( S ( NP-SBJ-2 ( DT Any ) ( JJ such ) ( NN attempt ) ( S ( VP ( VP ( TO to ) ( VP ( VB distinguish ) ( NP ( JJ good ) ( NN debt ) ) ( PP-CLR ( IN from ) ( NP ( JJ bad ) ( NN debt ) ) ) ) ) ( CC or ) ( VP ( TO to ) ( VP ( VB draw ) ( NP ( DT the ) ( NN line ) ) ( PP-LOC-CLR ( IN at ) ( NP ( NP ( DT a ) ( JJ particular ) ( NN industry ) ) ( PP ( JJ such ) ( IN as ) ( NP ( DT the ) ( NNS airlines ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB blunt ) ( NP ( NP ( DT the ) ( NN spur ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ proper ) ( NN amount ) ) ( PP ( IN of ) ( NP ( NN leverage ) ) ) ) ( VP ( VBZ provides ) ( PP ( DT both ) ( TO to ) ( NP ( NP ( NN equity ) ( NNS markets ) ) ( CC and ) ( NP ( NP ( JJ economic ) ( NN efficiency ) ) ( PP ( IN in ) ( NP ( NN general ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Any such attempt to distinguish good debt from bad debt or to draw the line at a particular industry such as the airlines is likely to blunt the spur that the proper amount of leverage provides both to equity markets and economic efficiency in general


( FRAG ( ADVP ( RB Far ) ( RBR better ) ) ( SBAR ( IN for ) ( S ( NP-SBJ ( NN policy ) ( NNS makers ) ) ( VP ( TO to ) ( VP ( VB concentrate ) ( PP-CLR ( IN on ) ( NP ( NP ( NP ( DT the ) ( NN war ) ) ( PP ( IN against ) ( NP ( NNS drugs ) ) ) ) ( NP ( NNP Panama ) ) ( CC and ) ( NP ( DT the ) ( NN deficit ) ) ( S-ADV ( NP-SBJ ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( DT them ) ) ) ) ( NP-PRD ( NP ( NNS parades ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP seem ) ( S ( ADVP-TMP ( RB never ) ) ( VP ( TO to ) ( VP ( VB end ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Far better for policy makers to concentrate on the war against drugs Panama and the deficit all of them parades that seem never to end


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Jarrell ) ) ( NP ( NP ( JJ former ) ( JJ top ) ( NN economist ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NNP Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ) ) ) ) ( VP ( VBZ teaches ) ( PP-LOC-CLR ( IN at ) ( NP ( NP ( NP ( DT the ) ( NNP University ) ) ( PP ( IN of ) ( NP ( NNP Rochester ) ) ) ( POS 's ) ) ( NNP Simon ) ( NNP Business ) ( NNP School ) ) ) ) )

Mr. Jarrell former top economist at the Securities and Exchange Commission teaches at the University of Rochester 's Simon Business School


( S ( NP-SBJ ( NP ( NNP Burmah ) ( NNP Oil ) ( NNP PLC ) ) ( NP ( DT a ) ( NNP British ) ( JJ independent ) ( NN oil ) ( CC and ) ( NN specialty ) ( NNS chemicals ) ( NN marketing ) ( NN concern ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNP SHV ) ( NNP Holdings ) ( NNP N.V. ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Netherlands ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN built ) ( PRT ( RP up ) ) ( NP ( NP ( DT a ) ( ADJP ( CD 6.7 ) ( NN % ) ) ( NN stake ) ) ( PP ( IN in ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ) ) ) )

Burmah Oil PLC a British independent oil and specialty chemicals marketing concern said SHV Holdings N.V. of the Netherlands has built up a 6.7 % stake in the company


( S ( NP-SBJ ( NP ( NNP James ) ( NNP Alexander ) ) ( NP ( DT a ) ( NNP Burmah ) ( NN spokesman ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP SHV ) ) ( VP ( VBD had ) ( ADVP-TMP ( RB previously ) ) ( VP ( VBN owned ) ( NP ( NP ( QP ( DT a ) ( JJ little ) ( IN under ) ( CD 5 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNP Burmah ) ) ) ) ( PP-TMP ( IN for ) ( NP ( QP ( RB about ) ( CD two ) ) ( NNS years ) ) ) ) ) ) ) ) )

James Alexander a Burmah spokesman said SHV had previously owned a little under 5 % of Burmah for about two years


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NNP Dutch ) ( NN company ) ) ( VP ( VBD had ) ( RB n't ) ( VP ( VBN notified ) ( NP ( NNP Burmah ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( NN reason ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG increasing ) ( NP ( DT the ) ( NN stake ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

The Dutch company had n't notified Burmah of its reason for increasing the stake he said


( S ( NP-SBJ-1 ( NP ( NNP SHV ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( NP-TMP ( JJ last ) ( NN year ) ) ( VP ( VBD merged ) ( NP ( PRP$ its ) ( NNP North ) ( NNP Sea ) ( NN oil ) ( CC and ) ( NN gas ) ( NNS operations ) ) ( PP-CLR ( IN with ) ( NP ( NP ( DT those ) ) ( PP ( IN of ) ( NP ( NNP Calor ) ( NNP Group ) ( NNP PLC ) ) ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN pegged ) ( PP ( IN by ) ( NP-LGS ( NNS speculators ) ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( JJ possible ) ( NN suitor ) ) ( PP ( IN for ) ( NP ( NNP Burmah ) ( NNP Oil ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS weeks ) ) ) ) ) ) )

SHV which last year merged its North Sea oil and gas operations with those of Calor Group PLC has been pegged by speculators as a possible suitor for Burmah Oil in recent weeks


( S ( NP-SBJ ( NNP SHV ) ) ( VP ( ADVP ( RB also ) ) ( VBZ owns ) ( NP ( NP ( CD 40 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNP Calor ) ) ) ) ) )

SHV also owns 40 % of Calor


( S ( NP-SBJ ( NP ( NNP Burmah ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ owns ) ( NP ( NP ( DT the ) ( NNP Castrol ) ( NN brand ) ) ( PP ( IN of ) ( NP ( JJ lubricant ) ( NNS oils ) ) ) ) ) ) ) ) ( VP ( VBD reported ) ( NP ( NP ( DT a ) ( ADJP ( CD 17 ) ( NN % ) ) ( NN rise ) ) ( PP ( IN in ) ( NP ( JJ net ) ( NN income ) ) ) ( PP ( TO to ) ( NP ( NP ( QP ( CD 43.5 ) ( CD million ) ) ) ( PRN ( NP ( QP ( CD 68.3 ) ( CD million ) ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ first ) ( NN half ) ) ) ) ) )

Burmah which owns the Castrol brand of lubricant oils reported a 17 % rise in net income to 43.5 million 68.3 million in the first half


( S ( NP-SBJ-1 ( NNP Frank ) ( NNP Lloyd ) ( NNP Wright ) ) ( VP ( VBZ is ) ( VP ( VBN reported ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VBD said ) ( ADVP-TMP ( RB once ) ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBD tipped ) ( NP ( DT the ) ( NN world ) ) ( PP-CLR ( IN on ) ( NP ( PRP$ its ) ( NN side ) ) ) ) ) ) ( NP-SBJ ( NP ( NN everything ) ) ( ADJP ( JJ loose ) ) ) ( VP ( MD would ) ( VP ( VB end ) ( PRT ( RP up ) ) ( PP-LOC ( IN in ) ( NP ( NNP California ) ) ) ) ) ) ) ) ) ) ) ) ) )

Frank Lloyd Wright is reported to have said once that if you tipped the world on its side everything loose would end up in California


( S ( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP 've ) ( ADVP-TMP ( RB always ) ) ( VP ( VBN thought ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Wright ) ) ( VP ( VBD underestimated ) ( NP ( NP ( NNP California ) ( POS 's ) ) ( NN vitality ) ) ) ) ) ) ) ) ( CC but ) ( S ( ADVP ( RB maybe ) ) ( NP-SBJ-2 ( NP ( DT the ) ( NN state ) ( POS 's ) ) ( JJ la-la ) ( NNS factions ) ) ( VP ( VBP are ) ( VP ( VBG starting ) ( S ( VP ( TO to ) ( VP ( VB overwhelm ) ( NP ( NP ( DT the ) ( NNS forces ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD made ) ( S ( NP-SBJ ( PRP it ) ) ( NP-PRD ( JJ such ) ( DT a ) ( JJ significant ) ( NN place ) ) ) ) ) ) ) ) ) ) ) ) ) )

We 've always thought that Mr. Wright underestimated California 's vitality but maybe the state 's la-la factions are starting to overwhelm the forces that made it such a significant place


( SBARQ ( WHNP-2 ( WP What ) ( RB else ) ) ( SQ ( VBZ is ) ( NP-SBJ-1 ( PRP one ) ) ( S-PRD ( VP ( TO to ) ( VP ( VB make ) ( PP-CLR ( IN of ) ( NP ( NP ( DT the ) ( JJ whacky ) ( JJ save-the-earth ) ( NN initiative ) ) ( VP ( VP ( ADVP-TMP ( RB just ) ) ( VBN proposed ) ( PP ( IN by ) ( NP-LGS ( JJ several ) ( JJ major ) ( JJ environmental ) ( NNS groups ) ) ) ) ( CC and ) ( VP ( VBN organized ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NN state ) ( POS 's ) ) ( NN attorney ) ( NN general ) ) ) ) ) ) ) ) ) ) ) )

What else is one to make of the whacky save-the-earth initiative just proposed by several major environmental groups and organized by the state 's attorney general


( S ( SBAR-ADV ( IN If ) ( S ( VP ( VBN passed ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNS voters ) ) ) ) ) ) ( NP-SBJ-2 ( DT the ) ( ADJP ( RB recently ) ( VBN announced ) ) ( NN initiative ) ) ( VP ( MD would ) ( VP ( VP ( VB phase ) ( PRT ( RP out ) ) ( NP ( JJ major ) ( NNS pesticides ) ) ) ( VP ( VB reduce ) ( NP ( NN carbon ) ( NN dioxide ) ( NNS emissions ) ) ( PP-EXT ( IN by ) ( NP ( CD 40 ) ( NN % ) ) ) ) ( VP ( VB ban ) ( NP ( JJ new ) ( JJ offshore ) ( NN drilling ) ) ) ( VP ( VB ban ) ( NP ( NP ( NNS chemicals ) ) ( VP ( VBN thought ) ( S ( VP ( TO to ) ( VP ( VB deplete ) ( NP ( DT the ) ( NN ozone ) ( NN layer ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VB create ) ( NP ( NP ( DT a ) ( JJ new ) ( NN state ) ( JJ environmental ) ( NN officer ) ) ( VP ( VBN armed ) ( PP-CLR ( IN with ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 40 ) ( CD million ) ) ) ( NN budget ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB sue ) ( NP ( NP ( DT any ) ( NN firm ) ( CC or ) ( NN agency ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ thinks ) ( SBAR ( S ( VP ( VBZ is ) ( VP ( VBG being ) ( ADJP-PRD ( RB too ) ( JJ dirty ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

If passed by the voters the recently announced initiative would phase out major pesticides reduce carbon dioxide emissions by 40 % ban new offshore drilling ban chemicals thought to deplete the ozone layer and create a new state environmental officer armed with a 40 million budget to sue any firm or agency he thinks is being too dirty


( S ( NP-SBJ-1 ( DT The ) ( NN initiative ) ) ( VP ( VBZ is ) ( VP ( VBN based ) ( ADVP ( RB largely ) ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( NNS wish-lists ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ green ) ( NN lobby ) ) ( NP ( NP ( DT the ) ( NNP Sierra ) ( NNP Club ) ) ( NP ( NP ( DT the ) ( NNP League ) ) ( PP ( IN of ) ( NP ( NNP Conservation ) ( NNP Voters ) ) ) ) ( NP ( DT the ) ( NNP Natural ) ( NNP Resources ) ( NNP Defense ) ( NNP Council ) ) ( NP ( DT the ) ( NNP National ) ( NNP Toxics ) ( NNP Campaign ) ) ( CC and ) ( NP ( NP ( DT the ) ( NNP Citizens ) ) ( PP ( IN for ) ( NP ( DT a ) ( NNP Better ) ( NNP Environment ) ) ) ) ) ) ) ) ) ) ) )

The initiative is based largely on the wish-lists of the green lobby the Sierra Club the League of Conservation Voters the Natural Resources Defense Council the National Toxics Campaign and the Citizens for a Better Environment


( S ( ADVP ( RB Interestingly ) ) ( NP-SBJ ( DT the ) ( NNP Environmental ) ( NNP Defense ) ( NNP Fund ) ) ( VP ( VBZ is ) ( VP ( VBG having ) ( NP ( NP ( NN nothing ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB do ) ( PP-CLR ( IN with ) ( NP ( DT this ) ( CD one ) ) ) ) ) ) ) ) ) ) )

Interestingly the Environmental Defense Fund is having nothing to do with this one


( S ( NP-SBJ ( CONJP ( RB Not ) ( JJ only ) ) ( NP ( NNS Californians ) ) ( CC but ) ( NP ( DT all ) ( NNS Americans ) ) ) ( VP ( MD would ) ( VP ( VB pay ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT this ) ( NN thing ) ) ( VP ( VBD passed ) ) ) ) ) ) )

Not only Californians but all Americans would pay if this thing passed


( S ( NP-SBJ ( DT The ) ( NN initiative ) ) ( VP ( VBZ bars ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( DT any ) ( NNS crops ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP California ) ) ) ( SBAR-2 ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP do ) ( RB n't ) ( VP ( VB meet ) ( NP ( NP ( DT the ) ( NN initiative ) ( POS 's ) ) ( NNS standards ) ) ) ) ) ) ) ) )

The initiative bars the sale of any crops in California that do n't meet the initiative 's standards


( S ( NP-SBJ-1 ( NP ( NNP Kansas ) ( NN wheat ) ( NNS farmers ) ) ( CC and ) ( NP ( NNP Florida ) ( NN fruit ) ( NNS growers ) ) ) ( VP ( MD would ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VP ( VB adjust ) ) ( CC or ) ( VP ( VB give ) ( PRT ( RP up ) ) ( NP ( DT the ) ( NNP California ) ( NN market ) ) ) ) ) ) ) ) )

Kansas wheat farmers and Florida fruit growers would have to adjust or give up the California market


( S ( PP ( IN In ) ( NP ( JJ other ) ( NNS words ) ) ) ( NP-SBJ-1 ( NNP California ) ) ( VP ( VBZ is ) ( VP ( VBG presuming ) ( S ( VP ( TO to ) ( VP ( VB take ) ( NP ( NP ( NN control ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( NN farm ) ( NN policy ) ) ) ) ) ) ) ) ) )

In other words California is presuming to take control of the nation 's farm policy


( S ( PP ( IN As ) ( ADJP ( RB usual ) ) ) ( NP-SBJ-1 ( NP ( DT the ) ( JJ green ) ( NN lobby ) ( POS 's ) ) ( NN proposal ) ) ( VP ( VBZ is ) ( VP ( VBN disconnected ) ( PP-CLR ( IN from ) ( NP ( JJ scientific ) ( NN reality ) ) ) ) ) )

As usual the green lobby 's proposal is disconnected from scientific reality


( S ( VP ( VB Consider ) ( NP ( DT the ) ( JJ greenhouse-effect ) ( NN provision ) ) ) )

Consider the greenhouse-effect provision


( S ( NP-SBJ ( DT The ) ( VBN proposed ) ( NN initiative ) ) ( VP ( MD would ) ( VP ( VB mandate ) ( NP ( NP ( DT a ) ( NN reduction ) ) ( PP ( IN of ) ( NP ( NN carbon ) ( NN dioxide ) ) ) ( PP ( IN of ) ( NP ( CD 40 ) ( NN % ) ) ) ) ) ) )

The proposed initiative would mandate a reduction of carbon dioxide of 40 %


( S ( SBAR-ADV ( RB Even ) ( IN if ) ( S ( NP-SBJ ( PRP one ) ) ( VP ( VBZ buys ) ( PP-CLR ( IN into ) ( NP ( DT the ) ( JJ whole ) ( NN greenhouse ) ( NN theory ) ) ) ) ) ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ inconceivable ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( NP ( NNS reductions ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( JJ single ) ( NN state ) ) ) ) ( VP ( MD could ) ( VP ( VB have ) ( NP ( NP ( DT any ) ( NN impact ) ) ( PP ( IN on ) ( SBAR ( WHNP-3 ( WP what ) ) ( S ( VP ( VBZ is ) ( VP ( VBN billed ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( JJ global ) ( NN problem ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Even if one buys into the whole greenhouse theory it is inconceivable that reductions in a single state could have any impact on what is billed as a global problem


( SBARQ ( CC But ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( JJ rational ) ( NN science ) ( CC and ) ( NNS economics ) ) ( VP ( VBP have ) ( NP ( NP ( NN nothing ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB do ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( JJ new ) ( NN environment ) ( NN initiative ) ) ) ) ) ) ) ) ) ) ) ( WHNP-1 ( WP what ) ) ( SQ ( VBZ is ) ( VP ( VBG going ) ( PRT ( RP on ) ) ) ) )

But if rational science and economics have nothing to do with the new environment initiative what is going on


( S ( NP-SBJ ( NP ( DT The ) ( JJ first ) ( NN place ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB look ) ) ) ) ) ) ( PP-LOC ( IN under ) ( NP ( DT these ) ( NNS circumstances ) ) ) ( VP ( VBZ is ) ( PP-PRD ( IN at ) ( NP ( NP ( DT the ) ( NNS ways ) ) ( SBAR ( WHPP-2 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( NP ( DT the ) ( NNS sponsors ) ) ( NP ( PRP themselves ) ) ) ( VP ( MD will ) ( VP ( VB benefit ) ) ) ) ) ) ) ) )

The first place to look under these circumstances is at the ways in which the sponsors themselves will benefit


( S ( NP-SBJ ( DT The ) ( NN key ) ) ( ADVP-LOC ( RB here ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN ambition ) ) ( PP ( IN of ) ( NP ( NN state ) ( NNP Attorney ) ( NNP General ) ( NNP John ) ( NNP Van ) ( NNP de ) ( NNP Kamp ) ) ) ) ) )

The key here is the ambition of state Attorney General John Van de Kamp


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ 's ) ( VP ( VBG running ) ( PP-CLR ( IN for ) ( NP ( NN governor ) ) ) ) ) )

He 's running for governor


( S ( NP-SBJ ( NNP Mr. ) ( NNP Van ) ( NNP de ) ( NNP Kamp ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( CD one ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VP ( VBD collected ) ( NP ( DT the ) ( NNS plans ) ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( JJ various ) ( JJ radical ) ( JJ environmental ) ( NNS groups ) ) ) ) ( CC and ) ( VP ( VBD cobbled ) ( NP ( PRP them ) ) ( PP-CLR ( IN into ) ( NP ( NP ( DT a ) ( JJ single ) ( JJ unwieldy ) ( NN initiative ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN placed ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN ballot ) ) ) ( PP ( IN for ) ( NP ( NN election ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Nov. ) ( CD 6 ) ( CD 1990 ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Van de Kamp is the one who collected the plans from the various radical environmental groups and cobbled them into a single unwieldy initiative to be placed on the ballot for election on Nov. 6 1990


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( ADVP ( RB also ) ) ( NP-PRD ( NP ( DT the ) ( NN day ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ gubernatorial ) ( NN election ) ) ) ) ) )

That 's also the day of the gubernatorial election


( S ( NP-SBJ-3 ( DT The ) ( NN initiative ) ) ( VP ( VBZ seems ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VBN been ) ( VP ( VBN crafted ) ( S-PRP ( VP ( TO to ) ( VP ( VB include ) ( NP ( NP ( DT all ) ( DT the ) ( JJ hot ) ( NNS issues ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD set ) ( PRT ( RP off ) ) ( NP ( NP ( DT the ) ( JJ wealthy ) ( NNP Hollywood ) ( NNS weepers ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBP donate ) ( NP ( NN money ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The initiative seems to have been crafted to include all the hot issues that set off the wealthy Hollywood weepers who donate money


( S ( CC And ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ allows ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Van ) ( NNP de ) ( NNP Kamp ) ) ( VP ( TO to ) ( VP ( VB get ) ( PP-CLR ( RP around ) ( NP ( NN campaign ) ( NN spending ) ( NNS limits ) ) ) ) ) ) ) )

And it allows Mr. Van de Kamp to get around campaign spending limits


( S ( S ( NP-SBJ ( PRP He ) ) ( VP ( MD can ) ( VP ( VB spend ) ( NP ( NP ( DT the ) ( JJ legal ) ( NN maximum ) ) ( PP ( IN for ) ( NP ( PRP$ his ) ( NN campaign ) ) ) ) ) ) ) ( S ( NP-SBJ ( NP ( DT all ) ( DT the ) ( NN spending ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NNP Van ) ( NNP de ) ( NNP Kamp ) ( NN initiative ) ) ( PRN ( SBAR ( WHPP-1 ( IN on ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( NP-PRD ( DT no ) ( NNS limits ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NN gravy ) ) ) ) )

He can spend the legal maximum for his campaign all the spending for the Van de Kamp initiative on which there are no limits is gravy


( S ( S ( NP-SBJ-1 ( DT This ) ( NN initiative ) ) ( VP ( VBZ is ) ( VP ( VBG being ) ( VP ( VBN labeled ) ( S ( NP-PRD ( DT The ) ( NNP Big ) ( NNP Green ) ) ) ) ) ) ) ( CC but ) ( S ( ADVP ( RB maybe ) ) ( NP-SBJ-2 ( PRP it ) ) ( VP ( MD should ) ( VP ( VB be ) ( VP ( VBN called ) ( S ( NP-PRD ( DT The ) ( NNP Big ) ( NNP Greenback ) ) ) ) ) ) ) )

This initiative is being labeled The Big Green but maybe it should be called The Big Greenback


( S ( NP-SBJ-1 ( NP ( DT The ) ( JJ Republican ) ( NN candidate ) ) ( NP ( NNP Sen. ) ( NNP Pete ) ( NNP Wilson ) ) ) ( VP ( VBZ is ) ( VP ( VBG playing ) ( NP ( DT the ) ( NN initiative ) ( VBG fundraising ) ( NN game ) ) ( ADVP ( RB too ) ) ( S-ADV ( VP ( VBG sponsoring ) ( NP ( PRP$ his ) ( JJ own ) ( NN crime ) ( NN initiative ) ) ) ) ) ) )

The Republican candidate Sen. Pete Wilson is playing the initiative fundraising game too sponsoring his own crime initiative


( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ possible ) ) ( SBAR-3 ( IN that ) ( S ( NP-SBJ-5 ( DT the ) ( NNP Big ) ( NNP Green ) ( NN initiative ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN ruled ) ( S ( ADJP-PRD ( JJ unconstitutional ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ is ) ( ADVP ( IN of ) ( NN course ) ) ( ADJP-PRD ( JJ conceivable ) ) ( SBAR-4 ( IN that ) ( S ( PP-LOC ( IN in ) ( NP ( JJ modern ) ( NNP California ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( MD could ) ( VP ( VB slide ) ( ADVP-CLR ( RB through ) ) ) ) ) ) ) )

While it is possible that the Big Green initiative will be ruled unconstitutional it is of course conceivable that in modern California it could slide through


( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN state ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( ADVP-TMP ( RB recently ) ) ( VP ( VBD passed ) ( NP ( DT the ) ( NNP Prop. ) ( CD 65 ) ( JJ anti-toxic ) ( NN initiative ) ) ) ) ) ) ) )

This is the state that recently passed the Prop. 65 anti-toxic initiative


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( DT this ) ( JJ new ) ( NN proposal ) ) ( ADVP-TMP ( RB ever ) ) ( VP ( VBZ does ) ( VP ( VBN become ) ( NP-PRD ( NN law ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( JJ green ) ( NN lobby ) ) ( VP ( MD will ) ( VP ( VB benefit ) ( ADVP-MNR ( RB directly ) ) ) ) )

If this new proposal ever does become law the green lobby will benefit directly


( S ( NP-SBJ ( DT The ) ( NN initiative ) ) ( VP ( VBZ creates ) ( NP ( NP ( DT a ) ( ADJP ( JJ free ) ( JJ floating ) ) ( NN state ) ( JJ environmental ) ( NN officer ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB sue ) ( NP ( NP ( NP ( NNS companies ) ) ( CC or ) ( NP ( NN government ) ( NNS agencies ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP do ) ( NP ( NP ( NNS things ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB like ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The initiative creates a free floating state environmental officer to sue companies or government agencies that do things he does n't like


( S ( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ means ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT the ) ( NNP NRDC ) ) ( CC and ) ( NP ( JJ such ) ( NNS groups ) ) ) ( ADVP-TMP ( RB no ) ( RBR longer ) ) ( VP ( MD would ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB spend ) ( NP ( IN as ) ( JJ much ) ( NN money ) ) ( PP ( IN on ) ( NP ( NN litigation ) ) ) ) ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( NNS taxpayers ) ) ( VP ( MD would ) ( VP ( VB bear ) ( NP ( DT the ) ( NN cost ) ) ) ) ) )

That means the NRDC and such groups no longer would have to spend as much money on litigation taxpayers would bear the cost


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Van ) ( NNP de ) ( NNP Kamp ) ) ( CC and ) ( NP ( PRP$ his ) ( NNS allies ) ) ) ( VP ( MD may ) ( VP ( VB be ) ( VP ( VBG hoping ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN environment ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( JJ such ) ( DT a ) ( NN mom ) ( CC and ) ( NN apple-pie ) ( NN issue ) ) ) ( PP ( IN among ) ( NP ( NP ( JJ certain ) ( NNS segments ) ) ( PP ( IN of ) ( NP ( NP ( NNP California ) ( POS 's ) ) ( NN population ) ) ) ) ) ( ADVP-TMP ( RB now ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( NP ( RB almost ) ( DT any ) ( NN collection ) ) ( PP ( IN of ) ( NP ( JJ anti-scientific ) ( JJ anti-pocketbook ) ( NN nonsense ) ) ) ) ( VP ( MD can ) ( VP ( VB pass ) ( PP-LOC ( IN under ) ( NP ( PRP$ its ) ( NN rubric ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Van de Kamp and his allies may be hoping that the environment is such a mom and apple-pie issue among certain segments of California 's population now that almost any collection of anti-scientific anti-pocketbook nonsense can pass under its rubric


( S ( ADVP ( IN Of ) ( NN course ) ) ( NP-SBJ ( NP ( DT the ) ( NN state ) ( POS 's ) ) ( NNS liberals ) ) ( VP ( VBP are ) ( RB not ) ( ADVP-TMP ( RB yet ) ) ( NP-PRD ( NP ( DT a ) ( NN nation ) ) ( PP ( IN unto ) ( NP ( PRP themselves ) ) ) ) ) )

Of course the state 's liberals are not yet a nation unto themselves


( S ( NP-SBJ ( NNP George ) ( NNP Bush ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( VP ( MD may ) ( VP ( VB decide ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( PRP he ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB want ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( NNP President ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD lost ) ( NP ( NP ( NN control ) ) ( PP ( IN of ) ( NP ( JJ interstate ) ( NN commerce ) ) ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT an ) ( NN attorney ) ( JJ general ) ) ( PP ( IN from ) ( NP ( NNP California ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

George Bush for example may decide that he does n't want to be the President who lost control of interstate commerce to an attorney general from California


( S ( CC And ) ( NP-SBJ-1 ( NP ( DT some ) ( JJ other ) ( NNS segments ) ) ( PP ( IN of ) ( NP ( NP ( NNP California ) ( POS 's ) ) ( UCP ( JJ political ) ( CC and ) ( NNS media ) ) ( NN culture ) ) ) ) ( VP ( MD may ) ( ADVP ( RB yet ) ) ( VP ( VB start ) ( S ( VP ( TO to ) ( VP ( VB point ) ( PRT ( RP out ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN initiative ) ) ( VP ( MD would ) ( VP ( VB impose ) ( NP ( JJ significant ) ( NNS costs ) ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( NN state ) ( POS 's ) ) ( ADJP ( RBR less ) ( JJ affluent ) ) ( NNS citizens ) ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN form ) ) ( PP ( IN of ) ( NP ( NP ( JJR higher ) ( NN food ) ( NNS prices ) ) ( CC and ) ( NP ( VBN lost ) ( NNS jobs ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

And some other segments of California 's political and media culture may yet start to point out that the initiative would impose significant costs on the state 's less affluent citizens in the form of higher food prices and lost jobs


( S ( NP-SBJ ( DT This ) ( JJ grandiose ) ( NN initiative ) ) ( VP ( MD will ) ( VP ( VB help ) ( S ( NP-SBJ ( NNP California ) ) ( VP ( VB define ) ( NP ( PRP itself ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN future ) ) ) ( PP-CLR ( CC either ) ( PP ( IN as ) ( NP ( NP ( DT a ) ( NN state ) ) ( VP ( ADVP ( RB still ) ) ( VBN tethered ) ( PP-CLR ( TO to ) ( NP ( ADJP ( JJ economic ) ( CC and ) ( JJ scientific ) ) ( NN reality ) ) ) ) ) ) ( CC or ) ( PP ( IN as ) ( NP ( NP ( CD one ) ) ( VP ( VBG being ) ( VP ( VBN led ) ( PP-CLR ( TO to ) ( SBAR-NOM ( WHADVP-1 ( WRB wherever ) ) ( S ( NP-SBJ-2 ( PRP$ its ) ( JJ la-la ) ( NNS activists ) ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB take ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

This grandiose initiative will help California define itself for the future either as a state still tethered to economic and scientific reality or as one being led to wherever its la-la activists want to take it


( S ( NP-SBJ ( NP ( NNP Enron ) ( NNP Corp. ) ) ( NP-LOC ( NNP Houston ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( NN preference ) ( NNS units ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( ADJP ( RB newly ) ( VBN formed ) ) ( NNP Enron ) ( NNP NGL ) ( NNP Partners ) ( NNP L.P. ) ( NN master ) ( VBN limited ) ( NN partnership ) ( NN subsidiary ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB result ) ( PP-CLR ( IN in ) ( NP ( NP ( DT an ) ( JJ undetermined ) ( NN gain ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ fourth ) ( NN quarter ) ) ) ) ) ) ) ) ) ) )

Enron Corp. Houston said the sale of preference units of its newly formed Enron NGL Partners L.P. master limited partnership subsidiary will result in an undetermined gain in the fourth quarter


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( JJ year-ago ) ( NN quarter ) ) ) ( NP-SBJ ( DT the ) ( JJ natural ) ( NN gas ) ( NN concern ) ) ( VP ( VBD had ) ( NP ( NP ( JJ net ) ( NN income ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 25.2 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 34 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP ( IN on ) ( NP ( NP ( NN revenue ) ) ( PP ( IN of ) ( NP ( QP ( RB about ) ( CD 1.46 ) ( CD billion ) ) ) ) ) ) ) ) )

In the year-ago quarter the natural gas concern had net income of 25.2 million or 34 cents a share on revenue of about 1.46 billion


( S ( NP-SBJ ( DT Those ) ( NNS results ) ) ( VP ( VBD included ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 2.7 ) ( CD million ) ) ) ( NN charge ) ) ( VP ( VBN related ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN retirement ) ) ( PP ( IN of ) ( NP ( NN debt ) ) ) ) ) ) ) ) )

Those results included a 2.7 million charge related to the retirement of debt


( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( VBN related ) ( NN move ) ) ) ( NP-SBJ ( NNP Enron ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD increased ) ( NP ( NP ( DT the ) ( NN number ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NN partnership ) ( POS 's ) ) ( NNS units ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB offer ) ) ) ) ) ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 6,930,000 ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 5,500,000 ) ) ) ) ) ) ) )

In a related move Enron said it increased the number of the partnership 's units it will offer to 6,930,000 from 5,500,000


( S ( NP-SBJ ( NP ( DT The ) ( ADJP ( JJ old ) ( CC and ) ( VBN revised ) ) ( NNS numbers ) ) ( NP ( DT both ) ) ) ( VP ( VBP include ) ( NP ( JJ over-allotment ) ( NNS provisions ) ) ) )

The old and revised numbers both include over-allotment provisions


( S ( NP-SBJ ( NNP Enron ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT each ) ( NN unit ) ) ( VP ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN priced ) ( PP-CLR ( IN in ) ( NP ( DT the ) ( ADJP ( JJ 19-to-$21 ) ) ( NN range ) ) ) ) ) ) ( CC and ) ( VP ( MD will ) ( VP ( VB represent ) ( NP ( NP ( QP ( RB about ) ( CD 80 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN partnership ) ( NN equity ) ) ) ) ) ) ) ) ) ) )

Enron said each unit will be priced in the 19-to-$21 range and will represent about 80 % of the partnership equity


( S ( NP-SBJ-1 ( NP ( JJ Net ) ( NNS proceeds ) ) ( PP ( IN from ) ( NP ( DT the ) ( NN offering ) ) ) ) ( VP ( VBP are ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ close ) ( PP ( TO to ) ( NP ( QP ( CD 200 ) ( CD million ) ) ) ) ) ) ) ) ) ) )

Net proceeds from the offering are expected to be close to 200 million


( S ( NP-SBJ ( NP ( NNP Goldman ) ( NNP Sachs ) ( CC & ) ( NNP Co. ) ) ( CC and ) ( NP ( NNP Drexel ) ( NNP Burnham ) ( NNP Lambert ) ( NNP Inc. ) ) ) ( VP ( VBP are ) ( NP-PRD ( JJ lead ) ( NNS underwriters ) ) ) )

Goldman Sachs & Co. and Drexel Burnham Lambert Inc. are lead underwriters


( S ( S-ADV ( VP ( VBG Citing ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 3.1 ) ( CD million ) ) ) ( NN provision ) ) ( PP ( IN for ) ( NP ( JJ doubtful ) ( NNS accounts ) ) ) ) ) ) ( NP-SBJ-1 ( JJ Dallas-based ) ( NNP National ) ( NNP Heritage ) ( NNP Inc. ) ) ( VP ( VBD posted ) ( NP ( NP ( DT a ) ( NN loss ) ) ( PP ( IN for ) ( NP ( NP ( PRP$ its ) ( JJ fourth ) ( NN quarter ) ) ( VP ( VBN ended ) ( NP-TMP-CLR ( NNP June ) ( CD 30 ) ) ) ) ) ) ) )

Citing a 3.1 million provision for doubtful accounts Dallas-based National Heritage Inc. posted a loss for its fourth quarter ended June 30


( S ( S-ADV ( NP-PRD ( NP ( DT A ) ( NN unit ) ) ( PP ( IN of ) ( NP ( VBN troubled ) ( NNP Southmark ) ( NNP Corp. ) ) ) ) ) ( NP-SBJ-1 ( NP ( DT the ) ( NN operator ) ) ( PP ( IN of ) ( NP ( NP ( NN nursing ) ( NNS homes ) ) ( CC and ) ( NP ( NN retirement ) ( NNS centers ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD sustained ) ( NP ( NP ( DT a ) ( JJ net ) ( NN loss ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 1.6 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD nine ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( JJ net ) ( NN income ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 1.3 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD eight ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) ) ) ) ) )

A unit of troubled Southmark Corp. the operator of nursing homes and retirement centers said it sustained a net loss of 1.6 million or nine cents a share compared with net income of 1.3 million or eight cents a share a year earlier


( S ( NP-SBJ ( NN Operating ) ( NN revenue ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 13 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 22.2 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 19.7 ) ( CD million ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ year-earlier ) ( NN quarter ) ) ) ) ) )

Operating revenue rose 13 % to 22.2 million from 19.7 million in the year-earlier quarter


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( DT the ) ( ADJP ( QP ( CD 3.1 ) ( CD million ) ) ) ( NN reserve ) ) ( VP ( VBD was ) ( VP ( VBN created ) ( S-PRP ( VP ( TO to ) ( VP ( VB reflect ) ( NP ( NP ( NN doubt ) ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( NN collectability ) ) ( PP ( IN of ) ( NP ( NP ( NNS receivables ) ) ( VP ( VBN owed ) ( PP-DTV ( TO to ) ( NP ( NNP National ) ( NNP Heritage ) ) ) ( PP ( IN by ) ( NP-LGS ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ real ) ( NN estate ) ( NNS partnerships ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ manages ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The company said the 3.1 million reserve was created to reflect doubt about the collectability of receivables owed to National Heritage by some of the real estate partnerships it manages


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( ADVP ( RB also ) ) ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( NNS expenses ) ) ( VP ( VBN incurred ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( JJ previous ) ( NN board ) ( CC and ) ( NN management ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJ recent ) ( NN contest ) ) ( PP ( IN for ) ( NP ( NN control ) ) ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBN recognized ) ( ADVP ( RB primarily ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ first ) ( NN quarter ) ) ( VP ( VBN ended ) ( NP-TMP-CLR ( NNP Sept. ) ( CD 30 ) ) ) ) ) ) ) ) ) ) )

The company also said expenses incurred by the previous board and management in the recent contest for control were recognized primarily in the first quarter ended Sept. 30


( S ( NP-SBJ-1 ( NNP National ) ( NNP Heritage ) ( NN stock ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 12.5 ) ( NNS cents ) ) ( NP-TMP ( NN yesterday ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB close ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 1.375 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ) ) ) ) )

National Heritage stock fell 12.5 cents yesterday to close at 1.375 a share in New York Stock Exchange composite trading


( S ( NP-SBJ ( NNP Environmental ) ( NNP Systems ) ( NNP Co. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBG restating ) ( NP ( PRP$ its ) ( NNS results ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB reduce ) ( NP ( NP ( PRP$ its ) ( VBN reported ) ( JJ net ) ( NN income ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ first ) ( CD nine ) ( NNS months ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ fiscal ) ( NN year ) ) ) ) ) ) ) ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG discovering ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD took ) ( NP ( NP ( NN tax ) ( NNS credits ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( ADVP-TMP ( RB already ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN taken ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Environmental Systems Co. said it is restating its results to reduce its reported net income for the first nine months of its fiscal year after discovering it took tax credits that already had been taken last year


( S ( NP-SBJ ( DT The ) ( NAC-LOC ( NNP Little ) ( NNP Rock ) ( NNP Ark. ) ) ( JJ hazardous-waste ) ( NNS services ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN restatement ) ) ( VP ( MD will ) ( VP ( VB reduce ) ( NP ( NP ( PRP$ its ) ( JJ net ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ( VP ( VBN ended ) ( NP-TMP-CLR ( NNP July ) ( CD 31 ) ) ) ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 2.5 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 17 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 3.7 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 26 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) ) )

The Little Rock Ark. hazardous-waste services company said the restatement will reduce its net for the nine months ended July 31 to 2.5 million or 17 cents a share from 3.7 million or 26 cents a share


( S ( NP-SBJ ( NP ( JJ Net ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( VP ( VBN restated ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( QP ( CD 1.6 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 10 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) )

Net for the third quarter restated is 1.6 million or 10 cents a share


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( ADVP-TMP ( RB previously ) ) ( VBN reported ) ( NP ( NP ( JJ net ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 2.3 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 15 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) )

The company previously reported net of 2.3 million or 15 cents a share


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( PP-PRP ( IN for ) ( NP ( JJ financial ) ( NN reporting ) ( NNS purposes ) ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD took ) ( NP ( NP ( NN tax ) ( NNS credits ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN recognized ) ( PP-PRP ( IN for ) ( NP ( NN tax ) ( NNS purposes ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) )

The company said that for financial reporting purposes last year it took tax credits that will be recognized for tax purposes this year


( S ( CC But ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NN confusion ) ) ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD took ) ( NP ( DT those ) ( NNS credits ) ) ( ADVP-TMP ( RB again ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG reporting ) ( NP ( NP ( PRP$ its ) ( NNS results ) ) ( PP ( IN through ) ( NP ( DT the ) ( JJ first ) ( CD nine ) ( NNS months ) ) ) ) ) ) ) ) )

But because of confusion it took those credits again in reporting its results through the first nine months


( S ( NP-SBJ ( NP ( NNP Jack ) ( NNP W. ) ( NNP Forrest ) ) ( NP ( NNP Environmental ) ( NNP Systems ) ( NX ( NX ( NN president ) ) ( CC and ) ( NX ( JJ chief ) ( JJ executive ) ( NN officer ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN change ) ) ( VP ( VBZ increases ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ effective ) ( NN tax ) ( NN rate ) ) ( PP-DIR ( TO to ) ( NP ( QP ( RB about ) ( CD 35 ) ) ( NN % ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 20 ) ( NN % ) ) ) ) ) ) ) )

Jack W. Forrest Environmental Systems president and chief executive officer said the change increases the company 's effective tax rate to about 35 % from 20 %


( S ( NP-SBJ ( NNP Tokyo ) ( NN share ) ( NNS prices ) ) ( VP ( VBD rebounded ) ( NP-TMP ( NNP Tuesday ) ( NN morning ) ) ( PP ( IN with ) ( S-NOM ( NP-SBJ-1 ( NP ( DT the ) ( NNP Nikkei ) ( NN index ) ) ( PP ( IN of ) ( NP ( CD 225 ) ( VBN selected ) ( NNS stocks ) ) ) ) ( VP ( VBG rising ) ( NP-EXT ( CD 618.69 ) ( NNS points ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB close ) ( NP-TMP ( DT the ) ( NN morning ) ( NN session ) ) ( PP-CLR ( IN at ) ( NP ( CD 35087.38 ) ) ) ) ) ) ) ) ) ) )

Tokyo share prices rebounded Tuesday morning with the Nikkei index of 225 selected stocks rising 618.69 points to close the morning session at 35087.38


( S ( NP-SBJ ( DT The ) ( NN index ) ) ( VP ( VBD slid ) ( NP-EXT ( NP ( CD 647.33 ) ( NNS points ) ) ( CC or ) ( NP ( CD 1.8 ) ( NN % ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Monday ) ) ) ) )

The index slid 647.33 points or 1.8 % on Monday


( S ( PP-TMP ( IN In ) ( NP ( NP ( DT the ) ( JJ first ) ( CD 25 ) ( NNS minutes ) ) ( PP ( IN of ) ( NP ( NP ( NNP Tuesday ) ( POS 's ) ) ( NN trading ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Nikkei ) ( NN index ) ) ( VP ( VBD soared ) ( NP-EXT ( CD 664.83 ) ( NNS points ) ) ( PP-DIR ( TO to ) ( NP ( CD 35133.83 ) ) ) ) )

In the first 25 minutes of Tuesday 's trading the Nikkei index soared 664.83 points to 35133.83


( S ( PP-TMP ( IN By ) ( NP ( NP ( CD 10 ) ( RB a.m. ) ) ( NP ( NNP Tokyo ) ( NN time ) ) ) ) ( NP-SBJ ( DT the ) ( NN index ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB up ) ( NP ( CD 435.11 ) ( NNS points ) ) ( PP ( TO to ) ( NP ( CD 34903.80 ) ) ) ) ( SBAR-CLR ( IN as ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( VBD hailed ) ( NP ( NP ( NNP New ) ( NNP York ) ( POS 's ) ) ( JJ overnight ) ( NN rally ) ) ) ) ) ) )

By 10 a.m. Tokyo time the index was up 435.11 points to 34903.80 as investors hailed New York 's overnight rally


( S ( NP-SBJ ( NP ( NNP Monday ) ( POS 's ) ) ( NN slide ) ) ( VP ( VBD came ) ( PP-TMP ( IN in ) ( NP ( NP ( DT a ) ( ADJP ( RB relatively ) ( JJ calm ) ) ( NN session ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD did ) ( RB n't ) ( VP ( VB provide ) ( NP ( JJ much ) ( NN direction ) ) ( PP-CLR ( IN for ) ( NP ( JJ other ) ( NNS markets ) ) ) ) ) ) ) ) ) ) )

Monday 's slide came in a relatively calm session that did n't provide much direction for other markets


( S ( NP-SBJ ( NNS Shares ) ) ( ADVP ( RB also ) ) ( VP ( VBN closed ) ( ADVP-CLR ( RB sharply ) ( RBR lower ) ) ( PP-LOC ( IN across ) ( NP ( NNP Europe ) ) ) ( PP-LOC ( ADVP ( RB particularly ) ) ( IN in ) ( NP ( NNP Frankfurt ) ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ ( NP ( NNP London ) ) ( CC and ) ( NP ( DT a ) ( JJ few ) ( JJ other ) ( NNS markets ) ) ) ( VP ( VBD recovered ) ( NP ( DT some ) ( NN ground ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ-1 ( NNS stocks ) ) ( VP ( VBD began ) ( S ( VP ( TO to ) ( VP ( VB rebound ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) ) ) ) ) ) ) )

Shares also closed sharply lower across Europe particularly in Frankfurt although London and a few other markets recovered some ground after stocks began to rebound in New York


( S ( S ( NP-SBJ ( JJ Other ) ( ADJP ( JJ Asian ) ( CC and ) ( JJ Pacific ) ) ( NNS markets ) ) ( VP ( VBD had ) ( NP ( NP ( JJR sharper ) ( NNS losses ) ) ( PP ( IN than ) ( NP ( NNP Tokyo ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( DT the ) ( NN selling ) ( NN wave ) ) ( VP ( VBD stopped ) ( ADVP-CLR ( RB short ) ( PP ( IN of ) ( S-NOM ( VP ( VBG precipitating ) ( NP ( DT another ) ( NN market ) ( NN crash ) ) ) ) ) ) ) ) )

Other Asian and Pacific markets had sharper losses than Tokyo but the selling wave stopped short of precipitating another market crash


( S ( NP-SBJ ( DT All ) ( NNS eyes ) ) ( VP ( VBD were ) ( PP-PRD ( IN on ) ( NP ( NNP Tokyo ) ) ) ( PP-TMP ( IN at ) ( NP ( DT the ) ( NN opening ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( JJ first ) ( JJ major ) ( NN market ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB trade ) ) ) ) ) ( PP-TMP ( IN since ) ( NP ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( JJ 190.58-point ) ( NN plunge ) ) ( PP-LOC ( IN on ) ( NP ( NNP Wall ) ( NNP Street ) ) ) ) ) ) ) ) ) ) )

All eyes were on Tokyo at the opening because it was the first major market to trade since Friday 's 190.58-point plunge on Wall Street


( S ( CC But ) ( SBAR-ADV ( RB rather ) ( IN than ) ( S ( VP ( VB set ) ( NP ( DT the ) ( NN tone ) ) ( PP ( IN for ) ( NP ( JJ other ) ( NNS markets ) ) ) ) ) ) ( NP-SBJ-1 ( NP ( NNP Japan ) ( POS 's ) ) ( JJ major ) ( JJ institutional ) ( NNS investors ) ) ( VP ( VBD chose ) ( S ( VP ( TO to ) ( VP ( VB remain ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNS sidelines ) ) ) ) ) ) ) )

But rather than set the tone for other markets Japan 's major institutional investors chose to remain on the sidelines


( S ( ADVP ( RB Still ) ) ( PP ( IN despite ) ( NP ( NP ( DT the ) ( JJ sudden ) ( NN reappearance ) ) ( PP ( IN of ) ( NP ( JJ stock-market ) ( NN turbulence ) ) ) ) ) ( NP-SBJ ( NP ( NNS managers ) ) ( PP ( IN of ) ( NP ( JJ Japanese ) ( NN investment ) ( NNS funds ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBD were ) ( RB n't ) ( VP ( VBG planning ) ( S ( VP ( TO to ) ( VP ( VB unload ) ( NP ( UCP ( NNP U.S. ) ( CC or ) ( JJ European ) ) ( NNS equities ) ) ) ) ) ) ) ) ) ) )

Still despite the sudden reappearance of stock-market turbulence managers of Japanese investment funds said they were n't planning to unload U.S. or European equities


( SINV ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB trade ) ( ADVP ( JJ much ) ) ( NP-TMP ( NN today ) ) ( SBAR-PRP ( IN as ) ( S ( NP-SBJ ( NP ( PRP$ our ) ( NN policy ) ) ( ADVP-TMP ( RB now ) ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( TO to ) ( VP ( VB wait ) ( CC and ) ( VB see ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( DT a ) ( NN fund ) ( NN manager ) ) ( PP-LOC ( IN at ) ( NP ( NNP Taisho ) ( NNP Life ) ( NNP Insurance ) ( NNP Co ) ) ) ) )

We did n't trade much today as our policy now is to wait and see said a fund manager at Taisho Life Insurance Co


( S ( NP-SBJ-1 ( PRP We ) ) ( VP ( MD would ) ( VP ( VB like ) ( S ( VP ( TO to ) ( VP ( VB wait ) ( CC and ) ( VB see ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ ( NN trading ) ) ( VP ( VBZ goes ) ( ADVP-CLR ( RB around ) ) ( PP-LOC ( IN through ) ( NP ( NP ( NNP Europe ) ) ( CC and ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) ) ) ) ) ) )

We would like to wait and see until trading goes around through Europe and New York


( S ( S ( NP-SBJ ( DT The ) ( NNS institutions ) ) ( VP ( VBD appeared ) ( ADJP-PRD ( JJ confident ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( JJ Japanese ) ( NNS regulators ) ) ( VP ( MD would ) ( VP ( VB step ) ( ADVP-CLR ( RB in ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB ensure ) ( NP ( JJ orderly ) ( NN trading ) ) ) ) ) ( SBAR-ADV ( IN if ) ( FRAG ( ADJP ( JJ necessary ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( JJ considerable ) ( NN speculation ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN day ) ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ-3 ( DT the ) ( NNP Finance ) ( NNP Ministry ) ) ( VP ( VBD was ) ( VP ( VBG working ) ( PP-LOC ( IN behind ) ( NP ( DT the ) ( NNS scenes ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB do ) ( NP ( RB just ) ( DT that ) ) ) ) ) ) ) ) ) ) ) ) )

The institutions appeared confident that Japanese regulators would step in to ensure orderly trading if necessary and there was considerable speculation during the day that the Finance Ministry was working behind the scenes to do just that


( S ( CC But ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN absence ) ) ( PP ( IN of ) ( NP ( JJ panicky ) ( NN trading ) ) ) ) ) ( NP-SBJ-1 ( PRP$ its ) ( NN presence ) ) ( VP ( VBD was ) ( ADVP-TMP ( RB never ) ) ( VP ( ADVP ( RB overtly ) ) ( VBN felt ) ) ) )

But in the absence of panicky trading its presence was never overtly felt


( S ( PP-TMP ( IN At ) ( NP ( DT the ) ( NN close ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNP Nikkei ) ( NN average ) ) ( PP ( IN of ) ( NP ( CD 225 ) ( NNS stocks ) ) ) ) ( VP ( VBD stood ) ( PP-CLR ( IN at ) ( NP ( CD 34468.69 ) ) ) ( ADVP ( RB down ) ( NP ( NP ( CD 647.33 ) ( NNS points ) ) ( CC or ) ( NP ( CD 1.8 ) ( NN % ) ) ) ) ) )

At the close the Nikkei average of 225 stocks stood at 34468.69 down 647.33 points or 1.8 %


( S ( NP-SBJ ( DT The ) ( JJR broader ) ( NNP Tokyo ) ( NNP Stock ) ( NNP Price ) ( NNP Index ) ) ( VP ( VBD sank ) ( NP-EXT ( NP ( CD 45.66 ) ) ( CC or ) ( NP ( CD 1.7 ) ( NN % ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 2600.88 ) ) ) ) )

The broader Tokyo Stock Price Index sank 45.66 or 1.7 % to 2600.88


( S ( NP-SBJ ( NP ( DT The ) ( NN day ) ( POS 's ) ) ( NN decline ) ) ( VP ( VBD was ) ( ADVP ( RB generally ) ) ( PP-PRD ( IN in ) ( NP ( NP ( NN line ) ) ( PP ( IN with ) ( NP ( NP ( NNS analysts ) ( POS ' ) ) ( NN weekend ) ( NNS predictions ) ) ) ) ) ) )

The day 's decline was generally in line with analysts ' weekend predictions


( S ( NP-SBJ ( VBG Declining ) ( NNS issues ) ) ( VP ( VBD swamped ) ( NP ( NNS advancers ) ) ( ADVP ( CD 941-105 ) ) ) )

Declining issues swamped advancers 941-105


( S ( CC But ) ( NP-SBJ ( NN volume ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ thin ) ) ( PP ( IN at ) ( NP ( QP ( CD 526.2 ) ( CD million ) ) ( NNS shares ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( QP ( CD 574.7 ) ( CD million ) ) ) ( NP-TMP ( NNP Friday ) ) ) ) ) ) )

But volume was thin at 526.2 million shares compared with 574.7 million Friday


( S ( NP-SBJ ( DT The ) ( NN market ) ) ( VP ( VBD opened ) ( ADVP-CLR ( RB sharply ) ( RBR lower ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NNP Nikkei ) ( NN average ) ) ( ADVP ( RB down ) ( NP ( QP ( RB nearly ) ( CD 600 ) ) ) ( PP-TMP ( IN after ) ( NP ( CD 20 ) ( NNS minutes ) ) ) ) ) ) ) )

The market opened sharply lower with the Nikkei average down nearly 600 after 20 minutes


( S ( S ( NP-SBJ ( DT A ) ( NN midmorning ) ( NN rebound ) ) ( VP ( VBD brought ) ( NP-1 ( PRP it ) ) ( ADVP-CLR ( RB back ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB show ) ( NP ( NP ( DT a ) ( NN gain ) ) ( PP ( IN of ) ( NP ( QP ( RB about ) ( CD 200 ) ) ) ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN morning ) ( NN session ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( S ( NP-SBJ ( DT the ) ( NN rally ) ) ( VP ( VBD failed ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN afternoon ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBD closed ) ( PP-LOC ( IN near ) ( NP ( NP ( DT the ) ( NN day ) ( POS 's ) ) ( NN low ) ) ) ) ) ) )

A midmorning rebound brought it back to show a gain of about 200 at the end of the morning session but the rally failed in the afternoon and the market closed near the day 's low


( S ( NP-SBJ ( NP ( DT The ) ( JJR smaller ) ( NNS stocks ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NNP Tokyo ) ( NN market ) ( POS 's ) ) ( JJ second ) ( NN section ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBD posted ) ( NP ( NP ( PRP$ their ) ( JJS biggest ) ( NN decline ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN year ) ) ) ) ) )

The smaller stocks in the Tokyo market 's second section also posted their biggest decline of the year


( S ( NP-SBJ ( NP ( DT The ) ( NNP Tokyo ) ( NNP Stock ) ( NNP Exchange ) ( NN index ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ second ) ( NN section ) ) ) ) ( VP ( VBD fell ) ( NP-EXT ( NP ( CD 100.96 ) ) ( CC or ) ( NP ( CD 2.7 ) ( NN % ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 3655.40 ) ) ) ) )

The Tokyo Stock Exchange index for the second section fell 100.96 or 2.7 % to 3655.40


( S ( NP-SBJ ( NP ( JJ Many ) ( NNS investors ) ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB outperform ) ( NP ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( JJ major ) ( NNS indexes ) ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN flocked ) ( PP-DIR ( TO to ) ( NP ( DT these ) ( JJ small ) ( NNS issues ) ) ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS weeks ) ) ) ) ) )

Many investors trying to outperform the market 's major indexes have flocked to these small issues in recent weeks


( S ( NP-SBJ ( JJ Japanese ) ( NNS investors ) ( CC and ) ( NNS traders ) ) ( VP ( VBD expressed ) ( NP ( NN relief ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP Tokyo ) ( NN market ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB fall ) ( ADVP-MNR ( RBR more ) ( RB sharply ) ) ) ) ) ) ) ) )

Japanese investors and traders expressed relief that the Tokyo market did n't fall more sharply


( S ( CC But ) ( NP-SBJ ( PRP$ its ) ( NN performance ) ) ( VP ( VBD did ) ( VP ( VB bear ) ( NP ( NP ( DT some ) ( NN resemblance ) ) ( PP ( TO to ) ( NP ( NP ( NNS events ) ) ( PP ( IN of ) ( ADVP-TMP ( NP ( CD two ) ( NNS years ) ) ( RB ago ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NNP October ) ( CD 1987 ) ( JJ global ) ( NN stock ) ( NN market ) ( NN crash ) ) ) ) ) ) ) ) )

But its performance did bear some resemblance to events of two years ago during the October 1987 global stock market crash


( S ( S ( PP-TMP ( IN On ) ( NP ( NP ( NNP Oct. ) ( CD 16 ) ( CD 1987 ) ) ( PRN ( NP ( NP ( DT the ) ( NNP Friday ) ) ( PP ( IN before ) ( NP ( DT the ) ( NNP Black ) ( NNP Monday ) ( NN crash ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP New ) ( NNP York ) ( NN market ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 4.6 ) ( NN % ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Tokyo ) ) ( VP ( VBD followed ) ( PP-TMP ( IN on ) ( NP ( NNP Monday ) ) ) ( PP ( IN with ) ( NP ( DT a ) ( ADJP ( CD 2.4 ) ( NN % ) ) ( NN drop ) ) ) ) ) )

On Oct. 16 1987 the Friday before the Black Monday crash the New York market dropped 4.6 % and Tokyo followed on Monday with a 2.4 % drop


( S ( NP-TMP ( DT This ) ( NN time ) ) ( NP-SBJ-1 ( NP ( NP ( NNP Wall ) ( NNP Street ) ( POS 's ) ) ( NN plunge ) ) ( PP ( IN of ) ( NP ( CD 6.9 ) ( NN % ) ) ) ( NP-TMP ( NNP Friday ) ) ) ( VP ( VBD was ) ( VP ( VBN followed ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( NN yesterday ) ( POS 's ) ) ( ADJP ( CD 1.8 ) ( NN % ) ) ( NN loss ) ) ( PP-LOC ( IN in ) ( NP ( NNP Tokyo ) ) ) ) ) ) ) )

This time Wall Street 's plunge of 6.9 % Friday was followed by yesterday 's 1.8 % loss in Tokyo


( S ( ADVP-TMP ( NP ( CD Two ) ( NNS years ) ) ( RB ago ) ) ( NP-SBJ ( NP ( NNP Tokyo ) ( POS 's ) ) ( JJS biggest ) ( NN fall ) ) ( VP ( VBD came ) ( NP-TMP ( NP ( DT the ) ( NN day ) ) ( PP-TMP ( IN after ) ( NP ( NP ( NNP New ) ( NNP York ) ( POS 's ) ) ( ADJP ( CD 22.6 ) ( NN % ) ) ( NNP Black ) ( NNP Monday ) ( NN plunge ) ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NNP Nikkei ) ( NN average ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 14.9 ) ( NN % ) ) ) ) ) ) ) )

Two years ago Tokyo 's biggest fall came the day after New York 's 22.6 % Black Monday plunge when the Nikkei average fell 14.9 %


( S ( ADVP ( RB Thus ) ) ( NP-SBJ ( NN market ) ( NNS participants ) ) ( NP-TMP ( NN yesterday ) ) ( VP ( VBD were ) ( VP ( VBG looking ) ( ADVP-CLR ( RB ahead ) ) ( ADVP-MNR ( RB nervously ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NNP Wall ) ( NNP Street ) ( POS 's ) ) ( NN opening ) ) ) ) ) )

Thus market participants yesterday were looking ahead nervously to Wall Street 's opening


( S ( CC But ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ-1 ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ( VP ( VBD surged ) ( NP-EXT ( CD 88.12 ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB close ) ( PP-CLR ( IN at ) ( NP ( CD 2657.38 ) ) ) ) ) ) ( PP ( IN on ) ( NP ( NP ( JJ heavy ) ( NN volume ) ) ( PP ( IN of ) ( NP ( CD 416,290,000 ) ( NNS shares ) ) ) ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ ( VBG declining ) ( NNS issues ) ) ( ADVP ( RB still ) ) ( VP ( VBD outnumbered ) ( NP ( VBG advancing ) ( NNS ones ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( JJ broad ) ( NN market ) ) ) ) ) ) ) )

But in New York yesterday the Dow Jones Industrial Average surged 88.12 to close at 2657.38 on heavy volume of 416,290,000 shares although declining issues still outnumbered advancing ones on the broad market


( S ( NP-SBJ ( NP ( NNP Nobuto ) ( NNP Yasuda ) ) ( NP ( NP ( DT a ) ( NN director ) ) ( PP-LOC ( IN at ) ( NP ( NNP Yamaichi ) ( NNP Investment ) ( NNP Trust ) ( CC & ) ( NNP Management ) ( NNP Co. ) ) ) ) ) ( VP ( VBD called ) ( S ( NP-SBJ ( NP ( NN yesterday ) ( POS 's ) ) ( NN session ) ) ( NP-PRD ( NP ( DT a ) ( JJ good ) ( NN scenario ) ) ( PP ( IN for ) ( NP ( NNP Japan ) ) ) ) ) ) )

Nobuto Yasuda a director at Yamaichi Investment Trust & Management Co. called yesterday 's session a good scenario for Japan


( S ( S-TPC-2 ( ADVP-TMP ( RB Now ) ) ( NP-SBJ ( PRP we ) ) ( VP ( VBP are ) ( VP ( VBG looking ) ( PP-CLR ( IN for ) ( NP ( NP ( DT the ) ( NN time ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB place ) ( NP ( NN buy ) ( NNS orders ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

Now we are looking for the time to place buy orders he said


( S ( PP ( IN For ) ( NP ( PRP us ) ( JJ institutional ) ( NNS investors ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN chance ) ) ( PP ( IN for ) ( NP ( VBG buying ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN come ) ) ) )

For us institutional investors the chance for buying has come


( S ( NP-SBJ ( NP ( NNP Isao ) ( NNP Ushikubo ) ) ( NP ( NP ( JJ general ) ( NN manager ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN investment ) ( NN research ) ( NN department ) ) ( PP-LOC ( IN at ) ( NP ( NNP Toyo ) ( NNP Trust ) ( CC & ) ( NNP Banking ) ( NNP Co. ) ) ) ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ optimistic ) ) ) )

Isao Ushikubo general manager of the investment research department at Toyo Trust & Banking Co. also was optimistic


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD described ) ( NP ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NN plunge ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( JJ fleeting ) ( NN event ) ) ( VP ( VBG resulting ) ( PP ( IN in ) ( NP ( NN part ) ) ) ( PP-CLR ( IN from ) ( NP ( JJ excessive ) ( NN merger ) ( CC and ) ( NN acquisition ) ( NN activity ) ) ) ) ) ) ) )

He described Friday 's plunge in the U.S. as a fleeting event resulting in part from excessive merger and acquisition activity


( S ( S-TPC-2 ( SBAR-ADV ( IN Unless ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( NN panic ) ) ) ) ) ( NP-SBJ ( DT this ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJS best ) ( NN time ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB buy ) ) ) ) ) ) ( SBAR-ADV ( IN as ) ( SINV ( VBD was ) ( NP-SBJ ( DT the ) ( NP ( NN case ) ) ) ( ADVP-TMP ( NP ( CD two ) ( NNS years ) ) ( RB ago ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

Unless there is a panic this is the best time to buy as was the case two years ago he said


( S ( S ( NP-SBJ-1 ( NP ( DT Those ) ( NNS shares ) ) ( SBAR ( WHNP-3 ( WDT which ) ) ( S ( VP ( VBD had ) ( VP ( VBN posted ) ( NP ( NNS gains ) ) ( PP ( IN on ) ( NP ( NNP M&A ) ( NN speculation ) ) ) ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBN dashed ) ( PP-CLR ( IN with ) ( NP ( JJ cold ) ( NN water ) ) ) ) ) ) ( CC but ) ( S ( ADVP ( ADVP ( RB as ) ( RB far ) ) ( SBAR ( IN as ) ( S ( NP-SBJ-2 ( JJ major ) ( NNS stocks ) ) ( VP ( VBP are ) ( VP ( VBN concerned ) ) ) ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( JJ much ) ( NN impact ) ) ) ) )

Those shares which had posted gains on M&A speculation were dashed with cold water but as far as major stocks are concerned there is n't much impact


( S ( NP-SBJ ( JJ Other ) ( NN fund ) ( NNS managers ) ) ( VP ( VBD were ) ( ADJP-PRD ( RB similarly ) ( JJ sanguine ) ) ) )

Other fund managers were similarly sanguine


( SINV ( S-TPC-1 ( NP-SBJ-2 ( PRP We ) ) ( VP ( VBP have ) ( NP ( DT no ) ( NNS plans ) ( S ( VP ( TO to ) ( VP ( VB adjust ) ( NP ( NP ( PRP$ our ) ( NN asset ) ( NN allocation ) ) ( PP ( IN in ) ( NP ( JJ foreign ) ( NNS equities ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Masato ) ( NNP Murakami ) ) ( NP ( NP ( JJ chief ) ( NN portfolio ) ( NN manager ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN pension ) ( NN fund ) ( NN management ) ( NN department ) ) ( PP-LOC ( IN at ) ( NP ( NNP Yasuda ) ( NNP Trust ) ( CC & ) ( NNP Banking ) ( NNP Co ) ) ) ) ) ) ) )

We have no plans to adjust our asset allocation in foreign equities said Masato Murakami chief portfolio manager in the pension fund management department at Yasuda Trust & Banking Co


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNP Friday ) ( POS 's ) ) ( NNP Wall ) ( NNP Street ) ( NN decline ) ) ( VP ( VBD was ) ( PP-PRD ( RB well ) ( IN within ) ( NP ( NP ( DT the ) ( NN range ) ) ( PP ( IN of ) ( NP ( NN volatility ) ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( NNP Yasuda ) ( NNP Trust ) ) ( VP ( VBZ plans ) ( PP-CLR ( IN for ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ charts ) ( NP ( PRP$ its ) ( JJ overseas ) ( NN investment ) ( NN strategy ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He said Friday 's Wall Street decline was well within the range of volatility that Yasuda Trust plans for when it charts its overseas investment strategy


( S ( PP-LOC ( IN Among ) ( NP ( JJ other ) ( JJ Asian ) ( CC and ) ( JJ Pacific ) ( NNS markets ) ) ) ( NP-SBJ ( NNP Malaysia ) ( CC and ) ( NNP Singapore ) ) ( VP ( VBD had ) ( NP ( DT the ) ( JJS biggest ) ( NNS losses ) ) ( PP ( IN with ) ( S-NOM ( S ( NP-SBJ-1 ( NP ( DT the ) ( NNP Kuala ) ( NNP Lumpur ) ( JJ composite ) ( NN index ) ) ( PP-LOC ( IN in ) ( NP ( NNP Malaysia ) ) ) ) ( VP ( VBG falling ) ( NP-EXT-2 ( CD 11.5 ) ( NN % ) ) ) ) ( CC and ) ( S ( NP-SBJ=1 ( NP ( NNP Singapore ) ( POS 's ) ) ( NNP Straits ) ( NNP Times ) ( NNP Industrial ) ( NNP Index ) ) ( ADVP-PRD=2 ( RB down ) ( NP ( CD 10 ) ( NN % ) ) ) ) ) ) ) )

Among other Asian and Pacific markets Malaysia and Singapore had the biggest losses with the Kuala Lumpur composite index in Malaysia falling 11.5 % and Singapore 's Straits Times Industrial Index down 10 %


( S ( NP-SBJ ( JJ Major ) ( NNS indexes ) ) ( VP ( VBD declined ) ( NP-EXT ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 8 ) ) ( NN % ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Australia ) ) ( CC and ) ( NP ( NNP New ) ( NNP Zealand ) ) ) ) ) ( CC and ) ( NP ( NP ( CD 6.5 ) ( NN % ) ) ( PP-LOC ( IN in ) ( NP ( NNP Hong ) ( NNP Kong ) ) ) ) ) ) )

Major indexes declined more than 8 % in Australia and New Zealand and 6.5 % in Hong Kong


( S ( NP-SBJ ( NNP Bangkok ) ( NNP Manila ) ( NNP Seoul ) ( NNP Taipei ) ( CC and ) ( NNP Jakarta ) ) ( VP ( VBD escaped ) ( PP ( IN with ) ( NP ( ADJP ( RB slightly ) ( JJR smaller ) ) ( NNS losses ) ) ) ) )

Bangkok Manila Seoul Taipei and Jakarta escaped with slightly smaller losses


( S ( NP-SBJ ( NP ( NNS Brokers ) ) ( CC and ) ( NP ( NN fund ) ( NNS managers ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN region ) ( POS 's ) ) ( NNS markets ) ) ( VP ( VBD were ) ( VP ( VBG reacting ) ( PP-CLR ( TO to ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NNP Wall ) ( NNP Street ) ( NN plunge ) ) ) ( SBAR-ADV ( RB even ) ( IN though ) ( S ( NP-SBJ ( DT that ) ( NN decline ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ due ) ( PP ( TO to ) ( NP ( NP ( JJ local ) ( NNS factors ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( VBN failed ) ( JJ corporate ) ( NNS buy-outs ) ) ( CC and ) ( NP ( DT a ) ( VBG deteriorating ) ( NN junk-bond ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Brokers and fund managers said the region 's markets were reacting to Friday 's Wall Street plunge even though that decline was due to local factors such as failed corporate buy-outs and a deteriorating junk-bond market


( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( JJ pure ) ( NN psychology ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP William ) ( NNP Au ) ( NNP Yeung ) ) ( NP ( NP ( DT an ) ( NN account ) ( NN executive ) ) ( PP ( IN for ) ( NP ( NP ( NNP Drexel ) ( NNP Burnham ) ( NNP Lambert ) ( PRN ( NP-LOC ( NNP HK ) ) ) ( NNP Ltd. ) ) ( PP-LOC ( IN in ) ( NP ( NNP Hong ) ( NNP Kong ) ) ) ) ) ) ) )

It 's pure psychology said William Au Yeung an account executive for Drexel Burnham Lambert HK Ltd. in Hong Kong


( S ( S ( S ( NP-SBJ-1 ( NP ( NNS Markets ) ) ( PP-LOC ( IN in ) ( NP ( DT this ) ( NN region ) ) ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( ADVP ( RB so ) ) ( VBN geared ) ( PP-CLR ( TO to ) ( NP ( VBN leveraged ) ( NNS buy-outs ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP$ their ) ( NNS economies ) ) ( ADVP ( RB generally ) ) ( VP ( VBP are ) ( PP-PRD ( IN in ) ( NP ( JJ good ) ( NN shape ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT no ) ( NN doubt ) ( SBAR ( DT that ) ( S ( NP-SBJ ( NNP Asia ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB still ) ) ( VP ( VBG following ) ( NP ( NP ( NNP America ) ( POS 's ) ) ( NN lead ) ) ) ) ) ) ) ) ) )

Markets in this region are n't so geared to leveraged buy-outs and their economies generally are in good shape but there 's no doubt that Asia is still following America 's lead


( S ( NP-SBJ ( JJ Several ) ( NNS analysts ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Malaysia ) ( CC and ) ( NNP Singapore ) ) ( VP ( VBD had ) ( NP ( DT the ) ( JJS biggest ) ( NNS losses ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB relatively ) ( JJ open ) ( PP ( TO to ) ( NP ( JJ rapid ) ( NN cash ) ( NNS flows ) ) ) ) ) ) ) ) ) ) ) )

Several analysts said Malaysia and Singapore had the biggest losses because they are relatively open to rapid cash flows


( S ( S ( NP-SBJ ( NNP Hong ) ( NNP Kong ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN region ) ( POS 's ) ) ( ADJP ( JJ next ) ( RBS most ) ( JJ open ) ) ( NN market ) ) ) ) ( CC but ) ( S ( NP-SBJ ( JJ many ) ( JJ foreign ) ( NNS investors ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG staying ) ( PRT ( RP away ) ) ( PP-CLR ( IN from ) ( NP ( PRP it ) ) ) ( SBAR-TMP ( IN since ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD plunged ) ( PP-TMP ( IN in ) ( NP ( NNP June ) ) ) ( PP ( IN amid ) ( NP ( NP ( JJ political ) ( NN turmoil ) ) ( PP-LOC ( IN in ) ( NP ( NNP China ) ) ) ) ) ) ) ) ) ) ) ) )

Hong Kong is the region 's next most open market but many foreign investors have been staying away from it since it plunged in June amid political turmoil in China


( SINV ( S-TPC-5 ( NP-SBJ ( NNP Singapore ) ) ( VP ( VBD took ) ( NP ( DT the ) ( NN hit ) ) ( SBAR-PRP ( RB because ) ( S ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ-2 ( NNS people ) ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB get ) ( PRT ( RP out ) ) ) ) ) ) ) ) ( NP-SBJ-3 ( PRP they ) ) ( VP ( VBP tend ) ( S ( VP ( TO to ) ( VP ( VB go ) ( SBAR-DIR ( WHADVP-4 ( WRB where ) ) ( S ( NP-SBJ ( DT the ) ( NN liquidity ) ) ( VP ( VBZ is ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Elizabeth ) ( NNP Hambrecht ) ) ( NP ( NP ( DT a ) ( JJ regional ) ( NN analyst ) ) ( PP ( IN with ) ( NP ( NNP Baring ) ( NNP Securities ) ( PRN ( NP-LOC ( NNP Hong ) ( NNP Kong ) ) ) ( NNP Ltd ) ) ) ) ) )

Singapore took the hit because when people want to get out they tend to go where the liquidity is said Elizabeth Hambrecht a regional analyst with Baring Securities Hong Kong Ltd


( S ( NP-SBJ ( PRP She ) ) ( VP ( VBD pointed ) ( PRT ( RP out ) ) ( SBAR ( IN that ) ( S ( PP-TMP ( RB even ) ( IN after ) ( NP ( NP ( NNP Monday ) ( POS 's ) ) ( ADJP ( CD 10 ) ( NN % ) ) ( NN decline ) ) ) ( NP-SBJ ( DT the ) ( NNP Straits ) ( NNP Times ) ( NN index ) ) ( VP ( VBZ is ) ( ADVP-PRD ( RB up ) ( NP ( CD 24 ) ( NN % ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ( SBAR-ADV ( IN so ) ( S ( NP-SBJ ( NP ( NNS investors ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD bailed ) ( PRT ( RP out ) ) ) ) ) ) ( ADVP ( RB generally ) ) ( VP ( VBD did ) ( ADVP-PRD ( RB so ) ) ( ADVP-MNR ( RB profitably ) ) ) ) ) ) )

She pointed out that even after Monday 's 10 % decline the Straits Times index is up 24 % this year so investors who bailed out generally did so profitably


( S ( ADVP ( RB Similarly ) ) ( NP-SBJ ( NP ( NNP Kuala ) ( NNP Lumpur ) ( POS 's ) ) ( JJ composite ) ( NN index ) ) ( NP-TMP ( NN yesterday ) ) ( VP ( VBD ended ) ( NP ( NP ( CD 27.5 ) ( NN % ) ) ( PP ( IN above ) ( NP ( PRP$ its ) ( CD 1988 ) ( NN close ) ) ) ) ) )

Similarly Kuala Lumpur 's composite index yesterday ended 27.5 % above its 1988 close


( S ( PP-LOC ( IN In ) ( NP ( NNP Hong ) ( NNP Kong ) ) ) ( NP-SBJ-1 ( DT the ) ( NNP Hang ) ( NNP Seng ) ( NNP Index ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 180.60 ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB finish ) ( PP-CLR ( IN at ) ( NP ( CD 2601.70 ) ) ) ) ) ) ) )

In Hong Kong the Hang Seng Index fell 180.60 to finish at 2601.70


( S ( NP-SBJ ( NN Trading ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ heavy ) ) ( PP-CLR ( IN at ) ( NP ( NP ( QP ( RB about ) ( CD one ) ( CD billion ) ) ( NNS shares ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( QP ( CD 473.9 ) ( CD million ) ) ) ( NP-TMP ( NNP Friday ) ) ) ) ) ) ) ) )

Trading was heavy at about one billion shares compared with 473.9 million Friday


( S ( CC But ) ( NP-SBJ ( DT the ) ( NN session ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ orderly ) ) ( PP ( IN in ) ( NP ( NP ( NN contrast ) ) ( PP ( TO to ) ( NP ( NP ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( JJ four-day ) ( NN closure ) ) ( PP-TMP ( IN after ) ( NP ( DT the ) ( CD 1987 ) ( NN crash ) ) ) ) ) ) ) ) )

But the session was orderly in contrast to the market 's four-day closure after the 1987 crash


( S ( NP-SBJ ( NP ( NNP Richard ) ( NNP Chenevix-Trench ) ) ( NP ( NP ( DT a ) ( NN director ) ) ( PP-LOC ( IN at ) ( NP ( ADJP ( NNP Hong ) ( JJ Kong-based ) ) ( NNP Baring ) ( NNP International ) ( NNP Fund ) ( NNP Managers ) ( NNP Ltd. ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( ADVP ( RB probably ) ) ( VP ( VP ( VBZ has ) ( RB n't ) ( VP ( VBD hit ) ( NP ( NN bottom ) ) ( ADVP-TMP ( RB yet ) ) ) ) ( CC but ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ close ) ) ) ) ) ) ) )

Richard Chenevix-Trench a director at Hong Kong-based Baring International Fund Managers Ltd. said the market probably has n't hit bottom yet but is close


( S ( S-TPC-1 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( NNP New ) ( NNP York ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB collapse ) ) ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBP see ) ( NP ( QP ( RB maybe ) ( DT another ) ( CD 5 ) ) ( NN % ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN downside ) ) ) ( S-ADV ( VP ( RB not ) ( VBG counting ) ( NP ( NP ( DT the ) ( NN risk ) ) ( PP ( IN of ) ( NP ( NP ( JJ bad ) ( NN news ) ) ( PP-LOC ( IN out ) ( PP ( IN of ) ( NP ( NNP China ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

If New York does n't collapse I see maybe another 5 % on the downside not counting the risk of bad news out of China he said


( S ( PP-LOC ( IN In ) ( NP ( NNP Australia ) ) ) ( NP-SBJ ( NP ( NNP Sydney ) ( POS 's ) ) ( DT All ) ( NNP Ordinaries ) ( NN index ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 1601.5 ) ) ) ( ADVP ( RB down ) ( NP ( CD 8.1 ) ( NN % ) ) ) ( NP-ADV ( NP ( PRP$ its ) ( JJS biggest ) ( NN drop ) ) ( PP-TMP ( IN since ) ( NP ( NNP October ) ( CD 1987 ) ) ) ) ) )

In Australia Sydney 's All Ordinaries index closed at 1601.5 down 8.1 % its biggest drop since October 1987


( S ( CC But ) ( NP-SBJ ( NN volume ) ) ( VP ( VBD rose ) ( ADVP ( RB only ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 162 ) ( CD million ) ) ( NNS shares ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 143 ) ( CD million ) ) ) ( NP-TMP ( NNP Friday ) ) ) ) )

But volume rose only to 162 million shares from 143 million Friday


( S ( NP-SBJ ( NP ( NNP Nestor ) ( NNP Hinzack ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NN brokerage ) ( NN firm ) ( NNP Burdett ) ( NNP Buckeridge ) ( CC & ) ( NNP Young ) ( NNP Ltd. ) ) ) ) ) ( VP ( VBD described ) ( NP ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( NN performance ) ) ( PP-CLR ( IN as ) ( ADJP ( JJ sheep-like ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( VP ( VBD fled ) ( PP-DIR ( TO to ) ( NP ( JJ bluechip ) ( JJ Australian ) ( NNS stocks ) ) ) ) ( CC and ) ( VP ( VBD shunned ) ( NP ( NP ( JJ entrepreneurial ) ( NNS companies ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD perceived ) ( PP-CLR ( IN as ) ( S-NOM ( VP ( VBG having ) ( S ( NP-SBJ ( DT any ) ( NN takeover ) ( NN premium ) ) ( VP ( VBN built ) ( PP-CLR ( IN into ) ( NP ( DT the ) ( NN price ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Nestor Hinzack an analyst at brokerage firm Burdett Buckeridge & Young Ltd. described the market 's performance as sheep-like as investors fled to bluechip Australian stocks and shunned entrepreneurial companies they perceived as having any takeover premium built into the price


( S ( NP-SBJ ( NP ( NP ( NNP London ) ( POS 's ) ) ( NNP Financial ) ( NNP Times-Stock ) ( NNP Exchange ) ( JJ 100-share ) ( NN index ) ) ( NP ( DT the ) ( ADJP ( ADVP ( RBS most ) ( RB closely ) ) ( VBN watched ) ) ( NN market ) ( NN barometer ) ) ) ( VP ( VBD ended ) ( PP-CLR ( IN at ) ( NP ( NP ( PRP$ its ) ( JJ intraday ) ( NN high ) ) ( PP ( IN of ) ( NP ( CD 2163.4 ) ) ) ) ) ( ADVP ( RB down ) ( NP ( NP ( CD 70.5 ) ) ( CC or ) ( NP ( CD 3.2 ) ( NN % ) ) ) ) ) )

London 's Financial Times-Stock Exchange 100-share index the most closely watched market barometer ended at its intraday high of 2163.4 down 70.5 or 3.2 %


( S ( PP ( IN At ) ( NP ( PRP$ its ) ( JJ low ) ) ) ( SBAR-TMP ( RB shortly ) ( IN before ) ( S ( NP-SBJ ( NNP Wall ) ( NNP Street ) ) ( VP ( VBD opened ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( ADVP-PRD ( JJ off ) ( NP ( QP ( RBR more ) ( IN than ) ( CD 130 ) ) ( NNS points ) ) ) ) )

At its low shortly before Wall Street opened it was off more than 130 points


( S ( NP-SBJ ( DT The ) ( NNP Financial ) ( NNP Times ) ( JJ 30-share ) ( NN index ) ) ( VP ( VBD closed ) ( ADVP-CLR ( NP ( CD 79.3 ) ( NNS points ) ) ( RBR lower ) ) ( PP-CLR ( IN at ) ( NP ( CD 1738.7 ) ) ) ) )

The Financial Times 30-share index closed 79.3 points lower at 1738.7


( S ( NP-SBJ ( NN Volume ) ) ( VP ( ADVP ( RBR more ) ( IN than ) ) ( VBD doubled ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 959.3 ) ( CD million ) ) ( NNS shares ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 457.7 ) ( CD million ) ) ) ( NP-TMP ( NNP Friday ) ) ) ) )

Volume more than doubled to 959.3 million shares from 457.7 million Friday


( S ( NP-SBJ ( NP ( NNS Prices ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Frankfurt ) ( NNP Stock ) ( NNP Exchange ) ) ) ) ( VP ( VBD tumbled ) ( PP-LOC ( IN in ) ( NP ( JJ heavy ) ( NN trading ) ) ) ) )

Prices on the Frankfurt Stock Exchange tumbled in heavy trading


( S ( NP-SBJ ( NP ( DT The ) ( NN decline ) ) ( PP ( IN in ) ( NP ( DT the ) ( JJ German ) ( NNP Stock ) ( NNP Index ) ) ) ( PP ( IN of ) ( NP ( NP ( CD 203.56 ) ( NNS points ) ) ( CC or ) ( NP ( CD 12.8 ) ( NN % ) ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 1385.72 ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NP ( DT the ) ( NNP Frankfurt ) ( NN market ) ( POS 's ) ) ( JJS steepest ) ( NN fall ) ) ( ADVP-TMP ( RB ever ) ) ) ) )

The decline in the German Stock Index of 203.56 points or 12.8 % to 1385.72 was the Frankfurt market 's steepest fall ever


( S ( NP-SBJ ( JJ Retail ) ( NNS investors ) ) ( VP ( VBD dumped ) ( NP ( NNS holdings ) ) ( PP-MNR ( IN on ) ( NP ( DT a ) ( JJ massive ) ( NN scale ) ) ) ( S-ADV ( VP ( VBG pushing ) ( NP ( DT some ) ( JJ blue-chip ) ( NNS shares ) ) ( ADVP ( RB down ) ( NP ( QP ( RB as ) ( JJ much ) ( IN as ) ( CD 20 ) ) ( NN % ) ) ) ) ) ) )

Retail investors dumped holdings on a massive scale pushing some blue-chip shares down as much as 20 %


( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VBD cited ) ( NP ( NP ( NNS memories ) ) ( PP ( IN of ) ( NP-TMP ( NP ( NP ( CD two ) ( NNS years ) ) ( ADVP ( RB ago ) ) ) ( SBAR ( WHADVP-2 ( WRB when ) ) ( S ( S ( NP-SBJ ( JJ many ) ( JJ small ) ( NNS investors ) ) ( VP ( VBD held ) ( PP-CLR ( IN on ) ( PP ( TO to ) ( NP ( PRP$ their ) ( NNS shares ) ) ) ) ( PP-TMP ( IN after ) ( NP ( DT the ) ( NNP October ) ( NN crash ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( DT the ) ( ADJP ( JJ West ) ( JJ German ) ) ( NN market ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB decline ) ( ADVP-MNR ( RB steeply ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( JJ next ) ( CD three ) ( NNS months ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Analysts cited memories of two years ago when many small investors held on to their shares after the October crash but the West German market continued to decline steeply for the next three months


( S ( NP-SBJ ( RB Here ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NN price ) ( NNS trends ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN world ) ( POS 's ) ) ( JJ major ) ( NN stock ) ( NNS markets ) ) ) ( SBAR ( IN as ) ( S ( VP ( VBN calculated ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Morgan ) ( NNP Stanley ) ( NNP Capital ) ( NNP International ) ( NNP Perspective ) ) ( NP ( NNP Geneva ) ) ) ) ) ) ) ) ) )

Here are price trends on the world 's major stock markets as calculated by Morgan Stanley Capital International Perspective Geneva


( S ( S-PRP ( VP ( TO To ) ( VP ( VB make ) ( S ( NP-SBJ ( PRP them ) ) ( ADJP-PRD ( RB directly ) ( JJ comparable ) ) ) ) ) ) ( NP-SBJ-1 ( DT each ) ( NN index ) ) ( VP ( VBZ is ) ( VP ( VBN based ) ( PP-CLR ( IN on ) ( S-NOM ( NP-SBJ ( NP ( DT the ) ( NN close ) ) ( PP ( IN of ) ( NP ( CD 1969 ) ) ) ) ( VP ( VBG equaling ) ( NP ( CD 100 ) ) ) ) ) ) ) )

To make them directly comparable each index is based on the close of 1969 equaling 100


( S ( NP-SBJ ( DT The ) ( NN percentage ) ( NN change ) ) ( VP ( VBZ is ) ( PP-PRD ( IN since ) ( NP ( NN year-end ) ) ) ) )

The percentage change is since year-end


( S ( NP-SBJ ( NP ( NNP Whirlpool ) ( NNP Corp. ) ) ( NP-LOC ( NP ( NNP Benton ) ( NNP Harbor ) ) ( NP ( NNP Mich. ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN developed ) ( NP ( DT a ) ( NN process ) ( S ( VP ( TO to ) ( VP ( VB recover ) ( NP ( NP ( NP ( ADJP ( RB environmentally ) ( JJ harmful ) ) ( NNS chlorofluorocarbons ) ) ( CC or ) ( NP ( NNS CFCs ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( ADVP-TMP ( RB previously ) ) ( VBD entered ) ( NP ( DT the ) ( NN atmosphere ) ) ( PP-TMP ( IN during ) ( NP ( NP ( JJ in-home ) ( NN repair ) ) ( PP ( IN of ) ( NP ( NNS refrigerators ) ( CC and ) ( NNS freezers ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Whirlpool Corp. Benton Harbor Mich. said it has developed a process to recover environmentally harmful chlorofluorocarbons or CFCs that previously entered the atmosphere during in-home repair of refrigerators and freezers


( S ( NP-SBJ ( NP ( DT The ) ( NN maker ) ) ( PP ( IN of ) ( NP ( NN home ) ( NNS appliances ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN process ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ involves ) ( NP ( NP ( DT the ) ( NN use ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ multilayer ) ( NN plastic ) ( NN bag ) ) ) ( PP ( IN during ) ( NP ( NNS repairs ) ) ) ( SBAR-PRP ( S ( VP ( TO to ) ( VP ( VP ( VB capture ) ( NP ( DT the ) ( JJ gaseous ) ( NN substance ) ) ) ( CC and ) ( VP ( NN transport ) ( NP ( PRP it ) ) ( PP-DIR ( TO to ) ( NP ( DT a ) ( VBG recycling ) ( NN center ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VP ( VBZ is ) ( ADVP-TMP ( RB already ) ) ( PP-PRD ( IN in ) ( NP ( NN use ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT a ) ( NN number ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN service ) ( NNS centers ) ) ) ) ) ) ( CC and ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJ available ) ( PP ( TO to ) ( NP ( DT all ) ( VBN authorized ) ( NN repair ) ( NNS centers ) ) ) ) ( PP-TMP ( IN by ) ( NP ( NN spring ) ) ) ) ) ) ) ) ) )

The maker of home appliances said the process which involves the use of a multilayer plastic bag during repairs to capture the gaseous substance and transport it to a recycling center is already in use at a number of its service centers and will be available to all authorized repair centers by spring


( S ( NP-SBJ ( JJR Earlier ) ( NNS repairs ) ) ( VP ( VBD vented ) ( NP ( DT the ) ( NNS CFCs ) ) ( PP-DIR ( IN out ) ( PP ( IN of ) ( NP ( DT the ) ( NN home ) ) ) ) ( PP ( IN through ) ( NP ( DT a ) ( NN hose ) ) ) ( PP-DIR ( ADVP ( RB directly ) ) ( IN into ) ( NP ( DT the ) ( NN atmosphere ) ) ) ) )

Earlier repairs vented the CFCs out of the home through a hose directly into the atmosphere


( S ( NP-SBJ-1 ( NNS CFCs ) ) ( VP ( VBP are ) ( VP ( ADVP-LOC ( RB widely ) ) ( VBN used ) ( PP-CLR ( IN as ) ( NP ( NP ( NNS solvents ) ) ( NP ( NNS coolants ) ) ( CC and ) ( NP ( NN fire ) ( NNS suppressants ) ) ) ) ) ) )

CFCs are widely used as solvents coolants and fire suppressants


( S ( CC But ) ( S ( NP-SBJ-1 ( PRP$ their ) ( NN use ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN linked ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( ADJP ( RB potentially ) ( JJ dangerous ) ) ( NN depletion ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Earth ) ( POS 's ) ) ( NN ozone ) ( NN layer ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( NP ( DT a ) ( NN number ) ) ( PP ( IN of ) ( NP ( NNS companies ) ) ) ) ( VP ( VBP are ) ( VP ( VBG seeking ) ( S ( VP ( TO to ) ( VP ( VB curtail ) ( NP ( NP ( NN use ) ) ( CC or ) ( NP ( ADVP ( IN at ) ( JJS least ) ) ( NN emission ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN substance ) ) ) ) ) ) ) ) ) ) )

But their use has been linked to a potentially dangerous depletion of the Earth 's ozone layer and a number of companies are seeking to curtail use or at least emission of the substance


( S ( NP-SBJ ( NNP Whirpool ) ) ( VP ( VBD said ) ( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP see ) ( NP ( DT this ) ( NN process ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( ADJP ( JJ small ) ( CC but ) ( JJ important ) ) ( NN step ) ) ( PP ( IN toward ) ( NP ( NP ( JJ eventual ) ( NN elimination ) ) ( PP ( IN of ) ( NP ( NP ( NNP CFC ) ( NN use ) ) ( PP-LOC ( IN in ) ( NP ( NN appliance ) ( NN manufacture ) ) ) ) ) ) ) ) ) ) ) ) )

Whirpool said We see this process as a small but important step toward eventual elimination of CFC use in appliance manufacture


( S ( NP-SBJ ( NP ( NNP DPC ) ( NNP Acquisition ) ( NNP Partners ) ) ( NP ( NP ( DT a ) ( JJ hostile ) ( NN suitor ) ) ( PP ( IN for ) ( NP ( NNP Dataproducts ) ( NNP Corp. ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ intends ) ( S ( VP ( TO to ) ( VP ( VB launch ) ( NP ( NP ( DT a ) ( NN tender ) ( NN offer ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN computer ) ( NN printer ) ( NN maker ) ( POS 's ) ) ( JJ common ) ( NN stock ) ) ) ) ) ) ) ) ) ) ) )

DPC Acquisition Partners a hostile suitor for Dataproducts Corp. said it intends to launch a tender offer for the computer printer maker 's common stock


( S ( NP-SBJ ( NP ( NNP DPC ) ) ( NP ( NP ( DT a ) ( NN group ) ) ( VP ( VBD led ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP New ) ( NNP York ) ( NN investment ) ( NN firm ) ( NNP Crescott ) ( NNP Inc. ) ) ) ) ) ) ( VP ( ADVP ( RB also ) ) ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB file ) ( NP ( NP ( JJ preliminary ) ( NNS materials ) ) ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NNP Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ) ) ( VP-1 ( VBG regarding ) ( NP ( DT a ) ( NN shareholder ) ( NN solicitation ) ( S ( VP ( TO to ) ( VP ( VB oust ) ( NP ( NP ( NNP Dataproducts ) ( POS ' ) ) ( NN board ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

DPC a group led by the New York investment firm Crescott Inc. also said it plans to file preliminary materials with the Securities and Exchange Commission regarding a shareholder solicitation to oust Dataproducts ' board


( S ( S ( NP-SBJ ( NNP DPC ) ) ( VP ( VP ( VBZ holds ) ( NP ( NP ( DT a ) ( ADJP ( CD 7.8 ) ( NN % ) ) ( NN stake ) ) ( PP ( IN in ) ( NP ( NNP Dataproducts ) ) ) ) ) ( CC and ) ( VP ( VBD made ) ( NP ( NP ( DT a ) ( ADJP ( JJ 15-a-share ) ) ( NN bid ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN company ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP May ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NNP Dataproducts ) ( NN management ) ) ( VP ( VBD considered ) ( S ( NP-SBJ ( DT the ) ( ADJP ( QP ( CD 283.7 ) ( CD million ) ) ) ( NN proposal ) ) ( ADJP-PRD ( JJ unacceptable ) ) ) ) ) )

DPC holds a 7.8 % stake in Dataproducts and made a 15-a-share bid for the company in May but Dataproducts management considered the 283.7 million proposal unacceptable


( S ( NP-SBJ-1 ( DT A ) ( NNP DPC ) ( NN spokesman ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB elaborate ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( NN group ) ( POS 's ) ) ( JJ new ) ( NN plan ) ) ) ) ) ) ) )

A DPC spokesman declined to elaborate on the group 's new plan


( S ( PP-LOC ( IN In ) ( NP ( NNP American ) ( NNP Stock ) ( NNP Exchange ) ( NN composite ) ( NN trading ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ-1 ( NNP Dataproducts ) ( NNS shares ) ) ( VP ( VBD jumped ) ( NP-EXT ( CD 62.5 ) ( NNS cents ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB close ) ( PP-CLR ( IN at ) ( NP ( CD 9.375 ) ) ) ) ) ) ) )

In American Stock Exchange composite trading yesterday Dataproducts shares jumped 62.5 cents to close at 9.375


( S ( NP-SBJ ( NP ( NNP Dataproducts ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBG seeking ) ( NP ( DT a ) ( NN buyer ) ) ( PP-TMP ( IN for ) ( NP ( JJ several ) ( NNS months ) ) ) ) ) ) ) ) ) ( VP ( VP ( VBD announced ) ( NP ( DT a ) ( NN restructuring ) ( NN plan ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ) ( CC and ) ( VP ( VBD took ) ( NP ( PRP itself ) ) ( PP-CLR ( IN off ) ( NP ( DT the ) ( NN auction ) ( NN block ) ) ) ) ) )

Dataproducts which had been seeking a buyer for several months announced a restructuring plan in September and took itself off the auction block


( S ( NP-SBJ ( NP ( DT The ) ( NN company ) ( POS 's ) ) ( NN restructuring ) ) ( VP ( VBZ includes ) ( NP ( NNS plans ) ( S ( VP ( VP ( TO to ) ( VP ( VB split ) ( PP-CLR ( IN into ) ( NP ( CD three ) ( NNS sectors ) ) ) ) ) ( VP ( TO to ) ( VP ( NN phase ) ( PRT ( RP out ) ) ( NP ( JJ domestic ) ( NN printer ) ( VBG manufacturing ) ( NNS operations ) ) ) ) ( CC and ) ( VP ( TO to ) ( VP ( VB sell ) ( NP ( PRP$ its ) ( NNP New ) ( NNP England ) ( NN subsidiary ) ) ) ) ) ) ) ) )

The company 's restructuring includes plans to split into three sectors to phase out domestic printer manufacturing operations and to sell its New England subsidiary


( S ( PP ( IN As ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN plan ) ) ) ) ) ( NP-SBJ ( NNP Dataproducts ) ) ( VP ( VBD announced ) ( NP ( DT a ) ( NN pact ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( QP ( CD 63 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ real ) ( NN estate ) ( NNS holdings ) ) ) ) ( PP-DTV ( TO to ) ( NP ( NP ( NNP Trizec ) ( NNP Properties ) ( NNP Inc. ) ) ( NP ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NP ( NNP Canada ) ( POS 's ) ) ( NNP Trizec ) ( NNP Corp ) ) ) ) ) ) ) ) ) ) ) )

As part of the plan Dataproducts announced a pact to sell 63 million of its real estate holdings to Trizec Properties Inc. a unit of Canada 's Trizec Corp


( S ( NP-SBJ ( NP ( NNP Jack ) ( NNP Davis ) ) ( NP ( NP ( NNP Dataproducts ) ( POS ' ) ) ( NX ( NX ( NN president ) ) ( NX ( NN chairman ) ) ( CC and ) ( NX ( JJ chief ) ( JJ executive ) ( NN officer ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN company ) ) ( VP ( VBZ is ) ( PP-PRD ( IN at ) ( NP ( DT a ) ( NN loss ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB understand ) ( NP ( NP ( NNP DPC ) ( POS 's ) ) ( NNS intentions ) ) ) ) ) ) ) ) ) )

Jack Davis Dataproducts ' president chairman and chief executive officer said the company is at a loss to understand DPC 's intentions


( S ( NP-SBJ ( PRP He ) ) ( VP ( VP ( VBD called ) ( S ( NP-SBJ ( NP ( NN today ) ( POS 's ) ) ( NN announcement ) ) ( ADJP-PRD ( JJ opportunistic ) ( CC and ) ( JJ disruptive ) ) ) ) ( CC and ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN company ) ) ( VP ( VBZ intends ) ( S ( VP ( TO to ) ( VP ( VB proceed ) ( PP-CLR ( IN with ) ( NP ( PRP$ its ) ( NN restructuring ) ) ) ) ) ) ) ) ) ) ) )

He called today 's announcement opportunistic and disruptive and said the company intends to proceed with its restructuring


( S ( NP-SBJ-1 ( NNP Chicago ) ( NN investor ) ( NNP William ) ( NNP Farley ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( CD three ) ( NNS divisions ) ) ( PP ( IN of ) ( NP ( NNP Cluett ) ( NNP Peabody ) ( CC & ) ( NNP Co. ) ) ) ) ( PP-CLR ( IN for ) ( NP ( QP ( RB about ) ( CD 600 ) ( CD million ) ) ) ) ( PP-DTV ( TO to ) ( NP ( NP ( NNP Bidermann ) ( NNP S.A. ) ) ( NP ( NP ( DT a ) ( ADJP ( RB closely ) ( VBN held ) ) ( NN clothing ) ( NN maker ) ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NNP Paris ) ) ) ) ) ) ) ) ) ) ) )

Chicago investor William Farley agreed to sell three divisions of Cluett Peabody & Co. for about 600 million to Bidermann S.A. a closely held clothing maker based in Paris


( S ( PP-TMP ( RB Shortly ) ( IN after ) ( S-NOM ( VP ( VBG completing ) ( NP ( NP ( DT the ) ( ADJP ( QP ( CD 1.56 ) ( CD billion ) ) ) ( NN acquisition ) ) ( PP ( IN of ) ( NP ( NNP West ) ( NNP Point-Pepperell ) ( NNP Inc. ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP April ) ) ) ) ) ) ( NP-SBJ-1 ( NP ( NP ( NNP Mr. ) ( NNP Farley ) ( POS 's ) ) ( VBG holding ) ( NN company ) ) ( NP ( NNP Farley ) ( NNP Inc. ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBG considering ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( NNP Cluett ) ) ( NP ( NP ( DT a ) ( JJ leading ) ( NN shirt ) ( NN maker ) ) ( CC and ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( NNP West ) ( NNP Point-Pepperell ) ( POS 's ) ) ( JJS biggest ) ( NNS units ) ) ) ) ) ) ) ) ) ) ) ) ) )

Shortly after completing the 1.56 billion acquisition of West Point-Pepperell Inc. in April Mr. Farley 's holding company Farley Inc. said it was considering the sale of Cluett a leading shirt maker and one of West Point-Pepperell 's biggest units


( SINV ( VP-TPC-4 ( VBN Included ) ( PP-CLR ( IN in ) ( NP ( DT the ) ( NN sale ) ) ) ) ( VP ( VBP are ) ) ( NP-SBJ-5 ( NP ( NNP Cluett ) ( NNS units ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VP ( VBP make ) ( NP-2 ( NP ( NNS men ) ( POS 's ) ) ( NNS shirts ) ) ( PP-MNR-3 ( IN under ) ( NP ( DT the ) ( NNP Arrow ) ( NN name ) ) ) ) ( VP ( NP=2 ( NNS socks ) ) ( PP-MNR=3 ( IN under ) ( NP ( DT the ) ( NNP Gold ) ( NNP Toe ) ( NN name ) ) ) ) ( CC and ) ( VP ( NP=2 ( NN menswear ) ) ( PP-MNR=3 ( IN through ) ( NP ( DT the ) ( NNP Schoeneman ) ( NN division ) ) ) ) ) ) ) ) )

Included in the sale are Cluett units that make men 's shirts under the Arrow name socks under the Gold Toe name and menswear through the Schoeneman division


( S ( NP-SBJ ( DT The ) ( NNS companies ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN agreement ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ subject ) ( PP ( PP ( TO to ) ( NP ( NP ( NP ( NNP Bidermann ) ( POS 's ) ) ( NN receipt ) ) ( PP ( IN of ) ( NP ( NN financing ) ) ) ) ) ( CC and ) ( PP ( TO to ) ( NP ( UCP ( JJ regulatory ) ( CC and ) ( JJ other ) ) ( NNS approvals ) ) ) ) ) ) ) ) ) )

The companies said the agreement is subject to Bidermann 's receipt of financing and to regulatory and other approvals


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( DT the ) ( NN sale ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN concluded ) ( PP ( IN by ) ( NP-TMP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( NNP November ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

They said the sale is expected to be concluded by the end of November


( S ( NP-SBJ ( NNP Mr. ) ( NNP Farley ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( CD three ) ) ( PP ( IN of ) ( NP ( NP ( NNP Cluett ) ( POS 's ) ) ( CD four ) ( JJ main ) ( NNS divisions ) ) ) ) ) ) ( CC plus ) ( NP ( JJ other ) ( VBN anticipated ) ( NNP West ) ( NNP Point-Pepperell ) ( NN asset ) ( NNS sales ) ) ) ( PP-TMP ( IN by ) ( NP ( NNP December ) ) ) ) ( VP ( MD should ) ( VP ( VB bring ) ( PRT ( RP in ) ) ( NP ( NP ( DT a ) ( NN total ) ) ( PP ( IN of ) ( NP ( QP ( RB about ) ( CD 700 ) ( CD million ) ) ) ) ) ) ) ) ) ) )

Mr. Farley said the sale of three of Cluett 's four main divisions plus other anticipated West Point-Pepperell asset sales by December should bring in a total of about 700 million


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB elaborate ) ( PP-CLR ( IN on ) ( NP ( NP ( JJ other ) ( NN asset ) ( NNS sales ) ) ( VP ( VBG being ) ( VP ( VBN considered ) ) ) ) ) ) ) )

He did n't elaborate on other asset sales being considered


( S ( NP-SBJ ( NNP Mr. ) ( NNP Farley ) ) ( VP ( VBD followed ) ( NP ( DT a ) ( JJ similar ) ( NN pattern ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VP ( VBD acquired ) ( NP ( NNP Northwest ) ( NNP Industries ) ( NNP Inc. ) ) ) ( CC and ) ( VP ( ADVP-TMP ( RB then ) ) ( VBN sold ) ( NP ( NP ( JJ much ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS assets ) ) ) ) ) ) ) ) ) )

Mr. Farley followed a similar pattern when he acquired Northwest Industries Inc. and then sold much of its assets


( S ( CC But ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD kept ) ( NP ( NP ( NP ( NNP Fruit ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Loom ) ( NNP Inc. ) ) ) ) ( NP ( NP ( DT the ) ( NN underwear ) ( NN maker ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( PRP he ) ) ( ADVP ( RB still ) ) ( VP ( VP ( VBZ controls ) ) ( CC and ) ( VP ( VBZ serves ) ( PP-CLR ( IN as ) ( NP ( NP ( NN chairman ) ) ( CC and ) ( NP ( JJ chief ) ( NN executive ) ) ) ) ) ) ) ) ) ) ) )

But he kept Fruit of the Loom Inc. the underwear maker that he still controls and serves as chairman and chief executive


( S ( NP-SBJ ( NNP Cluett ) ) ( VP ( VBD was ) ( NP-PRD ( DT an ) ( JJ independent ) ( NN company ) ) ( SBAR-ADV ( IN until ) ( S ( NP-SBJ ( NNP West ) ( NNP Point-Pepperell ) ) ( VP ( VBD acquired ) ( NP ( PRP it ) ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( CD 375 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NN cash ) ( CC and ) ( NN stock ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1986 ) ) ) ) ) ) ) )

Cluett was an independent company until West Point-Pepperell acquired it for 375 million in cash and stock in 1986


( S ( PP-TMP ( IN In ) ( NP ( NP ( DT the ) ( JJ fiscal ) ( NN year ) ) ( VP ( VBN ended ) ( NP-TMP-CLR ( NNP Sept. ) ( CD 30 ) ( CD 1988 ) ) ) ) ) ( NP-SBJ ( NNP Cluett ) ) ( VP ( VBD had ) ( NP ( NP ( NN operating ) ( NN profit ) ) ( PP ( IN of ) ( NP ( QP ( CD 37 ) ( CD million ) ) ) ) ( PP ( IN on ) ( NP ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( QP ( CD 757 ) ( CD million ) ) ) ) ) ) ) ) )

In the fiscal year ended Sept. 30 1988 Cluett had operating profit of 37 million on sales of 757 million


( S ( NP-SBJ ( NNP Bidermann ) ) ( VP ( VBZ sells ) ( NP ( NNS clothes ) ) ( PP-LOC ( IN under ) ( NP ( NP ( JJ various ) ( NNS labels ) ) ( PP ( VBG including ) ( NP ( NP ( NNP Yves ) ( NNP Saint ) ( NNP Laurent ) ) ( CC and ) ( NP ( NP ( NNP Bill ) ( NNP Robinson ) ) ( PP ( IN for ) ( NP ( NNS men ) ) ) ) ( CC and ) ( NP ( NP ( NNP Ralph ) ( NNP Lauren ) ) ( PP ( IN for ) ( NP ( NNS women ) ) ) ) ) ) ) ) ) )

Bidermann sells clothes under various labels including Yves Saint Laurent and Bill Robinson for men and Ralph Lauren for women


( S ( NP-SBJ ( DT A ) ( NN spokesman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD had ) ( NP ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( QP ( CD 400 ) ( CD million ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ) ) ) ) )

A spokesman said the company had sales of 400 million in 1988


( S ( PP-LOC ( IN In ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ( NP-SBJ ( NNP West ) ( NNP Point-Pepperell ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 25 ) ( NNS cents ) ) ( PP-DIR ( TO to ) ( NP ( CD 53.875 ) ) ) ) )

In New York Stock Exchange composite trading West Point-Pepperell fell 25 cents to 53.875


Idle Thought


( S ( S-PRP ( VP ( VP ( TO To ) ( VP ( VB spend ) ( NP ( DT a ) ( JJ carefree ) ( JJ idle ) ( NN day ) ) ) ) ( VP ( SBAR-TMP ( WHADVP-2 ( WRB When ) ) ( S ( NP-SBJ ( NN duty ) ) ( VP ( VBZ calls ) ) ) ) ( TO to ) ( VP ( VB pay ) ( NP ( DT no ) ( NN heed ) ) ) ) ( VP ( TO To ) ( VP ( VB while ) ( NP ( DT the ) ( JJ precious ) ( NNS hours ) ) ( PRT ( RB away ) ) ) ) ) ) ( NP-SBJ ( NN Character ) ) ( VP ( VBZ is ) ( SBAR-NOM-PRD ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP need ) ) ) ) ) )

To spend a carefree idle day When duty calls to pay no heed To while the precious hours away Character is what you need


May Richstone


Telecussed


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN guy ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBZ throws ) ( NP ( DT an ) ( NN intercept ) ) ( SBAR-PRP ( IN 'Cause ) ( S ( NP-SBJ ( PRP$ his ) ( NN receiver ) ) ( VP ( VBZ slips ) ) ) ) ) ) ) ) ( VP ( MD Should ) ( VP ( ADVP ( RB somehow ) ) ( VB be ) ( VP ( VBN advised ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( PRP we ) ) ( PP-LOC ( IN At ) ( NP ( NN home ) ) ) ) ( VP ( MD can ) ( VP ( VB read ) ( NP ( PRP$ his ) ( NNS lips ) ) ) ) ) ) ) ) ) )

The guy who throws an intercept 'Cause his receiver slips Should somehow be advised that we At home can read his lips


Dick Emmons


( S ( NP-SBJ ( NP ( NNP Omnicare ) ( NNP Inc. ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ intends ) ( S ( VP ( TO to ) ( VP ( VB expand ) ( NP ( NP ( PRP$ its ) ( NN position ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( ADJP ( JJ medical ) ( CC and ) ( JJ dental ) ) ( NNS markets ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD acquired ) ( NP ( DT a ) ( NN cotton ) ( CC and ) ( NN gauze ) ( NNS products ) ( NN division ) ) ( PP ( IN from ) ( NP ( ADJP ( RB closely ) ( VBN held ) ) ( NNP Sterile ) ( NNP Products ) ( NNP Corp. ) ) ) ( PP-CLR ( IN for ) ( NP ( QP ( CD 8.2 ) ( CD million ) ) ) ) ) ) ) ) )

Omnicare Inc. which intends to expand its position in the medical and dental markets said it acquired a cotton and gauze products division from closely held Sterile Products Corp. for 8.2 million


( S ( NP-SBJ ( NNP Omnicare ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ ( DT the ) ( NN division ) ) ( VP ( VP ( TO to ) ( VP ( VB add ) ( NP ( JJ substantial ) ( NNS sales ) ( NN volume ) ) ) ) ( CC and ) ( VP ( TO to ) ( VP ( VB make ) ( NP ( NP ( DT a ) ( JJ positive ) ( NN contribution ) ) ( PP ( TO to ) ( NP ( PRP$ our ) ( NNS earnings ) ) ) ) ( UCP-TMP ( PP ( IN in ) ( NP ( CD 1990 ) ) ) ( CC and ) ( ADVP ( IN beyond ) ) ) ) ) ) ) ) ) ) ) )

Omnicare said it expects the division to add substantial sales volume and to make a positive contribution to our earnings in 1990 and beyond


( S ( PP-TMP ( IN In ) ( NP ( CD 1988 ) ) ) ( NP-SBJ ( DT the ) ( NNP Cincinnati ) ( NN company ) ) ( VP ( VBD earned ) ( NP ( NP ( QP ( CD 3.1 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 32 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP ( IN on ) ( NP ( NP ( NN revenue ) ) ( PP ( IN of ) ( NP ( QP ( CD 148.5 ) ( CD million ) ) ) ) ) ) ) )

In 1988 the Cincinnati company earned 3.1 million or 32 cents a share on revenue of 148.5 million


( S ( NP-SBJ ( NNP Omnicare ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN division ) ) ( VP ( VP ( VBZ operates ) ( PP-LOC ( IN under ) ( NP ( DT the ) ( NN trade ) ( NN name ) ( NNP ACCO ) ) ) ) ( CC and ) ( VP ( VBZ supplies ) ( NP ( DT the ) ( ADJP ( JJ medical ) ( CC and ) ( JJ dental ) ) ( NNS markets ) ) ) ) ) ) ) )

Omnicare said the division operates under the trade name ACCO and supplies the medical and dental markets


( S ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( NN business ) ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NNP St. ) ( NNP Louis ) ) ) ) ) ( VP ( VBD had ) ( NP ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 14 ) ( CD million ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ fiscal ) ( NN year ) ) ( VP ( VBN ended ) ( NP-TMP-CLR ( NNP March ) ( CD 31 ) ) ) ) ) ) ) ( NP-SBJ ( NNP Omnicare ) ) ( VP ( VBD said ) ) )

The business based in St. Louis had sales of more than 14 million in the fiscal year ended March 31 Omnicare said


( S ( NP-SBJ ( NP ( NNP Steve ) ( NNP Clark ) ) ( NP ( DT a ) ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ( NNP Inc. ) ( NN trader ) ) ) ( VP ( VBD reported ) ( PP-CLR ( IN for ) ( NP ( NN work ) ) ) ( PP-TMP ( IN at ) ( NP ( NP ( CD 5 ) ( NN a.m. ) ) ( PP ( NP-ADV ( QP ( CD two ) ( CC and ) ( DT a ) ( NN half ) ) ( NNS hours ) ) ( IN before ) ( NP ( DT the ) ( JJ usual ) ( NNP Monday ) ( NN morning ) ( NN strategy ) ( NN meeting ) ) ) ) ) ) )

Steve Clark a Shearson Lehman Hutton Inc. trader reported for work at 5 a.m. two and a half hours before the usual Monday morning strategy meeting


( S ( PP-LOC ( IN At ) ( NP ( NNP Jefferies ) ( CC & ) ( NNP Co. ) ) ) ( S ( NP-SBJ ( NNP J. ) ( NNP Francis ) ( NNP Palamara ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB reach ) ( NP ( DT the ) ( NN office ) ) ( PP-TMP ( IN until ) ( NP ( CD 5:30 ) ( NN a.m. ) ) ) ) ) ) ( CC but ) ( RB then ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( ADVP-PRD ( RB up ) ) ( NP-TMP ( NP ( RBS most ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN night ) ) ) ) ( PP-LOC ( IN at ) ( NP ( NN home ) ) ) ) ) ) )

At Jefferies & Co. J. Francis Palamara did n't reach the office until 5:30 a.m. but then he had been up most of the night at home


( S ( S-TPC-2 ( NP-SBJ ( PRP I ) ) ( VP ( VBD had ) ( NP ( NP ( NNS calls ) ) ) ( ADVP-TMP ( NP ( DT all ) ( NN night ) ) ( RB long ) ) ( PP-1 ( IN from ) ( NP ( DT the ) ( NNP States ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

I had calls all night long from the States he said