A new Census Bureau study of the noninstitutionalized population shows that 64 % of people aged 65 to 74 were living with a spouse in 1988 up from 59 % in 1970

( S ( NP-SBJ ( NP ( DT A ) ( JJ new ) ( NNP Census ) ( NNP Bureau ) ( NN study ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ noninstitutionalized ) ( NN population ) ) ) ) ( VP ( VBZ shows ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( CD 64 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NNS people ) ) ( ADJP ( VBN aged ) ( NP ( CD 65 ) ( TO to ) ( CD 74 ) ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBG living ) ( PP ( IN with ) ( NP ( DT a ) ( NN spouse ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ( ADVP-1 ( RB up ) ( PP ( IN from ) ( NP ( CD 59 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 1970 ) ) ) ) ) ) ) ) ) ) )


This does n't mean they 're less likely to live alone however

( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB mean ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP 're ) ( ADJP-PRD ( RBR less ) ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB live ) ( ADVP-MNR ( RB alone ) ) ) ) ) ) ) ) ) ( ADVP ( RB however ) ) ) ) )


That share has remained at about 24 % since 1970

( S ( NP-SBJ ( DT That ) ( NN share ) ) ( VP ( VBZ has ) ( VP ( VBN remained ) ( PP-LOC-PRD ( IN at ) ( NP ( QP ( RB about ) ( CD 24 ) ) ( NN % ) ) ) ( PP-TMP ( IN since ) ( NP ( CD 1970 ) ) ) ) ) )


What has changed is that more of the young elderly are living with spouses rather than with other relatives such as children

( S ( SBAR-NOM-SBJ ( WHNP-1 ( WP What ) ) ( S ( VP ( VBZ has ) ( VP ( VBN changed ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( NP ( JJR more ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ young ) ( JJ elderly ) ) ) ) ( VP ( VBP are ) ( VP ( VBG living ) ( PP ( PP ( IN with ) ( NP ( NNS spouses ) ) ) ( CONJP ( RB rather ) ( IN than ) ) ( PP ( IN with ) ( NP ( NP ( JJ other ) ( NNS relatives ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNS children ) ) ) ) ) ) ) ) ) ) ) )


In 1988 10 % of those aged 65 to 74 lived with relatives other than spouses down from 15 % in 1970

( S ( PP-TMP ( IN In ) ( NP ( CD 1988 ) ) ) ( NP-SBJ ( NP ( CD 10 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT those ) ) ( ADJP ( VBN aged ) ( NP ( CD 65 ) ( TO to ) ( CD 74 ) ) ) ) ) ) ( VP ( VBD lived ) ( PP ( IN with ) ( NP ( NP ( NNS relatives ) ) ( ADJP ( JJ other ) ( PP ( IN than ) ( NP ( NNS spouses ) ) ) ) ) ) ( ADVP-1 ( RB down ) ( PP ( IN from ) ( NP ( CD 15 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 1970 ) ) ) ) ) ) )


As people get even older many become widowed

( S ( SBAR-TMP ( IN As ) ( S ( NP-SBJ ( NNS people ) ) ( VP ( VB get ) ( ADJP-PRD ( RB even ) ( JJR older ) ) ) ) ) ( NP-SBJ ( JJ many ) ) ( VP ( VBP become ) ( ADJP-PRD ( JJ widowed ) ) ) )


But even among those aged 75 and older the share living with a spouse rose slightly to 40 % in 1988 from 38 % in 1970

( S ( CC But ) ( PP-LOC ( ADVP ( RB even ) ) ( IN among ) ( NP ( NP ( DT those ) ) ( ADJP ( ADJP ( VBN aged ) ( NP ( CD 75 ) ) ) ( CC and ) ( ADJP ( JJR older ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN share ) ) ( VP ( VBG living ) ( PP ( IN with ) ( NP ( DT a ) ( NN spouse ) ) ) ) ) ( VP ( VBD rose ) ( ADVP ( RB slightly ) ) ( PP-DIR ( TO to ) ( NP ( CD 40 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 38 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 1970 ) ) ) ) ) )


Like their younger counterparts the older elderly are less likely to live with other relatives

( S ( PP ( IN Like ) ( NP ( PRP$ their ) ( JJR younger ) ( NNS counterparts ) ) ) ( NP-SBJ-1 ( DT the ) ( JJR older ) ( JJ elderly ) ) ( VP ( VBP are ) ( ADJP-PRD ( RBR less ) ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB live ) ( PP ( IN with ) ( NP ( JJ other ) ( NNS relatives ) ) ) ) ) ) ) ) )


Only 17 % of those aged 75 and older lived with relatives other than spouses in 1988 down from 26 % in 1970

( S ( NP-SBJ ( NP ( QP ( RB Only ) ( CD 17 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT those ) ) ( ADJP ( ADJP ( VBN aged ) ( NP ( CD 75 ) ) ) ( CC and ) ( ADJP ( JJR older ) ) ) ) ) ) ( VP ( VBD lived ) ( PP ( IN with ) ( NP ( NP ( NNS relatives ) ) ( ADJP ( JJ other ) ( PP ( IN than ) ( NP ( NNS spouses ) ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ( ADVP ( RB down ) ( PP ( IN from ) ( NP ( CD 26 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 1970 ) ) ) ) ) ) )


The likelihood of living alone beyond the age of 75 has increased to 40 % from 32 %

( S ( NP-SBJ ( NP ( DT The ) ( NN likelihood ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG living ) ( ADVP-MNR ( RB alone ) ) ( PP-TMP ( IN beyond ) ( NP ( NP ( DT the ) ( NN age ) ) ( PP ( IN of ) ( NP ( CD 75 ) ) ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN increased ) ( PP-DIR ( TO to ) ( NP ( CD 40 ) ( NN % ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 32 ) ( NN % ) ) ) ) ) )


More people are remaining independent longer presumably because they are better off physically and financially

( S ( NP-SBJ ( JJR More ) ( NNS people ) ) ( VP ( VBP are ) ( VP ( VBG remaining ) ( ADJP-PRD ( JJ independent ) ) ( ADVP-TMP ( RBR longer ) ) ( SBAR-PRP ( ADVP ( RB presumably ) ) ( IN because ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJR better ) ( RP off ) ) ( ADVP ( RB physically ) ( CC and ) ( RB financially ) ) ) ) ) ) ) )


Careers Count Most For the Well-to-Do

( S-HLN ( NP-SBJ ( NNS Careers ) ) ( VP ( VBP Count ) ( ADVP ( RBS Most ) ) ( PP ( IN For ) ( NP ( DT the ) ( JJ Well-to-Do ) ) ) ) )


MANY AFFLUENT people place personal success and money above family

( S ( NP-SBJ ( JJ MANY ) ( JJ AFFLUENT ) ( NNS people ) ) ( VP ( VBP place ) ( NP ( NP ( JJ personal ) ( NN success ) ) ( CC and ) ( NP ( NN money ) ) ) ( PP-LOC-CLR ( IN above ) ( NP ( NN family ) ) ) ) )


At least that 's what a survey by Ernst & Young and Yankelovich Clancy Shulman indicates

( S ( PP ( IN At ) ( ADJP ( JJS least ) ) ) ( NP-SBJ ( IN that ) ) ( VP ( POS 's ) ( SBAR-NOM-PRD ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( NP ( DT a ) ( NN survey ) ) ( PP ( IN by ) ( NP ( NP ( NNP Ernst ) ( CC & ) ( NNP Young ) ) ( CC and ) ( NP ( NNP Yankelovich ) ( NNP Clancy ) ( NNP Shulman ) ) ) ) ) ( VP ( VBZ indicates ) ) ) ) ) )


Two-thirds of respondents said they strongly felt the need to be successful in their jobs while fewer than half said they strongly felt the need to spend more time with their families

( S ( NP-SBJ ( NP ( NNS Two-thirds ) ) ( PP ( IN of ) ( NP ( NNS respondents ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( ADVP-MNR ( RB strongly ) ) ( VBD felt ) ( NP-PRD ( DT the ) ( NN need ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ successful ) ( PP ( IN in ) ( NP ( PRP$ their ) ( NNS jobs ) ) ) ) ) ) ) ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( QP ( JJR fewer ) ( IN than ) ( NN half ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( ADVP-MNR ( RB strongly ) ) ( VBD felt ) ( NP-PRD ( DT the ) ( NN need ) ( S ( VP ( TO to ) ( VP ( VB spend ) ( NP ( JJR more ) ( NN time ) ) ( PP ( IN with ) ( NP ( PRP$ their ) ( NNS families ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


Being successful in careers and spending the money they make are top priorities for this group

( S ( S-NOM-SBJ ( VP ( VP ( VBG Being ) ( ADJP ( JJ successful ) ( PP ( IN in ) ( NP ( NNS careers ) ) ) ) ) ( CC and ) ( VP ( VBG spending ) ( NP ( NP ( DT the ) ( NN money ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP make ) ) ) ) ) ) ) ) ( VP ( VBP are ) ( NP-PRD ( JJ top ) ( NNS priorities ) ) ( PP ( IN for ) ( NP ( DT this ) ( NN group ) ) ) ) )


Unlike most studies of the affluent market this survey excluded the super-rich

( S ( PP ( IN Unlike ) ( NP ( NP ( JJS most ) ( NNS studies ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ affluent ) ( NN market ) ) ) ) ) ( NP-SBJ ( DT this ) ( NN survey ) ) ( VP ( VBD excluded ) ( NP ( DT the ) ( JJ super-rich ) ) ) )


Average household income for the sample was 194,000 and average net assets were reported as 775,000

( S ( S ( NP-SBJ ( NP ( JJ Average ) ( NN household ) ( NN income ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN sample ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( CD 194,000 ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( JJ average ) ( JJ net ) ( NNS assets ) ) ( VP ( VBD were ) ( VP ( VBN reported ) ( PP-CLR ( IN as ) ( NP ( CD 775,000 ) ) ) ) ) ) )


The goal was to learn about one of today 's fastest-growing income groups the upper-middle class

( S ( NP-SBJ ( DT The ) ( NN goal ) ) ( VP ( VBD was ) ( S-PRD ( VP ( TO to ) ( VP ( VB learn ) ( PP-CLR ( IN about ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NN today ) ( POS 's ) ) ( JJ fastest-growing ) ( NN income ) ( NNS groups ) ) ( NP ( DT the ) ( JJ upper-middle ) ( NN class ) ) ) ) ) ) ) ) ) ) )


Although they represent only 2 % of the population they control nearly one-third of discretionary income

( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP represent ) ( NP ( NP ( QP ( RB only ) ( CD 2 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN population ) ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP control ) ( NP ( NP ( RB nearly ) ( NN one-third ) ) ( PP ( IN of ) ( NP ( JJ discretionary ) ( NN income ) ) ) ) ) )


Across the board these consumers value quality buy what they like rather than just what they need and appreciate products that are distinctive

( S ( PP-LOC ( IN Across ) ( NP ( DT the ) ( NN board ) ) ) ( NP-SBJ ( DT these ) ( NNS consumers ) ) ( VP ( VP ( VBP value ) ( NP ( NN quality ) ) ) ( VP ( VBP buy ) ( NP ( SBAR-NOM ( WHNP-2 ( WP what ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP like ) ) ) ) ( CONJP ( RB rather ) ( IN than ) ) ( RB just ) ( SBAR-NOM ( WHNP-3 ( WP what ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP need ) ) ) ) ) ) ( CC and ) ( VP ( VBP appreciate ) ( NP ( NP ( NNS products ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP are ) ( ADJP-PRD ( JJ distinctive ) ) ) ) ) ) ) ) )


Despite their considerable incomes and assets 40 % of the respondents in the study do n't feel financially secure and one-fourth do n't feel that they have made it

( S ( PP ( IN Despite ) ( NP ( PRP$ their ) ( JJ considerable ) ( NNS incomes ) ( CC and ) ( NNS assets ) ) ) ( S ( NP-SBJ ( NP ( CD 40 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS respondents ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN study ) ) ) ) ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB feel ) ( ADJP-PRD ( RB financially ) ( JJ secure ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NN one-fourth ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB feel ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP have ) ( VP ( VBN made ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) )


Twenty percent do n't even feel they are financially well off

( S ( NP-SBJ ( CD Twenty ) ( NN percent ) ) ( VP ( VBP do ) ( RB n't ) ( ADVP ( RB even ) ) ( VP ( VB feel ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB financially ) ( RB well ) ( RP off ) ) ) ) ) ) ) )


Many of the affluent are n't comfortable with themselves either

( S ( NP-SBJ ( NP ( JJ Many ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN affluent ) ) ) ) ( VP ( VBP are ) ( RB n't ) ( ADJP-PRD ( JJ comfortable ) ( PP ( IN with ) ( NP ( PRP themselves ) ) ) ) ( ADVP ( RB either ) ) ) )


About 40 % do n't feel they 're more able than others

( S ( NP-SBJ ( QP ( RB About ) ( CD 40 ) ) ( NN % ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB feel ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP 're ) ( ADJP-PRD ( ADJP ( RBR more ) ( JJ able ) ) ( PP ( IN than ) ( NP ( NNS others ) ) ) ) ) ) ) ) ) )


While twothirds feel some guilt about being affluent only 25 % give 2,500 or more to charity each year

( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ-1 ( NNS twothirds ) ) ( VP ( VBP feel ) ( NP-PRD ( NP ( DT some ) ( NN guilt ) ) ( PP ( IN about ) ( S-NOM ( VP ( VBG being ) ( NP-PRD ( NN affluent ) ) ) ) ) ) ) ) ) ( NP-SBJ ( QP ( RB only ) ( CD 25 ) ) ( NN % ) ) ( VP ( VBP give ) ( NP ( CD 2,500 ) ( QP ( CC or ) ( JJR more ) ) ) ( PP-DTV ( TO to ) ( NP ( NN charity ) ) ) ( NP-TMP ( DT each ) ( NN year ) ) ) )


Thirty-five percent attend religious services regularly at the same time 60 % feel that in life one sometimes has to compromise one 's principles

( S ( S ( NP-SBJ ( CD Thirty-five ) ( NN percent ) ) ( VP ( VBP attend ) ( NP ( JJ religious ) ( NNS services ) ) ( ADVP-TMP ( RB regularly ) ) ) ) ( S ( PP-TMP ( IN at ) ( NP ( DT the ) ( JJ same ) ( NN time ) ) ) ( NP-SBJ ( CD 60 ) ( NN % ) ) ( VP ( VBP feel ) ( SBAR ( IN that ) ( S ( PP-LOC ( IN in ) ( NP ( NN life ) ) ) ( NP-SBJ-1 ( PRP one ) ) ( ADVP-TMP ( RB sometimes ) ) ( VP ( VBZ has ) ( S ( VP ( TO to ) ( VP ( VB compromise ) ( NP ( NP ( PRP one ) ( POS 's ) ) ( NNS principles ) ) ) ) ) ) ) ) ) ) )


Odds and Ends

( NP-HLN ( NNS Odds ) ( CC and ) ( NNS Ends ) )


THE NUMBER of women and minorities who hold jobs in top management in the nation 's largest banks has more than doubled since 1978

( S ( NP-SBJ ( NP ( DT THE ) ( NN NUMBER ) ) ( PP ( IN of ) ( NP ( NP ( NNS women ) ( CC and ) ( NNS minorities ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP hold ) ( NP ( NP ( NNS jobs ) ) ( PP-LOC ( IN in ) ( NP ( JJ top ) ( NN management ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( JJS largest ) ( NNS banks ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( ADVP ( RBR more ) ( IN than ) ) ( VBN doubled ) ( PP-TMP ( IN since ) ( NP ( CD 1978 ) ) ) ) ) )


The American Bankers Association says that women make up 47 % of officials and managers in the top 50 banks up from 33 % in 1978

( S ( NP-SBJ ( DT The ) ( NNP American ) ( NNP Bankers ) ( NNP Association ) ) ( VP ( VBZ says ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS women ) ) ( VP ( VB make ) ( PRT ( RP up ) ) ( NP ( NP ( CD 47 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NNS officials ) ( CC and ) ( NNS managers ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ top ) ( CD 50 ) ( NNS banks ) ) ) ) ) ( ADVP ( RB up ) ( PP ( IN from ) ( NP ( CD 33 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 1978 ) ) ) ) ) ) ) ) ) ) )


The share of minorities in those positions has risen to 16 % from 12 %

( S ( NP-SBJ ( NP ( DT The ) ( NN share ) ) ( PP ( IN of ) ( NP ( NNS minorities ) ) ) ( PP-LOC ( IN in ) ( NP ( DT those ) ( NNS positions ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN risen ) ( PP-DIR ( TO to ) ( NP ( CD 16 ) ( NN % ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 12 ) ( NN % ) ) ) ) ) )


Per-capita personal income in the U.S. grew faster than inflation last year according to the Bureau of Economic Analysis

( S ( NP-SBJ ( NP ( JJ Per-capita ) ( JJ personal ) ( NN income ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ( VP ( VBD grew ) ( ADVP-MNR ( ADVP ( RBR faster ) ) ( PP ( IN than ) ( NP ( NN inflation ) ) ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NNP Bureau ) ) ( PP ( IN of ) ( NP ( NNP Economic ) ( NNP Analysis ) ) ) ) ) ) ) )


The amount of income divvied up for each man woman and child was 16,489 in 1988 up 6.6 % from 15,472 in 1987

( S ( NP-SBJ ( NP ( DT The ) ( NN amount ) ) ( PP ( IN of ) ( NP ( NN income ) ) ) ( VP ( VBN divvied ) ( PRT ( RP up ) ) ( PP ( IN for ) ( NP ( DT each ) ( NN man ) ( NN woman ) ( CC and ) ( NN child ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( CD 16,489 ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ( ADVP-1 ( RB up ) ( NP ( CD 6.6 ) ( NN % ) ) ( PP ( IN from ) ( NP ( CD 15,472 ) ) ( PP-TMP ( IN in ) ( NP ( CD 1987 ) ) ) ) ) ) )


Per capita personal income ranged from 11,116 in Mississippi to 23,059 in Connecticut

( S ( NP-SBJ ( ADJP ( IN Per ) ( NN capita ) ) ( JJ personal ) ( NN income ) ) ( VP ( VBD ranged ) ( PP-DIR ( PP ( IN from ) ( NP ( CD 11,116 ) ) ( PP-LOC ( IN in ) ( NP ( NNP Mississippi ) ) ) ) ( PP ( TO to ) ( NP ( CD 23,059 ) ) ( PP-LOC ( IN in ) ( NP ( NNP Connecticut ) ) ) ) ) ) )


There are 13.1 million students in college this fall up 2 % from 1988 the National Center for Education Statistics estimates

( S ( S-TPC-2 ( NP-SBJ ( EX There ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( QP ( CD 13.1 ) ( CD million ) ) ( NNS students ) ) ( PP-LOC ( IN in ) ( NP ( NN college ) ) ) ) ( NP-TMP ( DT this ) ( NN fall ) ) ( ADVP-1 ( RB up ) ( NP ( CD 2 ) ( NN % ) ) ( PP ( IN from ) ( NP ( CD 1988 ) ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNP National ) ( NNP Center ) ) ( PP ( IN for ) ( NP ( NNP Education ) ( NNP Statistics ) ) ) ) ( VP ( NNS estimates ) ) )


About 54 % are women and 44 % are part-time students

( S ( S ( NP-SBJ ( QP ( RB About ) ( CD 54 ) ) ( NN % ) ) ( VP ( VBP are ) ( NP-PRD ( NNS women ) ) ) ) ( CC and ) ( S ( NP-SBJ ( CD 44 ) ( NN % ) ) ( VP ( VBP are ) ( NP-PRD ( JJ part-time ) ( NNS students ) ) ) ) )


Kenneth J. Thygerson who was named president of this thrift holding company in August resigned citing personal reasons

( S ( NP-SBJ-3 ( NP ( NNP Kenneth ) ( NNP J. ) ( NNP Thygerson ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD was ) ( VP ( VBN named ) ( S ( NP-PRD ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN thrift ) ( NN holding ) ( NN company ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ) ) ) ) ( VP ( VBD resigned ) ( S-ADV ( VP ( VBG citing ) ( NP ( JJ personal ) ( NNS reasons ) ) ) ) ) )


Mr. Thygerson said he had planned to travel between the job in Denver and his San Diego home but has found the commute too difficult to continue

( S ( NP-SBJ ( NNP Mr. ) ( NNP Thygerson ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( VP ( VBD had ) ( VP ( VBN planned ) ( S ( VP ( TO to ) ( VP ( VB travel ) ( PP-DIR ( IN between ) ( NP ( NP ( NP ( DT the ) ( NN job ) ) ( PP-LOC ( IN in ) ( NP ( NNP Denver ) ) ) ) ( CC and ) ( NP ( PRP$ his ) ( NNP San ) ( NNP Diego ) ( NN home ) ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBZ has ) ( VP ( VBN found ) ( S ( NP-SBJ ( DT the ) ( NN commute ) ) ( ADJP-PRD ( RB too ) ( JJ difficult ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB continue ) ) ) ) ) ) ) ) ) ) ) ) ) )


A new president was n't named

( S ( NP-SBJ-1 ( DT A ) ( JJ new ) ( NN president ) ) ( VP ( VBD was ) ( RB n't ) ( VP ( VBN named ) ) ) )


Elcotel Inc. expects fiscal second-quarter earnings to trail 1988 results but anticipates that several new products will lead to a much stronger performance in its second half

( S ( NP-SBJ ( NNP Elcotel ) ( NNP Inc. ) ) ( VP ( VP ( VBZ expects ) ( S ( NP-SBJ ( JJ fiscal ) ( JJ second-quarter ) ( NNS earnings ) ) ( VP ( TO to ) ( VP ( VB trail ) ( NP ( CD 1988 ) ( NNS results ) ) ) ) ) ) ( CC but ) ( VP ( VBZ anticipates ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ several ) ( JJ new ) ( NNS products ) ) ( VP ( MD will ) ( VP ( VB lead ) ( PP-DIR ( TO to ) ( NP ( NP ( DT a ) ( ADJP ( RB much ) ( JJR stronger ) ) ( NN performance ) ) ( PP-TMP ( IN in ) ( NP ( PRP$ its ) ( JJ second ) ( NN half ) ) ) ) ) ) ) ) ) ) ) )


Elcotel a telecommunications company had net income of 272,000 or five cents a share in its year-earlier second quarter ended Sept. 30

( S ( NP-SBJ ( NP ( NNP Elcotel ) ) ( NP ( DT a ) ( NN telecommunications ) ( NN company ) ) ) ( VP ( VBD had ) ( NP ( NP ( JJ net ) ( NN income ) ) ( PP ( IN of ) ( NP ( NP ( CD 272,000 ) ) ( CC or ) ( NP ( NP ( CD five ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( PRP$ its ) ( JJ year-earlier ) ( NN second ) ( NN quarter ) ) ( VP ( VBN ended ) ( NP-TMP ( NNP Sept. ) ( CD 30 ) ) ) ) ) ) )


Revenue totaled 5 million

( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD totaled ) ( NP ( QP ( CD 5 ) ( CD million ) ) ) ) )


George Pierce chairman and chief executive officer said in an interview that earnings in the most recent quarter will be about two cents a share on revenue of just under 4 million

( S ( NP-SBJ ( NP ( NNP George ) ( NNP Pierce ) ) ( NP ( NP ( NN chairman ) ) ( CC and ) ( NP ( JJ chief ) ( JJ executive ) ( NN officer ) ) ) ) ( VP ( VBD said ) ( PP-LOC ( IN in ) ( NP ( DT an ) ( NN interview ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNS earnings ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ recent ) ) ( NN quarter ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( NP ( NP ( QP ( RB about ) ( CD two ) ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( PP ( IN on ) ( NP ( NP ( NN revenue ) ) ( PP ( IN of ) ( NP ( QP ( RB just ) ( IN under ) ( CD 4 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) )


The lower results Mr. Pierce said reflect a 12-month decline in industry sales of privately owned pay telephones Elcotel 's primary business

( S-1 ( NP-SBJ ( DT The ) ( JJR lower ) ( NNS results ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Pierce ) ) ( VP ( VBD said ) ) ) ) ( VP ( VBP reflect ) ( NP ( NP ( DT a ) ( JJ 12-month ) ( NN decline ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NN industry ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( RB privately ) ( VBN owned ) ) ( NN pay ) ( NNS telephones ) ) ( NP ( NP ( NNP Elcotel ) ( POS 's ) ) ( JJ primary ) ( NN business ) ) ) ) ) ) ) ) )


Although Mr. Pierce expects that line of business to strengthen in the next year he said Elcotel will also benefit from moving into other areas

( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Pierce ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ ( NP ( IN that ) ( NN line ) ) ( PP ( IN of ) ( NP ( NN business ) ) ) ) ( VP ( TO to ) ( VP ( VB strengthen ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ next ) ( NN year ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NNP Elcotel ) ) ( VP ( MD will ) ( ADVP ( RB also ) ) ( VP ( VB benefit ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG moving ) ( PP-DIR ( IN into ) ( NP ( JJ other ) ( NNS areas ) ) ) ) ) ) ) ) ) ) ) )


Foremost among those is the company 's entrance into the public facsimile business Mr. Pierce said

( S ( SINV-TPC-2 ( ADJP-TPC-PRD-1 ( RB Foremost ) ) ( PP-LOC ( IN among ) ( NP ( DT those ) ) ) ( VP ( VBZ is ) ) ( NP-SBJ ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN entrance ) ) ( PP ( IN into ) ( NP ( DT the ) ( JJ public ) ( NN facsimile ) ( NN business ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Pierce ) ) ( VP ( VBD said ) ) )


Within the next year Elcotel expects to place 10,000 fax machines made by Minolta in Japan in hotels municipal buildings drugstores and other public settings around the country

( S ( PP-TMP ( IN Within ) ( NP ( DT the ) ( JJ next ) ( NN year ) ) ) ( NP-SBJ-1 ( NNP Elcotel ) ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB place ) ( NP ( NP ( CD 10,000 ) ( NN fax ) ( NNS machines ) ) ( VP ( VBN made ) ( PP ( IN by ) ( NP-LGS ( NNP Minolta ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Japan ) ) ) ) ) ( PP-CLR ( IN in ) ( NP ( NP ( NNS hotels ) ) ( NP ( JJ municipal ) ( NNS buildings ) ) ( NP ( NNS drugstores ) ) ( CC and ) ( NP ( NP ( JJ other ) ( JJ public ) ( NNS settings ) ) ( PP-LOC ( IN around ) ( NP ( DT the ) ( NN country ) ) ) ) ) ) ) ) ) ) )


Elcotel will provide a credit-card reader for the machines to collect store and forward billing data

( S ( NP-SBJ ( NNP Elcotel ) ) ( VP ( MD will ) ( VP ( VB provide ) ( NP ( NP ( DT a ) ( NN credit-card ) ( NN reader ) ) ( SBAR ( IN for ) ( S ( NP-SBJ ( DT the ) ( NNS machines ) ) ( VP ( TO to ) ( VP ( VB collect ) ( VB store ) ( CC and ) ( VB forward ) ( NP ( NN billing ) ( NNS data ) ) ) ) ) ) ) ) ) )


Mr. Pierce said Elcotel should realize a minimum of 10 of recurring net earnings for each machine each month

( S ( NP-SBJ ( NNP Mr. ) ( NNP Pierce ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Elcotel ) ) ( VP ( MD should ) ( VP ( VB realize ) ( NP ( NP ( DT a ) ( NN minimum ) ) ( PP ( IN of ) ( NP ( NP ( CD 10 ) ) ( PP ( IN of ) ( NP ( VBG recurring ) ( JJ net ) ( NNS earnings ) ) ) ) ) ) ( PP ( IN for ) ( NP ( DT each ) ( NN machine ) ) ) ( NP-TMP ( DT each ) ( NN month ) ) ) ) ) ) ) )


Elcotel has also developed an automatic call processor that will make further use of the company 's system for automating and handling credit-card calls and collect calls

( S ( NP-SBJ ( NNP Elcotel ) ) ( VP ( VBZ has ) ( ADVP ( RB also ) ) ( VP ( VBN developed ) ( NP ( NP ( DT an ) ( JJ automatic ) ( NN call ) ( NN processor ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD will ) ( VP ( VB make ) ( NP-CLR ( JJ further ) ( NN use ) ) ( PP-CLR ( IN of ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN system ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG automating ) ( CC and ) ( VBG handling ) ( NP ( NP ( NN credit-card ) ( NNS calls ) ) ( CC and ) ( NP ( JJ collect ) ( NNS calls ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


Automatic call processors will provide that system for virtually any telephone Mr. Pierce said not just phones produced by Elcotel

( S-1 ( NP-SBJ ( JJ Automatic ) ( NN call ) ( NNS processors ) ) ( VP ( MD will ) ( VP ( VB provide ) ( NP ( DT that ) ( NN system ) ) ( PP-PRP ( IN for ) ( NP ( NP ( ADJP ( RB virtually ) ( DT any ) ) ( NN telephone ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Pierce ) ) ( VP ( VBD said ) ) ) ) ( NP ( NP ( RB not ) ( RB just ) ( VBZ phones ) ) ( VP ( VBN produced ) ( PP ( IN by ) ( NP-LGS ( NNP Elcotel ) ) ) ) ) ) ) ) ) )


The company will also be producing a new line of convenience telephones which do n't accept coins for use in hotel lobbies office lobbies hospitality lounges and similar settings

( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( MD will ) ( ADVP ( RB also ) ) ( VP ( VB be ) ( VP ( VBG producing ) ( NP ( NP ( DT a ) ( JJ new ) ( NN line ) ) ( PP ( IN of ) ( NP ( NP ( NN convenience ) ( NNS telephones ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP do ) ( RB n't ) ( VP ( VB accept ) ( NP ( NNS coins ) ) ) ) ) ) ) ) ( PP-PRP ( IN for ) ( NP ( NP ( NN use ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NN hotel ) ( NNS lobbies ) ) ( NP ( NN office ) ( NNS lobbies ) ) ( NP ( NN hospitality ) ( NNS lounges ) ) ( CC and ) ( NP ( JJ similar ) ( NNS settings ) ) ) ) ) ) ) ) ) ) )


Mr. Pierce estimated that the processors and convenience phones would produce about 5 of recurring net earnings for each machine each month

( S ( NP-SBJ ( NNP Mr. ) ( NNP Pierce ) ) ( VP ( VBD estimated ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NX ( NX ( NNS processors ) ) ( CC and ) ( NX ( NN convenience ) ( NNS phones ) ) ) ) ( VP ( MD would ) ( VP ( VB produce ) ( NP ( NP ( QP ( RB about ) ( CD 5 ) ) ) ( PP ( IN of ) ( NP ( VBG recurring ) ( JJ net ) ( NNS earnings ) ) ) ) ( PP ( IN for ) ( NP ( DT each ) ( NN machine ) ) ) ( NP-TMP ( DT each ) ( NN month ) ) ) ) ) ) ) )


The Bush administration trying to blunt growing demands from Western Europe for a relaxation of controls on exports to the Soviet bloc is questioning whether Italy 's Ing C. Olivetti & Co. supplied militarily valuable technology to the Soviets

( S ( NP-SBJ-1 ( DT The ) ( NNP Bush ) ( NN administration ) ) ( S-ADV ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( JJ blunt ) ( NP ( NP ( VBG growing ) ( NNS demands ) ) ( PP ( IN from ) ( NP ( NNP Western ) ( NNP Europe ) ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( NN relaxation ) ) ( PP ( IN of ) ( NP ( NP ( NNS controls ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NNS exports ) ) ( PP ( TO to ) ( NP ( DT the ) ( JJ Soviet ) ( NN bloc ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG questioning ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( NP ( NNP Italy ) ( POS 's ) ) ( NNP Ing ) ( NNP C. ) ( NNP Olivetti ) ( CC & ) ( NNP Co. ) ) ( VP ( VBD supplied ) ( NP ( ADJP ( RB militarily ) ( JJ valuable ) ) ( NN technology ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NNPS Soviets ) ) ) ) ) ) ) ) )


Most of the Western European members of Coordinating Committee on Multilateral Export Controls the unofficial forum through which the U.S. and its allies align their export-control policies are expected to argue for more liberal export rules at a meeting to be held in Paris Oct. 25 and 26

( S ( NP-SBJ-3 ( NP ( JJS Most ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ Western ) ( NNP European ) ( NNS members ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Coordinating ) ( NNP Committee ) ) ( PP ( IN on ) ( NP ( NNP Multilateral ) ( NNP Export ) ( NNP Controls ) ) ) ) ( NP ( NP ( DT the ) ( JJ unofficial ) ( NN forum ) ) ( SBAR ( WHPP-2 ( IN through ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( NP ( DT the ) ( NNP U.S. ) ) ( CC and ) ( NP ( PRP$ its ) ( NNS allies ) ) ) ( VP ( VBP align ) ( NP ( PRP$ their ) ( JJ export-control ) ( NNS policies ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB argue ) ( PP-CLR ( IN for ) ( NP ( ADJP ( RBR more ) ( JJ liberal ) ) ( NN export ) ( NNS rules ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT a ) ( NN meeting ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN held ) ( PP-LOC ( IN in ) ( NP ( NNP Paris ) ) ) ( NP-TMP ( NNP Oct. ) ( CD 25 ) ( CC and ) ( CD 26 ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


They plan to press specifically for a relaxation of rules governing exports of machine tools computers and other high-technology products

( S ( NP-SBJ-1 ( PRP They ) ) ( VP ( VBP plan ) ( S ( VP ( TO to ) ( VP ( VB press ) ( PP-CLR ( ADVP ( RB specifically ) ) ( IN for ) ( NP ( NP ( DT a ) ( NN relaxation ) ) ( PP ( IN of ) ( NP ( NP ( NNS rules ) ) ( VP ( VBG governing ) ( NP ( NP ( NNS exports ) ) ( PP ( IN of ) ( NP ( NP ( NN machine ) ( NNS tools ) ) ( NP ( NNS computers ) ) ( CC and ) ( NP ( JJ other ) ( NN high-technology ) ( NNS products ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


But the Bush administration says it wants to see evidence that all Cocom members are complying fully with existing export-control procedures before it will support further liberalization

( S ( CC But ) ( NP-SBJ ( DT the ) ( NNP Bush ) ( NN administration ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ wants ) ( S ( VP ( TO to ) ( VP ( VB see ) ( NP ( NN evidence ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT all ) ( NNP Cocom ) ( NNS members ) ) ( VP ( VBP are ) ( VP ( VBG complying ) ( ADVP-MNR ( RB fully ) ) ( PP-CLR ( IN with ) ( NP ( JJ existing ) ( JJ export-control ) ( NNS procedures ) ) ) ) ) ) ) ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB support ) ( NP ( JJ further ) ( NN liberalization ) ) ) ) ) ) ) ) ) ) ) ) ) )


To make its point it is challenging the Italian government to explain reports that Olivetti may have supplied the Soviet Union with sophisticated computer-driven devices that could be used to build parts for combat aircraft

( S ( S-PRP ( VP ( TO To ) ( VP ( VB make ) ( NP ( PRP$ its ) ( NN point ) ) ) ) ) ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBG challenging ) ( NP-3 ( DT the ) ( JJ Italian ) ( NN government ) ) ( S ( VP ( TO to ) ( VP ( VB explain ) ( NP ( NNS reports ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Olivetti ) ) ( VP ( MD may ) ( VP ( VB have ) ( VP ( VBN supplied ) ( NP ( DT the ) ( NNP Soviet ) ( NNP Union ) ) ( PP-CLR ( IN with ) ( NP ( NP ( JJ sophisticated ) ( JJ computer-driven ) ( NNS devices ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN used ) ( S-CLR ( VP ( TO to ) ( VP ( VB build ) ( NP ( NP ( NNS parts ) ) ( PP ( IN for ) ( NP ( NN combat ) ( NN aircraft ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


The London Sunday Times which first reported the U.S. concerns cited a U.S. intelligence report as the source of the allegations that Olivetti exported 25 million in embargoed state-of-the-art flexible manufacturing systems to the Soviet aviation industry

( S ( NP-SBJ ( NP ( DT The ) ( NNP London ) ( NNP Sunday ) ( NNP Times ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( ADVP-TMP ( RB first ) ) ( VP ( VBD reported ) ( NP ( DT the ) ( NNP U.S. ) ( NNS concerns ) ) ) ) ) ) ( VP ( VBD cited ) ( NP ( DT a ) ( NNP U.S. ) ( NN intelligence ) ( NN report ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT the ) ( NN source ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS allegations ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Olivetti ) ) ( VP ( VBD exported ) ( NP ( NP ( QP ( CD 25 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( JJ embargoed ) ( JJ state-of-the-art ) ( JJ flexible ) ( NN manufacturing ) ( NNS systems ) ) ) ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( JJ Soviet ) ( NN aviation ) ( NN industry ) ) ) ) ) ) ) ) ) ) ) )


Olivetti reportedly began shipping these tools in 1984

( S ( NP-SBJ-1 ( NNP Olivetti ) ) ( ADVP ( RB reportedly ) ) ( VP ( VBD began ) ( S ( VP ( VBG shipping ) ( NP ( DT these ) ( NNS tools ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1984 ) ) ) ) )


A State Department spokesman acknowledged that the U.S. is discussing the allegations with the Italian government and Cocom but declined to confirm any details

( S ( NP-SBJ-1 ( DT A ) ( NNP State ) ( NNP Department ) ( NN spokesman ) ) ( VP ( VP ( VBD acknowledged ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ) ( VP ( VBZ is ) ( VP ( VBG discussing ) ( NP ( DT the ) ( NNS allegations ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( JJ Italian ) ( NN government ) ) ( CC and ) ( NP ( NNP Cocom ) ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB confirm ) ( NP ( DT any ) ( NNS details ) ) ) ) ) ) ) )


Italian President Francesco Cossiga promised a quick investigation into whether Olivetti broke Cocom rules

( S ( NP-SBJ ( JJ Italian ) ( NNP President ) ( NNP Francesco ) ( NNP Cossiga ) ) ( VP ( VBD promised ) ( NP ( NP ( DT a ) ( JJ quick ) ( NN investigation ) ) ( PP ( IN into ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( NNP Olivetti ) ) ( VP ( VBD broke ) ( NP ( NNP Cocom ) ( NNS rules ) ) ) ) ) ) ) ) )


President Bush called his attention to the matter during the Italian leader 's visit here last week

( S ( NP-SBJ ( NNP President ) ( NNP Bush ) ) ( VP ( VBD called ) ( NP ( PRP$ his ) ( NN attention ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN matter ) ) ) ( PP-TMP ( IN during ) ( NP ( NP ( NP ( DT the ) ( JJ Italian ) ( NN leader ) ( POS 's ) ) ( NN visit ) ) ( ADVP-LOC ( RB here ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ) ) ) )


Olivetti has denied that it violated Cocom rules asserting that the reported shipments were properly licensed by the Italian authorities

( S ( NP-SBJ-2 ( NNP Olivetti ) ) ( VP ( VBZ has ) ( VP ( VBN denied ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD violated ) ( NP ( NNP Cocom ) ( NNS rules ) ) ) ) ) ( S-ADV ( VP ( VBG asserting ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( JJ reported ) ( NNS shipments ) ) ( VP ( VBD were ) ( VP ( ADVP-MNR ( RB properly ) ) ( VBN licensed ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( JJ Italian ) ( NNS authorities ) ) ) ) ) ) ) ) ) ) ) )


Although the legality of these sales is still an open question the disclosure could n't be better timed to support the position of export-control hawks in the Pentagon and the intelligence community

( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( NP ( DT the ) ( NN legality ) ) ( PP ( IN of ) ( NP ( DT these ) ( NNS sales ) ) ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB still ) ) ( NP-PRD ( DT an ) ( JJ open ) ( NN question ) ) ) ) ) ( NP-SBJ-2 ( DT the ) ( NN disclosure ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB be ) ( VP ( ADVP-MNR ( RBR better ) ) ( VBN timed ) ( S-PRP ( VP ( TO to ) ( VP ( VB support ) ( NP ( NP ( DT the ) ( NN position ) ) ( PP ( IN of ) ( NP ( NP ( JJ export-control ) ( NNS hawks ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNP Pentagon ) ) ( CC and ) ( NP ( DT the ) ( NN intelligence ) ( NN community ) ) ) ) ) ) ) ) ) ) ) ) ) )


It seems to me that a story like this breaks just before every important Cocom meeting said a Washington lobbyist for a number of U.S. computer companies

( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ seems ) ( PP ( TO to ) ( NP ( PRP me ) ) ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( NP ( DT a ) ( NN story ) ) ( PP ( IN like ) ( NP ( DT this ) ) ) ) ( VP ( VBZ breaks ) ( PP-TMP ( ADVP ( RB just ) ) ( IN before ) ( NP ( DT every ) ( JJ important ) ( NNP Cocom ) ( NN meeting ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( DT a ) ( NNP Washington ) ( NN lobbyist ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( NN number ) ) ( PP ( IN of ) ( NP ( NNP U.S. ) ( NN computer ) ( NNS companies ) ) ) ) ) ) )


The Bush administration has sent conflicting signals about its export-control policies reflecting unhealed divisions among several competing agencies

( S ( NP-SBJ ( DT The ) ( NNP Bush ) ( NN administration ) ) ( VP ( VBZ has ) ( VP ( VBN sent ) ( NP ( NP ( JJ conflicting ) ( NNS signals ) ) ( PP ( IN about ) ( NP ( PRP$ its ) ( JJ export-control ) ( NNS policies ) ) ) ) ( S-ADV ( VP ( VBG reflecting ) ( NP ( NP ( JJ unhealed ) ( NNS divisions ) ) ( PP-LOC ( IN among ) ( NP ( JJ several ) ( VBG competing ) ( NNS agencies ) ) ) ) ) ) ) ) )


Last summer Mr. Bush moved the administration in the direction of gradual liberalization when he told a North Atlantic Treaty Organization meeting that he would allow some exceptions to the Cocom embargo of strategic goods

( S ( NP-TMP ( JJ Last ) ( NN summer ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Bush ) ) ( VP ( VBD moved ) ( NP ( DT the ) ( NN administration ) ) ( PP-DIR ( IN in ) ( NP ( NP ( DT the ) ( NN direction ) ) ( PP ( IN of ) ( NP ( JJ gradual ) ( NN liberalization ) ) ) ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD told ) ( NP ( DT a ) ( NNP North ) ( NNP Atlantic ) ( NNP Treaty ) ( NNP Organization ) ( NN meeting ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD would ) ( VP ( VB allow ) ( NP ( NP ( DT some ) ( NNS exceptions ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NNP Cocom ) ( NN embargo ) ) ( PP ( IN of ) ( NP ( JJ strategic ) ( NNS goods ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


But more recently the Pentagon and the Commerce Department openly feuded over the extent to which Cocom should liberalize exports of personal computers to the bloc

( S ( CC But ) ( ADVP-TMP ( RBR more ) ( RB recently ) ) ( NP-SBJ ( NP ( DT the ) ( NNP Pentagon ) ) ( CC and ) ( NP ( DT the ) ( NNP Commerce ) ( NNP Department ) ) ) ( VP ( ADVP-MNR ( RB openly ) ) ( VBD feuded ) ( PP ( IN over ) ( NP ( NP ( DT the ) ( NN extent ) ) ( SBAR ( WHPP-1 ( TO to ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( NNP Cocom ) ) ( VP ( MD should ) ( VP ( VB liberalize ) ( NP ( NP ( NNS exports ) ) ( PP ( IN of ) ( NP ( JJ personal ) ( NNS computers ) ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN bloc ) ) ) ) ) ) ) ) ) ) ) )


However these agencies generally agree that the West should be cautious about any further liberalization

( S ( ADVP ( RB However ) ) ( NP-SBJ ( DT these ) ( NNS agencies ) ) ( ADVP ( RB generally ) ) ( VP ( VBP agree ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP West ) ) ( VP ( MD should ) ( VP ( VB be ) ( ADJP-PRD ( JJ cautious ) ( PP ( IN about ) ( NP ( DT any ) ( JJ further ) ( NN liberalization ) ) ) ) ) ) ) ) ) )


There 's no evidence that the Soviet program to illegally acquire Western technology has diminished said a State Department spokesman

( SINV ( S-TPC-1 ( NP-SBJ ( EX There ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT no ) ( NN evidence ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ Soviet ) ( NN program ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( PRN ( ADVP-MNR ( RB illegally ) ) ) ( VB acquire ) ( NP ( JJ Western ) ( NN technology ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN diminished ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( DT a ) ( NNP State ) ( NNP Department ) ( NN spokesman ) ) )


Salomon Brothers International Ltd. a British subsidiary of Salomon Inc. announced it will issue warrants on shares of Hong Kong Telecommunications Ltd

( S ( NP-SBJ ( NP ( NNP Salomon ) ( NNP Brothers ) ( NNP International ) ( NNP Ltd. ) ) ( NP ( NP ( DT a ) ( JJ British ) ( NN subsidiary ) ) ( PP ( IN of ) ( NP ( NNP Salomon ) ( NNP Inc. ) ) ) ) ) ( VP ( VBD announced ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB issue ) ( NP ( NP ( NNS warrants ) ) ( PP ( IN on ) ( NP ( NP ( NNS shares ) ) ( PP ( IN of ) ( NP ( NNP Hong ) ( NNP Kong ) ( NNP Telecommunications ) ( NNP Ltd ) ) ) ) ) ) ) ) ) ) ) )


The move closely follows a similar offer by Salomon of warrants for shares of Hongkong & Shanghai Banking Corp

( S ( NP-SBJ ( DT The ) ( NN move ) ) ( VP ( ADVP-MNR ( RB closely ) ) ( VBZ follows ) ( NP ( NP ( DT a ) ( JJ similar ) ( NN offer ) ) ( PP ( IN by ) ( NP ( NNP Salomon ) ) ) ( PP ( IN of ) ( NP ( NP ( NNS warrants ) ) ( PP ( IN for ) ( NP ( NP ( NNS shares ) ) ( PP ( IN of ) ( NP ( NNP Hongkong ) ( CC & ) ( NNP Shanghai ) ( NNP Banking ) ( NNP Corp ) ) ) ) ) ) ) ) ) )


Under the latest offer 62.5 million 8 million of three-year warrants will be issued in London each giving buyers the right to buy one Hong Kong Telecommunications share at a price to be determined Friday

( S ( PP-LOC ( IN Under ) ( NP ( DT the ) ( JJS latest ) ( NN offer ) ) ) ( NP-SBJ-1 ( NP ( QP ( CD 62.5 ) ( CD million ) ) ) ( PRN ( NP ( QP ( CD 8 ) ( CD million ) ) ) ) ( PP ( IN of ) ( NP ( JJ three-year ) ( NNS warrants ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN issued ) ( PP-LOC ( IN in ) ( NP ( NNP London ) ) ) ( S-ADV ( NP-SBJ ( DT each ) ) ( VP ( VBG giving ) ( NP ( NNS buyers ) ) ( NP ( DT the ) ( NN right ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( CD one ) ( NNP Hong ) ( NNP Kong ) ( NNP Telecommunications ) ( NN share ) ) ( PP ( IN at ) ( NP ( NP ( DT a ) ( NN price ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN determined ) ( NP-TMP ( NNP Friday ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


The 50 million warrants will be priced at 1.25 each and are expected to carry a premium to the share price of about 26 %

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In trading on the Stock Exchange of Hong Kong the shares closed Wednesday at 4.80 each

( S ( PP-LOC ( IN In ) ( NP ( NP ( VBG trading ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NNP Stock ) ( NNP Exchange ) ) ( PP ( IN of ) ( NP ( NNP Hong ) ( NNP Kong ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNS shares ) ) ( VP ( VBD closed ) ( NP-TMP ( NNP Wednesday ) ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 4.80 ) ) ( NP ( DT each ) ) ) ) ) )


At this price the shares would have to rise above 6.05 for subscribers to Salomon 's issue to profitably convert their warrants

( S ( PP ( IN At ) ( NP ( DT this ) ( NN price ) ) ) ( NP-SBJ-1 ( DT the ) ( NNS shares ) ) ( VP ( MD would ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB rise ) ( PP-DIR ( IN above ) ( NP ( CD 6.05 ) ) ) ( SBAR-PRP ( IN for ) ( S ( NP-SBJ ( NP ( NNS subscribers ) ) ( PP ( TO to ) ( NP ( NP ( NNP Salomon ) ( POS 's ) ) ( NN issue ) ) ) ) ( VP ( TO to ) ( VP ( ADVP-MNR ( RB profitably ) ) ( VB convert ) ( NP ( PRP$ their ) ( NNS warrants ) ) ) ) ) ) ) ) ) ) ) )


While Hong Kong companies have in the past issued warrants on their own shares Salomon 's warrants are the first here to be issued by a third party

( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( NNP Hong ) ( NNP Kong ) ( NNS companies ) ) ( VP ( VBP have ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN past ) ) ) ( VP ( VBD issued ) ( NP ( NP ( NNS warrants ) ) ( PP ( IN on ) ( NP ( PRP$ their ) ( JJ own ) ( NNS shares ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP Salomon ) ( POS 's ) ) ( NNS warrants ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT the ) ( JJ first ) ) ( ADVP-LOC ( RB here ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN issued ) ( PP ( IN by ) ( NP-LGS ( DT a ) ( JJ third ) ( NN party ) ) ) ) ) ) ) ) ) ) )


Salomon will cover the warrants by buying sufficient shares or options to purchase shares to cover its entire position

( S ( NP-SBJ-1 ( NNP Salomon ) ) ( VP ( MD will ) ( VP ( VB cover ) ( NP ( DT the ) ( NNS warrants ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG buying ) ( NP ( NP ( JJ sufficient ) ( NX ( NX ( NNS shares ) ) ( CC or ) ( NX ( NX ( NNS options ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( NN purchase ) ( NP ( NNS shares ) ) ) ) ) ) ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB cover ) ( NP ( PRP$ its ) ( JJ entire ) ( NN position ) ) ) ) ) ) ) ) ) ) ) ) )


Bankers said warrants for Hong Kong stocks are attractive because they give foreign investors wary of volatility in the colony 's stock market an opportunity to buy shares without taking too great a risk

( S ( NP-SBJ ( NNS Bankers ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNS warrants ) ) ( PP ( IN for ) ( NP ( NP ( NNP Hong ) ( NNP Kong ) ) ( NNS stocks ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ attractive ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP give ) ( NP ( NP ( JJ foreign ) ( NNS investors ) ) ( ADJP ( JJ wary ) ( PP ( IN of ) ( NP ( NP ( NN volatility ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN colony ) ( POS 's ) ) ( NN stock ) ( NN market ) ) ) ) ) ) ) ( NP ( DT an ) ( NN opportunity ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NNS shares ) ) ( PP ( IN without ) ( S-NOM ( VP ( VBG taking ) ( NP ( ADJP ( RB too ) ( JJ great ) ) ( DT a ) ( NN risk ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


The Hong Kong Telecommunications warrants should be attractive to buyers in Europe the bankers added because the group is one of a handful of blue-chip stocks on the Hong Kong market that has international appeal

( S-3 ( NP-SBJ ( DT The ) ( NNP Hong ) ( NNP Kong ) ( NNP Telecommunications ) ( NNS warrants ) ) ( VP ( MD should ) ( VP ( VB be ) ( ADJP-PRD ( JJ attractive ) ( PP ( TO to ) ( NP ( NP ( NNS buyers ) ) ( PP-LOC ( IN in ) ( NP ( NNP Europe ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( DT the ) ( NNS bankers ) ) ( VP ( VBD added ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( DT the ) ( NN group ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN handful ) ) ( PP ( IN of ) ( NP ( NP ( JJ blue-chip ) ( NNS stocks ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Hong ) ( NNP Kong ) ( NN market ) ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ has ) ( NP ( JJ international ) ( NN appeal ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


CenTrust Savings Bank said federal thrift regulators ordered it to suspend dividend payments on its two classes of preferred stock indicating that regulators ' concerns about the troubled institution have heightened

( S ( NP-SBJ ( NNP CenTrust ) ( NNP Savings ) ( NNP Bank ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ federal ) ( NN thrift ) ( NNS regulators ) ) ( VP ( VBD ordered ) ( NP-1 ( PRP it ) ) ( S ( VP ( TO to ) ( VP ( VB suspend ) ( NP ( NP ( NN dividend ) ( NNS payments ) ) ( PP ( IN on ) ( NP ( NP ( PRP$ its ) ( CD two ) ( NNS classes ) ) ( PP ( IN of ) ( NP ( JJ preferred ) ( NN stock ) ) ) ) ) ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG indicating ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NP ( NNS regulators ) ( POS ' ) ) ( NNS concerns ) ) ( PP ( IN about ) ( NP ( DT the ) ( JJ troubled ) ( NN institution ) ) ) ) ( VP ( VBP have ) ( VP ( VBN heightened ) ) ) ) ) ) ) ) )


In a statement Miami-based CenTrust said the regulators cited the thrift 's operating losses and apparent losses in its junk-bond portfolio in ordering the suspension of the dividends

( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( NN statement ) ) ) ( NP-SBJ ( JJ Miami-based ) ( NNP CenTrust ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NNS regulators ) ) ( VP ( VBD cited ) ( NP ( NP ( NP ( DT the ) ( NN thrift ) ( POS 's ) ) ( NN operating ) ( NNS losses ) ) ( CC and ) ( NP ( NP ( JJ apparent ) ( NNS losses ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( NN junk-bond ) ( NN portfolio ) ) ) ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG ordering ) ( NP ( NP ( DT the ) ( NN suspension ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS dividends ) ) ) ) ) ) ) ) ) ) ) )


Regulators also ordered CenTrust to stop buying back the preferred stock

( S ( NP-SBJ ( NNS Regulators ) ) ( ADVP ( RB also ) ) ( VP ( VBD ordered ) ( NP-1 ( NNP CenTrust ) ) ( S ( VP ( TO to ) ( VP ( VB stop ) ( S ( VP ( VBG buying ) ( PRT ( RP back ) ) ( NP ( DT the ) ( JJ preferred ) ( NN stock ) ) ) ) ) ) ) ) )


David L. Paul chairman and chief executive officer criticized the federal Office of Thrift Supervision which issued the directive saying it was inappropriate and based on insufficient reasons

( S ( NP-SBJ-2 ( NP ( NNP David ) ( NNP L. ) ( NNP Paul ) ) ( NP ( NP ( NN chairman ) ) ( CC and ) ( NP ( JJ chief ) ( JJ executive ) ( NN officer ) ) ) ) ( VP ( VBD criticized ) ( NP ( NP ( NP ( DT the ) ( JJ federal ) ( NNP Office ) ) ( PP ( IN of ) ( NP ( NNP Thrift ) ( NNP Supervision ) ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD issued ) ( NP ( DT the ) ( NN directive ) ) ) ) ) ) ( S-ADV ( VP ( VBG saying ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( UCP-PRD ( ADJP ( JJ inappropriate ) ) ( CC and ) ( PP ( VBN based ) ( PP ( IN on ) ( NP ( JJ insufficient ) ( NNS reasons ) ) ) ) ) ) ) ) ) ) ) )


He said the thrift will try to get regulators to reverse the decision

( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN thrift ) ) ( VP ( MD will ) ( VP ( VB try ) ( S ( VP ( TO to ) ( VP ( VB get ) ( S ( NP-SBJ ( NNS regulators ) ) ( VP ( TO to ) ( VP ( VB reverse ) ( NP ( DT the ) ( NN decision ) ) ) ) ) ) ) ) ) ) ) ) ) )


The suspension of a preferred stock dividend is a serious step that signals that regulators have deep concerns about an institution 's health

( S ( NP-SBJ ( NP ( DT The ) ( NN suspension ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ preferred ) ( NN stock ) ( NN dividend ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ serious ) ( NN step ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ signals ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS regulators ) ) ( VP ( VBP have ) ( NP ( NP ( JJ deep ) ( NNS concerns ) ) ( PP ( IN about ) ( NP ( NP ( DT an ) ( NN institution ) ( POS 's ) ) ( NN health ) ) ) ) ) ) ) ) ) ) ) ) )


In March regulators labeled CenTrust a troubled institution largely because of its big junk-bond holdings and its operating losses

( S ( PP-TMP ( IN In ) ( NP ( NNP March ) ) ) ( NP-SBJ ( NNS regulators ) ) ( VP ( VBD labeled ) ( S ( NP-SBJ ( NNP CenTrust ) ) ( NP-PRD ( DT a ) ( JJ troubled ) ( NN institution ) ) ) ( PP-PRP ( ADVP ( RB largely ) ) ( IN because ) ( IN of ) ( NP ( NP ( PRP$ its ) ( JJ big ) ( NN junk-bond ) ( NNS holdings ) ) ( CC and ) ( NP ( PRP$ its ) ( NN operating ) ( NNS losses ) ) ) ) ) )


In the same month the Office of Thrift Supervision ordered the institution to stop paying common stock dividends until its operations were on track

( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( JJ same ) ( NN month ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNP Office ) ) ( PP ( IN of ) ( NP ( NNP Thrift ) ( NNP Supervision ) ) ) ) ( VP ( VBD ordered ) ( NP-1 ( DT the ) ( NN institution ) ) ( S ( VP ( TO to ) ( VP ( VB stop ) ( S ( VP ( VBG paying ) ( NP ( JJ common ) ( NN stock ) ( NNS dividends ) ) ) ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ ( PRP$ its ) ( NNS operations ) ) ( VP ( VBD were ) ( PP-LOC-PRD ( IN on ) ( NP ( NN track ) ) ) ) ) ) ) ) ) ) )


For the nine months ended June 30 CenTrust had a net loss of 21.3 million compared with year-earlier net income of 52.8 million

( S ( PP ( IN For ) ( NP ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ( VP ( VBD ended ) ( NP-TMP ( NNP June ) ( CD 30 ) ) ) ) ) ( NP-SBJ ( NNP CenTrust ) ) ( VP ( VBD had ) ( NP ( NP ( DT a ) ( JJ net ) ( NN loss ) ) ( PP ( IN of ) ( NP ( QP ( CD 21.3 ) ( CD million ) ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( JJ year-earlier ) ( JJ net ) ( NN income ) ) ( PP ( IN of ) ( NP ( QP ( CD 52.8 ) ( CD million ) ) ) ) ) ) ) ) )


CenTrust which is Florida 's largest thrift holds one of the largest junk-bond portfolios of any thrift in the nation

( S ( NP-SBJ ( NP ( NNP CenTrust ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ is ) ( NP-PRD ( NP ( NNP Florida ) ( POS 's ) ) ( JJS largest ) ( NN thrift ) ) ) ) ) ) ( VP ( VBZ holds ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJS largest ) ( NN junk-bond ) ( NNS portfolios ) ) ( PP ( IN of ) ( NP ( NP ( DT any ) ( NN thrift ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN nation ) ) ) ) ) ) ) ) ) )


Since April it has pared its high-yield bond holdings to about 890 million from 1.35 billion

( S ( PP-TMP ( IN Since ) ( NP ( NNP April ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN pared ) ( NP ( PRP$ its ) ( JJ high-yield ) ( NN bond ) ( NNS holdings ) ) ( PP-CLR ( TO to ) ( NP ( QP ( RB about ) ( CD 890 ) ( CD million ) ) ) ) ( PP-CLR ( IN from ) ( NP ( QP ( CD 1.35 ) ( CD billion ) ) ) ) ) ) )


Mr. Paul said only about 150 million of the current holdings are tradeable securities registered with the Securities and Exchange Commission

( S ( NP-SBJ ( NNP Mr. ) ( NNP Paul ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( QP ( RB only ) ( RB about ) ( CD 150 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ current ) ( NNS holdings ) ) ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( JJ tradeable ) ( NNS securities ) ) ( VP ( VBN registered ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NNP Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ) ) ) ) ) ) ) ) )


The remainder he said are commercial loan participations or private placements that are n't filed with the SEC and do n't have a ready market

( S-1 ( NP-SBJ ( DT The ) ( NN remainder ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NP ( JJ commercial ) ( NN loan ) ( NNS participations ) ) ( CC or ) ( NP ( JJ private ) ( NNS placements ) ) ) ( SBAR-2 ( WHNP-3 ( WDT that ) ) ( S ( VP ( VP ( VBP are ) ( RB n't ) ( VP ( VBN filed ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NNP SEC ) ) ) ) ) ( CC and ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB have ) ( NP ( DT a ) ( JJ ready ) ( NN market ) ) ) ) ) ) ) ) ) )


CenTrust and regulators have been in a dispute over market valuations for the junk bonds

( S ( NP-SBJ ( NNP CenTrust ) ( CC and ) ( NNS regulators ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( PP-LOC-PRD ( IN in ) ( NP ( NP ( DT a ) ( NN dispute ) ) ( PP ( IN over ) ( NP ( NP ( NN market ) ( NNS valuations ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN junk ) ( NNS bonds ) ) ) ) ) ) ) ) ) )


The Office of Thrift Supervision has been hounding CenTrust to provide current market values for its holdings but CenTrust has said it ca n't easily obtain such values because of the relative illiquidity of the bonds and lack of a ready market

( S ( S ( NP-SBJ ( NP ( DT The ) ( NNP Office ) ) ( PP ( IN of ) ( NP ( NNP Thrift ) ( NNP Supervision ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG hounding ) ( NP-1 ( NNP CenTrust ) ) ( S ( VP ( TO to ) ( VP ( VB provide ) ( NP ( JJ current ) ( NN market ) ( NNS values ) ) ( PP ( IN for ) ( NP ( PRP$ its ) ( NNS holdings ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NNP CenTrust ) ) ( VP ( VBZ has ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD ca ) ( RB n't ) ( ADVP ( RB easily ) ) ( VP ( VB obtain ) ( NP ( JJ such ) ( NNS values ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( DT the ) ( NX ( NX ( NX ( JJ relative ) ( NN illiquidity ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS bonds ) ) ) ) ( CC and ) ( NX ( NX ( NN lack ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ ready ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ) )


Regulators have become increasingly antsy about CenTrust 's and other thrifts ' junk-bond holdings in light of the recent federal thrift bailout legislation and the recent deep decline in the junk-bond market

( S ( NP-SBJ ( NNS Regulators ) ) ( VP ( VBP have ) ( VP ( VBN become ) ( ADJP-PRD ( RB increasingly ) ( JJ antsy ) ( PP ( IN about ) ( NP ( NP ( NP ( NNP CenTrust ) ( POS 's ) ) ( CC and ) ( NP ( JJ other ) ( NNS thrifts ) ( POS ' ) ) ) ( NN junk-bond ) ( NNS holdings ) ) ) ) ( PP ( IN in ) ( NP ( NP ( NN light ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ recent ) ( JJ federal ) ( NN thrift ) ( NN bailout ) ( NN legislation ) ) ( CC and ) ( NP ( NP ( DT the ) ( JJ recent ) ( JJ deep ) ( NN decline ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN junk-bond ) ( NN market ) ) ) ) ) ) ) ) ) ) )


The legislation requires thrifts to divest themselves of junk bonds in the new somber regulatory climate

( S ( NP-SBJ ( DT The ) ( NN legislation ) ) ( VP ( VBZ requires ) ( S ( NP-SBJ ( NNS thrifts ) ) ( VP ( TO to ) ( VP ( VB divest ) ( NP ( PRP themselves ) ) ( PP-CLR ( IN of ) ( NP ( NN junk ) ( NNS bonds ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ new ) ( JJ somber ) ( JJ regulatory ) ( NN climate ) ) ) ) ) ) ) )


In American Stock Exchange composite trading Friday CenTrust common shares closed at 3 down 12.5 cents

( S ( PP-LOC ( IN In ) ( NP ( NNP American ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ( NP-TMP ( NNP Friday ) ) ( NP-SBJ ( NNP CenTrust ) ( JJ common ) ( NNS shares ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 3 ) ) ) ( ADVP ( RB down ) ( NP ( CD 12.5 ) ( NNS cents ) ) ) ) )


In a statement Friday Mr. Paul challenged the regulators ' decision saying the thrift 's operating losses and apparent junk-bond losses have been substantially offset by gains in other activities of the bank

( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( NN statement ) ) ) ( NP-TMP ( NNP Friday ) ) ( NP-SBJ-2 ( NNP Mr. ) ( NNP Paul ) ) ( VP ( VBD challenged ) ( NP ( NP ( DT the ) ( NNS regulators ) ( POS ' ) ) ( NN decision ) ) ( S-ADV ( VP ( VBG saying ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN thrift ) ( POS 's ) ) ( NX ( NX ( NN operating ) ( NNS losses ) ) ( CC and ) ( NX ( ADJP ( JJ apparent ) ) ( NN junk-bond ) ( NNS losses ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( ADVP-MNR ( RB substantially ) ) ( VBN offset ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS gains ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ other ) ( NNS activities ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN bank ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


He also said substantial reserves have been set aside for possible losses from the junk bonds

( S ( NP-SBJ ( PRP He ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( JJ substantial ) ( NNS reserves ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN set ) ( PRT ( RP aside ) ) ( PP-PRP ( IN for ) ( NP ( NP ( JJ possible ) ( NNS losses ) ) ( PP ( IN from ) ( NP ( DT the ) ( NN junk ) ( NNS bonds ) ) ) ) ) ) ) ) ) ) ) )


In the third quarter for instance CenTrust added 22.5 million to its general reserves

( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( PP ( IN for ) ( NP ( NN instance ) ) ) ( NP-SBJ ( NNP CenTrust ) ) ( VP ( VBD added ) ( NP ( QP ( CD 22.5 ) ( CD million ) ) ) ( PP-CLR ( TO to ) ( NP ( PRP$ its ) ( JJ general ) ( NNS reserves ) ) ) ) )


Mr. Paul said the regulators should instead move ahead with approving CenTrust 's request to sell 63 of its 71 branches to Great Western Bank a unit of Great Western Financial Corp. based in Beverly Hills Calif

( S ( NP-SBJ ( NNP Mr. ) ( NNP Paul ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NNS regulators ) ) ( VP ( MD should ) ( ADVP ( RB instead ) ) ( VP ( VB move ) ( ADVP-DIR ( RB ahead ) ) ( PP-CLR ( IN with ) ( S-NOM ( VP ( VBG approving ) ( NP ( NP ( NNP CenTrust ) ( POS 's ) ) ( NN request ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( CD 63 ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( CD 71 ) ( NNS branches ) ) ) ) ( PP-DTV ( TO to ) ( NP ( NP ( NNP Great ) ( NNP Western ) ( NNP Bank ) ) ( NP ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NNP Great ) ( NNP Western ) ( NNP Financial ) ( NNP Corp. ) ) ) ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( NNP Beverly ) ( NNP Hills ) ) ( NP ( NNP Calif ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


The branch sale is the centerpiece of CenTrust 's strategy to transform itself into a traditional S&L from a high-flying institution that relied heavily on securities trading for profits according to Mr. Paul

( S ( NP-SBJ ( DT The ) ( NN branch ) ( NN sale ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN centerpiece ) ) ( PP ( IN of ) ( NP ( NP ( NNP CenTrust ) ( POS 's ) ) ( NN strategy ) ( S ( VP ( TO to ) ( VP ( VB transform ) ( NP ( PRP itself ) ) ( PP-CLR ( IN into ) ( NP ( DT a ) ( JJ traditional ) ( NN S&L ) ) ) ( PP-CLR ( IN from ) ( NP ( NP ( DT a ) ( JJ high-flying ) ( NN institution ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD relied ) ( ADVP-MNR ( RB heavily ) ) ( PP-CLR ( IN on ) ( NP ( NNS securities ) ( NN trading ) ) ) ( PP-PRP ( IN for ) ( NP ( NNS profits ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NNP Mr. ) ( NNP Paul ) ) ) ) ) )


Most analysts and thrift executives had expected a decision on the proposed transaction which was announced in July long before now

( S ( NP-SBJ ( JJS Most ) ( NX ( NX ( NNS analysts ) ) ( CC and ) ( NX ( NN thrift ) ( NNS executives ) ) ) ) ( VP ( VBD had ) ( VP ( VBN expected ) ( NP ( NP ( DT a ) ( NN decision ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( JJ proposed ) ( NN transaction ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD was ) ( VP ( VBN announced ) ( PP-TMP ( IN in ) ( NP ( NNP July ) ) ) ) ) ) ) ) ) ) ( PP-TMP ( ADVP ( RB long ) ) ( IN before ) ( NP ( RB now ) ) ) ) ) )


Many interpret the delay as an indication that regulators are skeptical about the proposal

( S ( NP-SBJ ( JJ Many ) ) ( VP ( VBP interpret ) ( NP ( DT the ) ( NN delay ) ) ( PP-CLR ( IN as ) ( NP ( DT an ) ( NN indication ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS regulators ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ skeptical ) ( PP ( IN about ) ( NP ( DT the ) ( NN proposal ) ) ) ) ) ) ) ) ) ) )


Branches and deposits can be sold at a premium in the event federal regulators take over an institution

( S ( NP-SBJ-1 ( NNS Branches ) ( CC and ) ( NNS deposits ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN sold ) ( PP ( IN at ) ( NP ( DT a ) ( NN premium ) ) ) ( PP ( IN in ) ( NP ( DT the ) ( NN event ) ( SBAR ( S ( NP-SBJ ( JJ federal ) ( NNS regulators ) ) ( VP ( VBP take ) ( PRT ( RP over ) ) ( NP ( DT an ) ( NN institution ) ) ) ) ) ) ) ) ) ) )


CenTrust however touts the branch sale saying it would bring in 150 million and reduce the thrift 's assets to 6.7 billion from 9 billion

( S ( NP-SBJ-1 ( NNP CenTrust ) ) ( ADVP ( RB however ) ) ( VP ( VBZ touts ) ( NP ( DT the ) ( NN branch ) ( NN sale ) ) ( S-ADV ( VP ( VBG saying ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VP ( VB bring ) ( ADVP-DIR ( RP in ) ) ( NP ( QP ( CD 150 ) ( CD million ) ) ) ) ( CC and ) ( VP ( VB reduce ) ( NP ( NP ( DT the ) ( NN thrift ) ( POS 's ) ) ( NNS assets ) ) ( PP-CLR ( TO to ) ( NP ( QP ( CD 6.7 ) ( CD billion ) ) ) ) ( PP-CLR ( IN from ) ( NP ( QP ( CD 9 ) ( CD billion ) ) ) ) ) ) ) ) ) ) ) ) )


It said the sale would give it positive tangible capital of 82 million or about 1.2 % of assets from a negative 33 million as of Sept. 30 thus bringing CenTrust close to regulatory standards

( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN sale ) ) ( VP ( MD would ) ( VP ( VB give ) ( NP ( PRP it ) ) ( NP ( NP ( JJ positive ) ( JJ tangible ) ( NN capital ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 82 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( QP ( RB about ) ( CD 1.2 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNS assets ) ) ) ) ) ) ) ( PP ( IN from ) ( NP ( DT a ) ( JJ negative ) ( QP ( CD 33 ) ( CD million ) ) ) ) ( PP-TMP ( IN as ) ( PP ( IN of ) ( NP ( NNP Sept. ) ( CD 30 ) ) ) ) ( S-ADV ( ADVP ( RB thus ) ) ( VP ( VBG bringing ) ( S ( NP-SBJ ( NNP CenTrust ) ) ( ADJP-PRD ( RB close ) ( PP ( TO to ) ( NP ( JJ regulatory ) ( NNS standards ) ) ) ) ) ) ) ) ) ) ) ) )


CenTrust said the branch sale would also reduce the company 's large amount of good will by about 180 million

( S ( NP-SBJ ( NNP CenTrust ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN branch ) ( NN sale ) ) ( VP ( MD would ) ( ADVP ( RB also ) ) ( VP ( VB reduce ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ large ) ( NN amount ) ) ( PP ( IN of ) ( NP ( JJ good ) ( NN will ) ) ) ) ( PP-EXT ( IN by ) ( NP ( QP ( RB about ) ( CD 180 ) ( CD million ) ) ) ) ) ) ) ) ) )


Critics however say the branch sale will make CenTrust more dependent than ever on brokered deposits and junk bonds

( S ( NP-SBJ ( NNS Critics ) ) ( ADVP ( RB however ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN branch ) ( NN sale ) ) ( VP ( MD will ) ( VP ( VB make ) ( S ( NP-SBJ ( NNP CenTrust ) ) ( ADJP-PRD ( ADJP ( RBR more ) ( JJ dependent ) ) ( PP ( IN than ) ( ADVP ( RB ever ) ) ) ( PP ( IN on ) ( NP ( NP ( JJ brokered ) ( NNS deposits ) ) ( CC and ) ( NP ( NN junk ) ( NNS bonds ) ) ) ) ) ) ) ) ) ) ) )


Mr. Paul counters that he intends to further pare the size of CenTrust by not renewing more than 1 billion of brokered certificates of deposit when they come due

( S ( NP-SBJ ( NNP Mr. ) ( NNP Paul ) ) ( VP ( NNS counters ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBZ intends ) ( S ( VP ( TO to ) ( ADVP ( RB further ) ) ( VP ( VB pare ) ( NP ( NP ( DT the ) ( NN size ) ) ( PP ( IN of ) ( NP ( NNP CenTrust ) ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( RB not ) ( VP ( VBG renewing ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 1 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( NP ( JJ brokered ) ( NNS certificates ) ) ( PP ( IN of ) ( NP ( NN deposit ) ) ) ) ) ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP come ) ( ADJP-PRD ( JJ due ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


The thrift is also working to unload its junk-bond portfolio by continuing to sell off the bonds and it plans to eventually place some of them in a separate affiliate as required under the new thrift law

( S ( S ( NP-SBJ-1 ( DT The ) ( NN thrift ) ) ( VP ( VBZ is ) ( ADVP ( RB also ) ) ( VP ( VBG working ) ( S ( VP ( TO to ) ( VP ( VB unload ) ( NP ( PRP$ its ) ( JJ junk-bond ) ( NN portfolio ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG continuing ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( PRT ( RP off ) ) ( NP ( DT the ) ( NNS bonds ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-4 ( PRP it ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( ADVP-TMP ( RB eventually ) ) ( VP ( VB place ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( PRP them ) ) ) ) ( PP-DIR ( IN in ) ( NP ( DT a ) ( JJ separate ) ( NN affiliate ) ) ) ( SBAR-ADV ( IN as ) ( S ( VP ( VBN required ) ( PP-LOC ( IN under ) ( NP ( DT the ) ( JJ new ) ( NN thrift ) ( NN law ) ) ) ) ) ) ) ) ) ) ) )


Food and Drug Administration spokesman Jeff Nesbit said the agency has turned over evidence in a criminal investigation concerning Vitarine Pharmaceuticals Inc. to the U.S. Attorney 's office in Baltimore

( S ( NP-SBJ ( NNP Food ) ( CC and ) ( NNP Drug ) ( NNP Administration ) ( NN spokesman ) ( NNP Jeff ) ( NNP Nesbit ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN agency ) ) ( VP ( VBZ has ) ( VP ( VBN turned ) ( PRT ( RP over ) ) ( NP ( NN evidence ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( JJ criminal ) ( NN investigation ) ) ( VP ( VBG concerning ) ( NP ( NNP Vitarine ) ( NNP Pharmaceuticals ) ( NNP Inc. ) ) ) ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NP ( DT the ) ( NNP U.S. ) ( NNP Attorney ) ( POS 's ) ) ( NN office ) ) ( PP-LOC ( IN in ) ( NP ( NNP Baltimore ) ) ) ) ) ) ) ) ) ) )


Neither Vitarine nor any of the Springfield Gardens N.Y. company 's officials or employees have been charged with any crimes

( S ( NP-SBJ-1 ( DT Neither ) ( NP ( NNP Vitarine ) ) ( CC nor ) ( NP ( NP ( DT any ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NAC-LOC ( NNP Springfield ) ( NNP Gardens ) ( NNP N.Y. ) ) ( NN company ) ( POS 's ) ) ( NNS officials ) ( CC or ) ( NNS employees ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN charged ) ( PP-CLR ( IN with ) ( NP ( DT any ) ( NNS crimes ) ) ) ) ) ) )


Vitarine won approval to market a version of a blood pressure medicine but acknowledged that it substituted a SmithKline Beecham PLC product as its own in tests

( S ( NP-SBJ ( NNP Vitarine ) ) ( VP ( VP ( VBD won ) ( NP ( NN approval ) ( S ( VP ( TO to ) ( VP ( VB market ) ( NP ( NP ( DT a ) ( NN version ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN blood ) ( NN pressure ) ( NN medicine ) ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBD acknowledged ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD substituted ) ( NP ( NP ( DT a ) ( NNP SmithKline ) ( NNP Beecham ) ( NNP PLC ) ( NN product ) ) ) ( PP-CLR ( IN as ) ( NP ( PRP$ its ) ( JJ own ) ) ) ( PP-LOC ( IN in ) ( NP ( NNS tests ) ) ) ) ) ) ) ) )


Mr. Nesbit also said the FDA has asked Bolar Pharmaceutical Co. to recall at the retail level its urinary tract antibiotic

( S ( NP-SBJ ( NNP Mr. ) ( NNP Nesbit ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNP FDA ) ) ( VP ( VBZ has ) ( VP ( VBN asked ) ( NP-1 ( NNP Bolar ) ( NNP Pharmaceutical ) ( NNP Co. ) ) ( S ( VP ( TO to ) ( VP ( VB recall ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( JJ retail ) ( NN level ) ) ) ( NP ( PRP$ its ) ( JJ urinary ) ( NN tract ) ( NN antibiotic ) ) ) ) ) ) ) ) ) ) )


But so far the company has n't complied with that request the spokesman said

( S ( S-TPC-1 ( CC But ) ( ADVP-TMP ( RB so ) ( RB far ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN complied ) ( PP-CLR ( IN with ) ( NP ( DT that ) ( NN request ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN spokesman ) ) ( VP ( VBD said ) ) )


Bolar the subject of a criminal investigation by the FDA and the Inspector General 's office of the Health and Human Services Department only agreed to recall two strengths of its version of Macrodantin as far down as direct customers mostly wholesalers Mr. Nesbit said

( S ( S-TPC-2 ( NP-SBJ-1 ( NP ( NNP Bolar ) ) ( NP ( NP ( DT the ) ( NN subject ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ criminal ) ( NN investigation ) ) ( PP ( IN by ) ( NP ( NP ( DT the ) ( NNP FDA ) ) ( CC and ) ( NP ( NP ( NP ( DT the ) ( NNP Inspector ) ( NNP General ) ( POS 's ) ) ( NN office ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Health ) ( CC and ) ( NNP Human ) ( NNP Services ) ( NNP Department ) ) ) ) ) ) ) ) ) ) ( VP ( ADVP ( RB only ) ) ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB recall ) ( NP ( NP ( CD two ) ( NNS strengths ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( NN version ) ) ( PP ( IN of ) ( NP ( NNP Macrodantin ) ) ) ) ) ) ( ADVP ( ADVP ( RB as ) ( RB far ) ( RB down ) ) ( PP ( IN as ) ( NP ( NP ( JJ direct ) ( NNS customers ) ) ( RB mostly ) ( NP ( NNS wholesalers ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Nesbit ) ) ( VP ( VBD said ) ) )


Bolar of Copiague N.Y. earlier began a voluntary recall of both its 100 milligram and 50 milligram versions of the drug

( S ( NP-SBJ ( NP ( NNP Bolar ) ) ( PP ( IN of ) ( NP ( NP ( NNP Copiague ) ) ( NP ( NNP N.Y. ) ) ) ) ) ( ADVP-TMP ( RBR earlier ) ) ( VP ( VBD began ) ( NP ( NP ( DT a ) ( JJ voluntary ) ( NN recall ) ) ( PP ( IN of ) ( NP ( NP ( DT both ) ( PRP$ its ) ( ADJP ( ADJP ( CD 100 ) ( NN milligram ) ) ( CC and ) ( ADJP ( CD 50 ) ( NN milligram ) ) ) ( NNS versions ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN drug ) ) ) ) ) ) ) )


The FDA has said it presented evidence it uncovered to the company indicating that Bolar substituted the brand-name product for its own to gain government approval to sell generic versions of Macrodantin

( S ( NP-SBJ ( DT The ) ( NNP FDA ) ) ( VP ( VBZ has ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD presented ) ( NP ( NP ( NN evidence ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD uncovered ) ) ) ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN company ) ) ) ( VP-2 ( VBG indicating ) ( SBAR ( IN that ) ( S ( NP-SBJ-3 ( NNP Bolar ) ) ( VP ( VBD substituted ) ( NP ( DT the ) ( JJ brand-name ) ( NN product ) ) ( PP-CLR ( IN for ) ( NP ( PRP$ its ) ( JJ own ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB gain ) ( NP ( NN government ) ( NN approval ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( JJ generic ) ( NNS versions ) ) ( PP ( IN of ) ( NP ( NNP Macrodantin ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


Bolar has denied that it switched the brand-name product for its own in such testing

( S ( NP-SBJ ( NNP Bolar ) ) ( VP ( VBZ has ) ( VP ( VBN denied ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD switched ) ( NP ( DT the ) ( JJ brand-name ) ( NN product ) ) ( PP-CLR ( IN for ) ( NP ( PRP$ its ) ( JJ own ) ) ) ( PP-LOC ( IN in ) ( NP ( JJ such ) ( NN testing ) ) ) ) ) ) ) ) )


Just when it seemed safe to go back into stocks Wall Street suffered another severe attack of nerves

( S ( SBAR-TMP ( ADVP ( RB Just ) ) ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBD seemed ) ( ADJP-PRD ( JJ safe ) ) ( S-1 ( VP ( TO to ) ( VP ( VB go ) ( ADVP-DIR ( RB back ) ( PP ( IN into ) ( NP ( NNS stocks ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Wall ) ( NNP Street ) ) ( VP ( VBD suffered ) ( NP ( NP ( DT another ) ( JJ severe ) ( NN attack ) ) ( PP ( IN of ) ( NP ( NNS nerves ) ) ) ) ) )


Does this signal another Black Monday is coming

( SQ ( VBZ Does ) ( NP-SBJ ( DT this ) ) ( VP ( VB signal ) ( SBAR ( S ( NP-SBJ ( DT another ) ( NNP Black ) ( NNP Monday ) ) ( VP ( VBZ is ) ( VP ( VBG coming ) ) ) ) ) ) )


Or is this an extraordinary buying opportunity just like Oct. 19 1987 eventually turned out to be

( SQ ( CC Or ) ( VBZ is ) ( NP-SBJ ( DT this ) ) ( NP-PRD ( NP ( DT an ) ( JJ extraordinary ) ( NN buying ) ( NN opportunity ) ) ( SBAR ( ADVP ( RB just ) ) ( IN like ) ( S ( NP-SBJ-1 ( NNP Oct. ) ( CD 19 ) ( CD 1987 ) ) ( ADVP-TMP ( RB eventually ) ) ( VP ( VBD turned ) ( PRT ( RP out ) ) ( S ( VP ( TO to ) ( VP ( VB be ) ) ) ) ) ) ) ) )


Here 's what several leading market experts and money managers say about Friday 's action what happens next and what investors should do

( SINV ( ADVP-LOC-PRD-TPC-4 ( RB Here ) ) ( VP ( VBZ 's ) ) ( SBAR-NOM-SBJ ( SBAR ( WHNP-2 ( WP what ) ) ( S ( NP-SBJ ( JJ several ) ( JJ leading ) ( NX ( NX ( NN market ) ( NNS experts ) ) ( CC and ) ( NX ( NN money ) ( NNS managers ) ) ) ) ( VP ( VBP say ) ( PP ( IN about ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NN action ) ) ) ) ) ) ( SBAR ( WHNP-1 ( WP what ) ) ( S ( VP ( VBZ happens ) ( ADVP-TMP ( RB next ) ) ) ) ) ( CC and ) ( SBAR ( WHNP-3 ( WP what ) ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( MD should ) ( VP ( VB do ) ) ) ) ) ) )


Joseph Granville


I 'm the only one who said there would be an October massacre all through late August and September says Mr. Granville once a widely followed market guru and still a well-known newsletter writer

( SINV ( S-TPC-2 ( NP-SBJ ( PRP I ) ) ( VP ( VBP 'm ) ( NP-PRD ( NP ( DT the ) ( JJ only ) ( CD one ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( DT an ) ( NNP October ) ( NN massacre ) ) ) ) ) ) ( PP-TMP ( RB all ) ( IN through ) ( NP ( NP ( JJ late ) ( NNP August ) ) ( CC and ) ( NP ( NNP September ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Granville ) ) ( NP ( ADVP-TMP ( RB once ) ) ( NP ( DT a ) ( ADJP ( RB widely ) ( VBN followed ) ) ( NN market ) ( NN guru ) ) ( CC and ) ( ADVP-TMP ( RB still ) ) ( NP ( DT a ) ( JJ well-known ) ( NN newsletter ) ( NN writer ) ) ) ) )


Everyone will tell you that this time is different from 1987 he says

( S ( S-TPC-1 ( NP-SBJ ( NN Everyone ) ) ( VP ( MD will ) ( VP ( VB tell ) ( NP ( PRP you ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT this ) ( NN time ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ different ) ( PP ( IN from ) ( NP ( CD 1987 ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )


Well in some ways it is different but technically it is just the same

( S ( INTJ ( RB Well ) ) ( S ( PP ( IN in ) ( NP ( DT some ) ( NNS ways ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ different ) ) ) ) ( CC but ) ( S ( ADVP ( RB technically ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( NP-PRD ( RB just ) ( DT the ) ( JJ same ) ) ) ) )


If you 're a technician you obey the signals

( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP 're ) ( NP-PRD ( DT a ) ( NN technician ) ) ) ) ) ( NP-SBJ ( PRP you ) ) ( VP ( VBP obey ) ( NP ( DT the ) ( NNS signals ) ) ) )


Right now they 're telling me to get the hell out and stay out

( S ( ADVP-TMP ( RB Right ) ( RB now ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP 're ) ( VP ( VBG telling ) ( NP-1 ( PRP me ) ) ( S ( VP ( TO to ) ( VP ( VP ( VB get ) ( ADVP-DIR ( NP ( DT the ) ( NN hell ) ) ( RP out ) ) ) ( CC and ) ( VP ( VB stay ) ( ADVP-LOC-PRD ( RB out ) ) ) ) ) ) ) ) )


I see no major support until 2200

( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP see ) ( NP ( NP ( DT no ) ( JJ major ) ( NN support ) ) ( PP-TMP ( IN until ) ( NP ( CD 2200 ) ) ) ) ) )


I see a possibility of going to 2200 this month

( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP see ) ( NP ( NP ( DT a ) ( NN possibility ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG going ) ( PP-DIR ( TO to ) ( NP ( CD 2200 ) ) ) ( NP-TMP ( DT this ) ( NN month ) ) ) ) ) ) ) )


Mr. Granville says he would n't even think of buying until at least 600 to 700 stocks have hit 52-week lows about 100 stocks hit new lows Friday

( S ( S ( NP-SBJ ( NNP Mr. ) ( NNP Granville ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD would ) ( RB n't ) ( ADVP ( RB even ) ) ( VP ( VB think ) ( PP-CLR ( IN of ) ( NP ( VBG buying ) ) ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ ( QP ( IN at ) ( JJS least ) ( CD 600 ) ( TO to ) ( CD 700 ) ) ( NNS stocks ) ) ( VP ( VBP have ) ( VP ( VBN hit ) ( NP ( JJ 52-week ) ( NNS lows ) ) ) ) ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( RB about ) ( CD 100 ) ( NNS stocks ) ) ( VP ( VBD hit ) ( NP ( JJ new ) ( NNS lows ) ) ( NP-TMP ( NNP Friday ) ) ) ) )


Most people he says have no idea what a massacre pattern looks like

( S-2 ( NP-SBJ ( JJS Most ) ( NNS people ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( VP ( VBP have ) ( NP ( DT no ) ( NN idea ) ( SBAR ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( DT a ) ( NN massacre ) ( NN pattern ) ) ( VP ( VBZ looks ) ( PP-CLR ( IN like ) ) ) ) ) ) ) )


Elaine Garzarelli

( NP ( NNP Elaine ) ( NNP Garzarelli ) )


A quantitative analyst with Shearson Lehman Hutton Inc. Ms. Garzarelli had warned clients to take their money out of the market before the 1987 crash

( S ( S-ADV ( NP-PRD ( NP ( DT A ) ( JJ quantitative ) ( NN analyst ) ) ( PP ( IN with ) ( NP ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ( NNP Inc. ) ) ) ) ) ( NP-SBJ-1 ( NNP Ms. ) ( NNP Garzarelli ) ) ( VP ( VBD had ) ( VP ( VBN warned ) ( S ( NP-SBJ ( NNS clients ) ) ( VP ( TO to ) ( VP ( VB take ) ( NP ( PRP$ their ) ( NN money ) ) ( ADVP-DIR ( IN out ) ( PP ( IN of ) ( NP ( DT the ) ( NN market ) ) ) ) ( PP-TMP ( IN before ) ( NP ( DT the ) ( CD 1987 ) ( NN crash ) ) ) ) ) ) ) ) )


Friday 's big drop she says was not a crash

( S-1 ( NP-SBJ ( NP ( NNP Friday ) ( POS 's ) ) ( JJ big ) ( NN drop ) ) ( PRN ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBZ says ) ) ) ) ( VP ( VBD was ) ( RB not ) ( NP-PRD ( DT a ) ( NN crash ) ) ) )


This was an October massacre like those that occurred in 1978 and 1979

( S ( NP-SBJ ( DT This ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT an ) ( NNP October ) ( NN massacre ) ) ( PP ( IN like ) ( NP ( NP ( DT those ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD occurred ) ( PP-TMP ( IN in ) ( NP ( CD 1978 ) ( CC and ) ( CD 1979 ) ) ) ) ) ) ) ) ) ) )


Now as in those two years her stock market indicators are positive

( S ( ADVP-TMP ( RB Now ) ) ( ADVP ( IN as ) ( PP ( IN in ) ( NP ( DT those ) ( CD two ) ( NNS years ) ) ) ) ( NP-SBJ ( PRP$ her ) ( NN stock ) ( NN market ) ( NNS indicators ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ positive ) ) ) )


So she thinks the damage will be short-lived and contained

( S ( IN So ) ( NP-SBJ ( PRP she ) ) ( VP ( VBZ thinks ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN damage ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJ short-lived ) ( CC and ) ( JJ contained ) ) ) ) ) ) ) )


Those corrections lasted one to four weeks and took the market 10%-12 % down she says

( S ( S-TPC-1 ( NP-SBJ ( DT Those ) ( NNS corrections ) ) ( VP ( VP ( VBD lasted ) ( NP ( QP ( CD one ) ( TO to ) ( CD four ) ) ( NNS weeks ) ) ) ( CC and ) ( VP ( VBD took ) ( NP ( DT the ) ( NN market ) ) ( ADVP-DIR ( NP ( QP ( CD 10%-12 ) ( NN % ) ) ) ( RB down ) ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBZ says ) ) )


This is exactly the same thing as far as I 'm concerned

( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( NP-PRD ( RB exactly ) ( DT the ) ( JJ same ) ( NN thing ) ) ( ADVP ( ADVP ( RB as ) ( RB far ) ) ( SBAR ( IN as ) ( S ( NP-SBJ-1 ( PRP I ) ) ( VP ( VBP 'm ) ( VP ( VBN concerned ) ) ) ) ) ) ) )


Thus she says if the Dow Jones Industrial Average dropped below 2450 It would just be a fluke

( S-1 ( ADVP ( RB Thus ) ) ( PRN ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBZ says ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ( VP ( VBD dropped ) ( PP-DIR ( IN below ) ( NP ( CD 2450 ) ) ) ) ) ) ( NP-SBJ ( PRP It ) ) ( VP ( MD would ) ( ADVP ( RB just ) ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( NN fluke ) ) ) ) )


My advice is to buy

( S ( NP-SBJ ( PRP$ My ) ( NN advice ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( TO to ) ( VP ( VB buy ) ) ) ) ) )


As she calculates it the average stock now sells for about 12.5 times companies ' earnings

( S ( SBAR-ADV ( IN As ) ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBZ calculates ) ( NP ( PRP it ) ) ) ) ) ( NP-SBJ ( DT the ) ( JJ average ) ( NN stock ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBZ sells ) ( PP-CLR ( IN for ) ( NP ( QP ( RB about ) ( CD 12.5 ) ) ( NNS times ) ( NP ( NNS companies ) ( POS ' ) ) ( NNS earnings ) ) ) ) )


She says that ratio could climb to 14.5 given current interest rates and still be within the range of fair value

( S ( NP-SBJ ( PRP She ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( DT that ) ( NN ratio ) ) ( VP ( MD could ) ( VP ( VP ( VB climb ) ( PP-DIR ( TO to ) ( NP ( CD 14.5 ) ) ) ) ( PP ( VBN given ) ( NP ( JJ current ) ( NN interest ) ( NNS rates ) ) ) ( CC and ) ( VP ( ADVP ( RB still ) ) ( VB be ) ( PP-LOC-PRD ( IN within ) ( NP ( NP ( DT the ) ( NN range ) ) ( PP ( IN of ) ( NP ( JJ fair ) ( NN value ) ) ) ) ) ) ) ) ) ) ) )


Ned Davis


Friday 's fall marks the start of a bear market says Mr. Davis president of Ned Davis Research Inc

( SINV ( S-TPC-1 ( NP-SBJ ( NP ( NNP Friday ) ( POS 's ) ) ( NN fall ) ) ( VP ( VBZ marks ) ( NP ( NP ( DT the ) ( NN start ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN bear ) ( NN market ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Davis ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NNP Ned ) ( NNP Davis ) ( NNP Research ) ( NNP Inc ) ) ) ) ) )


But Mr. Davis whose views are widely respected by money managers says he expects no 1987-style crash

( S ( CC But ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Davis ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( NNS views ) ) ( S ( VP ( VBP are ) ( VP ( ADVP-MNR ( RB widely ) ) ( VBN respected ) ( PP ( IN by ) ( NP-LGS ( NN money ) ( NNS managers ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ expects ) ( NP ( DT no ) ( JJ 1987-style ) ( NN crash ) ) ) ) ) ) )


There was a unique combination in 1987 he says

( S ( S-TPC-1 ( NP-SBJ ( EX There ) ) ( VP ( VBD was ) ( NP-PRD ( DT a ) ( JJ unique ) ( NN combination ) ) ( PP-TMP ( IN in ) ( NP ( CD 1987 ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )


Margin debt was at a record high

( S ( S ( NP-SBJ ( NN Margin ) ( NN debt ) ) ( VP ( VBD was ) ( PP-LOC-PRD ( IN at ) ( NP ( DT a ) ( JJ record ) ( NN high ) ) ) ) ) )


There was tremendous public enthusiasm for stock mutual funds

( S ( NP-SBJ ( EX There ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( JJ tremendous ) ( JJ public ) ( NN enthusiasm ) ) ( PP ( IN for ) ( NP ( NN stock ) ( JJ mutual ) ( NNS funds ) ) ) ) ) )


The main thing was portfolio insurance a mechanical trading system intended to protect an investor against losses

( S ( NP-SBJ ( DT The ) ( JJ main ) ( NN thing ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NN portfolio ) ( NN insurance ) ) ( NP ( NP ( DT a ) ( JJ mechanical ) ( NN trading ) ( NN system ) ) ( VP ( VBN intended ) ( S ( VP ( TO to ) ( VP ( VB protect ) ( NP ( DT an ) ( NN investor ) ) ( PP-CLR ( IN against ) ( NP ( NNS losses ) ) ) ) ) ) ) ) ) ) )


A hundred billion dollars in stock was subject to it

( S ( NP-SBJ ( NP ( QP ( DT A ) ( CD hundred ) ( CD billion ) ) ( NNS dollars ) ) ( PP ( IN in ) ( NP ( NN stock ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ subject ) ( PP ( TO to ) ( NP ( PRP it ) ) ) ) ) )


In 1987 such selling contributed to a snowball effect

( S ( PP-TMP ( IN In ) ( NP ( CD 1987 ) ) ) ( NP-SBJ ( JJ such ) ( NN selling ) ) ( VP ( VBD contributed ) ( PP-CLR ( TO to ) ( NP ( DT a ) ( NN snowball ) ( NN effect ) ) ) ) )


Today could even be an up day Mr. Davis says if major brokerage firms agree to refrain from program trading

( S-1 ( NP-SBJ ( NN Today ) ) ( VP ( MD could ) ( ADVP ( RB even ) ) ( VP ( VB be ) ( NP-PRD ( DT an ) ( JJ up ) ( NN day ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Davis ) ) ( VP ( VBZ says ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-2 ( JJ major ) ( NN brokerage ) ( NNS firms ) ) ( VP ( VBP agree ) ( S ( VP ( TO to ) ( VP ( VB refrain ) ( PP-CLR ( IN from ) ( NP ( NN program ) ( NN trading ) ) ) ) ) ) ) ) ) ) ) )


Over the next several months though he says things look bad

( S ( PP-TMP ( IN Over ) ( NP ( DT the ) ( JJ next ) ( JJ several ) ( NNS months ) ) ) ( ADVP ( RB though ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NNS things ) ) ( VP ( VBP look ) ( ADJP-PRD ( JJ bad ) ) ) ) ) ) )


I think the market will be heading down into November he says

( S ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBG heading ) ( ADVP-DIR ( RB down ) ) ( PP-TMP ( IN into ) ( NP ( NNP November ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )


We will probably have a year-end rally and then go down again

( S ( NP-SBJ ( PRP We ) ) ( VP ( MD will ) ( ADVP ( RB probably ) ) ( VP ( VP ( VB have ) ( NP ( DT a ) ( JJ year-end ) ( NN rally ) ) ) ( CC and ) ( RB then ) ( VP ( VB go ) ( ADVP-DIR ( RB down ) ) ( ADVP-TMP ( RB again ) ) ) ) ) )


Sort of a two-step bear market

( FRAG ( NP ( NN Sort ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ two-step ) ( NN bear ) ( NN market ) ) ) )


He expects the downturn to carry the Dow Jones Industrial Average down to around 2000 sometime next year

( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ ( DT the ) ( NN downturn ) ) ( VP ( TO to ) ( VP ( VB carry ) ( NP ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ( ADVP-DIR ( RB down ) ) ( PP-DIR ( TO to ) ( NP ( IN around ) ( CD 2000 ) ) ) ( NP-TMP ( RB sometime ) ( JJ next ) ( NN year ) ) ) ) ) ) )


That would be a normal bear market he says

( S ( S-TPC-1 ( NP-SBJ ( DT That ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( JJ normal ) ( NN bear ) ( NN market ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )


I guess that 's my forecast

( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP guess ) ( SBAR ( S ( NP-SBJ ( IN that ) ) ( VP ( POS 's ) ( NP-PRD ( PRP$ my ) ( NN forecast ) ) ) ) ) ) )


Leon G. Cooperman

( NP ( NNP Leon ) ( NNP G. ) ( NNP Cooperman ) )


I do n't think the market is going through another October '87

( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB think ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBZ is ) ( VP ( VBG going ) ( PP-CLR ( IN through ) ( NP ( DT another ) ( NNP October ) ( CD '87 ) ) ) ) ) ) ) ) ) )


I do n't think that 's the case at all says Mr. Cooperman a partner at Goldman Sachs & Co. and chairman of Goldman Sachs Asset Management

( SINV ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB think ) ( SBAR ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT the ) ( NN case ) ) ( ADVP ( IN at ) ( DT all ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Cooperman ) ) ( NP ( NP ( NP ( DT a ) ( NN partner ) ) ( PP-LOC ( IN at ) ( NP ( NNP Goldman ) ( NNP Sachs ) ( CC & ) ( NNP Co. ) ) ) ) ( CC and ) ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NNP Goldman ) ( NNP Sachs ) ( NNP Asset ) ( NNP Management ) ) ) ) ) ) )


Mr. Cooperman sees this as a good time to pick up bargains but he does n't think there 's any need to rush

( S ( S ( NP-SBJ ( NNP Mr. ) ( NNP Cooperman ) ) ( VP ( VBZ sees ) ( NP ( DT this ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( JJ good ) ( NN time ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB pick ) ( PRT ( RP up ) ) ( NP ( NNS bargains ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB think ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT any ) ( NN need ) ( S ( VP ( TO to ) ( VP ( VB rush ) ) ) ) ) ) ) ) ) ) ) )


I expect the market to open weaker Monday but then it should find some stability

( S ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP expect ) ( S ( NP-SBJ-1 ( DT the ) ( NN market ) ) ( VP ( TO to ) ( VP ( VB open ) ( S-CLR ( ADVP-PRD ( JJR weaker ) ) ) ( NP-TMP ( NNP Monday ) ) ) ) ) ) ) ( CC but ) ( RB then ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD should ) ( VP ( VB find ) ( NP ( DT some ) ( NN stability ) ) ) ) ) )


He ticks off several major differences between now and two years ago

( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ ticks ) ( PRT ( RP off ) ) ( NP ( NP ( JJ several ) ( JJ major ) ( NNS differences ) ) ( PP ( IN between ) ( ADVP ( ADVP ( RB now ) ) ( CC and ) ( ADVP ( NP ( CD two ) ( NNS years ) ) ( RB ago ) ) ) ) ) ) )


Unlike 1987 interest rates have been falling this year

( S ( PP ( IN Unlike ) ( NP ( CD 1987 ) ) ) ( NP-SBJ ( NN interest ) ( NNS rates ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG falling ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) )


Unlike 1987 the dollar has been strong

( S ( PP ( IN Unlike ) ( NP ( CD 1987 ) ) ) ( NP-SBJ ( DT the ) ( NN dollar ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( ADJP-PRD ( JJ strong ) ) ) ) )


And unlike 1987 the economy does n't appear to be in any danger of overheating

( S ( CC And ) ( PP ( IN unlike ) ( NP ( CD 1987 ) ) ) ( NP-SBJ-1 ( DT the ) ( NN economy ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB appear ) ( S ( VP ( TO to ) ( VP ( VB be ) ( PP-LOC-PRD ( IN in ) ( NP ( NP ( DT any ) ( NN danger ) ) ( PP ( IN of ) ( NP ( VBG overheating ) ) ) ) ) ) ) ) ) ) )


But the economy 's slower growth this year also means the outlook for corporate profits is n't good he says

( S ( S-TPC-1 ( CC But ) ( NP-SBJ ( NP ( NP ( DT the ) ( NN economy ) ( POS 's ) ) ( JJR slower ) ( NN growth ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ( ADVP ( RB also ) ) ( VP ( VBZ means ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN outlook ) ) ( PP ( IN for ) ( NP ( JJ corporate ) ( NNS profits ) ) ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( JJ good ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )


So it 's a very mixed bag

( S ( IN So ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT a ) ( ADJP ( RB very ) ( JJ mixed ) ) ( NN bag ) ) ) )


Thus he concludes This is not a good environment to be fully invested in stocks

( S-1 ( ADVP ( RB Thus ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ concludes ) ) ) ) ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( RB not ) ( NP-PRD ( NP ( DT a ) ( JJ good ) ( NN environment ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( RB fully ) ( VBN invested ) ( PP ( IN in ) ( NP ( NNS stocks ) ) ) ) ) ) ) ) ) ) )


If I had come into Friday on margin or with very little cash in the portfolios I would not do any buying

( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD had ) ( VP ( VBN come ) ( PP-DIR ( IN into ) ( NP ( NNP Friday ) ) ) ( UCP ( PP ( IN on ) ( NP ( NN margin ) ) ) ( CC or ) ( SBAR ( IN with ) ( S ( NP-SBJ ( ADJP ( RB very ) ( JJ little ) ) ( NN cash ) ) ( PP-LOC-PRD ( IN in ) ( NP ( DT the ) ( NNS portfolios ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( MD would ) ( RB not ) ( VP ( VB do ) ( NP ( DT any ) ( NN buying ) ) ) ) )


But we came into Friday with a conservative portfolio so I would look to do some modest buying on behalf of clients

( S ( CC But ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBD came ) ( PP-DIR ( IN into ) ( NP ( NNP Friday ) ) ) ( PP ( IN with ) ( NP ( DT a ) ( JJ conservative ) ( NN portfolio ) ) ) ) ) ( IN so ) ( S ( NP-SBJ-1 ( PRP I ) ) ( VP ( MD would ) ( VP ( VB look ) ( S ( VP ( TO to ) ( VP ( VB do ) ( NP ( DT some ) ( JJ modest ) ( NN buying ) ) ( PP ( IN on ) ( NP ( NP ( NN behalf ) ) ( PP ( IN of ) ( NP ( NNS clients ) ) ) ) ) ) ) ) ) ) ) )


We 're going to look for some of the better-known companies that got clocked Friday

( S ( NP-SBJ-2 ( PRP We ) ) ( VP ( VBP 're ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB look ) ( PP-CLR ( IN for ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ better-known ) ( NNS companies ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD got ) ( VP ( VBN clocked ) ( NP-TMP ( NNP Friday ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )


John Kenneth Galbraith

( NP ( NNP John ) ( NNP Kenneth ) ( NNP Galbraith ) )


This is the latest manifestation of the capacity of the financial community for recurrent insanity says Mr. Galbraith an economist

( SINV ( S-TPC-1 ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJS latest ) ( NN manifestation ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN capacity ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ financial ) ( NN community ) ) ) ( PP ( IN for ) ( NP ( JJ recurrent ) ( NN insanity ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Galbraith ) ) ( NP ( DT an ) ( NN economist ) ) ) )


I see this as a reaction to the whole junk bond explosion he says

( S ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( VBP see ) ( NP ( DT this ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( NN reaction ) ) ( PP ( TO to ) ( NP ( DT the ) ( JJ whole ) ( NN junk ) ( NN bond ) ( NN explosion ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )


The explosion of junk bonds and takeovers has lodged a lot of insecure securities in the hands of investors and loaded the corporations that are the objects of takeovers or feared takeovers with huge amounts of debt rather than equity

( S ( NP-SBJ ( NP ( DT The ) ( NN explosion ) ) ( PP ( IN of ) ( NP ( NP ( NN junk ) ( NNS bonds ) ) ( CC and ) ( NP ( NNS takeovers ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VP ( VBN lodged ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( JJ insecure ) ( NNS securities ) ) ) ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( DT the ) ( NNS hands ) ) ( PP ( IN of ) ( NP ( NNS investors ) ) ) ) ) ) ( CC and ) ( VP ( VBD loaded ) ( NP ( NP ( DT the ) ( NNS corporations ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP are ) ( NP-PRD ( NP ( DT the ) ( NNS objects ) ) ( PP ( IN of ) ( NP ( NP ( NNS takeovers ) ) ( CC or ) ( NP ( JJ feared ) ( NNS takeovers ) ) ) ) ) ) ) ) ) ( PP-CLR ( IN with ) ( NP ( NP ( JJ huge ) ( NNS amounts ) ) ( PP ( IN of ) ( NP ( NN debt ) ( CONJP ( RB rather ) ( IN than ) ) ( NN equity ) ) ) ) ) ) ) ) )


This has both made investors uneasy and the corporations more vulnerable

( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ has ) ( VP ( CC both ) ( VBN made ) ( S ( S ( NP-SBJ ( NNS investors ) ) ( ADJP-PRD ( JJ uneasy ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NNS corporations ) ) ( ADJP-PRD ( RBR more ) ( JJ vulnerable ) ) ) ) ) ) )


Nevertheless he says a depression does n't appear likely

( S ( ADVP ( RB Nevertheless ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( DT a ) ( NN depression ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB appear ) ( ADJP-PRD ( JJ likely ) ) ) ) ) ) ) )


There is more resiliency in the economy at large than we commonly suppose he says

( S ( S ( NP-SBJ ( EX There ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( JJR more ) ( NN resiliency ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN economy ) ) ( PP ( IN at ) ( NP ( JJ large ) ) ) ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP we ) ) ( ADVP-TMP ( RB commonly ) ) ( VP ( VBP suppose ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )


It takes more error now to have a major depression than back in the Thirties much as the financial community and the government may try

( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ takes ) ( NP ( NP ( JJR more ) ( NN error ) ) ) ( ADVP-TMP ( RB now ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB have ) ( NP ( DT a ) ( JJ major ) ( NN depression ) ) ) ) ) ( PP-1 ( IN than ) ( ADVP ( RB back ) ( PP ( IN in ) ( NP ( DT the ) ( NNS Thirties ) ) ) ) ) ( SBAR-ADV ( ADVP ( RB much ) ) ( IN as ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ financial ) ( NN community ) ) ( CC and ) ( NP ( DT the ) ( NN government ) ) ) ( VP ( MD may ) ( VP ( VB try ) ) ) ) ) ) )


Mario Gabelli


New York money manager Mario Gabelli an expert at spotting takeover candidates says that takeovers are n't totally gone

( S ( NP-SBJ ( NP ( NNP New ) ( NNP York ) ( NN money ) ( NN manager ) ( NNP Mario ) ( NNP Gabelli ) ) ( NP ( NP ( DT an ) ( NN expert ) ) ( PP ( IN at ) ( S-NOM ( VP ( VBG spotting ) ( NP ( NN takeover ) ( NNS candidates ) ) ) ) ) ) ) ( VP ( VBZ says ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS takeovers ) ) ( VP ( VBP are ) ( RB n't ) ( ADJP-PRD ( RB totally ) ( VBN gone ) ) ) ) ) ) )


Companies are still going to buy companies around the world he says

( S ( S-TPC-1 ( NP-SBJ-2 ( NNS Companies ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB still ) ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NNS companies ) ) ( PP-LOC ( IN around ) ( NP ( DT the ) ( NN world ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )


Examples are Ford looking at Jaguar BellSouth looking at LIN Broadcasting

( S ( NP-SBJ ( NNS Examples ) ) ( VP ( VBP are ) ( S-PRD ( S ( NP-SBJ ( NNP Ford ) ) ( VP ( VBG looking ) ( PP-CLR ( IN at ) ( NP ( NNP Jaguar ) ) ) ) ) ( S ( NP-SBJ ( NNP BellSouth ) ) ( VP ( VBG looking ) ( PP-CLR ( IN at ) ( NP ( NNP LIN ) ( NNP Broadcasting ) ) ) ) ) ) ) )


These sorts of takeovers do n't require junk bonds or big bank loans to finance them so Mr. Gabelli figures they will continue

( S ( S ( NP-SBJ ( NP ( DT These ) ( NNS sorts ) ) ( PP ( IN of ) ( NP ( NNS takeovers ) ) ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB require ) ( NP-1 ( NP ( NN junk ) ( NNS bonds ) ) ( CC or ) ( NP ( JJ big ) ( NN bank ) ( NNS loans ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB finance ) ( NP ( PRP them ) ) ) ) ) ) ) ) ( IN so ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Gabelli ) ) ( VP ( NNS figures ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD will ) ( VP ( VB continue ) ) ) ) ) ) ) )


The market was up 35 % since President Bush took office Mr. Gabelli says so a correction was to be expected

( S-3 ( S ( NP-SBJ ( DT The ) ( NN market ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB up ) ( NP ( CD 35 ) ( NN % ) ) ) ( SBAR-TMP ( IN since ) ( S ( NP-SBJ ( PRN ( NNP President ) ) ( NNP Bush ) ) ( VP ( VBD took ) ( NP ( NN office ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Gabelli ) ) ( VP ( VBZ says ) ) ) ) ( IN so ) ( S ( NP-SBJ-2 ( DT a ) ( NN correction ) ) ( VP ( VBD was ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN expected ) ) ) ) ) ) ) )


He thinks another crash is unlikely and says he was nibbling at selected stocks during Friday 's plunge

( S ( NP-SBJ ( PRP He ) ) ( VP ( VP ( VBZ thinks ) ( SBAR ( S ( NP-SBJ ( DT another ) ( NN crash ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ unlikely ) ) ) ) ) ) ( CC and ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD was ) ( VP ( VBG nibbling ) ( PP-CLR ( IN at ) ( NP ( JJ selected ) ( NNS stocks ) ) ) ( PP-TMP ( IN during ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NN plunge ) ) ) ) ) ) ) ) ) )


Stocks that were thrown out just on an emotional basis are a great opportunity this week for guys like me he says

( S ( S-TPC-2 ( NP-SBJ ( NP ( NNS Stocks ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD were ) ( VP ( VBN thrown ) ( PRT ( RP out ) ) ( PP-PRP ( ADVP ( RB just ) ) ( IN on ) ( NP ( DT an ) ( JJ emotional ) ( NN basis ) ) ) ) ) ) ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT a ) ( JJ great ) ( NN opportunity ) ) ) ( NP-TMP ( PRN ( DT this ) ) ( NN week ) ) ( PP-4 ( IN for ) ( NP ( NP ( NNS guys ) ) ( PP ( IN like ) ( NP ( PRP me ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )


Jim Rogers