Revenue rose to 225.5 million from 161.8 million

( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 225.5 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 161.8 ) ( CD million ) ) ) ) ) )


Valley Federal Savings & Loan Association said Imperial Corp. of America withdrew from regulators its application to buy five Valley Federal branches leaving the transaction in limbo

( S ( NP-SBJ ( NNP Valley ) ( NNP Federal ) ( NNP Savings ) ( CC & ) ( NNP Loan ) ( NNP Association ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( NNP Imperial ) ( NNP Corp. ) ) ( PP ( IN of ) ( NP ( NNP America ) ) ) ) ( VP ( VBD withdrew ) ( PP-CLR ( IN from ) ( NP ( NNS regulators ) ) ) ( NP ( PRP$ its ) ( NN application ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( CD five ) ( NNP Valley ) ( NNP Federal ) ( NNS branches ) ) ) ) ) ) ( S-ADV ( VP ( VBG leaving ) ( NP ( DT the ) ( NN transaction ) ) ( PP-LOC-CLR ( IN in ) ( NP ( NN limbo ) ) ) ) ) ) ) ) ) )


The broken purchase appears as additional evidence of trouble at Imperial Corp. whose spokesman said the company withdrew its application from the federal Office of Thrift Supervision because of an informal notice that Imperial 's thrift unit failed to meet Community Reinvestment Act requirements

( S ( NP-SBJ ( DT The ) ( JJ broken ) ( NN purchase ) ) ( VP ( VBZ appears ) ( PP-CLR ( IN as ) ( NP ( NP ( JJ additional ) ( NN evidence ) ) ( PP ( IN of ) ( NP ( NP ( NN trouble ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Imperial ) ( NNP Corp. ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( NN spokesman ) ) ( S ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD withdrew ) ( NP ( PRP$ its ) ( NN application ) ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( JJ federal ) ( NNP Office ) ) ( PP ( IN of ) ( NP ( NNP Thrift ) ( NNP Supervision ) ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( DT an ) ( JJ informal ) ( NN notice ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NP ( NNP Imperial ) ( POS 's ) ) ( NN thrift ) ( NN unit ) ) ( VP ( VBD failed ) ( S ( VP ( TO to ) ( VP ( VB meet ) ( NP ( NP ( NNP Community ) ( NNP Reinvestment ) ( NNP Act ) ) ( NNS requirements ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


The Community Reinvestment Act requires savings and loan associations to lend money in amounts related to areas where deposits are received

( S ( NP-SBJ ( DT The ) ( NNP Community ) ( NNP Reinvestment ) ( NNP Act ) ) ( VP ( VBZ requires ) ( S ( NP-SBJ ( NNS savings ) ( CC and ) ( NN loan ) ( NNS associations ) ) ( VP ( TO to ) ( VP ( VB lend ) ( NP ( NN money ) ) ( PP ( IN in ) ( NP ( NP ( NNS amounts ) ) ( ADJP ( VBN related ) ( PP ( TO to ) ( NP ( NP ( NNS areas ) ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ-1 ( NNS deposits ) ) ( VP ( VBP are ) ( VP ( VBN received ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


The transaction announced in August included about 146 million in deposits at the five outlets in California 's San Joaquin Valley

( S ( NP-SBJ-1 ( DT The ) ( NN transaction ) ) ( S-ADV ( VP ( VBN announced ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ) ( VP ( VBN included ) ( NP ( NP ( QP ( RB about ) ( CD 146 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NP ( NNS deposits ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( CD five ) ( NNS outlets ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP California ) ( POS 's ) ) ( NNP San ) ( NNP Joaquin ) ( NNP Valley ) ) ) ) ) ) ) ) ) )


Terms were n't disclosed but Valley Federal had said it expected to post a modest pretax gain and to save about 2 million in operating costs annually

( S ( S ( NP-SBJ-1 ( NNS Terms ) ) ( VP ( VBD were ) ( RB n't ) ( VP ( VBN disclosed ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NNP Valley ) ( NNP Federal ) ) ( VP ( VBD had ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBD expected ) ( S ( VP ( VP ( TO to ) ( VP ( VB post ) ( NP ( DT a ) ( JJ modest ) ( JJ pretax ) ( NN gain ) ) ) ) ( CC and ) ( VP ( TO to ) ( VP ( VB save ) ( NP ( NP ( QP ( RB about ) ( CD 2 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NN operating ) ( NNS costs ) ) ) ) ( ADVP-TMP ( RB annually ) ) ) ) ) ) ) ) ) ) ) ) )


Valley Federal said Friday that it is considering whether to seek another buyer for the branches or to pursue the transaction with Imperial Corp. which said it is attempting to meet Community Reinvestment Act requirements

( S ( NP-SBJ ( NNP Valley ) ( NNP Federal ) ) ( VP ( VBD said ) ( NP-TMP ( NNP Friday ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBG considering ) ( SBAR ( IN whether ) ( S ( VP ( VP ( TO to ) ( VP ( VB seek ) ( NP ( NP ( DT another ) ( NN buyer ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNS branches ) ) ) ) ) ) ( CC or ) ( VP ( TO to ) ( VP ( VB pursue ) ( NP ( NP ( DT the ) ( NN transaction ) ) ( PP ( IN with ) ( NP ( NP ( NNP Imperial ) ( NNP Corp. ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-3 ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBG attempting ) ( S ( VP ( TO to ) ( VP ( VB meet ) ( NP ( NNP Community ) ( NNP Reinvestment ) ( NNP Act ) ( NNS requirements ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


Valley Federal with assets of 3.3 billion is based in Van Nuys

( S ( NP-SBJ-1 ( NP ( NNP Valley ) ( NNP Federal ) ) ( PP ( IN with ) ( NP ( NP ( NNS assets ) ) ( PP ( IN of ) ( NP ( QP ( CD 3.3 ) ( CD billion ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NNP Van ) ( NNP Nuys ) ) ) ) ) )


Imperial Corp. based in San Diego is the parent of Imperial Savings & Loan

( S ( NP-SBJ ( NP ( NNP Imperial ) ( NNP Corp. ) ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NNP San ) ( NNP Diego ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN parent ) ) ( PP ( IN of ) ( NP ( NNP Imperial ) ( NNP Savings ) ( CC & ) ( NNP Loan ) ) ) ) ) )


In the first six months of the year it posted a net loss of 33.1 million

( S ( PP-TMP ( IN In ) ( NP ( NP ( DT the ) ( JJ first ) ( CD six ) ( NNS months ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN year ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD posted ) ( NP ( NP ( DT a ) ( JJ net ) ( NN loss ) ) ( PP ( IN of ) ( NP ( QP ( CD 33.1 ) ( CD million ) ) ) ) ) ) )


Call it the we 're too broke to fight defense

( S ( VP ( VB Call ) ( S ( NP-SBJ ( PRP it ) ) ( NP-PRD ( DT the ) ( S-TTL ( NP-SBJ-1 ( PRP we ) ) ( VP ( VBP 're ) ( ADJP-PRD ( RB too ) ( JJ broke ) ( S ( VP ( TO to ) ( VP ( VB fight ) ) ) ) ) ) ) ( NN defense ) ) ) ) )


Lawyers for dozens of insolvent savings and loan associations are trying a new tack in their efforts to defuse suits filed by borrowers developers and creditors

( S ( NP-SBJ ( NP ( NNS Lawyers ) ) ( PP ( IN for ) ( NP ( NP ( NNS dozens ) ) ( PP ( IN of ) ( NP ( JJ insolvent ) ( NNS savings ) ( CC and ) ( NN loan ) ( NNS associations ) ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBG trying ) ( NP ( DT a ) ( JJ new ) ( NN tack ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ their ) ( NNS efforts ) ( S ( VP ( TO to ) ( VP ( VB defuse ) ( NP ( NP ( NNS suits ) ) ( VP ( VBN filed ) ( PP ( IN by ) ( NP-LGS ( NNS borrowers ) ( NNS developers ) ( CC and ) ( NNS creditors ) ) ) ) ) ) ) ) ) ) ) ) )


The thrifts ' lawyers claim that the suits numbering 700 to 1,000 in Texas alone should be dismissed as moot because neither the S&Ls nor the extinct Federal Savings and Loan Insurance Corp. has the money to pay judgments

( S ( NP-SBJ ( NP ( DT The ) ( NNS thrifts ) ( POS ' ) ) ( NNS lawyers ) ) ( VP ( VBP claim ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( NNS suits ) ) ( VP ( VBG numbering ) ( NP ( CD 700 ) ( TO to ) ( CD 1,000 ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Texas ) ) ( ADVP ( RB alone ) ) ) ) ) ) ( VP ( MD should ) ( VP ( VB be ) ( VP ( VBN dismissed ) ( PP-CLR ( RB as ) ( ADJP ( JJ moot ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( CC neither ) ( NP ( DT the ) ( NNS S&Ls ) ) ( CC nor ) ( NP ( DT the ) ( JJ extinct ) ( NNP Federal ) ( NNP Savings ) ( CC and ) ( NNP Loan ) ( NNP Insurance ) ( NNP Corp. ) ) ) ( VP ( VBZ has ) ( NP ( NP ( DT the ) ( NN money ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB pay ) ( NP ( NNS judgments ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


Though the argument may have a common-sense ring to it even the S&L lawyers concede there 's little precedent to back their position

( S ( SBAR-ADV ( IN Though ) ( S ( NP-SBJ ( DT the ) ( NN argument ) ) ( VP ( MD may ) ( VP ( VB have ) ( NP ( DT a ) ( NN common-sense ) ( NN ring ) ) ( PP-CLR ( TO to ) ( NP ( PRP it ) ) ) ) ) ) ) ( NP-SBJ ( RB even ) ( DT the ) ( NN S&L ) ( NNS lawyers ) ) ( VP ( VB concede ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( RB little ) ( JJ precedent ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB back ) ( NP ( PRP$ their ) ( NN position ) ) ) ) ) ) ) ) ) ) ) )


Still one federal appeals court has signaled it 's willing to entertain the notion and the lawyers have renewed their arguments in Texas and eight other states where the defense is permitted under state law

( S ( ADVP ( RB Still ) ) ( S ( NP-SBJ ( CD one ) ( JJ federal ) ( NNS appeals ) ( NN court ) ) ( VP ( VBZ has ) ( VP ( VBN signaled ) ( SBAR ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ willing ) ( S ( VP ( TO to ) ( VP ( VB entertain ) ( NP ( DT the ) ( NN notion ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NNS lawyers ) ) ( VP ( VBP have ) ( VP ( VBN renewed ) ( NP ( PRP$ their ) ( NNS arguments ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NP ( NNP Texas ) ) ( CC and ) ( NP ( CD eight ) ( JJ other ) ( NNS states ) ) ) ( SBAR ( WHADVP-3 ( WRB where ) ) ( S ( NP-SBJ-1 ( DT the ) ( NN defense ) ) ( VP ( VBZ is ) ( VP ( VBN permitted ) ( PP-LOC ( IN under ) ( NP ( NN state ) ( NN law ) ) ) ) ) ) ) ) ) ) ) ) )


The dismissal of the pending suits could go a long way toward clearing court dockets in Texas and reducing the FSLIC 's massive legal bills which topped 73 million last year

( S ( NP-SBJ ( NP ( DT The ) ( NN dismissal ) ) ( PP ( IN of ) ( NP ( DT the ) ( VBG pending ) ( NNS suits ) ) ) ) ( VP ( MD could ) ( VP ( VB go ) ( NP ( DT a ) ( JJ long ) ( NN way ) ) ( PP-DIR ( IN toward ) ( S-NOM ( VP ( VP ( VBG clearing ) ( NP ( NP ( NN court ) ( NNS dockets ) ) ( PP-LOC ( IN in ) ( NP ( NNP Texas ) ) ) ) ) ( CC and ) ( VP ( VBG reducing ) ( NP ( NP ( NP ( DT the ) ( NNP FSLIC ) ( POS 's ) ) ( JJ massive ) ( JJ legal ) ( NNS bills ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD topped ) ( NP ( QP ( CD 73 ) ( CD million ) ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) )


The S&L lawyers were encouraged last month by an appellate-court ruling in two cases brought against defunct Sunbelt Savings & Loan Association of Dallas by the developers of the Valley Ranch best known as the training center for the Dallas Cowboys football team

( S ( NP-SBJ-1 ( DT The ) ( NN S&L ) ( NNS lawyers ) ) ( VP ( VBD were ) ( VP ( VBN encouraged ) ( NP-TMP ( JJ last ) ( NN month ) ) ( PP ( IN by ) ( NP-LGS ( NP ( DT an ) ( NN appellate-court ) ( NN ruling ) ) ( PP-LOC ( IN in ) ( NP ( NP ( CD two ) ( NNS cases ) ) ( VP ( VBN brought ) ( PP-CLR ( IN against ) ( NP ( NP ( JJ defunct ) ( NNP Sunbelt ) ( NNP Savings ) ( CC & ) ( NNP Loan ) ( NNP Association ) ) ( PP ( IN of ) ( NP ( NNP Dallas ) ) ) ) ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NNS developers ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Valley ) ( NNP Ranch ) ) ( VP ( ADVP-MNR ( RB best ) ) ( VBN known ) ( PP-CLR ( IN as ) ( NP ( NP ( DT the ) ( NN training ) ( NN center ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNP Dallas ) ( NNP Cowboys ) ( NN football ) ( NN team ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


Sunbelt foreclosed on the ranch

( S ( NP-SBJ ( NNP Sunbelt ) ) ( VP ( VBD foreclosed ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NN ranch ) ) ) ) )


Sunbelt and the FSLIC argued to the Fifth U.S. Circuit Court of Appeals that there will never be any assets with which to satisfy a judgment against Sunbelt Savings nor any means to collect from any other party including FSLIC

( S ( NP-SBJ ( NP ( NNP Sunbelt ) ) ( CC and ) ( NP ( DT the ) ( NNP FSLIC ) ) ) ( VP ( VBD argued ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NNP Fifth ) ( NNP U.S. ) ( NNP Circuit ) ( NNP Court ) ) ( PP ( IN of ) ( NP ( NNP Appeals ) ) ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( EX there ) ) ( VP ( MD will ) ( ADVP-TMP ( RB never ) ) ( VP ( VB be ) ( NP-PRD ( NP ( NP ( DT any ) ( NNS assets ) ) ( SBAR ( WHPP-1 ( IN with ) ( WHNP ( WDT which ) ) ) ( S ( VP ( TO to ) ( VP ( VB satisfy ) ( NP ( NP ( DT a ) ( NN judgment ) ) ( PP ( IN against ) ( NP ( NNP Sunbelt ) ( NNP Savings ) ) ) ) ) ) ) ) ) ( CC nor ) ( NP ( NP ( DT any ) ( NNS means ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB collect ) ( PP-CLR ( IN from ) ( NP ( NP ( DT any ) ( JJ other ) ( NN party ) ) ( PP ( VBG including ) ( NP ( NNP FSLIC ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


If true the court wrote this contention would justify dismissal of these actions on prudential grounds

( S-1 ( SBAR-ADV ( IN If ) ( FRAG ( ADJP ( JJ true ) ) ) ) ( PRN ( S ( NP-SBJ ( DT the ) ( NN court ) ) ( VP ( VBD wrote ) ) ) ) ( NP-SBJ ( DT this ) ( NN contention ) ) ( VP ( MD would ) ( VP ( VB justify ) ( NP ( NP ( NN dismissal ) ) ( PP ( IN of ) ( NP ( DT these ) ( NNS actions ) ) ) ) ( PP-PRP ( IN on ) ( NP ( JJ prudential ) ( NNS grounds ) ) ) ) ) )


But the court said it lacked enough financial information about Sunbelt and the FSLIC and sent the cases back to federal district court in Dallas

( S ( CC But ) ( NP-SBJ ( DT the ) ( NN court ) ) ( VP ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD lacked ) ( NP ( NP ( RB enough ) ( JJ financial ) ( NN information ) ) ( PP ( IN about ) ( NP ( NP ( NNP Sunbelt ) ) ( CC and ) ( NP ( DT the ) ( NNP FSLIC ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBD sent ) ( NP ( DT the ) ( NNS cases ) ) ( ADVP-DIR ( RB back ) ( PP ( TO to ) ( NP ( NP ( JJ federal ) ( NN district ) ( NN court ) ) ( PP-LOC ( IN in ) ( NP ( NNP Dallas ) ) ) ) ) ) ) ) )


Charles Haworth a lawyer for Sunbelt says he plans to file a brief this week urging the district judge to dismiss the suits because Sunbelt 's liabilities exceeded its assets by about 2 billion when federal regulators closed it in August 1988

( S ( NP-SBJ ( NP ( NNP Charles ) ( NNP Haworth ) ) ( NP ( NP ( DT a ) ( NN lawyer ) ) ( PP ( IN for ) ( NP ( NNP Sunbelt ) ) ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-2 ( PRP he ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB file ) ( NP ( NP ( DT a ) ( NN brief ) ) ) ( NP-TMP ( DT this ) ( NN week ) ) ( VP-3 ( VBG urging ) ( NP-1 ( DT the ) ( NN district ) ( NN judge ) ) ( S ( VP ( TO to ) ( VP ( VB dismiss ) ( NP ( DT the ) ( NNS suits ) ) ) ) ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( NP ( NNP Sunbelt ) ( POS 's ) ) ( NNS liabilities ) ) ( VP ( VBD exceeded ) ( NP ( PRP$ its ) ( NNS assets ) ) ( PP-EXT ( IN by ) ( NP ( QP ( RB about ) ( CD 2 ) ( CD billion ) ) ) ) ( SBAR-TMP ( WHADVP-4 ( WRB when ) ) ( S ( NP-SBJ ( JJ federal ) ( NNS regulators ) ) ( VP ( VBD closed ) ( NP ( PRP it ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ( CD 1988 ) ) ) ) ) ) ) ) ) ) ) ) ) )


This institution is just brain dead says Mr. Haworth a partner in the Dallas office of Andrews & Kurth a Houston law firm

( SINV ( S-TPC-1 ( NP-SBJ ( DT This ) ( NN institution ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB just ) ( NN brain ) ( JJ dead ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Haworth ) ) ( NP ( NP ( DT a ) ( NN partner ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNP Dallas ) ( NN office ) ) ( PP ( IN of ) ( NP ( NP ( NNP Andrews ) ( CC & ) ( NNP Kurth ) ) ( NP ( DT a ) ( NNP Houston ) ( NN law ) ( NN firm ) ) ) ) ) ) ) ) )


But a lawyer for Triland Investment Group the developer of Valley Ranch dismisses such arguments as a defense du jour

( S ( CC But ) ( NP-SBJ ( NP ( DT a ) ( NN lawyer ) ) ( PP ( IN for ) ( NP ( NP ( NNP Triland ) ( NNP Investment ) ( NNP Group ) ) ( NP ( NP ( DT the ) ( NN developer ) ) ( PP ( IN of ) ( NP ( NNP Valley ) ( NNP Ranch ) ) ) ) ) ) ) ( VP ( VBZ dismisses ) ( NP ( JJ such ) ( NNS arguments ) ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( NN defense ) ( FW du ) ( FW jour ) ) ) ) )


Attorney Richard Jackson of Dallas says a judgment for Triland could be satisfied in ways other than a monetary award including the reversal of Sunbelt 's foreclosure on Valley Ranch

( S ( NP-SBJ ( NP ( NNP Attorney ) ( NNP Richard ) ( NNP Jackson ) ) ( PP ( IN of ) ( NP ( NNP Dallas ) ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT a ) ( NN judgment ) ) ( PP ( IN for ) ( NP ( NNP Triland ) ) ) ) ( VP ( MD could ) ( VP ( VB be ) ( VP ( JJ satisfied ) ( PP-MNR ( IN in ) ( NP ( NP ( NNS ways ) ) ( ADJP ( JJ other ) ( PP ( IN than ) ( NP ( DT a ) ( JJ monetary ) ( NN award ) ) ) ) ( PP ( VBG including ) ( NP ( NP ( DT the ) ( NN reversal ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Sunbelt ) ( POS 's ) ) ( NN foreclosure ) ) ( PP ( IN on ) ( NP ( NNP Valley ) ( NNP Ranch ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


We 're asking the court for a number of things he can grant in addition to the thrill of victory he says

( S ( S-TPC-2 ( NP-SBJ ( PRP We ) ) ( VP ( VBP 're ) ( VP ( VBG asking ) ( NP ( DT the ) ( NN court ) ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( NN number ) ) ( PP ( IN of ) ( NP ( NP ( NNS things ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD can ) ( VP ( VB grant ) ) ) ) ) ) ) ( PP ( IN in ) ( NP ( NP ( NN addition ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN thrill ) ) ( PP ( IN of ) ( NP ( NN victory ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )


We 'd take the Valley Ranch free and clear as a booby prize

( S ( NP-SBJ ( PRP We ) ) ( VP ( MD 'd ) ( VP ( VB take ) ( NP ( DT the ) ( NNP Valley ) ( NNP Ranch ) ) ( ADVP-MNR ( JJ free ) ( CC and ) ( JJ clear ) ) ( PP ( IN as ) ( NP ( DT a ) ( JJ booby ) ( NN prize ) ) ) ) ) )


Do n't jump yet

( S ( VP ( VB Do ) ( RB n't ) ( VP ( VB jump ) ( ADVP-TMP ( RB yet ) ) ) ) )


The stock market 's swoon may turn out to be good news for the economy

( S ( NP-SBJ-1 ( NP ( DT The ) ( NN stock ) ( NN market ) ( POS 's ) ) ( NN swoon ) ) ( VP ( MD may ) ( VP ( VB turn ) ( PRT ( RP out ) ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( JJ good ) ( NN news ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN economy ) ) ) ) ) ) ) ) ) )


In one wild hour of trading the market managed to accomplish what the Bush administration has been trying to do unsuccessfully for weeks

( S ( PP-TMP ( IN In ) ( NP ( NP ( CD one ) ( JJ wild ) ( NN hour ) ) ( PP ( IN of ) ( NP ( VBG trading ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN market ) ) ( VP ( VBD managed ) ( S ( VP ( TO to ) ( VP ( VB accomplish ) ( SBAR-NOM ( WHNP-3 ( WP what ) ) ( S ( NP-SBJ-2 ( DT the ) ( NNP Bush ) ( NN administration ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB do ) ) ) ) ( ADVP-MNR ( RB unsuccessfully ) ) ( PP-TMP ( IN for ) ( NP ( NNS weeks ) ) ) ) ) ) ) ) ) ) ) ) )


It is forcing the Federal Reserve to ease its grip on credit and it took the wind out of a previously irrepressible dollar

( S ( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( VP ( VBG forcing ) ( S ( NP-SBJ ( DT the ) ( NNP Federal ) ( NNP Reserve ) ) ( VP ( TO to ) ( VP ( VB ease ) ( NP ( NP ( PRP$ its ) ( NN grip ) ) ( PP ( IN on ) ( NP ( NN credit ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD took ) ( NP ( DT the ) ( NN wind ) ) ( ADVP-DIR ( IN out ) ( PP ( IN of ) ( NP ( DT a ) ( ADJP ( RB previously ) ( JJ irrepressible ) ) ( NN dollar ) ) ) ) ) ) )


The resulting decline in interest rates and the value of the dollar could reinvigorate American business indeed the entire economy

( S ( NP-SBJ ( NP ( NP ( DT The ) ( VBG resulting ) ( NN decline ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NN interest ) ( NNS rates ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN value ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN dollar ) ) ) ) ) ) ) ) ( VP ( MD could ) ( VP ( VB reinvigorate ) ( NP ( NP ( JJ American ) ( NN business ) ) ( RB indeed ) ( NP ( DT the ) ( JJ entire ) ( NN economy ) ) ) ) ) )


This may sound strangely optimistic

( S ( NP-SBJ ( DT This ) ) ( VP ( MD may ) ( VP ( VB sound ) ( ADJP-PRD ( RB strangely ) ( JJ optimistic ) ) ) ) )


After all until a few years ago the stock market was viewed as a barometer of the national economy

( S ( PP ( IN After ) ( NP ( DT all ) ) ) ( PP-TMP ( IN until ) ( ADVP ( NP ( DT a ) ( JJ few ) ( NNS years ) ) ( RB ago ) ) ) ( NP-SBJ-1 ( DT the ) ( NN stock ) ( NN market ) ) ( VP ( VBD was ) ( VP ( VBN viewed ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( NN barometer ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ national ) ( NN economy ) ) ) ) ) ) ) )


When it went down by all tradition the economy followed

( S ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD went ) ( ADVP-DIR ( RB down ) ) ) ) ) ( PP ( IN by ) ( NP ( DT all ) ( NN tradition ) ) ) ( NP-SBJ ( DT the ) ( NN economy ) ) ( VP ( VBD followed ) ) )


That has changed partly because the two years following the worst stock-market plunge in history have been reasonably comfortable

( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ has ) ( VP ( VBN changed ) ( SBAR-PRP ( ADVP ( RB partly ) ) ( IN because ) ( S ( NP-SBJ ( NP ( DT the ) ( CD two ) ( NNS years ) ) ( PP-TMP ( VBG following ) ( NP ( NP ( DT the ) ( JJS worst ) ( NN stock-market ) ( NN plunge ) ) ( PP-LOC ( IN in ) ( NP ( NN history ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( ADJP-PRD ( RB reasonably ) ( JJ comfortable ) ) ) ) ) ) ) ) )


The 1987 crash was a false alarm however you view it says University of Chicago economist Victor Zarnowitz

( SINV ( S-TPC-2 ( NP-SBJ ( DT The ) ( CD 1987 ) ( NN crash ) ) ( VP ( VBD was ) ( NP-PRD ( DT a ) ( JJ false ) ( NN alarm ) ) ( SBAR ( WHADVP-1 ( WRB however ) ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP view ) ( NP ( PRP it ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NAC ( NNP University ) ( PP ( IN of ) ( NP ( NNP Chicago ) ) ) ) ( NN economist ) ( NNP Victor ) ( NNP Zarnowitz ) ) )


The market seems increasingly disconnected from the rest of the nation

( S ( NP-SBJ ( DT The ) ( NN market ) ) ( VP ( VBZ seems ) ( ADJP-PRD ( RB increasingly ) ( JJ disconnected ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NN rest ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN nation ) ) ) ) ) ) ) )


Its spasms ca n't be traced to fundamental business conditions nor do they appear to presage major shifts in the economy

( S ( S ( NP-SBJ-1 ( PRP$ Its ) ( NNS spasms ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN traced ) ( PP-CLR ( TO to ) ( NP ( JJ fundamental ) ( NN business ) ( NNS conditions ) ) ) ) ) ) ) ( CC nor ) ( SINV ( VB do ) ( NP-SBJ-2 ( PRP they ) ) ( VP ( VBP appear ) ( S ( VP ( TO to ) ( VP ( VB presage ) ( NP ( NP ( JJ major ) ( NNS shifts ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN economy ) ) ) ) ) ) ) ) ) )


The market today has a life of its own John Akers chairman of International Business Machines Corp. said Saturday

( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN market ) ( NN today ) ) ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( NN life ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ own ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP John ) ( NNP Akers ) ) ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NNP International ) ( NNP Business ) ( NNP Machines ) ( NNP Corp. ) ) ) ) ) ( VP ( VBD said ) ( NP-TMP ( NNP Saturday ) ) ) )


There 's nothing rational about this kind of action

( S ( NP-SBJ ( EX There ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( NN nothing ) ) ( ADJP ( JJ rational ) ( PP ( IN about ) ( NP ( NP ( DT this ) ( NN kind ) ) ( PP ( IN of ) ( NP ( NN action ) ) ) ) ) ) ) ) )


Of course the health of the economy will be threatened if the market continues to dive this week

( S ( PP ( IN Of ) ( NP ( NN course ) ) ) ( NP-SBJ-1 ( NP ( DT the ) ( NN health ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN economy ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN threatened ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-2 ( DT the ) ( NN market ) ) ( VP ( VBZ continues ) ( S ( VP ( TO to ) ( VP ( VB dive ) ) ) ) ( NP-TMP ( DT this ) ( NN week ) ) ) ) ) ) ) ) )


Sharply falling stock prices do reduce consumer wealth damage business confidence and discourage the foreign investors upon whom the U.S. now relies for financial sustenance

( S ( NP-SBJ ( ADJP ( RB Sharply ) ( VBG falling ) ) ( NN stock ) ( NNS prices ) ) ( VP ( VBP do ) ( VP ( VP ( VB reduce ) ( NP ( NN consumer ) ( NN wealth ) ) ) ( VP ( VB damage ) ( NP ( NN business ) ( NN confidence ) ) ) ( CC and ) ( VP ( VB discourage ) ( NP ( NP ( DT the ) ( JJ foreign ) ( NNS investors ) ) ( SBAR ( WHPP-1 ( IN upon ) ( WHNP ( WP whom ) ) ) ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBZ relies ) ( PP-PRP ( IN for ) ( NP ( JJ financial ) ( NN sustenance ) ) ) ) ) ) ) ) ) ) )


The financial-services industry was battered by the 1987 crash

( S ( NP-SBJ-1 ( DT The ) ( NNS financial-services ) ( NN industry ) ) ( VP ( VBD was ) ( VP ( VBN battered ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( CD 1987 ) ( NN crash ) ) ) ) ) )


What 's more although the stock market is far less overvalued today than two years ago the U.S. economy is weaker

( S ( SBAR-ADV ( WHNP-1 ( WP What ) ) ( S ( VP ( VBZ 's ) ( NP-PRD ( JJR more ) ) ) ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ ( DT the ) ( NN stock ) ( NN market ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( ADVP ( RB far ) ( RBR less ) ) ( JJ overvalued ) ) ) ( NP-TMP ( NN today ) ) ( PP-2 ( IN than ) ( ADVP ( NP ( CD two ) ( NNS years ) ) ( RB ago ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP U.S. ) ( NN economy ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJR weaker ) ) ) )


Growth is slower

( S ( NP-SBJ ( NN Growth ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJR slower ) ) ) )


Profits are softer

( S ( NP-SBJ ( NNS Profits ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJR softer ) ) ) )


Debt burdens are heavier

( S ( NP-SBJ ( NN Debt ) ( NNS burdens ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJR heavier ) ) ) )


But if the stock market does n't continue to plummet the beneficial effects of lower interest rates and a lower dollar may well dominate

( S ( CC But ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-1 ( DT the ) ( NN stock ) ( NN market ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB plummet ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( JJ beneficial ) ( NNS effects ) ) ( PP ( IN of ) ( NP ( NP ( JJR lower ) ( NN interest ) ( NNS rates ) ) ( CC and ) ( NP ( DT a ) ( JJR lower ) ( NN dollar ) ) ) ) ) ( VP ( MD may ) ( ADVP ( RB well ) ) ( VP ( VB dominate ) ) ) )


The Fed which until Friday had been resisting moves to ease credit is now poised to pour money into the economy if needed to soothe the markets

( S ( NP-SBJ-3 ( NP ( DT The ) ( NNP Fed ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( PP-TMP ( IN until ) ( NP ( NNP Friday ) ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBG resisting ) ( NP ( NP ( NNS moves ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB ease ) ( NP ( NN credit ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB now ) ) ( VP ( VBN poised ) ( S ( VP ( TO to ) ( VP ( VB pour ) ( NP ( NN money ) ) ( PP-DIR ( IN into ) ( NP ( DT the ) ( NN economy ) ) ) ( SBAR-ADV ( IN if ) ( S ( VP ( VBN needed ) ( S-CLR ( VP ( TO to ) ( VP ( VB soothe ) ( NP ( DT the ) ( NNS markets ) ) ) ) ) ) ) ) ) ) ) ) ) )


Fed officials may protest that this does n't necessarily mean a fundamental change in their interest-rate policies

( S ( NP-SBJ ( NNP Fed ) ( NNS officials ) ) ( VP ( MD may ) ( VP ( VB protest ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT this ) ) ( VP ( VBZ does ) ( RB n't ) ( ADVP ( RB necessarily ) ) ( VP ( VB mean ) ( NP ( NP ( DT a ) ( JJ fundamental ) ( NN change ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ their ) ( NN interest-rate ) ( NNS policies ) ) ) ) ) ) ) ) ) ) )


But the experience of the 1987 crash suggests the Fed is likely to bring down short-term interest rates in its effort to calm markets

( S ( CC But ) ( NP-SBJ ( NP ( DT the ) ( NN experience ) ) ( PP ( IN of ) ( NP ( DT the ) ( CD 1987 ) ( NN crash ) ) ) ) ( VP ( VBZ suggests ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NNP Fed ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB bring ) ( ADVP-DIR ( RP down ) ) ( NP ( JJ short-term ) ( NN interest ) ( NNS rates ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( NN effort ) ( S ( VP ( TO to ) ( VP ( VB calm ) ( NP ( NNS markets ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


Anticipating the Fed 's move money traders lowered a key interest rate known as the Federal Funds rate to 8.625 % late Friday down from 8.820 % the day before

( S ( S-ADV ( VP ( VBG Anticipating ) ( NP ( NP ( DT the ) ( NNP Fed ) ( POS 's ) ) ( NN move ) ) ) ) ( NP-SBJ-1 ( NN money ) ( NNS traders ) ) ( VP ( VBD lowered ) ( NP ( NP ( DT a ) ( JJ key ) ( NN interest ) ( NN rate ) ) ( VP ( VBN known ) ( PP-CLR ( IN as ) ( NP ( DT the ) ( NNP Federal ) ( NNP Funds ) ( NN rate ) ) ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 8.625 ) ( NN % ) ) ) ) ( NP-TMP ( RB late ) ( NNP Friday ) ) ( ADVP-2 ( RB down ) ( PP ( IN from ) ( NP ( NP ( CD 8.820 ) ( NN % ) ) ( NP-TMP ( NP ( DT the ) ( NN day ) ) ( ADVP-TMP ( RB before ) ) ) ) ) ) ) )


Tiny movements in the rate which is what banks charge each other for overnight loans are usually among the few visible tracks that the Fed leaves on the monetary markets

( S ( NP-SBJ ( NP ( JJ Tiny ) ( NNS movements ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN rate ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( SBAR-PRD ( WHNP-3 ( WP what ) ) ( S ( NP-SBJ ( NNS banks ) ) ( VP ( VBP charge ) ( NP ( NP ( DT each ) ) ( ADJP ( JJ other ) ) ) ( PP-PRP ( IN for ) ( NP ( JJ overnight ) ( NNS loans ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB usually ) ) ( PP-LOC-PRD ( IN among ) ( NP ( NP ( DT the ) ( JJ few ) ( JJ visible ) ( NNS tracks ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( NP-SBJ ( DT the ) ( NNP Fed ) ) ( VP ( VBZ leaves ) ( PP-LOC-CLR ( IN on ) ( NP ( DT the ) ( JJ monetary ) ( NNS markets ) ) ) ) ) ) ) ) ) )


The dollar also began to decline Friday as the stock market 's plunge caused some investors to reassess their desire to invest in the U.S.

( S ( NP-SBJ-2 ( DT The ) ( NN dollar ) ) ( ADVP ( RB also ) ) ( VP ( VBD began ) ( S ( VP ( TO to ) ( VP ( VB decline ) ) ) ) ( NP-TMP ( NNP Friday ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NP ( DT the ) ( NN stock ) ( NN market ) ( POS 's ) ) ( NN plunge ) ) ( VP ( VBD caused ) ( S ( NP-SBJ ( DT some ) ( NNS investors ) ) ( VP ( TO to ) ( VP ( VB reassess ) ( NP ( PRP$ their ) ( NN desire ) ( S ( VP ( TO to ) ( VP ( VB invest ) ( PP-CLR ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


Treasury officials have been arguing for months that the dollar 's strength was out of whack with economic fundamentals threatening to extinguish the export boom that has sustained manufacturers for several years

( S ( NP-SBJ ( NNP Treasury ) ( NNS officials ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG arguing ) ( PP-TMP ( IN for ) ( NP ( NNS months ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NP ( DT the ) ( NN dollar ) ( POS 's ) ) ( NN strength ) ) ( VP ( VBD was ) ( ADVP-PRD ( IN out ) ( PP ( IN of ) ( NP ( NP ( NN whack ) ) ( PP ( IN with ) ( NP ( JJ economic ) ( NNS fundamentals ) ) ) ) ) ) ( S-ADV ( VP ( VBG threatening ) ( S ( VP ( TO to ) ( VP ( VB extinguish ) ( NP ( NP ( DT the ) ( NN export ) ( NN boom ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ has ) ( VP ( VBN sustained ) ( NP ( NNS manufacturers ) ) ( PP-TMP ( IN for ) ( NP ( JJ several ) ( NNS years ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


The market drop has now apparently convinced foreign investors that the Treasury was right about the overpriced dollar

( S ( NP-SBJ ( DT The ) ( NN market ) ( NN drop ) ) ( VP ( VBZ has ) ( ADVP-TMP ( RB now ) ) ( ADVP ( RB apparently ) ) ( VP ( VBN convinced ) ( NP ( JJ foreign ) ( NNS investors ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP Treasury ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ right ) ) ( PP ( IN about ) ( NP ( DT the ) ( JJ overpriced ) ( NN dollar ) ) ) ) ) ) ) ) )


A modest drop in the dollar only a modest one mind you would be welcomed by the U.S.

( S ( NP-SBJ-1 ( NP ( DT A ) ( JJ modest ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN dollar ) ) ) ( PRN ( S ( FRAG ( NP ( RB only ) ( DT a ) ( JJ modest ) ( CD one ) ) ) ( VP ( VB mind ) ( NP ( PRP you ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN welcomed ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP U.S. ) ) ) ) ) ) )


That was n't the case in 1987 when the dollar was so weak that some economists and government officials seriously worried that it might collapse producing panic among foreign investors and diminishing the flow of foreign capital to the U.S.

( S ( NP-SBJ ( DT That ) ) ( VP ( VBD was ) ( RB n't ) ( NP-PRD ( DT the ) ( NN case ) ) ( PP-TMP ( IN in ) ( NP ( NP ( CD 1987 ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NN dollar ) ) ( VP ( VBD was ) ( ADJP-PRD ( ADJP ( RB so ) ( JJ weak ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT some ) ( NX ( NX ( NNS economists ) ) ( CC and ) ( NX ( NN government ) ( NNS officials ) ) ) ) ( VP ( ADVP-MNR ( RB seriously ) ) ( VBD worried ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD might ) ( VP ( VB collapse ) ) ( S-ADV ( VP ( VP ( VBG producing ) ( NP ( NP ( NN panic ) ) ( PP-LOC ( IN among ) ( NP ( JJ foreign ) ( NNS investors ) ) ) ) ) ( CC and ) ( VP ( VBG diminishing ) ( NP ( NP ( DT the ) ( NN flow ) ) ( PP ( IN of ) ( NP ( JJ foreign ) ( NN capital ) ) ) ( PP ( TO to ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


Another big difference between 1987 and 1989 is n't so comforting

( S ( NP-SBJ ( NP ( DT Another ) ( JJ big ) ( NN difference ) ) ( PP ( IN between ) ( NP ( CD 1987 ) ( CC and ) ( CD 1989 ) ) ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( RB so ) ( JJ comforting ) ) ) )


In the third quarter of 1987 the economy spurted at an inflation-adjusted annual rate of 5.3 %

( S ( PP-TMP ( IN In ) ( NP ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ( PP ( IN of ) ( NP ( CD 1987 ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN economy ) ) ( VP ( VBD spurted ) ( PP ( IN at ) ( NP ( NP ( DT an ) ( JJ inflation-adjusted ) ( JJ annual ) ( NN rate ) ) ( PP ( IN of ) ( NP ( CD 5.3 ) ( NN % ) ) ) ) ) ) )


The consensus among economists is that it grew a much more sluggish 2.3 % in the third quarter of 1989 which ended two weeks ago

( S ( NP-SBJ ( NP ( DT The ) ( NN consensus ) ) ( PP-LOC ( IN among ) ( NP ( NNS economists ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD grew ) ( NP-EXT ( DT a ) ( ADJP ( RB much ) ( RBR more ) ( JJ sluggish ) ) ( CD 2.3 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NP ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ( PP ( IN of ) ( NP ( CD 1989 ) ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD ended ) ( ADVP-TMP ( NP ( CD two ) ( NNS weeks ) ) ( RB ago ) ) ) ) ) ) ) ) ) ) ) )


The plunge in stock prices is happening at a time when the economy has already slowed down says economist Lawrence Chimerine of WEFA Group a Bala Cynwyd Pa. forecasting company

( SINV ( S-TPC-2 ( NP-SBJ ( NP ( DT The ) ( NN plunge ) ) ( PP-LOC ( IN in ) ( NP ( NN stock ) ( NNS prices ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG happening ) ( PP-TMP ( IN at ) ( NP ( NP ( DT a ) ( NN time ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NN economy ) ) ( VP ( VBZ has ) ( ADVP-TMP ( RB already ) ) ( VP ( VBN slowed ) ( PRT ( RP down ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NN economist ) ( NNP Lawrence ) ( NNP Chimerine ) ) ( PP ( IN of ) ( NP ( NP ( NNP WEFA ) ( NNP Group ) ) ( NP ( DT a ) ( NAC-LOC ( NNP Bala ) ( NNP Cynwyd ) ( NNP Pa. ) ) ( NN forecasting ) ( NN company ) ) ) ) ) )


A lot of pent-up demand is gone

( S ( NP-SBJ ( NP ( DT A ) ( NN lot ) ) ( PP ( IN of ) ( NP ( JJ pent-up ) ( NN demand ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN gone ) ) ) )


Consumer spending did drop in the months following Black Monday 1987 but only slightly and for a short period of time recalls Mr. Zarnowitz a longtime student of business cycles

( SINV ( S-TPC-1 ( NP-SBJ ( NN Consumer ) ( NN spending ) ) ( VP ( VBD did ) ( VP ( VB drop ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NNS months ) ) ( PP-TMP ( VBG following ) ( NP ( NNP Black ) ( NNP Monday ) ( CD 1987 ) ) ) ) ) ( PRN ( CC but ) ( UCP ( ADVP ( RB only ) ( RB slightly ) ) ( CC and ) ( PP-TMP ( IN for ) ( NP ( NP ( DT a ) ( JJ short ) ( NN period ) ) ( PP ( IN of ) ( NP ( NN time ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ recalls ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Zarnowitz ) ) ( NP ( NP ( DT a ) ( JJ longtime ) ( NN student ) ) ( PP ( IN of ) ( NP ( NN business ) ( NNS cycles ) ) ) ) ) )


That was offset by strength elsewhere

( S ( NP-SBJ-1 ( DT That ) ) ( VP ( VBD was ) ( VP ( VBN offset ) ( PP ( IN by ) ( NP-LGS ( NP ( NN strength ) ) ( ADVP-LOC ( RB elsewhere ) ) ) ) ) ) )


The effects were much less severe and less prolonged than some had feared or expected

( S ( NP-SBJ ( DT The ) ( NNS effects ) ) ( VP ( VBD were ) ( ADJP-PRD ( ADJP ( ADJP ( ADVP ( RB much ) ( RBR less ) ) ( JJ severe ) ) ( CC and ) ( ADJP ( RBR less ) ( JJ prolonged ) ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( DT some ) ) ( VP ( VBD had ) ( VP ( VBN feared ) ( CC or ) ( VBN expected ) ) ) ) ) ) ) )


Today he frets exports and business investment spending may be insufficient to pick up the slack if stock prices sink this week and if consumers retrench in reaction

( S-1 ( NP-TMP ( NN Today ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ frets ) ) ) ) ( NP-SBJ-2 ( NP ( NNS exports ) ) ( CC and ) ( NP ( NN business ) ( NN investment ) ( NN spending ) ) ) ( VP ( MD may ) ( VP ( VB be ) ( ADJP-PRD ( JJ insufficient ) ( S ( VP ( TO to ) ( VP ( VB pick ) ( PRT ( RP up ) ) ( NP ( DT the ) ( JJ slack ) ) ) ) ) ) ( SBAR-ADV ( SBAR ( IN if ) ( S ( NP-SBJ ( NN stock ) ( NNS prices ) ) ( VP ( VBP sink ) ( NP-TMP ( DT this ) ( NN week ) ) ) ) ) ( CC and ) ( SBAR ( IN if ) ( S ( NP-SBJ ( NNS consumers ) ) ( VP ( VBP retrench ) ( PP ( IN in ) ( NP ( NN reaction ) ) ) ) ) ) ) ) ) )


What 's more the corporate borrowing binge has n't abated in the past two years

( S ( SBAR-ADV ( WHNP-1 ( WP What ) ) ( S ( VP ( VBZ 's ) ( NP-PRD ( JJR more ) ) ) ) ) ( NP-SBJ ( DT the ) ( JJ corporate ) ( NN borrowing ) ( NN binge ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN abated ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ past ) ( CD two ) ( NNS years ) ) ) ) ) )


We 've had two more years of significant accumulation of debt just at the time when earnings are being squeezed Mr. Chimerine notes

( S ( S-TPC-2 ( NP-SBJ ( PRP We ) ) ( VP ( VBP 've ) ( VP ( VBN had ) ( NP ( NP ( CD two ) ( JJR more ) ( NNS years ) ) ( PP ( IN of ) ( NP ( NP ( JJ significant ) ( NN accumulation ) ) ( PP ( IN of ) ( NP ( NN debt ) ) ) ) ) ) ( PP-TMP ( ADVP ( RB just ) ) ( IN at ) ( NP ( NP ( DT the ) ( NN time ) ) ( SBAR ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ-1 ( NNS earnings ) ) ( VP ( VBP are ) ( VP ( VBG being ) ( VP ( VBN squeezed ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Chimerine ) ) ( VP ( VBZ notes ) ) )


The more a company relies on borrowed money the greater its sensitivity to an economic slowdown

( X ( S ( X ( SBAR ( X ( DT The ) ( RBR more ) ) ( S ( NP-SBJ ( DT a ) ( NN company ) ) ( VP ( VBZ relies ) ( PP-CLR ( IN on ) ( NP ( VBN borrowed ) ( NN money ) ) ) ) ) ) ) ( X ( X ( DT the ) ( JJR greater ) ) ( NP ( NP ( PRP$ its ) ( NN sensitivity ) ) ( PP ( TO to ) ( NP ( DT an ) ( JJ economic ) ( NN slowdown ) ) ) ) ) ) )


A company with a strong balance sheet can withstand an unanticipated storm a highly leveraged company may end up in bankruptcy court

( S ( S ( NP-SBJ ( NP ( DT A ) ( NN company ) ) ( PP ( IN with ) ( NP ( DT a ) ( JJ strong ) ( NN balance ) ( NN sheet ) ) ) ) ( VP ( MD can ) ( VP ( VB withstand ) ( NP ( DT an ) ( JJ unanticipated ) ( NN storm ) ) ) ) ) ( S ( NP-SBJ ( DT a ) ( ADJP ( RB highly ) ( JJ leveraged ) ) ( NN company ) ) ( VP ( MD may ) ( VP ( VB end ) ( PRT ( RP up ) ) ( PP-LOC-CLR ( IN in ) ( NP ( NN bankruptcy ) ( NN court ) ) ) ) ) ) )


The Fed of course knows that very well hence its readiness to pump credit into the economy this morning

( UCP ( S ( NP-SBJ ( DT The ) ( NNP Fed ) ) ( PP ( IN of ) ( NP ( NN course ) ) ) ( VP ( VBZ knows ) ( NP ( DT that ) ) ( ADVP-MNR ( RB very ) ( RB well ) ) ) ) ( ADVP ( RB hence ) ) ( NP ( PRP$ its ) ( NN readiness ) ( S ( VP ( TO to ) ( VP ( VB pump ) ( NP ( NN credit ) ) ( PP-DIR ( IN into ) ( NP ( DT the ) ( NN economy ) ) ) ( NP-TMP ( DT this ) ( NN morning ) ) ) ) ) ) )


But in the process the Fed risks reigniting inflation

( S ( CC But ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN process ) ) ) ( NP-SBJ-1 ( DT the ) ( NNP Fed ) ) ( VP ( VBZ risks ) ( S ( VP ( VBG reigniting ) ( NP ( NN inflation ) ) ) ) ) )


Even before Friday 's events Harvard University economist Benjamin Friedman was arguing that the Fed wo n't be able to live up to its tough words on eliminating inflation because of its responsibility to protect fragile financial markets banks and highly leveraged corporations

( S ( PP-TMP ( ADVP ( RB Even ) ) ( IN before ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NNS events ) ) ) ( NP-SBJ ( NNP Harvard ) ( NNP University ) ( NN economist ) ( NNP Benjamin ) ( NNP Friedman ) ) ( VP ( VBD was ) ( VP ( VBG arguing ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NNP Fed ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB live ) ( PRT ( RP up ) ) ( PP-CLR ( TO to ) ( NP ( NP ( PRP$ its ) ( JJ tough ) ( NNS words ) ) ( PP ( IN on ) ( S-NOM ( VP ( VBG eliminating ) ( NP ( NN inflation ) ) ) ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( PRP$ its ) ( NN responsibility ) ( S ( VP ( TO to ) ( VP ( VB protect ) ( NP ( NP ( JJ fragile ) ( JJ financial ) ( NNS markets ) ) ( NP ( NNS banks ) ) ( CC and ) ( NP ( ADJP ( RB highly ) ( JJ leveraged ) ) ( NNS corporations ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


The biggest threat on the economic horizon right now is n't recession he reasons it 's an outbreak of uncontrolled inflation

( S ( S ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( JJS biggest ) ( NN threat ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( JJ economic ) ( NN horizon ) ) ) ( ADVP-TMP ( RB right ) ( RB now ) ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( NN recession ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ reasons ) ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT an ) ( NN outbreak ) ) ( PP ( IN of ) ( NP ( JJ uncontrolled ) ( NN inflation ) ) ) ) ) ) )


In the end the 1987 collapse suggested the economy does n't move in lockstep with stock prices

( S-1 ( PP-TMP ( IN In ) ( NP ( DT the ) ( NN end ) ) ) ( PRN ( S ( NP-SBJ ( DT the ) ( CD 1987 ) ( NN collapse ) ) ( VP ( VBD suggested ) ) ) ) ( NP-SBJ ( DT the ) ( NN economy ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB move ) ( PP ( IN in ) ( NP ( NP ( NN lockstep ) ) ( PP ( IN with ) ( NP ( NN stock ) ( NNS prices ) ) ) ) ) ) ) )


The economy does however depend on the confidence of businesses consumers and foreign investors

( S ( NP-SBJ ( DT The ) ( NN economy ) ) ( VP ( VBZ does ) ( ADVP ( RB however ) ) ( VP ( VB depend ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( NN confidence ) ) ( PP ( IN of ) ( NP ( NP ( NNS businesses ) ) ( NP ( NNS consumers ) ) ( CC and ) ( NP ( JJ foreign ) ( NNS investors ) ) ) ) ) ) ) ) )


A panic on Wall Street does n't exactly inspire confidence

( S ( NP-SBJ ( NP ( DT A ) ( NN panic ) ) ( PP-LOC ( IN on ) ( NP ( NNP Wall ) ( NNP Street ) ) ) ) ( VP ( VBZ does ) ( RB n't ) ( ADVP ( RB exactly ) ) ( VP ( VB inspire ) ( NP ( NN confidence ) ) ) ) )


Surveys suggested that consumer confidence was high before Friday

( S ( NP-SBJ ( NNS Surveys ) ) ( VP ( VBD suggested ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NN consumer ) ( NN confidence ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ high ) ) ( PP-TMP ( IN before ) ( NP ( NNP Friday ) ) ) ) ) ) ) )


A 190-point drop is n't likely to make much of a dent multiply that a few times over though and it will

( S ( S ( NP-SBJ-1 ( DT A ) ( JJ 190-point ) ( NN drop ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( NP ( JJ much ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN dent ) ) ) ) ) ) ) ) ) ) ( S ( S ( VP ( VB multiply ) ( NP ( IN that ) ) ( ADVP ( NP ( DT a ) ( JJ few ) ( NNS times ) ) ( RB over ) ) ) ) ( ADVP ( RB though ) ) ( CC and ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ) ) ) )


If the reactions of executives gathered Saturday at Hot Springs Va. for the Business Council meetings are typical business leaders were n't overly rattled by Friday 's decline

( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( NP ( DT the ) ( NNS reactions ) ) ( PP ( IN of ) ( NP ( NP ( NNS executives ) ) ( VP ( VBD gathered ) ( NP-TMP ( NNP Saturday ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Hot ) ( NNP Springs ) ) ( NP ( NNP Va. ) ) ) ) ( PP-PRP ( IN for ) ( NP ( DT the ) ( NNP Business ) ( NNP Council ) ( NNS meetings ) ) ) ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ typical ) ) ) ) ) ( NP-SBJ-1 ( NN business ) ( NNS leaders ) ) ( VP ( VBD were ) ( RB n't ) ( VP ( ADVP ( RB overly ) ) ( VBN rattled ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Friday ) ( POS 's ) ) ( NN decline ) ) ) ) ) )


And if foreign investors become a tad more cautious well the dollar 's recent strength suggests that the U.S. can stand it

( S ( CC And ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( JJ foreign ) ( NNS investors ) ) ( VP ( VBP become ) ( ADJP-PRD ( ADVP ( NP ( DT a ) ( NN tad ) ) ( RBR more ) ) ( JJ cautious ) ) ) ) ) ( ADVP ( RB well ) ) ( NP-SBJ ( NP ( DT the ) ( NN dollar ) ( POS 's ) ) ( JJ recent ) ( NN strength ) ) ( VP ( VBZ suggests ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ) ( VP ( MD can ) ( VP ( VB stand ) ( NP ( PRP it ) ) ) ) ) ) ) )


On the bottom line the most comforting fact for the economic outlook is that we 've been through this before

( S ( PP-LOC ( IN On ) ( NP ( DT the ) ( JJ bottom ) ( NN line ) ) ) ( NP-SBJ ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ comforting ) ) ( NN fact ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ economic ) ( NN outlook ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP 've ) ( VP ( VBN been ) ( PP-PRD ( IN through ) ( NP ( DT this ) ) ) ( ADVP-TMP ( RB before ) ) ) ) ) ) ) )


Two years ago about the only point of comparison was the 1929 crash and the subsequent Depression

( S ( ADVP-TMP ( NP ( CD Two ) ( NNS years ) ) ( RB ago ) ) ( NP-SBJ ( NP ( RB about ) ( DT the ) ( JJ only ) ( NN point ) ) ( PP ( IN of ) ( NP ( NN comparison ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( CD 1929 ) ( NN crash ) ) ( CC and ) ( NP ( DT the ) ( JJ subsequent ) ( NN Depression ) ) ) ) )


The doomsayers had a receptive audience

( S ( NP-SBJ ( DT The ) ( NNS doomsayers ) ) ( VP ( VBD had ) ( NP ( DT a ) ( JJ receptive ) ( NN audience ) ) ) )


The prosperity that followed Black Monday permits a more optimistic view today

( S ( NP-SBJ ( NP ( DT The ) ( NN prosperity ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD followed ) ( NP ( NNP Black ) ( NNP Monday ) ) ) ) ) ) ( VP ( VBZ permits ) ( NP ( DT a ) ( ADJP ( RBR more ) ( JJ optimistic ) ) ( NN view ) ) ( NP-TMP ( NN today ) ) ) )


At the very least the establishment here is taking comfort from the nation 's success in handling the last go-around

( S ( PP ( IN At ) ( NP ( DT the ) ( ADJP ( RB very ) ( JJS least ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN establishment ) ) ( ADVP-LOC ( RB here ) ) ) ( VP ( VBZ is ) ( VP ( VBG taking ) ( NP ( NN comfort ) ) ( PP-CLR ( IN from ) ( NP ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( NN success ) ) ( PP-LOC ( IN in ) ( S-NOM ( VP ( VBG handling ) ( NP ( DT the ) ( JJ last ) ( NN go-around ) ) ) ) ) ) ) ) ) )


As Sen. Lloyd Bentsen D. Texas observed yesterday The Fed avoided a meltdown last time

( S ( SBAR-ADV ( IN As ) ( S ( NP-SBJ ( NP ( NNP Sen. ) ( NNP Lloyd ) ( NNP Bentsen ) ) ( PRN ( NP ( NNP D. ) ) ( NP-LOC ( NNP Texas ) ) ) ) ( VP ( VBD observed ) ( NP-TMP ( NN yesterday ) ) ) ) ) ( NP-SBJ ( DT The ) ( NNP Fed ) ) ( VP ( VBD avoided ) ( NP ( DT a ) ( JJ meltdown ) ) ( NP-TMP ( JJ last ) ( NN time ) ) ) )


They are more sophisticated this time

( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP are ) ( ADJP-PRD ( RBR more ) ( JJ sophisticated ) ) ( NP-TMP ( DT this ) ( NN time ) ) ) )


Newport Corp. said it expects to report fiscal-first-quarter earnings of between 15 cents and 19 cents a share somewhat below analysts ' estimates of 19 cents to 23 cents

( S ( NP-SBJ ( NNP Newport ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB report ) ( NP ( NP ( JJ fiscal-first-quarter ) ( NNS earnings ) ) ( PP ( IN of ) ( NP ( NP ( NP ( QP ( IN between ) ( CD 15 ) ( NNS cents ) ( CC and ) ( CD 19 ) ( NNS cents ) ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( PP-LOC ( ADVP ( RB somewhat ) ) ( IN below ) ( NP ( NP ( NP ( NNS analysts ) ( POS ' ) ) ( NNS estimates ) ) ( PP ( IN of ) ( NP ( NP ( CD 19 ) ( NNS cents ) ) ( TO to ) ( NP ( CD 23 ) ( NNS cents ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


The maker of scientific instruments and laser parts said orders fell below expectations in recent months

( S ( NP-SBJ ( NP ( DT The ) ( NN maker ) ) ( PP ( IN of ) ( NP ( NP ( JJ scientific ) ( NNS instruments ) ) ( CC and ) ( NP ( NN laser ) ( NNS parts ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNS orders ) ) ( VP ( VBD fell ) ( PP-DIR ( IN below ) ( NP ( NNS expectations ) ) ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS months ) ) ) ) ) ) ) )


A spokesman added that sales in the current quarter will about equal the yearearlier quarter 's figure when Newport reported net income of 1.7 million or 21 cents a share on 14.1 million in sales

( S ( NP-SBJ ( DT A ) ( NN spokesman ) ) ( VP ( VBD added ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNS sales ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ current ) ( NN quarter ) ) ) ) ( VP ( NN will ) ( VP ( ADVP ( RB about ) ) ( VB equal ) ( NP ( NP ( NP ( DT the ) ( JJ yearearlier ) ( NN quarter ) ( POS 's ) ) ( NN figure ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NNP Newport ) ) ( VP ( VBD reported ) ( NP ( NP ( JJ net ) ( NN income ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 1.7 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 21 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP ( IN on ) ( NP ( NP ( QP ( CD 14.1 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NNS sales ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


The following U.S. Treasury corporate and municipal offerings are tentatively scheduled for sale this week according to Dow Jones Capital Markets Report

( S ( NP-SBJ-1 ( DT The ) ( JJ following ) ( UCP ( NP ( NNP U.S. ) ( NNP Treasury ) ) ( ADJP ( JJ corporate ) ) ( CC and ) ( ADJP ( JJ municipal ) ) ) ( NNS offerings ) ) ( VP ( VBP are ) ( VP ( ADVP-MNR ( RB tentatively ) ) ( VBN scheduled ) ( PP-CLR ( IN for ) ( NP ( NP ( NN sale ) ) ( NP-TMP ( DT this ) ( NN week ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NNP Dow ) ( NNP Jones ) ( NNP Capital ) ( NNP Markets ) ( NNP Report ) ) ) ) ) ) )


15.2 billion of three-month and six-month bills

( NP ( NP ( QP ( CD 15.2 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( ADJP ( JJ three-month ) ( CC and ) ( JJ six-month ) ) ( NNS bills ) ) ) )


Two-year notes refinancing about 9.6 billion in maturing debt

( NP ( NP ( JJ Two-year ) ( NNS notes ) ) ( VP ( VBG refinancing ) ( NP ( NP ( QP ( RB about ) ( CD 9.6 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( VBG maturing ) ( NN debt ) ) ) ) ) )


9.75 billion of 52-week bills

( NP ( NP ( QP ( CD 9.75 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( JJ 52-week ) ( NNS bills ) ) ) )


Connecticut Light & Power Co.

( NP-HLN ( NNP Connecticut ) ( NNP Light ) ( CC & ) ( NNP Power ) ( NNP Co. ) )


Three million shares of 25 preferred via competitive bidding

( NP ( NP ( NP ( QP ( CD Three ) ( CD million ) ) ( NNS shares ) ) ( PP ( IN of ) ( NP ( ADJP ( CD 25 ) ) ( JJ preferred ) ) ) ) ( PP ( IN via ) ( NP ( JJ competitive ) ( NN bidding ) ) ) )


B&H Crude Carriers Ltd.

( NP-HLN ( NNP B&H ) ( NNP Crude ) ( NNP Carriers ) ( NNP Ltd. ) )


Four million common shares via Salomon Brothers Inc

( NP ( NP ( QP ( CD Four ) ( CD million ) ) ( JJ common ) ( NNS shares ) ) ( PP ( IN via ) ( NP ( NNP Salomon ) ( NNP Brothers ) ( NNP Inc ) ) ) )


Baldwin Technology Co.

( NP-HLN ( NNP Baldwin ) ( NNP Technology ) ( NNP Co. ) )


2.6 million Class A shares via Smith Barney Harris Upham & Co

( NP ( NP ( QP ( CD 2.6 ) ( CD million ) ) ( NNP Class ) ( NNP A ) ( NNS shares ) ) ( PP ( IN via ) ( NP ( NNP Smith ) ( NNP Barney ) ( NNP Harris ) ( NNP Upham ) ( CC & ) ( NNP Co ) ) ) )


Blockbuster Entertainment Corp.

( NP-HLN ( NNP Blockbuster ) ( NNP Entertainment ) ( NNP Corp. ) )


250 million face amount Liquid Yield Option Notes via Merrill Lynch Capital Markets

( NP ( NP ( ADJP ( QP ( CD 250 ) ( CD million ) ) ) ( PRN ( NN face ) ( NN amount ) ) ( NNP Liquid ) ( NNP Yield ) ( NNP Option ) ( NNP Notes ) ) ( PP ( IN via ) ( NP ( NNP Merrill ) ( NNP Lynch ) ( NNP Capital ) ( NNP Markets ) ) ) )


Chase Manhattan Corp.

( NP-HLN ( NNP Chase ) ( NNP Manhattan ) ( NNP Corp. ) )


14 million common shares via Goldman Sachs & Co

( NP ( NP ( QP ( CD 14 ) ( CD million ) ) ( JJ common ) ( NNS shares ) ) ( PP ( IN via ) ( NP ( NNP Goldman ) ( NNP Sachs ) ( CC & ) ( NNP Co ) ) ) )


Comcast Corp.

( NP-HLN ( NNP Comcast ) ( NNP Corp. ) )


150 million convertible debentures via Merrill Lynch

( NP ( NP ( ADJP ( QP ( CD 150 ) ( CD million ) ) ) ( JJ convertible ) ( NNS debentures ) ) ( PP ( IN via ) ( NP ( NNP Merrill ) ( NNP Lynch ) ) ) )


CSS Industries

( NP-HLN ( NNP CSS ) ( NNP Industries ) )


1.3 million common shares via Merrill Lynch

( NP ( NP ( QP ( CD 1.3 ) ( CD million ) ) ( JJ common ) ( NNS shares ) ) ( PP ( IN via ) ( NP ( NNP Merrill ) ( NNP Lynch ) ) ) )


Eastern Utilities Associates

( NP-HLN ( NNP Eastern ) ( NNP Utilities ) ( NNP Associates ) )


1.5 million common shares via PaineWebber Inc

( NP ( NP ( QP ( CD 1.5 ) ( CD million ) ) ( JJ common ) ( NNS shares ) ) ( PP ( IN via ) ( NP ( NNP PaineWebber ) ( NNP Inc ) ) ) )


Employee Benefit Plans Inc.

( NP-HLN ( NNP Employee ) ( NNP Benefit ) ( NNP Plans ) ( NNP Inc. ) )


Two million common shares via Dean Witter Capital Markets

( NP ( NP ( QP ( CD Two ) ( CD million ) ) ( JJ common ) ( NNS shares ) ) ( PP ( IN via ) ( NP ( NNP Dean ) ( NNP Witter ) ( NNP Capital ) ( NNP Markets ) ) ) )


Exabyte Corp.

( NP-HLN ( NNP Exabyte ) ( NNP Corp. ) )


2,850,000 common shares via Goldman Sachs

( NP ( NP ( CD 2,850,000 ) ( JJ common ) ( NNS shares ) ) ( PP ( IN via ) ( NP ( NNP Goldman ) ( NNP Sachs ) ) ) )


Knowledgeware Inc.

( NP-HLN ( NNP Knowledgeware ) ( NNP Inc. ) )


2.4 million common shares via Montgomery Securities

( NP ( NP ( QP ( CD 2.4 ) ( CD million ) ) ( JJ common ) ( NNS shares ) ) ( PP ( IN via ) ( NP ( NNP Montgomery ) ( NNP Securities ) ) ) )


Oregon


100 million of general obligation veterans ' tax notes Series 1989 via competitive bid

( NP ( NP ( NP ( QP ( CD 100 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( NP ( JJ general ) ( NN obligation ) ( NNS veterans ) ( POS ' ) ) ( NN tax ) ( NNS notes ) ) ( NP ( NNP Series ) ( CD 1989 ) ) ) ) ) ( PP ( IN via ) ( NP ( JJ competitive ) ( NN bid ) ) ) )


Washington D.C.

( NP-HLN ( NP ( NNP Washington ) ) ( NP ( NNP D.C. ) ) )


200 million of 1990 general obligation tax revenue notes Series 1990A via competitive bid

( NP ( NP ( NP ( QP ( CD 200 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( CD 1990 ) ( JJ general ) ( NN obligation ) ( NN tax ) ( NN revenue ) ( NNS notes ) ) ( NP ( NNP Series ) ( NNP 1990A ) ) ) ) ) ( PP ( IN via ) ( NP ( JJ competitive ) ( NN bid ) ) ) )


Virginia Public School Authority

( NP-HLN ( NNP Virginia ) ( NNP Public ) ( NNP School ) ( NNP Authority ) )


55,730,000 of school financing bonds 1989 Series B 1987 resolution via competitive bid

( NP ( NP ( NP ( CD 55,730,000 ) ) ( PP ( IN of ) ( NP ( NP ( NN school ) ( NN financing ) ( NNS bonds ) ) ( NP ( CD 1989 ) ( NNP Series ) ( NNP B ) ) ( PRN ( NP ( CD 1987 ) ( NN resolution ) ) ) ) ) ) ( PP ( IN via ) ( NP ( JJ competitive ) ( NN bid ) ) ) )


Austin Texas

( NP-HLN ( NP ( NNP Austin ) ) ( NP ( NNP Texas ) ) )


68,230,000 of various bonds including 32 million hotel occupancy tax revenue bonds Series 1989A and 36.23 million convention center revenue bonds Series 1989B via a Morgan Stanley & Co. group

( NP ( NP ( NP ( CD 68,230,000 ) ) ( PP ( IN of ) ( NP ( JJ various ) ( NNS bonds ) ) ) ) ( PP ( VBG including ) ( NP ( NP ( NP ( ADJP ( CD 32 ) ( CD million ) ) ( NN hotel ) ( NN occupancy ) ( NN tax ) ( NN revenue ) ( NNS bonds ) ) ( NP ( NNP Series ) ( NNP 1989A ) ) ) ( CC and ) ( NP ( NP ( ADJP ( QP ( CD 36.23 ) ( CD million ) ) ) ( NN convention ) ( NN center ) ( NN revenue ) ( NNS bonds ) ) ( NP ( NNP Series ) ( NNP 1989B ) ) ) ) ) ( PP ( IN via ) ( NP ( DT a ) ( NNP Morgan ) ( NNP Stanley ) ( CC & ) ( NNP Co. ) ( NN group ) ) ) )


California Health Facilities Financing Authority

( NP-HLN ( NNP California ) ( NNP Health ) ( NNP Facilities ) ( NNP Financing ) ( NNP Authority ) )


144.5 million of Kaiser Permanente revenue bonds via a PaineWebber group

( NP ( NP ( NP ( QP ( CD 144.5 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NNP Kaiser ) ( NNP Permanente ) ( NN revenue ) ( NNS bonds ) ) ) ) ( PP ( IN via ) ( NP ( DT a ) ( NNP PaineWebber ) ( NN group ) ) ) )


Connecticut


100 million of general obligation capital appreciation bonds College Savings Plan 1989 Series B via a Prudential-Bache Capital Funding group

( NP ( NP ( NP ( CD 100 ) ( CD million ) ) ( PP ( IN of ) ( NP ( NP ( JJ general ) ( NN obligation ) ( NN capital ) ( NN appreciation ) ( NNS bonds ) ) ( NP ( NNP College ) ( NNP Savings ) ( NNP Plan ) ) ( NP ( CD 1989 ) ( NNP Series ) ( NNP B ) ) ) ) ) ( PP ( IN via ) ( NP ( DT a ) ( NNP Prudential-Bache ) ( NNP Capital ) ( NNP Funding ) ( NN group ) ) ) )


Pennsylvania Higher Education Facilities Authority

( NP-HLN ( NNP Pennsylvania ) ( NNP Higher ) ( NNP Education ) ( NNP Facilities ) ( NNP Authority ) )


117 million of revenue bonds for Hahnemann University Series 1989 via a Merrill Lynch group

( NP ( NP ( NP ( QP ( CD 117 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( NN revenue ) ( NNS bonds ) ) ( PP ( IN for ) ( NP ( NNP Hahnemann ) ( NNP University ) ) ) ) ) ) ( NP ( NNP Series ) ( CD 1989 ) ) ( PP ( IN via ) ( NP ( DT a ) ( NNP Merrill ) ( NNP Lynch ) ( NN group ) ) ) )


Tennessee Valley Authority

( NP-HLN ( NNP Tennessee ) ( NNP Valley ) ( NNP Authority ) )


Three billion of power bonds via First Boston Corp

( NP ( NP ( NP ( QP ( CD Three ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( NN power ) ( NNS bonds ) ) ) ) ( PP ( IN via ) ( NP ( NNP First ) ( NNP Boston ) ( NNP Corp ) ) ) )


University of Medicine And Dentistry of New Jersey

( NP-HLN ( NP ( NNP University ) ) ( PP ( IN of ) ( NP ( NNP Medicine ) ( CC And ) ( NNP Dentistry ) ) ) ( PP ( IN of ) ( NP ( NNP New ) ( NNP Jersey ) ) ) )


55 million of Series C bonds via a Prudential-Bache group

( NP ( NP ( NP ( QP ( CD 55 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NNP Series ) ( NNP C ) ( NNS bonds ) ) ) ) ( PP ( IN via ) ( NP ( DT a ) ( NNP Prudential-Bache ) ( NN group ) ) ) )


West Virginia Parkways Economic Development And Tourism Authority

( NP-HLN ( NP ( NNP West ) ( NNP Virginia ) ( NNP Parkways ) ) ( NP ( NNP Economic ) ( NNP Development ) ( CC And ) ( NNP Tourism ) ( NNP Authority ) ) )


143 million of parkway revenue bonds Series 1989 via a PaineWebber group

( NP ( NP ( NP ( QP ( CD 143 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( NN parkway ) ( NN revenue ) ( NNS bonds ) ) ( NP ( NN Series ) ( CD 1989 ) ) ) ) ) ( PP ( IN via ) ( NP ( DT a ) ( NNP PaineWebber ) ( NN group ) ) ) )


San Antonio Texas

( NP-HLN ( NP ( NNP San ) ( NNP Antonio ) ) ( NP ( NNP Texas ) ) )


640 million of gas and electric revenue refunding bonds via a First Boston group

( NP ( NP ( NP ( QP ( CD 640 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( UCP ( NN gas ) ( CC and ) ( JJ electric ) ) ( NN revenue ) ( NN refunding ) ( NNS bonds ) ) ) ) ( PP ( IN via ) ( NP ( DT a ) ( NNP First ) ( NNP Boston ) ( NN group ) ) ) )


South Dakota Health & Education Facility Authority

( NP-HLN ( NNP South ) ( NNP Dakota ) ( NNP Health ) ( CC & ) ( NNP Education ) ( NNP Facility ) ( NNP Authority ) )


51.1 million of Rapid City Regional Hospital bonds via a Dougherty Dawkins Strand & Yost Inc. group

( NP ( NP ( NP ( QP ( CD 51.1 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NNP Rapid ) ( NNP City ) ( NNP Regional ) ( NNP Hospital ) ( NNS bonds ) ) ) ) ( PP ( IN via ) ( NP ( DT a ) ( NNP Dougherty ) ( NNP Dawkins ) ( NNP Strand ) ( CC & ) ( NNP Yost ) ( NNP Inc. ) ( NN group ) ) ) )


The West German retailer ASKO Deutsche Kaufhaus AG plans to challenge the legality of a widely employed anti-takeover defense of companies in the Netherlands

( S ( NP-SBJ-2 ( NP ( DT The ) ( ADJP ( JJ West ) ( JJ German ) ) ( NN retailer ) ) ( NP ( NNP ASKO ) ( NNP Deutsche ) ( NNP Kaufhaus ) ( NNP AG ) ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB challenge ) ( NP ( NP ( DT the ) ( NN legality ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( ADJP ( RB widely ) ( VBN employed ) ) ( JJ anti-takeover ) ( NN defense ) ) ( PP ( IN of ) ( NP ( NP ( NNS companies ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNPS Netherlands ) ) ) ) ) ) ) ) ) ) ) ) )


The eventual court decision could become a landmark in Dutch corporate law because the lawsuit ASKO plans to file would be the first to challenge the entire principle and practice of companies issuing voting preferred shares to management-controlled trusts to dilute voting power of common stockholders

( S ( NP-SBJ ( DT The ) ( JJ eventual ) ( NN court ) ( NN decision ) ) ( VP ( MD could ) ( VP ( VB become ) ( NP-PRD ( NP ( DT a ) ( NN landmark ) ) ( PP-LOC ( IN in ) ( NP ( JJ Dutch ) ( JJ corporate ) ( NN law ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( NP ( DT the ) ( NN lawsuit ) ) ( SBAR ( S ( NP-SBJ-1 ( NNP ASKO ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB file ) ) ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( JJ first ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB challenge ) ( NP ( NP ( DT the ) ( JJ entire ) ( NN principle ) ( CC and ) ( NN practice ) ) ( PP ( IN of ) ( S-NOM ( NP-SBJ-4 ( NNS companies ) ) ( VP ( VBG issuing ) ( NP ( JJ voting ) ( JJ preferred ) ( NNS shares ) ) ( PP-CLR ( TO to ) ( NP ( JJ management-controlled ) ( NNS trusts ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB dilute ) ( NP ( NP ( NN voting ) ( NN power ) ) ( PP ( IN of ) ( NP ( JJ common ) ( NNS stockholders ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


Up to now only specific aspects of these defenses have been challenged though unsuccessfully ASKO 's Dutch lawyers noted

( S ( S-TPC-2 ( ADVP-TMP ( IN Up ) ( PP ( TO to ) ( NP ( RB now ) ) ) ) ( NP-SBJ-1 ( NP ( JJ only ) ( JJ specific ) ( NNS aspects ) ) ( PP ( IN of ) ( NP ( DT these ) ( NNS defenses ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN challenged ) ( SBAR-ADV ( IN though ) ( FRAG ( ADVP-MNR ( RB unsuccessfully ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP ASKO ) ( POS 's ) ) ( JJ Dutch ) ( NNS lawyers ) ) ( VP ( VBD noted ) ) )


Should the courts uphold the validity of this type of defense ASKO will then ask the court to overturn such a vote-diluting maneuver recently deployed by Koninklijke Ahold NV

( S ( SBAR-ADV ( SINV ( MD Should ) ( NP-SBJ ( DT the ) ( NNS courts ) ) ( VP ( VB uphold ) ( NP ( NP ( DT the ) ( NN validity ) ) ( PP ( IN of ) ( NP ( NP ( DT this ) ( NN type ) ) ( PP ( IN of ) ( NP ( NN defense ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP ASKO ) ) ( VP ( MD will ) ( ADVP-TMP ( RB then ) ) ( VP ( VB ask ) ( NP-1 ( DT the ) ( NN court ) ) ( S ( VP ( TO to ) ( VP ( VB overturn ) ( NP ( NP ( PDT such ) ( DT a ) ( JJ vote-diluting ) ( NN maneuver ) ) ( VP ( ADVP-TMP ( RB recently ) ) ( VBN deployed ) ( PP ( IN by ) ( NP-LGS ( NNP Koninklijke ) ( NNP Ahold ) ( NNP NV ) ) ) ) ) ) ) ) ) ) )


ASKO says the Dutch-based international food retailer had n't reasonable grounds to issue preferred stock to a friendly trust and thus dilute the worth and voting power of ASKO and other shareholders

( S ( NP-SBJ ( NNP ASKO ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ Dutch-based ) ( JJ international ) ( NN food ) ( NN retailer ) ) ( VP ( VBD had ) ( RB n't ) ( NP ( NP ( JJ reasonable ) ( NNS grounds ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VP ( VB issue ) ( NP ( JJ preferred ) ( NN stock ) ) ( PP-CLR ( TO to ) ( NP ( DT a ) ( JJ friendly ) ( NN trust ) ) ) ) ( CC and ) ( ADVP ( RB thus ) ) ( VP ( VB dilute ) ( NP ( NP ( DT the ) ( NX ( NX ( NN worth ) ) ( CC and ) ( NX ( NN voting ) ( NN power ) ) ) ) ( PP ( IN of ) ( NP ( NP ( NNP ASKO ) ) ( CC and ) ( NP ( JJ other ) ( NNS shareholders ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


Speaking through its Dutch lawyers ASKO also disclosed it holds a 15 % stake in Ahold

( S ( S-ADV ( VP ( VBG Speaking ) ( PP ( IN through ) ( NP ( PRP$ its ) ( JJ Dutch ) ( NNS lawyers ) ) ) ) ) ( NP-SBJ-1 ( NNP ASKO ) ) ( ADVP ( RB also ) ) ( VP ( VBD disclosed ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ holds ) ( NP ( NP ( DT a ) ( ADJP ( CD 15 ) ( NN % ) ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( NNP Ahold ) ) ) ) ) ) ) ) )


It was previously thought ASKO held a 13.6 % stake that was accumulated since July

( S ( NP-SBJ-2 ( NP ( PRP It ) ) ) ( VP ( VBD was ) ( ADVP-TMP ( RB previously ) ) ( VP ( VBN thought ) ( SBAR-4 ( S ( NP-SBJ ( NNP ASKO ) ) ( VP ( VBD held ) ( NP ( NP ( DT a ) ( ADJP ( CD 13.6 ) ( NN % ) ) ( NN stake ) ) ( SBAR ( WHNP-3 ( WDT that ) ) ( S ( VP ( VBD was ) ( VP ( VBN accumulated ) ( PP-TMP ( IN since ) ( NP ( NNP July ) ) ) ) ) ) ) ) ) ) ) ) ) )


A spokesman for Ahold said his company is confident of its own position and the propriety of the preferred-share issue

( S ( NP-SBJ ( NP ( DT A ) ( NN spokesman ) ) ( PP ( IN for ) ( NP ( NNP Ahold ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ his ) ( NN company ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ confident ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( JJ own ) ( NN position ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN propriety ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN preferred-share ) ( NN issue ) ) ) ) ) ) ) ) ) ) ) )


He termed ASKO 's legal actions as unproductive to international cooperation among European retailers

( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD termed ) ( NP ( NP ( NNP ASKO ) ( POS 's ) ) ( JJ legal ) ( NNS actions ) ) ( PP-CLR ( IN as ) ( ADJP ( JJ unproductive ) ( PP ( TO to ) ( NP ( NP ( JJ international ) ( NN cooperation ) ) ( PP-LOC ( IN among ) ( NP ( JJ European ) ( NNS retailers ) ) ) ) ) ) ) ) )


SOUTH AFRICA FREED the ANC 's Sisulu and seven other political prisoners

( S ( NP-SBJ ( NNP SOUTH ) ( NNP AFRICA ) ) ( VP ( VBD FREED ) ( NP ( NP ( NP ( DT the ) ( NNP ANC ) ( POS 's ) ) ( NNP Sisulu ) ) ( CC and ) ( NP ( CD seven ) ( JJ other ) ( JJ political ) ( NNS prisoners ) ) ) ) )


Thousands of supporters many brandishing flags of the outlawed African National Congress gave the anti-apartheid activists a tumultuous reception upon their return to black townships across the country

( S ( NP-SBJ ( NP ( NNS Thousands ) ) ( PP ( IN of ) ( NP ( NNS supporters ) ) ) ) ( S-ADV ( NP-SBJ ( JJ many ) ) ( VP ( VBG brandishing ) ( NP ( NP ( NNS flags ) ) ( PP ( IN of ) ( NP ( DT the ) ( VBN outlawed ) ( NNP African ) ( NNP National ) ( NNP Congress ) ) ) ) ) ) ( VP ( VBD gave ) ( NP ( DT the ) ( JJ anti-apartheid ) ( NNS activists ) ) ( NP ( DT a ) ( JJ tumultuous ) ( NN reception ) ) ( PP-TMP ( IN upon ) ( NP ( NP ( PRP$ their ) ( NN return ) ) ( PP ( TO to ) ( NP ( NP ( JJ black ) ( NNS townships ) ) ( PP-LOC ( IN across ) ( NP ( DT the ) ( NN country ) ) ) ) ) ) ) ) )


Most of those freed had spent at least 25 years in prison

( S ( NP-SBJ ( NP ( JJS Most ) ) ( PP ( IN of ) ( NP ( NP ( DT those ) ) ( VP ( VBN freed ) ) ) ) ) ( VP ( VBD had ) ( VP ( VBN spent ) ( NP ( QP ( IN at ) ( JJS least ) ( CD 25 ) ) ( NNS years ) ) ( PP-LOC-CLR ( IN in ) ( NP ( NN prison ) ) ) ) ) )


The 77-year-old Sisulu sentenced to life in 1964 along with black nationalist Nelson Mandela for plotting to overthrow the government said equality for blacks in South Africa was in reach

( S ( NP-SBJ ( NP ( DT The ) ( JJ 77-year-old ) ( NNP Sisulu ) ) ( VP ( VBN sentenced ) ( PP-CLR ( TO to ) ( NP ( NN life ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1964 ) ) ) ( ADVP ( RB along ) ( PP ( IN with ) ( NP ( JJ black ) ( NN nationalist ) ( NNP Nelson ) ( NNP Mandela ) ) ) ) ( PP-PRP ( IN for ) ( S-NOM ( VP ( VBG plotting ) ( S ( VP ( TO to ) ( VP ( VB overthrow ) ( NP ( DT the ) ( NN government ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NN equality ) ) ( PP ( IN for ) ( NP ( NP ( NNS blacks ) ) ( PP-LOC ( IN in ) ( NP ( NNP South ) ( NNP Africa ) ) ) ) ) ) ( VP ( VBD was ) ( PP-LOC-PRD ( IN in ) ( NP ( NN reach ) ) ) ) ) ) ) )


The releases announced last week by President de Klerk were viewed as Pretoria 's tacit legalization of the ANC

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Mandela considered the most prominent leader of the ANC remains in prison

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But his release within the next few months is widely expected

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The Soviet Union reported that thousands of tons of goods needed to ease widespread shortages across the nation were piled up at ports and rail depots and food shipments were rotting because of a lack of people and equipment to move the cargo

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Strikes and mismanagement were cited and Premier Ryzhkov warned of tough measures

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Bush indicated there might be room for flexibility in a bill to allow federal funding of abortions for poor women who are vicitims of rape and incest

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He reiterated his opposition to such funding but expressed hope of a compromise

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The president at a news conference Friday also renewed a call for the ouster of Panama 's Noriega

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The White House said minors have n't any right to abortion without the consent of their parents

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The administration 's policy was stated in a friend-of-the-court brief urging the Supreme Court to give states more leeway to restrict abortions

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Ten of the nation 's governors meanwhile called on the justices to reject efforts to limit abortions

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The Justice Department announced that the FBI has been given the authority to seize U.S. fugitives overseas without the permission of foreign governments

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Secretary of State Baker emphasized Friday that the new policy would n't be invoked by the Bush administration without full consideration of foreign-policy implications

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NASA pronounced the space shuttle Atlantis ready for launch tomorrow following a five-day postponement of the flight because of a faulty engine computer

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The device was replaced

( S ( NP-SBJ-1 ( DT The ) ( NN device ) ) ( VP ( VBD was ) ( VP ( VBN replaced ) ) ) )


The spacecraft 's five astronauts are to dispatch the Galileo space probe on an exploration mission to Jupiter

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South Korea 's President Roh traveled to the U.S. for a five-day visit that is expected to focus on ties between Washington and Seoul

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Roh who is facing calls for the reduction of U.S. military forces in South Korea is to meet with Bush tomorrow and is to address a joint session of Congress on Wednesday

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China 's Communist leadership voted to purge the party of hostile and anti-party elements and wealthy private businessmen whom they called exploiters

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The decision reported by the official Xinhua News Agency indicated that the crackdown prompted by student-led pro-democracy protests in June is intensifying

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Hundreds of East Germans flocked to Bonn 's Embassy in Warsaw bringing to more than 1,200 the number of emigres expected to flee to the West beginning today

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More than 2,100 others escaped to West Germany through Hungary over the Weekend

( S ( NP-SBJ ( QP ( JJR More ) ( IN than ) ( CD 2,100 ) ) ( NNS others ) ) ( VP ( VBD escaped ) ( PP-DIR ( TO to ) ( NP ( NNP West ) ( NNP Germany ) ) ) ( PP-DIR ( IN through ) ( NP ( NNP Hungary ) ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( NN Weekend ) ) ) ) )


In Leipzig activists vowed to continue street protests to demand internal change

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Zaire 's President Mobutu met in southern France with Angolan rebel leader Savimbi and a senior U.S. envoy in a bid to revive an accord to end Angola 's civil war

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Details of the talks described by a Zairean official as very delicate were n't disclosed

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PLO leader Arafat insisted on guarantees that any elections in the Israeli-occupied territories would be impartial

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He made his remarks to a PLO gathering in Baghdad

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In the occupied lands underground leaders of the Arab uprising rejected a U.S. plan to arrange Israeli-Palestinian talks as Shamir opposed holding such discussions in Cairo

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Lebanese Christian lawmakers presented to Arab mediators at talks in Saudi Arabia proposals for a new timetable for the withdrawal of Syria 's forces from Lebanon

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A plan currently under study gives Damascus two years to pull back to eastern Lebanon starting from the time Beirut 's legislature increases political power for Moslems

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Hurricane Jerry threatened to combine with the highest tides of the year to swamp the Texas-Louisiana coast

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Thousands of residents of low-lying areas were ordered to evacuate as the storm headed north in the Gulf of Mexico with 80 mph winds

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Southmark Corp. said that it filed part of its 10-K report with the Securities and Exchange Commission but that the filing does n't include its audited financial statements and related information

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The real estate and thrift concern operating under bankruptcy-law proceedings said it told the SEC it could n't provide financial statements by the end of its first extension without unreasonable burden or expense

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The company asked for a 15-day extension Sept. 30 when the financial reports were due

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Southmark said it plans to amend its 10K to provide financial results as soon as its audit is completed

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The real estate slump that 's pushing down the price of New York office space and housing is also affecting the city 's retail real estate market

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In Manhattan once-desirable store sites sit vacant and newly constructed space has been slow to fill

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Retail real estate brokers say tenants are reluctant to sign leases because of uncertainty about the local economy turmoil in their own industries and a belief that rents have not yet hit bottom

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There is an unbelievable amount of space available says Faith Consolo senior vice president at Garrick-Aug Associates Store Leasing Inc

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There are about 2,000 stores for rent up from a more typical range of 1,200 to 1,500

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This further confuses retailers she says

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They wonder should they sign a lease if prices are still coming down

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Is this the wrong time to open a store

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Who is going to be in the space next door

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In addition Ms. Consolo says tenants usually can negotiate to pay rents that are about one-quarter lower than landlords ' initial asking price

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A handful of hot retail locations such as the 57th Street and Madison and Fifth Avenue areas have been able to sustain what many see as astronomical rents

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And in some neighborhoods rents have merely hit a plateau

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But on average Manhattan retail rents have dropped 10 % to 15 % in the past six months alone experts say

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That follows a more subtle decline in the prior six months after Manhattan rents had run up rapidly since 1986

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The same factors limiting demand for office space have affected retailing

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As businesses contract or depart the number of employees who might use retail services shrinks says Edward A. Friedman senior vice president of Helmsley Spear Inc

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He says financial problems plaguing electronics fur and furniture companies key categories in the local retail economy have further deflated the market

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Hardest hit are what he calls secondary sites that primarily serve neighborhood residents

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In these locations Mr. Friedman says Retailers are increasingly cautious about expanding and rents have remained steady or in some cases have declined

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Weakness in the restaurant industry which is leaving retail space vacant exacerbates the problem for landlords

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It is also no comfort to landlords and small New York retailers when the future of larger department stores which anchor retail neighborhoods are in doubt

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