Hooker Corp. parent of Bonwit Teller and B. Altman 's is mired in bankruptcy proceedings and Bloomingdale 's is for sale by its owner Campeau Corp

( S ( S ( NP-SBJ-1 ( NP ( NNP Hooker ) ( NNP Corp. ) ) ( NP ( NP ( NN parent ) ) ( PP ( IN of ) ( NP ( NP ( NNP Bonwit ) ( NNP Teller ) ) ( CC and ) ( NP ( NNP B. ) ( NNP Altman ) ( POS 's ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN mired ) ( PP-LOC-CLR ( IN in ) ( NP ( NN bankruptcy ) ( NNS proceedings ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Bloomingdale ) ( POS 's ) ) ( VP ( VBZ is ) ( PP-PRD ( IN for ) ( NP ( NP ( NN sale ) ) ( PP ( IN by ) ( NP ( NP ( PRP$ its ) ( NN owner ) ) ( NP ( NNP Campeau ) ( NNP Corp ) ) ) ) ) ) ) ) )


The trend toward lower rents may seem surprising given that some communities in New York are bemoaning the loss of favorite local businesses to high rents

( S ( NP-SBJ ( NP ( DT The ) ( NN trend ) ) ( PP ( IN toward ) ( NP ( JJR lower ) ( NNS rents ) ) ) ) ( VP ( MD may ) ( VP ( VB seem ) ( ADJP-PRD ( JJ surprising ) ) ( PP ( VBN given ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT some ) ( NNS communities ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ( VP ( VBP are ) ( VP ( VBG bemoaning ) ( NP ( NP ( DT the ) ( NN loss ) ) ( PP ( IN of ) ( NP ( JJ favorite ) ( JJ local ) ( NNS businesses ) ) ) ( PP ( TO to ) ( NP ( JJ high ) ( NNS rents ) ) ) ) ) ) ) ) ) ) ) )


But despite the recent softening for many of these retailers there 's still been too big a jump from the rental rates of the late 1970s when their leases were signed

( S ( CC But ) ( PP ( IN despite ) ( NP ( DT the ) ( JJ recent ) ( NN softening ) ) ) ( PP ( IN for ) ( NP ( NP ( DT many ) ) ( PP ( IN of ) ( NP ( DT these ) ( NNS retailers ) ) ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBZ 's ) ( ADVP-TMP ( RB still ) ) ( VP ( VBN been ) ( NP-PRD ( NP ( ADJP ( RB too ) ( JJ big ) ) ( DT a ) ( NN jump ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( JJ rental ) ( NNS rates ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ late ) ( NNS 1970s ) ) ( SBAR ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ-1 ( PRP$ their ) ( NNS leases ) ) ( VP ( VBD were ) ( VP ( VBN signed ) ) ) ) ) ) ) ) ) ) ) ) )


Certainly the recent drop in prices does n't mean Manhattan comes cheap

( S ( ADVP ( RB Certainly ) ) ( NP-SBJ ( NP ( DT the ) ( JJ recent ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( NNS prices ) ) ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB mean ) ( SBAR ( S ( NP-SBJ ( NNP Manhattan ) ) ( VP ( VBZ comes ) ( ADJP-PRD ( JJ cheap ) ) ) ) ) ) ) )


New York retail rents still run well above the going rate in other U.S. cities

( S ( NP-SBJ ( NNP New ) ( NNP York ) ( JJ retail ) ( NNS rents ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VBP run ) ( PP-LOC ( ADVP ( RB well ) ) ( IN above ) ( NP ( NP ( DT the ) ( JJ going ) ( NN rate ) ) ( PP-LOC ( IN in ) ( NP ( JJ other ) ( NNP U.S. ) ( NNS cities ) ) ) ) ) ) )


Madison and Fifth Avenues and East 57th Street can command rents of up to 500 a square foot and 250 is not uncommon

( S ( S ( NP-SBJ ( NP ( NNP Madison ) ( CC and ) ( NNP Fifth ) ( NNP Avenues ) ) ( CC and ) ( NP ( NNP East ) ( NNP 57th ) ( NNP Street ) ) ) ( VP ( MD can ) ( VP ( VB command ) ( NP ( NP ( NNS rents ) ) ( PP ( IN of ) ( NP ( NP ( QP ( RB up ) ( TO to ) ( CD 500 ) ) ) ( NP-ADV ( DT a ) ( JJ square ) ( NN foot ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( CD 250 ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB not ) ( JJ uncommon ) ) ) ) )


The thriving 34th Street area offers rents of about 100 a square foot as do up-and-coming locations along lower Fifth Avenue

( S ( NP-SBJ ( DT The ) ( VBG thriving ) ( NNP 34th ) ( NNP Street ) ( NN area ) ) ( VP ( VBZ offers ) ( NP ( NP ( NNS rents ) ) ( PP ( IN of ) ( NP ( NP ( QP ( RB about ) ( CD 100 ) ) ) ( NP-ADV ( DT a ) ( JJ square ) ( NN foot ) ) ) ) ) ( SBAR-ADV ( IN as ) ( SINV ( VB do ) ( NP-SBJ ( NP ( JJ up-and-coming ) ( NNS locations ) ) ( PP-LOC ( IN along ) ( NP ( JJR lower ) ( NNP Fifth ) ( NNP Avenue ) ) ) ) ) ) ) )


By contrast rentals in the best retail locations in Boston San Francisco and Chicago rarely top 100 a square foot

( S ( PP ( IN By ) ( NP ( NN contrast ) ) ) ( NP-SBJ ( NP ( NNS rentals ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJS best ) ( JJ retail ) ( NNS locations ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Boston ) ) ( NP ( NNP San ) ( NNP Francisco ) ) ( CC and ) ( NP ( NNP Chicago ) ) ) ) ) ) ) ( ADVP-TMP ( RB rarely ) ) ( VP ( VBP top ) ( NP ( NP ( CD 100 ) ) ( NP-ADV ( DT a ) ( JJ square ) ( NN foot ) ) ) ) )


And rents on Beverly Hills ' Rodeo Drive generally do n't exceed about 125 a square foot

( S ( CC And ) ( NP-SBJ ( NP ( NNS rents ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NNP Beverly ) ( NNP Hills ) ( POS ' ) ) ( NNP Rodeo ) ( NNP Drive ) ) ) ) ( ADVP ( RB generally ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB exceed ) ( NP ( NP ( RB about ) ( CD 125 ) ) ( NP-ADV ( DT a ) ( JJ square ) ( NN foot ) ) ) ) ) )


The New York Stock Exchange said two securities will begin trading this week

( S ( NP-SBJ ( DT The ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( CD two ) ( NNS securities ) ) ( VP ( MD will ) ( VP ( VB begin ) ( S ( VP ( VBG trading ) ) ) ( NP-TMP ( DT this ) ( NN week ) ) ) ) ) ) ) )


Precision Castparts Corp. Portland Ore. will begin trading with the symbol PCP

( S ( NP-SBJ-1 ( NP ( NNP Precision ) ( NNP Castparts ) ( NNP Corp. ) ) ( NP-LOC ( NP ( NNP Portland ) ) ( NP ( NNP Ore. ) ) ) ) ( VP ( MD will ) ( VP ( VB begin ) ( S ( VP ( VBG trading ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN symbol ) ) ( NP ( NNP PCP ) ) ) ) ) ) ) ) )


It makes investment castings and has traded over-the-counter

( S ( NP-SBJ ( PRP It ) ) ( VP ( VP ( VBZ makes ) ( NP ( NN investment ) ( NNS castings ) ) ) ( CC and ) ( VP ( VBZ has ) ( VP ( VBN traded ) ( S-ADV ( ADJP-PRD ( RB over-the-counter ) ) ) ) ) ) )


Royal Bank of Scotland Group PLC an Edinburgh Scotland financial services company will list American depositary shares representing preferred shares with the symbol RBSPr

( S ( NP-SBJ-1 ( NP ( NP ( NNP Royal ) ( NNP Bank ) ) ( PP ( IN of ) ( NP ( NNP Scotland ) ( NNP Group ) ( NNP PLC ) ) ) ) ( NP ( DT an ) ( NAC-LOC ( NNP Edinburgh ) ( NNP Scotland ) ) ( JJ financial ) ( NNS services ) ( NN company ) ) ) ( VP ( MD will ) ( VP ( VB list ) ( NP ( JJ American ) ( JJ depositary ) ( NNS shares ) ) ( S-ADV ( VP ( VBG representing ) ( NP ( JJ preferred ) ( NNS shares ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN symbol ) ) ( NP ( NNP RBSPr ) ) ) ) ) ) ) ) )


It will continue to trade on the International Stock Exchange London

( S ( NP-SBJ-1 ( PRP It ) ) ( VP ( MD will ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB trade ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NNP International ) ( NNP Stock ) ( NNP Exchange ) ) ( NP-LOC ( NNP London ) ) ) ) ) ) ) ) ) )


The American Stock Exchange listed shares of two companies

( S ( NP-SBJ ( DT The ) ( NNP American ) ( NNP Stock ) ( NNP Exchange ) ) ( VP ( VBD listed ) ( NP ( NP ( NNS shares ) ) ( PP ( IN of ) ( NP ( CD two ) ( NNS companies ) ) ) ) ) )


AIM Telephones Inc. a Parsippany N.J. telecommunications equipment supply company started trading with the symbol AIM

( S ( NP-SBJ-1 ( NP ( NNP AIM ) ( NNP Telephones ) ( NNP Inc. ) ) ( NP ( DT a ) ( NAC-LOC ( NNP Parsippany ) ( NNP N.J. ) ) ( NNS telecommunications ) ( NN equipment ) ( NN supply ) ( NN company ) ) ) ( VP ( VBD started ) ( S ( VP ( VBG trading ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN symbol ) ) ( NP ( NNP AIM ) ) ) ) ) ) ) )


It had traded over-the-counter

( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD had ) ( VP ( VBN traded ) ( S-ADV ( ADJP-PRD ( RB over-the-counter ) ) ) ) ) )


Columbia Laboratories Inc. Miami began trading with the symbol COB

( S ( NP-SBJ-1 ( NP ( NNP Columbia ) ( NNP Laboratories ) ( NNP Inc. ) ) ( NP-LOC ( NNP Miami ) ) ) ( VP ( VBD began ) ( S ( VP ( VBG trading ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN symbol ) ) ( NP ( NNP COB ) ) ) ) ) ) ) )


The pharmaceuticals maker had traded over-the-counter

( S ( NP-SBJ ( DT The ) ( NNS pharmaceuticals ) ( NN maker ) ) ( VP ( VBD had ) ( VP ( VBN traded ) ( S-ADV ( ADJP-PRD ( RB over-the-counter ) ) ) ) ) )


The National Market System of the Nasdaq over-the-counter market listed shares of one company

( S ( NP-SBJ ( NP ( DT The ) ( NNP National ) ( NNP Market ) ( NNP System ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Nasdaq ) ( JJ over-the-counter ) ( NN market ) ) ) ) ( VP ( VBD listed ) ( NP ( NP ( NNS shares ) ) ( PP ( IN of ) ( NP ( CD one ) ( NN company ) ) ) ) ) )


Employee Benefit Plans Inc. a Minneapolis health-care services company was listed with the symbol EBPI

( S ( NP-SBJ-1 ( NP ( NNP Employee ) ( NNP Benefit ) ( NNP Plans ) ( NNP Inc. ) ) ( NP ( DT a ) ( NNS Minneapolis ) ( NN health-care ) ( NNS services ) ( NN company ) ) ) ( VP ( VBD was ) ( VP ( VBN listed ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN symbol ) ) ( NP ( NNP EBPI ) ) ) ) ) ) )


Plunge


What plunge

( FRAG ( WHNP ( WDT What ) ( NN plunge ) ) )


Twenty-four New York Stock Exchange issues hit 52-week highs during Friday 's trading despite the Dow Jones Industrial Average 's 190.58-point plunge

( S ( NP-SBJ ( CD Twenty-four ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( NNS issues ) ) ( VP ( VBD hit ) ( NP ( JJ 52-week ) ( NNS highs ) ) ( PP-TMP ( IN during ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NN trading ) ) ) ( PP ( IN despite ) ( NP ( NP ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ( POS 's ) ) ( JJ 190.58-point ) ( NN plunge ) ) ) ) )


Stocks of utilities held up relatively better than other market sectors during the sell-off

( S ( NP-SBJ ( NP ( NNS Stocks ) ) ( PP ( IN of ) ( NP ( NNS utilities ) ) ) ) ( VP ( VBD held ) ( PRT ( RP up ) ) ( ADVP-MNR ( ADVP ( RB relatively ) ( RBR better ) ) ( PP ( IN than ) ( NP ( JJ other ) ( NN market ) ( NNS sectors ) ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN sell-off ) ) ) ) )


And among the issues hitting new highs were Detroit Edison Co. and Niagara Mohawk Power Corp

( SINV ( CC And ) ( PP-LOC-PRD-TPC-1 ( IN among ) ( NP ( NP ( DT the ) ( NNS issues ) ) ( VP ( VBG hitting ) ( NP ( JJ new ) ( NNS highs ) ) ) ) ) ( VP ( VBD were ) ) ( NP-SBJ ( NP ( NNP Detroit ) ( NNP Edison ) ( NNP Co. ) ) ( CC and ) ( NP ( NNP Niagara ) ( NNP Mohawk ) ( NNP Power ) ( NNP Corp ) ) ) )


Other major issues hitting highs included American Telephone & Telegraph Co. Westinghouse Electric Corp. Exxon Corp. and Cigna Corp. the big insurer

( S ( NP-SBJ ( NP ( JJ Other ) ( JJ major ) ( NNS issues ) ) ( VP ( VBG hitting ) ( NP ( NNS highs ) ) ) ) ( VP ( VBD included ) ( NP ( NP ( NNP American ) ( NNP Telephone ) ( CC & ) ( NNP Telegraph ) ( NNP Co. ) ) ( NP ( NNP Westinghouse ) ( NNP Electric ) ( NNP Corp. ) ) ( NP ( NNP Exxon ) ( NNP Corp. ) ) ( CC and ) ( NP ( NP ( NNP Cigna ) ( NNP Corp. ) ) ( NP ( DT the ) ( JJ big ) ( NN insurer ) ) ) ) ) )


Of course many more issues 93 hit new lows

( S ( PP ( IN Of ) ( NP ( NN course ) ) ) ( NP-SBJ ( NP ( JJ many ) ( JJR more ) ( NNS issues ) ) ( PRN ( NP ( CD 93 ) ) ) ) ( VP ( VBP hit ) ( NP ( JJ new ) ( NNS lows ) ) ) )


These included International Business Machines Corp. which during Friday 's session traded below 100 a share for the first time since June 1984

( S ( NP-SBJ ( DT These ) ) ( VP ( VBD included ) ( NP ( NP ( NNP International ) ( NNP Business ) ( NNP Machines ) ( NNP Corp. ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( PP-TMP ( IN during ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NN session ) ) ) ( VP ( VBD traded ) ( PP-LOC ( IN below ) ( NP ( NP ( CD 100 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ first ) ( NN time ) ) ( PP-TMP ( IN since ) ( NP ( NNP June ) ( CD 1984 ) ) ) ) ) ) ) ) ) ) )


IBM closed at 102 down 5.625

( S ( NP-SBJ ( NNP IBM ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 102 ) ) ) ( ADVP ( RB down ) ( NP ( CD 5.625 ) ) ) ) )


Other new lows included Navistar International Corp. Union Carbide Corp. and Bethlehem Steel Corp. all of which are included in the industrial average

( S ( NP-SBJ ( JJ Other ) ( JJ new ) ( NNS lows ) ) ( VP ( VBD included ) ( NP ( NP ( NP ( NNP Navistar ) ( NNP International ) ( NNP Corp. ) ) ( NP ( NNP Union ) ( NNP Carbide ) ( NNP Corp. ) ) ( CC and ) ( NP ( NNP Bethlehem ) ( NNP Steel ) ( NNP Corp. ) ) ) ( SBAR ( WHNP-2 ( NP ( DT all ) ) ( WHPP ( IN of ) ( WHNP ( WDT which ) ) ) ) ( S ( VP ( VBP are ) ( VP ( VBN included ) ( PP-LOC-CLR ( IN in ) ( NP ( DT the ) ( JJ industrial ) ( NN average ) ) ) ) ) ) ) ) ) )


Meanwhile two initial public offerings braved the cascading market in their maiden day of national over-the-counter trading Friday

( S ( ADVP-TMP ( RB Meanwhile ) ) ( NP-SBJ ( CD two ) ( JJ initial ) ( JJ public ) ( NNS offerings ) ) ( VP ( VBD braved ) ( NP ( DT the ) ( JJ cascading ) ( NN market ) ) ( PP-TMP ( IN in ) ( NP ( NP ( PRP$ their ) ( JJ maiden ) ( NN day ) ) ( PP ( IN of ) ( NP ( JJ national ) ( JJ over-the-counter ) ( NN trading ) ) ) ) ) ( NP-TMP ( NNP Friday ) ) ) )


Shares of Rally 's Inc. an operator of fast-food restaurants closed at 17 each up from its 15 offering price and shares of Employee Benefit Plans Inc. a health-care consultant closed at 14.125 up from its 12 offering price

( S ( S ( NP-SBJ ( NP ( NNS Shares ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Rally ) ( POS 's ) ) ( NNP Inc. ) ) ( NP ( NP ( DT an ) ( NN operator ) ) ( PP ( IN of ) ( NP ( NN fast-food ) ( NNS restaurants ) ) ) ) ) ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 17 ) ) ( NP-ADV ( DT each ) ) ) ) ( ADVP ( RB up ) ( PP ( IN from ) ( NP ( PRP$ its ) ( ADJP ( CD 15 ) ) ( NN offering ) ( NN price ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( NNS shares ) ) ( PP ( IN of ) ( NP ( NP ( NNP Employee ) ( NNP Benefit ) ( NNP Plans ) ( NNP Inc. ) ) ( NP ( DT a ) ( NN health-care ) ( NN consultant ) ) ) ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 14.125 ) ) ) ( ADVP ( RB up ) ( PP ( IN from ) ( NP ( PRP$ its ) ( ADJP ( CD 12 ) ) ( NN offering ) ( NN price ) ) ) ) ) ) )


Moody 's Investors Service said it reduced its rating on 165 million of subordinated debt of this Beverly Hills Calif. thrift citing turmoil in the market for low-grade high-yield securities

( S ( NP-SBJ-1 ( NP ( NNP Moody ) ( POS 's ) ) ( NNP Investors ) ( NNP Service ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD reduced ) ( NP ( NP ( PRP$ its ) ( NN rating ) ) ( PP-LOC ( IN on ) ( NP ( NP ( QP ( CD 165 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( JJ subordinated ) ( NN debt ) ) ( PP ( IN of ) ( NP ( DT this ) ( NAC-LOC ( NNP Beverly ) ( NNP Hills ) ( NNP Calif. ) ) ( NN thrift ) ) ) ) ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG citing ) ( NP ( NP ( NN turmoil ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN market ) ) ( PP ( IN for ) ( NP ( JJ low-grade ) ( JJ high-yield ) ( NNS securities ) ) ) ) ) ) ) ) ) )


The agency said it reduced its rating on the thrift 's subordinated debt to B-2 from Ba-2 and will keep the debt under review for possible further downgrade

( S ( NP-SBJ ( DT The ) ( NN agency ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VP ( VBD reduced ) ( NP ( NP ( PRP$ its ) ( NN rating ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NN thrift ) ( POS 's ) ) ( JJ subordinated ) ( NN debt ) ) ) ) ( PP-DIR ( TO to ) ( NP ( JJ B-2 ) ) ) ( PP-DIR ( IN from ) ( NP ( JJ Ba-2 ) ) ) ) ( CC and ) ( VP ( MD will ) ( VP ( VB keep ) ( NP ( DT the ) ( NN debt ) ) ( PP-LOC-CLR ( IN under ) ( NP ( NN review ) ) ) ( PP-PRP ( IN for ) ( NP ( JJ possible ) ( JJ further ) ( NN downgrade ) ) ) ) ) ) ) ) ) )


Columbia Savings is a major holder of so-called junk bonds

( S ( NP-SBJ ( NNP Columbia ) ( NNP Savings ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ major ) ( NN holder ) ) ( PP ( IN of ) ( NP ( JJ so-called ) ( NN junk ) ( NNS bonds ) ) ) ) ) )


New federal legislation requires that all thrifts divest themselves of such speculative securities over a period of years

( S ( NP-SBJ ( JJ New ) ( JJ federal ) ( NN legislation ) ) ( VP ( VBZ requires ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT all ) ( NNS thrifts ) ) ( VP ( VBP divest ) ( NP ( PRP themselves ) ) ( PP-CLR ( IN of ) ( NP ( JJ such ) ( JJ speculative ) ( NNS securities ) ) ) ( PP-TMP ( IN over ) ( NP ( NP ( DT a ) ( NN period ) ) ( PP ( IN of ) ( NP ( NNS years ) ) ) ) ) ) ) ) ) )


Columbia Savings officials were n't available for comment on the downgrade

( S ( NP-SBJ ( NNP Columbia ) ( NNP Savings ) ( NNS officials ) ) ( VP ( VBD were ) ( RB n't ) ( ADJP-PRD ( JJ available ) ( PP ( IN for ) ( NP ( NP ( NN comment ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN downgrade ) ) ) ) ) ) ) )


FRANKLIN SAVINGS ASSOCIATION Ottawa Kan.

( NP ( NP ( NNP FRANKLIN ) ( NNP SAVINGS ) ( NNP ASSOCIATION ) ) ( PRN ( NP-LOC ( NP ( NNP Ottawa ) ) ( NP ( NNP Kan. ) ) ) ) )


Moody 's Investors Service Inc. said it downgraded its rating to B-2 from Ba-3 on less than 20 million of this thrift 's senior subordinated notes

( S ( NP-SBJ ( NP ( NNP Moody ) ( POS 's ) ) ( NNP Investors ) ( NNP Service ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD downgraded ) ( NP ( NP ( PRP$ its ) ( NN rating ) ) ) ( PP-DIR ( TO to ) ( NP ( JJ B-2 ) ) ) ( PP-DIR ( IN from ) ( NP ( JJ Ba-3 ) ) ) ( PP-LOC-1 ( IN on ) ( NP ( NP ( QP ( JJR less ) ( IN than ) ( CD 20 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( DT this ) ( NN thrift ) ( POS 's ) ) ( JJ senior ) ( JJ subordinated ) ( NNS notes ) ) ) ) ) ) ) ) ) )


The rating concern said Franklin 's troubled diversification record in the securities business was one reason for the downgrade citing the troubles at its L.F. Rothschild subsidiary and the possible sale of other subsidiaries

( S ( NP-SBJ-1 ( DT The ) ( NN rating ) ( NN concern ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NP ( NNP Franklin ) ( POS 's ) ) ( JJ troubled ) ( NN diversification ) ( NN record ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNS securities ) ( NN business ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( CD one ) ( NN reason ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN downgrade ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG citing ) ( NP ( NP ( NP ( DT the ) ( NNS troubles ) ) ( PP-LOC ( IN at ) ( NP ( PRP$ its ) ( NNP L.F. ) ( NNP Rothschild ) ( NN subsidiary ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( JJ possible ) ( NN sale ) ) ( PP ( IN of ) ( NP ( JJ other ) ( NNS subsidiaries ) ) ) ) ) ) ) ) )


They perhaps had concern that we were getting out of all these said Franklin President Duane H. Hall

( SINV ( S-TPC-1 ( NP-SBJ ( PRP They ) ) ( ADVP ( RB perhaps ) ) ( VP ( VBD had ) ( NP ( NN concern ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBD were ) ( VP ( VBG getting ) ( ADVP-DIR ( IN out ) ( PP ( IN of ) ( NP ( PDT all ) ( DT these ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NNP Franklin ) ( NNP President ) ( NNP Duane ) ( NNP H. ) ( NNP Hall ) ) )


I think it was a little premature on their part

( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( ADJP-PRD ( NP ( DT a ) ( JJ little ) ) ( JJ premature ) ( PP ( IN on ) ( NP ( PRP$ their ) ( NN part ) ) ) ) ) ) ) ) )


No it was n't Black Monday

( S ( INTJ ( RB No ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( RB n't ) ( NP-PRD ( NNP Black ) ( NNP Monday ) ) ) )


But while the New York Stock Exchange did n't fall apart Friday as the Dow Jones Industrial Average plunged 190.58 points most of it in the final hour it barely managed to stay this side of chaos

( S ( CC But ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB fall ) ( ADVP-CLR ( RB apart ) ) ( NP-TMP ( NNP Friday ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ( VP ( VBD plunged ) ( NP-EXT ( NP ( CD 190.58 ) ( NNS points ) ) ( PRN ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( PRP it ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ final ) ( NN hour ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( PRP it ) ) ( ADVP ( RB barely ) ) ( VP ( VBD managed ) ( S ( VP ( TO to ) ( VP ( VB stay ) ( NP-LOC-PRD ( NP ( DT this ) ( NN side ) ) ( PP ( IN of ) ( NP ( NN chaos ) ) ) ) ) ) ) ) )


Some circuit breakers installed after the October 1987 crash failed their first test traders say unable to cool the selling panic in both stocks and futures

( S-1 ( NP-SBJ-2 ( NP ( DT Some ) ( NN circuit ) ( NNS breakers ) ) ( VP ( VBN installed ) ( PP-TMP ( IN after ) ( NP ( DT the ) ( NNP October ) ( CD 1987 ) ( NN crash ) ) ) ) ) ( VP ( VBD failed ) ( NP ( PRP$ their ) ( JJ first ) ( NN test ) ) ( PRN ( S ( NP-SBJ ( NNS traders ) ) ( VP ( VBP say ) ) ) ) ( S-ADV ( ADJP-PRD ( JJ unable ) ( S ( VP ( TO to ) ( VP ( VB cool ) ( NP ( NP ( DT the ) ( NN selling ) ( NN panic ) ) ( PP-LOC ( IN in ) ( NP ( DT both ) ( NNS stocks ) ( CC and ) ( NNS futures ) ) ) ) ) ) ) ) ) ) )


The 49 stock specialist firms on the Big Board floor the buyers and sellers of last resort who were criticized after the 1987 crash once again could n't handle the selling pressure

( S ( NP-SBJ ( NP ( NP ( DT The ) ( CD 49 ) ( NN stock ) ( NN specialist ) ( NNS firms ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ( NN floor ) ) ) ) ( NP ( NP ( DT the ) ( NNS buyers ) ( CC and ) ( NNS sellers ) ) ( PP ( IN of ) ( NP ( JJ last ) ( NN resort ) ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD were ) ( VP ( VBN criticized ) ( PP-TMP ( IN after ) ( NP ( DT the ) ( CD 1987 ) ( NN crash ) ) ) ) ) ) ) ) ) ( ADVP-TMP ( RB once ) ( RB again ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB handle ) ( NP ( DT the ) ( NN selling ) ( NN pressure ) ) ) ) )


Big investment banks refused to step up to the plate to support the beleaguered floor traders by buying big blocks of stock traders say

( S ( S-TPC-4 ( NP-SBJ-1 ( JJ Big ) ( NN investment ) ( NNS banks ) ) ( VP ( VBD refused ) ( S ( VP ( TO to ) ( VP ( VB step ) ( ADVP-DIR ( IN up ) ( PP ( TO to ) ( NP ( DT the ) ( NN plate ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB support ) ( NP ( DT the ) ( JJ beleaguered ) ( NN floor ) ( NNS traders ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG buying ) ( NP ( NP ( JJ big ) ( NNS blocks ) ) ( PP ( IN of ) ( NP ( NN stock ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS traders ) ) ( VP ( VBP say ) ) )


Heavy selling of Standard & Poor 's 500-stock index futures in Chicago relentlessly beat stocks downward

( S ( NP-SBJ ( NP ( JJ Heavy ) ( NN selling ) ) ( PP ( IN of ) ( NP ( NP ( NNP Standard ) ( CC & ) ( NNP Poor ) ( POS 's ) ) ( JJ 500-stock ) ( NN index ) ( NNS futures ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Chicago ) ) ) ) ( VP ( ADVP-MNR ( RB relentlessly ) ) ( VBD beat ) ( NP ( NNS stocks ) ) ( ADVP-DIR ( RB downward ) ) ) )


Seven Big Board stocks UAL AMR BankAmerica Walt Disney Capital Cities\/ABC Philip Morris and Pacific Telesis Group stopped trading and never resumed

( S ( NP-SBJ-1 ( NP ( CD Seven ) ( NNP Big ) ( NNP Board ) ( NNS stocks ) ) ( NP ( NP ( NNP UAL ) ) ( NP ( NNP AMR ) ) ( NP ( NNP BankAmerica ) ) ( NP ( NNP Walt ) ( NNP Disney ) ) ( NP ( NNP Capital ) ( NNP Cities\/ABC ) ) ( NP ( NNP Philip ) ( NNP Morris ) ) ( CC and ) ( NP ( NNP Pacific ) ( NNP Telesis ) ( NNP Group ) ) ) ) ( VP ( VP ( VBD stopped ) ( S ( VP ( VBG trading ) ) ) ) ( CC and ) ( VP ( ADVP-TMP ( RB never ) ) ( VBD resumed ) ) ) )


The finger-pointing has already begun

( S ( NP-SBJ ( DT The ) ( NN finger-pointing ) ) ( VP ( VBZ has ) ( ADVP-TMP ( RB already ) ) ( VP ( VBN begun ) ) ) )


The equity market was illiquid

( S ( NP-SBJ ( DT The ) ( NN equity ) ( NN market ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ illiquid ) ) ) )


Once again the specialists were not able to handle the imbalances on the floor of the New York Stock Exchange said Christopher Pedersen senior vice president at Twenty-First Securities Corp

( SINV ( S-TPC-2 ( ADVP-TMP ( RB Once ) ( RB again ) ) ( NP-SBJ-3 ( DT the ) ( NNS specialists ) ) ( VP ( VBD were ) ( RB not ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB handle ) ( NP ( NP ( DT the ) ( NNS imbalances ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NN floor ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Christopher ) ( NNP Pedersen ) ) ( NP ( NP ( JJ senior ) ( NN vice ) ( NN president ) ) ( PP-LOC ( IN at ) ( NP ( NNP Twenty-First ) ( NNP Securities ) ( NNP Corp ) ) ) ) ) )


Countered James Maguire chairman of specialists Henderson Brothers Inc. It is easy to say the specialist is n't doing his job

( SINV ( VP ( VBD Countered ) ) ( NP-SBJ ( NP ( NNP James ) ( NNP Maguire ) ) ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NNS specialists ) ( NNP Henderson ) ( NNP Brothers ) ( NNP Inc. ) ) ) ) ) ( S-2 ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ easy ) ) ( S-1 ( VP ( TO to ) ( VP ( VB say ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN specialist ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( VBG doing ) ( NP ( PRP$ his ) ( NN job ) ) ) ) ) ) ) ) ) ) ) )


When the dollar is in a free-fall even central banks ca n't stop it

( S ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( DT the ) ( NN dollar ) ) ( VP ( VBZ is ) ( PP-LOC-PRD ( IN in ) ( NP ( DT a ) ( NN free-fall ) ) ) ) ) ) ( NP-SBJ ( RB even ) ( JJ central ) ( NNS banks ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB stop ) ( NP ( PRP it ) ) ) ) )


Speculators are calling for a degree of liquidity that is not there in the market

( S ( NP-SBJ ( NNS Speculators ) ) ( VP ( VBP are ) ( VP ( VBG calling ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( NN degree ) ) ( PP ( IN of ) ( NP ( NN liquidity ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ is ) ( RB not ) ( ADVP-LOC-PRD ( RB there ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) ) ) )


Many money managers and some traders had already left their offices early Friday afternoon on a warm autumn day because the stock market was so quiet

( S ( NP-SBJ ( NP ( JJ Many ) ( NN money ) ( NNS managers ) ) ( CC and ) ( NP ( DT some ) ( NNS traders ) ) ) ( VP ( VBD had ) ( ADVP-TMP ( RB already ) ) ( VP ( VBN left ) ( NP ( PRP$ their ) ( NNS offices ) ) ( NP-TMP ( RB early ) ( NNP Friday ) ( NN afternoon ) ) ( PP-TMP ( IN on ) ( NP ( DT a ) ( JJ warm ) ( NN autumn ) ( NN day ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( DT the ) ( NN stock ) ( NN market ) ) ( VP ( VBD was ) ( ADJP-PRD ( RB so ) ( JJ quiet ) ) ) ) ) ) ) )


Then in a lightning plunge the Dow Jones industrials in barely an hour surrendered about a third of their gains this year chalking up a 190.58-point or 6.9 % loss on the day in gargantuan trading volume

( S ( RB Then ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN lightning ) ( NN plunge ) ) ) ( NP-SBJ-1 ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNS industrials ) ) ( PP-TMP ( IN in ) ( NP ( QP ( RB barely ) ( DT an ) ) ( NN hour ) ) ) ( VP ( VBD surrendered ) ( NP ( NP ( QP ( RB about ) ( DT a ) ) ( JJ third ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ their ) ( NNS gains ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ( S-ADV ( VP ( VBG chalking ) ( PRT ( RP up ) ) ( NP ( NP ( DT a ) ( ADJP ( ADJP ( JJ 190.58-point ) ) ( CC or ) ( ADJP ( CD 6.9 ) ( NN % ) ) ) ( NN loss ) ) ( PP-TMP ( IN on ) ( NP ( DT the ) ( NN day ) ) ) ) ( PP-LOC ( IN in ) ( NP ( JJ gargantuan ) ( NN trading ) ( NN volume ) ) ) ) ) ) )


Final-hour trading accelerated to 108.1 million shares a record for the Big Board

( S ( NP-SBJ ( JJ Final-hour ) ( NN trading ) ) ( VP ( VBD accelerated ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 108.1 ) ( CD million ) ) ( NNS shares ) ) ( NP ( NP ( DT a ) ( NN record ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ) ) ) ) ) ) )


At the end of the day 251.2 million shares were traded

( S ( PP-TMP ( IN At ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN day ) ) ) ) ) ( NP-SBJ-1 ( QP ( CD 251.2 ) ( CD million ) ) ( NNS shares ) ) ( VP ( VBD were ) ( VP ( VBN traded ) ) ) )


The Dow Jones industrials closed at 2569.26

( S ( NP-SBJ ( DT The ) ( NNP Dow ) ( NNP Jones ) ( NNS industrials ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 2569.26 ) ) ) ) )


The Dow 's decline was second in point terms only to the 508-point Black Monday crash that occurred Oct. 19 1987

( S ( NP-SBJ ( NP ( DT The ) ( NNP Dow ) ( POS 's ) ) ( NN decline ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ second ) ( PP ( IN in ) ( NP ( NN point ) ( NNS terms ) ) ) ( PP ( ADVP ( RB only ) ) ( TO to ) ( NP ( NP ( DT the ) ( JJ 508-point ) ( NNP Black ) ( NNP Monday ) ( NN crash ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD occurred ) ( NP-TMP ( NNP Oct. ) ( CD 19 ) ( CD 1987 ) ) ) ) ) ) ) ) ) )


In percentage terms however the Dow 's dive was the 12th-worst ever and the sharpest since the market fell 156.83 or 8 % a week after Black Monday

( S ( PP-LOC ( IN In ) ( NP ( NN percentage ) ( NNS terms ) ) ) ( ADVP ( RB however ) ) ( NP-SBJ ( NP ( DT the ) ( NNP Dow ) ( POS 's ) ) ( NN dive ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NP ( DT the ) ( JJ 12th-worst ) ) ( ADVP-TMP ( RB ever ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( JJS sharpest ) ) ( SBAR-TMP ( IN since ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBD fell ) ( NP-EXT ( NP ( CD 156.83 ) ) ( CC or ) ( NP ( CD 8 ) ( NN % ) ) ) ( PP-TMP ( NP ( DT a ) ( NN week ) ) ( IN after ) ( NP ( NNP Black ) ( NNP Monday ) ) ) ) ) ) ) ) ) )


The Dow fell 22.6 % on Black Monday

( S ( NP-SBJ ( DT The ) ( NNP Dow ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 22.6 ) ( NN % ) ) ( PP-TMP ( IN on ) ( NP ( NNP Black ) ( NNP Monday ) ) ) ) )


Shares of UAL the parent of United Airlines were extremely active all day Friday reacting to news and rumors about the proposed 6.79 billion buy-out of the airline by an employee-management group

( S ( NP-SBJ-1 ( NP ( NNP Shares ) ) ( PP ( IN of ) ( NP ( NP ( NNP UAL ) ) ( NP ( NP ( DT the ) ( NN parent ) ) ( PP ( IN of ) ( NP ( NNP United ) ( NNP Airlines ) ) ) ) ) ) ) ( VP ( VBD were ) ( ADJP-PRD ( RB extremely ) ( JJ active ) ) ( NP-TMP ( DT all ) ( NN day ) ) ( NP-TMP ( NNP Friday ) ) ( S-ADV ( VP ( VBG reacting ) ( PP-CLR ( TO to ) ( NP ( NP ( NN news ) ( CC and ) ( NNS rumors ) ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( VBN proposed ) ( ADJP ( QP ( CD 6.79 ) ( CD billion ) ) ) ( NN buy-out ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN airline ) ) ) ( PP ( IN by ) ( NP ( DT an ) ( JJ employee-management ) ( NN group ) ) ) ) ) ) ) ) ) ) )


Wall Street 's takeover-stock speculators or risk arbitragers had placed unusually large bets that a takeover would succeed and UAL stock would rise

( S ( NP-SBJ ( NP ( NNP Wall ) ( NNP Street ) ( POS 's ) ) ( NX ( NX ( JJ takeover-stock ) ( NNS speculators ) ) ( CC or ) ( NX ( NN risk ) ( NNS arbitragers ) ) ) ) ( VP ( VBD had ) ( VP ( VBN placed ) ( NP ( ADJP ( RB unusually ) ( JJ large ) ) ( NNS bets ) ( SBAR ( IN that ) ( S ( S ( NP-SBJ ( DT a ) ( NN takeover ) ) ( VP ( MD would ) ( VP ( VB succeed ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP UAL ) ( NN stock ) ) ( VP ( MD would ) ( VP ( VB rise ) ) ) ) ) ) ) ) ) )


At 2:43 p.m. EDT came the sickening news The Big Board was halting trading in UAL pending news

( S ( SINV ( PP-TMP ( IN At ) ( NP ( CD 2:43 ) ( RB p.m. ) ( NNP EDT ) ) ) ( VBD came ) ( NP-SBJ ( DT the ) ( JJ sickening ) ( NN news ) ) ) ( S ( NP-SBJ ( DT The ) ( NNP Big ) ( NNP Board ) ) ( VP ( VBD was ) ( VP ( VBG halting ) ( NP ( NP ( VBG trading ) ) ( PP-LOC ( IN in ) ( NP ( NNP UAL ) ) ) ) ( PP-TMP ( VBG pending ) ( NP ( NN news ) ) ) ) ) ) )


On the exchange floor as soon as UAL stopped trading we braced for a panic said one top floor trader

( SINV ( S-TPC-1 ( PP-LOC ( IN On ) ( NP ( DT the ) ( NN exchange ) ( NN floor ) ) ) ( ADVP-TMP ( ADVP ( RB as ) ( RB soon ) ) ( SBAR ( IN as ) ( S ( NP-SBJ-2 ( NNP UAL ) ) ( VP ( VBD stopped ) ( S ( VP ( VBG trading ) ) ) ) ) ) ) ( NP-SBJ ( PRP we ) ) ( VP ( VBD braced ) ( PP-CLR ( IN for ) ( NP ( DT a ) ( NN panic ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( CD one ) ( JJ top ) ( NN floor ) ( NN trader ) ) )


Several traders could be seen shaking their heads when the news flashed

( S ( NP-SBJ-1 ( JJ Several ) ( NNS traders ) ) ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN seen ) ( S ( VP ( VBG shaking ) ( NP ( PRP$ their ) ( NNS heads ) ) ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NN news ) ) ( VP ( VBD flashed ) ) ) ) ) ) ) )


For weeks the market had been nervous about takeovers after Campeau Corp. 's cash crunch spurred concern about the prospects for future highly leveraged takeovers

( S ( PP-TMP ( IN For ) ( NP ( NNS weeks ) ) ) ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( ADJP-PRD ( JJ nervous ) ( PP ( IN about ) ( NP ( NNS takeovers ) ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( NP ( NNP Campeau ) ( NNP Corp. ) ( POS 's ) ) ( NN cash ) ( NN crunch ) ) ( VP ( VBD spurred ) ( NP ( NP ( NN concern ) ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( NNS prospects ) ) ( PP ( IN for ) ( NP ( JJ future ) ( ADJP ( RB highly ) ( JJ leveraged ) ) ( NNS takeovers ) ) ) ) ) ) ) ) ) ) ) )


And 10 minutes after the UAL trading halt came news that the UAL group could n't get financing for its bid

( SINV ( CC And ) ( PP-TMP ( NP ( CD 10 ) ( NNS minutes ) ) ( IN after ) ( NP ( DT the ) ( NNP UAL ) ( NN trading ) ( NN halt ) ) ) ( VP ( VBD came ) ) ( NP-SBJ ( NN news ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP UAL ) ( NN group ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB get ) ( NP ( NP ( NN financing ) ) ( PP ( IN for ) ( NP ( PRP$ its ) ( NN bid ) ) ) ) ) ) ) ) ) )


At this point the Dow was down about 35 points

( S ( PP-TMP ( IN At ) ( NP ( DT this ) ( NN point ) ) ) ( NP-SBJ ( DT the ) ( NNP Dow ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB down ) ( NP ( QP ( RB about ) ( CD 35 ) ) ( NNS points ) ) ) ) )


The market crumbled

( S ( NP-SBJ ( DT The ) ( NN market ) ) ( VP ( VBD crumbled ) ) )


Arbitragers could n't dump their UAL stock but they rid themselves of nearly every rumor stock they had

( S ( S ( NP-SBJ ( NNS Arbitragers ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB dump ) ( NP ( PRP$ their ) ( NNP UAL ) ( NN stock ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD rid ) ( NP ( PRP themselves ) ) ( PP-CLR ( IN of ) ( NP ( NP ( ADJP ( RB nearly ) ( DT every ) ) ( NN rumor ) ( NN stock ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD had ) ) ) ) ) ) ) ) )


For example their selling caused trading halts to be declared in USAir Group which closed down 3 7\/8 to 41 1\/2 Delta Air Lines which fell 7 3\/4 to 69 1\/4 and Philips Industries which sank 3 to 21 1\/2

( S ( PP ( IN For ) ( NP ( NN example ) ) ) ( NP-SBJ ( PRP$ their ) ( NN selling ) ) ( VP ( VBD caused ) ( S ( NP-SBJ-5 ( NP ( NN trading ) ( NNS halts ) ) ) ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN declared ) ( PP-LOC-1 ( IN in ) ( NP ( NP ( NP ( NNP USAir ) ( NNP Group ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD closed ) ( ADVP-CLR ( RB down ) ( NP ( QP ( CD 3 ) ( CD 7\/8 ) ) ) ( PP ( TO to ) ( NP ( QP ( CD 41 ) ( CD 1\/2 ) ) ) ) ) ) ) ) ) ( NP ( NP ( NNP Delta ) ( NNP Air ) ( NNP Lines ) ) ( SBAR ( WHNP-3 ( WDT which ) ) ( S ( VP ( VBD fell ) ( NP-EXT ( QP ( CD 7 ) ( CD 3\/4 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 69 ) ( CD 1\/4 ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NNP Philips ) ( NNP Industries ) ) ( SBAR ( WHNP-4 ( WDT which ) ) ( S ( VP ( VBD sank ) ( NP-EXT ( CD 3 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 21 ) ( CD 1\/2 ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


These stocks eventually reopened

( S ( NP-SBJ ( DT These ) ( NNS stocks ) ) ( ADVP-TMP ( RB eventually ) ) ( VP ( VBD reopened ) ) )


But as panic spread speculators began to sell blue-chip stocks such as Philip Morris and International Business Machines to offset their losses

( S ( CC But ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NN panic ) ) ( VP ( VBD spread ) ) ) ) ( NP-SBJ-1 ( NNS speculators ) ) ( VP ( VBD began ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( JJ blue-chip ) ( NNS stocks ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NNP Philip ) ( NNP Morris ) ) ( CC and ) ( NP ( NNP International ) ( NNP Business ) ( NNP Machines ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB offset ) ( NP ( PRP$ their ) ( NNS losses ) ) ) ) ) ) ) ) ) )


When trading was halted in Philip Morris the stock was trading at 41 down 3 3\/8 while IBM closed 5 5\/8 lower at 102

( S ( SBAR-TMP ( WHADVP-2 ( WRB When ) ) ( S ( NP-SBJ-1 ( NP ( NN trading ) ) ) ( VP ( VBD was ) ( VP ( VBN halted ) ( PP-LOC-3 ( IN in ) ( NP ( NNP Philip ) ( NNP Morris ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN stock ) ) ( VP ( VBD was ) ( VP ( VBG trading ) ( PP-CLR ( IN at ) ( NP ( CD 41 ) ) ) ( ADVP ( RB down ) ( NP ( QP ( CD 3 ) ( CD 3\/8 ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NNP IBM ) ) ( VP ( VBD closed ) ( ADVP ( NP ( QP ( CD 5 ) ( CD 5\/8 ) ) ) ( JJR lower ) ) ( PP-CLR ( IN at ) ( NP ( CD 102 ) ) ) ) ) ) ) ) )


Selling snowballed because of waves of automatic stop-loss orders which are triggered by computer when prices fall to certain levels

( S ( NP-SBJ ( NN Selling ) ) ( VP ( VBD snowballed ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( NNS waves ) ) ( PP ( IN of ) ( NP ( NP ( JJ automatic ) ( JJ stop-loss ) ( NNS orders ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBP are ) ( VP ( VBN triggered ) ( PP ( IN by ) ( NP-LGS ( NN computer ) ) ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( NNS prices ) ) ( VP ( VBP fall ) ( PP-DIR ( TO to ) ( NP ( JJ certain ) ( NNS levels ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


Most of the stock selling pressure came from Wall Street professionals including computer-guided program traders

( S ( NP-SBJ ( NP ( JJS Most ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN stock ) ( NN selling ) ( NN pressure ) ) ) ) ( VP ( VBD came ) ( PP-DIR ( IN from ) ( NP ( NP ( NNP Wall ) ( NNP Street ) ( NNS professionals ) ) ( PP ( VBG including ) ( NP ( JJ computer-guided ) ( NN program ) ( NNS traders ) ) ) ) ) ) )


Traders said most of their major institutional investors on the other hand sat tight

( S ( NP-SBJ ( NNS Traders ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( JJ major ) ( JJ institutional ) ( NNS investors ) ) ) ) ( PP ( IN on ) ( NP ( DT the ) ( JJ other ) ( NN hand ) ) ) ( VP ( VBD sat ) ( ADVP-MNR ( RB tight ) ) ) ) ) ) )


Now at 3:07 one of the market 's post-crash reforms took hold as the S&P 500 futures contract had plunged 12 points equivalent to around a 100-point drop in the Dow industrials

( S ( ADVP-TMP ( RB Now ) ) ( PP-TMP ( IN at ) ( NP ( CD 3:07 ) ) ) ( NP-SBJ ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( JJ post-crash ) ( NNS reforms ) ) ) ) ( VP ( VBD took ) ( NP ( NN hold ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( DT the ) ( NNP S&P ) ( CD 500 ) ( NNS futures ) ( NN contract ) ) ( VP ( VBD had ) ( VP ( VBN plunged ) ( NP-EXT ( NP ( CD 12 ) ( NNS points ) ) ( ADJP ( JJ equivalent ) ( PP ( TO to ) ( NP ( NP ( QP ( IN around ) ( DT a ) ( JJ 100-point ) ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Dow ) ( NNS industrials ) ) ) ) ) ) ) ) ) ) ) ) )


Under an agreement signed by the Big Board and the Chicago Mercantile Exchange trading was temporarily halted in Chicago

( S ( PP-LOC ( IN Under ) ( NP ( NP ( DT an ) ( NN agreement ) ) ( VP ( VBN signed ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ) ( CC and ) ( NP ( DT the ) ( NNP Chicago ) ( NNP Mercantile ) ( NNP Exchange ) ) ) ) ) ) ) ( NP-SBJ-1 ( NN trading ) ) ( VP ( VBD was ) ( ADVP-TMP ( RB temporarily ) ) ( VP ( VBN halted ) ( PP-LOC ( IN in ) ( NP ( NNP Chicago ) ) ) ) ) )


After the trading halt in the S&P 500 pit in Chicago waves of selling continued to hit stocks themselves on the Big Board and specialists continued to notch prices down

( S ( PP-TMP ( IN After ) ( NP ( NP ( DT the ) ( NN trading ) ( NN halt ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNP S&P ) ( CD 500 ) ( NN pit ) ) ( PP-LOC ( IN in ) ( NP ( NNP Chicago ) ) ) ) ) ) ) ( S ( NP-SBJ-1 ( NP ( NNS waves ) ) ( PP ( IN of ) ( NP ( NN selling ) ) ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB hit ) ( NP ( NP ( NNS stocks ) ) ( NP ( PRP themselves ) ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( NNS specialists ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB notch ) ( NP ( NNS prices ) ) ( ADVP-DIR ( RP down ) ) ) ) ) ) ) )


As a result the link between the futures and stock markets ripped apart

( S ( PP-PRP ( IN As ) ( NP ( DT a ) ( NN result ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN link ) ) ( PP ( IN between ) ( NP ( DT the ) ( NNS futures ) ( CC and ) ( NN stock ) ( NNS markets ) ) ) ) ( VP ( VBD ripped ) ( ADVP-CLR ( RB apart ) ) ) )


Without the guidepost of stock-index futures the barometer of where traders think the overall stock market is headed many traders were afraid to trust stock prices quoted on the Big Board

( S ( PP ( IN Without ) ( NP ( NP ( DT the ) ( NN guidepost ) ) ( PP ( IN of ) ( NP ( NP ( JJ stock-index ) ( NNS futures ) ) ( NP ( NP ( DT the ) ( NN barometer ) ) ( PP ( IN of ) ( SBAR-NOM ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ ( NNS traders ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( JJ overall ) ( NN stock ) ( NN market ) ) ( VP ( VBZ is ) ( VP ( VBN headed ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-3 ( JJ many ) ( NNS traders ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ afraid ) ( S ( VP ( TO to ) ( VP ( VB trust ) ( NP ( NP ( NN stock ) ( NNS prices ) ) ( VP ( VBN quoted ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ) ) ) ) ) ) ) ) ) )


The futures halt was even assailed by Big Board floor traders

( S ( NP-SBJ-1 ( DT The ) ( NNS futures ) ( NN halt ) ) ( VP ( VBD was ) ( ADVP ( RB even ) ) ( VP ( VBN assailed ) ( PP ( IN by ) ( NP-LGS ( NNP Big ) ( NNP Board ) ( NN floor ) ( NNS traders ) ) ) ) ) )


It screwed things up said one major specialist

( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBD screwed ) ( NP ( NNS things ) ) ( PRT ( RP up ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( CD one ) ( JJ major ) ( NN specialist ) ) )


This confusion effectively halted one form of program trading stock index arbitrage that closely links the futures and stock markets and has been blamed by some for the market 's big swings

( S ( NP-SBJ ( DT This ) ( NN confusion ) ) ( VP ( ADVP-MNR ( RB effectively ) ) ( VBD halted ) ( NP ( NP ( NP ( CD one ) ( NN form ) ) ( PP ( IN of ) ( NP ( NN program ) ( NN trading ) ) ) ) ( NP ( NN stock ) ( NN index ) ( NN arbitrage ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VP ( ADVP-MNR ( RB closely ) ) ( VBZ links ) ( NP ( DT the ) ( NNS futures ) ( CC and ) ( NN stock ) ( NNS markets ) ) ) ( CC and ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN blamed ) ( PP ( IN by ) ( NP-LGS ( DT some ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( JJ big ) ( NNS swings ) ) ) ) ) ) ) ) ) ) ) )


In a stock-index arbitrage sell program traders buy or sell big baskets of stocks and offset the trade in futures to lock in a price difference

( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( JJ stock-index ) ( NN arbitrage ) ( NN sell ) ( NN program ) ) ) ( NP-SBJ-1 ( NNS traders ) ) ( VP ( VP ( VBP buy ) ( CC or ) ( VBP sell ) ( NP ( NP ( JJ big ) ( NNS baskets ) ) ( PP ( IN of ) ( NP ( NNS stocks ) ) ) ) ) ( CC and ) ( VP ( VBP offset ) ( NP ( NP ( DT the ) ( NN trade ) ) ( PP-LOC ( IN in ) ( NP ( NNS futures ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB lock ) ( PRT ( RP in ) ) ( NP ( DT a ) ( NN price ) ( NN difference ) ) ) ) ) ) ) )


When the airline information came through it cracked every model we had for the marketplace said a managing director at one of the largest program-trading firms

( S ( S-TPC-3 ( SBAR-TMP ( WHADVP-2 ( WRB When ) ) ( S ( NP-SBJ ( DT the ) ( NN airline ) ( NN information ) ) ( VP ( VBD came ) ( PRT ( RP through ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD cracked ) ( NP ( NP ( DT every ) ( NN model ) ) ( SBAR ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBD had ) ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN marketplace ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( DT a ) ( NN managing ) ( NN director ) ) ( PP-LOC ( IN at ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJS largest ) ( NN program-trading ) ( NNS firms ) ) ) ) ) ) )


We did n't even get a chance to do the programs we wanted to do

( S ( NP-SBJ ( PRP We ) ) ( VP ( VBD did ) ( RB n't ) ( ADVP ( RB even ) ) ( VP ( VB get ) ( NP ( DT a ) ( NN chance ) ( S ( VP ( TO to ) ( VP ( VB do ) ( NP ( NP ( DT the ) ( NNS programs ) ) ( SBAR ( S ( NP-SBJ-1 ( PRP we ) ) ( VP ( VBD wanted ) ( S ( VP ( TO to ) ( VP ( VB do ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


But stocks kept falling

( S ( CC But ) ( NP-SBJ-1 ( NNS stocks ) ) ( VP ( VBD kept ) ( S ( VP ( VBG falling ) ) ) ) )


The Dow industrials were down 55 points at 3 p.m. before the futures-trading halt

( S ( NP-SBJ ( DT The ) ( NNP Dow ) ( NNS industrials ) ) ( VP ( VBD were ) ( ADVP-PRD ( RB down ) ( NP ( CD 55 ) ( NNS points ) ) ) ( PP-TMP ( IN at ) ( NP ( CD 3 ) ( RB p.m. ) ) ) ( PP-TMP ( IN before ) ( NP ( DT the ) ( JJ futures-trading ) ( NN halt ) ) ) ) )


At 3:30 p.m. at the end of the cooling off period the average was down 114.76 points

( S ( PP-TMP ( IN At ) ( NP ( CD 3:30 ) ( RB p.m. ) ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( VBG cooling ) ( RP off ) ( NN period ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN average ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB down ) ( NP ( CD 114.76 ) ( NNS points ) ) ) ) )


Meanwhile during the the S&P trading halt S&P futures sell orders began piling up while stocks in New York kept falling sharply

( S ( ADVP-TMP ( RB Meanwhile ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( DT the ) ( NNP S&P ) ( NN trading ) ( NN halt ) ) ) ( NP-SBJ-2 ( NNP S&P ) ( NNS futures ) ( NN sell ) ( NNS orders ) ) ( VP ( VBD began ) ( S ( VP ( VBG piling ) ( PRT ( RP up ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ-1 ( NP ( NNS stocks ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ( VP ( VBD kept ) ( S ( VP ( VBG falling ) ( ADVP-MNR ( RB sharply ) ) ) ) ) ) ) ) )


Big Board Chairman John J. Phelan said yesterday the circuit breaker worked well mechanically

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I just think it 's nonproductive at this point to get into a debate if index arbitrage would have helped or hurt things

( S ( NP-SBJ ( PRP I ) ) ( ADVP ( RB just ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ nonproductive ) ) ( PP-TMP ( IN at ) ( NP ( DT this ) ( NN point ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB get ) ( PP-DIR ( IN into ) ( NP ( DT a ) ( NN debate ) ( SBAR ( IN if ) ( S ( NP-SBJ ( NN index ) ( NN arbitrage ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN helped ) ( CC or ) ( VBN hurt ) ( NP ( NNS things ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


Under another post-crash system Big Board President Richard Grasso Mr. Phelan was flying to Bangkok as the market was falling was talking on an inter-exchange hot line to the other exchanges the Securities and Exchange Commission and the Federal Reserve Board

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He camped out at a high-tech nerve center on the floor of the Big Board where he could watch updates on prices and pending stock orders

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At about 3:30 p.m. EDT S&P futures resumed trading and for a brief time the futures and stock markets started to come back in line

( S ( S ( PP-TMP ( IN At ) ( NP ( RB about ) ( CD 3:30 ) ( RB p.m. ) ( NNP EDT ) ) ) ( NP-SBJ-1 ( NNP S&P ) ( NNS futures ) ) ( VP ( VBD resumed ) ( S ( VP ( VBG trading ) ) ) ) ) ( CC and ) ( S ( PP-TMP ( IN for ) ( NP ( DT a ) ( JJ brief ) ( NN time ) ) ) ( NP-SBJ-2 ( DT the ) ( NNS futures ) ( CC and ) ( NN stock ) ( NNS markets ) ) ( VP ( VBD started ) ( S ( VP ( TO to ) ( VP ( VB come ) ( ADVP-DIR ( RB back ) ( PP ( IN in ) ( NP ( NN line ) ) ) ) ) ) ) ) ) )


Buyers stepped in to the futures pit

( S ( NP-SBJ ( NNS Buyers ) ) ( VP ( VBD stepped ) ( ADVP-DIR ( IN in ) ( PP ( TO to ) ( NP ( DT the ) ( NNS futures ) ( NN pit ) ) ) ) ) )


But the build-up of S&P futures sell orders weighed on the market and the link with stocks began to fray again

( S ( S ( CC But ) ( NP-SBJ ( NP ( DT the ) ( NN build-up ) ) ( PP ( IN of ) ( NP ( NNP S&P ) ( NNS futures ) ( NN sell ) ( NNS orders ) ) ) ) ( VP ( VBD weighed ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NN market ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN link ) ) ( PP ( IN with ) ( NP ( NNS stocks ) ) ) ) ( VP ( VBD began ) ( S ( VP ( TO to ) ( VP ( VB fray ) ( ADVP-TMP ( RB again ) ) ) ) ) ) ) )


At about 3:45 the S&P market careened to still another limit of 30 points down and trading was locked again

( S ( PP-TMP ( IN At ) ( NP ( RB about ) ( CD 3:45 ) ) ) ( S ( NP-SBJ ( DT the ) ( NNP S&P ) ( NN market ) ) ( VP ( VBD careened ) ( PP-DIR ( TO to ) ( NP ( NP ( ADJP ( RB still ) ( DT another ) ) ( NN limit ) ) ( PP ( IN of ) ( NP ( NP ( CD 30 ) ( NNS points ) ) ( ADVP ( RB down ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( NN trading ) ) ( VP ( VBD was ) ( VP ( VBN locked ) ( ADVP-TMP ( RB again ) ) ) ) ) )


Futures traders say the S&P was signaling that the Dow could fall as much as 200 points

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During this time small investors began ringing their brokers wondering whether another crash had begun

( S ( PP-TMP ( IN During ) ( NP ( DT this ) ( NN time ) ) ) ( NP-SBJ-1 ( JJ small ) ( NNS investors ) ) ( VP ( VBD began ) ( S ( VP ( VBG ringing ) ( NP ( PRP$ their ) ( NNS brokers ) ) ) ) ( S-ADV ( VP ( VBG wondering ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( DT another ) ( NN crash ) ) ( VP ( VBD had ) ( VP ( VBN begun ) ) ) ) ) ) ) ) )


At Prudential-Bache Securities Inc. which is trying to cater to small investors some demoralized brokers thought this would be the final confidence-crusher

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That 's when George L. Ball chairman of the Prudential Insurance Co. of America unit took to the internal intercom system to declare that the plunge was only mechanical

( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( SBAR-PRD ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ-1 ( NP ( NNP George ) ( NNP L. ) ( NNP Ball ) ) ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( DT the ) ( NAC ( NNP Prudential ) ( NNP Insurance ) ( NNP Co. ) ( PP ( IN of ) ( NP ( NNP America ) ) ) ) ( NN unit ) ) ) ) ) ( VP ( VBD took ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( JJ internal ) ( NN intercom ) ( NN system ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB declare ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN plunge ) ) ( VP ( VBD was ) ( ADJP-PRD ( RB only ) ( JJ mechanical ) ) ) ) ) ) ) ) ) ) ) ) )


I have a hunch that this particular decline today is something more ado about less

( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP have ) ( NP ( DT a ) ( NN hunch ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT this ) ( JJ particular ) ( NN decline ) ) ( NP-TMP ( NN today ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN something ) ) ( NP ( NP ( JJR more ) ( NN ado ) ) ( PP ( IN about ) ( NP ( JJR less ) ) ) ) ) ) ) ) ) ) )


It would be my inclination to advise clients not to sell to look for an opportunity to buy Mr. Ball told the brokers

( S ( S-TPC-2 ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( PRP$ my ) ( NN inclination ) ) ( S-1 ( VP ( TO to ) ( VP ( VB advise ) ( NP-3 ( NNS clients ) ) ( S ( VP ( VP ( RB not ) ( TO to ) ( VP ( VB sell ) ) ) ( VP ( TO to ) ( VP ( VB look ) ( PP-CLR ( IN for ) ( NP ( DT an ) ( NN opportunity ) ( S ( VP ( TO to ) ( VP ( VB buy ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Ball ) ) ( VP ( VBD told ) ( NP ( DT the ) ( NNS brokers ) ) ) )


At Merrill Lynch & Co. the nation 's biggest brokerage firm a news release was prepared headlined Merrill Lynch Comments on Market Drop

( S ( PP-LOC ( IN At ) ( NP ( NP ( NNP Merrill ) ( NNP Lynch ) ( CC & ) ( NNP Co. ) ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( JJS biggest ) ( NN brokerage ) ( NN firm ) ) ) ) ( NP-SBJ-3 ( NP ( DT a ) ( NN news ) ( NN release ) ) ) ( VP ( VBD was ) ( VP ( VBN prepared ) ( VP-2 ( VBN headlined ) ( S ( S-TTL-PRD ( NP-SBJ ( NNP Merrill ) ( NNP Lynch ) ) ( VP ( NNP Comments ) ( PP-CLR ( IN on ) ( NP ( NNP Market ) ( NNP Drop ) ) ) ) ) ) ) ) ) )


The release cautioned that there are significant differences between the current environment and that of October 1987 and that there are still attractive investment opportunities in the stock market

( S ( NP-SBJ ( DT The ) ( NN release ) ) ( VP ( VBD cautioned ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( JJ significant ) ( NNS differences ) ) ( PP ( IN between ) ( NP ( NP ( DT the ) ( JJ current ) ( NN environment ) ) ( CC and ) ( NP ( NP ( IN that ) ) ( PP ( IN of ) ( NP ( NNP October ) ( CD 1987 ) ) ) ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB still ) ) ( NP-PRD ( NP ( JJ attractive ) ( NN investment ) ( NNS opportunities ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ) ) ) ) ) ) ) )


However Jeffrey B. Lane president of Shearson Lehman Hutton Inc. said that Friday 's plunge is going to set back relations with customers because it reinforces the concern of volatility

( S ( ADVP ( RB However ) ) ( NP-SBJ ( NP ( NNP Jeffrey ) ( NNP B. ) ( NNP Lane ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ( NNP Inc. ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( NNP Friday ) ( POS 's ) ) ( NN plunge ) ) ( VP ( VBZ is ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB set ) ( PRT ( RP back ) ) ( NP ( NP ( NNS relations ) ) ( PP ( IN with ) ( NP ( NNS customers ) ) ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ reinforces ) ( NP ( NP ( DT the ) ( NN concern ) ) ( PP ( IN of ) ( NP ( NN volatility ) ) ) ) ) ) ) ) ) ) ) ) )


And I think a lot of people will harp on program trading

( S ( CC And ) ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NNS people ) ) ) ) ( VP ( MD will ) ( VP ( VB harp ) ( PP-CLR ( IN on ) ( NP ( NN program ) ( NN trading ) ) ) ) ) ) ) ) )


It 's going to bring the debate right back to the forefront

( S ( NP-SBJ-1 ( PRP It ) ) ( VP ( VBZ 's ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB bring ) ( NP ( DT the ) ( NN debate ) ) ( ADVP-DIR ( RB right ) ( RB back ) ( PP ( TO to ) ( NP ( DT the ) ( NN forefront ) ) ) ) ) ) ) ) ) )


As the Dow average ground to its final 190.58 loss Friday the S&P pit stayed locked at its 30-point trading limit

( S ( SBAR-TMP ( IN As ) ( S ( NP-SBJ ( DT the ) ( NNP Dow ) ( JJ average ) ) ( VP ( NN ground ) ( PP-DIR ( TO to ) ( NP ( PRP$ its ) ( JJ final ) ( CD 190.58 ) ( NN loss ) ) ) ( NP-TMP ( NNP Friday ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP S&P ) ( NN pit ) ) ( VP ( VBD stayed ) ( ADJP-PRD ( JJ locked ) ( PP ( IN at ) ( NP ( PRP$ its ) ( JJ 30-point ) ( NN trading ) ( NN limit ) ) ) ) ) )


Jeffrey Yass of program trader Susquehanna Investment Group said 2,000 S&P contracts were for sale on the close the equivalent of 330 million in stock

( S ( NP-SBJ ( NP ( NNP Jeffrey ) ( NNP Yass ) ) ( PP ( IN of ) ( NP ( NN program ) ( NN trader ) ( NNP Susquehanna ) ( NNP Investment ) ( NNP Group ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( CD 2,000 ) ( NNP S&P ) ( NNS contracts ) ) ) ( VP ( VBD were ) ( PP-PRD ( IN for ) ( NP ( NN sale ) ) ) ( PP-TMP ( IN on ) ( NP ( DT the ) ( NN close ) ) ) ( NP-1 ( NP ( DT the ) ( NN equivalent ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 330 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NN stock ) ) ) ) ) ) ) ) ) ) )


But there were no buyers

( S ( CC But ) ( NP-SBJ ( EX there ) ) ( VP ( VBD were ) ( NP-PRD ( DT no ) ( NNS buyers ) ) ) )


While Friday 's debacle involved mainly professional traders rather than investors it left the market vulnerable to continued selling this morning traders said

( S ( S-TPC-1 ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( NP ( NNP Friday ) ( POS 's ) ) ( NN debacle ) ) ( VP ( VB involved ) ( ADVP ( RB mainly ) ) ( NP ( NP ( JJ professional ) ( NNS traders ) ) ( PP ( RB rather ) ( IN than ) ( NP ( NNS investors ) ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD left ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( ADJP-PRD ( JJ vulnerable ) ( PP ( TO to ) ( NP ( JJ continued ) ( NN selling ) ) ) ) ( NP-TMP ( DT this ) ( NN morning ) ) ) ) ) ( NP-SBJ ( NNS traders ) ) ( VP ( VBD said ) ) )


Stock-index futures contracts settled at much lower prices than indexes of the stock market itself

( S ( NP-SBJ ( JJ Stock-index ) ( NNS futures ) ( NNS contracts ) ) ( VP ( VBD settled ) ( PP-CLR ( IN at ) ( NP ( NP ( ADJP ( RB much ) ( JJR lower ) ) ( NNS prices ) ) ( PP ( IN than ) ( NP ( NP ( NNS indexes ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN stock ) ( NN market ) ) ( NP ( PRP itself ) ) ) ) ) ) ) ) ) )


At those levels stocks are set up to be hammered by index arbitragers who lock in profits by buying futures when futures prices fall and simultaneously sell off stocks

( S ( PP-LOC ( IN At ) ( NP ( DT those ) ( NNS levels ) ) ) ( NP-SBJ-3 ( NNS stocks ) ) ( VP ( VBP are ) ( VP ( VBN set ) ( PRT ( RP up ) ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN hammered ) ( PP ( IN by ) ( NP-LGS ( NP ( NN index ) ( NNS arbitragers ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VP ( VBP lock ) ( PRT ( RP in ) ) ( NP ( NNS profits ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG buying ) ( NP ( NNS futures ) ) ( SBAR-TMP ( WHADVP-5 ( WRB when ) ) ( S ( NP-SBJ ( NNS futures ) ( NNS prices ) ) ( VP ( VBP fall ) ) ) ) ) ) ) ) ( CC and ) ( VP ( ADVP-TMP ( RB simultaneously ) ) ( VBP sell ) ( PRT ( RP off ) ) ( NP ( NNS stocks ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


But nobody knows at what level the futures and stocks will open today

( S ( CC But ) ( NP-SBJ ( NN nobody ) ) ( VP ( VBZ knows ) ( SBAR ( WHPP-1 ( IN at ) ( WHNP ( WP what ) ( NN level ) ) ) ( S ( NP-SBJ ( DT the ) ( NNS futures ) ( CC and ) ( NNS stocks ) ) ( VP ( MD will ) ( VP ( VB open ) ( NP-TMP ( NN today ) ) ) ) ) ) ) )


The de-linkage between the stock and futures markets Friday will undoubtedly cause renewed debate about whether Wall Street is properly prepared for another crash situation

( S ( NP-SBJ ( NP ( DT The ) ( NN de-linkage ) ) ( PP ( IN between ) ( NP ( DT the ) ( NN stock ) ( CC and ) ( NNS futures ) ( NNS markets ) ) ) ( NP-TMP ( NNP Friday ) ) ) ( VP ( MD will ) ( ADVP ( RB undoubtedly ) ) ( VP ( NN cause ) ( NP ( NP ( JJ renewed ) ( NN debate ) ) ( PP ( IN about ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( NNP Wall ) ( NNP Street ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB properly ) ( JJ prepared ) ( PP ( IN for ) ( NP ( DT another ) ( NN crash ) ( NN situation ) ) ) ) ) ) ) ) ) ) ) )


The Big Board 's Mr. Grasso said Our systemic performance was good

( S ( NP-SBJ ( NP ( DT The ) ( NNP Big ) ( NNP Board ) ( POS 's ) ) ( NNP Mr. ) ( NNP Grasso ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ Our ) ( JJ systemic ) ( NN performance ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ good ) ) ) ) ) ) )


But the exchange will look at the performance of all specialists in all stocks

( S ( CC But ) ( NP-SBJ ( DT the ) ( NN exchange ) ) ( VP ( MD will ) ( VP ( VB look ) ( PP-CLR ( IN at ) ( NP ( NP ( DT the ) ( NN performance ) ) ( PP ( IN of ) ( NP ( DT all ) ( NNS specialists ) ) ) ( PP-LOC ( IN in ) ( NP ( DT all ) ( NNS stocks ) ) ) ) ) ) ) )


Obviously we 'll take a close look at any situation in which we think the dealer-community obligations were n't met he said

( S ( S-TPC-3 ( ADVP ( RB Obviously ) ) ( NP-SBJ ( PRP we ) ) ( VP ( MD 'll ) ( VP ( VB take ) ( NP ( NP ( DT a ) ( JJ close ) ( NN look ) ) ( PP ( IN at ) ( NP ( NP ( DT any ) ( NN situation ) ) ( SBAR ( WHPP-2 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( ADJP ( JJ dealer-community ) ) ( NNS obligations ) ) ( VP ( VBD were ) ( RB n't ) ( VP ( VBN met ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )


See related story Fed Ready to Inject Big Funds WSJ Oct. 16 1989

( S ( VP ( VB See ) ( NP ( NP ( JJ related ) ( NN story ) ) ( NP ( S-TTL ( NP-SBJ ( NNP Fed ) ) ( ADJP-PRD ( JJ Ready ) ( S ( VP ( TO to ) ( VP ( VB Inject ) ( NP ( JJ Big ) ( NNS Funds ) ) ) ) ) ) ) ( NP-LOC ( NNP WSJ ) ) ( NP-TMP ( NNP Oct. ) ( CD 16 ) ( CD 1989 ) ) ) ) ) )


But specialists complain privately that just as in the 1987 crash the upstairs firms big investment banks that support the market by trading big blocks of stock stayed on the sidelines during Friday 's blood-letting

( S ( CC But ) ( NP-SBJ ( NNS specialists ) ) ( VP ( VBP complain ) ( ADVP-MNR ( RB privately ) ) ( SBAR ( IN that ) ( S ( PP-LOC ( ADVP ( RB just ) ( IN as ) ) ( IN in ) ( NP ( DT the ) ( CD 1987 ) ( NN crash ) ) ) ( NP-SBJ ( NP ( DT the ) ( JJ upstairs ) ( NNS firms ) ) ( NP ( NP ( JJ big ) ( NN investment ) ( NNS banks ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP support ) ( NP ( DT the ) ( NN market ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG trading ) ( NP ( NP ( JJ big ) ( NNS blocks ) ) ( PP ( IN of ) ( NP ( NN stock ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD stayed ) ( PP-LOC-CLR ( IN on ) ( NP ( DT the ) ( NNS sidelines ) ) ) ( PP-TMP ( IN during ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NN blood-letting ) ) ) ) ) ) ) )


Mr. Phelan said It will take another day or two to analyze who was buying and selling Friday

( S ( NP-SBJ ( NNP Mr. ) ( NNP Phelan ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( MD will ) ( VP ( VB take ) ( NP ( DT another ) ( NN day ) ( QP ( CC or ) ( CD two ) ) ) ( S-2 ( VP ( TO to ) ( VP ( VB analyze ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD was ) ( VP ( VBG buying ) ( CC and ) ( VBG selling ) ( NP-TMP ( NNP Friday ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


Ripples from the strike by 55,000 Machinists union members against Boeing Co. reached air carriers Friday as America West Airlines announced it will postpone its new service out of Houston because of delays in receiving aircraft from the Seattle jet maker

( S ( NP-SBJ ( NP ( NNS Ripples ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NN strike ) ) ( PP ( IN by ) ( NP ( CD 55,000 ) ( NNPS Machinists ) ( NN union ) ( NNS members ) ) ) ( PP ( IN against ) ( NP ( NNP Boeing ) ( NNP Co. ) ) ) ) ) ) ( VP ( VBD reached ) ( NP ( NN air ) ( NNS carriers ) ) ( NP-TMP ( NNP Friday ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NNP America ) ( NNP West ) ( NNP Airlines ) ) ( VP ( VBD announced ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB postpone ) ( NP ( NP ( PRP$ its ) ( JJ new ) ( NN service ) ) ( PP ( IN out ) ( PP ( IN of ) ( NP ( NNP Houston ) ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( NNS delays ) ) ( PP-LOC ( IN in ) ( S-NOM ( VP ( VBG receiving ) ( NP ( NN aircraft ) ) ( PP-DIR ( IN from ) ( NP ( DT the ) ( NNP Seattle ) ( NN jet ) ( NN maker ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


Peter Otradovec vice president for planning at the Phoenix Ariz. carrier said in an interview that the work stoppage at Boeing now entering its 13th day has caused some turmoil in our scheduling and that more than 500 passengers who were booked to fly out of Houston on America West would now be put on other airlines

( S ( NP-SBJ ( NP ( NNP Peter ) ( NNP Otradovec ) ) ( NP ( NP ( NN vice ) ( NN president ) ) ( PP ( IN for ) ( NP ( NN planning ) ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NAC-LOC ( NNP Phoenix ) ( NNP Ariz. ) ) ( NN carrier ) ) ) ) ) ( VP ( VBD said ) ( PP-LOC ( IN in ) ( NP ( DT an ) ( NN interview ) ) ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NP ( DT the ) ( NN work ) ( NN stoppage ) ) ( PP-LOC ( IN at ) ( NP ( NNP Boeing ) ) ) ) ( VP ( ADVP-TMP ( RB now ) ) ( VBG entering ) ( NP ( PRP$ its ) ( JJ 13th ) ( NN day ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN caused ) ( NP ( NP ( DT some ) ( NN turmoil ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ our ) ( NN scheduling ) ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( QP ( JJR more ) ( IN than ) ( CD 500 ) ) ( NNS passengers ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD were ) ( VP ( VBN booked ) ( S ( VP ( TO to ) ( VP ( VB fly ) ( PP-DIR ( IN out ) ( PP ( IN of ) ( NP ( NNP Houston ) ) ) ) ( PP-LOC ( IN on ) ( NP ( NNP America ) ( NNP West ) ) ) ) ) ) ) ) ) ) ) ( VP ( MD would ) ( ADVP-TMP ( RB now ) ) ( VP ( VB be ) ( VP ( VBN put ) ( PP-PUT ( IN on ) ( NP ( JJ other ) ( NNS airlines ) ) ) ) ) ) ) ) ) ) )


Mr. Otradovec said Boeing told America West that the 757 it was supposed to get this Thursday would n't be delivered until Nov. 7 the day after the airline had been planning to initiate service at Houston with four daily flights including three nonstops to Phoenix and one nonstop to Las Vegas

( S ( NP-SBJ ( NNP Mr. ) ( NNP Otradovec ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Boeing ) ) ( VP ( VBD told ) ( NP ( NNP America ) ( NNP West ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( NNP 757 ) ) ( SBAR ( S ( NP-SBJ-3 ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBN supposed ) ( S ( VP ( TO to ) ( VP ( VB get ) ( NP-TMP ( DT this ) ( NNP Thursday ) ) ) ) ) ) ) ) ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN delivered ) ( PP-TMP ( IN until ) ( NP ( NP ( NNP Nov. ) ( CD 7 ) ) ( NP ( NP ( DT the ) ( NN day ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ-4 ( DT the ) ( NN airline ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBG planning ) ( S ( VP ( TO to ) ( VP ( VB initiate ) ( NP ( NP ( NN service ) ) ( PP-LOC ( IN at ) ( NP ( NNP Houston ) ) ) ) ( PP ( IN with ) ( NP ( NP ( CD four ) ( JJ daily ) ( NNS flights ) ) ( PP ( VBG including ) ( NP ( NP ( NP ( CD three ) ( NNS nonstops ) ) ( PP ( TO to ) ( NP ( NNP Phoenix ) ) ) ) ( CC and ) ( NP ( NP ( CD one ) ( NN nonstop ) ) ( PP ( TO to ) ( NP ( NNP Las ) ( NNP Vegas ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


Now those routes are n't expected to begin until Jan

( S ( ADVP-TMP ( RB Now ) ) ( NP-SBJ-1 ( DT those ) ( NNS routes ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB begin ) ) ) ) ( PP-TMP ( IN until ) ( NP ( NNP Jan ) ) ) ) ) )


Boeing is also supposed to send to America West another 757 twin-engine aircraft as well as a 737 by year 's end

( S ( NP-SBJ-1 ( NNP Boeing ) ) ( VP ( VBZ is ) ( ADVP ( RB also ) ) ( VP ( VBN supposed ) ( S ( VP ( TO to ) ( VP ( VB send ) ( PP-DIR ( TO to ) ( NP ( NNP America ) ( NNP West ) ) ) ( NP ( NP ( DT another ) ( CD 757 ) ( JJ twin-engine ) ( NN aircraft ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( NP ( DT a ) ( CD 737 ) ) ) ( PP-TMP ( IN by ) ( NP ( NP ( NN year ) ( POS 's ) ) ( NN end ) ) ) ) ) ) ) ) )


Those too are almost certain to arrive late

( S ( NP-SBJ-1 ( DT Those ) ) ( ADVP ( RB too ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB almost ) ( JJ certain ) ( S ( VP ( TO to ) ( VP ( VB arrive ) ( ADVP-TMP ( RB late ) ) ) ) ) ) ) )


At this point no other America West flights including its new service at San Antonio Texas Newark N.J. and Palmdale Calif. have been affected by the delays in Boeing deliveries

( S ( PP-TMP ( IN At ) ( NP ( DT this ) ( NN point ) ) ) ( NP-SBJ-1 ( NP ( DT no ) ( JJ other ) ( NNP America ) ( NNP West ) ( NNS flights ) ) ( PP ( VBG including ) ( NP ( NP ( PRP$ its ) ( JJ new ) ( NN service ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NP ( NNP San ) ( NNP Antonio ) ) ( NP ( NNP Texas ) ) ) ( NP ( NP ( NNP Newark ) ) ( NP ( NNP N.J. ) ) ) ( CC and ) ( NP ( NP ( NNP Palmdale ) ) ( NP ( NNP Calif. ) ) ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN affected ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NNS delays ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Boeing ) ) ( NNS deliveries ) ) ) ) ) ) ) ) )


Nevertheless the company 's reaction underscores the domino effect that a huge manufacturer such as Boeing can have on other parts of the economy

( S ( ADVP ( RB Nevertheless ) ) ( NP-SBJ ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN reaction ) ) ( VP ( VBZ underscores ) ( NP ( NP ( DT the ) ( NN domino ) ( NN effect ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( NP ( DT a ) ( JJ huge ) ( NN manufacturer ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNP Boeing ) ) ) ) ( VP ( MD can ) ( VP ( VB have ) ) ) ) ) ( PP ( IN on ) ( NP ( NP ( JJ other ) ( NNS parts ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN economy ) ) ) ) ) ) ) )


It also is sure to help the machinists put added pressure on the company

( S ( NP-SBJ-1 ( PRP It ) ) ( ADVP ( RB also ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ sure ) ( S ( VP ( TO to ) ( VP ( VB help ) ( S ( NP-SBJ ( DT the ) ( NNS machinists ) ) ( VP ( VB put ) ( NP ( JJ added ) ( NN pressure ) ) ( PP-PUT ( IN on ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ) ) ) ) )


I just do n't feel that the company can really stand or would want a prolonged walkout Tom Baker president of Machinists ' District 751 said in an interview yesterday

( S ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( ADVP ( RB just ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB feel ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VP ( MD can ) ( ADVP ( RB really ) ) ( VP ( VB stand ) ) ) ( CC or ) ( VP ( MD would ) ( VP ( VB want ) ) ) ( NP-2 ( DT a ) ( JJ prolonged ) ( NN walkout ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP Tom ) ( NNP Baker ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NNP Machinists ) ( POS ' ) ) ( NNP District ) ( CD 751 ) ) ) ) ) ( VP ( VBD said ) ( PP-LOC ( IN in ) ( NP ( DT an ) ( NN interview ) ) ) ( NP-TMP ( NN yesterday ) ) ) )


I do n't think their customers would like it very much

( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB think ) ( SBAR ( S ( NP-SBJ ( PRP$ their ) ( NNS customers ) ) ( VP ( MD would ) ( VP ( VB like ) ( NP ( PRP it ) ) ( ADVP-MNR ( RB very ) ( RB much ) ) ) ) ) ) ) ) )


America West though is a smaller airline and therefore more affected by the delayed delivery of a single plane than many of its competitors would be

( S ( NP-SBJ ( NNP America ) ( NNP West ) ) ( ADVP ( RB though ) ) ( VP ( VBZ is ) ( UCP-PRD ( NP ( DT a ) ( JJR smaller ) ( NN airline ) ) ( CC and ) ( ADVP ( RB therefore ) ) ( ADJP ( ADJP ( RBR more ) ( VBN affected ) ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( JJ delayed ) ( NN delivery ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ single ) ( NN plane ) ) ) ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( NP ( JJ many ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS competitors ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ) ) ) ) ) ) ) )


I figure that American and United probably have such a hard time counting all the planes in their fleets they might not miss one at all Mr. Otradovec said

( S ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( VBP figure ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NNP American ) ( CC and ) ( NNP United ) ) ( ADVP ( RB probably ) ) ( VP ( VBP have ) ( NP ( NP ( PDT such ) ( DT a ) ( JJ hard ) ( NN time ) ) ( S-NOM ( VP ( VBG counting ) ( NP ( NP ( PDT all ) ( DT the ) ( NNS planes ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ their ) ( NNS fleets ) ) ) ) ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD might ) ( RB not ) ( VP ( VB miss ) ( NP ( CD one ) ) ( ADVP ( IN at ) ( DT all ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Otradovec ) ) ( VP ( VBD said ) ) )


Indeed a random check Friday did n't seem to indicate that the strike was having much of an effect on other airline operations

( S ( ADVP ( RB Indeed ) ) ( NP-SBJ-1 ( NP ( DT a ) ( JJ random ) ( NN check ) ) ( NP-TMP ( NNP Friday ) ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB seem ) ( S ( VP ( TO to ) ( VP ( VB indicate ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN strike ) ) ( VP ( VBD was ) ( VP ( VBG having ) ( NP ( NP ( JJ much ) ) ( PP ( IN of ) ( NP ( NP ( DT an ) ( NN effect ) ) ( PP ( IN on ) ( NP ( JJ other ) ( NN airline ) ( NNS operations ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


Southwest Airlines has a Boeing 737-300 set for delivery at the end of this month and expects to have the plane on time

( S ( NP-SBJ-1 ( NNP Southwest ) ( NNP Airlines ) ) ( VP ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( NNP Boeing ) ( NNP 737-300 ) ) ( ADJP ( NN set ) ( PP ( IN for ) ( NP ( NP ( NN delivery ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN month ) ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB have ) ( NP ( DT the ) ( NN plane ) ) ( PP-TMP ( IN on ) ( NP ( NN time ) ) ) ) ) ) ) ) )


It 's so close to completion Boeing 's told us there wo n't be a problem said a Southwest spokesman

( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( ADJP ( RB so ) ( RB close ) ) ( PP ( TO to ) ( NP ( NN completion ) ) ) ( SBAR ( S ( NP-SBJ ( NNP Boeing ) ) ( VP ( VBZ 's ) ( VP ( VBN told ) ( NP ( PRP us ) ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( NN problem ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( DT a ) ( NNP Southwest ) ( NN spokesman ) ) )


A spokesman for AMR Corp. said Boeing has assured American Airlines it will deliver a 757 on time later this month

( S ( NP-SBJ ( NP ( DT A ) ( NN spokesman ) ) ( PP ( IN for ) ( NP ( NNP AMR ) ( NNP Corp. ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Boeing ) ) ( VP ( VBZ has ) ( VP ( VBN assured ) ( NP ( NNP American ) ( NNP Airlines ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB deliver ) ( NP ( DT a ) ( NNP 757 ) ) ( PP-TMP ( IN on ) ( NP ( NN time ) ) ) ( NP-TMP ( RB later ) ( DT this ) ( NN month ) ) ) ) ) ) ) ) ) ) ) )


American is preparing to take delivery of another 757 in early December and 20 more next year and is n't anticipating any changes in that timetable

( S ( NP-SBJ-1 ( NNP American ) ) ( VP ( VP ( VBZ is ) ( VP ( VBG preparing ) ( S ( VP ( TO to ) ( VP ( VP ( VB take ) ( NP ( NN delivery ) ) ( PP-CLR ( IN of ) ( NP-2 ( DT another ) ( NNP 757 ) ) ) ( PP-TMP-3 ( IN in ) ( NP ( JJ early ) ( NNP December ) ) ) ) ( CC and ) ( VP ( NP=2 ( QP ( CD 20 ) ( JJR more ) ) ) ( NP-TMP=3 ( JJ next ) ( NN year ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBZ is ) ( RB n't ) ( VP ( VBG anticipating ) ( NP ( NP ( DT any ) ( NNS changes ) ) ( PP-LOC ( IN in ) ( NP ( DT that ) ( NN timetable ) ) ) ) ) ) ) )


In Seattle a Boeing spokesman explained that the company has been in constant communication with all of its customers and that it was impossible to predict what further disruptions might be triggered by the strike

( S ( PP-LOC ( IN In ) ( NP ( NNP Seattle ) ) ) ( NP-SBJ ( DT a ) ( NNP Boeing ) ( NN spokesman ) ) ( VP ( VBD explained ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( PP-LOC-PRD ( IN in ) ( NP ( NP ( JJ constant ) ( NN communication ) ) ( PP ( IN with ) ( NP ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS customers ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ impossible ) ) ( S-2 ( VP ( TO to ) ( VP ( VB predict ) ( SBAR-NOM ( WHNP-3 ( WP what ) ( JJ further ) ( NNS disruptions ) ) ( S ( VP ( MD might ) ( VP ( VB be ) ( VP ( VBN triggered ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN strike ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


Meanwhile supervisors and non-striking employees have been trying to finish some 40 aircraft mostly 747 and 767 jumbo jets at the company 's Everett Wash. plant that were all but completed before the walkout

( S ( ADVP-TMP ( RB Meanwhile ) ) ( NP-SBJ-2 ( NP ( NNS supervisors ) ) ( CC and ) ( NP ( JJ non-striking ) ( NNS employees ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB finish ) ( NP ( NP ( QP ( RB some ) ( CD 40 ) ) ( NNS aircraft ) ) ( PRN ( NP ( NP ( RB mostly ) ( NNP 747 ) ( CC and ) ( NNP 767 ) ( JJ jumbo ) ( NNS jets ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NAC-LOC ( NNP Everett ) ( NNP Wash. ) ) ( NN plant ) ) ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD were ) ( VP ( ADVP ( RB all ) ( RB but ) ) ( VBN completed ) ( PP-TMP ( IN before ) ( NP ( DT the ) ( NN walkout ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


As of Friday four had been delivered and a fifth plane a 747-400 was supposed to be flown out over the weekend to Air China

( S ( PP-TMP ( IN As ) ( PP ( IN of ) ( NP ( NNP Friday ) ) ) ) ( S ( NP-SBJ-401 ( CD four ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN delivered ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( NP ( DT a ) ( JJ fifth ) ( NN plane ) ) ( NP ( DT a ) ( NNP 747-400 ) ) ) ( VP ( VBD was ) ( VP ( VBN supposed ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN flown ) ( PRT ( RP out ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( NN weekend ) ) ) ( PP-DIR ( TO to ) ( NP ( NNP Air ) ( NNP China ) ) ) ) ) ) ) ) ) ) )


No date has yet been set to get back to the bargaining table

( S ( NP-SBJ-1 ( NP ( DT No ) ( NN date ) ) ) ( VP ( VBZ has ) ( ADVP-TMP ( RB yet ) ) ( VP ( VBN been ) ( VP ( VBN set ) ( SBAR-2 ( S ( VP ( TO to ) ( VP ( VB get ) ( ADVP-CLR ( RB back ) ( PP ( TO to ) ( NP ( DT the ) ( NN bargaining ) ( NN table ) ) ) ) ) ) ) ) ) ) ) )


We want to make sure they know what they want before they come back said Doug Hammond the federal mediator who has been in contact with both sides since the strike began

( SINV ( S-TPC-4 ( NP-SBJ-3 ( PRP We ) ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB make ) ( S ( ADJP-PRD ( JJ sure ) ) ( SBAR-SBJ ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP know ) ( SBAR ( WHNP-2 ( WP what ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP want ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP come ) ( ADVP-DIR ( RP back ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Doug ) ( NNP Hammond ) ) ( NP ( NP ( DT the ) ( JJ federal ) ( NN mediator ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ has ) ( VP ( VBN been ) ( PP-LOC-PRD ( IN in ) ( NP ( NP ( NN contact ) ) ( PP ( IN with ) ( NP ( DT both ) ( NNS sides ) ) ) ) ) ( SBAR-TMP ( IN since ) ( S ( NP-SBJ ( DT the ) ( NN strike ) ) ( VP ( VBD began ) ) ) ) ) ) ) ) ) ) )


The investment community for one has been anticipating a speedy resolution

( S ( NP-SBJ ( DT The ) ( NN investment ) ( NN community ) ) ( PP ( IN for ) ( NP ( CD one ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG anticipating ) ( NP ( DT a ) ( JJ speedy ) ( NN resolution ) ) ) ) ) )


Though Boeing 's stock price was battered along with the rest of the market Friday it actually has risen over the last two weeks on the strength of new orders

( S ( SBAR-ADV ( NNP Though ) ( S ( NP-SBJ-1 ( NP ( NNP Boeing ) ( POS 's ) ) ( NN stock ) ( NN price ) ) ( VP ( VBD was ) ( VP ( VBN battered ) ( ADVP ( IN along ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN rest ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ( NP-TMP ( NNP Friday ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( ADVP ( RB actually ) ) ( VP ( VBZ has ) ( VP ( VBN risen ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ last ) ( CD two ) ( NNS weeks ) ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN strength ) ) ( PP ( IN of ) ( NP ( JJ new ) ( NNS orders ) ) ) ) ) ) ) )


The market has taken two views that the labor situation will get settled in the short term and that things look very rosy for Boeing in the long term said Howard Rubel an analyst at Cyrus J. Lawrence Inc

( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN market ) ) ( VP ( VBZ has ) ( VP ( VBN taken ) ( NP ( NP ( CD two ) ( NNS views ) ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( DT the ) ( NN labor ) ( NN situation ) ) ( VP ( MD will ) ( VP ( VB get ) ( VP ( VBN settled ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ short ) ( NN term ) ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS things ) ) ( VP ( VBP look ) ( ADJP-PRD ( RB very ) ( JJ rosy ) ) ( PP ( IN for ) ( NP ( NNP Boeing ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ long ) ( NN term ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Howard ) ( NNP Rubel ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NNP Cyrus ) ( NNP J. ) ( NNP Lawrence ) ( NNP Inc ) ) ) ) ) )


Boeing 's shares fell 4 Friday to close at 57.375 in composite trading on the New York Stock Exchange

( S ( NP-SBJ-1 ( NP ( NNP Boeing ) ( POS 's ) ) ( NNS shares ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 4 ) ) ( NP-TMP ( NNP Friday ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB close ) ( PP-CLR ( IN at ) ( NP ( CD 57.375 ) ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( JJ composite ) ( NN trading ) ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ) )


But Mr. Baker said he thinks the earliest a pact could be struck would be the end of this month hinting that the company and union may resume negotiations as early as this week

( S ( CC But ) ( NP-SBJ-3 ( NNP Mr. ) ( NNP Baker ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ thinks ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( RBS earliest ) ) ( SBAR ( S ( NP-SBJ-1 ( DT a ) ( NN pact ) ) ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN struck ) ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN month ) ) ) ) ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG hinting ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN company ) ( CC and ) ( NN union ) ) ( VP ( MD may ) ( VP ( VB resume ) ( NP ( NNS negotiations ) ) ( ADVP-TMP ( ADVP ( RB as ) ( RB early ) ) ( PP ( IN as ) ( NP ( DT this ) ( NN week ) ) ) ) ) ) ) ) ) ) ) )


Still he said it 's possible that the strike could last considerably longer

( S-2 ( ADVP ( RB Still ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) ) ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ possible ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN strike ) ) ( VP ( MD could ) ( VP ( VB last ) ( ADVP ( RB considerably ) ( RBR longer ) ) ) ) ) ) ) )


I would n't expect an immediate resolution to anything

( S ( NP-SBJ ( PRP I ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB expect ) ( NP ( NP ( DT an ) ( JJ immediate ) ( NN resolution ) ) ( PP ( TO to ) ( NP ( NN anything ) ) ) ) ) ) )


Last week Boeing Chairman Frank Shrontz sent striking workers a letter saying that to my knowledge Boeing 's offer represents the best overall three-year contract of any major U.S. industrial firm in recent history

( S ( NP-TMP ( JJ Last ) ( NN week ) ) ( NP-SBJ-1 ( NNP Boeing ) ( NNP Chairman ) ( NNP Frank ) ( NNP Shrontz ) ) ( VP ( VBD sent ) ( NP ( VBG striking ) ( NNS workers ) ) ( NP ( DT a ) ( NN letter ) ) ( S-ADV ( VP ( VBG saying ) ( SBAR ( IN that ) ( S ( PP ( TO to ) ( NP ( PRP$ my ) ( NN knowledge ) ) ) ( NP-SBJ ( NP ( NNP Boeing ) ( POS 's ) ) ( NN offer ) ) ( VP ( VBZ represents ) ( NP ( NP ( DT the ) ( JJS best ) ( JJ overall ) ( JJ three-year ) ( NN contract ) ) ( PP ( IN of ) ( NP ( DT any ) ( JJ major ) ( NNP U.S. ) ( JJ industrial ) ( NN firm ) ) ) ( PP-LOC ( IN in ) ( NP ( JJ recent ) ( NN history ) ) ) ) ) ) ) ) ) ) )


But Mr. Baker called the letter and the company 's offer of a 10 % wage increase over the life of the pact plus bonuses very weak

( S ( CC But ) ( NP-SBJ ( NNP Mr. ) ( NNP Baker ) ) ( VP ( VBD called ) ( S ( NP-SBJ ( NP ( DT the ) ( NN letter ) ) ( CC and ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN offer ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT a ) ( ADJP ( CD 10 ) ( NN % ) ) ( NN wage ) ( NN increase ) ) ( PP-TMP ( IN over ) ( NP ( NP ( DT the ) ( NN life ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN pact ) ) ) ) ) ) ( CC plus ) ( NP ( NNS bonuses ) ) ) ) ) ) ( ADJP-PRD ( RB very ) ( JJ weak ) ) ) ) )


He added that the company miscalculated the union 's resolve and the workers ' disgust with being forced to work many hours overtime

( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD added ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD miscalculated ) ( NP ( NP ( NP ( DT the ) ( NN union ) ( POS 's ) ) ( NN resolve ) ) ( CC and ) ( NP ( NP ( NP ( DT the ) ( NNS workers ) ( POS ' ) ) ( NN disgust ) ) ( PP ( IN with ) ( S-NOM ( VP ( VBG being ) ( VP ( VBN forced ) ( S ( VP ( TO to ) ( VP ( VB work ) ( NP ( JJ many ) ( NNS hours ) ) ( ADVP ( RB overtime ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


In separate developments Talks have broken off between Machinists representatives at Lockheed Corp. and the Calabasas Calif. aerospace company

( S ( PP-LOC ( IN In ) ( NP ( JJ separate ) ( NNS developments ) ) ) ( NP-SBJ ( NP ( NNS Talks ) ) ) ( VP ( VBP have ) ( VP ( VBN broken ) ( PRT ( RP off ) ) ( PP-1 ( IN between ) ( NP ( NP ( NP ( NNPS Machinists ) ( NNS representatives ) ) ( PP-LOC ( IN at ) ( NP ( NNP Lockheed ) ( NNP Corp. ) ) ) ) ( CC and ) ( NP ( DT the ) ( NAC-LOC ( NNP Calabasas ) ( NNP Calif. ) ) ( NN aerospace ) ( NN company ) ) ) ) ) ) )


The union is continuing to work through its expired contract however

( S ( NP-SBJ-1 ( DT The ) ( NN union ) ) ( VP ( VBZ is ) ( VP ( VBG continuing ) ( S ( VP ( TO to ) ( VP ( VB work ) ( PP-CLR ( IN through ) ( NP ( PRP$ its ) ( JJ expired ) ( NN contract ) ) ) ) ) ) ( ADVP ( RB however ) ) ) ) )


It had planned a strike vote for next Sunday but that has been pushed back indefinitely

( S ( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD had ) ( VP ( VBN planned ) ( NP ( DT a ) ( NN strike ) ( NN vote ) ) ( PP-PRP ( IN for ) ( NP ( JJ next ) ( NNP Sunday ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( IN that ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN pushed ) ( PRT ( RP back ) ) ( ADVP-TMP ( RB indefinitely ) ) ) ) ) ) )


United Auto Workers Local 1069 which represents 3,000 workers at Boeing 's helicopter unit in Delaware County Pa. said it agreed to extend its contract on a day-by-day basis with a 10-day notification to cancel while it continues bargaining

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The accord expired yesterday

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And Boeing on Friday said it received an order from Martinair Holland for four model 767-300 wide-body jetliners valued at a total of about 326 million

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The planes long range versions of the medium-haul twin-jet will be delivered with Pratt & Whitney PW4060 engines

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Pratt & Whitney is a unit of United Technologies Inc

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Martinair Holland is based in Amsterdam

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A Boeing spokeswoman said a delivery date for the planes is still being worked out for a variety of reasons but not because of the strike

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Bridget O'Brian contributed to this article

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Concerning your Sept. 21 page-one article on Prince Charles and the leeches It 's a few hundred years since England has been a kingdom

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It 's now the United Kingdom of Great Britain and Northern Ireland comprising Wales Northern Ireland Scotland and oh yes England too

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Just thought you 'd like to know

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George Morton


If a hostile predator emerges for Saatchi & Saatchi Co. co-founders Charles and Maurice Saatchi will lead a management buy-out attempt an official close to the company said

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Financing for any takeover attempt may be problematic in the wake of Friday 's stock-market sell-off in New York and turmoil in the junk-bond market

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But the beleaguered British advertising and consulting giant which last week named a new chief executive officer to replace Maurice Saatchi has been the subject of intense takeover speculation for weeks

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Last week Saatchi 's largest shareholder Southeastern Asset Management said it had been approached by one or more third parties interested in a possible restructuring

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And Carl Spielvogel chief executive officer of Saatchi 's big Backer Spielvogel Bates advertising unit said he had offered to lead a management buy-out of the company but was rebuffed by Charles Saatchi

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Mr. Spielvogel said he would n't launch a hostile bid

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The executive close to Saatchi & Saatchi said that if a bidder came up with a ludicrously high offer a crazy offer which Saatchi knew it could n't beat it would have no choice but to recommend it to shareholders

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But otherwise it would undoubtedly come back with an offer by management

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The executive said any buy-out would be led by the current board whose chairman is Maurice Saatchi and whose strategic guiding force is believed to be Charles Saatchi

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Mr. Spielvogel is n't part of the board nor are any of the other heads of Saatchi 's big U.S.-based ad agencies

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The executive did n't name any price but securities analysts have said Saatchi would fetch upward of 1.3 billion

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