( S-1 ( NP-SBJ ( DT A ) ( JJR harder ) ( NN sell ) ) ( PRN ( SINV ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP John ) ( NNP Kosar ) ) ( NP ( NP ( DT the ) ( NN firm ) ( POS 's ) ) ( NN president ) ) ) ) ) ( VP ( MD would ) ( VP ( VB detract ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NN profession ) ) ) ) ) )

A harder sell says John Kosar the firm 's president would detract from the profession


( S ( S ( NP-SBJ-1 ( NNS Hospitals ) ) ( VP ( VBP have ) ( VP ( VBN signed ) ( PRT ( RP up ) ) ( S ( VP ( TO to ) ( VP ( VB use ) ( NP ( DT the ) ( NNS messages ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB promote ) ( NP ( NNS fundraisers ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-3 ( NNP Equitable ) ( NNP Gas ) ( NNP Co. ) ) ( VP ( VBZ is ) ( VP ( VBG considering ) ( NP ( DT the ) ( NN format ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB offer ) ( NP ( NN energy ) ( NNS tips ) ) ( PP-DTV ( TO to ) ( NP ( NNS consumers ) ) ) ) ) ) ) ) ) )

Hospitals have signed up to use the messages to promote fundraisers and Equitable Gas Co. is considering the format to offer energy tips to consumers


( S ( CC But ) ( NP-SBJ ( JJ such ) ( NNS spots ) ) ( VP ( MD can ) ( VP ( VB be ) ( ADJP-PRD ( RB too ) ( JJ soft ) ) ) ) )

But such spots can be too soft


( SINV ( S-TPC-2 ( NP-SBJ ( EX There ) ) ( VP ( VBZ 's ) ( ADVP ( RB always ) ) ( NP-PRD ( NP ( DT a ) ( NN risk ) ) ( PP ( IN of ) ( NP ( VBN lost ) ( NNS messages ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP John ) ( NNP Fitzgerald ) ) ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( NNP Ketchum ) ( NNP Advertising ) ( NNP USA ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD created ) ( NP ( JJ similar ) ( NN radio ) ( NNS spots ) ) ( PP ( IN for ) ( NP ( NNP Pittsburgh ) ( NNP National ) ( NNP Bank ) ) ) ) ) ) ) ) ) ) )

There 's always a risk of lost messages says John Fitzgerald chairman of Ketchum Advertising USA which created similar radio spots for Pittsburgh National Bank


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT a ) ( NN question ) ) ( PP ( IN of ) ( SBAR-NOM ( WHNP-1 ( WHADJP ( WRB how ) ( JJ much ) ) ( NN credibility ) ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP gain ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ possible ) ( NN loss ) ) ( PP ( IN of ) ( NP ( NN recognition ) ) ) ) ) ) ) ) ) ) ) )

It 's a question of how much credibility you gain for the possible loss of recognition


( S-HLN ( NP-SBJ ( NN Retailer ) ) ( VP ( VBZ Sees ) ( NP ( NNS Pitfalls ) ) ( PP-LOC ( IN In ) ( NP ( JJ Environmental ) ( NN Push ) ) ) ) )

Retailer Sees Pitfalls In Environmental Push


( SINV ( NP-LOC-PRD-TPC-2 ( RB HERE ) ) ( VP ( VBZ 'S ) ) ( NP-SBJ ( NP ( DT a ) ( NN retailer ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ 's ) ( VP ( VBG getting ) ( ADJP-PRD ( JJ tough ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN push ) ) ( PP ( IN for ) ( NP ( ADJP ( RB environmentally ) ( JJ safe ) ) ( NN packaging ) ( CC and ) ( NNS products ) ) ) ) ) ) ) ) ) ) )

HERE 'S a retailer that 's getting tough in the push for environmentally safe packaging and products


( S ( NP-SBJ-2 ( NP ( NNP Big ) ( NNP Bear ) ( NNP Supermarkets ) ( NNP Inc. ) ) ( NP ( NP ( DT a ) ( NN grocery ) ( NN chain ) ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NNP San ) ( NNP Diego ) ) ) ) ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VP ( VB display ) ( NP ( NP ( NN shelf ) ( NNS cards ) ) ) ) ( CC and ) ( VP ( VB distribute ) ( NP ( NP ( NNS pamphlets ) ) ) ) ( VP-1 ( VBG recommending ) ( NP ( NP ( NNS products ) ) ( VP ( VBN deemed ) ( ADJP ( JJ safe ) ( PP ( IN for ) ( NP ( DT the ) ( NN environment ) ) ) ) ) ) ) ) ) ) ) )

Big Bear Supermarkets Inc. a grocery chain based in San Diego plans to display shelf cards and distribute pamphlets recommending products deemed safe for the environment


( S ( NP-SBJ-1 ( DT The ) ( NNS choices ) ) ( VP ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN based ) ( PP-CLR ( IN on ) ( NP ( NP ( NN research ) ) ( PP ( IN by ) ( NP ( DT the ) ( NNP San ) ( NNP Diego ) ( NNP Environmental ) ( NNP Health ) ( NNP Coalition ) ) ) ) ) ) ) ) ( CC and ) ( VP ( MD will ) ( VP ( VB include ) ( NP ( NP ( NNS products ) ) ( PP ( IN like ) ( NP ( NP ( NP ( NNP Murphy ) ( POS 's ) ) ( NNP Oil ) ( NNP Soap ) ) ( CC and ) ( NP ( JJ other ) ( JJ noncorrosive ) ( NNS cleaners ) ) ) ) ) ) ) ) )

The choices will be based on research by the San Diego Environmental Health Coalition and will include products like Murphy 's Oil Soap and other noncorrosive cleaners


( S ( CC But ) ( NP-SBJ ( DT the ) ( NN chain ) ) ( VP ( VBZ is ) ( VP ( ADVP ( RB quickly ) ) ( VBG realizing ) ( NP ( NP ( DT the ) ( NNS pitfalls ) ) ( PP ( IN of ) ( NP ( JJ such ) ( NNS endorsements ) ) ) ) ) ) )

But the chain is quickly realizing the pitfalls of such endorsements


( S ( PP ( IN For ) ( NP ( NN example ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VP ( VBZ recommends ) ( NP ( JJ nonchlorinated ) ( NN dishwasher ) ( NN detergent ) ) ) ( CC and ) ( VP ( VBZ puts ) ( NP ( NNP Sunlight ) ) ( PP-PUT ( IN on ) ( NP ( PRP$ its ) ( ADJP ( RB environmentally ) ( JJ safe ) ) ( NN list ) ) ) ) ) )

For example it recommends nonchlorinated dishwasher detergent and puts Sunlight on its environmentally safe list


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB thrill ) ( NP ( NP ( NNP Procter ) ( CC & ) ( NNP Gamble ) ( NNP Co. ) ) ( NP ( NP ( NN maker ) ) ( PP ( IN of ) ( NP ( NNP Cascade ) ( NN dishwasher ) ( NN detergent ) ) ) ) ) ) ) )

That does n't thrill Procter & Gamble Co. maker of Cascade dishwasher detergent


( S ( NP-SBJ-1 ( DT A ) ( NN company ) ( NN spokesman ) ) ( VP ( VBD questioned ) ( NP ( NP ( DT the ) ( NN validity ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN list ) ) ) ) ( S-ADV ( VP ( VBG noting ) ( SBAR ( DT that ) ( S ( NP-SBJ ( NN chlorine ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ present ) ( PP-LOC ( IN in ) ( NP ( DT all ) ( JJ major ) ( NN dishwasher ) ( NNS detergents ) ) ) ) ) ) ) ) ) ) )

A company spokesman questioned the validity of the list noting that chlorine is present in all major dishwasher detergents


( S ( PP ( IN In ) ( NP ( NN fact ) ) ) ( NP-SBJ ( NNP Lever ) ( NNP Bros. ) ) ( VP ( VBZ confirms ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP$ its ) ( NNP Sunlight ) ( NN brand ) ) ( VP ( VBZ does ) ( VP ( VB contain ) ( NP ( NN chlorine ) ( NN bleach ) ) ( SBAR-ADV ( RB even ) ( IN though ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( VBN listed ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NN label ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN powder ) ( NN version ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In fact Lever Bros. confirms that its Sunlight brand does contain chlorine bleach even though it is n't listed on the label for the powder version


( S ( NP-SBJ ( NP ( NNP Thomas ) ( NNP G. ) ( NNP Dahlen ) ) ( NP ( NP ( NNP Big ) ( NNP Bear ) ( POS 's ) ) ( JJ executive ) ( NN vice ) ( NN president ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN chain ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB still ) ) ( VP ( VBG reviewing ) ( NP ( PRP$ its ) ( NN product ) ( NN list ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB avoid ) ( NP ( JJ such ) ( NNS problems ) ) ) ) ) ) ) ) ) ) )

Thomas G. Dahlen Big Bear 's executive vice president said the chain is still reviewing its product list to avoid such problems


( S ( S-TPC-1 ( NP-SBJ ( PRP$ Our ) ( NN intent ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( TO to ) ( VP ( VB promote ) ( NP ( DT the ) ( JJS best ) ( NN alternative ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

Our intent is to promote the best alternative he says


( S ( CC And ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ important ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VB be ) ( ADJP-PRD ( JJ accurate ) ) ) ) ) ) )

And it 's important that we be accurate


( S ( CC But ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN end ) ) ) ( NP-SBJ ( NP ( NNS customers ) ( POS ' ) ) ( NNS wishes ) ) ( VP ( VBP are ) ( SBAR-PRD ( WHNP-1 ( WP what ) ) ( S ( VP ( MD will ) ( VP ( VB prevail ) ) ) ) ) ) )

But in the end customers ' wishes are what will prevail


( S ( NP-SBJ ( NNP Big ) ( NNP Bear ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB care ) ( PP-CLR ( IN for ) ( NP ( NP ( JJ disposable ) ( NNS diapers ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP are ) ( RB n't ) ( ADJP-PRD ( JJ biodegradable ) ) ) ) ) ) ) ) ) )

Big Bear does n't care for disposable diapers which are n't biodegradable


( S ( CC Yet ) ( NP-SBJ ( NNS parents ) ) ( VP ( VBP demand ) ( NP ( PRP them ) ) ) )

Yet parents demand them


( SINV ( VP ( VBZ Says ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Dahlen ) ) ( S-3 ( NP-SBJ-1 ( PRP We ) ) ( VP ( MD 'll ) ( ADVP-TMP ( RB still ) ) ( VP ( VB be ) ( VP ( VBN forced ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( NNS items ) ) ( SBAR ( S ( NP-SBJ ( PRP we ) ) ( VP ( MD might ) ( RB not ) ( VP ( ADVP-MNR ( RB philosophically ) ) ( VB agree ) ( PP-CLR ( IN with ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Says Mr. Dahlen We 'll still be forced to sell items we might not philosophically agree with


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

Odds and Ends


( S-HLN ( NP-SBJ ( NN NEATNESS ) ) ( VP ( VBZ does ) ( VP ( VB count ) ( PP-LOC ( ADVP ( IN at ) ( JJS least ) ) ( IN in ) ( NP ( DT the ) ( NN grocery ) ( NN store ) ) ) ) ) )

NEATNESS does count at least in the grocery store


( S ( NP-SBJ ( NP ( DT A ) ( NN study ) ) ( PP ( IN by ) ( NP ( NP ( NNP Safeway ) ( POS 's ) ) ( NNP Scanner ) ( NNP Marketing ) ( NNP Research ) ) ) ) ( VP ( VBZ shows ) ( SBAR ( S ( NP-SBJ ( NN soap ) ( NNS sales ) ) ( VP ( VBD climbed ) ( NP-EXT ( CD 5 ) ( NN % ) ) ( SBAR ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ-1 ( NNS bars ) ) ( VP ( VBD were ) ( VP ( VP ( ADVP-MNR ( RB neatly ) ) ( VBN stacked ) ( PP-LOC ( IN on ) ( NP ( NNS shelves ) ) ) ) ( CONJP ( RB instead ) ( IN of ) ) ( VP ( VBD dumped ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN wire ) ( NN basket ) ) ) ) ) ) ) ) ) ) ) ) )

A study by Safeway 's Scanner Marketing Research shows soap sales climbed 5 % when bars were neatly stacked on shelves instead of dumped in a wire basket


( SBARQ ( WHNP-1 ( WDT Which ) ( NN celebrity ) ( NNS endorsers ) ) ( SQ ( VP ( VBP are ) ( ADJP-PRD ( RBS most ) ( JJ believable ) ) ) ) )

Which celebrity endorsers are most believable


( S ( PP-TMP ( IN For ) ( NP ( NP ( DT the ) ( JJ third ) ( NN year ) ) ( PP ( IN in ) ( NP ( DT a ) ( NN row ) ) ) ) ) ( NP-SBJ ( NNS consumers ) ) ( VP ( VBD voted ) ( S ( S ( NP-SBJ-1 ( NNP Bill ) ( NNP Cosby ) ) ( ADJP-PRD-2 ( JJ first ) ) ) ( CC and ) ( S ( NP-SBJ=1 ( NNP James ) ( NNP Garner ) ) ( ADJP-PRD=2 ( JJ second ) ) ) ( PP-3 ( IN in ) ( NP ( NP ( NN persuasiveness ) ) ( PP ( IN as ) ( NP ( NP ( NNS spokesmen ) ) ( PP-LOC ( IN in ) ( NP ( NN TV ) ( NNS commercials ) ) ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NNP Video ) ( NNP Storyboard ) ( NNP Tests ) ) ( NP-LOC ( NNP New ) ( NNP York ) ) ) ) ) ) )

For the third year in a row consumers voted Bill Cosby first and James Garner second in persuasiveness as spokesmen in TV commercials according to Video Storyboard Tests New York


( S ( S ( NP-SBJ ( NNP Michael ) ( NNP J. ) ( NNP Fox ) ) ( VP ( VBD replaced ) ( NP ( NNP Bruce ) ( NNP Willis ) ) ( PP ( IN in ) ( NP ( JJ third ) ( NN place ) ) ) ) ) ( S ( NP-SBJ ( NNP Cher ) ) ( VP ( VBD placed ) ( ADJP-CLR ( JJ fourth ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ second ) ( NN time ) ) ) ) ) )

Michael J. Fox replaced Bruce Willis in third place Cher placed fourth for the second time


( S ( SBAR-NOM-SBJ ( WHNP-1 ( WP What ) ) ( S ( VP ( VBD happened ) ( NP-TMP ( NNP Friday ) ) ) ) ) ( VP ( VBZ shows ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( JJ financial ) ( NNS markets ) ) ( VP ( VBP are ) ( RB not ) ( ADVP-TMP ( RB yet ) ) ( VP ( ADVP ( RB sufficiently ) ) ( VBN coordinated ) ( S-PRP-CLR ( VP ( TO to ) ( VP ( VB handle ) ( NP ( NP ( DT another ) ( NN meltdown ) ) ( PP ( IN in ) ( NP ( NNS prices ) ) ) ) ) ) ) ) ) ) ) ) )

What happened Friday shows that financial markets are not yet sufficiently coordinated to handle another meltdown in prices


( S ( NP-SBJ ( NP ( DT No ) ( NN fiddling ) ) ( PP ( IN with ) ( NP ( NNS systems ) ( CC and ) ( NNS procedures ) ) ) ) ( VP ( MD will ) ( ADVP-TMP ( RB ever ) ) ( VP ( VB prevent ) ( NP-1 ( NNS markets ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG suffering ) ( NP ( NP ( DT a ) ( NN panic ) ( NN wave ) ) ( PP ( IN of ) ( NP ( NN selling ) ) ) ) ) ) ) ) ) )

No fiddling with systems and procedures will ever prevent markets from suffering a panic wave of selling


( S ( CC But ) ( NP-SBJ ( NNS markets ) ) ( VP ( MD can ) ( VP ( VB operate ) ( PP-MNR ( IN with ) ( NP ( ADJP ( JJR greater ) ( CC or ) ( JJR lesser ) ) ( NN efficiency ) ) ) ) ) )

But markets can operate with greater or lesser efficiency


( S ( PP-TMP ( IN After ) ( NP ( DT the ) ( CD 1987 ) ( NN plunge ) ) ) ( NP-SBJ ( NNS markets ) ) ( VP ( VBD agreed ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ wise ) ) ( S-1 ( VP ( TO to ) ( VP ( VB halt ) ( NP ( NN trading ) ) ( SBAR-TMP ( WHADVP-2 ( WRB whenever ) ) ( S ( NP-SBJ ( NN panic ) ( NNS conditions ) ) ( VP ( VBD arose ) ) ) ) ) ) ) ) ) ) ) ) )

After the 1987 plunge markets agreed that it would be wise to halt trading whenever panic conditions arose


( S ( NP-SBJ ( DT The ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ( VP ( VBD adopted ) ( NP ( NP ( CD two ) ( JJ specific ) ( NN circuit ) ( NNS breakers ) ) ( S ( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NN index ) ) ( VP ( VBZ falls ) ( NP-EXT ( CD 250 ) ( NNS points ) ) ( PP-TMP ( IN in ) ( NP ( DT a ) ( NN day ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN exchange ) ) ( VP ( MD will ) ( VP ( NN halt ) ( NP ( VBG trading ) ) ( PP-TMP ( IN for ) ( NP ( CD one ) ( NN hour ) ) ) ) ) ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT the ) ( NN decline ) ) ( VP ( VBZ hits ) ( NP ( CD 400 ) ( NNS points ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN exchange ) ) ( VP ( MD will ) ( VP ( VB close ) ( PP-TMP ( IN for ) ( NP ( DT an ) ( JJ additional ) ( CD two ) ( NNS hours ) ) ) ) ) ) ) ) ) )

The New York Stock Exchange adopted two specific circuit breakers If the Dow Jones index falls 250 points in a day the exchange will halt trading for one hour if the decline hits 400 points the exchange will close for an additional two hours


( S ( NP-SBJ ( DT The ) ( NN rationale ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( NP ( DT an ) ( NN interruption ) ) ( PP ( IN of ) ( NP ( NN trading ) ) ) ) ( VP ( MD will ) ( VP ( VB allow ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( TO to ) ( VP ( VP ( VB reconsider ) ( NP ( PRP$ their ) ( NNS strategies ) ) ) ( VP ( VB calm ) ( NP ( NNS sellers ) ) ) ( CC and ) ( VP ( VB lead ) ( S ( NP-SBJ ( NNS buyers ) ) ( VP ( TO to ) ( VP ( VB enter ) ( NP ( DT the ) ( NN market ) ) ( PP-CLR ( IN at ) ( NP ( VBN indicated ) ( JJ new ) ( NN price ) ( NNS levels ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The rationale is that an interruption of trading will allow investors to reconsider their strategies calm sellers and lead buyers to enter the market at indicated new price levels


( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ impossible ) ) ( S-2 ( TO to ) ( VP ( VB know ) ( SBAR-NOM ( IN whether ) ( S ( NP-SBJ ( DT that ) ( NN theory ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ realistic ) ) ) ) ) ) ) ) )

It is impossible to know whether that theory is realistic


( S ( NP-SBJ ( NP ( DT A ) ( JJ temporary ) ( NN cessation ) ) ( PP ( IN of ) ( NP ( NN trading ) ) ) ) ( VP ( MD may ) ( ADVP ( RB indeed ) ) ( VP ( VB discourage ) ( NP-1 ( DT a ) ( NN selling ) ( NN panic ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG feeding ) ( PP-CLR ( IN on ) ( NP ( PRP itself ) ) ) ) ) ) ) ) )

A temporary cessation of trading may indeed discourage a selling panic from feeding on itself


( S ( CC But ) ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( ADVP ( RB also ) ) ( NP-PRD ( DT the ) ( NN possibility ) ( SBAR ( IN that ) ( S ( S-NOM-SBJ ( VP ( VBG shutting ) ( PRT ( RP down ) ) ( NP ( NNS markets ) ) ) ) ( VP ( MD will ) ( VP ( VP ( VB intensify ) ( NP ( NNS fears ) ) ) ( CC and ) ( VP ( VB cause ) ( NP ( NP ( DT an ) ( ADJP ( RB even ) ( RBR more ) ( JJ abrupt ) ) ( NN slide ) ) ( PP ( IN in ) ( NP ( NNS prices ) ) ) ) ) ) ) ) ) ) ) )

But there is also the possibility that shutting down markets will intensify fears and cause an even more abrupt slide in prices


( S ( SBAR-NOM-SBJ ( WHNP-1 ( WP What ) ) ( S ( VP ( VBD happened ) ( NP-TMP ( NNP Friday ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( JJS worst ) ) ( PP ( IN of ) ( NP ( DT all ) ( NNS worlds ) ) ) ) ) )

What happened Friday was the worst of all worlds


( S ( NP-SBJ ( DT The ) ( NNS futures ) ( NNS exchanges ) ) ( VP ( VP ( VBD followed ) ( NP ( PRP$ their ) ( JJ own ) ( JJ pre-set ) ( NN circuit ) ( NNS breakers ) ) ) ( CC and ) ( VP ( VBD shut ) ( PRT ( RP down ) ) ( PP-TMP ( IN at ) ( NP ( RB about ) ( CD 3 ) ( NN p.m. ) ) ) ( PP-TMP ( IN for ) ( NP ( CD 30 ) ( NNS minutes ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( NP ( DT the ) ( NNP Standard ) ( CC & ) ( NNP Poor ) ( POS 's ) ) ( CD 500 ) ( NN stock ) ( NN index ) ) ( VP ( VBD had ) ( VP ( VBN fallen ) ( NP-EXT ( NP ( CD 12 ) ( NNS points ) ) ( CC or ) ( NP ( NP ( QP ( RB about ) ( CD 100 ) ) ( NNS points ) ) ( PP ( IN on ) ( NP ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NN index ) ) ) ) ) ) ) ) ) ) ) )

The futures exchanges followed their own pre-set circuit breakers and shut down at about 3 p.m. for 30 minutes after the Standard & Poor 's 500 stock index had fallen 12 points or about 100 points on the Dow Jones index


( S ( NP-SBJ ( NNS Options ) ( NNS markets ) ) ( VP ( VBD stopped ) ( NP ( NP ( NN trading ) ) ( PP ( IN in ) ( NP ( JJ many ) ( NNS securities ) ) ) ) ) )

Options markets stopped trading in many securities


( S ( NP-SBJ ( DT The ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ( PP-LOC ( IN under ) ( NP ( PRP$ its ) ( JJ own ) ( NNS rules ) ) ) ( VP ( VBD remained ) ( ADJP-PRD ( JJ open ) ) ) )

The New York Stock Exchange under its own rules remained open


( S ( PP ( IN With ) ( NP ( NP ( RB nowhere ) ( RB else ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB go ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNS sellers ) ) ( PRN ( CC and ) ( ADVP ( RB particularly ) ) ( NP ( NN program ) ( NNS traders ) ) ) ) ( VP ( VBD focused ) ( NP ( DT all ) ( PRP$ their ) ( NN selling ) ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ) )

With nowhere else to go sellers and particularly program traders focused all their selling on the New York Stock Exchange


( S ( SBAR-TMP ( IN As ) ( S ( NP-SBJ ( NP ( NN liquidity ) ) ( PP-LOC ( IN on ) ( NP ( DT that ) ( NN market ) ) ) ) ( VP ( VBD weakened ) ) ) ) ( NP-SBJ ( NNS prices ) ) ( VP ( VBD fell ) ( ADVP-MNR ( RB sharply ) ) ) )

As liquidity on that market weakened prices fell sharply


( S ( SBAR-ADV ( SINV ( VBD Had ) ( NP-SBJ ( DT the ) ( NNS futures ) ( CC and ) ( NNS options ) ( NNS markets ) ) ( VP ( VBN been ) ( ADJP-PRD ( JJ open ) ) ) ) ) ( S ( NP-SBJ-1 ( JJ additional ) ( NN liquidity ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN been ) ( VP ( VBN provided ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NN decline ) ) ( ADVP ( RBS most ) ( RB probably ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN been ) ( ADJP-PRD ( RBR less ) ( JJ intense ) ) ) ) ) ) )

Had the futures and options markets been open additional liquidity would have been provided and the decline most probably would have been less intense


( S ( PP-TMP ( IN At ) ( NP ( CD 3:30 ) ) ) ( PP-TMP ( IN after ) ( NP ( NP ( JJ intense ) ( NN telephone ) ( NNS negotiations ) ) ( PP ( IN between ) ( NP ( NP ( DT the ) ( NN trading ) ( NNS markets ) ) ( CC and ) ( NP ( NNP Washington ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNS futures ) ( NNS exchanges ) ) ( VP ( VBD reopened ) ) )

At 3:30 after intense telephone negotiations between the trading markets and Washington the futures exchanges reopened


( S ( NP-SBJ-1 ( NNS Futures ) ( NN trading ) ) ( ADVP ( RB however ) ) ( VP ( VBD was ) ( VP ( VBN halted ) ( ADVP ( RB altogether ) ) ( PP-TMP ( IN at ) ( NP ( CD 3:45 ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( DT the ) ( NNS futures ) ( NNS markets ) ) ( VP ( VBD had ) ( VP ( VBN dropped ) ( NP ( NP ( DT an ) ( JJ additional ) ( CD 30 ) ( NNS points ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJ daily ) ( NN limit ) ) ( PP ( IN for ) ( NP ( NN price ) ( NNS declines ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Futures trading however was halted altogether at 3:45 after the futures markets had dropped an additional 30 points which is the daily limit for price declines


( S ( PP-TMP ( IN At ) ( NP ( DT this ) ( NN point ) ) ) ( NP-SBJ ( DT the ) ( NNS options ) ( NNS markets ) ) ( ADVP ( RB also ) ) ( VP ( VP ( VBD shut ) ( PRT ( RP down ) ) ) ( CC and ) ( VP ( ADVP-TMP ( RB once ) ( RBR more ) ) ( VBD left ) ( S ( NP-SBJ-2 ( DT all ) ( NNS sales ) ) ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN handled ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ) ) ) ) ) ) )

At this point the options markets also shut down and once more left all sales to be handled by the New York Stock Exchange


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN time ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB recognize ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ( NP ( DT the ) ( NNS futures ) ( NNS markets ) ) ( CC and ) ( NP ( DT the ) ( NNS options ) ( NNS markets ) ) ) ( ADVP ( IN though ) ( ADJP ( RB physically ) ( JJ separate ) ) ) ( VP ( VBP have ) ( ADVP ( RB actually ) ) ( VP ( VBN become ) ( VP ( ADVP ( RB so ) ( RB closely ) ) ( VBN intertwined ) ( PP-CLR ( IN as ) ( S-NOM ( VP ( TO to ) ( VP ( VB constitute ) ( NP ( CD one ) ( NN market ) ) ( ADVP ( RB effectively ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It is time to recognize that the New York Stock Exchange the futures markets and the options markets though physically separate have actually become so closely intertwined as to constitute one market effectively


( S ( NP-SBJ ( NNS Traders ) ) ( VP ( MD can ) ( VP ( VP ( VB vary ) ( NP ( PRP$ their ) ( NNS strategies ) ) ) ( CC and ) ( VP ( VB execute ) ( NP ( PRP$ their ) ( NNS orders ) ) ( PP ( IN in ) ( NP ( NP ( DT any ) ( CD one ) ) ( PP ( IN of ) ( NP ( PRP them ) ) ) ) ) ) ) ) )

Traders can vary their strategies and execute their orders in any one of them


( S ( NP-SBJ ( NP ( PRP It ) ) ) ( ADVP ( RB therefore ) ) ( VP ( VBZ makes ) ( NP ( DT no ) ( NN sense ) ) ( SBAR-1 ( IN for ) ( S ( NP-SBJ ( DT each ) ( NN market ) ) ( VP ( TO to ) ( VP ( VB adopt ) ( NP ( JJ different ) ( NN circuit ) ( NNS breakers ) ) ) ) ) ) ) )

It therefore makes no sense for each market to adopt different circuit breakers


( S ( S-PRP ( VP ( TO To ) ( VP ( VP ( VB achieve ) ( NP ( NN maximum ) ( NN liquidity ) ) ) ( CC and ) ( VP ( VB minimize ) ( NP ( NN price ) ( NN volatility ) ) ) ) ) ) ( CC either ) ( S ( NP-SBJ-1 ( DT all ) ( NNS markets ) ) ( VP ( MD should ) ( VP ( VB be ) ( ADJP-PRD ( JJ open ) ( PP ( TO to ) ( NP ( NN trading ) ) ) ) ) ) ) ( CC or ) ( S ( NP-SBJ=1 ( NN none ) ) ) )

To achieve maximum liquidity and minimize price volatility either all markets should be open to trading or none


( S ( S ( NP-SBJ ( VBN Synchronized ) ( NN circuit ) ( NNS breakers ) ) ( VP ( MD would ) ( RB not ) ( VP ( VB have ) ( VP ( VBN halted ) ( NP ( NP ( DT the ) ( NN slide ) ) ( PP ( IN in ) ( NP ( NNS prices ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Friday ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP they ) ) ( ADVP ( RB probably ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN made ) ( PP-CLR ( IN for ) ( NP ( JJR smoother ) ( ADJP ( RBR less ) ( JJ volatile ) ) ( NNS executions ) ) ) ) ) ) ) )

Synchronized circuit breakers would not have halted the slide in prices on Friday but they probably would have made for smoother less volatile executions


( S ( NP-SBJ ( PRP It ) ) ( VP ( POS 's ) ( NP-PRD ( NP ( NN time ) ) ( SBAR ( IN for ) ( S ( NP-SBJ ( NP ( DT the ) ( NNS exchanges ) ) ( CC and ) ( NP ( DT the ) ( NNP Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ) ) ( VP ( TO to ) ( VP ( VB agree ) ( PP-CLR ( IN on ) ( NP ( NP ( JJ joint ) ( NNS conditions ) ) ( PP ( IN for ) ( S-NOM ( VP ( VP ( VBG halting ) ( NP ( NN trading ) ) ) ( CC or ) ( VP ( VBG staying ) ( ADJP-PRD ( JJ open ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It 's time for the exchanges and the Securities and Exchange Commission to agree on joint conditions for halting trading or staying open


( S ( VP ( VB Let ) ( NP ( PRP 's ) ) ( VP ( RB not ) ( VB have ) ( S ( S ( NP-SBJ ( CD one ) ( NN market ) ) ( VP ( VBD shut ) ( PRT ( RP down ) ) ( PP-TMP ( IN for ) ( NP ( CD 30 ) ( NNS minutes ) ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NNP Dow ) ) ( VP ( VBZ declines ) ( NP ( CD 100 ) ( NNS points ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT another ) ) ( VP ( VBD shut ) ( PRT ( RP down ) ) ( PP-TMP ( IN for ) ( NP ( DT an ) ( NN hour ) ) ) ( PP-TMP ( IN after ) ( NP ( DT a ) ( JJ 250-point ) ( NN decline ) ) ) ) ) ) ) ) )

Let 's not have one market shut down for 30 minutes when the Dow declines 100 points and another shut down for an hour after a 250-point decline


( S ( NP-SBJ ( NP ( DT The ) ( NN need ) ) ( PP ( IN for ) ( NP ( NP ( JJ hurried ) ( JJ last-minute ) ( NN telephone ) ( NNS negotiations ) ) ( PP-LOC ( IN among ) ( NP ( NN market ) ( NNS officials ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB disappear ) ( SBAR-TMP ( IN once ) ( S ( NP-SBJ ( NP ( NNS rules ) ) ) ( VP ( VBP are ) ( PP-PRD ( IN in ) ( NP ( NN place ) ) ) ( SBAR-1 ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBP synchronize ) ( NP ( NN circuit ) ( NNS breakers ) ) ( PP-LOC ( IN in ) ( NP ( DT all ) ( NNS markets ) ) ) ) ) ) ) ) ) ) ) )

The need for hurried last-minute telephone negotiations among market officials will disappear once rules are in place that synchronize circuit breakers in all markets


( S ( NP-SBJ ( DT The ) ( JJ new ) ( NN circuit ) ( NNS breakers ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( S-PRD ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN applied ) ( ADVP ( IN at ) ( DT all ) ) ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB require ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS futures ) ( CC and ) ( NNS options ) ( NN trading ) ) ( VP ( VB continue ) ( ADVP-TMP ( ADVP ( RB as ) ( RB long ) ) ( SBAR ( IN as ) ( S ( NP-SBJ ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ( VP ( VBZ remains ) ( ADJP-PRD ( JJ open ) ) ) ) ) ) ) ) ) ) ) )

The new circuit breakers if they are to be applied at all will require that futures and options trading continue as long as the New York Stock Exchange remains open


( S ( NP-SBJ-3 ( DT The ) ( NNS rules ) ) ( VP ( MD should ) ( VP ( VB be ) ( VP ( VBN established ) ( PP-MNR ( IN by ) ( NP ( NP ( NN agreement ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS officials ) ) ( PP ( IN of ) ( NP ( DT all ) ( VBN affected ) ( NNS exchanges ) ) ) ( VP ( VBG acting ) ( PP ( PP-LOC ( IN under ) ( NP ( NP ( DT the ) ( NN oversight ) ) ) ) ( CC and ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN approval ) ) ) ) ( PP-2 ( IN of ) ( NP ( DT the ) ( NN government ) ( JJ regulatory ) ( NNS agencies ) ) ) ) ) ) ) ) ) ) ) ) )

The rules should be established by agreement of the officials of all affected exchanges acting under the oversight and with the approval of the government regulatory agencies


( S ( SBAR-ADV ( SINV ( MD Should ) ( NP-SBJ-3 ( NP ( DT the ) ( NNP SEC ) ) ( CC and ) ( NP ( NP ( DT the ) ( NNP Commodities ) ( NNP Futures ) ( NNP Trading ) ( NNP Commission ) ) ( PRN ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( PP ( IN with ) ( NP ( DT the ) ( NNP SEC ) ) ) ( VP ( VBZ regulates ) ( NP ( DT the ) ( NNP Chicago ) ( JJ stock-index ) ( NNS markets ) ) ) ) ) ) ) ) ( VP ( VB be ) ( ADJP-PRD ( JJ unable ) ( S ( VP ( TO to ) ( VP ( VB agree ) ) ) ) ) ) ) ) ( NP-SBJ-4 ( DT the ) ( NN issue ) ) ( VP ( MD may ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN resolved ) ( PP ( IN by ) ( NP-LGS ( NP ( NN decision ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Treasury ) ( NN secretary ) ) ) ) ) ) ) ) ) ) ) )

Should the SEC and the Commodities Futures Trading Commission which with the SEC regulates the Chicago stock-index markets be unable to agree the issue may have to be resolved by decision of the Treasury secretary


( S ( PP ( IN In ) ( NP ( JJ many ) ( NNS ways ) ) ) ( NP-SBJ-1 ( PRP$ our ) ( JJ financial ) ( NNS markets ) ) ( VP ( VBP are ) ( ADJP-PRD ( ADJP ( RBR better ) ( VBN prepared ) ) ) ( NP-TMP ( RB today ) ) ( S-2 ( VP ( TO to ) ( VP ( VB handle ) ( NP ( DT a ) ( NN decline ) ) ) ) ) ( SBAR-3 ( IN than ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD were ) ( ADVP-TMP ( NP ( CD two ) ( NNS years ) ) ( RB ago ) ) ) ) ) ) )

In many ways our financial markets are better prepared today to handle a decline than they were two years ago


( S ( NP-SBJ ( DT The ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBZ has ) ( NP ( DT the ) ( NN capacity ) ( S ( VP ( TO to ) ( VP ( VB handle ) ( NP ( NP ( DT a ) ( NN volume ) ) ( PP ( IN of ) ( NP ( NP ( QP ( RB nearly ) ( DT a ) ( CD billion ) ) ( NNS shares ) ) ( NP-ADV ( DT a ) ( NN day ) ) ) ) ) ) ) ) ) ) )

The New York Stock Exchange now has the capacity to handle a volume of nearly a billion shares a day


( S ( S ( NP-SBJ-4 ( NP ( NN Telephone ) ( NN service ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN improved ) ( PP-3 ( IN for ) ( NP ( NP ( NNS customers ) ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB reach ) ( NP ( PRP$ their ) ( NNS brokers ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( NNS specialists ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP believe ) ( SBAR ( S ( VP ( MD should ) ( VP ( VB stay ) ) ) ) ) ( PP ( IN despite ) ( NP ( NP ( DT the ) ( NNS urgings ) ) ( PP ( IN of ) ( NP ( DT some ) ( JJ post-crash ) ( NNS critics ) ) ) ) ) ) ) ) ) ( VP ( VB have ) ( NP ( JJR larger ) ( NN capital ) ( NNS positions ) ) ) ) )

Telephone service has been improved for customers trying to reach their brokers and specialists who I believe should stay despite the urgings of some post-crash critics have larger capital positions


( S ( PP ( IN Of ) ( NP ( NN course ) ) ) ( NP-SBJ ( NP ( NP ( NNS specialists ) ( POS ' ) ) ( NNS actions ) ) ( ADVP ( RB alone ) ) ) ( VP ( MD can ) ( ADVP-TMP ( RB never ) ) ( VP ( VB prevent ) ( NP ( NP ( DT a ) ( JJ major ) ( NN crack ) ) ( PP-LOC ( IN in ) ( NP ( NN stock ) ( NNS prices ) ) ) ) ) ) )

Of course specialists ' actions alone can never prevent a major crack in stock prices


( S ( VP ( VB Witness ) ( NP ( DT the ) ( NN fact ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NN trading ) ) ( PP ( IN in ) ( NP ( DT some ) ( NNS stocks ) ) ) ) ( VP ( VP ( VBD closed ) ( ADVP-TMP ( ADVP ( JJ early ) ) ( NP-TMP ( NNP Friday ) ) ) ) ( CC and ) ( VP ( VBD opened ) ( ADVP-TMP ( ADVP ( JJ late ) ) ( NP-TMP ( NNP Monday ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( DT an ) ( NN excess ) ) ( PP ( IN of ) ( NP ( NN sell ) ( NNS orders ) ) ) ) ) ) ) ) ) ) )

Witness the fact that trading in some stocks closed early Friday and opened late Monday because of an excess of sell orders


( S ( CC But ) ( NP-SBJ ( NP ( DT the ) ( NN task ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG improving ) ( NP ( NN market ) ( NN performance ) ) ) ) ) ) ( VP ( VBZ remains ) ( ADJP-PRD ( JJ unfinished ) ) ) )

But the task of improving market performance remains unfinished


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Freund ) ) ( NP ( NP ( JJ former ) ( JJ chief ) ( NN economist ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN professor ) ) ( PP ( IN of ) ( NP ( NNS economics ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NP ( NNP Pace ) ( NNP University ) ( POS 's ) ) ( NN business ) ( NN school ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) )

Mr. Freund former chief economist of the New York Stock Exchange is a professor of economics at Pace University 's business school in New York


( S ( NP-SBJ ( NNP LIN ) ( NNP Broadcasting ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VP ( MD wo ) ( RB n't ) ( VP ( VB take ) ( NP ( NP ( DT a ) ( NN position ) ) ( PP ( IN on ) ( NP ( NP ( DT a ) ( VBN revised ) ( NN tender ) ( NN offer ) ) ( PP ( IN by ) ( NP ( NNP McCaw ) ( NNP Cellular ) ( NNP Communications ) ( NNP Inc. ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NNP LIN ) ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBZ has ) ( VP ( VBN asked ) ( PP-CLR ( IN for ) ( NP ( NP ( NN clarification ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN offer ) ) ) ) ) ) ) ) ) ) ) )

LIN Broadcasting Corp. said it wo n't take a position on a revised tender offer by McCaw Cellular Communications Inc. to buy LIN and has asked for clarification of the offer


( S ( NP-SBJ ( NP ( DT The ) ( JJ new ) ( NN offer ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ seeks ) ( NP ( NP ( CD 50.3 ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( UCP ( JJ cellular ) ( CC and ) ( NN broadcasting ) ) ( NN concern ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( PP-PRD ( IN for ) ( NP ( NP ( CD 125 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ( PP ( IN for ) ( NP ( QP ( CD 22 ) ( CD million ) ) ( NNP LIN ) ( NNS shares ) ) ) ) ) ) )

The new offer which seeks 50.3 % of the cellular and broadcasting concern is for 125 a share for 22 million LIN shares


( S ( NP-SBJ ( NP ( NNP McCaw ) ( POS 's ) ) ( VBN revised ) ( NN tender ) ( NN offer ) ) ( VP ( MD would ) ( VP ( VB require ) ( S ( NP-SBJ ( NNP McCaw ) ) ( VP ( TO to ) ( VP ( VB begin ) ( NP ( NP ( DT an ) ( NN auction ) ( NN process ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP July ) ( CD 1994 ) ) ) ( SBAR-1 ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB buy ) ( PRT ( RP out ) ) ( NP ( JJ remaining ) ( NNS holders ) ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( JJ per-share ) ( NN price ) ) ( ADJP ( RB roughly ) ( JJ equivalent ) ( PP ( TO to ) ( SBAR-NOM ( WHNP-3 ( WP what ) ) ( S ( NP-SBJ-4 ( DT a ) ( JJ third ) ( NN party ) ) ( VP ( MD might ) ( ADVP-TMP ( RB then ) ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( PP-CLR ( IN for ) ( NP ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( NNP LIN ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

McCaw 's revised tender offer would require McCaw to begin an auction process in July 1994 that would buy out remaining holders at a per-share price roughly equivalent to what a third party might then have to pay for all of LIN


( S ( NP-SBJ ( NNP LIN ) ) ( VP ( VBZ is ) ( VP ( VBG asking ) ( NP-2 ( NNP McCaw ) ) ( S ( VP ( TO to ) ( VP ( VB clarify ) ( NP ( NP ( PRP$ its ) ( NN tender ) ( NN offer ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ challenges ) ( NP ( NP ( DT an ) ( NN agreement ) ) ( PP ( IN between ) ( NP ( NP ( NNP BellSouth ) ( NNP Corp. ) ) ( CC and ) ( NP ( NNP LIN ) ) ) ) ( S-3 ( VP ( TO to ) ( VP ( VB merge ) ( NP ( PRP$ their ) ( JJ cellular-telephone ) ( NNS businesses ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

LIN is asking McCaw to clarify its tender offer which challenges an agreement between BellSouth Corp. and LIN to merge their cellular-telephone businesses


( S ( NP-SBJ ( NNP BellSouth ) ) ( VP ( VBZ has ) ( VP ( VBN notified ) ( NP ( NNP LIN ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( ADVP-TMP ( RB shortly ) ) ( VP ( VB respond ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NNP McCaw ) ( NN proposal ) ) ) ( PP-MNR ( IN in ) ( NP ( NP ( ADJP ( RB as ) ( JJ full ) ( CC and ) ( JJ effective ) ) ( DT a ) ( NN manner ) ) ( SBAR ( IN as ) ( S ( VP ( VBZ is ) ( VP ( VBN warranted ) ) ) ) ) ) ) ) ) ) ) ) ) )

BellSouth has notified LIN that it would shortly respond to the McCaw proposal in as full and effective a manner as is warranted


( S ( NP-SBJ ( DT The ) ( NNP LIN ) ( NN board ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NNS holders ) ) ( VP ( MD may ) ( VP ( VB be ) ( VP ( VBN misled ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NN provision ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP McCaw ) ( NN proposal ) ) ) ( SBAR ( WHNP-2 ( IN that ) ) ( S ( VP ( NNS guarantees ) ( NP ( JJ private ) ( NN market ) ( NN value ) ) ( PP-TMP ( IN after ) ( NP ( CD five ) ( NNS years ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ remaining ) ( NNS shares ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The LIN board said holders may be misled by the provision in the McCaw proposal that guarantees private market value after five years for the remaining shares


( S ( S-TPC-1 ( S ( NP-SBJ ( NNP McCaw ) ) ( VP ( VBZ has ) ( NP ( DT no ) ( NN obligation ) ( S ( VP ( TO to ) ( VP ( NN purchase ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( DT the ) ( NN definition ) ) ( PP ( IN of ) ( NP ( JJ private ) ( NN market ) ( NN value ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ uncertain ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP LIN ) ( NN board ) ) ( VP ( VBD said ) ) )

McCaw has no obligation to purchase and the definition of private market value is uncertain the LIN board said


( S ( NP-SBJ ( DT The ) ( NN board ) ) ( VP ( VBD added ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NNP McCaw ) ) ( VP ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB control ) ( NP ( NP ( NNP LIN ) ( POS 's ) ) ( NNS operations ) ) ) ) ) ) ) ) ( CC and ) ( VP ( MD could ) ( ADVP ( RB therefore ) ) ( VP ( VB operate ) ( NP ( NNP LIN ) ) ( PP-MNR ( IN in ) ( NP ( NP ( DT a ) ( NN manner ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD could ) ( VP ( VB diminish ) ( NP ( NP ( PRP$ its ) ( JJ private ) ( NN market ) ( NN value ) ) ( CC and ) ( NP ( NP ( NN attractiveness ) ) ( PP ( TO to ) ( NP ( DT a ) ( JJ third-party ) ( NN purchaser ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD five ) ( NNS years ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The board added that McCaw would be able to control LIN 's operations and could therefore operate LIN in a manner which could diminish its private market value and attractiveness to a third-party purchaser in five years


( S ( PP-LOC ( IN In ) ( NP ( JJ national ) ( JJ over-the-counter ) ( NN trading ) ) ) ( NP-SBJ ( NNP LIN ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 104.75 ) ) ) ( ADVP ( RB down ) ( NP ( CD 2.75 ) ) ) ) )

In national over-the-counter trading LIN closed at 104.75 down 2.75


( S ( NP-SBJ ( DT The ) ( NNP House ) ( NNP Aviation ) ( NNP Subcommittee ) ) ( VP ( VBD approved ) ( NP ( NP ( DT a ) ( NN bill ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB give ) ( NP ( DT the ) ( NN transportation ) ( NN secretary ) ) ( NP ( NN authority ) ( S ( VP ( TO to ) ( VP ( VB review ) ( CC and ) ( VB approve ) ( NP ( NP ( VBN leveraged ) ( NNS buy-outs ) ) ( PP ( IN of ) ( NP ( JJ major ) ( NNP U.S. ) ( NNS airlines ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The House Aviation Subcommittee approved a bill that would give the transportation secretary authority to review and approve leveraged buy-outs of major U.S. airlines


( S ( NP-SBJ ( DT The ) ( VBN collapsed ) ( NN plan ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( NP ( NNP UAL ) ( NNP Corp. ) ) ( NP ( NP ( NN parent ) ) ( PP ( IN of ) ( NP ( NNP United ) ( NNP Airlines ) ) ) ) ) ) ) ) ) ( VP ( VBD spurred ) ( NP ( NP ( JJ quick ) ( NN action ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN legislation ) ) ( VP ( VP ( VBD introduced ) ( NP-TMP ( NNP Wednesday ) ) ) ( CC and ) ( VP ( VBD approved ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN subcommittee ) ) ) ( PP-MNR ( IN on ) ( NP ( DT a ) ( NN voice ) ( NN vote ) ) ) ( NP-TMP ( NN yesterday ) ) ) ) ) ) ) ) )

The collapsed plan to acquire UAL Corp. parent of United Airlines spurred quick action on the legislation introduced Wednesday and approved by the subcommittee on a voice vote yesterday


( S ( S ( NP-SBJ-2 ( DT The ) ( NN bill ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN taken ) ( PRT ( RP up ) ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP Public ) ( NNP Works ) ( CC and ) ( NNP Transportation ) ( NNP Committee ) ) ) ( NP-TMP ( NN tomorrow ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( NP ( DT a ) ( NN floor ) ( NN vote ) ) ( PP-TMP ( IN by ) ( NP ( JJ next ) ( NN week ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN urged ) ) ) ) ) )

The bill is expected to be taken up by the Public Works and Transportation Committee tomorrow and a floor vote by next week will be urged


( S ( NP-SBJ ( DT The ) ( NN measure ) ) ( VP ( VBD drew ) ( NP ( NP ( NP ( NN criticism ) ) ( PP ( IN from ) ( NP ( DT the ) ( NNP Bush ) ( NN administration ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( VBG parting ) ( NN shot ) ) ( PP ( IN from ) ( NP ( NP ( NN financier ) ( NNP Donald ) ( NNP Trump ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( NP-TMP ( NN yesterday ) ) ( VP ( VBD withdrew ) ( NP ( NP ( PRP$ his ) ( NN takeover ) ( NN bid ) ) ( PP ( IN for ) ( NP ( NP ( NNP AMR ) ( NNP Corp. ) ) ( NP ( NP ( DT the ) ( NN parent ) ) ( PP ( IN of ) ( NP ( NNP American ) ( NNP Airlines ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The measure drew criticism from the Bush administration and a parting shot from financier Donald Trump who yesterday withdrew his takeover bid for AMR Corp. the parent of American Airlines


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT a ) ( NN letter ) ) ( PP ( TO to ) ( NP ( NP ( NN subcommittee ) ( NNP Chairman ) ( NNP James ) ( NNP Oberstar ) ) ( PRN ( NP ( NNP D. ) ) ( NP-LOC ( NNP Minn. ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Trump ) ) ( VP ( VP ( VBD criticized ) ( NP ( DT the ) ( NN bill ) ) ( PP-CLR ( IN as ) ( NP ( DT an ) ( JJ explicit ) ( NN effort ) ( S ( VP ( TO to ) ( VP ( VB thwart ) ( NP ( NP ( PRP$ his ) ( NN bid ) ) ( PP ( IN for ) ( NP ( NNP AMR ) ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD contributed ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN collapse ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN deal ) ) ) ) ) ) ) ) ) ) )

In a letter to subcommittee Chairman James Oberstar D. Minn. Mr. Trump criticized the bill as an explicit effort to thwart his bid for AMR and said it contributed to the collapse of the deal


( S ( NP-SBJ ( NP ( NNP Elaine ) ( NNP Chao ) ) ( NP ( NN deputy ) ( NN transportation ) ( NN secretary ) ) ) ( ADVP ( RB also ) ) ( VP ( VBD sent ) ( NP ( NP ( DT a ) ( NN letter ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB express ) ( NP ( NP ( NP ( DT the ) ( NN administration ) ( POS 's ) ) ( NN opposition ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN bill ) ) ( PP ( IN in ) ( NP ( PRP$ its ) ( JJ present ) ( NN form ) ) ) ) ) ) ) ) ) ) ) ) )

Elaine Chao deputy transportation secretary also sent a letter to express the administration 's opposition to the bill in its present form


( S ( NP-SBJ ( NNP Rep. ) ( NNP Oberstar ) ) ( VP ( VBD brushed ) ( PRT ( RP off ) ) ( NP ( NP ( NNP Mr. ) ( NNP Trump ) ( POS 's ) ) ( NNS allegations ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT an ) ( NN excuse ) ) ( PP ( IN for ) ( S-NOM ( NP-SBJ ( PRP$ his ) ( JJ own ) ( NN deal ) ) ( VP ( VBG failing ) ) ) ) ) ) ) )

Rep. Oberstar brushed off Mr. Trump 's allegations as an excuse for his own deal failing


( S ( NP-SBJ ( PRP He ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN fact ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ other ) ( NN letter ) ) ( VP ( VBD had ) ( RB n't ) ( VP ( VBN come ) ( PP-CLR ( IN from ) ( NP ( NNP Transportation ) ( NNP Secretary ) ( NNP Samuel ) ( NNP Skinner ) ) ) ) ) ) ) ) ( VP ( VBD indicated ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( NN wiggle ) ( NN room ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN administration ) ( POS 's ) ) ( NN position ) ) ) ) ) ) ) ) ) ) )

He also said the fact that the other letter had n't come from Transportation Secretary Samuel Skinner indicated there is wiggle room in the administration 's position


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Oberstar ) ) ( CC and ) ( NP ( JJ other ) ( NN committee ) ( NNS members ) ) ) ( ADVP ( RB repeatedly ) ) ( VP ( VBD stressed ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN legislation ) ) ( VP ( VBD was ) ( RB n't ) ( NP-PRD ( NP ( DT a ) ( NN response ) ) ( PP ( TO to ) ( NP ( DT any ) ( JJ particular ) ( NN market ) ( NN situation ) ) ) ) ) ) ) ) )

Mr. Oberstar and other committee members repeatedly stressed that the legislation was n't a response to any particular market situation


( S ( CC But ) ( NP-SBJ ( PRP they ) ) ( VP ( VBD cited ) ( NP ( DT the ) ( NNP UAL ) ( CC and ) ( NNP AMR ) ( NNS examples ) ) ( PP ( IN as ) ( NP ( NNS reasons ) ( S ( VP ( TO to ) ( VP ( VB move ) ( ADVP-MNR ( RB quickly ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB enact ) ( NP ( DT this ) ( NN legislation ) ) ) ) ) ) ) ) ) ) ) )

But they cited the UAL and AMR examples as reasons to move quickly to enact this legislation


( S ( NP-SBJ ( NP ( NNS Aides ) ) ( PP-LOC ( DT both ) ( IN in ) ( NP ( DT the ) ( NNP House ) ( CC and ) ( NNP Senate ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN withdrawal ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Trump ) ( NN bid ) ) ( PP ( IN for ) ( NP ( NNP AMR ) ) ) ) ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB deflate ) ( NP ( NNS efforts ) ( S ( VP ( TO to ) ( VP ( VB push ) ( NP ( DT the ) ( NN legislation ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Aides both in the House and Senate said the withdrawal of the Trump bid for AMR is n't likely to deflate efforts to push the legislation


( SINV ( S-TPC-2 ( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( ADVP-TMP ( RB still ) ) ( PP-LOC-PRD ( IN on ) ( NP ( DT the ) ( JJ fast ) ( NN track ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( PRP we ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB do ) ( NP ( PRP it ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( CD one ) ( NNP Senate ) ( NN aide ) ) )

It 's still on the fast track and we still want to do it said one Senate aide


( S ( NP-SBJ-1 ( DT The ) ( NN bill ) ) ( VP ( VBZ is ) ( VP ( VBN aimed ) ( PP-CLR ( IN at ) ( S-NOM ( VP ( VBG addressing ) ( NP ( DT the ) ( NN concern ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( DT an ) ( NN airline ) ) ( VP ( MD might ) ( VP ( VB sacrifice ) ( NP ( JJ costly ) ( NN safety ) ( NNS measures ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB pay ) ( PRT ( RP off ) ) ( NP ( NP ( DT the ) ( NN debt ) ) ( VP ( VBN incurred ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( VBN leveraged ) ( NN buy-out ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The bill is aimed at addressing the concern that an airline might sacrifice costly safety measures to pay off the debt incurred in a leveraged buy-out


( S ( ADVP-TMP ( RB Currently ) ) ( NP-SBJ ( DT the ) ( NN transportation ) ( NN secretary ) ) ( VP ( VP ( VBZ does ) ( RB n't ) ( VP ( VB have ) ( NP ( NP ( ADJP ( RB clearly ) ( VBN established ) ) ( NN authority ) ) ( PP ( TO to ) ( NP ( NN block ) ( NNS mergers ) ) ) ) ) ) ( CC but ) ( VP ( MD can ) ( VP ( VB take ) ( NP ( NP ( DT the ) ( JJ drastic ) ( NN step ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG revoking ) ( NP ( NP ( DT the ) ( NN operating ) ( NN certificate ) ) ( PP ( IN of ) ( NP ( NP ( DT any ) ( NN carrier ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN official ) ) ( VP ( VBZ considers ) ( S ( ADJP-PRD ( JJ unfit ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Currently the transportation secretary does n't have clearly established authority to block mergers but can take the drastic step of revoking the operating certificate of any carrier the official considers unfit


( S ( NP-SBJ ( NP ( NNS Supporters ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN legislation ) ) ) ) ( VP ( VBP view ) ( NP ( DT the ) ( NN bill ) ) ( PP-CLR ( IN as ) ( NP ( DT an ) ( NN effort ) ( S ( S ( VP ( TO to ) ( VP ( VB add ) ( NP ( NN stability ) ( CC and ) ( NN certainty ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( JJ airline-acquisition ) ( NN process ) ) ) ) ) ) ( CC and ) ( S ( VP ( TO to ) ( VP ( VB preserve ) ( NP ( NP ( DT the ) ( NN safety ) ( CC and ) ( NN fitness ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN industry ) ) ) ) ) ) ) ) ) ) ) )

Supporters of the legislation view the bill as an effort to add stability and certainty to the airline-acquisition process and to preserve the safety and fitness of the industry


( S ( PP ( IN In ) ( ADJP ( JJ general ) ) ) ( NP-SBJ ( DT the ) ( NN bill ) ) ( VP ( MD would ) ( VP ( VB give ) ( NP ( DT the ) ( NNP Transportation ) ( NNP Department ) ) ( NP ( DT a ) ( JJ 30-day ) ( NN review ) ( NN period ) ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ-1 ( NP ( CD 15 ) ( NN % ) ( QP ( CC or ) ( JJR more ) ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN voting ) ( NN stock ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ major ) ( NNP U.S. ) ( NN air ) ( NN carrier ) ) ) ) ) ) ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN acquired ) ) ) ) ) ) ) ) )

In general the bill would give the Transportation Department a 30-day review period before 15 % or more of the voting stock of a major U.S. air carrier could be acquired


( S ( NP-SBJ ( PRP It ) ) ( ADVP ( RB also ) ) ( VP ( MD would ) ( VP ( VB require ) ( S ( NP-SBJ ( DT the ) ( VBG acquiring ) ( NN party ) ) ( VP ( VP ( TO to ) ( VP ( VB notify ) ( NP ( DT the ) ( NN transportation ) ( NN secretary ) ) ) ) ( CC and ) ( VP ( TO to ) ( VP ( VB provide ) ( NP ( NP ( DT all ) ( NN information ) ) ( ADJP ( JJ relevant ) ( PP ( TO to ) ( S-NOM ( VP ( VBG determining ) ( NP ( NP ( DT the ) ( NN intent ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN acquisition ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It also would require the acquiring party to notify the transportation secretary and to provide all information relevant to determining the intent of the acquisition


( S ( NP-SBJ ( DT The ) ( NN bill ) ) ( VP ( MD would ) ( VP ( VB allow ) ( S ( NP-SBJ ( DT the ) ( NN secretary ) ) ( VP ( TO to ) ( VP ( VB reject ) ( NP ( DT a ) ( NN buy-out ) ) ( SBAR-ADV ( SBAR ( IN if ) ( S ( NP-SBJ-1 ( JJ sufficient ) ( NN information ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN been ) ( VP ( VBN provided ) ) ) ) ) ) ( CC or ) ( SBAR ( IN if ) ( S ( NP-SBJ-2 ( DT the ) ( NN buy-out ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VP ( VB weaken ) ( NP ( DT the ) ( NN carrier ) ) ( ADVP-MNR ( RB financially ) ) ) ( VP ( VB result ) ( PP-CLR ( IN in ) ( NP ( NP ( DT a ) ( JJ substantial ) ( NN reduction ) ) ( PP ( IN in ) ( NP ( NP ( NN size ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN airline ) ) ) ) ) ) ) ( PP-MNR ( IN through ) ( NP ( NP ( NN disposal ) ) ( PP ( IN of ) ( NP ( NNS assets ) ) ) ) ) ) ( CC or ) ( VP ( VB give ) ( NP ( NN control ) ) ( PP-DTV ( TO to ) ( NP ( DT a ) ( JJ foreign ) ( NN interest ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The bill would allow the secretary to reject a buy-out if sufficient information has n't been provided or if the buy-out is likely to weaken the carrier financially result in a substantial reduction in size of the airline through disposal of assets or give control to a foreign interest


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ-1 ( JJR more ) ( NN information ) ) ( VP ( VBZ is ) ( VP ( VBN needed ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN secretary ) ) ( VP ( MD would ) ( VP ( VB have ) ( NP ( NN authority ) ( S ( VP ( TO to ) ( VP ( VB extend ) ( NP ( DT the ) ( NN review ) ( NN period ) ) ( NP-EXT ( CD 20 ) ( NNS days ) ) ) ) ) ) ) ) )

If more information is needed the secretary would have authority to extend the review period 20 days


( S ( NP-SBJ ( NP ( DT All ) ( DT the ) ( NNS witnesses ) ) ( NP ( DT both ) ( NP ( NNS congressmen ) ) ( CC and ) ( NP ( NN industry ) ( NNS experts ) ) ) ) ( VP ( VBD expressed ) ( NP ( NP ( NN support ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN bill ) ) ) ) ( SBAR-PRP ( IN in ) ( NN order ) ( S ( VP ( TO to ) ( VP ( VB prevent ) ( NP-1 ( NNS profiteers ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG cashing ) ( PRT ( RP in ) ) ( PP-CLR ( IN on ) ( NP ( NN airline ) ( NNS profits ) ) ) ( PP ( IN at ) ( NP ( NP ( DT the ) ( NN expense ) ) ( PP ( IN of ) ( NP ( JJ safe ) ( JJ cost-effective ) ( NN service ) ) ) ) ) ) ) ) ) ) ) ) ) )

All the witnesses both congressmen and industry experts expressed support for the bill in order to prevent profiteers from cashing in on airline profits at the expense of safe cost-effective service


( S ( CC But ) ( NP-SBJ ( JJ several ) ( NN committee ) ( NNS members ) ) ( VP ( VBD disapproved ) ( S-ADV ( NP-SBJ ( DT some ) ) ( VP ( VBG backing ) ( NP ( NP ( NNP Mr. ) ( NNP Trump ) ( POS 's ) ) ( NN claim ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN threat ) ) ( PP ( IN of ) ( NP ( NN regulation ) ) ) ) ( VP ( VBD caused ) ( NP ( NP ( NP ( DT the ) ( NN failure ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP UAL ) ( NN deal ) ) ) ) ( CC and ) ( NP ( DT the ) ( NN stock-market ) ( NN plunge ) ) ) ) ) ) ) ) ) ) )

But several committee members disapproved some backing Mr. Trump 's claim that the threat of regulation caused the failure of the UAL deal and the stock-market plunge


( S ( NP-SBJ ( NP ( CD One ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ major ) ( NNS concerns ) ) ( VP ( VBN expressed ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNS dissenters ) ) ) ) ) ) ) ( VP ( VBD was ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ-1 ( JJ large ) ( NNS airlines ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN prohibited ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VP ( VBG divesting ) ( NP ( PRP themselves ) ) ( PP-CLR ( IN of ) ( NP ( JJR smaller ) ( NNS entities ) ) ) ) ( CC and ) ( VP ( VBG producing ) ( NP ( JJ independent ) ( JJ spin-off ) ( NNS companies ) ) ) ) ) ) ) ) ) ) ) ) )

One of the major concerns expressed by the dissenters was that large airlines would be prohibited from divesting themselves of smaller entities and producing independent spin-off companies


( S ( NP-SBJ ( NNP Seafirst ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD signed ) ( NP ( NP ( DT an ) ( NN agreement ) ) ( PP ( IN with ) ( NP ( NN builder ) ( NNP Martin ) ( NNP Selig ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB purchase ) ( NP ( NP ( PRP$ its ) ( NN headquarters ) ( NN building ) ) ( NP ( DT the ) ( NNP Columbia ) ( NNP Seafirst ) ( NNP Center ) ) ) ( PP-CLR ( IN for ) ( NP ( QP ( CD 354 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) )

Seafirst Corp. said it signed an agreement with builder Martin Selig to purchase its headquarters building the Columbia Seafirst Center for 354 million


( S ( NP-SBJ ( NP ( NN Purchase ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ 76-story ) ( NN structure ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ subject ) ( PP ( TO to ) ( NP ( NP ( NP ( NN execution ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ definitive ) ( NN agreement ) ) ) ) ( NP ( NP ( NN approval ) ) ( PP ( IN by ) ( NP ( NP ( DT the ) ( NNS boards ) ) ( PP ( IN of ) ( NP ( NP ( NNP Seafirst ) ) ( CC and ) ( NP ( PRP$ its ) ( NN parent ) ( NN company ) ( NNP BankAmerica ) ( NNP Corp. ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NN approval ) ) ( PP ( IN by ) ( NP ( NNS regulators ) ) ) ) ) ) ) ) )

Purchase of the 76-story structure is subject to execution of a definitive agreement approval by the boards of Seafirst and its parent company BankAmerica Corp. and approval by regulators


( S ( NP-SBJ ( NP ( NNP Maxus ) ( NNP Energy ) ( NNP Corp. ) ) ( NP-LOC ( NNP Dallas ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD discovered ) ( NP ( DT a ) ( JJ new ) ( NN oil ) ( NN field ) ) ( ADVP-LOC ( NN northeast ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( ADJP ( RB previously ) ( VBN discovered ) ) ( NNP Intan ) ( NNP Field ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJ southeast ) ( NNP Sumatra ) ( NN area ) ) ( PP ( IN of ) ( NP ( NNP Indonesia ) ) ) ) ) ) ) ) ) ) ) ) )

Maxus Energy Corp. Dallas said it discovered a new oil field northeast of its previously discovered Intan Field in the southeast Sumatra area of Indonesia


( S ( NP-SBJ ( NNP Maxus ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB run ) ( NP ( DT a ) ( NN production ) ( NN test ) ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( CD three ) ( NN discovery ) ( NNS wells ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD drilled ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN field ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( NP-PRD ( NP ( QP ( RB about ) ( CD 1.6 ) ) ( NNS miles ) ) ( PP ( IN from ) ( NP ( DT the ) ( NNP Intan ) ( NNP Field ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( DT the ) ( NNS wells ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ similar ) ( PP ( TO to ) ( NP ( NP ( NNS others ) ) ( VP ( VBN drilled ) ( PP-LOC ( IN at ) ( NP ( PRP$ its ) ( NNP Intan ) ( CC and ) ( NNP Widuri ) ( NNS fields ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Maxus said it did n't run a production test on the three discovery wells it drilled in the field which is about 1.6 miles from the Intan Field because the wells are similar to others drilled at its Intan and Widuri fields


( S ( ADVP ( RB However ) ) ( NP-SBJ ( NNP Maxus ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ believes ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NNS reserves ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN field ) ) ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( QP ( RB about ) ( CD 10 ) ( CD million ) ) ( NNS barrels ) ) ( PP ( IN of ) ( NP ( NN oil ) ) ) ) ) ) ) ) ) ) ) )

However Maxus said it believes the reserves in the field are about 10 million barrels of oil


( S ( S ( NP-SBJ ( DT The ) ( NNP Intan ) ( NNP Field ) ) ( VP ( VBZ has ) ( VP ( VBN estimated ) ( NP ( NP ( NNS reserves ) ) ( PP ( IN of ) ( NP ( QP ( CD 50 ) ( CD million ) ) ( NNS barrels ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NNP Widuri ) ( NNP Field ) ) ( VP ( VBZ has ) ( VP ( VBN estimated ) ( NP ( NP ( NNS reserves ) ) ( PP ( IN of ) ( NP ( QP ( CD 225 ) ( CD million ) ) ( NNS barrels ) ) ) ) ) ) ) )

The Intan Field has estimated reserves of 50 million barrels and the Widuri Field has estimated reserves of 225 million barrels


( S ( NP-SBJ ( NP ( NNP Maxus ) ) ( NP ( DT an ) ( JJ independent ) ( NN oil ) ( CC and ) ( NN gas ) ( NN concern ) ) ) ( VP ( VP ( VBZ is ) ( NP-PRD ( DT the ) ( NN operator ) ) ) ( CC and ) ( VP ( VBZ owns ) ( NP ( NP ( DT a ) ( ADJP ( CD 56 ) ( NN % ) ) ( NN interest ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( JJ new ) ( NN field ) ) ( VP ( VBD called ) ( S ( NP-PRD ( NNP Northeast ) ( NNP Intan ) ) ) ) ) ) ) ) ) )

Maxus an independent oil and gas concern is the operator and owns a 56 % interest in the new field called Northeast Intan


( S ( NP-SBJ-1 ( JJ Other ) ( NNS interests ) ) ( VP ( VBP are ) ( VP ( VBN owned ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP BP ) ( NNP Petroleum ) ( NNP Development ) ( PRN ( NNP SES ) ) ( NNP Ltd. ) ) ( NP ( NNP C. ) ( NNP Itoh ) ( NNP Energy ) ( NNP Co. ) ( NNP Ltd. ) ) ( NP ( NNP Deminex ) ( NNP Sumatra ) ( NNP OEL ) ( NNP G.m.b ) ( NNP H. ) ) ( NP ( NNP Hispanoil ) ( PRN ( NNP Sumatra ) ) ( NNP Production ) ( NNP Ltd. ) ) ( NP ( NNP Hudbay ) ( NNP Oil ) ( PRN ( NNP Indonesia ) ) ( NNP Ltd. ) ) ( NP ( NNP Inpex ) ( NNP Sumatra ) ( NNP Co. ) ( NNP Ltd. ) ) ( NP ( NNP Lasmo ) ( NNP Sumatra ) ( NNP Ltd. ) ) ( NP ( NNP Sunda ) ( NNP Shell ) ) ( NP ( NNP TCR ) ( NNP Sumat ) ( NNP A.G. ) ) ( CC and ) ( NP ( NNP Warrior ) ( NNP Oil ) ( NNP Co ) ) ) ) ) ) )

Other interests are owned by BP Petroleum Development SES Ltd. C. Itoh Energy Co. Ltd. Deminex Sumatra OEL G.m.b H. Hispanoil Sumatra Production Ltd. Hudbay Oil Indonesia Ltd. Inpex Sumatra Co. Ltd. Lasmo Sumatra Ltd. Sunda Shell TCR Sumat A.G. and Warrior Oil Co


( S ( NP-SBJ-1 ( DT The ) ( JJ production-sharing ) ( NN contract ) ( NN area ) ) ( VP ( VBZ is ) ( VP ( VBN held ) ( PP ( IN with ) ( NP ( NP ( NNP Pertamina ) ) ( NP ( DT the ) ( JJ Indonesian ) ( NN state ) ( NN oil ) ( NN company ) ) ) ) ) ) )

The production-sharing contract area is held with Pertamina the Indonesian state oil company


( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( NP ( NNP Friday ) ( POS 's ) ) ( VBG plunging ) ( NN stock ) ( NN market ) ) ( VP ( VBD prompted ) ( NP ( NP ( JJ new ) ( NNS fears ) ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( NN economy ) ( POS 's ) ) ( NNS prospects ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT a ) ( JJ little-known ) ( NN indicator ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ has ) ( VP ( ADVP-MNR ( RB faithfully ) ) ( VBN foreshadowed ) ( NP ( NP ( DT the ) ( NN economy ) ( POS 's ) ) ( NNS ups ) ( CC and ) ( NNS downs ) ) ( PP ( IN by ) ( NP ( ADJP ( RB exceptionally ) ( JJ long ) ) ( NN lead ) ( NNS times ) ) ) ) ) ) ) ) ( VP ( VBZ points ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( JJ sustained ) ( NN rise ) ) ( PP ( IN in ) ( NP ( JJ overall ) ( NN business ) ( NN activity ) ) ) ) ) ) )

While Friday 's plunging stock market prompted new fears about the economy 's prospects a little-known indicator that has faithfully foreshadowed the economy 's ups and downs by exceptionally long lead times points to a sustained rise in overall business activity


( S ( S ( NP-SBJ ( NP ( DT The ) ( NN barometer ) ) ( VP ( VBN developed ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS analysts ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NP ( NNP Columbia ) ( NNP University ) ( POS 's ) ) ( NNP Center ) ) ( PP ( IN for ) ( NP ( NNP International ) ( NNP Business ) ( NNP Cycle ) ( NNP Research ) ) ) ) ) ) ) ( ADVP-LOC ( RB here ) ) ) ) ( VP ( VBD reached ) ( NP ( NP ( DT a ) ( NN record ) ( JJ high ) ) ( PP ( IN of ) ( NP ( CD 223.0 ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( NNP August ) ) ( NP ( NP ( DT the ) ( JJS latest ) ( NN month ) ) ( ADJP ( JJ available ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NNP Columbia ) ( NNS researchers ) ) ( VP ( VBP estimate ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN moved ) ( ADVP-DIR ( RB even ) ( RBR higher ) ) ( PP-TMP ( IN since ) ( NP ( RB then ) ) ) ) ) ) ) ) ) )

The barometer developed by analysts at Columbia University 's Center for International Business Cycle Research here reached a record high of 223.0 in August the latest month available and the Columbia researchers estimate that it has moved even higher since then


( S ( NP-SBJ ( NP ( DT The ) ( JJS latest ) ( NN reading ) ) ( PP ( IN of ) ( NP ( CD 223.0 ) ) ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB up ) ( PP ( PP ( IN from ) ( NP-1 ( CD 222.3 ) ) ( PP-TMP-2 ( IN in ) ( NP ( NNP July ) ) ) ) ( CC and ) ( PP ( NP=1 ( CD 215.3 ) ) ( ADVP-TMP=2 ( ADVP ( RB as ) ( RB recently ) ) ( PP ( IN as ) ( NP ( NNP March ) ) ) ) ) ) ) ) )

The latest reading of 223.0 was up from 222.3 in July and 215.3 as recently as March


( S ( NP-SBJ ( DT The ) ( NNP August ) ( NN rise ) ) ( VP ( VBD marked ) ( NP ( NP ( DT the ) ( JJ fifth ) ( JJ straight ) ( JJ monthly ) ( NN gain ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN indicator ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ uses ) ( NP ( DT the ) ( CD 1967 ) ( NN average ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( NN base ) ) ( PP ( IN of ) ( NP ( CD 100 ) ) ) ) ) ) ) ) ) ) ) ) )

The August rise marked the fifth straight monthly gain for the indicator which uses the 1967 average as a base of 100


( S ( PP ( IN In ) ( NP ( NN contrast ) ) ) ( NP-SBJ-1 ( NP ( NP ( DT the ) ( NNP Commerce ) ( NNP Department ) ( POS 's ) ) ( ADJP ( RB widely ) ( VBN followed ) ) ( NN index ) ) ( PP ( IN of ) ( NP ( VBG leading ) ( NNS indicators ) ) ) ) ( SBAR-ADV ( IN while ) ( FRAG ( ADVP ( RB up ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN fallen ) ( ADVP-TMP ( RB repeatedly ) ) ( PP-TMP ( IN since ) ( S-NOM ( VP ( VBG reaching ) ( NP ( DT a ) ( JJ high ) ) ( NP-TMP ( RB early ) ( DT this ) ( NN year ) ) ) ) ) ) ) )

In contrast the Commerce Department 's widely followed index of leading indicators while up in August has fallen repeatedly since reaching a high early this year


( S ( NP-SBJ ( NP ( PRP$ Its ) ( JJ ragged ) ( NN behavior ) ) ( PP ( IN through ) ( NP ( NP ( JJ much ) ) ( PP ( IN of ) ( NP ( CD 1989 ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN prompted ) ( S ( NP-SBJ ( DT some ) ( NNS forecasters ) ) ( VP ( TO to ) ( VP ( VB anticipate ) ( NP ( NP ( DT the ) ( NN start ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ new ) ( NN recession ) ) ) ) ( PP-TMP ( RB perhaps ) ( IN before ) ( NP ( NP ( NN year ) ( POS 's ) ) ( NN end ) ) ) ) ) ) ) ) )

Its ragged behavior through much of 1989 has prompted some forecasters to anticipate the start of a new recession perhaps before year 's end


( SINV ( S-TPC-1 ( CC But ) ( NP-SBJ ( NP ( DT the ) ( ADJP ( RB far ) ( JJR stronger ) ) ( NN showing ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Columbia ) ( NN index ) ) ) ) ( VP ( VBZ makes ) ( S ( NP-SBJ ( NP ( DT a ) ( NN recession ) ) ( NP-TMP ( DT any ) ( NN time ) ( RB soon ) ) ) ( ADJP-PRD ( RB highly ) ( JJ unlikely ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Geoffrey ) ( NNP H. ) ( NNP Moore ) ) ( NP ( NP ( DT the ) ( NN director ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Columbia ) ( NN facility ) ) ) ) ) )

But the far stronger showing of the Columbia index makes a recession any time soon highly unlikely says Geoffrey H. Moore the director of the Columbia facility


( S ( S-ADV ( NP-PRD ( NP ( DT A ) ( VBG leading ) ( NN authority ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN business ) ( NN cycle ) ) ) ) ) ( NP-SBJ-2 ( NNP Mr. ) ( NNP Moore ) ) ( VP ( ADVP ( RB also ) ) ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN member ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Business ) ( NNP Cycle ) ( NNP Dating ) ( NNP Group ) ) ( NP ( NP ( DT the ) ( NN panel ) ) ( PP ( IN of ) ( NP ( JJ private ) ( NNS economists ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ decides ) ( PP ( IN for ) ( NP ( DT the ) ( NN government ) ) ) ( SBAR ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( NNS expansions ) ( CC and ) ( NNS recessions ) ) ( VP ( VBP begin ) ( CC and ) ( VBP end ) ) ) ) ) ) ) ) ) ) ) ) )

A leading authority on the business cycle Mr. Moore also is a member of the Business Cycle Dating Group the panel of private economists that decides for the government when expansions and recessions begin and end


( S ( NP-SBJ ( DT The ) ( NN group ) ) ( VP ( ADVP ( RB normally ) ) ( VBZ convenes ) ( SBAR-TMP ( RB only ) ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NP ( DT a ) ( NN change ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN economy ) ( POS 's ) ) ( JJ general ) ( NN course ) ) ) ) ( VP ( VBZ seems ) ( ADJP-PRD ( RB likely ) ) ) ) ) ) )

The group normally convenes only when a change in the economy 's general course seems likely


( S ( S-TPC-2 ( NP-SBJ-1 ( DT No ) ( NN meeting ) ) ( VP ( VBZ is ) ( VP ( VBN scheduled ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( DT the ) ( NN expansion ) ) ( VP ( VBZ shows ) ( NP ( NP ( DT no ) ( NN sign ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG going ) ( PP-DIR ( IN off ) ( NP ( DT the ) ( NNS tracks ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Moore ) ) ( VP ( VBZ reports ) ) )

No meeting is scheduled because the expansion shows no sign of going off the tracks Mr. Moore reports


( S ( S-ADV ( VP ( VBN Based ) ( ADVP ( RB largely ) ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( JJ recent ) ( NN strength ) ) ( PP ( IN in ) ( NP ( NP ( PRP$ their ) ( NN index ) ) ( VP ( VBN called ) ( S ( NP-PRD ( DT the ) ( JJ long ) ( VBG leading ) ( NN indicator ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Columbia ) ( NNS analysts ) ) ( VP ( VBP foresee ) ( NP ( ADJP ( JJ uninterrupted ) ( JJ economic ) ) ( NN growth ) ) ( PP-TMP ( IN through ) ( NP ( NP ( NP ( DT the ) ( NN rest ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN year ) ) ) ) ( CC and ) ( NP ( NP ( JJ next ) ( NN year ) ) ( ADVP ( RB as ) ( RB well ) ) ) ) ) ) )

Based largely on the recent strength in their index called the long leading indicator the Columbia analysts foresee uninterrupted economic growth through the rest of this year and next year as well


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP expect ) ( NP ( NP ( DT a ) ( ADJP ( CD 2.6 ) ( NN % ) ) ( NN rise ) ) ( PP-TMP ( IN in ) ( NP ( CD 1990 ) ) ) ( PP ( IN in ) ( NP ( DT the ) ( JJ gross ) ( JJ national ) ( NN product ) ) ) ) ( PP-TMP ( IN after ) ( NP ( NP ( NN adjustment ) ) ( PP ( IN for ) ( NP ( NN inflation ) ) ) ) ) ) )

They expect a 2.6 % rise in 1990 in the gross national product after adjustment for inflation


( SINV ( VP-TPC-1 ( VBG Underlying ) ( NP ( DT this ) ( NN optimism ) ) ) ( VP ( VBZ is ) ) ( NP-SBJ ( NP ( DT the ) ( NN index ) ( POS 's ) ) ( JJ longstanding ) ( NN ability ) ( S ( VP ( TO to ) ( VP ( VB signal ) ( NP ( NNS recessions ) ( CC or ) ( NNS recoveries ) ) ( PRN ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( DT the ) ( NN case ) ) ( VP ( MD may ) ( VP ( VB be ) ) ) ) ) ) ( PP ( IN by ) ( NP ( NP ( ADJP ( RB substantially ) ( JJR greater ) ) ( NNS periods ) ) ( PP ( IN than ) ( NP ( NP ( NP ( DT the ) ( NNP Commerce ) ( NNP Department ) ( POS 's ) ) ( NN index ) ) ( PP ( IN of ) ( NP ( VBG leading ) ( NNS indicators ) ) ) ) ) ) ) ) ) ) ) )

Underlying this optimism is the index 's longstanding ability to signal recessions or recoveries as the case may be by substantially greater periods than the Commerce Department 's index of leading indicators


( S ( PP ( IN Over ) ( NP ( DT the ) ( JJ full ) ( NNP post-World ) ( NNP War ) ( NNP II ) ( NN era ) ) ) ( NP-SBJ ( DT the ) ( NNP Columbia ) ( NN index ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN average ) ) ) ( VP ( VBZ has ) ( VP ( VP ( VBN entered ) ( NP ( VBN sustained ) ( NNS declines ) ) ( NP-TMP ( NP ( CD 14 ) ( NNS months ) ) ( PP ( IN before ) ( NP ( NP ( DT the ) ( NN onset ) ) ( PP ( IN of ) ( NP ( NNS recessions ) ) ) ) ) ) ) ( CC and ) ( VP ( VBD turned ) ( PRT ( RP up ) ) ( NP-TMP ( NP ( CD eight ) ( NNS months ) ) ( PP ( IN before ) ( NP ( NNS recoveries ) ) ) ) ) ) ) )

Over the full post-World War II era the Columbia index on the average has entered sustained declines 14 months before the onset of recessions and turned up eight months before recoveries


( S ( NP-SBJ ( NP ( DT The ) ( JJ comparable ) ( NN lead ) ( NNS times ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NNP Commerce ) ( NN index ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( NNS components ) ) ( S ( VP ( VBP include ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ) ) ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB far ) ( JJR shorter ) ) ( NP-TMP ( NP ( NP ( CD 10 ) ( NNS months ) ) ( PP ( IN before ) ( NP ( NNS recessions ) ) ) ) ( CC and ) ( NP ( NP ( RB only ) ( CD three ) ( NNS months ) ) ( PP ( IN before ) ( NP ( NNS recoveries ) ) ) ) ) ) )

The comparable lead times for the Commerce index whose components include the stock market are far shorter 10 months before recessions and only three months before recoveries


( S ( NP-SBJ ( DT The ) ( NNP Columbia ) ( NNS economists ) ) ( ADVP ( RB also ) ) ( VP ( VBP have ) ( VP ( VBN reconstructed ) ( SBAR ( WHADVP-2 ( WRB how ) ) ( S ( NP-SBJ ( DT the ) ( JJ long ) ( VBG leading ) ( NN index ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN behaved ) ( SBAR-ADV ( SINV ( VBD had ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD existed ) ) ) ) ( PRN ( PP-TMP ( IN in ) ( NP ( CD 1929 ) ) ) ) ( PP-TMP ( IN before ) ( NP ( NP ( DT the ) ( NN stock ) ( NN market ) ( NN crash ) ) ( PP-TMP ( IN in ) ( NP ( NNP October ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD ushered ) ( PRT ( RP in ) ) ( NP ( DT the ) ( NNP Great ) ( NNP Depression ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Columbia economists also have reconstructed how the long leading index would have behaved had it existed in 1929 before the stock market crash in October that ushered in the Great Depression


( S ( NP-SBJ ( DT The ) ( NN indicator ) ) ( VP ( VP ( VBD reached ) ( NP ( DT a ) ( NN peak ) ) ( PP-TMP ( IN in ) ( NP ( NNP January ) ( CD 1929 ) ) ) ) ( CC and ) ( VP ( ADVP-TMP ( RB then ) ) ( VBD fell ) ( ADVP-MNR ( RB steadily ) ) ( PP-TMP ( PP ( IN up ) ( PP ( TO to ) ) ) ( CC and ) ( PP ( IN through ) ) ( NP-1 ( DT the ) ( NN crash ) ) ) ) ) )

The indicator reached a peak in January 1929 and then fell steadily up to and through the crash


( S ( S-TPC-2 ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT an ) ( RB entirely ) ( JJ different ) ( NN pattern ) ) ( PP ( IN from ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP 're ) ( VP ( VBG seeing ) ( ADVP-TMP ( RB now ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Moore ) ) ( VP ( VBZ says ) ) )

It was an entirely different pattern from what we 're seeing now Mr. Moore says


( S ( NP-SBJ ( NP ( DT A ) ( JJ major ) ( NN source ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ recent ) ( NN strength ) ) ( PP ( IN in ) ( NP ( DT the ) ( JJ long ) ( VBG leading ) ( NN indicator ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( NP-PRD ( NP ( DT the ) ( NN performance ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Dow ) ( NNP Jones ) ( JJ corporate ) ( JJ bond-price ) ( NN index ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( RB not ) ( NP-PRD ( NP ( DT a ) ( NN part ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Commerce ) ( NN index ) ) ) ) ) ) ) ) ) ) ) ) )

A major source of the recent strength in the long leading indicator has been the performance of the Dow Jones corporate bond-price index which is not a part of the Commerce index


( S ( PP-TMP ( IN In ) ( NP ( NNP August ) ) ) ( NP-SBJ ( DT the ) ( NN bond ) ( NN measure ) ) ( VP ( VBD was ) ( PP-PRD ( IN at ) ( NP ( PRP$ its ) ( ADJP ( JJS highest ) ( JJ monthly ) ) ( NN average ) ) ) ( PP-TMP ( IN since ) ( NP ( JJ early ) ( CD 1987 ) ) ) ) )

In August the bond measure was at its highest monthly average since early 1987


( S ( NP-SBJ ( PRP It ) ) ( VP ( ADVP ( RB also ) ) ( VBD rose ) ( NP-TMP ( JJ last ) ( NNP Friday ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( DT the ) ( NN stock ) ( NN market ) ) ( VP ( VBD sagged ) ) ) ) ) )

It also rose last Friday while the stock market sagged


( S ( NP-SBJ ( NP ( JJ Other ) ( NNS components ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ long ) ( VBG leading ) ( NN indicator ) ) ) ) ( VP ( VBP include ) ( NP ( NP ( NP ( DT a ) ( NN ratio ) ) ( PP ( IN of ) ( NP ( NP ( NNS prices ) ) ( PP ( TO to ) ( NP ( NP ( NN unit ) ( NN labor ) ( NNS costs ) ) ( PP-LOC ( IN in ) ( NP ( VBG manufacturing ) ( NNS industries ) ) ) ) ) ) ) ) ( NP ( NP ( DT the ) ( CD M2 ) ( NN version ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN money ) ( NN supply ) ) ) ( VP ( VBN adjusted ) ( PP-CLR ( IN for ) ( NP ( NN inflation ) ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN volume ) ) ( PP ( IN of ) ( NP ( JJ new ) ( JJ home-building ) ( NNS permits ) ) ) ) ) ) )

Other components of the long leading indicator include a ratio of prices to unit labor costs in manufacturing industries the M2 version of the money supply adjusted for inflation and the volume of new home-building permits


( SINV ( ADJP-PRD-TPC-2 ( RB Notably ) ( JJ absent ) ( PP ( IN from ) ( NP ( DT the ) ( NNP Columbia ) ( NN index ) ) ) ) ( VP ( VBZ is ) ) ( NP-SBJ ( NP ( DT the ) ( NN stock ) ( NN market ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Moore ) ) ( VP ( VBZ says ) ( SBAR ( S ( VP ( VBZ is ) ( ADVP ( RB simply ) ) ( NP-TMP ( DT no ) ( RBR longer ) ) ( NP-PRD ( NP ( JJ such ) ( DT a ) ( JJ good ) ( NN indicator ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN economy ) ( POS 's ) ) ( JJ long-range ) ( NNS prospects ) ) ) ) ( SBAR-ADV ( IN though ) ( S ( NP-SBJ ( PRP it ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ useful ) ( PP ( IN for ) ( S-NOM ( VP ( VBG anticipating ) ( NP ( DT some ) ( JJ short-run ) ( NNS twists ) ( CC and ) ( NNS turns ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Notably absent from the Columbia index is the stock market which Mr. Moore says is simply no longer such a good indicator of the economy 's long-range prospects though it still is useful for anticipating some short-run twists and turns


( S ( ADVP-TMP ( ADVP ( RB As ) ( RB recently ) ) ( PP ( IN as ) ( NP ( CD 1975 ) ) ) ) ( NP-SBJ-1 ( NP ( DT the ) ( NN stock ) ( NN market ) ) ( PRN ( SBAR ( IN as ) ( S ( VP ( VBN reflected ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NP ( NNP Standard ) ( CC & ) ( NNP Poor ) ( POS 's ) ) ( NN index ) ) ( PP ( IN of ) ( NP ( CD 500 ) ( JJ common ) ( NNS stocks ) ) ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN rated ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NNP National ) ( NNP Bureau ) ) ( PP ( IN of ) ( NP ( NNP Economic ) ( NNP Research ) ) ) ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT the ) ( JJS best ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( CD 12 ) ( VBG leading ) ( NNS indicators ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( ADVP-TMP ( RB then ) ) ( VBD made ) ( PRT ( RP up ) ) ( NP ( DT the ) ( NNP Commerce ) ( NN index ) ) ) ) ) ) ) ) ) ) ) )

As recently as 1975 the stock market as reflected in the Standard & Poor 's index of 500 common stocks was rated by the National Bureau of Economic Research as the best of the 12 leading indicators that then made up the Commerce index


( S ( NP-SBJ-1 ( PRP It ) ) ( VP ( VBD was ) ( VP ( VBN assigned ) ( NP ( NP ( DT a ) ( NN mark ) ) ( PP ( IN of ) ( NP ( NP ( CD 80 ) ) ( PP ( IN out ) ( PP ( IN of ) ( NP ( DT a ) ( JJ possible ) ( CD 100 ) ) ) ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( NNS scores ) ) ( VP ( VBG ranging ) ( ADVP ( ADVP ( RB as ) ( JJ low ) ) ( PP ( IN as ) ( NP ( CD 69 ) ) ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ other ) ( NNS components ) ) ) ) ) ) ) ) )

It was assigned a mark of 80 out of a possible 100 compared with scores ranging as low as 69 for the other components


( S-1 ( NP-SBJ ( DT The ) ( NN stock ) ( NN market ) ) ( VP ( VBZ has ) ( VP ( VBN lost ) ( NP ( DT some ) ( JJ precursory ) ( NN power ) ) ( PRN ( S ( NP-SBJ ( NP ( NNS analysts ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NNP Columbia ) ( NN center ) ) ) ) ( VP ( NN claim ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( DT the ) ( VBG growing ) ( NN impact ) ) ( PP ( IN of ) ( NP ( JJ international ) ( NNS developments ) ) ) ) ) ) ) )

The stock market has lost some precursory power analysts at the Columbia center claim because of the growing impact of international developments


( S ( S-TPC-1 ( NP-SBJ ( NNS Stocks ) ) ( VP ( VBP have ) ( VP ( VBN become ) ( ADJP-PRD ( ADJP ( RBR more ) ( JJ sensitive ) ) ( PP ( TO to ) ( NP ( NP ( NNS factors ) ) ( VP ( RB not ) ( ADVP ( RB directly ) ) ( VBN tied ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( JJ domestic ) ( NN economy ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( NNP Mr. ) ( NNP Moore ) ) ( VP ( VBZ says ) ( S-ADV ( VP ( VBG citing ) ( NP ( NP ( NP ( DT the ) ( NN exchange ) ( NN rate ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN dollar ) ) ) ( PP-LOC ( IN on ) ( NP ( NN currency ) ( NNS markets ) ) ) ) ( NP ( DT the ) ( JJ foreign-trade ) ( NN balance ) ) ( CC and ) ( NP ( NP ( NNS inflows ) ) ( PP ( IN of ) ( NP ( JJ foreign ) ( NN capital ) ) ) ) ) ) ) ) )

Stocks have become more sensitive to factors not directly tied to the domestic economy Mr. Moore says citing the exchange rate for the dollar on currency markets the foreign-trade balance and inflows of foreign capital


( S ( NP-SBJ ( PRP He ) ) ( ADVP ( RB also ) ) ( VP ( VBZ feels ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN rise ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( JJ such ) ( JJ computer-based ) ) ( NNS practices ) ) ( PP ( IN as ) ( NP ( NN program ) ( NN trading ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN diminished ) ( NP ( NP ( NP ( DT the ) ( NN stock ) ( NN market ) ( POS 's ) ) ( NN relevancy ) ) ( PP ( TO to ) ( NP ( DT the ) ( JJ economic ) ( NN outlook ) ) ) ) ) ) ) ) ) )

He also feels that the rise of such computer-based practices as program trading has diminished the stock market 's relevancy to the economic outlook


( S ( NP-SBJ ( NP ( NNP Golden ) ( NNP West ) ( NNP Financial ) ( NNP Corp. ) ) ( VP ( VBG riding ) ( PP-LOC ( IN above ) ( NP ( NP ( DT the ) ( NN turbulence ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ has ) ( VP ( VBN troubled ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN thrift ) ( NN industry ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD posted ) ( NP ( NP ( DT a ) ( ADJP ( CD 16 ) ( NN % ) ) ( NN increase ) ) ( PP ( IN of ) ( NP ( JJ third-quarter ) ( NNS earnings ) ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 41.8 ) ( NN millon ) ) ) ( CC or ) ( NP ( NP ( CD 66 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) )

Golden West Financial Corp. riding above the turbulence that has troubled most of the thrift industry posted a 16 % increase of third-quarter earnings to 41.8 millon or 66 cents a share


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD earned ) ( NP ( NP ( QP ( CD 36 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 57 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ year-ago ) ( NN quarter ) ) ) ) )

The company earned 36 million or 57 cents a share in the year-ago quarter


( S ( NP-SBJ ( NP ( NNP Herbert ) ( NNP M. ) ( NNP Sandler ) ) ( NP ( NP ( NP ( NN chairman ) ) ( CC and ) ( NP ( JJ chief ) ( JJ executive ) ( NN officer ) ) ) ( PP ( IN of ) ( NP ( DT the ) ( NAC-LOC ( NNP Oakland ) ( NNP Calif. ) ) ( JJ savings-and-loan ) ( VBG holding ) ( NN company ) ) ) ) ) ( VP ( VBD credited ) ( NP-1 ( NP ( DT the ) ( JJ high ) ( NN number ) ) ( PP ( IN of ) ( NP ( NP ( NNS loans ) ) ( VP ( VBN added ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN portfolio ) ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ last ) ( CD 12 ) ( NNS months ) ) ) ) ) ) ) ( PP-CLR ( IN for ) ( S-NOM ( VP ( VP ( VBG broadening ) ( NP ( PRP$ its ) ( NN earning ) ( NN asset ) ( NN base ) ) ) ( CC and ) ( VP ( VBG improving ) ( NP ( NN profit ) ( NN performance ) ) ) ) ) ) ) )

Herbert M. Sandler chairman and chief executive officer of the Oakland Calif. savings-and-loan holding company credited the high number of loans added to the company 's portfolio over the last 12 months for broadening its earning asset base and improving profit performance


( S ( ADVP ( RB However ) ) ( NP-SBJ ( DT the ) ( NN executive ) ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( VBG slackening ) ( NN demand ) ) ( PP ( IN for ) ( NP ( JJ new ) ( NNS mortgages ) ) ) ) ( VP ( VBD depressed ) ( NP ( JJ new ) ( NN loan ) ( NNS originations ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 1 ) ( CD billion ) ) ) ( NP ( NP ( CD 30 ) ( NN % ) ) ( PP ( IN below ) ( NP ( NP ( DT the ) ( JJ same ) ( NN period ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ) ) ) ) ) ) ) ) )

However the executive noted that slackening demand for new mortgages depressed new loan originations to 1 billion 30 % below the same period last year


( S ( PP-LOC ( IN In ) ( NP ( NN savings ) ( NN activity ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Sandler ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NN consumer ) ( NNS deposits ) ) ( VP ( VP ( VBP have ) ( VP ( VBN enjoyed ) ( NP ( DT a ) ( JJ steady ) ( NN increase ) ) ( PP-TMP ( IN throughout ) ( NP ( CD 1989 ) ) ) ) ) ( CC and ) ( VP ( VBD topped ) ( NP ( QP ( CD 11 ) ( CD billion ) ) ) ( PP-TMP ( IN at ) ( NP ( NP ( NN quarter ) ( POS 's ) ) ( NN end ) ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ first ) ( NN time ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN history ) ) ) ) ) ) ) ) ) ) )

In savings activity Mr. Sandler said consumer deposits have enjoyed a steady increase throughout 1989 and topped 11 billion at quarter 's end for the first time in the company 's history


( S ( NP-SBJ ( NN Deposit ) ( NN growth ) ) ( VP ( VBD amounted ) ( PP-CLR ( TO to ) ( NP ( NP ( QP ( CD 393 ) ( CD million ) ) ) ( NP ( QP ( RBR more ) ( IN than ) ( RB double ) ) ( DT the ) ( JJ year-ago ) ( NN figure ) ) ) ) ) )

Deposit growth amounted to 393 million more than double the year-ago figure


( S ( NP-SBJ ( NP ( NNP United ) ( NNP Biscuits ) ( NNP Holdings ) ( NNP PLC ) ) ( NP ( DT a ) ( JJ British ) ( NN food ) ( NN producer ) ) ) ( VP ( VBD announced ) ( NP ( NP ( DT the ) ( NN creation ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ European ) ( NN group ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB bring ) ( ADVP-CLR ( RB together ) ) ( NP ( NP ( PRP$ its ) ( NN trading ) ( NNS interests ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN region ) ) ) ) ) ) ) ) ) ) ) ) )

United Biscuits Holdings PLC a British food producer announced the creation of a European group to bring together its trading interests in the region


( S ( NP-SBJ ( DT The ) ( JJ new ) ( NN group ) ) ( VP ( MD will ) ( VP ( VB comprise ) ( NP ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP United ) ( NNP Biscuit ) ( POS 's ) ) ( NN manufacturing ) ( CC and ) ( NN marketing ) ( NNS operations ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN food ) ( NN sector ) ) ) ( ADVP ( RB apart ) ( PP ( IN from ) ( NP ( NP ( DT those ) ) ( VP ( VBN based ) ( PP-CLR-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ) ) ) ) ) ) )

The new group will comprise all of United Biscuit 's manufacturing and marketing operations in the food sector apart from those based in the U.S.


( S ( NP-SBJ ( NNP United ) ( NNP Biscuits ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( VBN combined ) ( NN group ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD will ) ( VP ( VB include ) ( NP ( NP ( NNS businesses ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NNP McVities ) ( NNS biscuits ) ) ( CC and ) ( NP ( NP ( NNP Terry ) ( POS 's ) ) ( NN confectionery ) ) ) ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB have ) ( NP ( NP ( NP ( JJ annual ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 1.5 ) ( CD billion ) ) ) ( PRN ( NP ( QP ( CD 2.35 ) ( CD billion ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NN trading ) ( NN profit ) ) ( PP ( IN of ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 160 ) ( CD million ) ) ) ( PRN ( NP ( QP ( CD 251 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) ) )

United Biscuits said the combined group which will include businesses such as McVities biscuits and Terry 's confectionery will have annual sales of more than 1.5 billion 2.35 billion and trading profit of more than 160 million 251 million


( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( JJ new ) ( NN structure ) ) ( VP ( MD will ) ( VP ( VB enable ) ( S ( NP-SBJ ( NNP United ) ( NNP Biscuits ) ) ( VP ( TO to ) ( VP ( VB focus ) ( ADVP-MNR ( RB clearly ) ) ( PP-CLR ( IN upon ) ( NP ( NP ( NNS opportunities ) ) ( PP ( IN for ) ( NP ( NP ( VBN planned ) ( NN growth ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NNS 1990s ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Bob ) ( NNP Clarke ) ) ( NP ( NP ( JJ deputy ) ( NN chairman ) ) ( CC and ) ( NP ( NN group ) ( JJ chief ) ( NN executive ) ) ) ) )

The new structure will enable United Biscuits to focus clearly upon opportunities for planned growth during the 1990s said Bob Clarke deputy chairman and group chief executive


( S ( NP-TMP ( JJ Last ) ( NN month ) ) ( NP-SBJ-1 ( NNP United ) ( NNP Biscuits ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( PRP$ its ) ( JJ entire ) ( NN restaurant ) ( NNS operations ) ) ( PP-DTV ( TO to ) ( NP ( NNP Grand ) ( NNP Metropolitan ) ( NNP PLC ) ) ) ( PP-CLR ( IN for ) ( NP ( QP ( CD 180 ) ( CD million ) ) ) ) ) ) ) ) )

Last month United Biscuits agreed to sell its entire restaurant operations to Grand Metropolitan PLC for 180 million


( S ( NP-SBJ-1 ( NP ( NNP Britain ) ( POS 's ) ) ( NNP Blue ) ( NNP Arrow ) ( NNP PLC ) ) ( VP ( VBZ intends ) ( S ( VP ( TO to ) ( VP ( VP ( VB change ) ( NP ( PRP$ its ) ( NN name ) ) ( PP-CLR ( TO to ) ( NP ( NNP Manpower ) ( NNP PLC ) ) ) ) ( CC and ) ( VP ( VB write ) ( PRT ( RP off ) ) ( NP ( NP ( DT a ) ( NN chunk ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( QP ( RB nearly ) ( CD 1.2 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NP ( JJ good ) ( NN will ) ) ( VP ( VBN realized ) ( PP-CLR ( IN in ) ( NP ( NP ( DT the ) ( NN takeover ) ) ( PP ( IN of ) ( NP ( JJ U.S.-based ) ( NNP Manpower ) ( NNP Inc ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Britain 's Blue Arrow PLC intends to change its name to Manpower PLC and write off a chunk of the nearly 1.2 billion in good will realized in the takeover of U.S.-based Manpower Inc


( S ( NP-SBJ ( NNP Blue ) ( NNP Arrow ) ( NNP Chairman ) ( NNP Mitchell ) ( NNP Fromstein ) ) ( VP ( VBD said ) ( PP-LOC ( IN in ) ( NP ( DT an ) ( NN interview ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( CD two ) ( NNS steps ) ) ( VP ( MD may ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( NN prelude ) ) ( PP ( TO to ) ( S-NOM ( VP ( VBG reincorporating ) ( NP ( NP ( NP ( DT the ) ( NN world ) ( POS 's ) ) ( JJS biggest ) ( JJ employment-services ) ( NN group ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ) ) ) ) ) ) ) )

Blue Arrow Chairman Mitchell Fromstein said in an interview that the two steps may be a prelude to reincorporating the world 's biggest employment-services group in the U.S.


( S ( NP-SBJ ( NNP Mr. ) ( NNP Fromstein ) ) ( VP ( VBD disclosed ) ( NP ( NP ( DT the ) ( VBN planned ) ( NNS steps ) ) ( VP ( VBN expected ) ( PP-TMP ( IN within ) ( NP ( DT a ) ( JJ few ) ( NNS months ) ) ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NNP Blue ) ( NNP Arrow ) ) ( VP ( VBD posted ) ( NP ( NP ( DT a ) ( ADJP ( CD 2.5 ) ( NN % ) ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( JJ third-quarter ) ( JJ pretax ) ( NNS earnings ) ) ) ) ) ) ) ) )

Mr. Fromstein disclosed the planned steps expected within a few months as Blue Arrow posted a 2.5 % drop in its third-quarter pretax earnings


( S ( NP-SBJ-1 ( DT The ) ( NN name ) ( NN change ) ( CC and ) ( JJ good ) ( NN will ) ( NN write-off ) ) ( VP ( MD could ) ( VP ( VB help ) ( S ( VP ( VP ( VB solidify ) ( NP ( NP ( NP ( NNP Blue ) ( NNP Arrow ) ( POS 's ) ) ( NN dominance ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP U.S. ) ( JJ temporary-help ) ( NN market ) ) ) ) ) ( CC and ) ( VP ( VB give ) ( NP ( PRP it ) ) ( NP ( DT a ) ( ADJP ( RBR more ) ( JJ American ) ) ( NN image ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NNP U.S. ) ( NNS investors ) ) ( VP ( VBP turn ) ( ADJP-PRD ( JJ jittery ) ( PP ( IN about ) ( NP ( JJ foreign ) ( NNS stocks ) ) ) ) ( PP-TMP ( IN after ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NN market ) ( NN plunge ) ) ) ) ) ) ) ) ) ) )

The name change and good will write-off could help solidify Blue Arrow 's dominance of the U.S. temporary-help market and give it a more American image as U.S. investors turn jittery about foreign stocks after Friday 's market plunge


( S ( NP-SBJ ( NNP U.S. ) ( NNS holders ) ) ( VP ( ADVP-TMP ( RB now ) ) ( VBP own ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 60 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNP Blue ) ( NNP Arrow ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( CD 9 ) ( NN % ) ) ( NP-TMP ( JJ last ) ( NNP January ) ) ) ) ) ) )

U.S. holders now own more than 60 % of Blue Arrow compared with 9 % last January


( S ( S-TPC-1 ( PP-LOC ( IN In ) ( NP ( DT the ) ( NNP U.S. ) ( NN market ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN recognition ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Manpower ) ( NN name ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( RB infinitely ) ( JJR stronger ) ) ( PP ( IN than ) ( NP ( NNP Blue ) ( NNP Arrow ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Fromstein ) ) ( VP ( VBD said ) ) )

In the U.S. market the recognition of the Manpower name is infinitely stronger than Blue Arrow Mr. Fromstein said


( S ( NP-SBJ ( DT The ) ( NNS moves ) ) ( ADVP ( RB also ) ) ( VP ( MD could ) ( VP ( VB erase ) ( NP ( NP ( NP ( NNS shareholders ) ( POS ' ) ) ( NN perception ) ) ( PP ( IN of ) ( NP ( NNP Blue ) ( NNP Arrow ) ) ) ( PP ( IN as ) ( NP ( NP ( DT a ) ( NN company ) ) ( PP ( IN in ) ( NP ( NN turmoil ) ) ) ) ) ) ) ) )

The moves also could erase shareholders ' perception of Blue Arrow as a company in turmoil


( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( ADVP ( RBR further ) ) ( VP ( VBZ reinforces ) ( NP ( DT the ) ( NN concept ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Blue ) ( NNP Arrow ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN thing ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN past ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Doug ) ( NNP Arthur ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Kidder ) ( NNP Peabody ) ( CC & ) ( NNP Co. ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) )

It further reinforces the concept that Blue Arrow is a thing of the past said Doug Arthur an analyst at Kidder Peabody & Co. in New York


( S ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( VBN proposed ) ( NNS changes ) ) ( NP ( DT all ) ) ) ( VP ( VBP make ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NN sense ) ) ) ) ( PP-CLR ( TO to ) ( NP ( PRP me ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD added ) ) )

The proposed changes all make a lot of sense to me he added


( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( ADJP ( RB widely ) ( VBN publicized ) ) ( NN boardroom ) ( NN coup ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Fromstein ) ) ( VP ( VBD ousted ) ( NP ( NNP Antony ) ( NNP Berry ) ) ( PP-CLR ( IN as ) ( NP ( NNP Blue ) ( NNP Arrow ) ( JJ chief ) ( NN executive ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP January ) ) ) ( SBAR-TMP ( NP-ADV ( DT a ) ( NN month ) ) ( IN after ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Berry ) ) ( VP ( VBD had ) ( VP ( VBN forced ) ( NP ( NNP Mr. ) ( NNP Fromstein ) ) ( ADVP-CLR ( RB out ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT the ) ( ADJP ( CD 1 ) ( JJ million-a-year ) ) ( NN chief ) ) ( PP ( IN of ) ( NP ( JJ Milwaukee-based ) ( NNP Manpower ) ) ) ) ) ) ) ) ) ) )

In a widely publicized boardroom coup Mr. Fromstein ousted Antony Berry as Blue Arrow chief executive in January a month after Mr. Berry had forced Mr. Fromstein out as the 1 million-a-year chief of Milwaukee-based Manpower


( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Fromstein ) ) ( VP ( VBD solidified ) ( NP ( PRP$ his ) ( NN control ) ) ( PP-TMP ( IN in ) ( NP ( NNP April ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG taking ) ( PRT ( RP over ) ) ( PP-CLR ( IN from ) ( NP ( NNP Mr. ) ( NNP Berry ) ) ) ( PP ( IN as ) ( NP-CLR ( NN chairman ) ) ) ) ) ) ) )

Mr. Fromstein solidified his control in April by taking over from Mr. Berry as chairman


( S ( CC But ) ( NP-SBJ ( DT the ) ( NNP Blue ) ( NNP Arrow ) ( NN tumult ) ) ( VP ( VBZ is ) ( RB n't ) ( ADVP-PRD ( RB over ) ) ( ADVP-TMP ( RB yet ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( DT the ) ( JJ British ) ( NN government ) ) ( VP ( VBZ is ) ( VP ( VBG investigating ) ( NP ( NP ( DT a ) ( VBN disputed ) ( ADJP ( QP ( CD 25 ) ( CD million ) ) ( PRN ( ADJP ( QP ( CD 39.4 ) ( CD million ) ) ) ) ) ( NN loan ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Fromstein ) ) ( VP ( VBZ has ) ( VP ( VBD said ) ( SBAR ( S ( VP ( VBD was ) ( VP ( VBN made ) ( PP-LOC ( IN under ) ( NP ( NP ( NNP Mr. ) ( NNP Berry ) ( POS 's ) ) ( NN direction ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But the Blue Arrow tumult is n't over yet as the British government is investigating a disputed 25 million 39.4 million loan which Mr. Fromstein has said was made under Mr. Berry 's direction


( S ( NP-SBJ-1 ( NNP Blue ) ( NNP Arrow ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB pull ) ( PRT ( RP off ) ) ( NP ( NP ( DT the ) ( ADJP ( QP ( CD 1.34 ) ( CD billion ) ) ) ( NN takeover ) ) ( PP ( IN of ) ( NP ( NNP Manpower ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1987 ) ) ) ) ) ) ) ( SBAR-PRP ( RB largely ) ( IN because ) ( S ( NP-SBJ ( JJ different ) ( ADJP ( JJ British ) ( CC and ) ( JJ American ) ) ( NN accounting ) ( NNS standards ) ) ( VP ( VBP produce ) ( NP ( JJR higher ) ( VBN reported ) ( NNS earnings ) ) ( PP-CLR ( IN for ) ( NP ( JJ British ) ( NNS companies ) ) ) ) ) ) ) )

Blue Arrow was able to pull off the 1.34 billion takeover of Manpower in 1987 largely because different British and American accounting standards produce higher reported earnings for British companies


( S ( PP-LOC ( IN Under ) ( NP ( JJ British ) ( NNS rules ) ) ) ( NP-SBJ-1 ( NNP Blue ) ( NNP Arrow ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB write ) ( PRT ( RP off ) ) ( PP-TMP ( IN at ) ( NP ( RB once ) ) ) ( NP ( NP ( DT the ) ( QP ( CD 1.15 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( JJ good ) ( NN will ) ) ) ( VP ( VBG arising ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NN purchase ) ) ) ) ) ) ) ) ) ) )

Under British rules Blue Arrow was able to write off at once the 1.15 billion in good will arising from the purchase


( S ( S-ADV ( PP-PRD ( IN As ) ( NP ( DT a ) ( ADJP ( JJ U.S.-based ) ) ( NN company ) ) ) ) ( NP-SBJ-1 ( NNP Blue ) ( NNP Arrow ) ) ( VP ( MD would ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB amortize ) ( NP ( DT the ) ( JJ good ) ( NN will ) ) ( PP-CLR ( IN over ) ( NP ( QP ( RB as ) ( JJ many ) ( IN as ) ( CD 40 ) ) ( NNS years ) ) ) ) ) ) ( S-ADV ( VP ( VBG creating ) ( NP ( NP ( DT a ) ( VBG continuing ) ( NN drag ) ) ( PP ( IN on ) ( NP ( VBN reported ) ( NNS earnings ) ) ) ) ) ) ) ) )

As a U.S.-based company Blue Arrow would have to amortize the good will over as many as 40 years creating a continuing drag on reported earnings


( S ( NP-SBJ ( JJ Good ) ( NN will ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN excess ) ) ( PP ( IN of ) ( NP ( NP ( NN cost ) ) ( PP ( IN of ) ( NP ( DT an ) ( NX ( NX ( VBN acquired ) ( NN firm ) ) ( NX ( VBG operating ) ( NN unit ) ) ( CC or ) ( NX ( NNS assets ) ) ) ) ) ) ) ( PP ( IN over ) ( NP ( NP ( DT the ) ( ADJP ( JJ current ) ( CC or ) ( JJ fair ) ) ( NN market ) ( NN value ) ) ( PP ( IN of ) ( NP ( DT those ) ( NNS assets ) ) ) ) ) ) ) )

Good will is the excess of cost of an acquired firm operating unit or assets over the current or fair market value of those assets


( S ( CC But ) ( PP ( IN with ) ( NP ( NP ( ADJP ( RB so ) ( JJ many ) ) ( NNS shares ) ) ( VP ( ADVP ( RB now ) ) ( VBN held ) ( PP-LOC-CLR ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ( NP-SBJ ( NNP Blue ) ( NNP Arrow ) ) ( VP ( VBZ reports ) ( NP ( PRP$ its ) ( NNS earnings ) ) ( NP-MNR ( CD two ) ( NNS ways ) ) ( PP ( VBN based ) ( PP ( IN on ) ( NP ( DT both ) ( NNP U.K. ) ( CC and ) ( NNP U.S. ) ( NN accounting ) ( NNS standards ) ) ) ) ) )

But with so many shares now held in the U.S. Blue Arrow reports its earnings two ways based on both U.K. and U.S. accounting standards


( S ( S-TPC-1 ( NP-SBJ ( PRP$ Our ) ( NN balance ) ( NNS sheets ) ) ( VP ( VBP look ) ( SBAR-CLR ( IN like ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD came ) ( PP-DIR ( IN from ) ( NP ( NP ( NNP Alice ) ( POS 's ) ) ( NN wonderland ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Fromstein ) ) ( VP ( VBD said ) ) )

Our balance sheets look like they came from Alice 's wonderland Mr. Fromstein said


( S ( NP-SBJ ( DT The ) ( JJ British ) ( NN version ) ) ( VP ( VBZ shows ) ( NP ( NP ( DT a ) ( NN handful ) ) ( PP ( IN of ) ( NP ( NP ( NNS pounds ) ) ( PP ( IN of ) ( NP ( JJ net ) ( NN worth ) ) ) ) ) ) ( PP ( VBG following ) ( NP ( NP ( DT the ) ( CD 1987 ) ( NN write-off ) ) ( PP ( IN of ) ( NP ( JJ good ) ( NN will ) ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( DT the ) ( JJ American ) ( NN version ) ) ( VP ( VBZ reflects ) ( NP ( NP ( QP ( CD 1 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( JJ net ) ( NN worth ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-1 ( NP ( RB almost ) ( NN none ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN good ) ( NN will ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN written ) ( PRT ( RP off ) ) ) ) ) ) ) ) ) ) ) )

The British version shows a handful of pounds of net worth following the 1987 write-off of good will while the American version reflects 1 billion of net worth because almost none of the good will has been written off