( NNP Wedd ) ( NN downgrading ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ-1 ( NP ( NNP Hillsdown ) ( NNP Holdings ) ) ( NP ( DT a ) ( NN food ) ( NNS products ) ( NN concern ) ) ) ( VP ( VBD was ) ( VP ( VBN boosted ) ( NP-EXT ( CD 2 ) ) ( PP-DIR ( TO to ) ( NP ( CD 271 ) ) ) ( SBAR-TMP ( RB after ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD disclosed ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VB seek ) ( NP ( NP ( NN shareholder ) ( NN approval ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB begin ) ( NP ( NN share ) ( NNS repurchases ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In other active shares Trusthouse Forte shed 10 to 294 on volume of 6.4 million shares after a Barclays De Zoete Wedd downgrading while Hillsdown Holdings a food products concern was boosted 2 to 271 after it disclosed it would seek shareholder approval to begin share repurchases


( S ( ADVP-LOC ( RB Elsewhere ) ( PP ( IN in ) ( NP ( NNP Europe ) ) ) ) ( NP-SBJ ( NN share ) ( NNS prices ) ) ( VP ( VBD closed ) ( ADVP-CLR ( RBR higher ) ) ( PP-LOC ( IN in ) ( NP ( NNP Stockholm ) ( NNP Brussels ) ( CC and ) ( NNP Milan ) ) ) ) )

Elsewhere in Europe share prices closed higher in Stockholm Brussels and Milan


( S ( NP-SBJ ( NNS Prices ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJR lower ) ) ( PP-LOC ( IN in ) ( NP ( NNP Frankfurt ) ( NNP Zurich ) ( NNP Paris ) ( CC and ) ( NNP Amsterdam ) ) ) ) )

Prices were lower in Frankfurt Zurich Paris and Amsterdam


( S ( NP-SBJ ( ADJP ( JJ South ) ( JJ African ) ) ( NN gold ) ( NNS stocks ) ) ( VP ( VBD closed ) ( ADVP-CLR ( RB moderately ) ( RBR lower ) ) ) )

South African gold stocks closed moderately lower


( S ( NP-SBJ ( NN Share ) ( NNS prices ) ) ( VP ( VP ( VBD closed ) ( ADVP-CLR ( RBR higher ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Sydney ) ) ( NP ( NNP Taipei ) ) ( NP ( NNP Wellington ) ) ( NP ( NNP Manila ) ) ( NP ( NNP Hong ) ( NNP Kong ) ) ( CC and ) ( NP ( NNP Singapore ) ) ) ) ) ( CC and ) ( VP ( VBD were ) ( ADJP-PRD ( JJR lower ) ) ( PP-LOC ( IN in ) ( NP ( NNP Seoul ) ) ) ) ) )

Share prices closed higher in Sydney Taipei Wellington Manila Hong Kong and Singapore and were lower in Seoul


( SINV ( ADVP-LOC-PRD-TPC-1 ( RB Here ) ) ( VP ( VBP are ) ) ( NP-SBJ ( NP ( NN price ) ( NNS trends ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NN world ) ( POS 's ) ) ( JJ major ) ( NN stock ) ( NNS markets ) ) ) ( SBAR ( IN as ) ( S ( VP ( VBN calculated ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Morgan ) ( NNP Stanley ) ( NNP Capital ) ( NNP International ) ( NNP Perspective ) ) ( NP-LOC ( NNP Geneva ) ) ) ) ) ) ) ) )

Here are price trends on the world 's major stock markets as calculated by Morgan Stanley Capital International Perspective Geneva


( S ( S-PRP ( VP ( TO To ) ( VP ( VB make ) ( S ( NP-SBJ ( PRP them ) ) ( ADJP-PRD ( RB directly ) ( JJ comparable ) ) ) ) ) ) ( NP-SBJ-1 ( DT each ) ( NN index ) ) ( VP ( VBZ is ) ( VP ( VBN based ) ( PP-CLR ( IN on ) ( S-NOM ( NP-SBJ ( NP ( DT the ) ( NN close ) ) ( PP ( IN of ) ( NP ( CD 1969 ) ) ) ) ( VP ( VBG equaling ) ( NP ( CD 100 ) ) ) ) ) ) ) )

To make them directly comparable each index is based on the close of 1969 equaling 100


( S ( NP-SBJ ( DT The ) ( NN percentage ) ( NN change ) ) ( VP ( VBZ is ) ( PP-PRD ( IN since ) ( NP ( NN year-end ) ) ) ) )

The percentage change is since year-end


( S ( S-TPC-3 ( S ( NP-SBJ-1 ( NP ( CD Four ) ( NNS workers ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP GTE ) ( NNP Corp. ) ( POS 's ) ) ( NNS headquarters ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN diagnosed ) ( PP-CLR ( IN as ) ( S-NOM ( VP ( VBG having ) ( NP ( NN hepatitis ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NN city ) ( NN health ) ( NNS officials ) ) ( VP ( VBP are ) ( VP ( VBG investigating ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( DT a ) ( NN cafeteria ) ( NN worker ) ) ( VP ( MD may ) ( VP ( VB have ) ( VP ( VBN exposed ) ( NP ( NP ( NNS hundreds ) ) ( PP ( IN of ) ( NP ( JJ other ) ( NNP GTE ) ( NNS employees ) ) ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( JJ viral ) ( NN infection ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NN company ) ( CC and ) ( NN city ) ( NNS officials ) ) ( VP ( VBD said ) ) )

Four workers at GTE Corp. 's headquarters have been diagnosed as having hepatitis and city health officials are investigating whether a cafeteria worker may have exposed hundreds of other GTE employees to the viral infection company and city officials said


( S ( NP-SBJ-1 ( DT The ) ( CD four ) ( NNS cases ) ) ( VP ( VBD were ) ( DT all ) ( VP ( VBN reported ) ( PP-CLR ( TO to ) ( NP ( NP ( NP ( NNP GTE ) ( POS 's ) ) ( JJ medical ) ( NN director ) ) ( CC and ) ( NP ( UCP ( NN state ) ( CC and ) ( JJ local ) ) ( NN health ) ( NNS authorities ) ) ) ) ) ) )

The four cases were all reported to GTE 's medical director and state and local health authorities


( S ( S-TPC-1 ( NP-SBJ ( NNP GTE ) ) ( VP ( VBD shut ) ( PRT ( RP down ) ) ( NP ( PRP$ its ) ( NN cafeteria ) ) ( NP-TMP ( NNP Tuesday ) ( NN afternoon ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( NN testing ) ) ( VP ( VBD determined ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( QP ( IN at ) ( JJS least ) ( CD one ) ) ( NN cafeteria ) ( NN worker ) ) ( VP ( VBN employed ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( NNP GTE ) ( POS 's ) ) ( JJ private ) ( NN food ) ( VBG vending ) ( NN contractor ) ) ( NP ( NNP ARA ) ( NNP Services ) ( NNP Inc. ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBG suffering ) ( PP-CLR ( IN from ) ( NP ( NP ( DT a ) ( NN strain ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN virus ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS officials ) ) ( VP ( VBD said ) ) )

GTE shut down its cafeteria Tuesday afternoon after testing determined that at least one cafeteria worker employed by GTE 's private food vending contractor ARA Services Inc. was suffering from a strain of the virus officials said


( S ( NP-SBJ ( QP ( RBR More ) ( IN than ) ( CD 700 ) ) ( NNS people ) ) ( VP ( VBP work ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP GTE ) ( NN building ) ) ) ) )

More than 700 people work in the GTE building


( S ( NP-SBJ ( DT The ) ( NN cafeteria ) ) ( VP ( VBZ remains ) ( ADJP-PRD ( JJ closed ) ) ) )

The cafeteria remains closed


( S ( NP-SBJ ( NP ( NNP Dr. ) ( NNP Andrew ) ( NNP McBride ) ) ( NP ( NN city ) ( NN health ) ( NN director ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ his ) ( NN staff ) ) ( VP ( VBZ suspects ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN hepatitis ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( MD can ) ( VP ( VB be ) ( ADJP-PRD ( RB highly ) ( JJ contagious ) ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN spread ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NN cafeteria ) ( NN worker ) ) ( PP ( IN with ) ( NP ( DT the ) ( NN virus ) ) ) ) ) ) ) ) ) ) ) ) ) )

Dr. Andrew McBride city health director said his staff suspects the hepatitis which can be highly contagious was spread by the cafeteria worker with the virus


( S ( S-TPC-2 ( NP-SBJ-3 ( NP ( DT The ) ( JJ exact ) ( NN strain ) ) ( PP ( IN of ) ( NP ( NN hepatitis ) ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( DT the ) ( NN cafeteria ) ( NN worker ) ) ( VP ( VBD contracted ) ) ) ) ) ( VP ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN been ) ( VP ( VBN determined ) ) ) ) ( CC but ) ( VP ( MD should ) ( VP ( VB be ) ( VP ( VBN known ) ( PP-TMP ( IN by ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN week ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Dr. ) ( NNP McBride ) ) ( VP ( VBD said ) ) )

The exact strain of hepatitis that the cafeteria worker contracted has n't been determined but should be known by the end of the week Dr. McBride said


( S ( S-TPC-2 ( NP-SBJ-1 ( NP ( NNP Hepatitis ) ( NNP A ) ) ( VP ( VBN considered ) ( S ( NP-PRD ( NP ( DT the ) ( ADJP ( JJS least ) ( JJ dangerous ) ) ( NN strain ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN virus ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN confirmed ) ( PP-LOC ( IN in ) ( NP ( QP ( IN at ) ( JJS least ) ( CD one ) ) ( NNP GTE ) ( NN employee ) ) ) ) ) ) ) ( NP-SBJ ( NN company ) ( CC and ) ( NN city ) ( NNS officials ) ) ( VP ( VBD said ) ) )

Hepatitis A considered the least dangerous strain of the virus has been confirmed in at least one GTE employee company and city officials said


( SINV ( S-TPC-1 ( PP ( IN From ) ( NP ( NP ( DT a ) ( JJ public ) ( NN health ) ( NN point ) ) ( PP ( IN of ) ( NP ( NN view ) ) ) ) ) ( NP-SBJ ( PRP we ) ) ( VP ( VBP 're ) ( ADJP-PRD ( JJ relieved ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( NNP hepatitis ) ( NNP A ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB rarely ) ) ( ADJP-PRD ( JJ life-threatening ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Dr. ) ( NNP Frank ) ( NNP Provato ) ) ( NP ( NP ( NNP GTE ) ( POS 's ) ) ( JJ medical ) ( NN director ) ) ) )

From a public health point of view we 're relieved because hepatitis A is rarely life-threatening said Dr. Frank Provato GTE 's medical director


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT a ) ( JJ double-edged ) ( NN sword ) ) ( ADVP ( IN though ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( ADVP ( RB also ) ) ( NP-PRD ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ contagious ) ) ( NN kind ) ) ( PP ( IN of ) ( NP ( NN hepatitis ) ) ) ) ) ) ) ) )

It 's a double-edged sword though because it is also the most contagious kind of hepatitis


( SINV ( S-TPC-3 ( NP-SBJ-1 ( NNP GTE ) ( NNS officials ) ) ( VP ( VBD began ) ( S ( VP ( VBG posting ) ( NP ( NP ( NN warning ) ( NNS notices ) ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( JJ potential ) ( NN threat ) ) ( PP ( TO to ) ( NP ( NN exposure ) ) ) ) ) ) ) ) ( NP-TMP ( NNP Wednesday ) ( NN morning ) ) ( PP-LOC-2 ( IN at ) ( NP ( NP ( JJ various ) ( NNS places ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NNP GTE ) ( NN spokesman ) ( NNP Thomas ) ( NNP Mattausch ) ) )

GTE officials began posting warning notices about the potential threat to exposure Wednesday morning at various places at the company said GTE spokesman Thomas Mattausch


( S ( S-TPC-4 ( NP-SBJ-3 ( DT The ) ( NN company ) ) ( VP ( VBZ has ) ( VP ( VBN begun ) ( S ( VP ( VBG offering ) ( NP ( NP ( NNS shots ) ) ( PP ( IN of ) ( NP ( NP ( NN gamma ) ( NN globulin ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD will ) ( VP ( VB diminish ) ( NP ( NP ( DT the ) ( JJ flu-like ) ( NNS symptoms ) ) ( PP ( IN of ) ( NP ( NNP hepatitis ) ( NNP A ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NN anyone ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBZ has ) ( VP ( VBN contracted ) ( NP ( DT the ) ( NN disease ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Mattausch ) ) ( VP ( VBD said ) ) )

The company has begun offering shots of gamma globulin which will diminish the flu-like symptoms of hepatitis A in anyone who has contracted the disease Mr. Mattausch said


( S-3 ( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP 're ) ( VP ( ADVP-MNR ( RB strongly ) ) ( VBG recommending ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NN anyone ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ has ) ( VP ( VBN eaten ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN cafeteria ) ) ) ( NP-TMP ( DT this ) ( NN month ) ) ) ) ) ) ) ( VP ( VB have ) ( NP ( DT the ) ( NN shot ) ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Mattausch ) ) ( VP ( VBD added ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ means ) ( NP ( NP ( RB virtually ) ( NN everyone ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBZ works ) ( ADVP-LOC ( RB here ) ) ) ) ) ) ) ) )

We 're strongly recommending that anyone who has eaten in the cafeteria this month have the shot Mr. Mattausch added and that means virtually everyone who works here


( S ( NP-SBJ ( NNP Dow ) ( NNP Jones ) ( CC & ) ( NNP Co. ) ) ( VP ( VBD announced ) ( NP ( NP ( NNP Wall ) ( NNP Street ) ( NNP Journal ) ( NN advertising ) ( NNS rates ) ) ( PP ( IN for ) ( NP ( CD 1990 ) ) ) ) ) )

Dow Jones & Co. announced Wall Street Journal advertising rates for 1990


( S ( NP-SBJ ( NP ( DT The ) ( NNS rates ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP take ) ( NP ( NN effect ) ) ( NP-TMP ( NNP Jan. ) ( CD 2 ) ) ) ) ) ) ( VP ( VBP include ) ( NP ( NP ( DT a ) ( ADJP ( CD 4 ) ( NN % ) ) ( NN increase ) ) ( PP ( IN for ) ( NP ( JJ national ) ( NN edition ) ( NN advertising ) ) ) ) ) )

The rates which take effect Jan. 2 include a 4 % increase for national edition advertising


( S ( NP-SBJ ( DT The ) ( NNP Journal ) ) ( ADVP ( RB also ) ) ( VP ( MD will ) ( VP ( VB offer ) ( NP ( VBN expanded ) ( NN volume ) ( CC and ) ( NN frequency ) ( NNS discounts ) ) ) ) )

The Journal also will offer expanded volume and frequency discounts


( S ( NP-SBJ ( NP ( DT The ) ( NN increase ) ) ( PP ( IN for ) ( NP ( JJ national ) ( NN edition ) ( NN advertising ) ) ) ) ( VP ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( JJR less ) ) ( PP ( IN than ) ( NP ( DT the ) ( NN inflation ) ( NN rate ) ) ) ) ) ( CC and ) ( VP ( VBZ compares ) ( PP-CLR ( IN with ) ( NP ( NP ( DT a ) ( ADJP ( CD 6.5 ) ( NN % ) ) ( NN increase ) ) ( PP-TMP ( IN in ) ( NP ( CD 1989 ) ) ) ) ) ) ) )

The increase for national edition advertising is less than the inflation rate and compares with a 6.5 % increase in 1989


( SINV ( S-TPC-1 ( NP-SBJ ( NP ( NN Newsprint ) ( CC and ) ( NN postage ) ( NNS prices ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ( VP ( VBP have ) ( RB not ) ( VP ( VBN gone ) ( ADVP-DIR ( RB up ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Peter ) ( NNP R. ) ( NNP Kann ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NNP Dow ) ( NNP Jones ) ) ) ) ) )

Newsprint and postage prices this year have not gone up said Peter R. Kann president of Dow Jones


( S ( NP-SBJ-1 ( PRP We ) ) ( VP ( VBP have ) ( VP ( VP ( VBN invested ) ( PP-CLR ( IN in ) ( NP ( VBN improved ) ( JJ editorial ) ( NN quality ) ) ) ) ( CC and ) ( VP ( VBN expanded ) ( NP ( PRP$ our ) ( NN quality ) ( NN audience ) ) ) ( PP ( IN without ) ( S-NOM ( VP ( ADVP-MNR ( RB substantially ) ) ( VBG increasing ) ( NP ( PRP$ our ) ( NNS costs ) ) ) ) ) ) ) )

We have invested in improved editorial quality and expanded our quality audience without substantially increasing our costs


( S ( NP-SBJ ( NP ( JJ Fundamental ) ( NN fairness ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN sense ) ) ( PP ( IN of ) ( NP ( NN responsibility ) ) ) ) ) ( VP ( VBP lead ) ( NP-1 ( PRP us ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB share ) ( NP ( NN operating ) ( NNS efficiencies ) ) ( PP-CLR ( IN with ) ( NP ( PRP$ our ) ( NNS customers ) ) ) ) ) ) ) )

Fundamental fairness and a sense of responsibility lead us to share operating efficiencies with our customers


( S ( S ( NP-SBJ ( NP ( NN Advertising ) ( NNS rates ) ) ( PP ( IN for ) ( NP ( DT the ) ( ADJP ( JJ Eastern ) ( JJ Midwest ) ( JJ Western ) ( CC and ) ( JJ Southwest ) ) ( NNS editions ) ) ) ) ( VP ( MD will ) ( VP ( VB increase ) ( NP-EXT ( DT an ) ( NN average ) ( CD 5.5 ) ( NN % ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( NNS rates ) ) ( PP ( IN for ) ( NP ( VBN localized ) ( NN advertising ) ( NNS editions ) ) ) ) ( VP ( MD will ) ( VP ( VB increase ) ( NP-EXT ( CD 7.5 ) ( NN % ) ) ) ) ) )

Advertising rates for the Eastern Midwest Western and Southwest editions will increase an average 5.5 % and rates for localized advertising editions will increase 7.5 %


( S ( NP-SBJ ( NP ( NNP Rates ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNP Wall ) ( NNP Street ) ( NNP Journal ) ( NNP Reports ) ) ) ) ( VP ( MD will ) ( VP ( VB remain ) ( ADJP-PRD ( JJ unchanged ) ) ) ) )

Rates for the Wall Street Journal Reports will remain unchanged


( S ( NP-SBJ ( NP ( DT A ) ( JJ one-time ) ( JJ noncontract ) ( JJ full-page ) ( NN advertisement ) ) ( PP-LOC ( IN in ) ( NP ( DT The ) ( NNP Wall ) ( NNP Street ) ( NNP Journal ) ( JJ national ) ( NN edition ) ) ) ) ( VP ( MD will ) ( VP ( VB cost ) ( NP ( CD 99,385 ) ) ) ) )

A one-time noncontract full-page advertisement in The Wall Street Journal national edition will cost 99,385


( S ( NP-SBJ ( NP ( NN Advertising ) ( NNS rates ) ) ( PP ( IN for ) ( NP ( NP ( DT The ) ( NNP Wall ) ( NNP Street ) ( NNP Journal\/Europe ) ) ( VP ( VP ( VBN published ) ( PP-LOC ( IN in ) ( NP ( NNP Brussels ) ) ) ) ( CC and ) ( VP ( VBN printed ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNP Netherlands ) ) ( CC and ) ( NP ( NNP Switzerland ) ) ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB increase ) ( NP-EXT ( CD 9 ) ( NN % ) ) ) ) )

Advertising rates for The Wall Street Journal\/Europe published in Brussels and printed in the Netherlands and Switzerland will increase 9 %


( S ( NP-SBJ ( NP ( NNP Rates ) ) ( PP ( IN for ) ( NP ( NP ( DT The ) ( NNP Asian ) ( NNP Wall ) ( NNP Street ) ( NNP Journal ) ) ( VP ( VP ( VBN published ) ( CC and ) ( VBN printed ) ( PP-LOC ( IN in ) ( NP ( NNP Hong ) ( NNP Kong ) ) ) ) ( CC and ) ( ADVP ( RB also ) ) ( VP ( VBN printed ) ( PP-LOC ( IN in ) ( NP ( NNP Singapore ) ( CC and ) ( NNP Tokyo ) ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB rise ) ( NP-EXT ( CD 8 ) ( NN % ) ) ) ) )

Rates for The Asian Wall Street Journal published and printed in Hong Kong and also printed in Singapore and Tokyo will rise 8 %


( S ( NP-SBJ ( NP ( NNP Rates ) ) ( PP ( IN for ) ( NP ( NP ( DT The ) ( NNP Asian ) ( NNP Wall ) ( NNP Street ) ( NNP Journal ) ( NNP Weekly ) ) ( VP ( VBN published ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ( PP-PRP ( IN for ) ( NP ( ADJP ( JJ North ) ( JJ American ) ) ( NNS readers ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB rise ) ( NP-EXT ( CD 6 ) ( NN % ) ) ) ) )

Rates for The Asian Wall Street Journal Weekly published in New York for North American readers will rise 6 %


( S ( NP-SBJ ( NNP Dow ) ( NNP Jones ) ) ( ADVP ( RB also ) ) ( VP ( VP ( VBZ publishes ) ( NP ( NP ( NP ( NNP Barron ) ( POS 's ) ) ( NN magazine ) ) ( NP ( JJ other ) ( NNS periodicals ) ) ( CC and ) ( NP ( NN community ) ( NNS newspapers ) ) ) ) ( CC and ) ( VP ( VBZ operates ) ( NP ( JJ electronic ) ( NN business ) ( NN information ) ( NNS services ) ) ) ) )

Dow Jones also publishes Barron 's magazine other periodicals and community newspapers and operates electronic business information services


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ owns ) ( NP ( NP ( CD 67 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NNP Telerate ) ( NNP Inc. ) ) ( NP ( NP ( DT a ) ( JJ leading ) ( NN supplier ) ) ( PP ( IN of ) ( NP ( NP ( JJ computerized ) ( JJ financial ) ( NN information ) ) ( PP ( IN on ) ( NP ( JJ global ) ( NNS markets ) ) ) ) ) ) ) ) ) ) )

It owns 67 % of Telerate Inc. a leading supplier of computerized financial information on global markets


( S ( NP-SBJ-1 ( NP ( NNP Gerard ) ( NNP E. ) ( NNP Wood ) ) ( ADJP ( NP ( CD 51 ) ( NNS years ) ) ( JJ old ) ) ) ( VP ( VBD was ) ( VP ( VBN elected ) ( S ( NP-PRD ( NP ( NP ( NN president ) ) ( NP ( JJ chief ) ( NN executive ) ( NN officer ) ) ( CC and ) ( NP ( DT a ) ( NN director ) ) ) ( PP ( IN of ) ( NP ( DT this ) ( NNS minerals ) ( CC and ) ( NNS materials ) ( NN company ) ) ) ) ) ) ) )

Gerard E. Wood 51 years old was elected president chief executive officer and a director of this minerals and materials company


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ succeeds ) ( NP ( NP ( NNP Harry ) ( NNP A. ) ( NNP Durney ) ) ( NP ( CD 65 ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VP ( VBZ is ) ( VP ( VBG retiring ) ( PP-CLR ( IN from ) ( NP ( JJ active ) ( NN duty ) ) ) ) ) ( CC but ) ( VP ( VBZ remains ) ( NP-PRD ( DT a ) ( NN director ) ( CC and ) ( NN consultant ) ) ) ) ) ) ) ) )

He succeeds Harry A. Durney 65 who is retiring from active duty but remains a director and consultant


( S ( NP-SBJ ( NNP Mr. ) ( NNP Wood ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( NP-PRD ( NP ( NP ( NN president ) ) ( CC and ) ( NP ( JJ chief ) ( NN executive ) ) ) ( PP ( IN of ) ( NP ( NNP Steep ) ( NNP Rock ) ( NNP Resources ) ( NNP Inc ) ) ) ) ) ) )

Mr. Wood has been president and chief executive of Steep Rock Resources Inc


( S ( NP-SBJ ( NNP SIERRA ) ( NNP TUCSON ) ( NNP Cos. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD completed ) ( NP ( NP ( PRP$ its ) ( JJ initial ) ( NN public ) ( NN offering ) ) ( PP ( IN of ) ( NP ( QP ( CD 2.5 ) ( CD million ) ) ( JJ common ) ( NNS shares ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD raised ) ( NP ( QP ( CD 30 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) )

SIERRA TUCSON Cos. said it completed its initial public offering of 2.5 million common shares which raised 30 million


( S ( NP-SBJ ( NP ( DT The ) ( NAC-LOC ( NNP Tucson ) ( NNP Ariz. ) ) ( NN operator ) ) ( PP ( IN of ) ( NP ( JJ addiction-treatment ) ( NNS centers ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NNS proceeds ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN used ) ( UCP-PRP ( PP ( IN for ) ( NP ( NN expansion ) ) ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( NP ( NN debt ) ) ) ) ) ( CC and ) ( PP ( IN for ) ( NP ( JJ general ) ( JJ corporate ) ( NNS purposes ) ) ) ) ) ) ) ) ) ) )

The Tucson Ariz. operator of addiction-treatment centers said proceeds will be used for expansion to pay debt and for general corporate purposes


( S ( NP-SBJ ( NNP Oppenheimer ) ( CC & ) ( NNP Co. ) ) ( VP ( VBD was ) ( NP-PRD ( DT the ) ( JJ lead ) ( NN underwriter ) ) ) )

Oppenheimer & Co. was the lead underwriter


( S ( NP-SBJ ( DT The ) ( NNP Food ) ( CC and ) ( NNP Drug ) ( NNP Administration ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-3 ( NNP American ) ( NNP Home ) ( NNP Products ) ( NNP Corp. ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB recall ) ( NP ( NP ( JJ certain ) ( JJ generic ) ( NNS drugs ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD were ) ( VP ( VBN produced ) ( PP ( IN by ) ( NP-LGS ( NP ( PRP$ its ) ( NNP Quantum ) ( NNP Pharmics ) ( NN unit ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Amityville ) ) ( NP ( NNP N.Y ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Food and Drug Administration said American Home Products Corp. agreed to recall certain generic drugs that were produced by its Quantum Pharmics unit in Amityville N.Y


( S ( NP-SBJ ( NNP Quantum ) ) ( VP ( VBD stopped ) ( VP ( VBG shipping ) ( NP ( DT the ) ( NNS drugs ) ) ( NP-TMP ( JJ last ) ( NN month ) ) ( PP-TMP ( VBG following ) ( NP ( NP ( DT a ) ( JJ federal ) ( NN investigation ) ) ( VP ( VBG regarding ) ( NP ( NP ( NN information ) ) ( SBAR ( S ( NP-SBJ-2 ( DT the ) ( NN company ) ) ( VP ( VBD supplied ) ( S-PRP ( VP ( TO to ) ( VP ( VB obtain ) ( NP ( CD three ) ( NN drug ) ( NNS approvals ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Quantum stopped shipping the drugs last month following a federal investigation regarding information the company supplied to obtain three drug approvals


( S ( NP-SBJ ( DT The ) ( NNP FDA ) ) ( VP ( VBD requested ) ( NP ( NP ( DT the ) ( NN recall ) ) ( PP ( IN of ) ( NP ( NP ( NNP Quantum ) ( POS 's ) ) ( NN mioxidil ) ( NNS tablets ) ( NN chlorazepate ) ( NN dipotassium ) ( NNS tablets ) ( CC and ) ( NN meclofenamate ) ( NN sodium ) ( NNS capsules ) ) ) ) ( SBAR-PRP ( IN because ) ( PRN ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD said ) ) ) ) ( S-2 ( NP-SBJ-1 ( NP ( DT the ) ( NN size ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN production ) ( NNS runs ) ) ( VP ( VBN submitted ) ( PP-PRP ( IN for ) ( NP ( NN testing ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB gain ) ( NP ( NNP FDA ) ( NN approval ) ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( PP-LOC ( IN in ) ( NP ( DT each ) ( NN case ) ) ) ( VP ( VBD misrepresented ) ( PP-CLR ( IN as ) ( ADJP ( ADJP ( RB much ) ( JJR larger ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP it ) ) ( ADVP ( RB actually ) ) ( VP ( VBD was ) ) ) ) ) ) ) ) ) ) ) )

The FDA requested the recall of Quantum 's mioxidil tablets chlorazepate dipotassium tablets and meclofenamate sodium capsules because it said the size of the production runs submitted for testing to gain FDA approval was in each case misrepresented as much larger than it actually was


( S ( NP-SBJ-1 ( NP ( NNP American ) ( NNP Home ) ( NNP Products ) ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB recall ) ( NP ( NP ( CD four ) ( JJ other ) ( NNS products ) ) ( NP ( NN trazadone ) ( NN doxepin ) ( NN diazepam ) ( CC and ) ( NN lorazapam ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( NNS concerns ) ) ( PP ( IN about ) ( NP ( NP ( NNS data ) ) ( VP ( VBN submitted ) ( PP-LOC ( IN in ) ( NP ( PRP$ their ) ( JJ original ) ( NN approval ) ( NNS applications ) ) ) ( PP-LOC ( IN before ) ( NP ( DT the ) ( NNP FDA ) ) ) ) ) ) ) ) ) ) ) ) )

American Home Products based in New York agreed to recall four other products trazadone doxepin diazepam and lorazapam because of concerns about data submitted in their original approval applications before the FDA


( S ( S-TPC-2 ( NP-SBJ-1 ( NP ( DT No ) ( NN safety ) ( NNS problems ) ) ( PP ( IN with ) ( NP ( DT the ) ( NNS products ) ) ) ) ( VP ( VBP are ) ( VP ( VBN known ) ) ) ) ( NP-SBJ ( DT the ) ( NNP FDA ) ) ( VP ( VBD said ) ) )

No safety problems with the products are known the FDA said


( S ( NP-SBJ ( DT An ) ( NNP FDA ) ( NN spokesperson ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNS drugs ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB still ) ) ( ADJP-PRD ( JJ available ) ) ( PP-LOC ( IN under ) ( NP ( JJ other ) ( NN brand ) ( NNS names ) ) ) ) ) ) ) )

An FDA spokesperson said the drugs are still available under other brand names


( S ( NP-TMP ( JJ Last ) ( NN month ) ) ( NP-SBJ ( NNP American ) ( NNP Home ) ( NNP Products ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBG suspending ) ( NP ( NP ( NN production ) ( CC and ) ( NN distribution ) ) ( PP ( IN of ) ( NP ( NP ( DT all ) ( CD 21 ) ) ( PP ( IN of ) ( NP ( NP ( NNP Quantum ) ( POS 's ) ) ( JJ generic ) ( NN drug ) ( NNS products ) ) ) ) ) ) ( PP ( VBG pending ) ( NP ( NP ( DT the ) ( NN completion ) ) ( PP ( IN of ) ( NP ( DT an ) ( JJ exhaustive ) ( JJ internal ) ( NN audit ) ) ) ) ) ) ) ) ) ) )

Last month American Home Products said it was suspending production and distribution of all 21 of Quantum 's generic drug products pending the completion of an exhaustive internal audit


( S ( NP-SBJ ( PRP It ) ) ( ADVP ( RB also ) ) ( ADVP-TMP ( RB temporarily ) ) ( VP ( VBD closed ) ( NP ( NNP Quantum ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( DT the ) ( JJ internal ) ( NN investigation ) ) ( RB as ) ( RB well ) ( IN as ) ( NP ( NP ( DT the ) ( NNP FDA ) ( POS 's ) ) ( JJ ongoing ) ( NN inquiry ) ) ) ) ) )

It also temporarily closed Quantum because of the internal investigation as well as the FDA 's ongoing inquiry


( S ( PP-LOC ( IN In ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ( NP-SBJ ( NNP American ) ( NNP Home ) ( NNP Products ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 75 ) ( NNS cents ) ) ( PP-DIR ( TO to ) ( NP ( CD 105 ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Friday ) ) ) ) )

In New York Stock Exchange composite trading American Home Products rose 75 cents to 105 on Friday


( S ( NP-SBJ ( NNP Colgate ) ( NNP Palmolive ) ( NNP Co. ) ) ( VP ( VBD reported ) ( SBAR ( S ( NP-SBJ-1 ( JJ third-quarter ) ( JJ net ) ( NN income ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 27 ) ( NN % ) ) ( S-ADV ( VP ( VBN bolstered ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( JJ strong ) ( NNS sales ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( ADJP ( JJ Latin ) ( JJ American ) ) ( NN business ) ) ) ) ( CC and ) ( NP ( NP ( ADJP ( RB surprisingly ) ( JJ healthy ) ) ( NNS profits ) ) ( PP ( IN from ) ( NP ( NNP U.S. ) ( NNS operations ) ) ) ) ) ) ) ) ) ) ) ) )

Colgate Palmolive Co. reported third-quarter net income rose 27 % bolstered by strong sales in its Latin American business and surprisingly healthy profits from U.S. operations


( S ( NP-SBJ ( NNP Colgate ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( JJ net ) ( NN income ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN quarter ) ) ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 76.7 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.06 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP ( IN on ) ( NP ( NP ( NNS sales ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD increased ) ( NP-EXT ( CD 6 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 1.3 ) ( CD billion ) ) ) ) ) ) ) ) ) ) ) ) ) )

Colgate said net income for the quarter rose to 76.7 million or 1.06 a share on sales that increased 6 % to 1.3 billion


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( JJ year-earlier ) ( NN period ) ) ) ( NP-SBJ ( NNP Colgate ) ) ( VP ( VBD posted ) ( NP ( NP ( JJ net ) ( NN income ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 60.2 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 88 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) )

In the year-earlier period Colgate posted net income of 60.2 million or 88 cents a share


( S ( NP-SBJ ( NP ( JJ Last ) ( NN year ) ( POS 's ) ) ( NNS results ) ) ( VP ( VBD included ) ( NP ( NP ( NNS earnings ) ) ( PP ( IN from ) ( NP ( VBN discontinued ) ( NNS operations ) ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 13.1 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 19 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) )

Last year 's results included earnings from discontinued operations of 13.1 million or 19 cents a share


( S ( NP-SBJ ( NP ( NNP Reuben ) ( NNP Mark ) ) ( NP ( NP ( NP ( NN chairman ) ) ( CC and ) ( NP ( JJ chief ) ( JJ executive ) ( NN officer ) ) ) ( PP ( IN of ) ( NP ( NNP Colgate ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NN earnings ) ( NN growth ) ) ( VP ( VBD was ) ( VP ( VBN fueled ) ( PP ( IN by ) ( NP-LGS ( NP ( JJ strong ) ( NNS sales ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Latin ) ( NNP America ) ) ( NP ( DT the ) ( NNP Far ) ( NNP East ) ) ( CC and ) ( NP ( NNP Europe ) ) ) ) ) ) ) ) ) ) ) )

Reuben Mark chairman and chief executive officer of Colgate said earnings growth was fueled by strong sales in Latin America the Far East and Europe


( S ( S-TPC-2 ( NP-SBJ-1 ( NNS Results ) ) ( VP ( VBD were ) ( ADVP ( RB also ) ) ( VP ( VBN bolstered ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( ADJP ( RB very ) ( JJ meaningful ) ) ( NN increase ) ) ( PP-LOC ( IN in ) ( NP ( NN operating ) ( NN profit ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Colgate ) ( POS 's ) ) ( NNP U.S. ) ( NN business ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

Results were also bolstered by a very meaningful increase in operating profit at Colgate 's U.S. business he said


( S ( S-TPC-2 ( NP-SBJ ( NP ( NN Operating ) ( NN profit ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NP ( NNP Colgate ) ( POS 's ) ) ( NNP U.S. ) ( NN household ) ( NNS products ) ( CC and ) ( JJ personal ) ( NN care ) ( NNS businesses ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP include ) ( NP ( NP ( JJ such ) ( JJ well-known ) ( NNS brands ) ) ( PP ( IN as ) ( NP ( NP ( NNP Colgate ) ( NN toothpaste ) ) ( CC and ) ( NP ( NNP Fab ) ( NN laundry ) ( NN detergent ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD jumped ) ( NP-EXT ( QP ( RBR more ) ( IN than ) ( CD 40 ) ) ( NN % ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ) )

Operating profit at Colgate 's U.S. household products and personal care businesses which include such well-known brands as Colgate toothpaste and Fab laundry detergent jumped more than 40 % the company said


( S ( NP-SBJ ( NNP Mr. ) ( NNP Mark ) ) ( VP ( VBD attributed ) ( NP ( DT the ) ( NN improvement ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NN cost ) ( NNS savings ) ) ( VP ( VBN achieved ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VP ( VBG consolidating ) ( NP ( VBG manufacturing ) ( NNS operations ) ) ) ( VP ( VBG blending ) ( ADVP-CLR ( RB together ) ) ( NP ( CD two ) ( NNS sales ) ( NNS organizations ) ) ) ( CC and ) ( VP ( ADVP-MNR ( RBR more ) ( RB carefully ) ) ( VBG focusing ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ promotional ) ( NNS activities ) ) ) ) ) ) ) ) ) ) )

Mr. Mark attributed the improvement to cost savings achieved by consolidating manufacturing operations blending together two sales organizations and more carefully focusing the company 's promotional activities


( S ( S-TPC ( S ( NP-SBJ-2 ( PRP We ) ) ( VP ( VBP 've ) ( VP ( VBN done ) ( NP ( DT a ) ( NN lot ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB improve ) ( NP ( PRN ( NNP U.S. ) ) ( NNS results ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( DT a ) ( NN lot ) ( JJR more ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN done ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Mark ) ) ( VP ( VBD said ) ) )

We 've done a lot to improve U.S. results and a lot more will be done Mr. Mark said


( S ( NP-SBJ ( NP ( NN Improving ) ( NN profitability ) ) ( PP ( IN of ) ( NP ( NNP U.S. ) ( NNS operations ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( DT an ) ( ADJP ( RB extremely ) ( JJ high ) ) ( NN priority ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN company ) ) ) ) )

Improving profitability of U.S. operations is an extremely high priority in the company


( S ( NP-SBJ ( NP ( NNP Colgate ) ( POS 's ) ) ( NNS results ) ) ( VP ( VBD were ) ( PP-LOC-PRD ( IN at ) ( NP ( NP ( DT the ) ( JJ high ) ( NN end ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN range ) ) ( PP ( IN of ) ( NP ( NP ( NNS analysts ) ( POS ' ) ) ( NNS forecasts ) ) ) ) ) ) ) ) )

Colgate 's results were at the high end of the range of analysts ' forecasts


( S ( NP-SBJ ( NP ( DT The ) ( NN scope ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN improvement ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ( NN business ) ) ) ) ) ) ( VP ( VBD caught ) ( NP ( DT some ) ( NNS analysts ) ) ( PP-CLR ( IN by ) ( NP ( NN surprise ) ) ) ) )

The scope of the improvement in the U.S. business caught some analysts by surprise


( S ( NP-SBJ ( NP ( NP ( DT The ) ( NN company ) ( POS 's ) ) ( JJ domestic ) ( NN business ) ) ( NP ( RB especially ) ( PRP$ its ) ( NN household ) ( NNS products ) ( NN division ) ) ) ( VP ( VBZ has ) ( VP ( VBN performed ) ( ADVP-MNR ( RB poorly ) ) ( PP-TMP ( IN for ) ( NP ( NNS years ) ) ) ) ) )

The company 's domestic business especially its household products division has performed poorly for years


( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNS earnings ) ( NN improvement ) ) ( VP ( VBD came ) ( PP-DIR ( IN from ) ( S-NOM ( VP ( VP ( VBG cutting ) ( NP ( NNS costs ) ) ) ( CONJP ( RB rather ) ( IN than ) ) ( VP ( VBG increasing ) ( NP ( NNS sales ) ) ) ) ) ) ) ) ) ) )

Analysts say the earnings improvement came from cutting costs rather than increasing sales


( S ( PP ( IN For ) ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ) ( NP-SBJ ( JJ net ) ) ( VP ( VBD increased ) ( NP-EXT ( CD 14 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 217.5 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 3.09 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) )

For the nine months net increased 14 % to 217.5 million or 3.09 a share


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 7 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 3.8 ) ( CD billion ) ) ) ) ) )

Sales rose 7 % to 3.8 billion


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD earned ) ( NP ( NP ( QP ( CD 191.1 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 2.79 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ year-earlier ) ( NN period ) ) ) ) )

The company earned 191.1 million or 2.79 a share in the year-earlier period


( S ( NP-SBJ ( NP ( NNP Colgate ) ( POS 's ) ) ( CD 1988 ) ( JJ net ) ( NN income ) ) ( VP ( VBD included ) ( NP ( NP ( NP ( QP ( CD 40.1 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 59 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP ( IN from ) ( NP ( VBN discontinued ) ( NNS operations ) ) ) ) ) )

Colgate 's 1988 net income included 40.1 million or 59 cents a share from discontinued operations


( S ( NP-SBJ ( NNP Colgate ) ) ( VP ( VBD sold ) ( NP ( PRP$ its ) ( NN hospital ) ( NN supply ) ( CC and ) ( NN home ) ( NN health ) ( NN care ) ( NN business ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ) )

Colgate sold its hospital supply and home health care business last year


( S ( ADVP ( RB Separately ) ) ( NP-SBJ ( NNP Colgate ) ) ( NP-TMP ( NNP Wednesday ) ) ( VP ( VBD finalized ) ( NP ( NP ( DT an ) ( NN agreement ) ) ( PP ( IN with ) ( NP ( NP ( NNP MacroChem ) ( NNP Corp. ) ) ( NP ( NP ( DT a ) ( JJ tiny ) ( UCP ( JJ dental ) ( NNS products ) ( CC and ) ( JJ pharmaceutical ) ) ( NN concern ) ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( NNP Billerica ) ) ( NP ( NNP Mass. ) ) ) ) ) ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB market ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ( NP ( NP ( CD four ) ) ( PP ( IN of ) ( NP ( NP ( NNP MacroChem ) ( POS 's ) ) ( JJ FDA-approved ) ( JJ dental ) ( NNS products ) ) ) ) ) ) ) ) ) )

Separately Colgate Wednesday finalized an agreement with MacroChem Corp. a tiny dental products and pharmaceutical concern based in Billerica Mass. to market in the U.S. four of MacroChem 's FDA-approved dental products


( S ( NP-SBJ ( NP ( NP ( DT The ) ( NNS products ) ) ( NP ( NP ( NP ( NNS sealants ) ) ( CC and ) ( NP ( NN bonding ) ( NNS materials ) ) ) ( VP ( VBN used ) ( PP ( IN by ) ( NP-LGS ( NNS dentists ) ) ) ) ) ) ) ( DT all ) ( VP ( VBP contain ) ( NP ( NP ( NN fluoride ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ is ) ( VP ( VBN released ) ( PP-TMP ( IN over ) ( NP ( NN time ) ) ) ) ) ) ) ) ) )

The products sealants and bonding materials used by dentists all contain fluoride that is released over time


( S ( S-TPC-2 ( NP-SBJ ( DT The ) ( NN move ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN drive ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB increase ) ( NP ( NP ( NP ( NNP Colgate ) ( POS 's ) ) ( NN business ) ) ( PP ( IN with ) ( NP ( NNS dentists ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT a ) ( NN company ) ( NN spokeswoman ) ) ( VP ( VBD said ) ) )

The move is part of a drive to increase Colgate 's business with dentists a company spokeswoman said


( S ( NP-SBJ-1 ( NP ( NNS Terms ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN agreement ) ) ) ) ( VP ( VBD were ) ( RB n't ) ( VP ( VBN given ) ) ) )

Terms of the agreement were n't given


( S ( NP-SBJ ( NNP Basf ) ( NNP AG ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VP ( VBD moved ) ( NP-1 ( NP ( PRP$ its ) ( NN headquarters ) ) ( PP ( IN for ) ( NP ( NNP Latin ) ( NNP America ) ) ) ) ( PP-DIR-2 ( TO to ) ( NP ( NNP Mexico ) ) ) ) ( CC and ) ( VP ( NP=1 ( NP ( DT the ) ( NN headquarters ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ Asia\/Australia ) ( JJ regional ) ( NN division ) ) ) ) ( PP-DIR=2 ( TO to ) ( NP ( NNP Singapore ) ) ) ) ( S-ADV ( ADJP-PRD ( NN effective ) ) ( NP-TMP ( NNP Oct ) ) ) ) ) ) ) )

Basf AG said it moved its headquarters for Latin America to Mexico and the headquarters for the Asia\/Australia regional division to Singapore effective Oct


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN central ) ( NNS offices ) ) ( PP ( IN for ) ( NP ( DT both ) ( NNS regions ) ) ) ) ( VP ( VBD were ) ( ADVP-TMP ( RB previously ) ) ( VP ( VBN located ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( NNP Ludwigshafen ) ) ( NP ( NNP Basf ) ( NN headquarters ) ) ) ) ) ) )

The central offices for both regions were previously located in Ludwigshafen Basf headquarters


( S ( NP-SBJ ( DT The ) ( ADJP ( NNP West ) ( NNP German ) ) ( NN chemical ) ( NN concern ) ) ( VP ( VBD called ) ( S ( NP-SBJ ( DT the ) ( VBZ moves ) ) ( NP-PRD ( NP ( DT a ) ( JJ further ) ( NN step ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN internationalization ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN business ) ( NNS activities ) ) ) ) ) ) ) ) )

The West German chemical concern called the moves a further step in the internationalization of its business activities


( S ( S-TPC-1 ( NP-SBJ ( DT Both ) ( NNS regions ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT the ) ( JJ fastest-growing ) ( NNS areas ) ) ( PP ( IN for ) ( NP ( NNP Basf ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ) )

Both regions are the fastest-growing areas for Basf the company said


( S ( NP-SBJ ( DT A ) ( JJ labor-management ) ( NN group ) ) ( VP ( VBZ is ) ( VP ( VBG preparing ) ( NP ( NP ( DT a ) ( VBN revised ) ( NN buy-out ) ( NN bid ) ) ( PP ( IN for ) ( NP ( NNP United ) ( NNP Airlines ) ( NN parent ) ( NNP UAL ) ( NNP Corp. ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB transfer ) ( NP ( NN majority ) ( NN ownership ) ) ( PP-DIR ( TO to ) ( NP ( NNS employees ) ) ) ( SBAR-ADV ( IN while ) ( S ( VP ( VBG leaving ) ( NP ( DT some ) ( NN stock ) ) ( PP-LOC-CLR ( IN in ) ( NP ( JJ public ) ( NNS hands ) ) ) ) ) ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NNS people ) ) ( ADJP ( JJ familiar ) ( PP ( IN with ) ( NP ( DT the ) ( NN group ) ) ) ) ) ) ) ) ) )

A labor-management group is preparing a revised buy-out bid for United Airlines parent UAL Corp. that would transfer majority ownership to employees while leaving some stock in public hands according to people familiar with the group


( S ( NP-SBJ ( DT The ) ( NN group ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG discussing ) ( NP ( NP ( DT a ) ( NN proposal ) ) ( VP ( VBN valued ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( DT a ) ( NN range ) ) ( PP ( IN of ) ( NP ( NP ( NP ( QP ( CD 225 ) ( TO to ) ( CD 240 ) ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( CC or ) ( NP ( QP ( CD 5.09 ) ( CD billion ) ( TO to ) ( CD 5.42 ) ( CD billion ) ) ) ) ) ) ) ) ) ) ) ) )

The group has been discussing a proposal valued in a range of 225 to 240 a share or 5.09 billion to 5.42 billion


( S ( CC But ) ( S-PRP ( VP ( TO to ) ( VP ( VB avoid ) ( NP ( NP ( DT the ) ( NN risk ) ) ( PP ( IN of ) ( NP ( NN rejection ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN group ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB plan ) ( S ( VP ( TO to ) ( VP ( VB submit ) ( NP ( DT the ) ( NN plan ) ) ( ADVP-MNR ( RB formally ) ) ( PP-LOC ( IN at ) ( NP ( DT a ) ( NNP UAL ) ( NN board ) ( NN meeting ) ) ) ( NP-TMP ( NN today ) ) ) ) ) ) ) )

But to avoid the risk of rejection the group does n't plan to submit the plan formally at a UAL board meeting today


( S ( ADVP ( RB Instead ) ) ( NP-SBJ-1 ( DT the ) ( NN group ) ) ( VP ( VBZ is ) ( VP ( VBG raising ) ( NP ( DT the ) ( NN proposal ) ) ( ADVP-MNR ( RB informally ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB try ) ( S ( VP ( TO to ) ( VP ( VB test ) ( NP ( NP ( DT the ) ( NN board ) ( POS 's ) ) ( NN reaction ) ) ) ) ) ) ) ) ) ) )

Instead the group is raising the proposal informally to try to test the board 's reaction


( S ( NP-SBJ ( NP ( NNS People ) ) ( ADJP ( JJ familiar ) ( PP ( IN with ) ( NP ( DT the ) ( NN company ) ) ) ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-2 ( DT the ) ( NN board ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB give ) ( NP ( JJ quick ) ( NN approval ) ) ( PP-DTV ( TO to ) ( NP ( NP ( DT any ) ( NN offer ) ) ( PP ( ADVP ( RB substantially ) ) ( IN below ) ( NP ( NP ( DT the ) ( ADJP ( JJ 300-a-share ) ) ( ADJP ( QP ( CD 6.79 ) ( CD billion ) ) ) ( NN buy-out ) ( NN bid ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD collapsed ) ( NP-TMP ( JJ last ) ( NN week ) ) ( SBAR-TMP ( SBAR ( IN after ) ( S ( NP-SBJ ( NNS banks ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB raise ) ( NP ( VBN needed ) ( NNS loans ) ) ) ) ) ) ( CC and ) ( SBAR ( IN after ) ( S ( NP-SBJ ( NP ( DT a ) ( JJ key ) ( NN partner ) ) ( NP ( NNP British ) ( NNP Airways ) ( NNP PLC ) ) ) ( VP ( VBD dropped ) ( PRT ( RP out ) ) ) ) ) ) ) ) ) )

People familiar with the company say the board is n't likely to give quick approval to any offer substantially below the 300-a-share 6.79 billion buy-out bid that collapsed last week after banks would n't raise needed loans and after a key partner British Airways PLC dropped out


( S ( PP-LOC ( IN In ) ( NP ( JJ composite ) ( NN trading ) ) ) ( NP-TMP ( NNP Friday ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ( NP-SBJ ( NNP UAL ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 168.50 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-CLR ( RB down ) ( NP ( CD 21.625 ) ) ) ) )

In composite trading Friday on the New York Stock Exchange UAL closed at 168.50 a share down 21.625


( S ( CC But ) ( NP-SBJ-2 ( NP ( DT the ) ( NNS pilots ) ( NN union ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG pushing ) ( PP-CLR ( IN for ) ( NP ( DT a ) ( NN takeover ) ) ) ( PP-TMP ( IN since ) ( NP ( CD 1987 ) ) ) ) ) ) ) ) ) ( VP ( VBZ appears ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBG pressing ) ( ADVP-CLR ( RB ahead ) ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( VBN revised ) ( NN bid ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB avoid ) ( NP ( NP ( JJ further ) ( NN loss ) ) ( PP ( IN of ) ( NP ( NN momentum ) ) ) ) ) ) ) ( SBAR-ADV ( RB even ) ( IN though ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBD found ) ( NP ( NP ( DT a ) ( NN partner ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB replace ) ( NP ( NNP British ) ( NNP Air ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But the pilots union which has been pushing for a takeover since 1987 appears to be pressing ahead with the revised bid to avoid further loss of momentum even though it has n't found a partner to replace British Air


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( DT the ) ( NN bidding ) ( NN group ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBD had ) ( NP ( NP ( NN time ) ) ( SBAR ( S ( VP ( VP ( TO to ) ( VP ( VB develop ) ( NP ( PRP$ its ) ( JJS latest ) ( NN idea ) ) ( ADVP-MNR ( RB fully ) ) ) ) ( CC or ) ( VP ( TO to ) ( VP ( VB discuss ) ( NP ( PRP it ) ) ( PP ( IN with ) ( NP ( NNS banks ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ believes ) ( SBAR ( S ( NP-SBJ-1 ( NN bank ) ( NN financing ) ) ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN obtained ) ) ) ) ) ) ) )

Although the bidding group has n't had time to develop its latest idea fully or to discuss it with banks it believes bank financing could be obtained


( S ( PP-TMP ( IN After ) ( NP ( NP ( DT the ) ( NN collapse ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ last ) ( NN effort ) ) ) ) ) ( NP-SBJ-2 ( DT the ) ( NN group ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB plan ) ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( DT any ) ( JJ formal ) ( NN proposal ) ) ( PP ( IN without ) ( NP ( NP ( JJ binding ) ( NNS commitments ) ) ( PP ( IN from ) ( NP ( NNS banks ) ) ) ( VP ( VBG covering ) ( NP ( NP ( DT the ) ( JJ entire ) ( NN amount ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN borrowed ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

After the collapse of the last effort the group does n't plan to make any formal proposal without binding commitments from banks covering the entire amount to be borrowed


( S ( PP-LOC ( IN Under ) ( NP ( NP ( DT the ) ( NN type ) ) ( PP ( IN of ) ( NP ( NN transaction ) ) ) ( VP ( VBG being ) ( VP ( VBN discussed ) ) ) ) ) ( NP-SBJ ( DT the ) ( JJ pilot-management ) ( NN group ) ) ( VP ( MD would ) ( VP ( VB borrow ) ( NP ( NP ( QP ( JJ several ) ( CD billion ) ) ( NNS dollars ) ) ) ( PP-CLR ( IN from ) ( NP ( NNS banks ) ) ) ( SBAR-1 ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD could ) ( ADVP ( RB then ) ) ( VP ( VB be ) ( VP ( VBN used ) ( S-CLR ( VP ( TO to ) ( VP ( VB finance ) ( NP ( NP ( DT a ) ( NN cash ) ( NN payment ) ) ( PP ( TO to ) ( NP ( JJ current ) ( NNS holders ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Under the type of transaction being discussed the pilot-management group would borrow several billion dollars from banks that could then be used to finance a cash payment to current holders


( S ( NP-SBJ ( DT Those ) ( JJ current ) ( NNS holders ) ) ( VP ( MD would ) ( ADVP ( RB also ) ) ( VP ( VB receive ) ( NP ( NP ( NN minority ) ( NNS interests ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ new ) ( NN company ) ) ) ) ) ) )

Those current holders would also receive minority interests in the new company


( S ( PP ( IN For ) ( NP ( NN example ) ) ) ( NP-SBJ ( DT the ) ( NN group ) ) ( VP ( MD could ) ( VP ( VB offer ) ( NP ( NP ( NP ( CD 200 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ( PP ( IN in ) ( NP ( NN cash ) ) ) ) ( IN plus ) ( NP ( NP ( NN stock ) ) ( VP ( VBN valued ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 30 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) )

For example the group could offer 200 a share in cash plus stock valued at 30 a share


( S ( NP-SBJ ( NNP UAL ) ) ( ADVP-TMP ( RB currently ) ) ( VP ( VBZ has ) ( NP ( NP ( QP ( CD 22.6 ) ( CD million ) ) ( NNS shares ) ) ( VP ( ADVP ( RB fully ) ) ( VBN diluted ) ) ) ) )

UAL currently has 22.6 million shares fully diluted


( S ( NP-SBJ ( DT The ) ( JJ new ) ( NN structure ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ similar ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( NN recapitalization ) ) ( SBAR ( WHPP-1 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( NNS holders ) ) ( VP ( VP ( VBP get ) ( NP ( DT a ) ( JJ special ) ( NN dividend ) ) ) ( CC yet ) ( VP ( VBP retain ) ( NP ( DT a ) ( JJ controlling ) ( NN ownership ) ( NN interest ) ) ) ) ) ) ) ) ) ) ) )

The new structure would be similar to a recapitalization in which holders get a special dividend yet retain a controlling ownership interest


( S ( NP-SBJ ( DT The ) ( NN difference ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( JJ current ) ( NNS holders ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB retain ) ( NP ( NN majority ) ( NN ownership ) ( CC or ) ( NN control ) ) ) ) ) ) ) )

The difference is that current holders would n't retain majority ownership or control


( S ( NP-SBJ ( DT The ) ( JJ failed ) ( NN takeover ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN given ) ( NP ( NNP UAL ) ( NNS employees ) ) ( NP ( NP ( ADJP ( CD 75 ) ( NN % ) ) ( NN voting ) ( NN control ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( JJ second-largest ) ( NN airline ) ) ) ) ( PP ( IN with ) ( S-NOM ( S ( NP-SBJ-1 ( NN management ) ) ( VP ( VBG getting ) ( NP ( ADJP-2 ( CD 10 ) ( NN % ) ) ( NN control ) ) ) ) ( CC and ) ( S ( NP-SBJ=1 ( NNP British ) ( NNP Air ) ) ( ADJP=2 ( CD 15 ) ( NN % ) ) ) ) ) ) ) ) )

The failed takeover would have given UAL employees 75 % voting control of the nation 's second-largest airline with management getting 10 % control and British Air 15 %


( S ( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBD was ) ( RB n't ) ( ADJP-PRD ( JJ clear ) ) ( SBAR-1 ( WHADVP-2 ( WRB how ) ) ( S ( NP-SBJ ( DT the ) ( NN ownership ) ) ( VP ( MD would ) ( VP ( VB stack ) ( PRT ( RP up ) ) ( PP-LOC ( IN under ) ( NP ( DT the ) ( JJ new ) ( NN plan ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NNS employees ) ) ( VP ( MD would ) ( VP ( VB keep ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 50 ) ) ( NN % ) ) ) ) ) )

It was n't clear how the ownership would stack up under the new plan but employees would keep more than 50 %


( S ( NP-SBJ-1 ( NP ( NN Management ) ( POS 's ) ) ( NN total ) ) ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN reduced ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NN public ) ) ( VP ( MD could ) ( VP ( VB get ) ( NP ( NP ( JJR more ) ) ( PP ( IN than ) ( NP ( NP ( DT the ) ( ADJP ( CD 15 ) ( NN % ) ) ( NN control ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN earmarked ) ( PP-CLR ( IN for ) ( NP ( NNP British ) ( NNP Air ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Management 's total could be reduced and the public could get more than the 15 % control that had been earmarked for British Air


( S ( NP-SBJ ( NP ( CD One ) ( NN option ) ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN board ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB consider ) ( NP-TMP ( NN today ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT some ) ) ( NN sort ) ( PP ( IN of ) ( NP ( JJ cooling-off ) ( NN period ) ) ) ) ) )

One option the board is likely to consider today is some sort of cooling-off period


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ-2 ( DT the ) ( NNS pilots ) ) ( VP ( VBP are ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB pursue ) ( NP ( DT the ) ( NN bid ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( NNP UAL ) ( NNP Chairman ) ( NNP Stephen ) ( NNP Wolf ) ) ( VP ( MD may ) ( VP ( VB be ) ( VP ( VBN asked ) ( S ( VP ( VP ( TO to ) ( VP ( VB withdraw ) ( PP-DIR ( IN from ) ( NP ( DT the ) ( NN buy-out ) ( NN effort ) ) ) ( ADVP-TMP ( ADVP ( IN at ) ( JJS least ) ) ( RB temporarily ) ) ) ) ( CC and ) ( VP ( TO to ) ( VP ( VB return ) ( PP-DIR ( TO to ) ( S-NOM ( VP ( VBG running ) ( NP ( DT the ) ( NN company ) ) ( ADVP-TMP ( JJ full ) ( NN time ) ) ) ) ) ) ) ) ) ) ) ) )

Although the pilots are expected to continue to pursue the bid UAL Chairman Stephen Wolf may be asked to withdraw from the buy-out effort at least temporarily and to return to running the company full time


( S ( NP-SBJ ( DT The ) ( NN board ) ) ( VP ( MD could ) ( ADVP-TMP ( RB eventually ) ) ( VP ( VB come ) ( PP-CLR ( IN under ) ( NP ( DT some ) ( NN pressure ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-1 ( PRP$ its ) ( NNS members ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN ousted ) ( PP ( IN by ) ( NP-LGS ( DT a ) ( NN majority ) ( NN shareholder ) ( NN vote ) ) ) ) ) ) ) ) ( SBAR-PRP ( ADVP ( RB particularly ) ) ( IN since ) ( S ( NP-SBJ-2 ( NP ( JJ one-third ) ) ( PP ( IN of ) ( NP ( NNP UAL ) ( NN stock ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN held ) ( PP ( IN by ) ( NP-LGS ( NP ( NN takeover ) ( NN stock ) ( NNS speculators ) ) ( SBAR ( WHNP-3 ( WP who ) ) ( S ( VP ( VBP favor ) ( NP ( DT a ) ( NN sale ) ) ) ) ) ) ) ) ) ) ) ) ) )

The board could eventually come under some pressure to sell the company because its members can be ousted by a majority shareholder vote particularly since one-third of UAL stock is held by takeover stock speculators who favor a sale


( S ( NP-SBJ-1 ( DT The ) ( JJ labor-management ) ( NN buy-out ) ( NN group ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB keep ) ( NP ( PRP$ its ) ( NN offer ) ) ( PP-LOC-CLR ( IN on ) ( NP ( DT the ) ( NN table ) ) ) ) ) ) ( PP ( IN in ) ( NP ( DT an ) ( JJ apparent ) ( NN attempt ) ( S ( VP ( TO to ) ( VP ( VB maintain ) ( NP ( NP ( PRP$ its ) ( NN bargaining ) ( NN position ) ) ( PP ( IN with ) ( NP ( DT the ) ( NN board ) ) ) ) ) ) ) ) ) ) )

The labor-management buy-out group plans to keep its offer on the table in an apparent attempt to maintain its bargaining position with the board


( S ( ADVP ( RB However ) ) ( NP-SBJ-5 ( NP ( NP ( DT the ) ( JJ only ) ( NN outsider ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBZ has ) ( VP ( VBN emerged ) ( S ( VP ( TO to ) ( VP ( VB lead ) ( NP ( JJ such ) ( DT a ) ( NN shareholder ) ( NN vote ) ) ) ) ) ) ) ) ) ) ( NP ( NNP Los ) ( NNP Angeles ) ( NN investor ) ( NNP Marvin ) ( NNP Davis ) ) ( SBAR ( WHNP-3 ( WP who ) ) ( S ( VP ( VBD triggered ) ( NP ( DT the ) ( NN buy-out ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 5.4 ) ( CD billion ) ) ) ( NN bid ) ) ( PP ( IN in ) ( NP ( JJ early ) ( NNP August ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG hanging ) ( ADVP-CLR ( RB back ) ) ( ADVP ( RB apparently ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB avoid ) ( S ( VP ( VBG being ) ( VP ( VBN blamed ) ( PP-CLR ( IN for ) ( S-NOM ( VP ( VBG contributing ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN deal ) ( POS 's ) ) ( NN collapse ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

However the only outsider who has emerged to lead such a shareholder vote Los Angeles investor Marvin Davis who triggered the buy-out with a 5.4 billion bid in early August is hanging back apparently to avoid being blamed for contributing to the deal 's collapse


( S ( NP-SBJ-1 ( NP ( CD Three ) ( JJ top ) ( NNS advisers ) ) ( PP ( TO to ) ( NP ( NNP Mr. ) ( NNP Davis ) ) ) ) ( VP ( VBD visited ) ( NP ( NNP New ) ( NNP York ) ) ( NP-TMP ( JJ late ) ( JJ last ) ( NN week ) ) ( S-PRP ( PP ( ADVP ( IN at ) ( JJS least ) ) ( IN in ) ( NP ( NN part ) ) ) ( VP ( TO to ) ( VP ( VB confer ) ( PP-CLR ( IN with ) ( NP ( NP ( NNS executives ) ) ( PP-LOC ( IN at ) ( NP ( NNP Citicorp ) ) ) ) ) ) ) ) ) )

Three top advisers to Mr. Davis visited New York late last week at least in part to confer with executives at Citicorp


( S ( NP-SBJ ( NNP Mr. ) ( NNP Davis ) ) ( VP ( VBD had ) ( VP ( VBN paid ) ( NP ( QP ( CD 6 ) ( CD million ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NP ( NNP Citicorp ) ( POS 's ) ) ( NN backing ) ) ( PP ( IN of ) ( NP ( PRP$ his ) ( JJ last ) ( NN bid ) ) ) ) ) ) ) )

Mr. Davis had paid 6 million for Citicorp 's backing of his last bid


( S ( CC But ) ( NP-SBJ ( NNP Citicorp ) ) ( VP ( VBZ has ) ( VP ( VBN lost ) ( NP ( DT some ) ( NN credibility ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP it ) ) ( ADVP ( RB also ) ) ( VP ( VBD led ) ( NP ( DT the ) ( JJ unsuccessful ) ( NN effort ) ( S ( VP ( TO to ) ( VP ( VB gain ) ( NP ( NN bank ) ( NNS loans ) ) ( PP-PRP ( IN for ) ( NP ( DT the ) ( JJ labor-management ) ( NN group ) ) ) ) ) ) ) ) ) ) ) ) )

But Citicorp has lost some credibility because it also led the unsuccessful effort to gain bank loans for the labor-management group


( S ( PP-TMP ( IN On ) ( NP ( NNP Friday ) ) ) ( NP-SBJ ( NNP British ) ( NNP Air ) ) ( VP ( VBD issued ) ( NP ( NP ( DT a ) ( NN statement ) ) ( VP ( VBG saying ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ does ) ( RB not ) ( VP ( VB intend ) ( S ( VP ( TO to ) ( VP ( VB participate ) ( PP-CLR ( IN in ) ( NP ( NP ( DT any ) ( JJ new ) ( NN deal ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN acquisition ) ) ( PP ( IN of ) ( NP ( NNP UAL ) ) ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ foreseeable ) ( NN future ) ) ) ) ) ) ) ) ) ) ) ) ) )

On Friday British Air issued a statement saying it does not intend to participate in any new deal for the acquisition of UAL in the foreseeable future


( S ( ADVP ( RB However ) ) ( NP-SBJ ( JJ several ) ( NNS people ) ) ( VP ( VBD said ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP British ) ( NNP Air ) ) ( VP ( MD might ) ( ADVP-TMP ( RB yet ) ) ( VP ( VB rejoin ) ( NP ( DT the ) ( NN bidding ) ( NN group ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NN carrier ) ) ( VP ( VBD made ) ( NP ( DT the ) ( NN statement ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB answer ) ( NP ( NP ( NNS questions ) ) ( PP ( IN from ) ( NP ( JJ British ) ( NNS regulators ) ) ) ( PP ( IN about ) ( SBAR ( WHADVP-3 ( WRB how ) ) ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB use ) ( NP ( NP ( NNS proceeds ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NNS securities ) ( NN offering ) ) ( VP ( ADVP-TMP ( RB previously ) ) ( VBN earmarked ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( NNP UAL ) ( NN buy-out ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

However several people said that British Air might yet rejoin the bidding group and that the carrier made the statement to answer questions from British regulators about how it plans to use proceeds of a securities offering previously earmarked for the UAL buy-out


( S ( ADVP ( RB Also ) ) ( NP-TMP ( RB late ) ( JJ last ) ( NN week ) ) ( NP-SBJ-1 ( NNP UAL ) ( NN flight ) ( NNS attendants ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB participate ) ( PP ( IN with ) ( NP ( DT the ) ( NNS pilots ) ) ) ( PP-CLR ( IN in ) ( S-NOM ( VP ( VBG crafting ) ( NP ( DT a ) ( VBN revised ) ( NN offer ) ) ) ) ) ) ) ) ) )

Also late last week UAL flight attendants agreed to participate with the pilots in crafting a revised offer


( S ( CC But ) ( NP-SBJ-2 ( NP ( DT the ) ( NNS machinists ) ( NN union ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( NN opposition ) ) ( S ( VP ( VBD helped ) ( VP ( VB scuttle ) ( NP ( DT the ) ( JJ first ) ( NN buy-out ) ( NN bid ) ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB favor ) ( NP ( NP ( DT a ) ( NN recapitalization ) ) ( PP ( IN with ) ( NP ( DT a ) ( JJ friendly ) ( JJ third-party ) ( NN investor ) ) ) ) ) ) ) ) ) )

But the machinists union whose opposition helped scuttle the first buy-out bid is likely to favor a recapitalization with a friendly third-party investor


( S ( NP-SBJ ( NP ( CD One ) ( NN advantage ) ) ( SBAR ( S ( NP-SBJ-2 ( DT the ) ( NN buy-out ) ( NN group ) ) ( VP ( VBZ intends ) ( S ( VP ( TO to ) ( VP ( VB press ) ( PP ( IN with ) ( NP ( DT the ) ( NN board ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ-3 ( NNS pilots ) ) ( VP ( VBP have ) ( VP ( VBN agreed ) ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( QP ( CD 200 ) ( CD million ) ) ) ( PP-CLR ( IN in ) ( NP ( JJ annual ) ( NN cost ) ( NNS concessions ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB help ) ( S ( VP ( VB finance ) ( NP ( DT a ) ( NN bid ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

One advantage the buy-out group intends to press with the board is that pilots have agreed to make 200 million in annual cost concessions to help finance a bid


( S ( NP-SBJ ( NN Speculation ) ) ( VP ( VBZ has ) ( ADVP ( RB also ) ) ( VP ( VBN arisen ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( NP ( NP ( DT the ) ( NNP UAL ) ( NN executive ) ) ( VP ( ADVP-MNR ( RBS most ) ( RB closely ) ) ( VBN identified ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NN failure ) ( S ( VP ( TO to ) ( VP ( VB gain ) ( NP ( NN bank ) ( NN financing ) ) ) ) ) ) ) ) ) ( NP ( JJ chief ) ( JJ financial ) ( NN officer ) ( NNP John ) ( NNP Pope ) ) ) ( VP ( MD may ) ( VP ( VB come ) ( PP-CLR ( IN under ) ( NP ( NN pressure ) ( S ( VP ( TO to ) ( VP ( VB resign ) ) ) ) ) ) ) ) ) ) ) ) )

Speculation has also arisen that the UAL executive most closely identified with the failure to gain bank financing chief financial officer John Pope may come under pressure to resign


( S ( ADVP ( RB However ) ) ( NP-SBJ ( NP ( NNS people ) ) ( ADJP ( JJ familiar ) ( PP ( IN with ) ( NP ( DT the ) ( NN buy-out ) ( NN group ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Pope ) ( POS 's ) ) ( NN departure ) ) ( VP ( MD would ) ( VP ( VB weaken ) ( NP ( NP ( DT the ) ( NN airline ) ( POS 's ) ) ( NN management ) ) ( PP-TMP ( IN at ) ( NP ( DT a ) ( JJ critical ) ( NN time ) ) ) ) ) ) ) ) )

However people familiar with the buy-out group said Mr. Pope 's departure would weaken the airline 's management at a critical time


( S ( PP ( IN Despite ) ( NP ( NP ( DT the ) ( NN buy-out ) ( NN group ) ( POS 's ) ) ( NN failure ) ( S ( VP ( TO to ) ( VP ( VB obtain ) ( NP ( NN financing ) ) ) ) ) ) ) ( NP-SBJ-1 ( NNP UAL ) ) ( VP ( VBZ remains ) ( ADJP-PRD ( JJ obligated ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( NP ( NP ( QP ( CD 26.7 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NP ( NN investment ) ( NN banking ) ) ( CC and ) ( NP ( JJ legal ) ( NNS fees ) ) ) ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NP ( DT the ) ( NN group ) ( POS 's ) ) ( NNS advisers ) ) ( NP ( NP ( NNP Lazard ) ( NNP Freres ) ( CC & ) ( NNP Co. ) ) ( NP ( NNP Salomon ) ( NNP Brothers ) ( NNP Inc. ) ) ( CC and ) ( NP ( NNP Paul ) ( NNP Weiss ) ( NNP Rifkind ) ( NNP Wharton ) ( CC & ) ( NNP Garrison ) ) ) ) ) ) ) ) ) ) )

Despite the buy-out group 's failure to obtain financing UAL remains obligated to pay 26.7 million in investment banking and legal fees to the group 's advisers Lazard Freres & Co. Salomon Brothers Inc. and Paul Weiss Rifkind Wharton & Garrison


( S ( NP-SBJ-3 ( NP ( NP ( NNP Guillermo ) ( NNP Ortiz ) ( POS 's ) ) ( NNP Sept. ) ( CD 15 ) ( NNP Americas ) ( NN column ) ) ( S-TTL ( NP-SBJ-2 ( NNP Mexico ) ) ( VP ( VBZ 's ) ( VP ( VBN Been ) ( VP ( VBN Bitten ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN Privatization ) ( NN Bug ) ) ) ) ) ) ) ) ( VP ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( ADJP ( RB refreshingly ) ( JJ clear ) ) ( NN statement ) ) ( PP ( IN of ) ( NP ( NP ( NP ( PRP$ his ) ( NN government ) ( POS 's ) ) ( NN commitment ) ) ( PP ( TO to ) ( NP ( NN privatization ) ) ) ) ) ) ) ( CC and ) ( VP ( MD must ) ( VP ( VB be ) ( VP ( VBN welcomed ) ( PP-CLR ( IN as ) ( NP ( JJ such ) ) ) ( PP ( IN by ) ( NP-LGS ( NP ( DT all ) ( NNS Americans ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP wish ) ( NP ( PRP$ his ) ( NN country ) ) ( ADVP-CLR ( RB well ) ) ) ) ) ) ) ) ) ) ) )

Guillermo Ortiz 's Sept. 15 Americas column Mexico 's Been Bitten by the Privatization Bug is a refreshingly clear statement of his government 's commitment to privatization and must be welcomed as such by all Americans who wish his country well


( S ( NP-SBJ-1 ( DT The ) ( NNP Mexico-United ) ( NNP States ) ( NNP Institute ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ glad ) ( S ( VP ( TO to ) ( VP ( VB see ) ( S ( NP-SBJ ( NP ( JJ such ) ( DT a ) ( JJ high ) ( NN official ) ) ( PP ( IN as ) ( NP ( NP ( NP ( NNP Mexico ) ( POS 's ) ) ( NN undersecretary ) ) ( PP ( IN of ) ( NP ( NN finance ) ) ) ) ) ) ( VP ( VB view ) ( NP ( NP ( PRP$ his ) ( NN country ) ( POS 's ) ) ( NNS reforms ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN context ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJR larger ) ( JJ world-wide ) ( NN process ) ) ( PP ( IN of ) ( NP ( NP ( JJ profound ) ( NN change ) ) ( PP ( IN toward ) ( NP ( JJ free-market ) ( NNS economics ) ) ) ( PP-LOC ( ADVP ( RB especially ) ) ( IN in ) ( NP ( DT the ) ( JJ statist ) ( NNS countries ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Mexico-United States Institute is glad to see such a high official as Mexico 's undersecretary of finance view his country 's reforms in the context of a larger world-wide process of profound change toward free-market economics especially in the statist countries


( S ( S-ADV ( VP ( VBG Having ) ( VP ( VBD said ) ( NP ( DT that ) ) ) ) ) ( NP-SBJ-1 ( PRP we ) ) ( VP ( MD must ) ( VP ( VB caution ) ( PP-CLR ( IN against ) ( NP ( DT an ) ( JJ apparent ) ( NN tendency ) ( S ( VP ( TO to ) ( VP ( VB overstate ) ( NP ( DT the ) ( NN case ) ) ) ) ) ) ) ) ) )

Having said that we must caution against an apparent tendency to overstate the case


( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ is ) ( RB not ) ( ADJP-PRD ( RB quite ) ( JJ true ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ Mexican ) ( NN government ) ) ( VP ( VBZ has ) ( VP ( VBN privatized ) ( NP ( NNP Mexicana ) ( NNP de ) ( NNP Aviacion ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Ortiz ) ) ( VP ( VBZ claims ) ) ) ) ) ) ) ) ) )

It is not quite true for example that the Mexican government has privatized Mexicana de Aviacion as Mr. Ortiz claims


( S ( PP-LOC ( IN In ) ( NP ( DT the ) ( JJ same ) ( NN sentence ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ contradicts ) ( NP ( PRP himself ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ reports ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN government ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VBZ retains ) ( NP ( NP ( CD 40 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ total ) ( NN equity ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN airline ) ) ) ) ) ) ) ) ) ) ) ) ) )

In the same sentence he contradicts himself when he reports that the government still retains 40 % of the total equity of the airline


( SBARQ ( WHADVP ( WRB How ) ) ( SQ ( MD can ) ( NP-SBJ-1 ( DT a ) ( NN company ) ) ( VP ( VB be ) ( VP ( VBN considered ) ( S ( ADJP-PRD ( VBN privatized ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-2 ( DT the ) ( NN state ) ) ( VP ( VBZ is ) ( VP ( ADVP-MNR ( RB so ) ( RB heavily ) ) ( VBN represented ) ( PP-LOC ( IN in ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) )

How can a company be considered privatized if the state is so heavily represented in it


( S ( S ( INTJ ( UH True ) ) ( NP-SBJ ( DT the ) ( JJ Mexican ) ( NN government ) ) ( VP ( VBZ has ) ( VP ( VBN granted ) ( NP ( NP ( NN control ) ) ( PP ( IN over ) ( NP ( DT the ) ( NN airline ) ) ) ) ( PP-DTV ( TO to ) ( NP ( DT a ) ( JJ new ) ( JJ private ) ( NN consortium ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-2 ( PRP$ its ) ( NN propensity ) ( S ( VP ( TO to ) ( VP ( VB take ) ( ADVP-CLR ( RB back ) ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ gives ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( ADVP-MNR ( RB too ) ( RB well ) ) ( VBN known ) ( S-PRP ( VP ( TO to ) ( VP ( VB permit ) ( S ( NP-SBJ ( PRP one ) ) ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ sanguine ) ) ) ) ) ) ) ) ) ) ) )

True the Mexican government has granted control over the airline to a new private consortium but its propensity to take back what it gives is too well known to permit one to be sanguine


( S ( ADVP ( RB Regrettably ) ) ( ADVP ( RB too ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Ortiz ) ) ( VP ( VBZ resorts ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( JJ familiar ) ( NNS numbers ) ( NN game ) ) ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ boasts ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( QP ( JJR fewer ) ( IN than ) ( CD 392 ) ) ( PRN ( NN state ) ( NNS enterprises ) ) ) ) ( ADVP-TMP ( RB currently ) ) ( VP ( VBP remain ) ( PP-LOC-PRD ( IN in ) ( NP ( DT the ) ( JJ public ) ( NN sector ) ) ) ( ADVP-2 ( RB down ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( CD 1,155 ) ( JJ public ) ( NNS entities ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD existed ) ( PP-TMP ( IN in ) ( NP ( CD 1982 ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Regrettably too Mr. Ortiz resorts to the familiar numbers game when he boasts that fewer than 392 state enterprises currently remain in the public sector down from the 1,155 public entities that existed in 1982


( S ( S ( CC But ) ( NP-SBJ ( NP ( DT the ) ( NNS enterprises ) ) ( PP-LOC ( ADVP-TMP ( RB still ) ) ( IN in ) ( NP ( NN state ) ( NNS hands ) ) ) ) ( VP ( VBP include ) ( NP ( NP ( DT the ) ( ADJP ( JJS biggest ) ( CC and ) ( ADJP ( RBS most ) ( RB economically ) ( JJ powerful ) ) ) ( NNS ones ) ) ( PP-LOC ( IN in ) ( NP ( NNP Mexico ) ) ) ) ) ) ( S ( ADVP ( RB indeed ) ) ( NP-SBJ ( PRP they ) ) ( ADVP ( RB virtually ) ) ( VP ( VBP constitute ) ( NP ( DT the ) ( JJ economic ) ( NN infrastructure ) ) ) ) )

But the enterprises still in state hands include the biggest and most economically powerful ones in Mexico indeed they virtually constitute the economic infrastructure


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP refer ) ( ADVP ( RB essentially ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NN petroleum ) ) ( NP ( JJ electric ) ( NN power ) ) ( NP ( NN banking ) ) ( CC and ) ( NP ( NN newsprint ) ) ) ) ) )

I refer essentially to petroleum electric power banking and newsprint


( S ( NP-SBJ-2 ( DT Those ) ( NNS enterprises ) ) ( ADVP ( RB however ) ) ( VP ( VBP are ) ( RB not ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN privatized ) ) ) ) ) ) ) )

Those enterprises however are not going to be privatized


( S ( S ( NP-SBJ-2 ( PRP They ) ) ( VP ( VBP are ) ( ADVP ( RB officially ) ) ( VP ( VBN considered ) ( S ( ADJP-PRD ( JJ strategic ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( PRP$ their ) ( NN privatization ) ) ( VP ( VBZ is ) ( VP ( VBN prohibited ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( JJ Mexican ) ( NNP Constitution ) ) ) ) ) ) )

They are officially considered strategic and their privatization is prohibited by the Mexican Constitution


( S ( PP-LOC ( IN In ) ( NP ( NP ( NN language ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ sidesteps ) ( NP ( DT the ) ( NN issue ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Ortiz ) ) ( VP ( VBZ writes ) ( SBAR ( S ( NP-SBJ ( NP ( DT The ) ( NN divestiture ) ) ( PP ( IN of ) ( NP ( UCP ( NN nonpriority ) ( CC and ) ( JJ nonstrategic ) ) ( JJ public ) ( NNS enterprises ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT an ) ( JJ essential ) ( NN element ) ) ( PP ( IN of ) ( NP ( NP ( NNP President ) ( NNP Carlos ) ( NNP Salinas ) ( POS 's ) ) ( NN plan ) ( S ( VP ( TO to ) ( VP ( VB modernize ) ( NP ( NP ( NNP Mexico ) ( POS 's ) ) ( NN economy ) ) ) ) ) ) ) ) ) ) ) ) )

In language that sidesteps the issue Mr. Ortiz writes The divestiture of nonpriority and nonstrategic public enterprises is an essential element of President Carlos Salinas 's plan to modernize Mexico 's economy


( S ( RB Yet ) ( ADVP ( RB clearly ) ) ( NP-SBJ ( NN modernization ) ) ( VP ( MD must ) ( VP ( VB embrace ) ( NP ( PRP$ its ) ( JJ key ) ( NNS industries ) ) ( SBAR-TMP ( RB before ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBD said ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VBN caught ) ( NP ( DT the ) ( NN privatization ) ( NN bug ) ) ) ) ) ) ) ) ) ) ) ) ) )

Yet clearly modernization must embrace its key industries before it can be said to have caught the privatization bug


( S ( NP-SBJ ( DT The ) ( JJ bottom ) ( NN line ) ) ( ADVP ( RB however ) ) ( VP ( VBZ is ) ( RB not ) ( NP-PRD ( ADJP ( JJ economic ) ( CC but ) ( JJ political ) ) ( NN reform ) ) ) )

The bottom line however is not economic but political reform