Total advertising linage was modestly lower as classified-ad volume increased while there was softer demand for retail and national ad linage said John Curley Gannett 's chief executive officer

( SINV ( S-TPC-1 ( NP-SBJ ( JJ Total ) ( NN advertising ) ( NN linage ) ) ( VP ( VBD was ) ( ADJP-PRD ( RB modestly ) ( JJR lower ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NN classified-ad ) ( NN volume ) ) ( VP ( VBD increased ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( JJR softer ) ( NN demand ) ) ( PP ( IN for ) ( NP ( ADJP ( JJ retail ) ( CC and ) ( JJ national ) ) ( NN ad ) ( NN linage ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP John ) ( NNP Curley ) ) ( NP ( NP ( NNP Gannett ) ( POS 's ) ) ( JJ chief ) ( JJ executive ) ( NN officer ) ) ) )


At USA Today ad pages totaled 785 for the quarter down 9.2 % from the 1988 period which was helped by increased ad spending from the Summer Olympics

( S ( PP-LOC ( IN At ) ( NP ( NNP USA ) ( NNP Today ) ) ) ( NP-SBJ ( NN ad ) ( NNS pages ) ) ( VP ( VBD totaled ) ( NP ( CD 785 ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN quarter ) ) ) ( ADVP ( RB down ) ( NP ( CD 9.2 ) ( NN % ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( CD 1988 ) ( NN period ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD was ) ( VP ( VBN helped ) ( PP ( IN by ) ( NP-LGS ( NP ( JJ increased ) ( NN ad ) ( NN spending ) ) ( PP ( IN from ) ( NP ( DT the ) ( NNP Summer ) ( NNPS Olympics ) ) ) ) ) ) ) ) ) ) ) ) ) )


While USA Today 's total paid ad pages for the year to date totaled 2,735 a decrease of 4 % from last year the paper 's ad revenue increased 8 % in the quarter and 13 % in the nine months

( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( NP ( NP ( NNP USA ) ( NNP Today ) ( POS 's ) ) ( JJ total ) ( JJ paid ) ( NN ad ) ( NNS pages ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN year ) ) ( PP-TMP ( TO to ) ( NP ( NN date ) ) ) ) ) ) ( VP ( VBD totaled ) ( NP ( NP ( CD 2,735 ) ) ( NP ( NP ( DT a ) ( NN decrease ) ) ( PP ( IN of ) ( NP ( CD 4 ) ( NN % ) ) ) ( PP ( IN from ) ( NP ( JJ last ) ( NN year ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN paper ) ( POS 's ) ) ( NN ad ) ( NN revenue ) ) ( VP ( VP ( VBD increased ) ( NP-EXT-1 ( CD 8 ) ( NN % ) ) ( PP-TMP-2 ( IN in ) ( NP ( DT the ) ( NN quarter ) ) ) ) ( CC and ) ( VP ( NP-EXT=1 ( CD 13 ) ( NN % ) ) ( PP-TMP=2 ( IN in ) ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ) ) ) )


In the nine months Gannett 's net rose 9.5 % to 270 million or 1.68 a share from 247 million or 1.52 a share

( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ) ( NP-SBJ ( NP ( NNP Gannett ) ( POS 's ) ) ( NN net ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 9.5 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 270 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.68 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 247 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.52 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) )


Revenue gained 6 % to 2.55 billion from 2.4 billion

( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD gained ) ( NP ( CD 6 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 2.55 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 2.4 ) ( CD billion ) ) ) ) ) )


At Dow Jones & Co. third-quarter net income fell 9.9 % from the year-earlier period

( S ( PP-LOC ( IN At ) ( NP ( NNP Dow ) ( NNP Jones ) ( CC & ) ( NNP Co. ) ) ) ( NP-SBJ ( JJ third-quarter ) ( NN net ) ( NN income ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 9.9 ) ( NN % ) ) ( PP-DIR ( IN from ) ( NP ( DT the ) ( JJ year-earlier ) ( NN period ) ) ) ) )


Net fell to 28.8 million or 29 cents a share from 32 million or 33 cents a share

( S ( NP-SBJ ( NN Net ) ) ( VP ( VBD fell ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 28.8 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 29 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 32 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 33 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) )


The year-earlier period included a one-time gain of 3.5 million or four cents a share

( S ( NP-SBJ ( DT The ) ( JJ year-earlier ) ( NN period ) ) ( VP ( VBD included ) ( NP ( NP ( DT a ) ( JJ one-time ) ( NN gain ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 3.5 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD four ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) )


Revenue gained 5.3 % to 404.1 million from 383.8 million

( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VB gained ) ( NP ( CD 5.3 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 404.1 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 383.8 ) ( CD million ) ) ) ) ) )


The drop in profit reflected in part continued softness in financial advertising at The Wall Street Journal and Barron 's magazine

( S ( NP-SBJ ( NP ( DT The ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( NN profit ) ) ) ) ( VP ( VBD reflected ) ( PP ( IN in ) ( NP ( NN part ) ) ) ( NP ( NP ( JJ continued ) ( NN softness ) ) ( PP-LOC ( IN in ) ( NP ( JJ financial ) ( NN advertising ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT The ) ( NNP Wall ) ( NNP Street ) ( NNP Journal ) ) ( CC and ) ( NP ( NP ( NNP Barron ) ( POS 's ) ) ( NN magazine ) ) ) ) ) ) )


Ad linage at the Journal fell 6.1 % in the third quarter

( S ( NP-SBJ ( NP ( NN Ad ) ( NN linage ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NNP Journal ) ) ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 6.1 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ) )


Affiliated Publications Inc. reversed a year-earlier third quarter net loss

( S ( NP-SBJ ( NNP Affiliated ) ( NNP Publications ) ( NNP Inc. ) ) ( VP ( VBD reversed ) ( NP ( DT a ) ( JJ year-earlier ) ( JJ third ) ( NN quarter ) ( JJ net ) ( NN loss ) ) ) )


The publisher of the Boston Globe reported net of 8.5 million or 12 cents a share compared with a loss of 26.5 million or 38 cents a share for the third quarter in 1988

( S ( NP-SBJ ( NP ( DT The ) ( NN publisher ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Boston ) ( NNP Globe ) ) ) ) ( VP ( VBD reported ) ( NP ( NP ( NN net ) ) ( PP ( IN of ) ( NP ( NP ( NP ( QP ( CD 8.5 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 12 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( NN loss ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 26.5 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 38 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ) ) ) )


William O. Taylor the parent 's chairman and chief executive officer said earnings continued to be hurt by softness in ad volume at the Boston newspaper

( S ( NP-SBJ ( NP ( NNP William ) ( NNP O. ) ( NNP Taylor ) ) ( NP ( NP ( DT the ) ( NN parent ) ( POS 's ) ) ( NX ( NX ( NN chairman ) ) ( CC and ) ( NX ( JJ chief ) ( JJ executive ) ( NN officer ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( NNS earnings ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN hurt ) ( PP ( IN by ) ( NP-LGS ( NP ( NN softness ) ) ( PP-LOC ( IN in ) ( NP ( NN ad ) ( NN volume ) ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NNP Boston ) ( NN newspaper ) ) ) ) ) ) ) ) ) ) ) ) ) )


Third-quarter profit estimates for several companies are being strongly affected by the price of newsprint which in the last two years has had several price increases

( S ( NP-SBJ-1 ( NP ( JJ Third-quarter ) ( NN profit ) ( NNS estimates ) ) ( PP ( IN for ) ( NP ( JJ several ) ( NNS companies ) ) ) ) ( VP ( VBP are ) ( VP ( VBG being ) ( VP ( ADVP-MNR ( RB strongly ) ) ( VBN affected ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NN price ) ) ( PP ( IN of ) ( NP ( NP ( NN newsprint ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ last ) ( CD two ) ( NNS years ) ) ) ( VP ( VBZ has ) ( VP ( VBD had ) ( NP ( JJ several ) ( NN price ) ( NNS increases ) ) ) ) ) ) ) ) ) ) ) ) ) )


After a supply crunch caused prices to rise 14 % since 1986 to 650 a metric ton analysts are encouraged because they do n't expect a price increase for the rest of this year

( S ( SBAR-TMP ( IN After ) ( S ( NP-SBJ ( DT a ) ( NN supply ) ( NN crunch ) ) ( VP ( VBD caused ) ( S ( NP-SBJ ( NNS prices ) ) ( VP ( TO to ) ( VP ( VB rise ) ( NP-EXT ( CD 14 ) ( NN % ) ) ( PP-TMP ( IN since ) ( NP ( CD 1986 ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 650 ) ) ( NP-ADV ( DT a ) ( JJ metric ) ( NN ton ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS analysts ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ encouraged ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB expect ) ( NP ( DT a ) ( NN price ) ( NN increase ) ) ( PP-TMP ( IN for ) ( NP ( NP ( DT the ) ( NN rest ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN year ) ) ) ) ) ) ) ) ) ) )


Companies with daily newspapers in the Northeast will need the stable newsprint prices to ease damage from weak ad linage

( S ( NP-SBJ-1 ( NP ( NNS Companies ) ) ( PP ( IN with ) ( NP ( NP ( JJ daily ) ( NNS newspapers ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Northeast ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB need ) ( NP ( DT the ) ( JJ stable ) ( NN newsprint ) ( NNS prices ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB ease ) ( NP ( NP ( NN damage ) ) ( PP ( IN from ) ( NP ( JJ weak ) ( NN ad ) ( NN linage ) ) ) ) ) ) ) ) ) )


Mr. Atorino at Salomon Brothers said he estimates that Times Mirror Co. 's earnings were down for the third quarter because of soft advertising levels at its Long Island Newsday and Hartford Courant newspapers

( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Atorino ) ) ( PP-LOC ( IN at ) ( NP ( NNP Salomon ) ( NNP Brothers ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ estimates ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP Times ) ( NNP Mirror ) ( NNP Co. ) ( POS 's ) ) ( NNS earnings ) ) ( VP ( VBD were ) ( ADVP-PRD ( RB down ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( JJ soft ) ( NN advertising ) ( NNS levels ) ) ( PP-LOC ( IN at ) ( NP ( PRP$ its ) ( NNP Long ) ( NNP Island ) ( NNP Newsday ) ( CC and ) ( NNP Hartford ) ( NNP Courant ) ( NNS newspapers ) ) ) ) ) ) ) ) ) ) ) ) )


Trouble on the East Coast was likely offset by improved ad linage at the Los Angeles Times which this week also unveiled a redesign

( S ( NP-SBJ-1 ( NP ( NN Trouble ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP East ) ( NNP Coast ) ) ) ) ( VP ( VBD was ) ( ADVP ( RB likely ) ) ( VP ( VBN offset ) ( PP ( IN by ) ( NP-LGS ( NP ( JJ improved ) ( NN ad ) ( NN linage ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NNP Los ) ( NNP Angeles ) ( NNP Times ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( NP-TMP ( DT this ) ( NN week ) ) ( ADVP ( RB also ) ) ( VP ( VBD unveiled ) ( NP ( DT a ) ( NN redesign ) ) ) ) ) ) ) ) ) ) ) )


New York Times Co. is expected to report lower earnings for the third quarter because of continued weak advertising levels at its flagship New York Times and deep discounting of newsprint at its affiliate Forest Products Group

( S ( NP-SBJ-1 ( NNP New ) ( NNP York ) ( NNP Times ) ( NNP Co. ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB report ) ( NP ( JJR lower ) ( NNS earnings ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( NP ( JJ continued ) ( JJ weak ) ( NN advertising ) ( NNS levels ) ) ( PP-LOC ( IN at ) ( NP ( NP ( PRP$ its ) ( NN flagship ) ) ( NP ( NNP New ) ( NNP York ) ( NNP Times ) ) ) ) ) ( CC and ) ( NP ( NP ( RB deep ) ( NN discounting ) ) ( PP ( IN of ) ( NP ( NN newsprint ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( PRP$ its ) ( NN affiliate ) ) ( NP ( NNP Forest ) ( NNP Products ) ( NNP Group ) ) ) ) ) ) ) ) ) ) ) ) )


Times Co. 's regional daily newspapers are holding up well but there is little sign that things will improve in the New York market said Alan Kassan an analyst with Shearson Lehman Hutton

( SINV ( S-TPC-1 ( S ( NP-SBJ ( NP ( NNP Times ) ( NNP Co. ) ( POS 's ) ) ( JJ regional ) ( JJ daily ) ( NNS newspapers ) ) ( VP ( VBP are ) ( VP ( VBG holding ) ( PRT ( RP up ) ) ( ADVP-MNR ( RB well ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( JJ little ) ( NN sign ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS things ) ) ( VP ( MD will ) ( VP ( VB improve ) ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NN market ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Alan ) ( NNP Kassan ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP ( IN with ) ( NP ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ) ) ) ) )


Washington Post Co. is expected to report improved earnings largely because of increased cable revenue and publishing revenue helped by an improved retail market in the Washington area

( S ( NP-SBJ-1 ( NNP Washington ) ( NNP Post ) ( NNP Co. ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB report ) ( NP ( JJ improved ) ( NNS earnings ) ) ) ) ) ( PP-PRP ( ADVP ( RB largely ) ) ( IN because ) ( IN of ) ( NP ( NP ( JJ increased ) ( NX ( NX ( NN cable ) ( NN revenue ) ) ( CC and ) ( NX ( NN publishing ) ( NN revenue ) ) ) ) ( VP ( VBN helped ) ( PP ( IN by ) ( NP-LGS ( NP ( DT an ) ( JJ improved ) ( JJ retail ) ( NN market ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Washington ) ( NN area ) ) ) ) ) ) ) ) ) ) )


According to analysts profits were also helped by successful cost-cutting measures at Newsweek

( S ( PP ( VBG According ) ( PP ( TO to ) ( NP ( NNS analysts ) ) ) ) ( NP-SBJ-1 ( NNS profits ) ) ( VP ( VBD were ) ( ADVP ( RB also ) ) ( VP ( VBN helped ) ( PP ( IN by ) ( NP-LGS ( NP ( JJ successful ) ( JJ cost-cutting ) ( NNS measures ) ) ( PP-LOC ( IN at ) ( NP ( NNP Newsweek ) ) ) ) ) ) ) )


The news-weekly has faced heightened competition from rival Time magazine and a relatively flat magazine advertising market

( S ( NP-SBJ ( DT The ) ( NN news-weekly ) ) ( VP ( VBZ has ) ( VP ( VBN faced ) ( NP ( NP ( NP ( JJ heightened ) ( NN competition ) ) ( PP ( IN from ) ( NP ( JJ rival ) ( NNP Time ) ( NN magazine ) ) ) ) ( CC and ) ( NP ( DT a ) ( ADJP ( RB relatively ) ( JJ flat ) ) ( NN magazine ) ( NN advertising ) ( NN market ) ) ) ) ) )


Knight-Ridder Inc. is faced with continued uncertainty over the pending joint operating agreement between its Detroit Free Press and Gannett 's Detroit News and has told analysts that earnings were down in the third quarter

( S ( NP-SBJ-1 ( NNP Knight-Ridder ) ( NNP Inc. ) ) ( VP ( VP ( VBZ is ) ( VP ( VBN faced ) ( PP-CLR ( IN with ) ( NP ( NP ( JJ continued ) ( NN uncertainty ) ) ( PP ( IN over ) ( NP ( NP ( DT the ) ( VBG pending ) ( JJ joint ) ( NN operating ) ( NN agreement ) ) ( PP ( IN between ) ( NP ( NP ( PRP$ its ) ( NNP Detroit ) ( NNP Free ) ( NNP Press ) ) ( CC and ) ( NP ( NP ( NNP Gannett ) ( POS 's ) ) ( NNP Detroit ) ( NNP News ) ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBZ has ) ( VP ( VBN told ) ( NP ( NNS analysts ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS earnings ) ) ( VP ( VBD were ) ( ADVP-PRD ( RB down ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ) ) ) ) ) ) )


However analysts point to positive advertising spending at several of its major daily newspapers such as the Miami Herald and San Jose Mercury News

( S ( ADVP ( RB However ) ) ( NP-SBJ ( NNS analysts ) ) ( VP ( VBP point ) ( PP-CLR ( TO to ) ( NP ( NP ( JJ positive ) ( NN advertising ) ( NN spending ) ) ( PP-LOC ( IN at ) ( NP ( NP ( JJ several ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ major ) ( JJ daily ) ( NNS newspapers ) ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( DT the ) ( NNP Miami ) ( NNP Herald ) ) ( CC and ) ( NP ( NNP San ) ( NNP Jose ) ( NNP Mercury ) ( NNP News ) ) ) ) ) ) ) ) ) )


The Miami market is coming back strong after a tough couple of years when Knight-Ridder was starting up a Hispanic edition and circulation was falling said Bruce Thorp an analyst for Provident National Bank

( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( NNP Miami ) ( NN market ) ) ( VP ( VBZ is ) ( VP ( VBG coming ) ( ADVP-DIR ( RB back ) ) ( ADVP-MNR ( JJ strong ) ) ( PP-TMP ( IN after ) ( NP ( NP ( NP ( DT a ) ( JJ tough ) ( NN couple ) ) ( PP ( IN of ) ( NP ( NNS years ) ) ) ) ( SBAR ( WHADVP-2 ( WRB when ) ) ( S ( S ( NP-SBJ ( NNP Knight-Ridder ) ) ( VP ( VBD was ) ( VP ( VBG starting ) ( PRT ( RP up ) ) ( NP ( DT a ) ( JJ Hispanic ) ( NN edition ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NN circulation ) ) ( VP ( VBD was ) ( VP ( VBG falling ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Bruce ) ( NNP Thorp ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP ( IN for ) ( NP ( NNP Provident ) ( NNP National ) ( NNP Bank ) ) ) ) ) )


Britain 's retail price index rose 0.7 % in September from August and was up 7.6 % for the year the Central Statistical Office said

( S ( S-TPC-1 ( NP-SBJ ( NP ( NNP Britain ) ( POS 's ) ) ( JJ retail ) ( NN price ) ( NN index ) ) ( VP ( VP ( VBD rose ) ( NP-EXT ( CD 0.7 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ( PP-DIR ( IN from ) ( NP-TMP ( NNP August ) ) ) ) ( CC and ) ( VP ( VBD was ) ( ADVP-PRD ( RB up ) ( NP ( CD 7.6 ) ( NN % ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN year ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Central ) ( NNP Statistical ) ( NNP Office ) ) ( VP ( VBD said ) ) )


Earnings for most of the nation 's major pharmaceutical makers are believed to have moved ahead briskly in the third quarter as companies with newer big-selling prescription drugs fared especially well

( S ( NP-SBJ-1 ( NP ( NNS Earnings ) ) ( PP ( IN for ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( JJ major ) ( JJ pharmaceutical ) ( NNS makers ) ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBN believed ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VBN moved ) ( ADVP-DIR ( RB ahead ) ) ( ADVP-MNR ( RB briskly ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NP ( NNS companies ) ) ( PP ( IN with ) ( NP ( JJR newer ) ( JJ big-selling ) ( NN prescription ) ( NNS drugs ) ) ) ) ( VP ( VBD fared ) ( ADVP-MNR ( RB especially ) ( RB well ) ) ) ) ) ) ) ) ) ) ) )


For the third consecutive quarter however most of the companies ' revenues were battered by adverse foreign-currency translations as a result of the strong dollar abroad

( S ( PP ( IN For ) ( NP ( DT the ) ( JJ third ) ( JJ consecutive ) ( NN quarter ) ) ) ( ADVP ( RB however ) ) ( NP-SBJ-1 ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS companies ) ( POS ' ) ) ( NNS revenues ) ) ) ) ( VP ( VBD were ) ( VP ( VBN battered ) ( PP ( IN by ) ( NP-LGS ( JJ adverse ) ( NN foreign-currency ) ( NNS translations ) ) ) ( PP-PRP ( IN as ) ( NP ( NP ( DT a ) ( NN result ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ strong ) ( NN dollar ) ) ( ADVP-LOC ( RB abroad ) ) ) ) ) ) ) ) )


Analysts said that Merck & Co. Eli Lilly & Co. Warner-Lambert Co. and the Squibb Corp. unit of Bristol-Myers Squibb Co. all benefited from strong sales of relatively new higher-priced medicines that provide wide profit margins

( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP Merck ) ( CC & ) ( NNP Co. ) ) ( NP ( NNP Eli ) ( NNP Lilly ) ( CC & ) ( NNP Co. ) ) ( NP ( NNP Warner-Lambert ) ( NNP Co. ) ) ( CC and ) ( NP ( NP ( DT the ) ( NNP Squibb ) ( NNP Corp. ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NNP Bristol-Myers ) ( NNP Squibb ) ( NNP Co. ) ) ) ) ) ( DT all ) ( VP ( VBD benefited ) ( PP-CLR ( IN from ) ( NP ( NP ( JJ strong ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( RB relatively ) ( JJ new ) ) ( JJ higher-priced ) ( NNS medicines ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP provide ) ( NP ( JJ wide ) ( NN profit ) ( NNS margins ) ) ) ) ) ) ) ) ) ) ) ) ) )


Less robust earnings at Pfizer Inc. and Upjohn Co. were attributed to those companies ' older products many of which face stiffening competition from generic drugs and other medicines

( S ( NP-SBJ-1 ( NP ( ADJP ( RBR Less ) ( JJ robust ) ) ( NNS earnings ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Pfizer ) ( NNP Inc. ) ) ( CC and ) ( NP ( NNP Upjohn ) ( NNP Co. ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBN attributed ) ( PP-CLR ( TO to ) ( NP ( NP ( NP ( DT those ) ( NNS companies ) ( POS ' ) ) ( JJR older ) ( NNS products ) ) ( SBAR ( WHNP-2 ( NP ( JJ many ) ) ( WHPP ( IN of ) ( WHNP ( WDT which ) ) ) ) ( S ( VP ( VBP face ) ( NP ( NP ( JJ stiffening ) ( NN competition ) ) ( PP ( IN from ) ( NP ( NP ( JJ generic ) ( NNS drugs ) ) ( CC and ) ( NP ( JJ other ) ( NNS medicines ) ) ) ) ) ) ) ) ) ) ) ) )


Joseph Riccardo an analyst with Bear Stearns & Co. said that over the past few years most drug makers have shed their slow-growing businesses and instituted other cost savings such as consolidating manufacturing plants and administrative staffs

( S ( NP-SBJ ( NP ( NNP Joseph ) ( NNP Riccardo ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP ( IN with ) ( NP ( NNP Bear ) ( NNP Stearns ) ( CC & ) ( NNP Co. ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ past ) ( JJ few ) ( NNS years ) ) ) ( NP-SBJ-1 ( JJS most ) ( NN drug ) ( NNS makers ) ) ( VP ( VBP have ) ( VP ( VP ( VBN shed ) ( NP ( PRP$ their ) ( JJ slow-growing ) ( NNS businesses ) ) ) ( CC and ) ( VP ( VBN instituted ) ( NP ( NP ( JJ other ) ( NN cost ) ( NNS savings ) ) ( PP ( JJ such ) ( IN as ) ( S-NOM ( VP ( VBG consolidating ) ( NP ( NP ( NN manufacturing ) ( NNS plants ) ) ( CC and ) ( NP ( JJ administrative ) ( NNS staffs ) ) ) ) ) ) ) ) ) ) ) ) ) )


As a result major new products are having significant impact even on a company with very large revenues Mr. Riccardo said

( S ( S-TPC-1 ( PP-PRP ( IN As ) ( NP ( DT a ) ( NN result ) ) ) ( NP-SBJ ( JJ major ) ( JJ new ) ( NNS products ) ) ( VP ( VBP are ) ( VP ( VBG having ) ( NP ( JJ significant ) ( NN impact ) ) ( PP-CLR ( ADVP ( RB even ) ) ( IN on ) ( NP ( NP ( DT a ) ( NN company ) ) ( PP ( IN with ) ( NP ( ADJP ( RB very ) ( JJ large ) ) ( NNS revenues ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Riccardo ) ) ( VP ( VBD said ) ) )


Analysts said profit for the dozen or so big drug makers as a group is estimated to have climbed between 11 % and 14 %

( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( NN profit ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( QP ( NN dozen ) ( CC or ) ( RB so ) ) ( JJ big ) ( NN drug ) ( NNS makers ) ) ( PP ( IN as ) ( NP ( DT a ) ( NN group ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN estimated ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VBN climbed ) ( NP-EXT ( QP ( IN between ) ( CD 11 ) ( NN % ) ( CC and ) ( CD 14 ) ( NN % ) ) ) ) ) ) ) ) ) ) ) ) )


While that 's not spectacular Neil Sweig an analyst with Prudential Bache said that the rate of growth will look especially good as compared to other companies if the economy turns downward

( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ 's ) ( RB not ) ( ADJP-PRD ( JJ spectacular ) ) ) ) ) ( NP-SBJ ( NP ( NNP Neil ) ( NNP Sweig ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP ( IN with ) ( NP ( NNP Prudential ) ( NNP Bache ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN rate ) ) ( PP ( IN of ) ( NP ( NN growth ) ) ) ) ( VP ( MD will ) ( VP ( VB look ) ( ADJP-PRD ( RB especially ) ( JJ good ) ( SBAR ( IN as ) ( S ( VP ( VBN compared ) ( PP-CLR ( TO to ) ( NP ( JJ other ) ( NNS companies ) ) ) ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT the ) ( NN economy ) ) ( VP ( VBZ turns ) ( ADVP-DIR ( RB downward ) ) ) ) ) ) ) ) ) ) )


Mr. Sweig estimated that Merck 's profit for the quarter rose by about 22 % propelled by sales of its line-up of fast-growing prescription drugs including its anti-cholesterol drug Mevacor a high blood pressure medicine Vasotec Primaxin an antibiotic and Pepcid an anti-ulcer medication

( S ( NP-SBJ ( NNP Mr. ) ( NNP Sweig ) ) ( VP ( VBD estimated ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( NP ( NNP Merck ) ( POS 's ) ) ( NN profit ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN quarter ) ) ) ) ( VP ( VBD rose ) ( PP-EXT ( IN by ) ( NP ( QP ( RB about ) ( CD 22 ) ) ( NN % ) ) ) ( S-ADV ( VP ( VBN propelled ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( NN line-up ) ) ( PP ( IN of ) ( NP ( NP ( JJ fast-growing ) ( NN prescription ) ( NNS drugs ) ) ( PP ( VBG including ) ( NP ( NP ( NP ( PRP$ its ) ( JJ anti-cholesterol ) ( NN drug ) ) ( NP ( NNP Mevacor ) ) ) ( NP ( NP ( DT a ) ( JJ high ) ( NN blood ) ( NN pressure ) ( NN medicine ) ) ( NP ( NNP Vasotec ) ) ) ( NP ( NP ( NNP Primaxin ) ) ( NP ( DT an ) ( NN antibiotic ) ) ) ( CC and ) ( NP ( NP ( NNP Pepcid ) ) ( NP ( DT an ) ( JJ anti-ulcer ) ( NN medication ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


Profit climbed even though Merck 's sales were reduced by one to three percentage points as a result of the strong dollar Mr. Sweig said

( S ( S-TPC-2 ( NP-SBJ ( NN Profit ) ) ( VP ( VBD climbed ) ( SBAR-ADV ( RB even ) ( IN though ) ( S ( NP-SBJ-1 ( NP ( NNP Merck ) ( POS 's ) ) ( NNS sales ) ) ( VP ( VBD were ) ( VP ( VBN reduced ) ( PP-EXT ( IN by ) ( NP ( QP ( CD one ) ( TO to ) ( CD three ) ) ( NN percentage ) ( NNS points ) ) ) ( PP-PRP ( IN as ) ( NP ( NP ( DT a ) ( NN result ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ strong ) ( NN dollar ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Sweig ) ) ( VP ( VBD said ) ) )


In the third quarter of 1988 Merck earned 311.8 million or 79 cents a share

( S ( PP-TMP ( IN In ) ( NP ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ( PP ( IN of ) ( NP ( CD 1988 ) ) ) ) ) ( NP-SBJ ( NNP Merck ) ) ( VP ( VBD earned ) ( NP ( NP ( QP ( CD 311.8 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 79 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) )


In Rahway N.J. a Merck spokesman said the company does n't make earnings projections

( S ( PP-LOC ( IN In ) ( NP ( NP ( NNP Rahway ) ) ( NP ( NNP N.J. ) ) ) ) ( NP-SBJ ( DT a ) ( NNP Merck ) ( NN spokesman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB make ) ( NP ( NN earnings ) ( NNS projections ) ) ) ) ) ) ) )


Mr. Sweig said he estimated that Lilly 's earnings for the quarter jumped about 20 % largely because of the performance of its new anti-depressant Prozac

( S ( NP-SBJ ( NNP Mr. ) ( NNP Sweig ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD estimated ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NP ( NNP Lilly ) ( POS 's ) ) ( NNS earnings ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN quarter ) ) ) ) ( VP ( VBD jumped ) ( NP-EXT ( RB about ) ( CD 20 ) ( NN % ) ) ( PP-PRP ( ADVP ( RB largely ) ) ( IN because ) ( IN of ) ( NP ( NP ( DT the ) ( NN performance ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ new ) ( NN anti-depressant ) ( NNP Prozac ) ) ) ) ) ) ) ) ) ) ) ) )


The drug introduced last year is expected to generate sales of about 300 million this year

( S ( NP-SBJ-1 ( NP ( DT The ) ( NN drug ) ) ( VP ( VBD introduced ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB generate ) ( NP ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( QP ( RB about ) ( CD 300 ) ( CD million ) ) ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ) ) )


It 's turning out to be a real blockbuster Mr. Sweig said

( S ( S-TPC-1 ( NP-SBJ-2 ( PRP It ) ) ( VP ( VBZ 's ) ( VP ( VBG turning ) ( PRT ( RP out ) ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( JJ real ) ( NN blockbuster ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Sweig ) ) ( VP ( VBD said ) ) )


In last year 's third quarter Lilly earned 171.4 million or 1.20 a share

( S ( PP-TMP ( IN In ) ( NP ( NP ( JJ last ) ( NN year ) ( POS 's ) ) ( JJ third ) ( NN quarter ) ) ) ( NP-SBJ ( NNP Lilly ) ) ( VP ( VBD earned ) ( NP ( NP ( QP ( CD 171.4 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.20 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) )


In Indianapolis Lilly declined comment

( S ( PP-LOC ( IN In ) ( NP ( NNP Indianapolis ) ) ) ( NP-SBJ ( NNP Lilly ) ) ( VP ( VBD declined ) ( NP ( NN comment ) ) ) )


Several analysts said they expected Warner-Lambert 's profit also to increase by more than 20 % from 87.7 million or 1.25 a share it reported in the like period last year

( S ( NP-SBJ ( JJ Several ) ( NNS analysts ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD expected ) ( S ( NP-SBJ ( NP ( NNP Warner-Lambert ) ( POS 's ) ) ( NN profit ) ) ( ADVP ( RB also ) ) ( VP ( TO to ) ( VP ( VB increase ) ( PP-EXT ( IN by ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 20 ) ) ( NN % ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( NP ( QP ( CD 87.7 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.25 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD reported ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ like ) ( NN period ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


The company is praised by analysts for sharply lowering its costs in recent years and shedding numerous companies with low profit margins

( S ( NP-SBJ-1 ( DT The ) ( NN company ) ) ( VP ( VBZ is ) ( VP ( VBN praised ) ( PP ( IN by ) ( NP-LGS ( NNS analysts ) ) ) ( PP-PRP ( IN for ) ( S-NOM ( VP ( VP ( ADVP-MNR ( RB sharply ) ) ( VBG lowering ) ( NP ( PRP$ its ) ( NNS costs ) ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS years ) ) ) ) ( CC and ) ( VP ( VBG shedding ) ( NP ( NP ( JJ numerous ) ( NNS companies ) ) ( PP ( IN with ) ( NP ( JJ low ) ( NN profit ) ( NNS margins ) ) ) ) ) ) ) ) ) ) )


The company 's lean operation analysts said allowed sharp-rising sales from its cholesterol drug Lopid to power earnings growth

( S-1 ( NP-SBJ ( NP ( DT The ) ( NN company ) ( POS 's ) ) ( JJ lean ) ( NN operation ) ) ( PRN ( S ( NP-SBJ ( NNS analysts ) ) ( VP ( VBD said ) ) ) ) ( VP ( VBD allowed ) ( S ( NP-SBJ ( NP ( JJ sharp-rising ) ( NNS sales ) ) ( PP ( IN from ) ( NP ( NP ( PRP$ its ) ( NN cholesterol ) ( NN drug ) ) ( NP ( NNP Lopid ) ) ) ) ) ( VP ( TO to ) ( VP ( VB power ) ( NP ( NNS earnings ) ( NN growth ) ) ) ) ) ) )


Lopid sales are expected to be about 300 million this year up from 190 million in 1988

( S ( NP-SBJ-1 ( NNP Lopid ) ( NNS sales ) ) ( VP ( VBP are ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( QP ( RB about ) ( CD 300 ) ( CD million ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ( ADVP ( RB up ) ( PP ( IN from ) ( NP ( QP ( CD 190 ) ( CD million ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ) ) ) ) ) ) ) )


In Morris Plains N.J. a spokesman for the company said the analysts ' projections are in the ballpark

( S ( PP-LOC ( IN In ) ( NP ( NP ( NNP Morris ) ( NNP Plains ) ) ( NP ( NNP N.J. ) ) ) ) ( NP-SBJ ( NP ( DT a ) ( NN spokesman ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN company ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NNS analysts ) ( POS ' ) ) ( NNS projections ) ) ( VP ( VBP are ) ( PP-LOC-PRD ( IN in ) ( NP ( DT the ) ( NN ballpark ) ) ) ) ) ) ) )


Squibb 's profit estimated by analysts to be about 18 % above the 123 million or 1.25 a share it earned in the third quarter of 1988 was the result of especially strong sales of its Capoten drug for treating high blood pressure and other heart disease

( S ( NP-SBJ-2 ( NP ( NNP Squibb ) ( POS 's ) ) ( NN profit ) ) ( S-ADV ( VP ( VBN estimated ) ( PP ( IN by ) ( NP-LGS ( NNS analysts ) ) ) ( S ( VP ( TO to ) ( VP ( VB be ) ( PP-LOC-PRD ( NP ( QP ( RB about ) ( CD 18 ) ) ( NN % ) ) ( IN above ) ( NP ( NP ( NP ( DT the ) ( QP ( CD 123 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.25 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD earned ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ( PP ( IN of ) ( NP ( CD 1988 ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( NN result ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( RB especially ) ( JJ strong ) ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( NNP Capoten ) ( NN drug ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG treating ) ( NP ( NP ( JJ high ) ( NN blood ) ( NN pressure ) ) ( CC and ) ( NP ( JJ other ) ( NN heart ) ( NN disease ) ) ) ) ) ) ) ) ) ) ) ) )


The company was officially merged with Bristol-Myers Co. earlier this month

( S ( NP-SBJ-1 ( DT The ) ( NN company ) ) ( VP ( VBD was ) ( VP ( ADVP-MNR ( RB officially ) ) ( VBN merged ) ( PP-CLR ( IN with ) ( NP ( NNP Bristol-Myers ) ( NNP Co. ) ) ) ( NP-TMP ( RBR earlier ) ( DT this ) ( NN month ) ) ) ) )


Bristol-Myers declined to comment

( S ( NP-SBJ-1 ( NNP Bristol-Myers ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB comment ) ) ) ) ) )


Mr. Riccardo of Bear Stearns said that Schering-Plough Corp. 's expected profit rise of about 18 % to 20 % and Bristol-Meyers 's expected profit increase of about 13 % are largely because those companies are really managed well

( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Riccardo ) ) ( PP ( IN of ) ( NP ( NNP Bear ) ( NNP Stearns ) ) ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NP ( NP ( NNP Schering-Plough ) ( NNP Corp. ) ( POS 's ) ) ( JJ expected ) ( NN profit ) ( NN rise ) ) ( PP ( IN of ) ( NP ( QP ( RB about ) ( CD 18 ) ( NN % ) ( TO to ) ( CD 20 ) ( NN % ) ) ) ) ) ( CC and ) ( NP ( NP ( NP ( NNP Bristol-Meyers ) ( POS 's ) ) ( JJ expected ) ( NN profit ) ( NN increase ) ) ( PP ( IN of ) ( NP ( QP ( RB about ) ( CD 13 ) ) ( NN % ) ) ) ) ) ( VP ( VBP are ) ( SBAR-PRP-PRD ( ADVP ( RB largely ) ) ( IN because ) ( S ( NP-SBJ-1 ( DT those ) ( NNS companies ) ) ( VP ( VBP are ) ( ADVP ( RB really ) ) ( VP ( VBN managed ) ( ADVP-MNR ( RB well ) ) ) ) ) ) ) ) ) ) )


ScheringPlough earned 94.4 million or 84 cents a share while Bristol-Myers earned 232.3 million or 81 cents a share in the like period a year earlier

( S ( NP-SBJ ( NN ScheringPlough ) ) ( VP ( VBD earned ) ( NP ( NP ( QP ( CD 94.4 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 84 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NNP Bristol-Myers ) ) ( VP ( VBD earned ) ( NP ( NP ( QP ( CD 232.3 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 81 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ like ) ( NN period ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) ) )


In Madison N.J. a spokesman for Schering-Plough said the company has no problems with the average estimate by a analysts that third-quarter earnings per share rose by about 19 % to 1

( S ( PP-LOC ( IN In ) ( NP ( NP ( NNP Madison ) ) ( NP ( NNP N.J. ) ) ) ) ( NP-SBJ ( NP ( DT a ) ( NN spokesman ) ) ( PP ( IN for ) ( NP ( NNP Schering-Plough ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBZ has ) ( NP ( NP ( DT no ) ( NNS problems ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( JJ average ) ( NN estimate ) ) ( PP ( IN by ) ( NP ( DT a ) ( NNS analysts ) ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( NP ( JJ third-quarter ) ( NNS earnings ) ) ( PP ( IN per ) ( NP ( NN share ) ) ) ) ( VP ( VBD rose ) ( PP-EXT ( IN by ) ( NP ( QP ( RB about ) ( CD 19 ) ) ( NN % ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 1 ) ) ) ) ) ) ) ) ) ) ) ) ) )


The company expects to achieve the 20 % increase in full-year earnings per share as it projected in the spring the spokesman said

( S ( S-TPC-2 ( NP-SBJ-1 ( DT The ) ( NN company ) ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB achieve ) ( NP ( NP ( DT the ) ( ADJP ( CD 20 ) ( NN % ) ) ( NN increase ) ) ( PP-LOC ( IN in ) ( NP ( JJ full-year ) ( NNS earnings ) ) ) ( PP ( IN per ) ( NP ( NN share ) ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD projected ) ( PP ( IN in ) ( NP ( DT the ) ( NN spring ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN spokesman ) ) ( VP ( VBD said ) ) )


Meanwhile analysts said Pfizer 's recent string of lackluster quarterly performances continued as earnings in the quarter were expected to decline by about 5 %

( S ( ADVP-TMP ( RB Meanwhile ) ) ( NP-SBJ ( NNS analysts ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NP ( NNP Pfizer ) ( POS 's ) ) ( JJ recent ) ( NN string ) ) ( PP ( IN of ) ( NP ( JJ lackluster ) ( JJ quarterly ) ( NNS performances ) ) ) ) ( VP ( VBD continued ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ-1 ( NP ( NNS earnings ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN quarter ) ) ) ) ( VP ( VBD were ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB decline ) ( PP-EXT ( IN by ) ( NP ( QP ( RB about ) ( CD 5 ) ) ( NN % ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


Sales of Pfizer 's important drugs Feldene for treating arthritis and Procardia a heart medicine have shrunk because of increased competition

( S ( NP-SBJ ( NP ( NNP Sales ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Pfizer ) ( POS 's ) ) ( JJ important ) ( NNS drugs ) ) ( NP ( NP ( NP ( NNP Feldene ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG treating ) ( NP ( NN arthritis ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NNP Procardia ) ) ( NP ( DT a ) ( NN heart ) ( NN medicine ) ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN shrunk ) ( PP-PRP ( RB because ) ( IN of ) ( NP ( JJ increased ) ( NN competition ) ) ) ) ) )


The strong dollar hurt Pfizer a lot too Mr. Sweig said

( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( PRN ( JJ strong ) ) ( NN dollar ) ) ( VP ( VBD hurt ) ( NP ( NNP Pfizer ) ) ( NP-ADV ( DT a ) ( NN lot ) ) ( ADVP ( RB too ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Sweig ) ) ( VP ( VBD said ) ) )


In the third quarter last year Pfizer earned 216.8 million or 1.29 a share

( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ( NP-SBJ ( NNP Pfizer ) ) ( VP ( VBD earned ) ( NP ( NP ( QP ( CD 216.8 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.29 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) )


In New York the company declined comment

( S ( PP-LOC ( IN In ) ( NP ( NNP New ) ( NNP York ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD declined ) ( NP ( NN comment ) ) ) )


Analysts said they expected Upjohn 's profit to be flat or rise by only about 2 % to 4 % as compared with 89.6 million or 49 cents a share it earned a year ago

( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD expected ) ( S ( NP-SBJ ( NP ( NNP Upjohn ) ( POS 's ) ) ( NN profit ) ) ( VP ( TO to ) ( VP ( VP ( VB be ) ( ADJP-PRD ( JJ flat ) ) ) ( CC or ) ( VP ( VB rise ) ( PP-EXT ( IN by ) ( NP ( NP ( QP ( RB only ) ( RB about ) ( CD 2 ) ( NN % ) ( TO to ) ( CD 4 ) ( NN % ) ) ) ( SBAR ( IN as ) ( S ( VP ( VBN compared ) ( PP-CLR ( IN with ) ( NP ( NP ( NP ( QP ( CD 89.6 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 49 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD earned ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


Upjohn 's biggest-selling drugs are Xanax a tranquilizer and Halcion a sedative

( S ( NP-SBJ ( NP ( NNP Upjohn ) ( POS 's ) ) ( JJ biggest-selling ) ( NNS drugs ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NP ( NNP Xanax ) ) ( NP ( DT a ) ( NN tranquilizer ) ) ) ( CC and ) ( NP ( NP ( NNP Halcion ) ) ( NP ( DT a ) ( NN sedative ) ) ) ) ) )


Sales of both drugs have been hurt by new state laws restricting the prescriptions of certain tranquilizing medicines and adverse publicity about the excessive use of the drugs

( S ( NP-SBJ-1 ( NP ( NNS Sales ) ) ( PP ( IN of ) ( NP ( DT both ) ( NNS drugs ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN hurt ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( JJ new ) ( NN state ) ( NNS laws ) ) ( VP ( VBG restricting ) ( NP ( NP ( DT the ) ( NNS prescriptions ) ) ( PP ( IN of ) ( NP ( JJ certain ) ( JJ tranquilizing ) ( NNS medicines ) ) ) ) ) ) ( CC and ) ( NP ( NP ( JJ adverse ) ( NN publicity ) ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( JJ excessive ) ( NN use ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS drugs ) ) ) ) ) ) ) ) ) ) ) )


Also the company 's hair-growing drug Rogaine is selling well at about 125 million for the year but the company 's profit from the drug has been reduced by Upjohn 's expensive print and television campaigns for advertising analysts said

( S ( S-TPC-2 ( ADVP ( RB Also ) ) ( S ( NP-SBJ ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ hair-growing ) ( NN drug ) ) ( NP ( NNP Rogaine ) ) ) ( VP ( VBZ is ) ( VP ( VBG selling ) ( ADVP-MNR ( RB well ) ) ( PP ( IN at ) ( NP ( NP ( QP ( RB about ) ( CD 125 ) ( CD million ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN year ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN profit ) ) ( PP ( IN from ) ( NP ( DT the ) ( NN drug ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN reduced ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( NNP Upjohn ) ( POS 's ) ) ( JJ expensive ) ( NN print ) ( CC and ) ( NN television ) ( NNS campaigns ) ) ( PP ( IN for ) ( NP ( VBG advertising ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS analysts ) ) ( VP ( VBD said ) ) )


In Kalamazoo Mich. Upjohn declined comment

( S ( PP-LOC ( IN In ) ( NP ( NP ( NNP Kalamazoo ) ) ( NP ( NNP Mich. ) ) ) ) ( NP-SBJ ( NNP Upjohn ) ) ( VP ( VBD declined ) ( NP ( NN comment ) ) ) )


Alan Seelenfreund 52 years old was named chairman of this processor of prescription claims succeeding Thomas W. Field Jr. 55 who resigned last month

( S ( NP-SBJ-1 ( NP ( NNP Alan ) ( NNP Seelenfreund ) ) ( ADJP ( NP ( CD 52 ) ( NNS years ) ) ( JJ old ) ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( S ( NP-PRD ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( DT this ) ( NN processor ) ) ( PP ( IN of ) ( NP ( NN prescription ) ( NNS claims ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG succeeding ) ( NP ( NP ( NNP Thomas ) ( NNP W. ) ( NNP Field ) ( NNP Jr. ) ) ( NP ( CD 55 ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD resigned ) ( NP-TMP ( JJ last ) ( NN month ) ) ) ) ) ) ) ) ) ) )


Mr. Field also had been chairman of McKesson Corp. resigning that post after a dispute with the board over corporate strategy

( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Field ) ) ( ADVP ( RB also ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( NP-PRD ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NNP McKesson ) ( NNP Corp. ) ) ) ) ( S-ADV ( VP ( VBG resigning ) ( NP ( DT that ) ( NN post ) ) ( PP-TMP ( IN after ) ( NP ( NP ( DT a ) ( NN dispute ) ) ( PP ( IN with ) ( NP ( DT the ) ( NN board ) ) ) ( PP ( IN over ) ( NP ( JJ corporate ) ( NN strategy ) ) ) ) ) ) ) ) ) )


Mr. Seelenfreund is executive vice president and chief financial officer of McKesson and will continue in those roles

( S ( NP-SBJ ( NNP Mr. ) ( NNP Seelenfreund ) ) ( VP ( VP ( VBZ is ) ( NP-PRD ( NP ( NP ( JJ executive ) ( NN vice ) ( NN president ) ) ( CC and ) ( NP ( JJ chief ) ( JJ financial ) ( NN officer ) ) ) ( PP ( IN of ) ( NP ( NNP McKesson ) ) ) ) ) ( CC and ) ( VP ( MD will ) ( VP ( VB continue ) ( PP-LOC ( IN in ) ( NP ( DT those ) ( NNS roles ) ) ) ) ) ) )


PCS also named Rex R. Malson 57 executive vice president at McKesson as a director filling the seat vacated by Mr. Field

( S ( NP-SBJ-1 ( NNP PCS ) ) ( ADVP ( RB also ) ) ( VP ( VBD named ) ( NP ( NP ( NNP Rex ) ( NNP R. ) ( NNP Malson ) ) ( NP ( CD 57 ) ) ( NP ( NP ( JJ executive ) ( NN vice ) ( NN president ) ) ( PP-LOC ( IN at ) ( NP ( NNP McKesson ) ) ) ) ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( NN director ) ) ) ( S-ADV ( VP ( VBG filling ) ( NP ( NP ( DT the ) ( NN seat ) ) ( VP ( VBN vacated ) ( PP ( IN by ) ( NP-LGS ( NNP Mr. ) ( NNP Field ) ) ) ) ) ) ) ) )


Messrs. Malson and Seelenfreund are directors of McKesson which has an 86 % stake in PCS

( S ( NP-SBJ ( NNP Messrs. ) ( NNP Malson ) ( CC and ) ( NNP Seelenfreund ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NNS directors ) ) ( PP ( IN of ) ( NP ( NP ( NNP McKesson ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( NP ( NP ( DT an ) ( ADJP ( CD 86 ) ( NN % ) ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( NNP PCS ) ) ) ) ) ) ) ) ) ) ) )


Diamond Shamrock Offshore Partners said it had discovered gas offshore Louisiana

( S ( NP-SBJ ( NNP Diamond ) ( NNP Shamrock ) ( NNP Offshore ) ( NNP Partners ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD had ) ( VP ( VBN discovered ) ( NP ( NN gas ) ) ( ADVP-LOC ( RB offshore ) ( NP ( NNP Louisiana ) ) ) ) ) ) ) ) )


The well flowed at a rate of 2.016 million cubic feet of gas a day through a 16 64-inch opening at depths between 5,782 and 5,824 feet

( S ( NP-SBJ ( DT The ) ( RB well ) ) ( VP ( VBD flowed ) ( PP ( IN at ) ( NP ( NP ( DT a ) ( NN rate ) ) ( PP ( IN of ) ( NP ( NP ( NP ( QP ( CD 2.016 ) ( CD million ) ) ( JJ cubic ) ( NNS feet ) ) ( PP ( IN of ) ( NP ( NN gas ) ) ) ) ( NP-ADV ( DT a ) ( NN day ) ) ) ) ) ) ( PP-DIR ( IN through ) ( NP ( DT a ) ( CD 16 ) ( JJ 64-inch ) ( NN opening ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNS depths ) ) ( PP ( IN between ) ( NP ( QP ( CD 5,782 ) ( CC and ) ( CD 5,824 ) ) ( NNS feet ) ) ) ) ) ) )


Diamond Shamrock is the operator with a 100 % interest in the well

( S ( NP-SBJ ( NNP Diamond ) ( NNP Shamrock ) ) ( VP ( VBZ is ) ( NP-PRD ( DT the ) ( NN operator ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( ADJP ( CD 100 ) ( NN % ) ) ( NN interest ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN well ) ) ) ) ) ) )


Diamond Shamrock Offshore 's stock rose 12.5 cents Friday to close at 8.25 in New York Stock Exchange composite trading

( S ( NP-SBJ-1 ( NP ( NNP Diamond ) ( NNP Shamrock ) ( NNP Offshore ) ( POS 's ) ) ( NN stock ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 12.5 ) ( NNS cents ) ) ( NP-TMP ( NNP Friday ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB close ) ( PP-CLR ( IN at ) ( NP ( CD 8.25 ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ) ) ) ) )


Chase Manhattan Bank Chairman Willard Butcher is a conservative banker and a loyal Republican but on Friday morning he had few kind words for President Bush 's economic policy-making

( S ( S ( NP-SBJ ( NNP Chase ) ( NNP Manhattan ) ( NNP Bank ) ( NNP Chairman ) ( NNP Willard ) ( NNP Butcher ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ conservative ) ( NN banker ) ) ( CC and ) ( NP ( DT a ) ( JJ loyal ) ( NNP Republican ) ) ) ) ) ( CC but ) ( S ( PP-TMP ( IN on ) ( NP ( NNP Friday ) ( NN morning ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD had ) ( NP ( JJ few ) ( JJ kind ) ( NNS words ) ) ( PP ( IN for ) ( NP ( NP ( NNP President ) ( NNP Bush ) ( POS 's ) ) ( JJ economic ) ( NN policy-making ) ) ) ) ) )


There are some very significant issues out there such as the fiscal deficit the trade deficit our relations with Japan that have to be the subject of major initiatives he said in an interview

( S ( S-TPC-1 ( NP-SBJ ( EX There ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT some ) ( ADJP ( RB very ) ( JJ significant ) ) ( NNS issues ) ) ( ADVP-LOC ( RB out ) ( RB there ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( DT the ) ( JJ fiscal ) ( NN deficit ) ) ( NP ( DT the ) ( NN trade ) ( NN deficit ) ) ( NP ( NP ( PRP$ our ) ( NNS relations ) ) ( PP ( IN with ) ( NP ( NNP Japan ) ) ) ) ) ) ( SBAR ( WHNP-3 ( WDT that ) ) ( S ( VP ( VBP have ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( NN subject ) ) ( PP ( IN of ) ( NP ( JJ major ) ( NNS initiatives ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ( PP-LOC ( IN in ) ( NP ( DT an ) ( NN interview ) ) ) ) )


I 'd like to see that initiative and I have n't

( S ( S ( NP-SBJ-1 ( PRP I ) ) ( VP ( MD 'd ) ( VP ( VB like ) ( S ( VP ( TO to ) ( VP ( VB see ) ( NP ( DT that ) ( NN initiative ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP have ) ( RB n't ) ) ) )


There is n't a big shot an agenda

( S ( NP-SBJ ( EX There ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( NP ( DT a ) ( JJ big ) ( NN shot ) ) ( NP ( DT an ) ( NN agenda ) ) ) ) )


A few hours later the stock market dropped 190 points

( S ( ADVP-TMP ( NP ( DT A ) ( JJ few ) ( NNS hours ) ) ( RB later ) ) ( NP-SBJ ( DT the ) ( NN stock ) ( NN market ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 190 ) ( NNS points ) ) ) )


Politicians tried to finger each other for the blame although many analysts doubt that Washington was singly responsible for Wall Street 's woes

( S ( NP-SBJ-1 ( NNS Politicians ) ) ( VP ( VBD tried ) ( S ( VP ( TO to ) ( VP ( VB finger ) ( NP ( NP ( DT each ) ) ( ADJP ( JJ other ) ) ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( NN blame ) ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ ( JJ many ) ( NNS analysts ) ) ( VP ( VBP doubt ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Washington ) ) ( VP ( VBD was ) ( ADJP-PRD ( RB singly ) ( JJ responsible ) ( PP ( IN for ) ( NP ( NP ( NNP Wall ) ( NNP Street ) ( POS 's ) ) ( NNS woes ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


But Mr. Butcher 's comments make one thing clear Some on Wall Street wonder if anyone is in charge of economic policy

( S ( CC But ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Butcher ) ( POS 's ) ) ( NNS comments ) ) ( VP ( VBP make ) ( S ( NP-SBJ ( NP ( CD one ) ( NN thing ) ) ) ( ADJP-PRD ( JJ clear ) ) ( S-1 ( NP-SBJ ( NP ( DT Some ) ) ( PP-LOC ( IN on ) ( NP ( NNP Wall ) ( NNP Street ) ) ) ) ( VP ( VBP wonder ) ( SBAR ( IN if ) ( S ( NP-SBJ ( NN anyone ) ) ( VP ( VBZ is ) ( PP-PRD ( IN in ) ( NP ( NP ( NN charge ) ) ( PP ( IN of ) ( NP ( JJ economic ) ( NN policy ) ) ) ) ) ) ) ) ) ) ) ) )


Consider this

( S ( VP ( VB Consider ) ( NP ( DT this ) ) ) )


By 11:59 p.m. tonight President Bush must order 16 billion of automatic across-the-board cuts in government spending to comply with the Gramm-Rudman budget law

( S ( PP-TMP ( IN By ) ( NP ( CD 11:59 ) ( RB p.m. ) ( NN tonight ) ) ) ( NP-SBJ-1 ( NNP President ) ( NNP Bush ) ) ( VP ( MD must ) ( VP ( VB order ) ( NP ( NP ( QP ( CD 16 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( NP ( JJ automatic ) ( JJ across-the-board ) ( NNS cuts ) ) ( PP-LOC ( IN in ) ( NP ( NN government ) ( NN spending ) ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB comply ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NNP Gramm-Rudman ) ( NN budget ) ( NN law ) ) ) ) ) ) ) ) )


The cuts are necessary because Congress and the administration have failed to reach agreement on a deficit-cutting bill

( S ( NP-SBJ ( DT The ) ( NNS cuts ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ necessary ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-1 ( NP ( NNP Congress ) ) ( CC and ) ( NP ( DT the ) ( NN administration ) ) ) ( VP ( VBP have ) ( VP ( VBN failed ) ( S ( VP ( TO to ) ( VP ( VB reach ) ( NP ( NP ( NN agreement ) ) ( PP ( IN on ) ( NP ( DT a ) ( JJ deficit-cutting ) ( NN bill ) ) ) ) ) ) ) ) ) ) ) ) )


We simply do n't have strong leadership to try to reduce the deficit and make tough choices House Budget Committee Chairman Leon Panetta D. Calif said yesterday on NBC News 's Meet the Press

( S ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( ADVP ( RB simply ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB have ) ( NP ( NP ( JJ strong ) ( NN leadership ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB try ) ( S ( VP ( TO to ) ( VP ( VP ( VB reduce ) ( NP ( DT the ) ( NN deficit ) ) ) ( CC and ) ( VP ( VB make ) ( NP ( JJ tough ) ( NNS choices ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP House ) ( NNP Budget ) ( NNP Committee ) ( NNP Chairman ) ( NNP Leon ) ( NNP Panetta ) ) ( PRN ( NP ( NNP D. ) ) ( NP-LOC ( NNP Calif ) ) ) ) ( VP ( VBD said ) ( NP-TMP ( NN yesterday ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NNP NBC ) ( NNP News ) ( POS 's ) ) ( S-TTL ( VP ( NNP Meet ) ( NP ( DT the ) ( NNP Press ) ) ) ) ) ) ) )


For the last two weeks the Bush administration and the Federal Reserve have been engaged in a semi-public battle over international economic policy

( S ( PP-TMP ( IN For ) ( NP ( DT the ) ( JJ last ) ( CD two ) ( NNS weeks ) ) ) ( NP-SBJ-1 ( NP ( DT the ) ( NNP Bush ) ( NN administration ) ) ( CC and ) ( NP ( DT the ) ( NNP Federal ) ( NNP Reserve ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN engaged ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( DT a ) ( JJ semi-public ) ( NN battle ) ) ( PP ( IN over ) ( NP ( JJ international ) ( JJ economic ) ( NN policy ) ) ) ) ) ) ) ) )


The administration has been trying to push the dollar lower the Fed has been resisting

( S ( S ( NP-SBJ-1 ( DT The ) ( NN administration ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB push ) ( NP ( DT the ) ( NN dollar ) ) ( ADVP-DIR ( RBR lower ) ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( DT the ) ( NNP Fed ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG resisting ) ) ) ) ) )


One of the things that continues to worry me is this monetary warfare between the Treasury Department and the Federal Reserve Board said Lawrence Kudlow a Bear Stearns & Co. economist on ABC 's This Week

( SINV ( S-TPC-2 ( NP-SBJ ( NP ( CD One ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS things ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ continues ) ( S ( VP ( TO to ) ( VP ( VB worry ) ( NP ( PRP me ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT this ) ( JJ monetary ) ( NN warfare ) ) ( PP ( IN between ) ( NP ( NP ( DT the ) ( NNP Treasury ) ( NNP Department ) ) ( CC and ) ( NP ( DT the ) ( NNP Federal ) ( NNP Reserve ) ( NNP Board ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Lawrence ) ( NNP Kudlow ) ) ( NP ( DT a ) ( NNP Bear ) ( NNP Stearns ) ( CC & ) ( NNP Co. ) ( NN economist ) ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NNP ABC ) ( POS 's ) ) ( NX-TTL ( NNP This ) ( NNP Week ) ) ) ) )


The administration has sent out confusing signals about its response to a recent spate of airline takeovers

( S ( NP-SBJ ( DT The ) ( NN administration ) ) ( VP ( VBZ has ) ( VP ( VBN sent ) ( ADVP-DIR ( RP out ) ) ( NP ( NP ( JJ confusing ) ( NNS signals ) ) ( PP ( IN about ) ( NP ( NP ( PRP$ its ) ( NN response ) ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( JJ recent ) ( NN spate ) ) ( PP ( IN of ) ( NP ( NN airline ) ( NNS takeovers ) ) ) ) ) ) ) ) ) ) )


Last month Transportation Secretary Sam Skinner forced Northwest Airlines to reduce a stake held by KLM Royal Dutch Airlines

( S ( NP-TMP ( JJ Last ) ( NN month ) ) ( NP-SBJ ( NNP Transportation ) ( NNP Secretary ) ( NNP Sam ) ( NNP Skinner ) ) ( VP ( VBD forced ) ( S ( NP-SBJ ( NNP Northwest ) ( NNP Airlines ) ) ( VP ( TO to ) ( VP ( VB reduce ) ( NP ( NP ( DT a ) ( NN stake ) ) ( VP ( VBN held ) ( PP ( IN by ) ( NP-LGS ( NNP KLM ) ( NNP Royal ) ( NNP Dutch ) ( NNP Airlines ) ) ) ) ) ) ) ) ) )


But he has since run into opposition from the Treasury and the White House over that decision

( S ( CC But ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ has ) ( ADVP-TMP ( RB since ) ) ( VP ( VBN run ) ( PP-DIR ( IN into ) ( NP ( NP ( NN opposition ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NNP Treasury ) ) ( CC and ) ( NP ( DT the ) ( NNP White ) ( NNP House ) ) ) ) ( PP ( IN over ) ( NP ( DT that ) ( NN decision ) ) ) ) ) ) ) )


And he has kept mum on how his decision might affect a bid for United Airlines which includes a big stake by British Airways PLC

( S ( CC And ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ has ) ( VP ( VBN kept ) ( ADJP-PRD ( JJ mum ) ( PP ( IN on ) ( SBAR-NOM ( WHADVP-2 ( WRB how ) ) ( S ( NP-SBJ ( PRP$ his ) ( NN decision ) ) ( VP ( MD might ) ( VP ( VB affect ) ( NP ( NP ( DT a ) ( NN bid ) ) ( PP ( IN for ) ( NP ( NNP United ) ( NNP Airlines ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ includes ) ( NP ( NP ( DT a ) ( JJ big ) ( NN stake ) ) ( PP ( IN by ) ( NP ( NNP British ) ( NNP Airways ) ( NNP PLC ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


Some analysts say uncertainty about Washington 's anti-takeover policy was one reason that financing for the United Airlines takeover fell through the event that triggered the market drop

( S ( NP-SBJ ( DT Some ) ( NNS analysts ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NP ( NN uncertainty ) ) ( PP ( IN about ) ( NP ( NP ( NNP Washington ) ( POS 's ) ) ( JJ anti-takeover ) ( NN policy ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NP ( CD one ) ( NN reason ) ) ( SBAR ( WHADVP-2 ( IN that ) ) ( S ( NP-SBJ ( NP ( NN financing ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNP United ) ( NNP Airlines ) ( NN takeover ) ) ) ) ( VP ( VBD fell ) ( PRT ( RP through ) ) ) ) ) ) ( NP ( NP ( DT the ) ( NN event ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD triggered ) ( NP ( DT the ) ( NN market ) ( NN drop ) ) ) ) ) ) ) ) ) ) ) )


In many ways the backdrop to Friday 's stock decline is eerily similar to that of October 1987 's 508-point crash

( S ( PP ( IN In ) ( NP ( JJ many ) ( NNS ways ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN backdrop ) ) ( PP ( TO to ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NN stock ) ( NN decline ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB eerily ) ( JJ similar ) ( PP ( TO to ) ( NP ( NP ( DT that ) ) ( PP ( IN of ) ( NP ( NP ( NNP October ) ( CD 1987 ) ( POS 's ) ) ( JJ 508-point ) ( NN crash ) ) ) ) ) ) ) )


Then as now the budget debate was behind schedule and automatic spending cuts were within days of taking hold

( S ( ADVP-TMP ( RB Then ) ) ( PP ( IN as ) ( ADVP ( RB now ) ) ) ( S ( NP-SBJ ( DT the ) ( NN budget ) ( NN debate ) ) ( VP ( VBD was ) ( PP-LOC-PRD ( IN behind ) ( NP ( NN schedule ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( JJ automatic ) ( JJ spending ) ( NNS cuts ) ) ( VP ( VBD were ) ( PP-LOC-PRD ( IN within ) ( NP ( NP ( NNS days ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG taking ) ( NP ( NN hold ) ) ) ) ) ) ) ) ) )


The Treasury was locked in a battle over international economic policy although at that time it was with West German officials rather than the Federal Reserve

( S ( NP-SBJ-1 ( DT The ) ( NNP Treasury ) ) ( VP ( VBD was ) ( VP ( VBN locked ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( DT a ) ( NN battle ) ) ( PP ( IN over ) ( NP ( JJ international ) ( JJ economic ) ( NN policy ) ) ) ) ) ( SBAR-ADV ( IN although ) ( S ( PP-TMP ( IN at ) ( NP ( DT that ) ( NN time ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( PP-PRD ( IN with ) ( NP ( NP ( JJ West ) ( JJ German ) ( NNS officials ) ) ( PP ( RB rather ) ( IN than ) ( NP ( DT the ) ( NNP Federal ) ( NNP Reserve ) ) ) ) ) ) ) ) ) ) )


And concern about official actions aimed at takeovers then by the tax-writing House Ways and Means Committee rather than the Transportation Department were making markets nervous

( S ( CC And ) ( NP-SBJ ( NP ( NN concern ) ) ( PP ( IN about ) ( NP ( NP ( JJ official ) ( NNS actions ) ) ( VP ( VBN aimed ) ( PP-CLR ( IN at ) ( NP ( NNS takeovers ) ) ) ( PRN ( ADVP-TMP ( RB then ) ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( JJ tax-writing ) ( NNP House ) ( NNP Ways ) ( CC and ) ( NNP Means ) ( NNP Committee ) ) ( PP ( RB rather ) ( IN than ) ( NP ( DT the ) ( NNP Transportation ) ( NNP Department ) ) ) ) ) ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBG making ) ( S ( NP-SBJ ( NNS markets ) ) ( ADJP-PRD ( JJ nervous ) ) ) ) ) )


The 1987 crash brought the Reagan administration and Democratic lawmakers to the table for the first budget summit resulting in a two-year plan to reduce the deficit by more than 76 billion even though the deficit actually rose by nearly 12 billion during that period

( S ( NP-SBJ ( DT The ) ( CD 1987 ) ( NN crash ) ) ( VP ( VBD brought ) ( NP ( NP ( DT the ) ( NNP Reagan ) ( NN administration ) ) ( CC and ) ( NP ( JJ Democratic ) ( NNS lawmakers ) ) ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( NN table ) ) ) ( PP-PRP ( IN for ) ( NP ( DT the ) ( JJ first ) ( NN budget ) ( NN summit ) ) ) ( S-ADV ( VP ( VBG resulting ) ( PP-CLR ( IN in ) ( NP ( DT a ) ( JJ two-year ) ( NN plan ) ( S ( VP ( TO to ) ( VP ( VB reduce ) ( NP ( DT the ) ( NN deficit ) ) ( PP-EXT ( IN by ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 76 ) ( CD billion ) ) ) ) ) ) ) ) ) ( SBAR-ADV ( RB even ) ( IN though ) ( S ( NP-SBJ ( DT the ) ( NN deficit ) ) ( ADVP ( RB actually ) ) ( VP ( VBD rose ) ( PP-EXT ( IN by ) ( NP ( QP ( RB nearly ) ( CD 12 ) ( CD billion ) ) ) ) ( PP-TMP ( IN during ) ( NP ( DT that ) ( NN period ) ) ) ) ) ) ) ) ) )


But barring further drops in the market this week a similar outcome does n't seem likely this year

( S ( CC But ) ( PP ( VBG barring ) ( NP ( NP ( JJR further ) ( NNS drops ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN market ) ) ) ( NP-TMP ( DT this ) ( NN week ) ) ) ) ( NP-SBJ ( DT a ) ( JJ similar ) ( NN outcome ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB seem ) ( ADJP-PRD ( RB likely ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) )


Lawmakers and administration officials agree that Friday 's drop by itself is n't enough to force both sides back to the table to try to reach a deficit-reduction agreement that would be more serious and more far-reaching than last spring 's gimmick-ridden plan which still is n't fully implemented

( S ( NP-SBJ ( NP ( NNS Lawmakers ) ) ( CC and ) ( NP ( NN administration ) ( NNS officials ) ) ) ( VP ( VBP agree ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP Friday ) ( POS 's ) ) ( NN drop ) ) ( PP ( IN by ) ( NP ( PRP itself ) ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( JJ enough ) ( S ( VP ( TO to ) ( VP ( VB force ) ( NP-2 ( DT both ) ( NNS sides ) ) ( ADVP-DIR ( RB back ) ( PP ( TO to ) ( NP ( DT the ) ( NN table ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB try ) ( S ( VP ( TO to ) ( VP ( VB reach ) ( NP ( NP ( DT a ) ( NN deficit-reduction ) ( NN agreement ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( ADJP ( ADJP ( RBR more ) ( JJ serious ) ) ( CC and ) ( ADJP ( RBR more ) ( JJ far-reaching ) ) ) ( PP ( IN than ) ( NP ( NP ( NP ( JJ last ) ( NN spring ) ( POS 's ) ) ( JJ gimmick-ridden ) ( NN plan ) ) ( SBAR ( WHNP-4 ( WDT which ) ) ( S ( ADVP-TMP ( RB still ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( ADVP ( RB fully ) ) ( VBN implemented ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


One of the biggest reasons that new talks are n't likely to come about is that as everyone learned in 1987 the economy and the market can survive a one-day 508-point tumble

( S ( NP-SBJ ( NP ( CD One ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJS biggest ) ( NNS reasons ) ) ( SBAR ( WHADVP-2 ( IN that ) ) ( S ( NP-SBJ-1 ( JJ new ) ( NNS talks ) ) ( VP ( VBP are ) ( RB n't ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB come ) ( PRT ( RP about ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NN everyone ) ) ( VP ( VBD learned ) ( PP-TMP ( IN in ) ( NP ( CD 1987 ) ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN economy ) ) ( CC and ) ( NP ( DT the ) ( NN market ) ) ) ( VP ( MD can ) ( VP ( VB survive ) ( NP ( DT a ) ( JJ one-day ) ( JJ 508-point ) ( NN tumble ) ) ) ) ) ) ) )


Everybody thought we were looking at a repetition of 1929 that we were looking at a recession Rep. Panetta said yesterday in an interview

( S ( S-TPC-1 ( NP-SBJ ( NN Everybody ) ) ( VP ( VBD thought ) ( SBAR ( SBAR ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBD were ) ( VP ( VBG looking ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( NN repetition ) ) ( PP ( IN of ) ( NP ( CD 1929 ) ) ) ) ) ) ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBD were ) ( VP ( VBG looking ) ( PP-CLR ( IN at ) ( NP ( DT a ) ( NN recession ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Rep. ) ( NNP Panetta ) ) ( VP ( VBD said ) ( NP-TMP ( NN yesterday ) ) ( PP-LOC ( IN in ) ( NP ( DT an ) ( NN interview ) ) ) ) )


That did not happen

( S ( NP-SBJ ( DT That ) ) ( VP ( VBD did ) ( RB not ) ( VP ( VB happen ) ) ) )


They learned they could survive it without much problem

( S ( NP-SBJ ( PRP They ) ) ( VP ( VBD learned ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD could ) ( VP ( VB survive ) ( NP ( PRP it ) ) ( PP ( IN without ) ( NP ( JJ much ) ( NN problem ) ) ) ) ) ) ) ) )


But administration officials privately agree with Mr. Panetta who said a precipitous drop this week is going to force the president and Congress to take a much harder look at fiscal policy

( S ( CC But ) ( NP-SBJ ( NN administration ) ( NNS officials ) ) ( ADVP ( RB privately ) ) ( VP ( VBP agree ) ( PP-CLR ( IN with ) ( NP ( NP ( NNP Mr. ) ( NNP Panetta ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( NP ( DT a ) ( JJ precipitous ) ( NN drop ) ) ( NP-TMP ( DT this ) ( NN week ) ) ) ( VP ( VBZ is ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB force ) ( S ( NP-SBJ ( NP ( DT the ) ( NN president ) ) ( CC and ) ( NP ( NNP Congress ) ) ) ( VP ( TO to ) ( VP ( VB take ) ( NP ( NP ( DT a ) ( ADJP ( JJ much ) ( JJR harder ) ) ( NN look ) ) ( PP ( IN at ) ( NP ( JJ fiscal ) ( NN policy ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


In that case there will be plenty of blame to go around

( S ( PP-LOC ( IN In ) ( NP ( DT that ) ( NN case ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( NP ( NP ( NN plenty ) ) ( PP ( IN of ) ( NP ( NN blame ) ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB go ) ( PRT ( RP around ) ) ) ) ) ) ) ) ) )


There is an underlying concern on the part of the American people and there should be that the administration has not gone far enough in cutting this deficit and that Congress has been unwilling to cut what the administration asked us to cut said Senate Finance Committee Chairman Lloyd Bentsen D. Texas

( SINV ( S-TPC-6 ( NP-SBJ ( EX There ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT an ) ( JJ underlying ) ( NN concern ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN part ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ American ) ( NNS people ) ) ) ) ) ( PRN ( CC and ) ( S ( NP-SBJ ( RB there ) ) ( VP ( MD should ) ( VP ( VB be ) ) ) ) ) ( SBAR-5 ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NN administration ) ) ( VP ( VBZ has ) ( RB not ) ( VP ( VBN gone ) ( ADVP-CLR ( RB far ) ( RB enough ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG cutting ) ( NP ( DT this ) ( NN deficit ) ) ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NNP Congress ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( ADJP-PRD ( JJ unwilling ) ( S ( VP ( TO to ) ( VP ( VB cut ) ( SBAR-NOM ( WHNP-3 ( WP what ) ) ( S ( NP-SBJ ( DT the ) ( NN administration ) ) ( VP ( VBD asked ) ( NP-4 ( PRP us ) ) ( S ( VP ( TO to ) ( VP ( VB cut ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Senate ) ( NNP Finance ) ( NNP Committee ) ( NNP Chairman ) ( NNP Lloyd ) ( NNP Bentsen ) ) ( PRN ( NP ( NNP D. ) ) ( NP-LOC ( NNP Texas ) ) ) ) )


Nevertheless it clearly will take more than Friday 's 190-point decline to overcome the bitter feelings that have developed between lawmakers and White House Budget Director Richard Darman over the capital-gains fight

( S ( ADVP ( RB Nevertheless ) ) ( NP-SBJ ( PRP it ) ) ( ADVP ( RB clearly ) ) ( VP ( MD will ) ( VP ( VB take ) ( NP ( NP ( JJR more ) ) ( PP ( IN than ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( JJ 190-point ) ( NN decline ) ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB overcome ) ( NP ( NP ( DT the ) ( JJ bitter ) ( NNS feelings ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP have ) ( VP ( VBN developed ) ( PP ( IN between ) ( NP ( NP ( NNS lawmakers ) ) ( CC and ) ( NP ( NNP White ) ( NNP House ) ( NNP Budget ) ( NNP Director ) ( NNP Richard ) ( NNP Darman ) ) ) ) ( PP ( IN over ) ( NP ( DT the ) ( NNS capital-gains ) ( NN fight ) ) ) ) ) ) ) ) ) ) ) ) ) )


Hill Democrats are particularly angry over Mr. Bush 's claim that the capital-gains cut was part of April 's budget accord and his insistence on combining it with the deficit-reduction legislation

( S ( NP-SBJ ( NNP Hill ) ( NNPS Democrats ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB particularly ) ( JJ angry ) ) ( PP ( IN over ) ( NP ( NP ( NP ( NNP Mr. ) ( NNP Bush ) ( POS 's ) ) ( NN claim ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNS capital-gains ) ( NN cut ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( NNP April ) ( POS 's ) ) ( NN budget ) ( NN accord ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( PRP$ his ) ( NN insistence ) ) ( PP ( IN on ) ( S-NOM ( VP ( VBG combining ) ( NP ( PRP it ) ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NN deficit-reduction ) ( NN legislation ) ) ) ) ) ) ) ) ) ) )


There is no prospect of any so-called grand compromise or deal next year because the administration simply did n't live up to this year 's deal Senate Majority Leader George Mitchell D. Maine said yesterday on CBS News 's Face the Nation

( S ( S-TPC-1 ( NP-SBJ ( EX There ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT no ) ( NN prospect ) ) ( PP ( IN of ) ( NP ( NP ( DT any ) ( JJ so-called ) ( NX ( NX ( JJ grand ) ( NN compromise ) ) ( CC or ) ( NX ( NN deal ) ) ) ) ( NP-TMP ( JJ next ) ( NN year ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( DT the ) ( NN administration ) ) ( ADVP ( RB simply ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB live ) ( PRT ( RP up ) ) ( PP ( TO to ) ( NP ( NP ( DT this ) ( NN year ) ( POS 's ) ) ( NN deal ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP Senate ) ( NNP Majority ) ( NNP Leader ) ( NNP George ) ( NNP Mitchell ) ) ( PRN ( NP ( NNP D. ) ) ( NP-LOC ( NNP Maine ) ) ) ) ( VP ( VBD said ) ( NP-TMP ( NN yesterday ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NNP CBS ) ( NNP News ) ( POS 's ) ) ( S-TTL ( VP ( NNP Face ) ( NP ( DT the ) ( NNP Nation ) ) ) ) ) ) ) )


During last week 's maneuverings on the deficit-cutting bill and the capital-gains issue there were signs that Senate Republicans and the administration were at odds

( S ( PP-TMP ( IN During ) ( NP ( NP ( NP ( JJ last ) ( NN week ) ( POS 's ) ) ( NNS maneuverings ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( JJ deficit-cutting ) ( NN bill ) ) ( CC and ) ( NP ( DT the ) ( NNS capital-gains ) ( NN issue ) ) ) ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBD were ) ( NP-PRD ( NNS signs ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP Senate ) ( NNP Republicans ) ) ( CC and ) ( NP ( DT the ) ( NN administration ) ) ) ( VP ( VBD were ) ( PP-PRD ( IN at ) ( NP ( NNS odds ) ) ) ) ) ) ) ) )


At the very moment that Senate Republicans were negotiating a deal to exclude capital gains from the deficit-reduction legislation White House spokesman Marlin Fitzwater told reporters that it was the president 's policy to include it

( S ( PP-TMP ( IN At ) ( NP ( NP ( DT the ) ( JJ very ) ( NN moment ) ) ( SBAR ( WHADVP-2 ( IN that ) ) ( S ( NP-SBJ ( NNP Senate ) ( NNPS Republicans ) ) ( VP ( VBD were ) ( VP ( VBG negotiating ) ( NP ( NP ( DT a ) ( NN deal ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB exclude ) ( NP ( NN capital ) ( NNS gains ) ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NN deficit-reduction ) ( NN legislation ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP White ) ( NNP House ) ( NN spokesman ) ( NNP Marlin ) ( NNP Fitzwater ) ) ( VP ( VBD told ) ( NP ( NNS reporters ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( NN president ) ( POS 's ) ) ( NN policy ) ) ( S-3 ( VP ( TO to ) ( VP ( VB include ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) )


When an agreement was reached to strip capital gains from the legislation Oregon Sen. Bob Packwood the ranking GOP member of the tax-writing Senate Finance Committee hailed it

( S ( SBAR-TMP ( WHADVP-2 ( WRB When ) ) ( S ( NP-SBJ-3 ( DT an ) ( NN agreement ) ) ( VP ( VBD was ) ( VP ( VBN reached ) ( S-1 ( VP ( TO to ) ( VP ( VB strip ) ( NP ( NN capital ) ( NNS gains ) ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NN legislation ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP Oregon ) ( NNP Sen. ) ( NNP Bob ) ( NNP Packwood ) ) ( NP ( NP ( DT the ) ( JJ ranking ) ( NNP GOP ) ( NN member ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ tax-writing ) ( NNP Senate ) ( NNP Finance ) ( NNP Committee ) ) ) ) ) ( VP ( VBD hailed ) ( NP ( PRP it ) ) ) )


Asked if the administration agreed he curtly replied The adminstration will have to speak for itself

( S ( S-ADV ( VP ( VBN Asked ) ( SBAR ( IN if ) ( S ( NP-SBJ ( DT the ) ( NN administration ) ) ( VP ( VBD agreed ) ) ) ) ) ) ( NP-SBJ-2 ( PRP he ) ) ( VP ( ADVP-MNR ( RB curtly ) ) ( VBD replied ) ( SBAR ( S ( NP-SBJ-3 ( DT The ) ( NN adminstration ) ) ( VP ( MD will ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB speak ) ( PP ( IN for ) ( NP ( PRP itself ) ) ) ) ) ) ) ) ) ) ) )


Friday 's market tumble could spur action on reconciling the House and Senate versions of the deficit-reduction measure a process that is n't expected to begin until tomorrow at the soonest

( S ( NP-SBJ ( NP ( NNP Friday ) ( POS 's ) ) ( NN market ) ( NN tumble ) ) ( VP ( MD could ) ( VP ( VB spur ) ( NP ( NP ( NN action ) ) ( PP ( IN on ) ( NP ( S-NOM ( VP ( VBG reconciling ) ( NP ( NP ( DT the ) ( NNP House ) ( CC and ) ( NNP Senate ) ( NNS versions ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN deficit-reduction ) ( NN measure ) ) ) ) ) ) ( NP ( NP ( DT a ) ( NN process ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ is ) ( RB n't ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB begin ) ( PP-TMP ( IN until ) ( NP ( NP ( NN tomorrow ) ) ( PP ( IN at ) ( NP ( DT the ) ( JJS soonest ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


Senate Republicans expressed the hope that the House would follow the lead of the Senate which on Friday agreed to drop a variety of spending measures and tax breaks that would have increased the fiscal 1990 deficit

( S ( NP-SBJ ( NNP Senate ) ( NNPS Republicans ) ) ( VP ( VBD expressed ) ( NP ( DT the ) ( NN hope ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN House ) ) ( VP ( MD would ) ( VP ( VB follow ) ( NP ( NP ( DT the ) ( NN lead ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Senate ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( PP-TMP ( IN on ) ( NP ( NNP Friday ) ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB drop ) ( NP ( NP ( DT a ) ( NN variety ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NN spending ) ( NNS measures ) ) ( CC and ) ( NP ( NN tax ) ( NNS breaks ) ) ) ( SBAR ( WHNP-4 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN increased ) ( NP ( DT the ) ( JJ fiscal ) ( CD 1990 ) ( NN deficit ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


The market needs a strong signal that we 're serious about deficit reduction and the best way to do that is for the House of Representatives to strip their bill of similar provisions Sen. Warren Rudman R. N.H said yesterday

( S ( S-TPC-2 ( S ( NP-SBJ ( DT The ) ( NN market ) ) ( VP ( VBZ needs ) ( NP ( DT a ) ( JJ strong ) ( NN signal ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP 're ) ( ADJP-PRD ( JJ serious ) ( PP ( IN about ) ( NP ( NN deficit ) ( NN reduction ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( DT the ) ( JJS best ) ( NN way ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB do ) ( NP ( DT that ) ) ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN for ) ( S ( NP-SBJ ( NP ( DT the ) ( NNP House ) ) ( PP ( IN of ) ( NP ( NNPS Representatives ) ) ) ) ( VP ( TO to ) ( VP ( VB strip ) ( NP ( PRP$ their ) ( NN bill ) ) ( PP-CLR ( IN of ) ( NP ( JJ similar ) ( NNS provisions ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP Sen. ) ( NNP Warren ) ( NNP Rudman ) ) ( PRN ( NP ( NNP R. ) ) ( NP-LOC ( NNP N.H ) ) ) ) ( VP ( VBD said ) ( NP-TMP ( NN yesterday ) ) ) )


The White House Office of Management and Budget whose calculations determine whether the Gramm-Rudman targets are met estimated that the House-passed deficit-reduction measure would cut the fiscal 1990 shortfall by 6.2 billion almost half of the Congressional Budget Office 's estimate of 11.0 billion

( S ( NP-SBJ ( NP ( NP ( DT The ) ( NNP White ) ( NNP House ) ( NNP Office ) ) ( PP ( IN of ) ( NP ( NNP Management ) ( CC and ) ( NNP Budget ) ) ) ) ( SBAR ( WHNP-2 ( WP$ whose ) ( NNS calculations ) ) ( S ( VP ( VBP determine ) ( SBAR ( IN whether ) ( S ( NP-SBJ-1 ( DT the ) ( NNP Gramm-Rudman ) ( NNS targets ) ) ( VP ( VBP are ) ( VP ( VBN met ) ) ) ) ) ) ) ) ) ( VP ( VBD estimated ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ House-passed ) ( NN deficit-reduction ) ( NN measure ) ) ( VP ( MD would ) ( VP ( VB cut ) ( NP ( DT the ) ( JJ fiscal ) ( CD 1990 ) ( NN shortfall ) ) ( PP-EXT ( IN by ) ( NP ( NP ( QP ( CD 6.2 ) ( CD billion ) ) ) ( NP ( NP ( RB almost ) ( DT half ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NNP Congressional ) ( NNP Budget ) ( NNP Office ) ( POS 's ) ) ( NN estimate ) ) ( PP ( IN of ) ( NP ( QP ( CD 11.0 ) ( CD billion ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


Rep. Panetta said that OMB 's figure would still be enough to avoid permanent across-the-board cuts but added We 're getting very close to the margins here

( S ( NP-SBJ ( NNP Rep. ) ( NNP Panetta ) ) ( VP ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP OMB ) ( POS 's ) ) ( NN figure ) ) ( VP ( MD would ) ( ADVP-TMP ( RB still ) ) ( VP ( VB be ) ( ADJP-PRD ( JJ enough ) ( S ( VP ( TO to ) ( VP ( VB avoid ) ( NP ( JJ permanent ) ( NN across-the-board ) ( VBZ cuts ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBD added ) ( SBAR ( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP 're ) ( VP ( VBG getting ) ( ADJP-PRD ( RB very ) ( RB close ) ( PP ( TO to ) ( NP ( DT the ) ( NNS margins ) ) ) ) ( ADVP-LOC ( RB here ) ) ) ) ) ) ) ) )


No one in Washington was willing to take the blame for provoking Friday 's drop in the stock market

( S ( NP-SBJ-1 ( NP ( DT No ) ( NN one ) ) ( PP-LOC ( IN in ) ( NP ( NNP Washington ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ willing ) ( S ( VP ( TO to ) ( VP ( VB take ) ( NP ( NP ( DT the ) ( NN blame ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG provoking ) ( NP ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ) ) )


But some players were quick to seize the moment

( S ( CC But ) ( NP-SBJ-1 ( DT some ) ( NNS players ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ quick ) ( S ( VP ( TO to ) ( VP ( VB seize ) ( NP ( DT the ) ( NN moment ) ) ) ) ) ) ) )


Before the sun had set on Friday Richard Rahn the supply-side chief economist of the U.S. Chamber of Commerce issued a statement attributing the drop in stock prices to the Senate decision to postpone action on capital gains

( S ( SBAR-TMP ( IN Before ) ( S ( NP-SBJ ( DT the ) ( NN sun ) ) ( VP ( VBD had ) ( VP ( VBN set ) ( PP-TMP ( IN on ) ( NP ( NNP Friday ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP Richard ) ( NNP Rahn ) ) ( NP ( NP ( DT the ) ( JJ supply-side ) ( JJ chief ) ( NN economist ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP U.S. ) ( NNP Chamber ) ) ( PP ( IN of ) ( NP ( NNP Commerce ) ) ) ) ) ) ) ( VP ( VBD issued ) ( NP ( NP ( DT a ) ( NN statement ) ) ( VP ( VBG attributing ) ( NP ( NP ( DT the ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( NN stock ) ( NNS prices ) ) ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NNP Senate ) ( NN decision ) ( S ( VP ( TO to ) ( VP ( VB postpone ) ( NP ( NP ( NN action ) ) ( PP ( IN on ) ( NP ( NN capital ) ( NNS gains ) ) ) ) ) ) ) ) ) ) ) ) )


Investors who had been holding assets in anticipation of a more favorable time to sell were spooked he said

( S ( S-TPC-2 ( NP-SBJ-3 ( NP ( NNS Investors ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBG holding ) ( NP ( NNS assets ) ) ( PP ( IN in ) ( NP ( NP ( NN anticipation ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( ADJP ( RBR more ) ( JJ favorable ) ) ( NN time ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB sell ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBN spooked ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )


There have been many preposterous reasons advanced to support a capital-gains tax cut Sen. Mitchell said during his television appearance but I suggest that is perhaps more than any of the others

( S-2 ( S ( NP-SBJ ( EX There ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( NP-PRD ( NP ( JJ many ) ( JJ preposterous ) ( NNS reasons ) ) ( VP ( VBN advanced ) ) ( S-1 ( VP ( TO to ) ( VP ( VB support ) ( NP ( DT a ) ( NNS capital-gains ) ( NN tax ) ( NN cut ) ) ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( NNP Sen. ) ( NNP Mitchell ) ) ( VP ( VBD said ) ( PP-TMP ( IN during ) ( NP ( PRP$ his ) ( NN television ) ( NN appearance ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP suggest ) ( SBAR ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( RB perhaps ) ( RBR more ) ) ( PP ( IN than ) ( NP ( NP ( DT any ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS others ) ) ) ) ) ) ) ) ) ) ) )


While corn and soybean prices have slumped well below their drought-induced peaks of 1988 wheat prices remain stubbornly high

( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( NN corn ) ( CC and ) ( NN soybean ) ( NNS prices ) ) ( VP ( VBP have ) ( VP ( VBN slumped ) ( PP-DIR ( ADVP ( RB well ) ) ( IN below ) ( NP ( NP ( PRP$ their ) ( JJ drought-induced ) ( NNS peaks ) ) ( PP ( IN of ) ( NP ( CD 1988 ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NN wheat ) ( NNS prices ) ) ( VP ( VBP remain ) ( ADJP-PRD ( RB stubbornly ) ( JJ high ) ) ) )


And they 're likely to stay that way for months to come analysts say

( S ( S-TPC-3 ( CC And ) ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP 're ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB stay ) ( NP-PRD ( DT that ) ( NN way ) ) ( PP-TMP ( IN for ) ( NP ( NP ( NNS months ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB come ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS analysts ) ) ( VP ( VBP say ) ) )


For one thing even with many farmers planting more winter wheat this year than last tight wheat supplies are likely to support prices well into 1990 the analysts say

( S ( S-TPC-1 ( PP ( IN For ) ( NP ( CD one ) ( NN thing ) ) ) ( SBAR-ADV ( ADVP ( RB even ) ) ( IN with ) ( S ( NP-SBJ ( JJ many ) ( NNS farmers ) ) ( VP ( VBG planting ) ( NP ( NP ( JJR more ) ( NN winter ) ( NN wheat ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ( PP-2 ( IN than ) ( NP ( JJ last ) ) ) ) ) ) ( NP-SBJ-3 ( JJ tight ) ( NN wheat ) ( NNS supplies ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB support ) ( NP ( NNS prices ) ) ( PP-TMP ( ADVP ( RB well ) ) ( IN into ) ( NP ( CD 1990 ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNS analysts ) ) ( VP ( VBP say ) ) )


And if rain does n't fall soon across many of the Great Plains ' wheat-growing areas yields in the crop now being planted could be reduced further squeezing supplies

( S ( CC And ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NN rain ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB fall ) ( ADVP-TMP ( RB soon ) ) ( PP-LOC ( IN across ) ( NP ( NP ( JJ many ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Great ) ( NNP Plains ) ( POS ' ) ) ( JJ wheat-growing ) ( NNS areas ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( NP ( NNS yields ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN crop ) ) ( VP ( ADVP-TMP ( RB now ) ) ( VBG being ) ( VP ( VBN planted ) ) ) ) ) ) ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN reduced ) ( S-ADV ( VP ( ADVP ( RB further ) ) ( VBG squeezing ) ( NP ( NNS supplies ) ) ) ) ) ) ) )


Also supporting prices are expectations that the Soviet Union will place substantial buying orders over the next few months

( SINV ( ADVP ( RB Also ) ) ( VP-TPC-1 ( VBG supporting ) ( NP ( NNS prices ) ) ) ( VP ( VBP are ) ) ( NP-SBJ ( NNS expectations ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP Soviet ) ( NNP Union ) ) ( VP ( MD will ) ( VP ( VB place ) ( NP ( JJ substantial ) ( NN buying ) ( NNS orders ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ next ) ( JJ few ) ( NNS months ) ) ) ) ) ) ) ) )


By next May 31 stocks of U.S. wheat to be carried over into the next season before the winter wheat now being planted is harvested are projected to drop to 443 million bushels

( S ( PP-TMP ( IN By ) ( NP ( JJ next ) ( NNP May ) ( CD 31 ) ) ) ( NP-SBJ-3 ( NP ( NNS stocks ) ) ( PP ( IN of ) ( NP ( NNP U.S. ) ( NN wheat ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN carried ) ( PRT ( RP over ) ) ( PP-DIR ( IN into ) ( NP ( DT the ) ( JJ next ) ( NN season ) ) ) ( PRN ( SBAR-TMP ( IN before ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN winter ) ( NN wheat ) ) ( VP ( ADVP-TMP ( RB now ) ) ( VBG being ) ( VP ( VBN planted ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN harvested ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBN projected ) ( S ( VP ( TO to ) ( VP ( VB drop ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 443 ) ( CD million ) ) ( NNS bushels ) ) ) ) ) ) ) ) )


That would be the lowest level since the early 1970s

( S ( NP-SBJ ( DT That ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( JJS lowest ) ( NN level ) ) ( PP-TMP ( IN since ) ( NP ( DT the ) ( JJ early ) ( NNS 1970s ) ) ) ) ) ) )


Stocks were 698 million bushels on May 31 of this year

( S ( NP-SBJ ( NNS Stocks ) ) ( VP ( VBD were ) ( NP-PRD ( QP ( CD 698 ) ( CD million ) ) ( NNS bushels ) ) ( PP-TMP ( IN on ) ( NP ( NP ( NNP May ) ( CD 31 ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN year ) ) ) ) ) ) )


In response to dwindling domestic supplies Agriculture Secretary Clayton Yeutter last month said the U.S. government would slightly increase the number of acres farmers can plant in wheat for next year and still qualify for federal support payments

( S ( PP ( IN In ) ( NP ( NP ( NN response ) ) ( PP ( TO to ) ( NP ( VBG dwindling ) ( JJ domestic ) ( NNS supplies ) ) ) ) ) ( NP-SBJ ( NNP Agriculture ) ( NNP Secretary ) ( NNP Clayton ) ( NNP Yeutter ) ) ( NP-TMP ( JJ last ) ( NN month ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ( NN government ) ) ( VP ( MD would ) ( VP ( ADVP-MNR ( RB slightly ) ) ( VB increase ) ( NP ( NP ( DT the ) ( NN number ) ) ( PP ( IN of ) ( NP ( NNS acres ) ) ) ( SBAR ( S ( NP-SBJ ( NNS farmers ) ) ( VP ( MD can ) ( VP ( VP ( VB plant ) ( PP ( IN in ) ( NP ( NN wheat ) ) ) ( PP ( IN for ) ( NP ( JJ next ) ( NN year ) ) ) ) ( CC and ) ( VP ( ADVP ( RB still ) ) ( VB qualify ) ( PP-CLR ( IN for ) ( NP ( JJ federal ) ( NN support ) ( NNS payments ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


The government estimates that the new plan will boost production next year by about 66 million bushels

( S ( NP-SBJ ( DT The ) ( NN government ) ) ( VP ( VBZ estimates ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ new ) ( NN plan ) ) ( VP ( MD will ) ( VP ( VB boost ) ( NP ( NP ( NN production ) ) ( NP-TMP ( JJ next ) ( NN year ) ) ) ( PP-EXT ( IN by ) ( NP ( QP ( RB about ) ( CD 66 ) ( CD million ) ) ( NNS bushels ) ) ) ) ) ) ) ) )


It now estimates production for next year at just under 2.6 billion bushels compared with this year 's estimated 2.04 billion and a drought-stunted 1.81 billion in 1988

( S ( NP-SBJ ( PRP It ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBZ estimates ) ( NP ( NP ( NN production ) ) ( PP ( IN for ) ( NP ( JJ next ) ( NN year ) ) ) ) ( PP-CLR ( IN at ) ( NP ( NP ( QP ( RB just ) ( IN under ) ( CD 2.6 ) ( CD billion ) ) ( NNS bushels ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( NP ( DT this ) ( NN year ) ( VBZ 's ) ) ( JJ estimated ) ( QP ( CD 2.04 ) ( CD billion ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( JJ drought-stunted ) ( QP ( CD 1.81 ) ( CD billion ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ) ) ) ) ) ) ) )


But the full effect on prices of the winter wheat now being planted wo n't be felt until the second half of next year

( S ( CC But ) ( NP-SBJ-1 ( NP ( DT the ) ( JJ full ) ( NN effect ) ) ( PP ( IN on ) ( NP ( NP ( NNS prices ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN winter ) ( NN wheat ) ) ( VP ( ADVP-TMP ( RB now ) ) ( VBG being ) ( VP ( VBN planted ) ) ) ) ) ) ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN felt ) ( PP-TMP ( IN until ) ( NP ( NP ( DT the ) ( JJ second ) ( NN half ) ) ( PP ( IN of ) ( NP ( JJ next ) ( NN year ) ) ) ) ) ) ) ) )


Until then limited stocks are likely to keep prices near the 4-a-bushel level analysts say

( S ( S-TPC-2 ( PP-TMP ( IN Until ) ( NP ( RB then ) ) ) ( NP-SBJ-1 ( JJ limited ) ( NNS stocks ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB keep ) ( NP ( NNS prices ) ) ( PP-CLR ( IN near ) ( NP ( DT the ) ( ADJP ( JJ 4-a-bushel ) ) ( NN level ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS analysts ) ) ( VP ( VBP say ) ) )


On the Chicago Board of Trade Friday wheat for December delivery settled at 4.0675 a bushel unchanged

( S ( PP-LOC ( IN On ) ( NP ( NP ( DT the ) ( NNP Chicago ) ( NNP Board ) ) ( PP ( IN of ) ( NP ( NNP Trade ) ) ) ) ) ( NP-TMP ( NNP Friday ) ) ( NP-SBJ ( NP ( NN wheat ) ) ( PP ( IN for ) ( NP ( NNP December ) ( NN delivery ) ) ) ) ( VP ( VBD settled ) ( PP-CLR ( IN at ) ( NP ( NP ( NP ( CD 4.0675 ) ) ( NP-ADV ( DT a ) ( NN bushel ) ) ) ( ADJP ( JJ unchanged ) ) ) ) ) )


In theory at least tight supplies next spring could leave the wheat futures market susceptible to a supply-demand squeeze said Daniel Basse a futures analyst with AgResource Co. in Chicago

( SINV ( S-TPC-1 ( PP ( IN In ) ( NP ( NN theory ) ) ( ADVP ( IN at ) ( JJS least ) ) ) ( NP-SBJ ( NP ( JJ tight ) ( NNS supplies ) ) ( NP-TMP ( JJ next ) ( NN spring ) ) ) ( VP ( MD could ) ( VP ( VB leave ) ( S ( NP-SBJ ( DT the ) ( NN wheat ) ( NNS futures ) ( NN market ) ) ( ADJP-PRD ( JJ susceptible ) ( PP ( TO to ) ( NP ( DT a ) ( JJ supply-demand ) ( NN squeeze ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Daniel ) ( NNP Basse ) ) ( NP ( NP ( DT a ) ( NNS futures ) ( NN analyst ) ) ( PP ( IN with ) ( NP ( NP ( NNP AgResource ) ( NNP Co. ) ) ( PP-LOC ( IN in ) ( NP ( NNP Chicago ) ) ) ) ) ) ) )


Such a situation can wreak havoc as was shown by the emergency that developed in soybean futures trading this summer on the Chicago Board of Trade

( S ( NP-SBJ ( PDT Such ) ( DT a ) ( NN situation ) ) ( VP ( MD can ) ( VP ( VB wreak ) ( NP ( NN havoc ) ) ( SBAR-ADV ( IN as ) ( S ( VP ( VBD was ) ( VP ( VBN shown ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NN emergency ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD developed ) ( PP-LOC ( IN in ) ( NP ( NN soybean ) ( NNS futures ) ( NN trading ) ) ) ( NP-TMP ( DT this ) ( NN summer ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NNP Chicago ) ( NNP Board ) ) ( PP ( IN of ) ( NP ( NNP Trade ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


In July the CBOT ordered Ferruzzi Finanziaria S.p A. to liquidate futures positions equal to about 23 million bushels of soybeans

( S ( PP-TMP ( IN In ) ( NP ( NNP July ) ) ) ( NP-SBJ ( DT the ) ( NNP CBOT ) ) ( VP ( VBD ordered ) ( NP-1 ( NNP Ferruzzi ) ( NNP Finanziaria ) ( NNP S.p ) ( NNP A. ) ) ( S ( VP ( TO to ) ( VP ( VB liquidate ) ( NP ( NP ( NNS futures ) ( NNS positions ) ) ( ADJP ( JJ equal ) ( PP ( TO to ) ( NP ( NP ( QP ( RB about ) ( CD 23 ) ( CD million ) ) ( NNS bushels ) ) ( PP ( IN of ) ( NP ( NNS soybeans ) ) ) ) ) ) ) ) ) ) ) )


The exchange said it feared that some members would n't be able to find enough soybeans to deliver and would have to default on their contractual obligation to the Italian conglomerate which had refused requests to reduce its holdings

( S ( NP-SBJ ( DT The ) ( NN exchange ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD feared ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( DT some ) ( NNS members ) ) ( VP ( VP ( MD would ) ( RB n't ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB find ) ( NP ( JJ enough ) ( NNS soybeans ) ( S ( VP ( TO to ) ( VP ( VB deliver ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( MD would ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB default ) ( PP ( IN on ) ( NP ( NP ( PRP$ their ) ( JJ contractual ) ( NN obligation ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( JJ Italian ) ( NN conglomerate ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD had ) ( VP ( VBN refused ) ( NP ( NNS requests ) ( S ( VP ( TO to ) ( VP ( VB reduce ) ( NP ( PRP$ its ) ( NNS holdings ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


Ferruzzi has denied it was trying to manipulate the soybean futures market

( S ( NP-SBJ ( NNP Ferruzzi ) ) ( VP ( VBZ has ) ( VP ( VBN denied ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB manipulate ) ( NP ( DT the ) ( NN soybean ) ( NNS futures ) ( NN market ) ) ) ) ) ) ) ) ) ) ) )


Unseasonably hot dry weather across large portions of the Great Plains and in wheat-growing areas in Washington and Oregon is threatening to reduce the yield from this season 's winter wheat crop said Conrad Leslie a futures analyst and head of Leslie Analytical in Chicago

( SINV ( S-TPC-2 ( NP-SBJ-1 ( NP ( ADJP ( RB Unseasonably ) ( JJ hot ) ( JJ dry ) ) ( NN weather ) ) ( PP-LOC ( PP ( IN across ) ( NP ( NP ( JJ large ) ( NNS portions ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Great ) ( NNP Plains ) ) ) ) ) ( CC and ) ( PP ( IN in ) ( NP ( NP ( JJ wheat-growing ) ( NNS areas ) ) ( PP-LOC ( IN in ) ( NP ( NNP Washington ) ( CC and ) ( NNP Oregon ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG threatening ) ( S ( VP ( TO to ) ( VP ( VB reduce ) ( NP ( NP ( DT the ) ( NN yield ) ) ( PP ( IN from ) ( NP ( NP ( DT this ) ( NN season ) ( POS 's ) ) ( NN winter ) ( NN wheat ) ( NN crop ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Conrad ) ( NNP Leslie ) ) ( NP ( NP ( DT a ) ( NNS futures ) ( NN analyst ) ) ( CC and ) ( NP ( NP ( NN head ) ) ( PP ( IN of ) ( NP ( NP ( NNP Leslie ) ( NNP Analytical ) ) ( PP-LOC ( IN in ) ( NP ( NNP Chicago ) ) ) ) ) ) ) ) )


For example in the Oklahoma panhandle 40 % or more of the topsoil is short of moisture

( S ( PP ( IN For ) ( NP ( NN example ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Oklahoma ) ( NN panhandle ) ) ) ( NP-SBJ ( NP ( CD 40 ) ( NN % ) ( QP ( CC or ) ( JJR more ) ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN topsoil ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ short ) ( PP ( IN of ) ( NP ( NN moisture ) ) ) ) ) )


That figure climbs to about 47 % in wheat-growing portions of Kansas he said

( S ( S-TPC-1 ( NP-SBJ ( DT That ) ( NN figure ) ) ( VP ( VBZ climbs ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( RB about ) ( CD 47 ) ) ( NN % ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ wheat-growing ) ( NNS portions ) ) ( PP ( IN of ) ( NP ( NNP Kansas ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )


The Soviet Union has n't given any clear indication of its wheat purchase plans but many analysts expect Moscow to place sizable orders for U.S. wheat in the next few months further supporting prices

( S ( S ( NP-SBJ ( DT The ) ( NNP Soviet ) ( NNP Union ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN given ) ( NP ( NP ( DT any ) ( JJ clear ) ( NN indication ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN wheat ) ( NN purchase ) ( NNS plans ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( JJ many ) ( NNS analysts ) ) ( VP ( VBP expect ) ( S ( NP-SBJ ( NNP Moscow ) ) ( VP ( TO to ) ( VP ( VB place ) ( NP ( NP ( JJ sizable ) ( NNS orders ) ) ( PP ( IN for ) ( NP ( NNP U.S. ) ( NN wheat ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ next ) ( JJ few ) ( NNS months ) ) ) ( S-ADV ( VP ( ADVP ( RB further ) ) ( VBG supporting ) ( NP ( NNS prices ) ) ) ) ) ) ) ) ) )


Wheat prices will increasingly pivot off of Soviet demand in coming weeks predicted Richard Feltes vice president research for Refco Inc. in Chicago

( SINV ( S-TPC-1 ( NP-SBJ ( JJ Wheat ) ( NNS prices ) ) ( VP ( MD will ) ( ADVP ( RB increasingly ) ) ( VP ( VB pivot ) ( PP-CLR ( IN off ) ( PP ( IN of ) ( NP ( JJ Soviet ) ( NN demand ) ) ) ) ( PP-TMP ( IN in ) ( NP ( JJ coming ) ( NNS weeks ) ) ) ) ) ) ( VP ( VBD predicted ) ) ( NP-SBJ ( NP ( NNP Richard ) ( NNP Feltes ) ) ( NP ( NP ( NN vice ) ( NN president ) ) ( NP ( NN research ) ) ( PP ( IN for ) ( NP ( NP ( NNP Refco ) ( NNP Inc. ) ) ( PP-LOC ( IN in ) ( NP ( NNP Chicago ) ) ) ) ) ) ) )


Looking ahead to other commodity markets this week

( S ( VP ( VBG Looking ) ( ADVP-DIR ( RB ahead ) ( PP ( TO to ) ( NP ( NP ( JJ other ) ( NN commodity ) ( NNS markets ) ) ( NP-TMP ( DT this ) ( NN week ) ) ) ) ) ) )


Orange Juice Traders will be watching to see how long and how far the price decline that began Friday will go

( S ( NP-SBJ-2 ( NN Orange ) ( NN Juice ) ( NNS Traders ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBG watching ) ( S-PRP ( VP ( TO to ) ( VP ( VB see ) ( SBAR ( WHADVP-3 ( WHADVP ( WRB how ) ( RB long ) ) ( CC and ) ( WHADVP ( WRB how ) ( RB far ) ) ) ( S ( NP-SBJ ( NP ( DT the ) ( NN price ) ( NN decline ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD began ) ( NP-TMP ( NNP Friday ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB go ) ) ) ) ) ) ) ) ) ) ) )


Late Thursday after the close of trading the market received what would normally have been a bullish U.S. Department of Agriculture estimate of the 1989-90 Florida orange crop

( S ( ADVP-TMP ( RB Late ) ) ( NP-TMP ( NNP Thursday ) ) ( PP-TMP ( IN after ) ( NP ( NP ( DT the ) ( NN close ) ) ( PP ( IN of ) ( NP ( NN trading ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBD received ) ( SBAR-NOM ( WHNP-91 ( WP what ) ) ( S ( VP ( MD would ) ( ADVP ( RB normally ) ) ( VP ( VB have ) ( VP ( VBN been ) ( NP-PRD ( NP ( DT a ) ( JJ bullish ) ( NAC ( NNP U.S. ) ( NNP Department ) ( PP ( IN of ) ( NP ( NNP Agriculture ) ) ) ) ( NN estimate ) ) ( PP ( IN of ) ( NP ( DT the ) ( CD 1989-90 ) ( NNP Florida ) ( NN orange ) ( NN crop ) ) ) ) ) ) ) ) ) ) )


It was near the low range of estimates at 130 million 90-pound boxes compared with 146.6 million boxes last season

( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( PP-LOC-PRD ( PP ( IN near ) ( NP ( NP ( DT the ) ( JJ low ) ( NN range ) ) ( PP ( IN of ) ( NP ( NNS estimates ) ) ) ) ) ( PP ( IN at ) ( NP ( NP ( QP ( CD 130 ) ( CD million ) ) ( JJ 90-pound ) ( NNS boxes ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( QP ( CD 146.6 ) ( CD million ) ) ( NNS boxes ) ) ( NP-TMP ( JJ last ) ( NN season ) ) ) ) ) ) ) ) ) )


However as expected Brazil waited for the crop estimate to come out and then cut the export price of its juice concentrate to about 1.34 a pound from around 1.55

( S ( ADVP ( RB However ) ) ( SBAR-ADV ( IN as ) ( S ( VP ( VBN expected ) ) ) ) ( NP-SBJ ( NNP Brazil ) ) ( VP ( VP ( VBD waited ) ( SBAR-CLR ( IN for ) ( S ( NP-SBJ ( DT the ) ( NN crop ) ( NN estimate ) ) ( VP ( TO to ) ( VP ( VB come ) ( PRT ( RP out ) ) ) ) ) ) ) ( CC and ) ( RB then ) ( VP ( VB cut ) ( NP ( NP ( DT the ) ( NN export ) ( NN price ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN juice ) ( NN concentrate ) ) ) ) ( PP-CLR ( TO to ) ( NP ( NP ( QP ( RB about ) ( CD 1.34 ) ) ) ( NP-ADV ( DT a ) ( NN pound ) ) ) ) ( PP-CLR ( IN from ) ( NP ( QP ( IN around ) ( CD 1.55 ) ) ) ) ) ) )


Friday 's consequent selling of futures contracts erased whatever supportive effect the U.S. report might have had and sent the November orange juice contract down as much as 6.55 cents a pound at one time

( S ( NP-SBJ ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( JJ consequent ) ( NN selling ) ) ( PP ( IN of ) ( NP ( NNS futures ) ( NNS contracts ) ) ) ) ( VP ( VP ( VBD erased ) ( SBAR-NOM ( WHNP-1 ( WDT whatever ) ( JJ supportive ) ( NN effect ) ) ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ( NN report ) ) ( VP ( MD might ) ( VP ( VB have ) ( VP ( VBD had ) ) ) ) ) ) ) ( CC and ) ( VP ( VBD sent ) ( NP ( DT the ) ( NNP November ) ( NN orange ) ( NN juice ) ( NN contract ) ) ( ADVP-DIR ( RB down ) ( NP ( NP ( QP ( RB as ) ( JJ much ) ( IN as ) ( CD 6.55 ) ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN pound ) ) ) ) ( PP-TMP ( IN at ) ( NP ( CD one ) ( NN time ) ) ) ) ) )


It settled with a loss of 4.95 cents at 1.3210 a pound

( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD settled ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( NN loss ) ) ( PP ( IN of ) ( NP ( CD 4.95 ) ( NNS cents ) ) ) ) ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 1.3210 ) ) ( NP-ADV ( DT a ) ( NN pound ) ) ) ) ) )


Brazilian juice after a delay caused by drought at the start of its crop season is beginning to arrive in the U.S. in large quantities

( S ( NP-SBJ-1 ( JJ Brazilian ) ( NN juice ) ) ( PP-TMP ( IN after ) ( NP ( NP ( DT a ) ( NN delay ) ) ( VP ( VBN caused ) ( PP ( IN by ) ( NP-LGS ( NP ( NN drought ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT the ) ( NN start ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN crop ) ( NN season ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG beginning ) ( S ( VP ( TO to ) ( VP ( VB arrive ) ( PP-DIR-CLR ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ( PP ( IN in ) ( NP ( JJ large ) ( NNS quantities ) ) ) ) ) ) ) ) )


Brazil wants to stimulate demand for its product which is going to be in plentiful supply

( S ( NP-SBJ-2 ( NNP Brazil ) ) ( VP ( VBZ wants ) ( S ( VP ( TO to ) ( VP ( VB stimulate ) ( NP ( NP ( NN demand ) ) ( PP ( IN for ) ( NP ( NP ( PRP$ its ) ( NN product ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB be ) ( PP-PRD ( IN in ) ( NP ( JJ plentiful ) ( NN supply ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )