When the price of plastics took off in 1987 Quantum Chemical Corp. went along for the ride

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The timing of Quantum 's chief executive officer John Hoyt Stookey appeared to be nothing less than inspired because he had just increased Quantum 's reliance on plastics

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The company outpaced much of the chemical industry as annual profit grew fivefold in two years

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Mr. Stookey said of the boom It 's going to last a whole lot longer than anybody thinks

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But now prices have nose-dived and Quantum 's profit is plummeting

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Some securities analysts are looking for no better than break-even results from the company for the third quarter compared with year-earlier profit of 99.8 million or 3.92 a share on sales of 724.4 million

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The stock having lost nearly a quarter of its value since Sept. 1 closed at 34.375 share down 1.125 in New York Stock Exchange composite trading Friday

( S ( NP-SBJ-1 ( DT The ) ( NN stock ) ) ( S-ADV ( VP ( VBG having ) ( VP ( VBN lost ) ( NP ( NP ( QP ( RB nearly ) ( DT a ) ) ( NN quarter ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN value ) ) ) ) ( PP-TMP ( IN since ) ( NP ( NNP Sept. ) ( CD 1 ) ) ) ) ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 34.375 ) ) ( NP-ADV ( NN share ) ) ) ) ( ADVP ( RB down ) ( NP ( CD 1.125 ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ( NP-TMP ( NNP Friday ) ) ) )


To a degree Quantum represents the new times that have arrived for producers of the so-called commodity plastics that pervade modern life

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Having just passed through one of the most profitable periods in their history these producers now see their prices eroding

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Pricing cycles to be sure are nothing new for plastics producers

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And the financial decline of some looks steep only in comparison with the heady period that is just behind them

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We were all wonderful heroes last year says an executive at one of Quantum 's competitors

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Now we 're at the bottom of the heap

( S ( ADVP-TMP ( RB Now ) ) ( NP-SBJ ( PRP we ) ) ( VP ( VBP 're ) ( PP-LOC-PRD ( IN at ) ( NP ( NP ( DT the ) ( NN bottom ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN heap ) ) ) ) ) ) )


At Quantum which is based in New York the trouble is magnified by the company 's heavy dependence on plastics

( S ( PP-LOC ( IN At ) ( NP ( NP ( NNP Quantum ) ) ( SBAR ( WHNP-3 ( WDT which ) ) ( S ( VP ( VBZ is ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( DT the ) ( NN trouble ) ) ( VP ( VBZ is ) ( VP ( VBN magnified ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ heavy ) ( NN dependence ) ) ( PP ( IN on ) ( NP ( NNS plastics ) ) ) ) ) ) ) )


Once known as National Distillers & Chemical Corp. the company exited the wine and spirits business and plowed more of its resources into plastics after Mr. Stookey took the chief executive 's job in 1986

( S ( S-ADV ( ADVP-TMP ( RB Once ) ) ( VP ( VBN known ) ( PP-CLR ( IN as ) ( NP ( NNP National ) ( NNP Distillers ) ( CC & ) ( NNP Chemical ) ( NNP Corp. ) ) ) ) ) ( NP-SBJ-2 ( DT the ) ( NN company ) ) ( VP ( VP ( VBD exited ) ( NP ( DT the ) ( NN wine ) ( CC and ) ( NNS spirits ) ( NN business ) ) ) ( CC and ) ( VP ( VBD plowed ) ( NP ( NP ( JJR more ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS resources ) ) ) ) ( PP-DIR ( IN into ) ( NP ( NNS plastics ) ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Stookey ) ) ( VP ( VBD took ) ( NP ( NP ( DT the ) ( JJ chief ) ( NN executive ) ( POS 's ) ) ( NN job ) ) ( PP-TMP ( IN in ) ( NP ( CD 1986 ) ) ) ) ) ) ) )


Mr. Stookey 59 years old declined to be interviewed for this article but he has consistently argued that over the long haul across both the peaks and the troughs of the plastics market Quantum will prosper through its new direction

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Quantum 's lot is mostly tied to polyethylene resin used to make garbage bags milk jugs housewares toys and meat packaging among other items

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In the U.S. polyethylene market Quantum has claimed the largest share about 20 %

( S ( PP-LOC ( IN In ) ( NP ( DT the ) ( NNP U.S. ) ( NN polyethylene ) ( NN market ) ) ) ( NP-SBJ ( NNP Quantum ) ) ( VP ( VBZ has ) ( VP ( VBN claimed ) ( NP ( NP ( DT the ) ( JJS largest ) ( NN share ) ) ( NP ( QP ( RB about ) ( CD 20 ) ) ( NN % ) ) ) ) ) )


But its competitors including Dow Chemical Co. Union Carbide Corp. and several oil giants have much broader business interests and so are better cushioned against price swings

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When the price of polyethylene moves a mere penny a pound Quantum 's annual profit fluctuates by about 85 cents a share provided no other variables are changing

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In recent months the price of polyethylene even more than that of other commodity plastics has taken a dive

( S ( PP-TMP ( IN In ) ( NP ( JJ recent ) ( NNS months ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN price ) ) ( PP ( IN of ) ( NP ( NN polyethylene ) ) ) ) ( ADVP ( ADVP ( RB even ) ( RBR more ) ) ( PP ( IN than ) ( NP ( NP ( DT that ) ) ( PP ( IN of ) ( NP ( JJ other ) ( NN commodity ) ( NNS plastics ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN taken ) ( NP ( DT a ) ( NN dive ) ) ) ) )


Benchmark grades which still sold for as much as 50 cents a pound last spring have skidded to between 35 cents and 40 cents

( S ( NP-SBJ ( NP ( JJ Benchmark ) ( NNS grades ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( ADVP-TMP ( RB still ) ) ( VP ( VBD sold ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( RB as ) ( JJ much ) ( IN as ) ( CD 50 ) ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN pound ) ) ) ) ( NP-TMP ( JJ last ) ( NN spring ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN skidded ) ( PP-DIR ( TO to ) ( NP ( IN between ) ( NP ( CD 35 ) ( NNS cents ) ) ( CC and ) ( NP ( CD 40 ) ( NNS cents ) ) ) ) ) ) )


Meanwhile the price of ethylene the chemical building block of polyethylene has n't dropped nearly so fast

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That discrepancy hurts Quantum badly because its own plants cover only about half of its ethylene needs

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By many accounts an early hint of a price rout in the making came at the start of this year

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China which had been putting in huge orders for polyethylene abruptly halted them

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Calculating that excess polyethylene would soon be sloshing around the world other buyers then bet that prices had peaked and so began to draw down inventories rather than order new product

( S ( S-ADV ( VP ( VBG Calculating ) ( SBAR ( DT that ) ( S ( NP-SBJ ( JJ excess ) ( NN polyethylene ) ) ( VP ( MD would ) ( ADVP-TMP ( RB soon ) ) ( VP ( VB be ) ( VP ( VBG sloshing ) ( PP-CLR ( IN around ) ( NP ( DT the ) ( NN world ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( JJ other ) ( NNS buyers ) ) ( ADVP ( RB then ) ) ( VP ( VP ( VBD bet ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS prices ) ) ( VP ( VBD had ) ( VP ( JJ peaked ) ) ) ) ) ) ( CC and ) ( RB so ) ( VP ( VBD began ) ( S ( VP ( TO to ) ( VP ( VP ( VB draw ) ( PRT ( RP down ) ) ( NP ( NNS inventories ) ) ) ( CONJP ( RB rather ) ( IN than ) ) ( VP ( VB order ) ( NP ( JJ new ) ( NN product ) ) ) ) ) ) ) ) )


Kenneth Mitchell director of Dow 's polyethylene business says producers were surprised to learn how much inventories had swelled throughout the distribution chain as prices spiraled up

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People were even hoarding bags he says

( S ( S-TPC-1 ( NP-SBJ ( NNS People ) ) ( VP ( VBD were ) ( ADVP ( RB even ) ) ( VP ( VBG hoarding ) ( NP ( NNS bags ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )


Now producers hope prices have hit bottom

( S ( ADVP-TMP ( RB Now ) ) ( NP-SBJ ( NNS producers ) ) ( VP ( VBP hope ) ( SBAR ( S ( NP-SBJ ( NNS prices ) ) ( VP ( VBP have ) ( VP ( VBN hit ) ( NP ( NN bottom ) ) ) ) ) ) ) )


They recently announced increases of a few cents a pound to take effect in the next several weeks

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No one knows however whether the new posted prices will stick once producers and customers start to haggle

( S ( NP-SBJ ( DT No ) ( NN one ) ) ( VP ( VBZ knows ) ( ADVP ( RB however ) ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( DT the ) ( JJ new ) ( JJ posted ) ( NNS prices ) ) ( VP ( MD will ) ( VP ( VB stick ) ( SBAR-TMP ( IN once ) ( S ( NP-SBJ-1 ( NNS producers ) ( CC and ) ( NNS customers ) ) ( VP ( VBP start ) ( S ( VP ( TO to ) ( VP ( VB haggle ) ) ) ) ) ) ) ) ) ) ) ) )


One doubter is George Krug a chemical-industry analyst at Oppenheimer & Co. and a bear on plastics stocks

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Noting others ' estimates of when price increases can be sustained he remarks Some say October

( S ( S-ADV ( VP ( VBG Noting ) ( NP ( NP ( NP ( NNS others ) ( POS ' ) ) ( NNS estimates ) ) ( PP ( IN of ) ( SBAR-NOM ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ-1 ( NN price ) ( NNS increases ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN sustained ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-3 ( PRP he ) ) ( VP ( VBZ remarks ) ( SBAR ( S ( NP-SBJ ( DT Some ) ) ( VP ( VBP say ) ( NP ( NNP October ) ) ) ) ) ) )


Some say November

( S ( NP-SBJ ( DT Some ) ) ( VP ( VBP say ) ( NP ( NNP November ) ) ) )


I say 1992

( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP say ) ( NP ( CD 1992 ) ) ) )


He argues that efforts to firm up prices will be undermined by producers ' plans to expand production capacity

( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ argues ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNS efforts ) ( S ( VP ( TO to ) ( VP ( VB firm ) ( PRT ( RP up ) ) ( NP ( NNS prices ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN undermined ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS producers ) ( POS ' ) ) ( NNS plans ) ( S ( VP ( TO to ) ( VP ( VB expand ) ( NP ( NN production ) ( NN capacity ) ) ) ) ) ) ) ) ) ) ) ) ) )


A quick turnaround is crucial to Quantum because its cash requirements remain heavy

( S ( NP-SBJ ( DT A ) ( JJ quick ) ( NN turnaround ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ crucial ) ( PP ( TO to ) ( NP ( NNP Quantum ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP$ its ) ( NN cash ) ( NNS requirements ) ) ( VP ( VBP remain ) ( ADJP-PRD ( JJ heavy ) ) ) ) ) ) )


The company is trying to carry out a three-year 1.3 billion plant-expansion program started this year

( S ( NP-SBJ-1 ( DT The ) ( NN company ) ) ( VP ( VBZ is ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB carry ) ( PRT ( RP out ) ) ( NP ( NP ( DT a ) ( JJ three-year ) ( ADJP ( QP ( CD 1.3 ) ( CD billion ) ) ) ( JJ plant-expansion ) ( NN program ) ) ( VP ( VBD started ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ) ) ) ) )


At the same time its annual payments on long-term debt will more than double from a year ago to about 240 million largely because of debt taken on to pay a 50-a-share special dividend earlier this year

( S ( PP-TMP ( IN At ) ( NP ( DT the ) ( JJ same ) ( NN time ) ) ) ( NP-SBJ ( NP ( PRP$ its ) ( JJ annual ) ( NNS payments ) ) ( PP ( IN on ) ( NP ( JJ long-term ) ( NN debt ) ) ) ) ( VP ( MD will ) ( VP ( ADVP ( RBR more ) ( IN than ) ) ( VB double ) ( PP-DIR ( IN from ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ( PP-DIR ( TO to ) ( NP ( RB about ) ( CD 240 ) ( CD million ) ) ) ( PP-PRP ( ADVP ( RB largely ) ) ( IN because ) ( IN of ) ( NP ( NP ( NN debt ) ) ( VP ( VBN taken ) ( PRT ( RP on ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB pay ) ( NP ( DT a ) ( ADJP ( JJ 50-a-share ) ) ( JJ special ) ( NN dividend ) ) ( NP-TMP ( RBR earlier ) ( DT this ) ( NN year ) ) ) ) ) ) ) ) ) ) )


Quantum described the payout at the time as a way for it to share the bonanza with its holders because its stock price was n't reflecting the huge profit increases

( S ( NP-SBJ ( NNP Quantum ) ) ( VP ( VBD described ) ( NP ( DT the ) ( NN payout ) ) ( PP-TMP ( IN at ) ( NP ( DT the ) ( NN time ) ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( NN way ) ) ( SBAR ( IN for ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( TO to ) ( VP ( VB share ) ( NP ( DT the ) ( NN bonanza ) ) ( PP ( IN with ) ( NP ( PRP$ its ) ( NNS holders ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP$ its ) ( NN stock ) ( NN price ) ) ( VP ( VBD was ) ( RB n't ) ( VP ( VBG reflecting ) ( NP ( DT the ) ( JJ huge ) ( NN profit ) ( NNS increases ) ) ) ) ) ) ) ) ) ) ) ) ) )


Some analysts saw the payment as an effort also to dispel takeover speculation

( S ( NP-SBJ ( DT Some ) ( NNS analysts ) ) ( VP ( VBD saw ) ( NP ( DT the ) ( NN payment ) ) ( PP-CLR ( IN as ) ( NP ( DT an ) ( NN effort ) ( S ( ADVP ( RB also ) ) ( VP ( TO to ) ( VP ( VB dispel ) ( NP ( NN takeover ) ( NN speculation ) ) ) ) ) ) ) ) )


Whether a cash crunch might eventually force the company to cut its quarterly dividend raised 36 % to 75 cents a share only a year ago has become a topic of intense speculation on Wall Street since Mr. Stookey deflected dividend questions in a Sept. 29 meeting with analysts

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Some viewed his response that company directors review the dividend regularly as nothing more than the standard line from executives

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But others came away thinking he had given something less than his usual straight-from-the-shoulder performance

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In any case on the day of the meeting Quantum 's shares slid 2.625 to 36.625 in Big Board trading

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On top of everything else Quantum confronts a disaster at its plant in Morris Ill

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After an explosion idled the plant in June the company progressed in September to within 12 hours of completing the drawn-out process of restarting it

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Then a second explosion occurred

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Two workers died and six remain in the hospital

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This human toll adds the most painful dimension yet to the sudden change in Quantum 's fortunes

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Until this year the company had been steadily lowering its accident rate and picking up trade-group safety awards

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A prolonged production halt at the plant could introduce another imponderable into Quantum 's financial future

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When a plant has just been running flat out to meet demand calculating lost profit and thus claims under business-interruption insurance is straightforward

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But the numbers become trickier and subject to dickering between insured and insurer when demand is shifting

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You say you could have sold X percent of this product and Y percent of that recalls Theodore Semegran an analyst at Shearson Lehman Hutton who went through this exercise during his former career as a chemical engineer

( SINV ( S-TPC-2 ( NP-SBJ ( PRP You ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( PRP you ) ) ( VP ( MD could ) ( VP ( VB have ) ( VP ( VBN sold ) ( NP ( NP ( NP ( NN X ) ( NN percent ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN product ) ) ) ) ( CC and ) ( NP ( NP ( NN Y ) ( NN percent ) ) ( PP ( IN of ) ( NP ( DT that ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ recalls ) ) ( NP-SBJ ( NP ( NNP Theodore ) ( NNP Semegran ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD went ) ( PP-DIR ( IN through ) ( NP ( DT this ) ( NN exercise ) ) ) ( PP-TMP ( IN during ) ( NP ( NP ( PRP$ his ) ( JJ former ) ( NN career ) ) ( PP ( IN as ) ( NP ( DT a ) ( JJ chemical ) ( NN engineer ) ) ) ) ) ) ) ) ) ) )


And then you still have to negotiate

( S ( CC And ) ( RB then ) ( NP-SBJ-1 ( PRP you ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB negotiate ) ) ) ) ) )


Quantum hopes the Morris plant where limited production got under way last week will resume full operation by year 's end

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The plant usually accounts for 20 % to 25 % of Quantum 's polyethylene production and 50 % of its ethylene production

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Not everything looks grim for Quantum

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The plant expansion should strengthen the company 's sway in the polyethylene business where market share is often taken through sheer capacity

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By lifting ethylene production the expansion will also lower the company 's raw material costs

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Quantum is also tightening its grip on its one large business outside chemicals propane marketing

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Through a venture with its investment banker First Boston Corp. Quantum completed in August an acquisition of Petrolane Inc. in a transaction valued at 1.18 billion

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Petrolane is the second-largest propane distributor in the U.S.

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The largest Suburban Propane was already owned by Quantum

( S ( NP-SBJ-1 ( NP ( DT The ) ( JJS largest ) ) ( NP ( NNP Suburban ) ( NNP Propane ) ) ) ( VP ( VBD was ) ( ADVP-TMP ( RB already ) ) ( VP ( VBN owned ) ( PP ( IN by ) ( NP-LGS ( NNP Quantum ) ) ) ) ) )


Still Quantum has a crisis to get past right now

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Some analysts speculate the weakening stock may yet attract a suitor

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The name surfacing in rumors is British Petroleum Co. which is looking to expand its polyethylene business in the U.S.

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Asked about a bid for Quantum a BP spokesman says We pretty much have a policy of not commenting on rumors and I think that falls in that category

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Ford Motor Co. said it acquired 5 % of the shares in Jaguar PLC

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Jaguar the London Stock Exchange and the U.S. Securities and Exchange Commission are being notified of the transactions the company said

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The U.S. Federal Trade Commission advised Ford last week that it would n't raise any objection to the acquisition of as much as 15 % of Jaguar shares

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The No. 2 auto maker disclosed last month that it wants to buy as much as 15 % of the British luxury-car maker the maximum allowed under current United Kingdom government restrictions

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General Motors Corp. said it had discussed the possibility of a joint venture with Jaguar before Ford began buying shares

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GM said it still is talking with Jaguar about acquiring a minority interest

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Robert G. Walden 62 years old was elected a director of this provider of advanced technology systems and services increasing the board to eight members

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He retired as senior vice president finance and administration and chief financial officer of the company Oct. 1

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September 's steep rise in producer prices shows that inflation still persists and the pessimism over interest rates caused by the new price data contributed to the stock market 's plunge Friday

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After falling for three consecutive months the producer price index for finished goods shot up 0.9 % last month the Labor Department reported Friday as energy prices jumped after tumbling through the summer

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Although the report which was released before the stock market opened did n't trigger the 190.58-point drop in the Dow Jones Industrial Average analysts said it did play a role in the market 's decline

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Analysts immediately viewed the price data the grimmest inflation news in months as evidence that the Federal Reserve was unlikely to allow interest rates to fall as many investors had hoped

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Further fueling the belief that pressures in the economy were sufficient to keep the Fed from easing credit the Commerce Department reported Friday that retail sales grew 0.5 % in September to 145.21 billion

( S ( S-ADV ( ADVP ( RB Further ) ) ( VP ( VBG fueling ) ( NP ( DT the ) ( NN belief ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNS pressures ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN economy ) ) ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ sufficient ) ( S ( VP ( TO to ) ( VP ( VB keep ) ( NP-1 ( DT the ) ( NNP Fed ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG easing ) ( NP ( NN credit ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( DT the ) ( NNP Commerce ) ( NNP Department ) ) ( VP ( VBD reported ) ( NP-TMP ( NNP Friday ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ retail ) ( NNS sales ) ) ( VP ( VBD grew ) ( NP-EXT ( CD 0.5 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 145.21 ) ( CD billion ) ) ) ) ) ) ) ) )


That rise came on top of a 0.7 % gain in August and suggested there is still healthy consumer demand in the economy

( S ( NP-SBJ ( DT That ) ( NN rise ) ) ( VP ( VP ( VBD came ) ( PP-LOC ( IN on ) ( NP ( NP ( NN top ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( ADJP ( CD 0.7 ) ( NN % ) ) ( NN gain ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBD suggested ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB still ) ) ( NP-PRD ( NP ( JJ healthy ) ( NN consumer ) ( NN demand ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN economy ) ) ) ) ) ) ) ) ) )


I think the Friday report combined with the actions of the Fed weakened the belief that there was going to be an imminent easing of monetary policy said Robert Dederick chief economist at Northern Trust Co. in Chicago

( SINV ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NNP Friday ) ( NN report ) ) ( PP ( VBN combined ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NNS actions ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Fed ) ) ) ) ) ) ) ( VP ( VBD weakened ) ( NP ( DT the ) ( NN belief ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( EX there ) ) ( VP ( VBD was ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( DT an ) ( JJ imminent ) ( NN easing ) ) ( PP ( IN of ) ( NP ( JJ monetary ) ( NN policy ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Robert ) ( NNP Dederick ) ) ( NP ( NP ( JJ chief ) ( NN economist ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Northern ) ( NNP Trust ) ( NNP Co. ) ) ( PP-LOC ( IN in ) ( NP ( NNP Chicago ) ) ) ) ) ) ) )


But economists were divided over the extent of the inflation threat signaled by the new numbers

( S ( CC But ) ( NP-SBJ ( NNS economists ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ divided ) ) ( PP ( IN over ) ( NP ( NP ( DT the ) ( NN extent ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN inflation ) ( NN threat ) ) ( VP ( VBD signaled ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( JJ new ) ( NNS numbers ) ) ) ) ) ) ) ) ) )


The overall 0.9 % increase is serious in itself but what is even worse is that excluding food and energy the producer price index still increased by 0.7 % said Gordon Richards an economist at the National Association of Manufacturers

( SINV ( S-TPC-2 ( S ( NP-SBJ ( DT The ) ( JJ overall ) ( ADJP ( CD 0.9 ) ( NN % ) ) ( NN increase ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ serious ) ) ( PP ( IN in ) ( NP ( PRP itself ) ) ) ) ) ( CC but ) ( S ( SBAR-NOM-SBJ ( WHNP-1 ( WP what ) ) ( S ( VP ( VBZ is ) ( ADJP-PRD ( RB even ) ( JJR worse ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( PP ( VBG excluding ) ( NP ( NN food ) ( CC and ) ( NN energy ) ) ) ( NP-SBJ ( DT the ) ( NN producer ) ( NN price ) ( NN index ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VBD increased ) ( PP-EXT ( IN by ) ( NP ( CD 0.7 ) ( NN % ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Gordon ) ( NNP Richards ) ) ( NP ( NP ( DT an ) ( NN economist ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NNP National ) ( NNP Association ) ) ( PP ( IN of ) ( NP ( NNP Manufacturers ) ) ) ) ) ) ) )


But Sung Won Sohn chief economist at Norwest Corp. in Minneapolis blamed rising energy prices and the annual autumn increase in car prices for most of the September jump

( S ( CC But ) ( NP-SBJ ( NP ( NNP Sung ) ( NNP Won ) ( NNP Sohn ) ) ( NP ( NP ( JJ chief ) ( NN economist ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Norwest ) ( NNP Corp. ) ) ( PP-LOC ( IN in ) ( NP ( NNP Minneapolis ) ) ) ) ) ) ) ( VP ( VBD blamed ) ( NP ( NP ( VBG rising ) ( NN energy ) ( NNS prices ) ) ( CC and ) ( NP ( NP ( DT the ) ( JJ annual ) ( NN autumn ) ( NN increase ) ) ( PP-LOC ( IN in ) ( NP ( NN car ) ( NNS prices ) ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP September ) ( NN jump ) ) ) ) ) ) )


I would say this is not bad news this is a blip he said

( S ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( MD would ) ( VP ( VB say ) ( SBAR ( S ( S ( NP-SBJ ( DT this ) ) ( VP ( VBZ is ) ( RB not ) ( NP-PRD ( JJ bad ) ( NN news ) ) ) ) ( S ( NP-SBJ ( DT this ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( NN blip ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )


The core rate is not really out of line

( S ( NP-SBJ ( DT The ) ( JJ core ) ( NN rate ) ) ( VP ( VBZ is ) ( RB not ) ( ADVP ( RB really ) ) ( ADVP-LOC-PRD ( IN out ) ( PP ( IN of ) ( NP ( NN line ) ) ) ) ) )


All year energy prices have skewed the producer price index which measures changes in the prices producers receive for goods

( S ( NP-TMP ( DT All ) ( NN year ) ) ( NP-SBJ ( NN energy ) ( NNS prices ) ) ( VP ( VBP have ) ( VP ( VBN skewed ) ( NP ( NP ( DT the ) ( NN producer ) ( NN price ) ( NN index ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ measures ) ( NP ( NP ( NNS changes ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNS prices ) ) ( SBAR ( S ( NP-SBJ ( NNS producers ) ) ( VP ( VBP receive ) ( PP-PRP ( IN for ) ( NP ( NNS goods ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


Inflation unquestionably has fallen back from its torrid pace last winter when a steep run-up in world oil prices sent the index surging at double-digit annual rates

( S ( NP-SBJ ( NN Inflation ) ) ( ADVP ( RB unquestionably ) ) ( VP ( VBZ has ) ( VP ( VBN fallen ) ( ADVP-DIR ( RB back ) ( PP ( IN from ) ( NP ( NP ( PRP$ its ) ( JJ torrid ) ( NN pace ) ) ( NP-TMP ( NP ( JJ last ) ( NN winter ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NP ( DT a ) ( JJ steep ) ( NN run-up ) ) ( PP-LOC ( IN in ) ( NP ( NN world ) ( NN oil ) ( NNS prices ) ) ) ) ( VP ( VBD sent ) ( S ( NP-SBJ ( DT the ) ( NN index ) ) ( VP ( VBG surging ) ( PP ( IN at ) ( NP ( JJ double-digit ) ( JJ annual ) ( NNS rates ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


Energy prices then plummeted through the summer causing the index to decline for three consecutive months

( S ( NP-SBJ ( NN Energy ) ( NNS prices ) ) ( ADVP-TMP ( RB then ) ) ( VP ( VBN plummeted ) ( PP-TMP ( IN through ) ( NP ( DT the ) ( NN summer ) ) ) ( S-ADV ( VP ( VBG causing ) ( S ( NP-SBJ ( DT the ) ( NN index ) ) ( VP ( TO to ) ( VP ( VB decline ) ( PP-TMP ( IN for ) ( NP ( CD three ) ( JJ consecutive ) ( NNS months ) ) ) ) ) ) ) ) ) )


Overall the index has climbed at a 5.1 % compound annual rate since the start of the year the Labor Department said

( S ( S-TPC-1 ( ADVP ( RB Overall ) ) ( NP-SBJ ( DT the ) ( NN index ) ) ( VP ( VBZ has ) ( VP ( VBN climbed ) ( PP ( IN at ) ( NP ( DT a ) ( ADJP ( CD 5.1 ) ( NN % ) ) ( JJ compound ) ( JJ annual ) ( NN rate ) ) ) ( PP-TMP ( IN since ) ( NP ( NP ( DT the ) ( NN start ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN year ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Labor ) ( NNP Department ) ) ( VP ( VBD said ) ) )


While far more restrained than the pace at the beginning of the year that is still a steeper rise than the 4.0 % increase for all of 1988

( S ( SBAR-ADV ( IN While ) ( S ( ADJP-PRD ( ADJP ( RB far ) ( RBR more ) ( JJ restrained ) ) ( PP ( IN than ) ( NP ( NP ( DT the ) ( NN pace ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT the ) ( NN beginning ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN year ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( WDT that ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB still ) ) ( NP-PRD ( NP ( DT a ) ( JJR steeper ) ( NN rise ) ) ( PP ( IN than ) ( NP ( NP ( DT the ) ( ADJP ( CD 4.0 ) ( NN % ) ) ( NN increase ) ) ( PP ( IN for ) ( NP ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( CD 1988 ) ) ) ) ) ) ) ) ) )


Moreover this year 's good inflation news may have ended last month when energy prices zoomed up 6.5 % after plunging 7.3 % in August

( S ( ADVP ( RB Moreover ) ) ( NP-SBJ ( NP ( DT this ) ( NN year ) ( POS 's ) ) ( JJ good ) ( NN inflation ) ( NN news ) ) ( VP ( MD may ) ( VP ( VB have ) ( VP ( VBN ended ) ( NP-TMP ( NP ( JJ last ) ( NN month ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ-2 ( NN energy ) ( NNS prices ) ) ( VP ( VBD zoomed ) ( ADVP-DIR ( RB up ) ) ( NP-EXT ( CD 6.5 ) ( NN % ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG plunging ) ( NP-EXT ( CD 7.3 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ) ) ) ) ) ) ) ) ) )


Some analysts expect oil prices to remain relatively stable in the months ahead leaving the future pace of inflation uncertain

( S ( NP-SBJ ( DT Some ) ( NNS analysts ) ) ( VP ( VBP expect ) ( S ( NP-SBJ ( NN oil ) ( NNS prices ) ) ( VP ( TO to ) ( VP ( VB remain ) ( ADJP-PRD ( RB relatively ) ( JJ stable ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NNS months ) ) ( ADVP-LOC ( RB ahead ) ) ) ) ( S-ADV ( VP ( VBG leaving ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ future ) ( NN pace ) ) ( PP ( IN of ) ( NP ( NN inflation ) ) ) ) ( ADJP-PRD ( JJ uncertain ) ) ) ) ) ) ) ) ) )


Analysts had expected that the climb in oil prices last month would lead to a substantial rise in the producer price index but the 0.9 % climb was higher than most anticipated

( S ( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VBD had ) ( VP ( VBN expected ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN climb ) ) ( PP-LOC ( IN in ) ( NP ( NN oil ) ( NNS prices ) ) ) ( NP-TMP ( JJ last ) ( NN month ) ) ) ( VP ( MD would ) ( VP ( VB lead ) ( PP-DIR ( TO to ) ( NP ( NP ( DT a ) ( JJ substantial ) ( NN rise ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN producer ) ( NN price ) ( NN index ) ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT the ) ( ADJP ( CD 0.9 ) ( NN % ) ) ( NN climb ) ) ( VP ( VBD was ) ( ADJP-PRD ( ADJP ( JJR higher ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( JJS most ) ) ( VP ( VBD anticipated ) ) ) ) ) ) ) )


I think the resurgence in inflation is going to continue for a few months said John Mueller chief economist at Bell Mueller Cannon a Washington economic forecasting firm

( SINV ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ-2 ( NP ( DT the ) ( NN resurgence ) ) ( PRN ( PP-LOC ( IN in ) ( NP ( NN inflation ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB continue ) ( PP-TMP ( IN for ) ( NP ( DT a ) ( JJ few ) ( NNS months ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP John ) ( NNP Mueller ) ) ( NP ( NP ( JJ chief ) ( NN economist ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Bell ) ( NNP Mueller ) ( NNP Cannon ) ) ( NP ( DT a ) ( NNP Washington ) ( JJ economic ) ( NN forecasting ) ( NN firm ) ) ) ) ) ) )


He predicted that inflation will moderate next year saying that credit conditions are fairly tight world-wide

( S ( NP-SBJ-1 ( PRP He ) ) ( VP ( VBD predicted ) ( SBAR ( S ( NP-SBJ ( DT that ) ( NN inflation ) ) ( VP ( MD will ) ( VP ( VB moderate ) ( NP-TMP ( JJ next ) ( NN year ) ) ) ) ) ) ( S-ADV ( VP ( VBG saying ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NN credit ) ( NNS conditions ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB fairly ) ( JJ tight ) ) ( ADVP-LOC ( RB world-wide ) ) ) ) ) ) ) ) )


But Dirk Van Dongen president of the National Association of Wholesaler-Distributors said that last month 's rise is n't as bad an omen as the 0.9 % figure suggests

( S ( CC But ) ( NP-SBJ ( NP ( NNP Dirk ) ( NNP Van ) ( NNP Dongen ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP National ) ( NNP Association ) ) ( PP ( IN of ) ( NP ( NNP Wholesaler-Distributors ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( JJ last ) ( NN month ) ( POS 's ) ) ( NN rise ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( NP ( RB as ) ( JJ bad ) ( DT an ) ( NN omen ) ) ( SBAR ( IN as ) ( S ( NP-SBJ ( DT the ) ( ADJP ( CD 0.9 ) ( NN % ) ) ( NN figure ) ) ( VP ( VBZ suggests ) ) ) ) ) ) ) ) ) )


If you examine the data carefully the increase is concentrated in energy and motor vehicle prices rather than being a broad-based advance in the prices of consumer and industrial goods he explained

( S ( S-TPC-2 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP examine ) ( NP ( DT the ) ( NN data ) ) ( ADVP-MNR ( RB carefully ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN increase ) ) ( VP ( VBZ is ) ( VP ( VBN concentrated ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( NN energy ) ( CC and ) ( NN motor ) ( NN vehicle ) ( NNS prices ) ) ( PP ( RB rather ) ( IN than ) ( S-NOM ( VP ( VBG being ) ( NP-PRD ( NP ( DT a ) ( JJ broad-based ) ( NN advance ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNS prices ) ) ( PP ( IN of ) ( NP ( UCP ( NN consumer ) ( CC and ) ( JJ industrial ) ) ( NNS goods ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD explained ) ) )


Passenger car prices jumped 3.8 % in September after climbing 0.5 % in August and declining in the late spring and summer

( S ( NP-SBJ-1 ( NN Passenger ) ( NN car ) ( NNS prices ) ) ( VP ( VBD jumped ) ( NP-EXT ( CD 3.8 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VP ( VBG climbing ) ( NP-EXT ( CD 0.5 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ( CC and ) ( VP ( VBG declining ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NX ( NX ( JJ late ) ( NN spring ) ) ( CC and ) ( NX ( NN summer ) ) ) ) ) ) ) ) ) ) )


Many analysts said the September increase was a one-time event coming as dealers introduced their 1990 models

( S ( NP-SBJ ( JJ Many ) ( NNS analysts ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NNP September ) ( NN increase ) ) ( VP ( VBD was ) ( NP-PRD ( DT a ) ( JJ one-time ) ( NN event ) ) ( S-ADV ( VP ( VBG coming ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NNS dealers ) ) ( VP ( VBD introduced ) ( NP ( PRP$ their ) ( CD 1990 ) ( NNS models ) ) ) ) ) ) ) ) ) ) ) )


Although all the price data were adjusted for normal seasonal fluctuations car prices rose beyond the customary autumn increase

( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ-1 ( PDT all ) ( DT the ) ( NN price ) ( NNS data ) ) ( VP ( VBD were ) ( VP ( VBN adjusted ) ( PP-CLR ( IN for ) ( NP ( JJ normal ) ( JJ seasonal ) ( NNS fluctuations ) ) ) ) ) ) ) ( NP-SBJ ( NN car ) ( NNS prices ) ) ( VP ( VBD rose ) ( PP-DIR ( IN beyond ) ( NP ( DT the ) ( JJ customary ) ( NN autumn ) ( NN increase ) ) ) ) )


Prices for capital equipment rose a hefty 1.1 % in September while prices for home electronic equipment fell 1.1 %

( S ( NP-SBJ ( NP ( NNS Prices ) ) ( PP ( IN for ) ( NP ( NN capital ) ( NN equipment ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( DT a ) ( JJ hefty ) ( CD 1.1 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NP ( NNS prices ) ) ( PP ( IN for ) ( NP ( NN home ) ( JJ electronic ) ( NN equipment ) ) ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 1.1 ) ( NN % ) ) ) ) ) ) )


Food prices declined 0.6 % after climbing 0.3 % in August

( S ( NP-SBJ-1 ( NN Food ) ( NNS prices ) ) ( VP ( VBD declined ) ( NP-EXT ( CD 0.6 ) ( NN % ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG climbing ) ( NP-EXT ( CD 0.3 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ) ) ) )


Meanwhile the retail sales report showed that car sales rose 0.8 % in September to 32.82 billion

( S ( ADVP-TMP ( RB Meanwhile ) ) ( NP-SBJ ( DT the ) ( JJ retail ) ( NNS sales ) ( NN report ) ) ( VP ( VBD showed ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NN car ) ( NNS sales ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 0.8 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 32.82 ) ( CD billion ) ) ) ) ) ) ) ) )


But at least part of the increase could have come from higher prices analysts said

( S ( S-TPC-1 ( CC But ) ( NP-SBJ ( NP ( ADVP ( IN at ) ( JJS least ) ) ( NN part ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN increase ) ) ) ) ( VP ( MD could ) ( VP ( VB have ) ( VP ( VBN come ) ( PP-DIR ( IN from ) ( NP ( JJR higher ) ( NNS prices ) ) ) ) ) ) ) ( NP-SBJ ( NNS analysts ) ) ( VP ( VBD said ) ) )


Sales at general merchandise stores rose 1.7 % after declining 0.6 % in August while sales of building materials fell 1.8 % after rising 1.7 %

( S ( NP-SBJ-1 ( NP ( NNS Sales ) ) ( PP-LOC ( IN at ) ( NP ( JJ general ) ( NN merchandise ) ( NNS stores ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 1.7 ) ( NN % ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG declining ) ( NP-EXT ( CD 0.6 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ-2 ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( NN building ) ( NNS materials ) ) ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 1.8 ) ( NN % ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG rising ) ( NP-EXT ( CD 1.7 ) ( NN % ) ) ) ) ) ) ) ) ) )


Producer prices for intermediate goods grew 0.4 % in September after dropping for three consecutive months

( S ( NP-SBJ-1 ( NP ( NN Producer ) ( NNS prices ) ) ( PP ( IN for ) ( NP ( JJ intermediate ) ( NNS goods ) ) ) ) ( VP ( VBD grew ) ( NP-EXT ( CD 0.4 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG dropping ) ( PP-TMP ( IN for ) ( NP ( CD three ) ( JJ consecutive ) ( NNS months ) ) ) ) ) ) ) )


Prices for crude goods an array of raw materials jumped 1.1 % after declining 1.9 % in August and edging up 0.2 % in July

( S ( NP-SBJ-1 ( NP ( NNS Prices ) ) ( PP ( IN for ) ( NP ( NP ( JJ crude ) ( NNS goods ) ) ( NP ( NP ( DT an ) ( NN array ) ) ( PP ( IN of ) ( NP ( JJ raw ) ( NNS materials ) ) ) ) ) ) ) ( VP ( VBD jumped ) ( NP-EXT ( CD 1.1 ) ( NN % ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VP ( VBG declining ) ( NP-EXT ( CD 1.9 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ( CC and ) ( VP ( VBG edging ) ( PRT ( RP up ) ) ( NP-EXT ( CD 0.2 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP July ) ) ) ) ) ) ) ) )


Here are the Labor Department 's producer price indexes 1982 = 100 for September before seasonal adjustment and the percentage changes from September 1988

( S ( ADVP-LOC-PRD-TPC-1 ( RB Here ) ) ( VP ( VBP are ) ) ( NP-SBJ ( NP ( NP ( NP ( DT the ) ( NNP Labor ) ( NNP Department ) ( POS 's ) ) ( NN producer ) ( NN price ) ( NNS indexes ) ) ( PRN ( S ( NP-SBJ ( CD 1982 ) ) ( VP ( SYM = ) ( NP ( CD 100 ) ) ) ) ) ( PP ( IN for ) ( NP ( NNP September ) ) ) ( PP-TMP ( IN before ) ( NP ( JJ seasonal ) ( NN adjustment ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN percentage ) ( NNS changes ) ) ( PP ( IN from ) ( NP ( NNP September ) ( CD 1988 ) ) ) ) ) )


As small investors peppered their mutual funds with phone calls over the weekend big fund managers said they have a strong defense against any wave of withdrawals cash

( S ( SBAR-TMP ( IN As ) ( S ( NP-SBJ ( JJ small ) ( NNS investors ) ) ( VP ( VBD peppered ) ( NP ( PRP$ their ) ( JJ mutual ) ( NNS funds ) ) ( PP-CLR ( IN with ) ( NP ( NN phone ) ( NNS calls ) ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( NN weekend ) ) ) ) ) ) ( NP-SBJ ( JJ big ) ( NN fund ) ( NNS managers ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP have ) ( NP ( NP ( NP ( DT a ) ( JJ strong ) ( NN defense ) ) ( PP ( IN against ) ( NP ( NP ( DT any ) ( NN wave ) ) ( PP ( IN of ) ( NP ( NNS withdrawals ) ) ) ) ) ) ( NP ( NN cash ) ) ) ) ) ) ) )


Unlike the weekend before Black Monday the funds were n't swamped with heavy withdrawal requests

( S ( PP ( IN Unlike ) ( NP ( NP ( DT the ) ( NN weekend ) ) ( PP-TMP ( IN before ) ( NP ( NNP Black ) ( NNP Monday ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NNS funds ) ) ( VP ( VBD were ) ( RB n't ) ( VP ( VBN swamped ) ( PP-CLR ( IN with ) ( NP ( JJ heavy ) ( NN withdrawal ) ( NNS requests ) ) ) ) ) )


And many fund managers have built up cash levels and say they will be buying stock this week

( S ( CC And ) ( NP-SBJ ( JJ many ) ( NN fund ) ( NNS managers ) ) ( VP ( VP ( VBP have ) ( VP ( VBN built ) ( PRT ( RP up ) ) ( NP ( NN cash ) ( NNS levels ) ) ) ) ( CC and ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBG buying ) ( NP ( NN stock ) ) ( NP-TMP ( DT this ) ( NN week ) ) ) ) ) ) ) ) ) )


At Fidelity Investments the nation 's largest fund company telephone volume was up sharply but it was still at just half the level of the weekend preceding Black Monday in 1987

( S ( PP-LOC ( IN At ) ( NP ( NP ( NNP Fidelity ) ( NNP Investments ) ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( JJS largest ) ( NN fund ) ( NN company ) ) ) ) ( S ( NP-SBJ ( NN telephone ) ( NN volume ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB up ) ( RB sharply ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( ADVP-TMP ( RB still ) ) ( PP-LOC-PRD ( IN at ) ( NP ( NP ( QP ( RB just ) ( PDT half ) ) ( DT the ) ( NN level ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN weekend ) ) ( VP ( VBG preceding ) ( NP ( NNP Black ) ( NNP Monday ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1987 ) ) ) ) ) ) ) ) ) )


The Boston firm said stock-fund redemptions were running at less than one-third the level two years ago

( S ( NP-SBJ ( DT The ) ( NNP Boston ) ( NN firm ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NN stock-fund ) ( NNS redemptions ) ) ( VP ( VBD were ) ( VP ( VBG running ) ( PP-LOC-CLR ( IN at ) ( NP ( NP ( QP ( JJR less ) ( IN than ) ( NN one-third ) ) ( DT the ) ( NN level ) ) ( ADVP-TMP ( NP ( CD two ) ( NNS years ) ) ( RB ago ) ) ) ) ) ) ) ) ) )


As of yesterday afternoon the redemptions represented less than 15 % of the total cash position of about 2 billion of Fidelity 's stock funds

( S ( PP-TMP ( IN As ) ( PP ( IN of ) ( NP ( NN yesterday ) ( NN afternoon ) ) ) ) ( NP-SBJ ( DT the ) ( NNS redemptions ) ) ( VP ( VBD represented ) ( NP ( NP ( NP ( QP ( JJR less ) ( IN than ) ( CD 15 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ total ) ( NN cash ) ( NN position ) ) ( PP ( IN of ) ( NP ( QP ( RB about ) ( CD 2 ) ( CD billion ) ) ) ) ( PP ( IN of ) ( NP ( NP ( NNP Fidelity ) ( POS 's ) ) ( NN stock ) ( NNS funds ) ) ) ) ) ) ) ) )


Two years ago there were massive redemption levels over the weekend and a lot of fear around said C. Bruce Johnstone who runs Fidelity Investments ' 5 billion Equity-Income Fund

( SINV ( S-TPC-2 ( ADVP-TMP ( NP ( CD Two ) ( NNS years ) ) ( RB ago ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( NP ( JJ massive ) ( NN redemption ) ( NNS levels ) ) ( PP-TPC ( IN over ) ( NP ( DT the ) ( NN weekend ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NN fear ) ) ) ( ADVP-LOC ( RB around ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP C. ) ( NNP Bruce ) ( NNP Johnstone ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ runs ) ( NP ( NP ( NNP Fidelity ) ( NNP Investments ) ( POS ' ) ) ( ADJP ( QP ( CD 5 ) ( CD billion ) ) ) ( NNP Equity-Income ) ( NNP Fund ) ) ) ) ) ) )


This feels more like a one-shot deal

( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ feels ) ( PP-CLR ( ADVP ( RBR more ) ) ( IN like ) ( NP ( DT a ) ( JJ one-shot ) ( NN deal ) ) ) ) )


People are n't panicking

( S ( NP-SBJ ( NNS People ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBG panicking ) ) ) )


The test may come today

( S ( NP-SBJ ( DT The ) ( NN test ) ) ( VP ( MD may ) ( VP ( VB come ) ( NP-TMP ( NN today ) ) ) ) )


Friday 's stock market sell-off came too late for many investors to act

( S ( NP-SBJ ( NP ( NNP Friday ) ( POS 's ) ) ( NN stock ) ( NN market ) ( NN sell-off ) ) ( VP ( VBD came ) ( ADVP-TMP ( RB too ) ( RB late ) ( SBAR ( IN for ) ( S ( NP-SBJ ( JJ many ) ( NNS investors ) ) ( VP ( TO to ) ( VP ( VB act ) ) ) ) ) ) ) )


Some shareholders have held off until today because any fund exchanges made after Friday 's close would take place at today 's closing prices

( S ( NP-SBJ ( DT Some ) ( NNS shareholders ) ) ( VP ( VBP have ) ( VP ( VBN held ) ( PRT ( RP off ) ) ( PP-TMP ( IN until ) ( NP ( NN today ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( NP ( DT any ) ( NN fund ) ( NNS exchanges ) ) ( VP ( VBN made ) ( PP-TMP ( IN after ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NN close ) ) ) ) ) ( VP ( MD would ) ( VP ( VB take ) ( NP ( NN place ) ) ( PP ( IN at ) ( NP ( NP ( NN today ) ( POS 's ) ) ( NN closing ) ( NNS prices ) ) ) ) ) ) ) ) ) )


Stock fund redemptions during the 1987 debacle did n't begin to snowball until after the market opened on Black Monday

( S ( NP-SBJ-1 ( NN Stock ) ( NN fund ) ( NNS redemptions ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( CD 1987 ) ( NN debacle ) ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB begin ) ( S ( VP ( TO to ) ( VP ( VB snowball ) ) ) ) ( PP-TMP ( IN until ) ( SBAR ( IN after ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBD opened ) ( PP-TMP ( IN on ) ( NP ( NNP Black ) ( NNP Monday ) ) ) ) ) ) ) ) ) )


But fund managers say they 're ready

( S ( CC But ) ( NP-SBJ ( NN fund ) ( NNS managers ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP 're ) ( ADJP-PRD ( JJ ready ) ) ) ) ) ) )


Many have raised cash levels which act as a buffer against steep market declines

( S ( NP-SBJ ( JJ Many ) ) ( VP ( VBP have ) ( VP ( VBN raised ) ( NP ( NP ( NN cash ) ( NNS levels ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP act ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( NN buffer ) ) ) ( PP ( IN against ) ( NP ( JJ steep ) ( NN market ) ( NNS declines ) ) ) ) ) ) ) ) ) )


Mario Gabelli for instance holds cash positions well above 20 % in several of his funds

( S ( NP-SBJ ( NNP Mario ) ( NNP Gabelli ) ) ( PP ( IN for ) ( NP ( NN instance ) ) ) ( VP ( VBZ holds ) ( NP ( NP ( NN cash ) ( NNS positions ) ) ( PP-LOC ( ADVP ( RB well ) ) ( IN above ) ( NP ( CD 20 ) ( NN % ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ several ) ) ( PP ( IN of ) ( NP ( PRP$ his ) ( NNS funds ) ) ) ) ) ) )


Windsor Fund 's John Neff and Mutual Series ' Michael Price said they had raised their cash levels to more than 20 % and 30 % respectively this year

( S ( NP-SBJ ( NP ( NP ( NNP Windsor ) ( NNP Fund ) ( POS 's ) ) ( NNP John ) ( NNP Neff ) ) ( CC and ) ( NP ( NP ( NNP Mutual ) ( NNP Series ) ( POS ' ) ) ( NNP Michael ) ( NNP Price ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD had ) ( VP ( VBN raised ) ( NP ( PRP$ their ) ( NN cash ) ( NNS levels ) ) ( PP-DIR ( TO to ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 20 ) ( NN % ) ( CC and ) ( CD 30 ) ( NN % ) ) ( RB respectively ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ) ) )


Even Peter Lynch manager of Fidelity 's 12.7 billion Magellan Fund the nation 's largest stock fund built up cash to 7 % or 850 million

( S ( NP-SBJ ( NP ( RB Even ) ( NNP Peter ) ( NNP Lynch ) ) ( NP ( NP ( NN manager ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Fidelity ) ( POS 's ) ) ( ADJP ( QP ( CD 12.7 ) ( CD billion ) ) ) ( NNP Magellan ) ( NNP Fund ) ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( JJS largest ) ( NN stock ) ( NN fund ) ) ) ) ) ) ( VP ( VBD built ) ( PRT ( RP up ) ) ( NP ( NN cash ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 7 ) ( NN % ) ) ( CC or ) ( NP ( QP ( CD 850 ) ( CD million ) ) ) ) ) ) )


One reason is that after two years of monthly net redemptions the fund posted net inflows of money from investors in August and September

( S ( NP-SBJ ( CD One ) ( NN reason ) ) ( VP ( VBZ is ) ( SBAR-PRD ( DT that ) ( S ( PP-TMP ( IN after ) ( NP ( NP ( CD two ) ( NNS years ) ) ( PP ( IN of ) ( NP ( JJ monthly ) ( JJ net ) ( NNS redemptions ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN fund ) ) ( VP ( VBD posted ) ( NP ( NP ( JJ net ) ( NNS inflows ) ) ( PP ( IN of ) ( NP ( NN money ) ) ) ( PP ( IN from ) ( NP ( NNS investors ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ( CC and ) ( NNP September ) ) ) ) ) ) ) )


I 've let the money build up Mr. Lynch said who added that he has had trouble finding stocks he likes

( S ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( VBP 've ) ( VP ( VBD let ) ( S ( NP-SBJ ( DT the ) ( NN money ) ) ( VP ( VB build ) ( PRT ( RP up ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Lynch ) ) ) ( VP ( VBD said ) ( SBAR-2 ( WHNP-4 ( WP who ) ) ( S ( VP ( VBD added ) ( SBAR ( IN that ) ( S ( NP-SBJ-5 ( PRP he ) ) ( VP ( VBZ has ) ( VP ( VBN had ) ( NP-CLR ( NN trouble ) ) ( S-CLR ( VP ( VBG finding ) ( NP ( NP ( NNS stocks ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ likes ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


Not all funds have raised cash levels of course

( S ( NP-SBJ ( ADJP ( RB Not ) ( DT all ) ) ( NNS funds ) ) ( VP ( VBP have ) ( VP ( VBN raised ) ( NP ( NN cash ) ( NNS levels ) ) ( PP ( IN of ) ( NP ( NN course ) ) ) ) ) )


As a group stock funds held 10.2 % of assets in cash as of August the latest figures available from the Investment Company Institute

( S ( PP ( IN As ) ( NP ( DT a ) ( NN group ) ) ) ( NP-SBJ ( NN stock ) ( NNS funds ) ) ( VP ( VBD held ) ( NP ( NP ( CD 10.2 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNS assets ) ) ) ) ( PP-CLR ( IN in ) ( NP ( NN cash ) ) ) ( PP-TMP ( IN as ) ( PP ( IN of ) ( NP ( NNP August ) ) ) ) ( NP-1 ( NP ( DT the ) ( JJS latest ) ( NNS figures ) ) ( ADJP ( JJ available ) ( PP ( IN from ) ( NP ( DT the ) ( NNP Investment ) ( NNP Company ) ( NNP Institute ) ) ) ) ) ) )


That was modestly higher than the 8.8 % and 9.2 % levels in August and September of 1987

( S ( NP-SBJ ( DT That ) ) ( VP ( VBD was ) ( ADJP-PRD ( ADJP ( RB modestly ) ( JJR higher ) ) ( PP ( IN than ) ( NP ( NP ( DT the ) ( ADJP ( QP ( CD 8.8 ) ( NN % ) ( CC and ) ( CD 9.2 ) ( JJ % ) ) ) ( NNS levels ) ) ( PP-TMP ( IN in ) ( NP ( NP ( NNP August ) ( CC and ) ( NNP September ) ) ( PP ( IN of ) ( NP ( CD 1987 ) ) ) ) ) ) ) ) ) )


Also persistent redemptions would force some fund managers to dump stocks to raise cash

( S ( ADVP ( RB Also ) ) ( NP-SBJ ( JJ persistent ) ( NNS redemptions ) ) ( VP ( MD would ) ( VP ( VB force ) ( S ( NP-SBJ-1 ( DT some ) ( NN fund ) ( NNS managers ) ) ( VP ( TO to ) ( VP ( VB dump ) ( NP ( NNS stocks ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB raise ) ( NP ( NN cash ) ) ) ) ) ) ) ) ) ) )


But a strong level of investor withdrawals is much more unlikely this time around fund managers said

( S ( CC But ) ( S-TPC-1 ( NP-SBJ ( NP ( DT a ) ( JJ strong ) ( NN level ) ) ( PP ( IN of ) ( NP ( NN investor ) ( NNS withdrawals ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADVP ( RB much ) ( RBR more ) ) ( JJ unlikely ) ) ( NP-TMP ( NP ( DT this ) ( NN time ) ) ( ADVP ( RB around ) ) ) ) ) ( NP-SBJ ( NN fund ) ( NNS managers ) ) ( VP ( VBD said ) ) )


A major reason is that investors already have sharply scaled back their purchases of stock funds since Black Monday

( S ( NP-SBJ ( DT A ) ( JJ major ) ( NN reason ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( NNS investors ) ) ( ADVP-TMP ( RB already ) ) ( VP ( VBP have ) ( VP ( ADVP-MNR ( RB sharply ) ) ( VBN scaled ) ( PRT ( RP back ) ) ( NP ( NP ( PRP$ their ) ( NNS purchases ) ) ( PP ( IN of ) ( NP ( NN stock ) ( NNS funds ) ) ) ) ( PP-TMP ( IN since ) ( NP ( NNP Black ) ( NNP Monday ) ) ) ) ) ) ) ) )


Stock-fund sales have rebounded in recent months but monthly net purchases are still running at less than half 1987 levels

( S ( S ( NP-SBJ ( JJ Stock-fund ) ( NNS sales ) ) ( VP ( VBP have ) ( VP ( VBN rebounded ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS months ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( JJ monthly ) ( JJ net ) ( NNS purchases ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB still ) ) ( VP ( VBG running ) ( PP-CLR ( IN at ) ( NP ( QP ( JJR less ) ( IN than ) ( NN half ) ) ( CD 1987 ) ( NNS levels ) ) ) ) ) ) )


There 's not nearly as much froth said John Bogle chairman of Vanguard Group Inc. a big Valley Forge Pa. fund company

( SINV ( S-TPC-1 ( NP-SBJ ( EX There ) ) ( VP ( VBZ 's ) ( RB not ) ( NP-PRD ( ADJP ( RB nearly ) ( IN as ) ( JJ much ) ) ( NN froth ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP John ) ( NNP Bogle ) ) ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( NNP Vanguard ) ( NNP Group ) ( NNP Inc. ) ) ( NP ( DT a ) ( JJ big ) ( NAC-LOC ( NNP Valley ) ( NNP Forge ) ( NNP Pa. ) ) ( NN fund ) ( NN company ) ) ) ) ) ) )


Many fund managers argue that now 's the time to buy

( S ( NP-SBJ ( JJ Many ) ( NN fund ) ( NNS managers ) ) ( VP ( VBP argue ) ( SBAR ( IN that ) ( S ( NP-SBJ ( RB now ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT the ) ( NN time ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB buy ) ) ) ) ) ) ) ) ) ) )


Vincent Bajakian manager of the 1.8 billion Wellington Fund added to his positions in Bristol-Myers Squibb Woolworth and Dun & Bradstreet Friday

( S ( NP-SBJ ( NP ( NNP Vincent ) ( NNP Bajakian ) ) ( NP ( NP ( NN manager ) ) ( PP ( IN of ) ( NP ( DT the ) ( ADJP ( QP ( CD 1.8 ) ( CD billion ) ) ) ( NNP Wellington ) ( NNP Fund ) ) ) ) ) ( VP ( VBD added ) ( PP-CLR ( TO to ) ( NP ( NP ( PRP$ his ) ( NNS positions ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Bristol-Myers ) ( NNP Squibb ) ) ( NP ( NNP Woolworth ) ) ( CC and ) ( NP ( NNP Dun ) ( CC & ) ( NNP Bradstreet ) ) ) ) ) ) ( NP-TMP ( NNP Friday ) ) ) )


And today he 'll be looking to buy drug stocks like Eli Lilly Pfizer and American Home Products whose dividend yields have been bolstered by stock declines

( S ( CC And ) ( NP-TMP ( NN today ) ) ( NP-SBJ-3 ( PRP he ) ) ( VP ( MD 'll ) ( VP ( VB be ) ( VP ( VBG looking ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NP ( NN drug ) ( NNS stocks ) ) ( PP ( IN like ) ( NP ( NP ( NP ( NNP Eli ) ( NNP Lilly ) ) ( NP ( NNP Pfizer ) ) ( CC and ) ( NP ( NNP American ) ( NNP Home ) ( NNP Products ) ) ) ( SBAR ( WHNP-2 ( WP$ whose ) ( NN dividend ) ( NNS yields ) ) ( S ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN bolstered ) ( PP ( IN by ) ( NP-LGS ( NN stock ) ( NNS declines ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


Fidelity 's Mr. Lynch for his part snapped up Southern Co. shares Friday after the stock got hammered

( S ( NP-SBJ ( NP ( NNP Fidelity ) ( POS 's ) ) ( NNP Mr. ) ( NNP Lynch ) ) ( PP ( IN for ) ( NP ( PRP$ his ) ( NN part ) ) ) ( VP ( VBD snapped ) ( PRT ( RP up ) ) ( NP ( NNP Southern ) ( NNP Co. ) ( NNS shares ) ) ( NP-TMP ( NNP Friday ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ-1 ( DT the ) ( NN stock ) ) ( VP ( VBD got ) ( VP ( VBN hammered ) ) ) ) ) ) )


If the market drops further today he said he 'll be buying blue chips such as Bristol-Myers and Kellogg

( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBZ drops ) ( ADVP ( RBR further ) ) ( NP-TMP ( NN today ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD 'll ) ( VP ( VB be ) ( VP ( VBG buying ) ( NP ( NP ( JJ blue ) ( NNS chips ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNP Bristol-Myers ) ( CC and ) ( NNP Kellogg ) ) ) ) ) ) ) ) ) ) )


If they croak stocks like that he said it presents an opportunity that is the kind of thing you dream about

( S-2 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP croak ) ( NP ( NP ( NNS stocks ) ) ( PP ( IN like ) ( NP ( DT that ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ presents ) ( NP ( NP ( DT an ) ( NN opportunity ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN kind ) ) ( PP ( IN of ) ( NP ( NN thing ) ) ) ( SBAR ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP dream ) ( PP-CLR ( IN about ) ) ) ) ) ) ) ) ) ) ) )


Major mutual-fund groups said phone calls were arriving at twice the normal weekend pace yesterday

( S ( NP-SBJ ( JJ Major ) ( NN mutual-fund ) ( NNS groups ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NN phone ) ( NNS calls ) ) ( VP ( VBD were ) ( VP ( VBG arriving ) ( PP ( IN at ) ( NP ( RB twice ) ( DT the ) ( JJ normal ) ( NN weekend ) ( NN pace ) ) ) ( NP-TMP ( NN yesterday ) ) ) ) ) ) ) )


But most investors were seeking share prices and other information

( S ( CC But ) ( NP-SBJ ( JJS most ) ( NNS investors ) ) ( VP ( VBD were ) ( VP ( VBG seeking ) ( NP ( NP ( NN share ) ( NNS prices ) ) ( CC and ) ( NP ( JJ other ) ( NN information ) ) ) ) ) )


Trading volume was only modestly higher than normal

( S ( NP-SBJ ( NN Trading ) ( NN volume ) ) ( VP ( VBD was ) ( ADJP-PRD ( ADJP ( ADVP ( RB only ) ( RB modestly ) ) ( JJR higher ) ) ( PP ( IN than ) ( NP ( JJ normal ) ) ) ) ) )


Still fund groups are n't taking any chances

( S ( ADVP ( RB Still ) ) ( NP-SBJ ( NN fund ) ( NNS groups ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBG taking ) ( NP ( DT any ) ( NNS chances ) ) ) ) )


They hope to avoid the jammed phone lines and other snags that infuriated some fund investors in October 1987

( S ( NP-SBJ-2 ( PRP They ) ) ( VP ( VBP hope ) ( S ( VP ( TO to ) ( VP ( VB avoid ) ( NP ( NP ( DT the ) ( NX ( NX ( JJ jammed ) ( NN phone ) ( NNS lines ) ) ( CC and ) ( NX ( JJ other ) ( NNS snags ) ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD infuriated ) ( NP ( DT some ) ( NN fund ) ( NNS investors ) ) ( PP-TMP ( IN in ) ( NP ( NNP October ) ( CD 1987 ) ) ) ) ) ) ) ) ) ) ) )


Fidelity on Saturday opened its 54 walk-in investor centers across the country

( S ( NP-SBJ ( NNP Fidelity ) ) ( PP-TMP ( IN on ) ( NP ( NNP Saturday ) ) ) ( VP ( VBD opened ) ( NP ( NP ( PRP$ its ) ( CD 54 ) ( JJ walk-in ) ( NN investor ) ( NNS centers ) ) ( PP-LOC ( IN across ) ( NP ( DT the ) ( NN country ) ) ) ) ) )


The centers normally are closed through the weekend

( S ( NP-SBJ ( DT The ) ( NNS centers ) ) ( ADVP ( RB normally ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ closed ) ( PP-TMP ( IN through ) ( NP ( DT the ) ( NN weekend ) ) ) ) ) )


In addition East Coast centers will open at 7:30 EDT this morning instead of the normal 8:30

( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( NNP East ) ( NNP Coast ) ( NNS centers ) ) ( VP ( MD will ) ( VP ( VB open ) ( PP-TMP ( IN at ) ( NP ( NP ( CD 7:30 ) ( NNP EDT ) ) ) ) ( NP-TMP ( DT this ) ( NN morning ) ) ( PP-1 ( RB instead ) ( IN of ) ( NP ( DT the ) ( JJ normal ) ( CD 8:30 ) ) ) ) ) )


T. Rowe Price Associates Inc. increased its staff of phone representatives to handle investor requests

( S ( NP-SBJ ( NNP T. ) ( NNP Rowe ) ( NNP Price ) ( NNP Associates ) ( NNP Inc. ) ) ( VP ( VBD increased ) ( NP ( NP ( PRP$ its ) ( NN staff ) ) ( PP ( IN of ) ( NP ( NP ( NN phone ) ( NNS representatives ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB handle ) ( NP ( NN investor ) ( NNS requests ) ) ) ) ) ) ) ) ) ) )


The Baltimore-based group noted that some investors moved money from stock funds to money-market funds

( S ( NP-SBJ ( DT The ) ( JJ Baltimore-based ) ( NN group ) ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT some ) ( NNS investors ) ) ( VP ( VBD moved ) ( NP ( NN money ) ) ( PP-DIR ( IN from ) ( NP ( NN stock ) ( NNS funds ) ) ) ( PP-DIR ( TO to ) ( NP ( NN money-market ) ( NNS funds ) ) ) ) ) ) ) )


But most investors seemed to be in an information mode rather than in a transaction mode said Steven Norwitz a vice president

( SINV ( S-TPC-2 ( CC But ) ( NP-SBJ-1 ( JJS most ) ( NNS investors ) ) ( VP ( VBD seemed ) ( S ( VP ( TO to ) ( VP ( VB be ) ( PP-LOC-PRD ( PP ( IN in ) ( NP ( DT an ) ( NN information ) ( NN mode ) ) ) ( CONJP ( RB rather ) ( IN than ) ) ( PP ( IN in ) ( NP ( DT a ) ( NN transaction ) ( NN mode ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Steven ) ( NNP Norwitz ) ) ( NP ( DT a ) ( NN vice ) ( NN president ) ) ) )


And Vanguard among other groups said it was adding more phone representatives today to help investors get through

( S ( CC And ) ( NP-SBJ ( NNP Vanguard ) ) ( PP-LOC ( IN among ) ( NP ( JJ other ) ( NNS groups ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBG adding ) ( NP ( JJR more ) ( NN phone ) ( NNS representatives ) ) ( NP-TMP ( NN today ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB help ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( VB get ) ( PRT ( RP through ) ) ) ) ) ) ) ) ) ) ) ) )


In an unusual move several funds moved to calm investors with recordings on their toll-free phone lines

( S ( PP ( IN In ) ( NP ( DT an ) ( JJ unusual ) ( NN move ) ) ) ( NP-SBJ-1 ( JJ several ) ( NNS funds ) ) ( VP ( VBD moved ) ( S ( VP ( TO to ) ( VP ( VB calm ) ( NP ( NNS investors ) ) ( PP ( IN with ) ( NP ( NNS recordings ) ) ) ( PP-LOC ( IN on ) ( NP ( PRP$ their ) ( JJ toll-free ) ( NN phone ) ( NNS lines ) ) ) ) ) ) ) )


We view Friday 's market decline as offering us a buying opportunity as long-term investors a recording at Gabelli & Co. funds said over the weekend

( S ( S-TPC-2 ( NP-SBJ ( PRP We ) ) ( VP ( VBP view ) ( NP-1 ( PRN ( NP ( NNP Friday ) ( POS 's ) ) ) ( NN market ) ( NN decline ) ) ( PP-CLR ( IN as ) ( S-NOM ( VP ( VBG offering ) ( NP ( PRP us ) ) ( NP ( DT a ) ( NN buying ) ( NN opportunity ) ) ( PP ( IN as ) ( NP ( JJ long-term ) ( NNS investors ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT a ) ( NN recording ) ) ( PP-LOC ( IN at ) ( NP ( NNP Gabelli ) ( CC & ) ( NNP Co. ) ( NNS funds ) ) ) ) ( VP ( VBD said ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( NN weekend ) ) ) ) )


The Janus Group had a similar recording for investors

( S ( NP-SBJ ( DT The ) ( NNP Janus ) ( NNP Group ) ) ( VP ( VBD had ) ( NP ( DT a ) ( JJ similar ) ( NN recording ) ) ( PP-PRP ( IN for ) ( NP ( NNS investors ) ) ) ) )


Several fund managers expect a rough market this morning before prices stabilize

( S ( NP-SBJ ( JJ Several ) ( NN fund ) ( NNS managers ) ) ( VP ( VBP expect ) ( NP ( NP ( DT a ) ( JJ rough ) ( NN market ) ) ( NP-TMP ( DT this ) ( NN morning ) ) ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ ( NNS prices ) ) ( VP ( VBP stabilize ) ) ) ) ) )


Some early selling is likely to stem from investors and portfolio managers who want to lock in this year 's fat profits

( S ( NP-SBJ-2 ( DT Some ) ( JJ early ) ( NN selling ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB stem ) ( PP-DIR ( IN from ) ( NP ( NP ( NP ( NNS investors ) ) ( CC and ) ( NP ( NN portfolio ) ( NNS managers ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB lock ) ( PRT ( RP in ) ) ( NP ( NP ( DT this ) ( NN year ) ( POS 's ) ) ( JJ fat ) ( NNS profits ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


Stock funds have averaged a staggering gain of 25 % through September according to Lipper Analytical Services Inc

( S ( NP-SBJ ( NN Stock ) ( NNS funds ) ) ( VP ( VBP have ) ( VP ( VBN averaged ) ( NP ( NP ( DT a ) ( JJ staggering ) ( NN gain ) ) ( PP ( IN of ) ( NP ( CD 25 ) ( NN % ) ) ) ) ( PP-TMP ( IN through ) ( NP ( NNP September ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NNP Lipper ) ( NNP Analytical ) ( NNP Services ) ( NNP Inc ) ) ) ) ) ) )


Elaine Garzarelli who runs Shearson Lehman Hutton Inc. 's 335 million Sector Analysis Portfolio predicts the market will open down at least 50 points on technical factors and some panic selling

( S ( NP-SBJ ( NP ( NNP Elaine ) ( NNP Garzarelli ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ runs ) ( NP ( NP ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ( NNP Inc. ) ( POS 's ) ) ( ADJP ( QP ( CD 335 ) ( CD million ) ) ) ( NNP Sector ) ( NNP Analysis ) ( NNP Portfolio ) ) ) ) ) ) ( VP ( VBZ predicts ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( MD will ) ( VP ( VB open ) ( ADVP ( RB down ) ( NP ( QP ( IN at ) ( JJS least ) ( CD 50 ) ) ( NNS points ) ) ( PP ( IN on ) ( NP ( NP ( JJ technical ) ( NNS factors ) ) ( CC and ) ( NP ( DT some ) ( NN panic ) ( NN selling ) ) ) ) ) ) ) ) ) ) )


But she expects prices to rebound soon and is telling investors she expects the stock market wo n't decline more than 10 % to 15 % from recent highs

( S ( CC But ) ( NP-SBJ ( PRP she ) ) ( VP ( VP ( VBZ expects ) ( S ( NP-SBJ ( NNS prices ) ) ( VP ( TO to ) ( VP ( VB rebound ) ( ADVP-TMP ( RB soon ) ) ) ) ) ) ( CC and ) ( VP ( VBZ is ) ( VP ( VBG telling ) ( NP ( NNS investors ) ) ( SBAR ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBZ expects ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN stock ) ( NN market ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB decline ) ( NP-EXT ( QP ( JJR more ) ( IN than ) ( CD 10 ) ( NN % ) ( TO to ) ( CD 15 ) ( NN % ) ) ) ( PP-DIR ( IN from ) ( NP ( JJ recent ) ( NNS highs ) ) ) ) ) ) ) ) ) ) ) ) ) )


This is not a major crash she said

( S ( S-TPC-1 ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( RB not ) ( NP-PRD ( DT a ) ( JJ major ) ( NN crash ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBD said ) ) )


Nevertheless Ms. Garzarelli said she was swamped with phone calls over the weekend from nervous shareholders

( S ( ADVP ( RB Nevertheless ) ) ( NP-SBJ ( NNP Ms. ) ( NNP Garzarelli ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP she ) ) ( VP ( VBD was ) ( VP ( VBN swamped ) ( PP-CLR ( IN with ) ( NP ( NP ( NN phone ) ( NNS calls ) ) ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( NN weekend ) ) ) ( PP-2 ( IN from ) ( NP ( JJ nervous ) ( NNS shareholders ) ) ) ) ) ) ) ) )


Half of them are really scared and want to sell she said but I 'm trying to talk them out of it

( S ( S ( NP-SBJ-1 ( NP ( NN Half ) ) ( PP ( IN of ) ( NP ( PRP them ) ) ) ) ( VP ( VP ( VBP are ) ( ADJP-PRD ( RB really ) ( JJ scared ) ) ) ( CC and ) ( VP ( VB want ) ( S ( VP ( TO to ) ( VP ( VB sell ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBD said ) ) ) ) ( CC but ) ( S ( NP-SBJ-2 ( PRP I ) ) ( VP ( VBP 'm ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB talk ) ( NP ( PRP them ) ) ( ADVP-CLR ( IN out ) ( PP ( IN of ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) )


She added If they all were bullish I 'd really be upset

( S ( NP-SBJ ( PRP She ) ) ( VP ( VBD added ) ( SBAR ( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP they ) ) ( DT all ) ( VP ( VBD were ) ( ADJP-PRD ( JJ bullish ) ) ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( MD 'd ) ( ADVP ( RB really ) ) ( VP ( VB be ) ( ADJP-PRD ( JJ upset ) ) ) ) ) ) ) )


The backdrop to Friday 's slide was markedly different from that of the October 1987 crash fund managers argue

( S ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( NN backdrop ) ) ( PP ( TO to ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NN slide ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( ADJP ( RB markedly ) ( JJ different ) ) ( PP ( IN from ) ( NP ( NP ( DT that ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP October ) ( CD 1987 ) ( NN crash ) ) ) ) ) ) ) ) ( NP-SBJ ( NN fund ) ( NNS managers ) ) ( VP ( VBP argue ) ) )


Two years ago unlike today the dollar was weak interest rates were rising and the market was very overvalued they say

( S ( S-TPC-1 ( ADVP-TMP ( NP ( CD Two ) ( NNS years ) ) ( RB ago ) ) ( PP ( IN unlike ) ( NP ( NN today ) ) ) ( S ( NP-SBJ ( DT the ) ( NN dollar ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ weak ) ) ) ) ( S ( NP-SBJ ( NN interest ) ( NNS rates ) ) ( VP ( VBD were ) ( VP ( VBG rising ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBD was ) ( ADJP-PRD ( RB very ) ( JJ overvalued ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP say ) ) )


From the investors ' standpoint institutions and individuals learned a painful lesson by selling at the lows on Black Monday said Stephen Boesel manager of the 580 million T. Rowe Price Growth and Income Fund

( SINV ( S-TPC-2 ( PP-LOC ( IN From ) ( NP ( NP ( DT the ) ( NNS investors ) ( POS ' ) ) ( NN standpoint ) ) ) ( NP-SBJ-1 ( NNS institutions ) ( CC and ) ( NNS individuals ) ) ( VP ( VBD learned ) ( NP ( DT a ) ( JJ painful ) ( NN lesson ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG selling ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NNS lows ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Black ) ( NNP Monday ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Stephen ) ( NNP Boesel ) ) ( NP ( NP ( NN manager ) ) ( PP ( IN of ) ( NP ( DT the ) ( ADJP ( QP ( CD 580 ) ( CD million ) ) ) ( NNP T. ) ( NNP Rowe ) ( NNP Price ) ( NNP Growth ) ( CC and ) ( NNP Income ) ( NNP Fund ) ) ) ) ) )


This time I do n't think we 'll get a panic reaction

( S ( NP-TMP ( DT This ) ( NN time ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB think ) ( SBAR ( S ( NP-SBJ ( PRP we ) ) ( VP ( MD 'll ) ( VP ( VB get ) ( NP ( DT a ) ( NN panic ) ( NN reaction ) ) ) ) ) ) ) ) )


reminiscent of those during the 1987 crash that as stock prices plummeted and trading activity escalated some phone calls to market makers in over-the-counter stocks went unanswered

( FRAG ( ADJP ( JJ reminiscent ) ( PP ( IN of ) ( NP ( NP ( DT those ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( CD 1987 ) ( NN crash ) ) ) ) ) ) ( SBAR ( IN that ) ( S ( SBAR-TMP ( IN as ) ( S ( S ( NP-SBJ ( NN stock ) ( NNS prices ) ) ( VP ( VBD plummeted ) ) ) ( CC and ) ( S ( NP-SBJ ( NN trading ) ( NN activity ) ) ( VP ( VBD escalated ) ) ) ) ) ( NP-SBJ ( NP ( DT some ) ( NN phone ) ( NNS calls ) ) ( PP ( TO to ) ( NP ( NP ( NN market ) ( NNS makers ) ) ( PP-LOC ( IN in ) ( NP ( JJ over-the-counter ) ( NNS stocks ) ) ) ) ) ) ( VP ( VBD went ) ( ADJP-PRD ( JJ unanswered ) ) ) ) ) )


We could n't get dealers to answer their phones said Robert King senior vice president of OTC trading at Robinson-Humphrey Co. in Atlanta

( SINV ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB get ) ( S ( NP-SBJ ( NNS dealers ) ) ( VP ( TO to ) ( VP ( VB answer ) ( NP ( PRP$ their ) ( NNS phones ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Robert ) ( NNP King ) ) ( NP ( NP ( JJ senior ) ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( NNP OTC ) ( NN trading ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Robinson-Humphrey ) ( NNP Co. ) ) ( PP-LOC ( IN in ) ( NP ( NNP Atlanta ) ) ) ) ) ) ) )


It was like the Friday before Black Monday two years ago

( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( PP-PRD ( PRN ( IN like ) ) ( NP ( NP ( DT the ) ( NNP Friday ) ) ( PP-TMP ( IN before ) ( NP ( NNP Black ) ( NNP Monday ) ) ) ( ADVP-TMP ( NP ( CD two ) ( NNS years ) ) ( RB ago ) ) ) ) ) )


Whether unanswered phone calls had any effect or not Nasdaq stocks sank far less than those on the New York and American exchanges

( S ( SBAR-ADV ( IN Whether ) ( S ( NP-SBJ ( JJ unanswered ) ( NN phone ) ( NNS calls ) ) ( VP ( VBD had ) ( NP ( DT any ) ( NN effect ) ) ) ) ( CC or ) ( RB not ) ) ( NP-SBJ ( NNP Nasdaq ) ( NNS stocks ) ) ( VP ( VBD sank ) ( ADVP-EXT ( ADVP ( RB far ) ( RBR less ) ) ( PP ( IN than ) ( NP ( NP ( DT those ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( UCP ( NNP New ) ( NNP York ) ( CC and ) ( NNP American ) ) ( NNS exchanges ) ) ) ) ) ) ) )


Nonetheless the Nasdaq Composite Index suffered its biggest point decline of the year and its sixth worst ever diving 14.90 or 3 % to 467.29

( S ( ADVP ( RB Nonetheless ) ) ( NP-SBJ-1 ( DT the ) ( NNP Nasdaq ) ( NNP Composite ) ( NNP Index ) ) ( VP ( VBD suffered ) ( NP ( NP ( NP ( PRP$ its ) ( JJS biggest ) ( NN point ) ( NN decline ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN year ) ) ) ) ( CC and ) ( NP ( PRP$ its ) ( ADJP ( JJ sixth ) ( JJS worst ) ) ( RB ever ) ) ) ( S-ADV ( VP ( VBG diving ) ( NP-EXT ( NP ( CD 14.90 ) ) ( CC or ) ( NP ( CD 3 ) ( NN % ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 467.29 ) ) ) ) ) ) )


Ten points of the drop occurred during the last 45 minutes of trading

( S ( NP-SBJ ( NP ( CD Ten ) ( NNS points ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN drop ) ) ) ) ( VP ( VBD occurred ) ( PP-TMP ( IN during ) ( NP ( NP ( DT the ) ( JJ last ) ( CD 45 ) ( NNS minutes ) ) ( PP ( IN of ) ( NP ( VBG trading ) ) ) ) ) ) )


By comparison the New York Stock Exchange Composite tumbled 5.8 % Friday and the American Stock Exchange Composite fell 4 %

( S ( PP ( IN By ) ( NP ( NN comparison ) ) ) ( S ( NP-SBJ ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( NNP Composite ) ) ( VP ( VBD tumbled ) ( NP-EXT ( CD 5.8 ) ( NN % ) ) ( NP-TMP ( NNP Friday ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NNP American ) ( NNP Stock ) ( NNP Exchange ) ( NNP Composite ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 4 ) ( NN % ) ) ) ) )


On Oct. 16 1987 the Nasdaq Composite fell 16.18 points or 3.8 % followed by its devastating 46.12-point or 11 % slide three days later

( S ( PP-TMP ( IN On ) ( NP ( NNP Oct. ) ( CD 16 ) ( CD 1987 ) ) ) ( NP-SBJ-2 ( DT the ) ( NNP Nasdaq ) ( NNP Composite ) ) ( VP ( VBD fell ) ( NP-EXT ( NP ( CD 16.18 ) ( NNS points ) ) ( CC or ) ( NP ( CD 3.8 ) ( NN % ) ) ) ( S-ADV ( VP ( VBN followed ) ( PP ( IN by ) ( NP-LGS ( PRP$ its ) ( JJ devastating ) ( ADJP ( ADJP ( JJ 46.12-point ) ) ( CC or ) ( ADJP ( CD 11 ) ( NN % ) ) ) ( NN slide ) ) ) ( ADVP-TMP ( NP ( CD three ) ( NNS days ) ) ( RB later ) ) ) ) ) )


Nasdaq volume Friday totaled 167.7 million shares which was only the fifth busiest day so far this year

( S ( NP-SBJ ( NNP Nasdaq ) ( NN volume ) ) ( NP-TMP ( NNP Friday ) ) ( VP ( VBD totaled ) ( NP ( QP ( CD 167.7 ) ( CD million ) ) ( NNS shares ) ) ( SBAR-ADV ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD was ) ( NP-PRD ( NP ( RB only ) ( DT the ) ( ADJP ( JJ fifth ) ( JJS busiest ) ) ( NN day ) ) ( ADVP-TMP ( RB so ) ( RB far ) ( NP ( DT this ) ( NN year ) ) ) ) ) ) ) ) )


The single-day record of 288 million shares was set on Oct. 21

( S ( NP-SBJ-1 ( NP ( DT The ) ( JJ single-day ) ( NN record ) ) ( PP ( IN of ) ( NP ( QP ( CD 288 ) ( CD million ) ) ( NNS shares ) ) ) ) ( VP ( VBD was ) ( VP ( VBN set ) ( PP-TMP ( IN on ) ( NP ( NNP Oct. ) ( CD 21 ) ) ) ) ) )


There was n't a lot of volume because it was just impossible to get stock moved said E.E. Buzzy Geduld president of Herzog Heine Geduld a New York company that makes markets in thousands of OTC issues

( SINV ( S-TPC-2 ( NP-SBJ ( RB There ) ) ( VP ( VBD was ) ( RB n't ) ( NP-PRD ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NN volume ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( RB just ) ( JJ impossible ) ) ( S-3 ( VP ( TO to ) ( VP ( VB get ) ( S ( NP-SBJ-4 ( NN stock ) ) ( VP ( VBN moved ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP E.E. ) ( NNP Buzzy ) ( NNP Geduld ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NNP Herzog ) ( NNP Heine ) ( NNP Geduld ) ) ( NP ( NP ( DT a ) ( NNP New ) ( NNP York ) ( NN company ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ makes ) ( NP ( NNS markets ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS thousands ) ) ( PP ( IN of ) ( NP ( NNP OTC ) ( NNS issues ) ) ) ) ) ) ) ) ) ) ) ) ) )


Most of the complaints about unanswered phone calls came from regional brokers rather than individual investors

( S ( NP-SBJ ( NP ( JJS Most ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS complaints ) ) ( PP ( IN about ) ( NP ( JJ unanswered ) ( NN phone ) ( NNS calls ) ) ) ) ) ) ( VP ( VBD came ) ( PP-DIR ( IN from ) ( NP ( NP ( JJ regional ) ( NNS brokers ) ) ( CONJP ( RB rather ) ( IN than ) ) ( NP ( JJ individual ) ( NNS investors ) ) ) ) ) )


Mr. King of Robinson-Humphrey and others were quick to add that they believe the problem stemmed more from traders ' inability to handle the volume of calls rather than a deliberate attempt to avoid making trades

( S ( NP-SBJ-1 ( NP ( NP ( NNP Mr. ) ( NNP King ) ) ( PP ( IN of ) ( NP ( NNP Robinson-Humphrey ) ) ) ) ( CC and ) ( NP ( NNS others ) ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ quick ) ( S ( VP ( TO to ) ( VP ( VB add ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP believe ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN problem ) ) ( VP ( VBD stemmed ) ( PP-DIR ( ADVP ( RBR more ) ) ( IN from ) ( NP ( NP ( NP ( NNS traders ) ( POS ' ) ) ( NN inability ) ( S ( VP ( TO to ) ( VP ( VB handle ) ( NP ( NP ( DT the ) ( NN volume ) ) ( PP ( IN of ) ( NP ( NNS calls ) ) ) ) ) ) ) ) ( CONJP ( RB rather ) ( IN than ) ) ( NP ( DT a ) ( JJ deliberate ) ( NN attempt ) ( S ( VP ( TO to ) ( VP ( VB avoid ) ( S ( VP ( VBG making ) ( NP ( NNS trades ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )