( S ( NP-SBJ ( NP ( DT The ) ( NN company ) ( POS 's ) ) ( JJ remaining ) ( NN business ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN manufacture ) ( CC and ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( NN engine ) ( CC and ) ( NNS transmissions ) ( NNS products ) ) ( PP ( IN for ) ( NP ( UCP ( JJ industrial ) ( CC and ) ( NN transportation ) ) ( NNS applications ) ) ) ) ) ) ) )

The company 's remaining business is the manufacture and sale of engine and transmissions products for industrial and transportation applications


( S ( NP-SBJ ( NNP U.S. ) ( NNP Trade ) ( NNP Representative ) ( NNP Carla ) ( NNP Hills ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( JJ first ) ( JJ dispute-settlement ) ( NN panel ) ) ( VP ( VBD set ) ( PRT ( RP up ) ) ( PP-LOC ( IN under ) ( NP ( DT the ) ( JJ U.S.-Canadian ) ( JJ free ) ( NN trade ) ( NN agreement ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN ruled ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NP ( NNP Canada ) ( POS 's ) ) ( NNS restrictions ) ) ( PP ( IN on ) ( NP ( NP ( NNS exports ) ) ( PP ( IN of ) ( NP ( NP ( NNP Pacific ) ( NN salmon ) ) ( CC and ) ( NP ( NN herring ) ) ) ) ) ) ) ( VP ( VBP violate ) ( NP ( DT the ) ( NN accord ) ) ) ) ) ) ) ) ) ) )

U.S. Trade Representative Carla Hills said the first dispute-settlement panel set up under the U.S.-Canadian free trade agreement has ruled that Canada 's restrictions on exports of Pacific salmon and herring violate the accord


( S ( NP-SBJ ( NNP Mrs. ) ( NNP Hills ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT the ) ( NNP U.S. ) ) ( CC and ) ( NP ( NNP Canada ) ) ) ( VP ( VBP have ) ( PP-TMP-CLR ( IN until ) ( NP ( NNP Nov. ) ( CD 13 ) ) ) ( S ( VP ( TO to ) ( VP ( VB resolve ) ( NP ( DT the ) ( NN dispute ) ) ) ) ) ) ) ) ) )

Mrs. Hills said the U.S. and Canada have until Nov. 13 to resolve the dispute


( S-2 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ-1 ( DT a ) ( NN solution ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( VBN reached ) ( PP-TMP ( IN by ) ( NP ( RB then ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBD said ) ) ) ) ( NP-SBJ ( DT the ) ( NNP U.S. ) ) ( VP ( MD would ) ( VP ( VB have ) ( NP ( DT the ) ( NN right ) ( S ( VP ( TO to ) ( VP ( VB suspend ) ( NP ( NP ( DT some ) ( NN trade ) ( NNS concessions ) ) ( PP ( TO to ) ( NP ( NNP Canada ) ) ) ( ADJP ( NN equivalent ) ( PP ( IN in ) ( NP ( NN value ) ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NNS losses ) ) ( VP ( VBN suffered ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP U.S. ) ( JJ fish-processing ) ( NNS companies ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Alaska ) ) ( CC and ) ( NP ( DT the ) ( NNP Pacific ) ( NNP Northwest ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

If a solution is n't reached by then she said the U.S. would have the right to suspend some trade concessions to Canada equivalent in value to the losses suffered by U.S. fish-processing companies in Alaska and the Pacific Northwest


( S ( ADVP ( RB However ) ) ( PP-LOC ( IN in ) ( NP ( NNP Ottawa ) ) ) ( NP-SBJ ( NNP Canadian ) ( NNP Trade ) ( NNP Minister ) ( NNP John ) ( NNP Crosbie ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ dispute-settlement ) ( NN panel ) ) ( VP ( VBD accepted ) ( NP ( NP ( DT the ) ( NN legitimacy ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Canada ) ( POS 's ) ) ( NN position ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN use ) ) ( PP ( IN of ) ( NP ( DT these ) ( NN landing ) ( NNS requirements ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB conserve ) ( CC and ) ( VB manage ) ( NP ( DT these ) ( JJ important ) ( NNS fisheries ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

However in Ottawa Canadian Trade Minister John Crosbie said the dispute-settlement panel accepted the legitimacy of Canada 's position on the use of these landing requirements to conserve and manage these important fisheries


( S ( S-ADV ( VP ( VBN Questioned ) ( PP-CLR ( IN about ) ( NP ( NP ( DT the ) ( JJ seeming ) ( NN contradiction ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( UCP ( NNP U.S. ) ( CC and ) ( JJ Canadian ) ) ( NN government ) ( NNS views ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN panel ) ( POS 's ) ) ( NN report ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( NP ( DT an ) ( NN aide ) ) ( PP ( IN for ) ( NP ( NNP Mrs. ) ( NNP Hills ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN panel ) ) ( VP ( VBD had ) ( VP ( ADVP-MNR ( RB clearly ) ) ( VBN ruled ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ Canadian ) ( NN trade ) ( NNS restrictions ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ illegal ) ) ) ) ) ) ) ) ) ) )

Questioned about the seeming contradiction in the U.S. and Canadian government views of the panel 's report an aide for Mrs. Hills said the panel had clearly ruled that the Canadian trade restrictions are illegal


( S ( NP-SBJ-1 ( DT The ) ( NNP U.S. ) ( NN trade ) ( NN representative ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB put ) ( NP ( DT a ) ( NN dollar ) ( NN estimate ) ) ( PP-PUT ( IN on ) ( NP ( NP ( DT the ) ( NNS losses ) ) ( VP ( VBG resulting ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( JJ Canadian ) ( NN export ) ( NNS restrictions ) ) ) ) ) ) ) ) ) ) )

The U.S. trade representative declined to put a dollar estimate on the losses resulting from the Canadian export restrictions


( S ( NP-SBJ ( NNP Canada ) ) ( ADVP-TMP ( RB initially ) ) ( VP ( VBD had ) ( NP ( NP ( DT an ) ( NN export ) ( NN prohibition ) ) ( SBAR ( WHNP-3 ( WDT that ) ) ( S ( VP ( VBD was ) ( VP ( VBN replaced ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS regulations ) ) ( VP ( VBG requiring ) ( SBAR ( DT that ) ( S ( NP-SBJ-4 ( JJ such ) ( NN fish ) ) ( VP ( VBD had ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN brought ) ( ADVP-DIR-CLR ( RB ashore ) ) ( PP-LOC ( IN in ) ( NP ( NNP British ) ( NNP Columbia ) ) ) ( PP ( IN by ) ( NP-LGS ( JJ commercial ) ( NNS fishermen ) ) ) ( ADVP-TMP ( RB prior ) ( PP ( TO to ) ( NP ( VB export ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Canada initially had an export prohibition that was replaced by regulations requiring that such fish had to be brought ashore in British Columbia by commercial fishermen prior to export


( S ( NP-SBJ-1 ( DT This ) ( NN action ) ) ( VP ( VBD was ) ( VP ( VBN defended ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( JJ Canadian ) ( NN government ) ) ) ( PP-MNR ( IN on ) ( NP ( NN conservation ) ( NNS grounds ) ) ) ) ) )

This action was defended by the Canadian government on conservation grounds


( S ( NP-SBJ ( NNP Mrs. ) ( NNP Hills ) ) ( VP ( VBD said ) ( NP-TMP ( NN yesterday ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ dispute-settlement ) ( NN panel ) ) ( VP ( VBD rejected ) ( NP ( DT this ) ( JJ Canadian ) ( NN government ) ( NN argument ) ) ) ) ) ) )

Mrs. Hills said yesterday that the dispute-settlement panel rejected this Canadian government argument


( S ( S-TPC-2 ( NP-SBJ ( PRP We ) ) ( VP ( ADVP ( RB fully ) ) ( VBP expect ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Canada ) ) ( VP ( MD will ) ( VP ( VB comply ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( NN panel ) ( POS 's ) ) ( NN ruling ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NN landing ) ( NN requirement ) ) ( ADVP ( RB also ) ) ( VP ( MD must ) ( VP ( VB be ) ( VP ( VBN ended ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBD said ) ) )

We fully expect that Canada will comply with the panel 's ruling that the landing requirement also must be ended she said


( S ( ADVP-TMP ( RBR Earlier ) ) ( NP-SBJ ( NP ( DT an ) ( JJ international ) ( NN panel ) ) ( VP ( VBN set ) ( PRT ( NNP up ) ) ( PP-LOC ( IN under ) ( NP ( NP ( DT the ) ( NNS rules ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP General ) ( NNP Agreement ) ) ( PP ( IN on ) ( NP ( NNP Tariffs ) ( CC and ) ( NNP Trade ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Geneva ) ) ) ) ) ) ) ) ) ( VP ( VBD determined ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ original ) ( JJ Canadian ) ( JJ fish-export ) ( NNS restrictions ) ) ( VP ( VBD violated ) ( NP ( NNP GATT ) ( NNS rules ) ) ) ) ) ) )

Earlier an international panel set up under the rules of the General Agreement on Tariffs and Trade in Geneva determined that the original Canadian fish-export restrictions violated GATT rules


( S ( NP-SBJ ( NNP Mrs. ) ( NNP Hills ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB accept ) ( NP ( DT any ) ( NNS delays ) ) ( PP-TMP ( IN after ) ( NP ( NNP Nov. ) ( CD 13 ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( NNP U.S. ) ( JJ fish-processing ) ( NNS firms ) ) ( VP ( VBP enter ) ( PP-CLR ( IN into ) ( NP ( NNS contracts ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN fall ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB purchase ) ( NP ( NP ( DT the ) ( JJ next ) ( NN season ) ( POS 's ) ) ( NN catch ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mrs. Hills said the U.S. wo n't accept any delays after Nov. 13 because U.S. fish-processing firms enter into contracts in the fall to purchase the next season 's catch


( S ( NP-SBJ ( PRP She ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( JJ Canadian ) ( NNS restrictions ) ) ( VP ( MD must ) ( VP ( VB be ) ( VP ( VBN removed ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ-2 ( JJ such ) ( NNS contracts ) ) ( VP ( VBP are ) ( VP ( VBN concluded ) ) ) ) ) ) ) ) ) ) ) )

She said the Canadian restrictions must be removed before such contracts are concluded


( S ( NP-SBJ ( NP ( DT The ) ( NNP Communications ) ( NNP Workers ) ) ( PP ( IN of ) ( NP ( NNP America ) ) ) ) ( VP ( VBD ratified ) ( NP ( NP ( DT a ) ( JJ new ) ( JJ regional ) ( NN contract ) ) ( CC and ) ( NP ( NP ( QP ( DT all ) ( CC but ) ( CD one ) ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ local ) ( NNS agreements ) ) ( PP ( IN with ) ( NP ( NNP Bell ) ( NNP Atlantic ) ( NNP Corp ) ) ) ) ) ) ) ) )

The Communications Workers of America ratified a new regional contract and all but one of the local agreements with Bell Atlantic Corp


( S ( NP-SBJ ( NP ( NP ( NNP CWA ) ( POS 's ) ) ( NNP New ) ( NNP Jersey ) ( NNP Commercial ) ( NN local ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ represents ) ( NP ( QP ( RB about ) ( CD 2,500 ) ) ( NX ( NX ( NN service ) ( NNS representatives ) ) ( CC and ) ( NX ( NN marketing ) ( NNS employees ) ) ) ) ) ) ) ) ( VP ( VBD rejected ) ( NP ( DT the ) ( JJ tentative ) ( NN agreement ) ) ) )

CWA 's New Jersey Commercial local which represents about 2,500 service representatives and marketing employees rejected the tentative agreement


( S ( NP-SBJ ( DT Both ) ( NP ( DT the ) ( NN union ) ) ( CC and ) ( NP ( DT the ) ( JJ regional ) ( NN telephone ) ( NN company ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBD were ) ( VP ( VBG working ) ( ADVP-CLR ( RB together ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB resolve ) ( NP ( NNS differences ) ) ) ) ) ) ) ) ) ) )

Both the union and the regional telephone company said they were working together to resolve differences


( S ( NP-SBJ ( NP ( DT The ) ( JJ new ) ( JJ three-year ) ( NNS contracts ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP replace ) ( NP ( NP ( NNS ones ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD expired ) ( NP-TMP-CLR ( NNP Aug. ) ( CD 5 ) ) ) ) ) ) ) ) ) ) ( VP ( VBP cover ) ( NP ( CD 41,000 ) ( NNP Bell ) ( NNP Atlantic ) ( NNS employees ) ) ) )

The new three-year contracts which replace ones that expired Aug. 5 cover 41,000 Bell Atlantic employees


( S ( NP-SBJ ( DT The ) ( NN ratification ) ) ( VP ( VBZ follows ) ( NP ( NP ( DT a ) ( JJ 23-day ) ( NN strike ) ) ( PP ( IN against ) ( NP ( DT the ) ( JJ Philadelphia-based ) ( NN company ) ) ) ) ) )

The ratification follows a 23-day strike against the Philadelphia-based company


( S ( ADVP ( RB Meanwhile ) ) ( NP-SBJ ( NP ( NNP CWA ) ) ( CC and ) ( NP ( NP ( NNP International ) ( NNP Brotherhood ) ) ( PP ( IN of ) ( NP ( NNP Electrical ) ( NNP Workers ) ( NNS members ) ) ) ) ) ( VP ( VBP remain ) ( PP-PRD ( IN on ) ( NP ( NP ( NN strike ) ) ( PP ( IN against ) ( NP ( NP ( NNP Nynex ) ( NNP Corp. ) ) ( NP ( DT the ) ( ADJP ( NNP New ) ( JJ York-based ) ) ( JJ regional ) ( NN phone ) ( NN company ) ) ) ) ) ) ) )

Meanwhile CWA and International Brotherhood of Electrical Workers members remain on strike against Nynex Corp. the New York-based regional phone company


( S ( NP-SBJ ( NP ( DT The ) ( NNS unions ) ) ( CC and ) ( NP ( DT the ) ( NN company ) ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ( VP ( VBD agreed ) ( PP-CLR ( TO to ) ( NP ( NN mediation ) ) ) ) )

The unions and the company last week agreed to mediation


( S ( S ( NP-SBJ ( DT The ) ( NNP CWA ) ) ( VP ( VBZ represents ) ( NP ( CD 40,000 ) ( NNP Nynex ) ( NNS workers ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NNP IBEW ) ) ( VP ( VBZ represents ) ( NP ( CD 20,000 ) ( NNS workers ) ) ) ) )

The CWA represents 40,000 Nynex workers and the IBEW represents 20,000 workers


( SBARQ ( WHNP-1 ( WP What ) ) ( SQ ( VBZ does ) ( RB n't ) ( VP ( VB belong ) ( ADVP-LOC ( RB here ) ) ) ) )

What does n't belong here


( NP ( NP ( LST ( LS A. ) ) ( JJ manual ) ( NNS typewriters ) ) ( NP ( LST ( LS B. ) ) ( JJ black-and-white ) ( NNS snapshots ) ) ( NP ( LST ( LS C. ) ) ( NN radio ) ( NN adventure ) ( NNS shows ) ) )

A. manual typewriters B. black-and-white snapshots C. radio adventure shows


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBD guessed ) ( NP ( JJ black-and-white ) ( NNS snapshots ) ) ) ) ) ( NP-SBJ ( PRP you ) ) ( VP ( VBP 're ) ( ADJP-PRD ( JJ right ) ) ) )

If you guessed black-and-white snapshots you 're right


( S ( PP-TMP ( IN After ) ( NP ( NP ( NNS years ) ) ( PP ( IN of ) ( S-NOM ( VP ( NN fading ) ( PP-CLR ( IN into ) ( NP ( DT the ) ( NN background ) ) ) ) ) ) ) ) ( NP-SBJ ( JJ two-tone ) ( NN photography ) ) ( VP ( VBZ is ) ( VP ( VBG coming ) ( ADVP-CLR ( RB back ) ) ) ) )

After years of fading into the background two-tone photography is coming back


( S ( NP-SBJ ( JJ Trendy ) ( NN magazine ) ( NNS advertisements ) ) ( VP ( VBP feature ) ( NP ( NP ( JJ stark ) ( JJ black-and-white ) ( NNS photos ) ) ( PP ( IN of ) ( S-NOM ( NP-SBJ ( NNP Hollywood ) ( NNS celebrities ) ) ( VP ( VBG pitching ) ( NP ( NNS jeans ) ( NNS shoes ) ( CC and ) ( NN liquor ) ) ) ) ) ) ) )

Trendy magazine advertisements feature stark black-and-white photos of Hollywood celebrities pitching jeans shoes and liquor


( S ( NP-SBJ ( NP ( NN Portrait ) ( NNS studios ) ) ( VP ( VBN accustomed ) ( PP-CLR ( TO to ) ( S-NOM ( VP ( VBG shooting ) ( PP-MNR ( RB only ) ( IN in ) ( NP ( NN color ) ) ) ) ) ) ) ) ( VP ( VBP report ) ( NP ( NP ( DT a ) ( NN rush ) ) ( PP ( TO to ) ( NP ( JJ black-and-white ) ( NN portrait ) ( NNS orders ) ) ) ) ) )

Portrait studios accustomed to shooting only in color report a rush to black-and-white portrait orders


( S ( CC And ) ( NP-SBJ ( JJ black-and-white ) ( NN photography ) ( NNS classes ) ) ( VP ( VBP are ) ( VP ( VBN crowded ) ( PP-CLR ( IN with ) ( NP ( NNS students ) ) ) ) ) )

And black-and-white photography classes are crowded with students


( S ( SBAR-NOM-SBJ ( WHNP-1 ( WP What ) ) ( S ( VP ( VBZ 's ) ( VP ( VBG happening ) ( PP-LOC ( IN in ) ( NP ( NN photography ) ) ) ) ) ) ) ( VP ( VBZ mirrors ) ( NP ( NP ( DT the ) ( NN popularity ) ) ( PP ( IN of ) ( NP ( JJ black ) ( CC and ) ( JJ white ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NN fashion ) ) ( NP ( NN home ) ( NNS furnishings ) ) ( CC and ) ( NP ( NN cinematography ) ) ) ) ) ) )

What 's happening in photography mirrors the popularity of black and white in fashion home furnishings and cinematography


( S ( PP-LOC ( IN On ) ( NP ( NNP Seventh ) ( NNP Avenue ) ) ) ( NP-SBJ ( NNS designers ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG advancing ) ( NP ( DT the ) ( JJ monochrome ) ( NN look ) ) ( PP ( IN with ) ( NP ( NP ( NN clothing ) ( NNS collections ) ) ( VP ( VBN done ) ( ADVP ( RB entirely ) ) ( PP-MNR ( IN in ) ( NP ( JJ black ) ( CC and ) ( JJ white ) ) ) ) ) ) ) ) ) )

On Seventh Avenue designers have been advancing the monochrome look with clothing collections done entirely in black and white


( S ( CC And ) ( NP-SBJ ( JJ classic ) ( JJ black-and-white ) ( NNS movies ) ) ( VP ( VBP are ) ( VP ( VBG enjoying ) ( NP ( NP ( DT a ) ( NN comeback ) ) ( PP ( IN on ) ( NP ( NN videocassette ) ( NNS tapes ) ) ) ( VP ( VBD spurred ) ( PP ( IN in ) ( NP ( NN part ) ) ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NN backlash ) ) ( PP ( IN against ) ( NP ( NP ( NN colorization ) ) ( PP ( IN of ) ( NP ( JJ old ) ( NNS films ) ) ) ) ) ) ) ) ) ) ) )

And classic black-and-white movies are enjoying a comeback on videocassette tapes spurred in part by the backlash against colorization of old films


( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN pendulum ) ) ( VP ( VBZ is ) ( VP ( VBG swinging ) ( ADVP-CLR ( RB back ) ) ( PP-CLR ( TO to ) ( NP ( NN black ) ( CC and ) ( NN white ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Richard ) ( NNP DeMoulin ) ) ( NP ( NP ( DT the ) ( JJ general ) ( NN manager ) ) ( PP ( IN of ) ( NP ( NP ( NNP Eastman ) ( NNP Kodak ) ( NNP Co. ) ( POS 's ) ) ( JJ professional ) ( NN photography ) ( NN division ) ) ) ) ) )

The pendulum is swinging back to black and white says Richard DeMoulin the general manager of Eastman Kodak Co. 's professional photography division


( S ( PP-TMP ( IN Until ) ( ADVP ( NP ( CD two ) ( NNS years ) ) ( RB ago ) ) ) ( NP-SBJ ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( JJ black-and-white ) ( NN film ) ) ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBG declining ) ( ADVP-MNR ( RB steadily ) ) ( PP-TMP ( IN since ) ( NP ( DT the ) ( CD 1960s ) ) ) ) ) ) )

Until two years ago sales of black-and-white film had been declining steadily since the 1960s


( S ( S ( CC But ) ( NP-TMP ( JJ last ) ( NN year ) ) ( S-ADV ( VP ( VBN buoyed ) ( PP ( IN by ) ( NP-LGS ( NP ( VBN increased ) ( NN use ) ) ( PP ( IN in ) ( NP ( NP ( VBG advertising ) ) ( CC and ) ( NP ( JJ other ) ( JJ commercial ) ( NNS applications ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( NNS sales ) ) ( VP ( VBD increased ) ( NP-EXT ( CD 5 ) ( NN % ) ) ) ) ( CC and ) ( S ( NP-SBJ-3 ( PRP they ) ) ( VP ( VBP are ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB jump ) ( NP ( ADVP ( IN at ) ( JJS least ) ) ( DT that ) ( RB much ) ) ( ADVP-TMP ( RB again ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ) ) ) )

But last year buoyed by increased use in advertising and other commercial applications sales increased 5 % and they are expected to jump at least that much again this year


( S ( NP-SBJ-1 ( JJ Photographic ) ( NNS companies ) ) ( VP ( VBP are ) ( VP ( VBG scrambling ) ( S ( VP ( TO to ) ( VP ( VB tap ) ( NP ( DT the ) ( VBG resurging ) ( NN market ) ) ) ) ) ( S-ADV ( VP ( VP ( VBG reviving ) ( NP ( DT some ) ( JJ black-and-white ) ( NN product ) ( NNS lines ) ) ) ( CC and ) ( VP ( VBG developing ) ( NP ( JJ new ) ( NNS ones ) ) ) ) ) ) ) )

Photographic companies are scrambling to tap the resurging market reviving some black-and-white product lines and developing new ones


( S ( PP-LOC ( IN At ) ( NP ( NP ( NNP Kodak ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( ADVP ( RB largely ) ) ( VBD ignored ) ( NP ( DT the ) ( NN market ) ) ( PP-TMP ( IN for ) ( NP ( NNS years ) ) ) ) ) ) ) ) ( NP-SBJ ( JJ black-and-white ) ( NN film ) ( NNS sales ) ) ( VP ( ADVP-TMP ( RB now ) ) ( VBP account ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( RB nearly ) ( CD 15 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( QP ( CD 3 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NN film ) ( CC and ) ( NN paper ) ( NNS sales ) ) ) ( ADVP-TMP ( RB annually ) ) ) ) ( ADVP ( IN up ) ( PP ( IN from ) ( NP ( CD 10 ) ( NN % ) ) ( ADVP-TMP ( NP ( CD three ) ( NNS years ) ) ( RB ago ) ) ) ) ) ) ) )

At Kodak which largely ignored the market for years black-and-white film sales now account for nearly 15 % of the company 's 3 billion in film and paper sales annually up from 10 % three years ago


( S ( NP-SBJ-1 ( DT The ) ( NAC-LOC ( NNP Rochester ) ( NNP N.Y. ) ) ( JJ photographic ) ( NN giant ) ) ( VP ( ADVP-TMP ( RB recently ) ) ( VBD began ) ( S ( VP ( VBG marketing ) ( NP ( NP ( NNP T-Max ) ( CD 3200 ) ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( DT the ) ( ADJP ( JJS fastest ) ( CC and ) ( RBS most ) ( JJ sensitive ) ) ( JJ monochrome ) ( NNS films ) ) ) ) ) ) ) ) )

The Rochester N.Y. photographic giant recently began marketing T-Max 3200 one of the fastest and most sensitive monochrome films


( SINV ( S-TPC-2 ( S-ADV ( VP ( VBN Aimed ) ( PP-CLR ( IN at ) ( NP ( JJ commercial ) ( NNS photographers ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN film ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN used ) ( PP ( IN in ) ( NP ( ADJP ( RB very ) ( JJ low ) ) ( NN light ) ) ) ( PP ( IN without ) ( S-NOM ( VP ( VBG sacrificing ) ( NP ( NN quality ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Donald ) ( NNP Franz ) ) ( PP ( IN of ) ( NP ( NNP Photofinishing ) ( NNP Newsletter ) ) ) ) )

Aimed at commercial photographers the film can be used in very low light without sacrificing quality says Donald Franz of Photofinishing Newsletter


( SINV ( VP-TPC-2 ( ADVP ( RB Also ) ) ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB snare ) ( NP ( NP ( DT a ) ( NN portion ) ) ( PP ( IN of ) ( NP ( DT the ) ( ADJP ( CD 2 ) ( JJ billion-a-year ) ) ( NN industry ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ) ( NP-SBJ-1 ( NP ( NNP Agfa ) ( NNP Corp. ) ) ( NP ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NNP Bayer ) ( NNP AG ) ) ) ) ) )

Also trying to snare a portion of the 2 billion-a-year industry is Agfa Corp. a unit of Bayer AG


( S ( NP-SBJ ( NNP Agfa ) ) ( VP ( ADVP-TMP ( RB recently ) ) ( VBD signed ) ( S ( NP-SBJ ( JJ Olympic ) ( NN gold ) ( NN medalist ) ( NNP Florence ) ( NNP Griffith-Joyner ) ) ( VP ( TO to ) ( VP ( VB endorse ) ( NP ( NP ( DT a ) ( JJ new ) ( NN line ) ) ( PP ( IN of ) ( NP ( JJ black-and-white ) ( NN paper ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ 's ) ( VP ( VBN geared ) ( PP-CLR ( TO to ) ( NP ( NNS consumers ) ) ) ) ( CC and ) ( VP ( MD will ) ( VP ( VB compete ) ( ADVP ( RB directly ) ) ( PP-CLR ( IN with ) ( NP ( NP ( NNP Kodak ) ( POS 's ) ) ( NNS papers ) ) ) ) ) ) ) ) ) ) ) ) ) )

Agfa recently signed Olympic gold medalist Florence Griffith-Joyner to endorse a new line of black-and-white paper that 's geared to consumers and will compete directly with Kodak 's papers


( SINV ( S-TPC-2 ( S ( S-ADV ( VP ( VBN Slated ) ( PP-CLR ( IN for ) ( NP ( NN market ) ) ) ( PP-TMP ( IN by ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN year ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN paper ) ) ( VP ( MD could ) ( VP ( VB have ) ( VP ( VBN been ) ( VP ( VBN introduced ) ( ADVP-TMP ( NP ( DT a ) ( JJ long ) ( NN time ) ) ( RB ago ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBD was ) ( RB n't ) ( ADVP-LOC-PRD ( RB there ) ) ( ADVP-TMP ( RB then ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( DT an ) ( NNP Agfa ) ( NN spokesman ) ) )

Slated for market by the end of the year the paper could have been introduced a long time ago but the market was n't there then says an Agfa spokesman


( S ( NP-SBJ-1 ( NP ( DT The ) ( JJS biggest ) ( NN beneficiary ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ black-and-white ) ( NN revival ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( NP ( NNP International ) ( NNP Paper ) ( NNP Co. ) ( POS 's ) ) ( NNP Ilford ) ( NN division ) ) ( VP ( VBN known ) ( PP ( IN in ) ( NP ( DT the ) ( NN industry ) ) ) ( PP-CLR ( IN for ) ( NP ( PRP$ its ) ( NN premium ) ( NNS products ) ) ) ) ) ) ) ) ) ) )

The biggest beneficiary of the black-and-white revival is likely to be International Paper Co. 's Ilford division known in the industry for its premium products


( S ( NP-SBJ ( NP ( NNS Sales ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Ilford ) ( POS 's ) ) ( CD four ) ( NNS varieties ) ) ( PP ( IN of ) ( NP ( JJ black-and-white ) ( NN film ) ) ) ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ( VP ( VBP are ) ( VP ( VBG outpacing ) ( NP ( NP ( NN growth ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ overall ) ( NN market ) ) ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB say ) ( PP-EXT ( IN by ) ( NP ( ADVP ( RB exactly ) ) ( WRB how ) ( JJ much ) ) ) ) ) ) ) ) ) )

Sales of Ilford 's four varieties of black-and-white film this year are outpacing growth in the overall market although the company wo n't say by exactly how much


( SINV ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBP hope ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN trend ) ) ( VP ( VBZ lasts ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Laurie ) ( NNP DiCara ) ) ( NP ( NP ( NNP Ilford ) ( POS 's ) ) ( NN marketing ) ( NNS communications ) ( NN director ) ) ) )

We hope the trend lasts says Laurie DiCara Ilford 's marketing communications director


( FRAG ( WHADVP ( WRB Why ) ) ( NP ( DT all ) ( DT the ) ( NN interest ) ) )

Why all the interest


( S ( PP ( IN For ) ( NP ( NP ( NN baby ) ( NNS boomers ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD grew ) ( PRT ( RP up ) ) ( S ( VP ( VBG being ) ( VP ( VBN photographed ) ( PP-MNR ( IN in ) ( NP ( NN color ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NN black ) ( CC and ) ( NN white ) ) ( VP ( VBZ seems ) ( ADJP-PRD ( JJ eye-catching ) ( CC and ) ( JJ exotic ) ) ) )

For baby boomers who grew up being photographed in color black and white seems eye-catching and exotic


( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ has ) ( NP ( NP ( DT an ) ( JJ archival ) ( ADJP ( RB almost ) ( JJ nostalgic ) ) ( NN quality ) ) ( PP ( TO to ) ( NP ( PRP it ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Owen ) ( NNP B. ) ( NNP Butler ) ) ( NP ( NP ( DT the ) ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( VBN applied ) ( NN photography ) ( NN department ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Rochester ) ( NNP Institute ) ) ( PP ( IN of ) ( NP ( NNP Technology ) ) ) ) ) ) ) ) ) )

It has an archival almost nostalgic quality to it says Owen B. Butler the chairman of the applied photography department at Rochester Institute of Technology


( S ( S-TPC-1 ( NP-SBJ ( PRP You ) ) ( VP ( MD can ) ( VP ( VB shift ) ( PP-CLR ( IN out ) ( PP ( IN of ) ( NP ( NN reality ) ) ) ) ( PP ( IN with ) ( NP ( NN black ) ( CC and ) ( NN white ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ adds ) ) )

You can shift out of reality with black and white he adds


( S ( NP-SBJ ( JJ Such ) ( NNS features ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( ADJP-PRD ( RB especially ) ( JJ attractive ) ( PP ( TO to ) ( NP ( NP ( NP ( JJ professional ) ( NNS photographers ) ) ( CC and ) ( NP ( NN marketing ) ( NNS executives ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( ADVP-MNR ( RB steadily ) ) ( VBG increasing ) ( NP ( NP ( PRP$ their ) ( NN use ) ) ( PP ( IN of ) ( NP ( NN black ) ( CC and ) ( NN white ) ) ) ( PP-LOC ( IN in ) ( NP ( NN advertising ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Such features have been especially attractive to professional photographers and marketing executives who have been steadily increasing their use of black and white in advertising


( S ( NP-SBJ ( NP ( VBG Processing ) ) ( PP ( IN of ) ( NP ( JJ black-and-white ) ( JJ commercial ) ( NN film ) ) ) ) ( VP ( VBD jumped ) ( NP-EXT ( CD 24 ) ( NN % ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 18.7 ) ( CD million ) ) ( NNS rolls ) ) ) ) )

Processing of black-and-white commercial film jumped 24 % last year to 18.7 million rolls


( S ( VP ( VB Consider ) ( NP ( NP ( NNP Gap ) ( NNP Inc. ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( JJS latest ) ( NN ad ) ( NN campaign ) ) ( S ( VP ( VBZ features ) ( NP ( NP ( JJ black-and-white ) ( NNS shots ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Hollywood ) ( NNS stars ) ) ( NP ( NNS artists ) ) ( CC and ) ( NP ( ADJP ( JJ other ) ( JJ well-known ) ) ( NNS personalities ) ) ) ( VP ( VBG modeling ) ( NP ( NP ( DT the ) ( NN retailer ) ( POS 's ) ) ( NNS jeans ) ( CC and ) ( NNS T-shirts ) ) ) ) ) ) ) ) ) ) ) )

Consider Gap Inc. whose latest ad campaign features black-and-white shots of Hollywood stars artists and other well-known personalities modeling the retailer 's jeans and T-shirts


( S ( NP-SBJ ( NP ( NNP Richard ) ( NNP Crisman ) ) ( NP ( NP ( DT the ) ( NN account ) ( NN manager ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN campaign ) ) ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NNP Gap ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( ADVP ( RB intentionally ) ) ( VB choose ) ( S ( NP-SBJ ( JJ black ) ( CC and ) ( JJ white ) ) ( VP ( TO to ) ( VP ( VB distinguish ) ( NP ( PRP$ its ) ( NNS ads ) ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( NN color ) ( NNS spreads ) ) ( PP ( IN of ) ( NP ( NNS competitors ) ) ) ) ) ) ) ) ) ) ) ) ) )

Richard Crisman the account manager for the campaign says Gap did n't intentionally choose black and white to distinguish its ads from the color spreads of competitors


( S-2 ( S ( NP-SBJ-1 ( PRP We ) ) ( VP ( VBD wanted ) ( S ( VP ( TO to ) ( VP ( VB highlight ) ( NP ( NP ( DT the ) ( NN individual ) ) ( RB not ) ( NP ( DT the ) ( NN environment ) ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NN black ) ( CC and ) ( NN white ) ) ( VP ( VBZ allows ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( TO to ) ( VP ( VB do ) ( NP ( DT that ) ) ( ADVP-CLR ( ADVP ( RBR better ) ) ( PP ( IN than ) ( NP ( NN color ) ) ) ) ) ) ) ) ) )

We wanted to highlight the individual not the environment he says and black and white allows you to do that better than color


( S ( NP-SBJ ( DT The ) ( NN campaign ) ) ( VP ( VBD won ) ( NP ( NP ( DT a ) ( NNP Cleo ) ( NN award ) ) ( PP ( IN as ) ( NP ( NP ( NP ( DT this ) ( NN year ) ( POS 's ) ) ( JJS best ) ( NN ad ) ) ( PP ( IN by ) ( NP ( DT a ) ( NN specialty ) ( NN retailer ) ) ) ) ) ) ) )

The campaign won a Cleo award as this year 's best ad by a specialty retailer


( S ( NP-SBJ ( NP ( RB Even ) ( NN food ) ( NNS products ) ( CC and ) ( NNS automobiles ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP have ) ( VP ( ADVP-TMP ( RB long ) ) ( VBN depended ) ( PP-CLR ( IN on ) ( NP ( NN color ) ) ) ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBG making ) ( NP ( DT the ) ( NN switch ) ) ) ) )

Even food products and automobiles which have long depended on color are making the switch


( SINV ( S-TPC-2 ( NP-SBJ ( NNS Companies ) ) ( VP ( VBP feel ) ( SBAR ( S ( NP-SBJ ( NN black ) ( CC and ) ( NN white ) ) ( VP ( MD will ) ( VP ( VB convey ) ( NP ( DT a ) ( JJR stronger ) ( NN statement ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Marc ) ( NNP L. ) ( NNP Hauser ) ) ( NP ( NP ( DT a ) ( NNP Chicago ) ( NN photographer ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ is ) ( VP ( VBG working ) ( PP-CLR ( IN on ) ( NP ( NP ( DT a ) ( JJ black-and-white ) ( NN print ) ( NN ad ) ) ( PP ( IN for ) ( NP ( NP ( NNP Stouffer ) ( NNP Food ) ( NNP Corp. ) ( POS 's ) ) ( NNP Lean ) ( NNP Cuisine ) ) ) ) ) ) ) ) ) ) ) )

Companies feel black and white will convey a stronger statement says Marc L. Hauser a Chicago photographer who is working on a black-and-white print ad for Stouffer Food Corp. 's Lean Cuisine


( S ( NP-SBJ ( NP ( JJ Other ) ( NNS companies ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP are ) ( ADVP-TMP ( RB currently ) ) ( VP ( VBG using ) ( NP ( JJ two-tone ) ( NNS ads ) ) ) ) ) ) ) ( VP ( VBP include ) ( NP ( NP ( NNP American ) ( NNP Express ) ( NNP Co. ) ) ( CC and ) ( NP ( NNP Epson ) ( NNP America ) ( NNP Inc ) ) ) ) )

Other companies that are currently using two-tone ads include American Express Co. and Epson America Inc


( S ( NP-SBJ ( NN Portrait ) ( NNS studios ) ) ( VP ( VBP have ) ( ADVP ( RB also ) ) ( VP ( VBN latched ) ( PP-CLR ( IN onto ) ( NP ( DT the ) ( NN trend ) ) ) ) ) )

Portrait studios have also latched onto the trend


( SINV ( S-TPC-1 ( S-ADV ( VP ( VBG Using ) ( NP ( NN black ) ( CC and ) ( NN white ) ) ) ) ( NP-SBJ-2 ( PRP we ) ) ( VP ( MD can ) ( VP ( VB make ) ( S ( NP-SBJ ( NNS housewives ) ) ( VP ( VB look ) ( PP-CLR ( IN like ) ( NP ( NNS stars ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NNP John ) ( NNP Perrin ) ) )

Using black and white we can make housewives look like stars says John Perrin


( S-1 ( NP-SBJ-2 ( NP ( PRP$ His ) ( NNP On-Broadway ) ( NNP Photography ) ( NN studio ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Portland ) ) ( NP ( NNP Ore. ) ) ) ) ) ( VP ( VP ( VBD doubled ) ( NP ( PRP$ its ) ( NN business ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ( CC and ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN booked ) ( S-CLR ( ADJP-PRD ( JJ solid ) ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( JJ next ) ( CD five ) ) ) ) ) ) )

His On-Broadway Photography studio in Portland Ore. doubled its business last year and he says is booked solid for the next five


( S ( NP-SBJ ( NP ( CD One ) ( NN customer ) ) ( NP ( NNP Dayna ) ( NNP Brunsdon ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBD spurned ) ( NP ( DT a ) ( NN color ) ( NN portrait ) ) ( PP-CLR ( IN for ) ( NP ( JJ black ) ( CC and ) ( JJ white ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( RBR more ) ( JJ dramatic ) ) ) ) ) ) ) ) ) )

One customer Dayna Brunsdon says she spurned a color portrait for black and white because it 's more dramatic


( S ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP show ) ( NP ( PRP it ) ) ( PP-DTV ( TO to ) ( NP ( PRP$ my ) ( NNS friends ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( PRP they ) ) ( NP ( DT all ) ) ) ( VP ( VBP say ) ( NP ( UH wow ) ) ) ) )

I show it to my friends and they all say wow


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( JJ ordinary ) ( PP ( IN like ) ( NP ( NN color ) ) ) ) ) )

It is n't ordinary like color


( S ( ADVP ( RB Still ) ) ( NP-SBJ-1 ( JJS most ) ( NNS consumers ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBG plunking ) ( NP ( JJ black-and-white ) ( NN film ) ) ( PP-CLR ( IN into ) ( NP ( PRP$ their ) ( NNS cameras ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB take ) ( NP ( NN family ) ( NNS snapshots ) ) ) ) ) ) ) )

Still most consumers are n't plunking black-and-white film into their cameras to take family snapshots


( S ( NP-SBJ ( CD One ) ( JJ big ) ( NN obstacle ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( JJ few ) ( NNS drugstores ) ) ( VP ( VBP develop ) ( NP ( DT the ) ( NN film ) ) ( ADVP-TMP ( RB anymore ) ) ) ) ) ) )

One big obstacle is that few drugstores develop the film anymore


( S ( ADVP ( RB Typically ) ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( VP ( MD must ) ( VP ( VB be ) ( VP ( VBN mailed ) ( PP-DIR ( TO to ) ( NP ( NP ( DT a ) ( NN handful ) ) ( PP ( IN of ) ( NP ( NNS processors ) ) ) ) ) ) ) ) ( CC and ) ( VP ( MD may ) ( VP ( VB take ) ( NP-TMP-CLR ( DT a ) ( NN week ) ( QP ( CC or ) ( JJR more ) ) ) ( S-CLF ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN processed ) ( CC and ) ( VBN returned ) ) ) ) ) ) ) ) )

Typically it must be mailed to a handful of processors and may take a week or more to be processed and returned


( S ( S ( NP-SBJ ( JJ Black-and-white ) ( NN film ) ) ( VP ( VBZ costs ) ( NP ( NNS consumers ) ) ( NP ( NP ( NP-ADV ( DT a ) ( RB little ) ) ( JJR less ) ) ( PP ( IN than ) ( NP ( NN color ) ( NN film ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NN processing ) ) ( VP ( VBZ costs ) ( NP ( DT the ) ( JJ same ) ) ) ) )

Black-and-white film costs consumers a little less than color film and processing costs the same


( S ( CC But ) ( PP ( IN for ) ( NP ( NNS photofinishers ) ) ) ( NP-SBJ ( NP ( NN developing ) ( NNS costs ) ) ( PP ( IN for ) ( NP ( JJ black-and-white ) ( NN film ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJR higher ) ) ) )

But for photofinishers developing costs for black-and-white film are higher


( S ( NP-SBJ-1 ( DT Some ) ( NNS companies ) ) ( VP ( VBP are ) ( VP ( VBG starting ) ( S ( VP ( TO to ) ( VP ( VB tackle ) ( NP ( DT that ) ( NN problem ) ) ) ) ) ) ) )

Some companies are starting to tackle that problem


( S ( NP-SBJ ( NNP Ilford ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( VP ( ADVP-TMP ( RB recently ) ) ( VBD introduced ) ( NP ( NP ( DT a ) ( JJ black-and-white ) ( NN film ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN processed ) ( ADVP-MNR ( RB quickly ) ) ( PP ( IN by ) ( NP-LGS ( NN color ) ( NNS labs ) ) ) ) ) ) ) ) ) ) )

Ilford for example recently introduced a black-and-white film that can be processed quickly by color labs


( S ( S-ADV ( ADJP-PRD ( NN Intent ) ( PP ( IN on ) ( S-NOM ( VP ( VBG wooing ) ( NP ( NNS customers ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN company ) ) ( VP ( VBZ is ) ( VP ( ADVP ( RB also ) ) ( VBG increasing ) ( NP ( NP ( PRP$ its ) ( NN sponsorship ) ) ( PP ( IN of ) ( NP ( JJ black-and-white ) ( NN photography ) ( NNS classes ) ) ) ) ) ) )

Intent on wooing customers the company is also increasing its sponsorship of black-and-white photography classes


( S ( ADVP ( RB Similarly ) ) ( NP-SBJ-1 ( NNP Agfa ) ) ( VP ( VBZ is ) ( VP ( VBG sponsoring ) ( NP ( NP ( NNS scores ) ) ( PP ( IN of ) ( NP ( NP ( NN photography ) ( NNS contests ) ) ( PP-LOC ( IN at ) ( NP ( NP ( JJ high ) ( NNS schools ) ) ( CC and ) ( NP ( NNS colleges ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG offering ) ( NP ( JJ free ) ( JJ black-and-white ) ( NN film ) ( CC and ) ( NN paper ) ) ( PP-CLR ( IN as ) ( NP ( NNS prizes ) ) ) ) ) ) ) )

Similarly Agfa is sponsoring scores of photography contests at high schools and colleges offering free black-and-white film and paper as prizes


( S ( CC And ) ( NP-SBJ ( NNP Kodak ) ) ( VP ( VBZ is ) ( VP ( VBG distributing ) ( NP ( NP ( DT an ) ( JJ instructional ) ( NN video ) ) ) ( PP-CLR ( TO to ) ( NP ( NNS processors ) ) ) ( PP-1 ( IN on ) ( SBAR ( WHADVP-2 ( WRB how ) ) ( S ( VP ( TO to ) ( VP ( VB develop ) ( NP ( PRP$ its ) ( JJ monochrome ) ( NN film ) ) ( ADVP-MNR ( RBR more ) ( RB efficiently ) ) ) ) ) ) ) ) ) )

And Kodak is distributing an instructional video to processors on how to develop its monochrome film more efficiently


( S ( NP-SBJ ( JJ Other ) ( NNS companies ) ) ( VP ( VBP are ) ( VP ( VBG introducing ) ( NP ( VBN related ) ( NNS products ) ) ) ) )

Other companies are introducing related products


( S ( NP-SBJ ( NP ( NNP Charles ) ( NNP Beseler ) ( NNP Co. ) ) ( NP ( NP ( DT a ) ( VBG leading ) ( NN maker ) ) ( PP ( IN of ) ( NP ( JJ photographic ) ( NNS enlargers ) ) ) ) ) ( VP ( VBD introduced ) ( NP-TMP ( JJ last ) ( NN month ) ) ( NP ( NP ( DT a ) ( JJ complete ) ( NN darkroom ) ( NN starter ) ( NN kit ) ) ( VP ( VBN targeted ) ( PP-CLR ( IN at ) ( NP ( NP ( NNS teen-agers ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB process ) ( NP ( PRP$ their ) ( JJ own ) ( JJ black-and-white ) ( NNS photographs ) ) ) ) ) ) ) ) ) ) ) ) ) )

Charles Beseler Co. a leading maker of photographic enlargers introduced last month a complete darkroom starter kit targeted at teen-agers who want to process their own black-and-white photographs


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN kit ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( VBN suggested ) ( JJ retail ) ( NN price ) ) ( PP ( IN of ) ( NP ( CD 250 ) ) ) ) ) ( CC and ) ( VP ( VBZ has ) ( ADVP ( RB already ) ) ( VP ( VBN become ) ( NP-PRD ( DT a ) ( NN bestseller ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN introduced ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( NNS retailers ) ) ( VP ( VBD noticed ) ( NP ( NP ( JJ numerous ) ( NNS requests ) ) ( PP ( IN from ) ( NP ( NNS parents ) ) ) ( PP ( IN for ) ( NP ( NP ( NNS children ) ( POS 's ) ) ( NN photography ) ( NN equipment ) ) ) ) ) ) ) ) ) )

The kit which has a suggested retail price of 250 and has already become a bestseller was introduced after retailers noticed numerous requests from parents for children 's photography equipment


( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ seems ) ( SBAR ( S ( NP-SBJ ( NP ( NNS computers ) ) ( PP ( IN as ) ( NP ( NNS hobbies ) ) ) ) ( VP ( VBP have ) ( VP ( VBN waned ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Ian ) ( NNP Brightman ) ) ( NP ( NP ( NNP Beseler ) ( POS 's ) ) ( NX ( NX ( NN chairman ) ) ( CC and ) ( NX ( JJ chief ) ( JJ executive ) ( NN officer ) ) ) ) ) )

It seems computers as hobbies have waned says Ian Brightman Beseler 's chairman and chief executive officer


( S ( CC But ) ( NP-SBJ ( DT some ) ( NN industry ) ( NNS observers ) ) ( VP ( VBP believe ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN resurgence ) ) ( PP ( IN of ) ( NP ( NN black ) ( CC and ) ( NN white ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( RB only ) ( DT a ) ( NN fad ) ) ) ) ) ) )

But some industry observers believe the resurgence of black and white is only a fad


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP cite ) ( NP ( NP ( NP ( DT the ) ( NN emergence ) ) ( PP ( IN of ) ( NP ( JJ still ) ( JJ electronic ) ( NN photography ) ) ) ) ( S-NOM ( NP-SBJ ( JJR more ) ( NNS newspapers ) ) ( VP ( VBG turning ) ( PP-CLR ( TO to ) ( NP ( VB color ) ) ) ( PP-LOC ( IN on ) ( NP ( PRP$ their ) ( NNS pages ) ) ) ) ) ( CC and ) ( NP ( NP ( JJ measurable ) ( NNS improvements ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN quality ) ) ( PP ( IN of ) ( NP ( NN color ) ( NNS prints ) ) ) ) ) ) ) ) )

They cite the emergence of still electronic photography more newspapers turning to color on their pages and measurable improvements in the quality of color prints


( SINV ( S-TPC-1 ( NP-SBJ ( NN Black ) ( CC and ) ( NN white ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBD made ) ( NP ( NP ( DT the ) ( JJ same ) ( NN quantum ) ( NNS leaps ) ) ( PP-LOC ( IN in ) ( NP ( JJ technological ) ( NN development ) ) ) ( PP ( IN as ) ( NP ( NN color ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Butler ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Rochester ) ( NNP Institute ) ) ) ) )

Black and white has n't made the same quantum leaps in technological development as color says Mr. Butler of the Rochester Institute


( S ( NP-SBJ ( DT The ) ( NN color ) ( NN print ) ) ( NP-TMP ( NN today ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( RB far ) ( JJ superior ) ) ( PP ( TO to ) ( NP ( NP ( NNS prints ) ) ( PP ( IN of ) ( ADVP-TMP ( NP ( CD 10 ) ( NNS years ) ) ( RB ago ) ) ) ) ) ) ) )

The color print today is far superior to prints of 10 years ago


( S ( NP-SBJ ( PRP You ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB say ) ( NP ( DT the ) ( JJ same ) ) ( PP ( IN with ) ( NP ( JJ black ) ( CC and ) ( JJ white ) ) ) ) ) )

You ca n't say the same with black and white


( S ( CC But ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NP ( NNP Popular ) ( NNP Photography ) ) ( NP ( NP ( DT a ) ( VBG leading ) ( NN magazine ) ) ( PP ( IN for ) ( NP ( NNS photographers ) ) ) ) ) ( VP ( VBD selected ) ( NP ( NP ( CD 15 ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJS greatest ) ( NNS photos ) ) ( VP ( ADVP-TMP ( RB ever ) ) ( VBN made ) ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( PRP$ its ) ( JJS latest ) ( NN issue ) ) ( VP ( VBG celebrating ) ( NP ( NP ( NN photography ) ( POS 's ) ) ( JJ 150th ) ( NN anniversary ) ) ) ) ) ) ) ) ( NP-SBJ ( DT all ) ) ( VP ( VBD were ) ( NP-PRD ( NN black ) ( CC and ) ( NN white ) ) ) )

But when Popular Photography a leading magazine for photographers selected 15 of the greatest photos ever made for its latest issue celebrating photography 's 150th anniversary all were black and white


( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VP ( VBZ 's ) ( VP ( VBD got ) ( NP ( DT a ) ( JJ classic ) ( NN spirit ) ) ) ) ( CC and ) ( VP ( VBZ carries ) ( PRT ( RP over ) ) ( ADVP-MNR ( RB emotionally ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Alfred ) ( NNP DeBat ) ) ( PP ( IN of ) ( NP ( NP ( NNP Professional ) ( NNP Photographers ) ) ( PP ( IN of ) ( NP ( NNP America ) ) ) ) ) ) )

It 's got a classic spirit and carries over emotionally says Alfred DeBat of Professional Photographers of America


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT the ) ( NN appeal ) ) ) )

That 's the appeal


( S ( NP-SBJ-1 ( NP ( DT The ) ( JJ sudden ) ( NN flight ) ) ( PP ( TO to ) ( NP ( NN quality ) ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD triggered ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( JJ explosive ) ( JJ bond-market ) ( NN rally ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN reversed ) ( NP-TMP ( NN yesterday ) ) ( PP ( IN in ) ( NP ( DT a ) ( NAC ( NN flight ) ( PP ( IN from ) ( NP ( NN quality ) ) ) ) ( NN rout ) ) ) ) ) )

The sudden flight to quality that triggered Friday 's explosive bond-market rally was reversed yesterday in a flight from quality rout


( S ( NP-SBJ ( NP ( DT The ) ( NN setback ) ) ( SBAR ( WHPP-1 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( NNP Treasury ) ( NN bond ) ( NNS prices ) ) ( VP ( VBD plummeted ) ) ) ) ) ( VP ( VBD reflected ) ( NP ( NP ( NP ( DT a ) ( NN rebound ) ) ( PP ( IN in ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ) ) ( CC and ) ( NP ( NN profit-taking ) ) ) ) )

The setback in which Treasury bond prices plummeted reflected a rebound in the stock market and profit-taking


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( NP-PRD ( DT a ) ( ADJP ( RB pretty ) ( JJ wild ) ) ( NN day ) ) ) )

It was a pretty wild day


( SINV ( S-TPC-4 ( NP-SBJ-1 ( PRP$ Our ) ( NNS markets ) ) ( VP ( VBD were ) ( VP ( ADVP-MNR ( RB closely ) ) ( VBN tied ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Joel ) ( NNP Kazis ) ) ( NP ( NP ( NN manager ) ) ( PP ( IN of ) ( NP ( NN trading ) ) ) ( PP-LOC ( IN at ) ( NP ( NNP Smith ) ( NNP Barney ) ( NNP Harris ) ( NNP Upham ) ( CC & ) ( NNP Co ) ) ) ) ) )

Our markets were closely tied to the stock market said Joel Kazis manager of trading at Smith Barney Harris Upham & Co


( S ( S-TPC-3 ( NP-SBJ-2 ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NN flight ) ) ( PP ( TO to ) ( NP ( NN quality ) ) ) ) ( VP ( VBD was ) ( ADVP-TMP ( DT no ) ( RBR longer ) ) ( VP ( VBN needed ) ( SBAR-TMP ( IN once ) ( S ( NP-SBJ ( DT the ) ( NN stock ) ( NN market ) ) ( VP ( VBD found ) ( NP ( PRP$ its ) ( NNS legs ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

Friday 's flight to quality was no longer needed once the stock market found its legs he said


( S ( NP-SBJ ( DT Some ) ( JJ fixed-income ) ( NNS investors ) ) ( VP ( VBD had ) ( VP ( VBN expected ) ( NP ( NP ( DT a ) ( JJ further ) ( NN drop ) ) ( PP ( IN in ) ( NP ( NN stock ) ( NNS prices ) ) ) ) ( PP-TMP ( IN after ) ( NP ( NP ( DT the ) ( ADJP ( RB nearly ) ( JJ 200-point ) ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Friday ) ) ) ) ) ) ) )

Some fixed-income investors had expected a further drop in stock prices after the nearly 200-point drop in the Dow Jones Industrial Average on Friday


( S ( NP-SBJ ( IN That ) ) ( VP ( VBN caused ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( TO to ) ( VP ( VP ( VB flee ) ( NP ( NNS stocks ) ) ) ( CC and ) ( VP ( VB buy ) ( NP ( NP ( JJ high-quality ) ( NNP Treasury ) ( NNS bonds ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP are ) ( ADJP-PRD ( ADJP ( JJR safer ) ) ( PP ( IN than ) ( NP ( NP ( JJ other ) ( NNS types ) ) ( PP ( IN of ) ( NP ( NNS securities ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

That caused investors to flee stocks and buy high-quality Treasury bonds which are safer than other types of securities


( S ( CC But ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ-2 ( NNS stocks ) ) ( VP ( VBD began ) ( S ( VP ( TO to ) ( VP ( VB climb ) ( ADVP ( RB instead ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNS prices ) ) ( PP ( IN of ) ( NP ( NNP Treasury ) ( NNS bonds ) ) ) ) ( VP ( VBD declined ) ) )

But when stocks began to climb instead prices of Treasury bonds declined


( SINV ( VP-TPC-2 ( VBG Contributing ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN selling ) ( NN pressure ) ) ) ) ( VP ( VBD were ) ) ( NP-SBJ ( NP ( NNS dispatches ) ) ( PP ( IN by ) ( NP ( JJ several ) ( NN investment ) ( NNS firms ) ) ) ( VP ( VBG advising ) ( NP-1 ( NNS clients ) ) ( S ( VP ( TO to ) ( VP ( VP ( VB boost ) ( NP ( PRP$ their ) ( NN stock ) ( NNS holdings ) ) ) ( CC and ) ( VP ( VB reduce ) ( NP ( NP ( DT the ) ( NN size ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN cash ) ( CC or ) ( NN bond ) ( NNS portfolios ) ) ) ) ) ) ) ) ) ) )

Contributing to the selling pressure were dispatches by several investment firms advising clients to boost their stock holdings and reduce the size of their cash or bond portfolios


( SINV ( PP-PRD-LOC-TPC-1 ( IN Among ) ( NP ( DT the ) ( NNS firms ) ) ) ( VP ( VBD were ) ) ( NP-SBJ ( NP ( NNP Merrill ) ( NNP Lynch ) ( CC & ) ( NNP Co. ) ) ( CC and ) ( NP ( NNP Dean ) ( NNP Witter ) ( NNP Reynolds ) ( NNP Inc ) ) ) )

Among the firms were Merrill Lynch & Co. and Dean Witter Reynolds Inc


( S ( NP-SBJ-1 ( DT The ) ( NN bond ) ( NN market ) ) ( VP ( VBD seemed ) ( S ( VP ( TO to ) ( VP ( VB ignore ) ( NP ( NN evidence ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( DT the ) ( NNP Federal ) ( NNP Reserve ) ) ( VP ( VBD eased ) ( NP ( NN credit ) ( NNS conditions ) ) ( ADVP ( RB slightly ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG allowing ) ( S ( NP-SBJ ( DT the ) ( JJ federal ) ( NNS funds ) ( NN rate ) ) ( VP ( TO to ) ( VP ( VB drift ) ( ADJP ( ADJP ( RB as ) ( JJ low ) ) ( PP ( IN as ) ( NP ( QP ( CD 8 ) ( CD 1\/2 ) ) ( NN % ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The bond market seemed to ignore evidence that the Federal Reserve eased credit conditions slightly by allowing the federal funds rate to drift as low as 8 1\/2 %


( S ( NP-SBJ ( NP ( DT The ) ( ADJP ( RB closely ) ( VBN watched ) ) ( NN rate ) ) ( PP ( IN on ) ( NP ( NP ( JJ federal ) ( NNS funds ) ) ( CC or ) ( NP ( NP ( JJ overnight ) ( NNS loans ) ) ( PP ( IN between ) ( NP ( NNS banks ) ) ) ) ) ) ) ( VP ( VBD slid ) ( PP-DIR ( TO to ) ( NP ( QP ( RB about ) ( CD 8 ) ( CD 3\/4 ) ) ( NN % ) ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ( ADVP ( RB down ) ( PP ( IN from ) ( NP ( NP ( PRP$ its ) ( VBN perceived ) ( NN target ) ( NN level ) ) ( PP ( IN of ) ( NP ( QP ( RB about ) ( CD 9 ) ) ( NN % ) ) ) ) ) ) ) )

The closely watched rate on federal funds or overnight loans between banks slid to about 8 3\/4 % last week down from its perceived target level of about 9 %


( S ( NP-SBJ-1 ( DT The ) ( NN rate ) ) ( VP ( VBZ is ) ( VP ( VBN considered ) ( S ( NP-PRD ( NP ( DT an ) ( JJ early ) ( NN signal ) ) ( PP ( IN of ) ( NP ( NP ( NNS changes ) ) ( PP-LOC ( IN in ) ( NP ( NNP Fed ) ( NN policy ) ) ) ) ) ) ) ) ) )

The rate is considered an early signal of changes in Fed policy


( S ( NP-SBJ ( NNS Traders ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NN yesterday ) ( POS 's ) ) ( JJ modest ) ( NN easing ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB stir ) ( NP ( JJ much ) ( NN enthusiasm ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( ADVP ( RB widely ) ) ( VBN expected ) ) ) ) ) ) ) ) ) ) ) )

Traders said yesterday 's modest easing did n't stir much enthusiasm because it had been widely expected


( S ( PP ( IN In ) ( NP ( NN fact ) ) ) ( NP-SBJ ( DT some ) ( NNS economists ) ) ( VP ( VBP contend ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJS latest ) ( NN easing ) ) ( VP ( VBD started ) ( NP-TMP-CLR ( JJ last ) ( NN week ) ) ) ) ) ) )

In fact some economists contend that the latest easing started last week


( S ( NP-SBJ ( NNS Others ) ) ( VP ( VBP note ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT some ) ( NNS investors ) ) ( VP ( VBD were ) ( VP ( VBN disappointed ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD had ) ( VP ( VBN expected ) ( NP ( DT a ) ( ADJP ( RBR more ) ( JJ aggressive ) ) ( NN easing ) ) ) ) ) ) ) ) ) ) ) )

Others note that some investors were disappointed because they had expected a more aggressive easing


( S ( NP-SBJ ( NP ( DT The ) ( NNP Treasury ) ( POS 's ) ) ( NN benchmark ) ( JJ 30-year ) ( NN bond ) ) ( VP ( VBD ended ) ( UCP-CLR ( ADJP ( NP ( QP ( RB about ) ( CD 1 ) ( CD 3\/4 ) ) ( NNS points ) ) ( RBR lower ) ) ( CC or ) ( ADVP ( RB down ) ( NP ( NP ( QP ( RB about ) ( CD 17.50 ) ) ) ( PP ( IN for ) ( NP ( DT each ) ( ADJP ( CD 1,000 ) ) ( NN face ) ( NN amount ) ) ) ) ) ) ) )

The Treasury 's benchmark 30-year bond ended about 1 3\/4 points lower or down about 17.50 for each 1,000 face amount


( S ( NP-SBJ ( DT The ) ( NN reversal ) ) ( VP ( VBD was ) ( ADJP-PRD ( ADVP ( RB even ) ( RBR more ) ) ( JJ evident ) ) ( PP-LOC ( IN among ) ( NP ( JJ shorter-term ) ( NNP Treasury ) ( NNS securities ) ) ) ) )

The reversal was even more evident among shorter-term Treasury securities


( S ( SBAR-TMP ( IN After ) ( S ( NP-SBJ ( NNP Treasury ) ( NN bill ) ( NNS rates ) ) ( VP ( VBD plummeted ) ( NP-EXT ( QP ( RB as ) ( RB much ) ( IN as ) ( CD 0.70 ) ) ( NN percentage ) ( NN point ) ) ( PP-TMP ( IN on ) ( NP ( NNP Friday ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBD gave ) ( ADVP-CLR ( RB back ) ) ( ADJP ( ADJP ( JJ three-fourths ) ) ( PP ( IN of ) ( NP ( DT that ) ( NN amount ) ) ) ) ( NP-TMP ( NN yesterday ) ) ) )

After Treasury bill rates plummeted as much as 0.70 percentage point on Friday they gave back three-fourths of that amount yesterday


( S ( NP-SBJ-1 ( NP ( DT The ) ( JJ bond-equivalent ) ( NN yield ) ) ( PP ( IN on ) ( NP ( JJ three-month ) ( NNP Treasury ) ( NNS bills ) ) ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( VP ( VBD was ) ( VP ( VBN quoted ) ( NP-TMP ( JJ late ) ( NN yesterday ) ) ( PP-CLR ( IN at ) ( NP ( CD 7.72 ) ( NN % ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( CD 7.16 ) ( NN % ) ) ( NP-TMP ( NNP Friday ) ) ) ) ) ) ) )

The bond-equivalent yield on three-month Treasury bills for example was quoted late yesterday at 7.72 % compared with 7.16 % Friday


( S ( NP-SBJ ( NP ( JJ Investment-grade ) ( JJ corporate ) ( NNS bonds ) ) ( NP ( JJ mortgage-backed ) ( NNS securities ) ) ( CC and ) ( NP ( JJ municipal ) ( NNS bonds ) ) ) ( ADVP ( RB also ) ) ( VP ( VBD fell ) ) )

Investment-grade corporate bonds mortgage-backed securities and municipal bonds also fell


( S ( CC But ) ( NP-SBJ-3 ( NP ( NNS prices ) ) ( PP ( IN of ) ( NP ( NP ( NN junk ) ( NNS bonds ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD were ) ( VP ( VBN battered ) ( NP-TMP ( NNP Friday ) ) ( PP-LOC ( IN in ) ( NP ( ADJP ( JJ near ) ( JJ standstill ) ) ( NN trading ) ) ) ) ) ) ) ) ) ) ( VP ( VBD rebounded ) ( S-CLR ( VP ( TO to ) ( VP ( VB post ) ( NP ( JJ small ) ( NNS gains ) ) ( PP-TMP ( IN after ) ( NP ( DT a ) ( JJ volatile ) ( NN trading ) ( NN session ) ) ) ) ) ) ) )

But prices of junk bonds which were battered Friday in near standstill trading rebounded to post small gains after a volatile trading session


( S ( NP-SBJ ( NN Junk ) ( NNS bonds ) ) ( VP ( VP ( VBD opened ) ( ADJP-CLR ( NP-ADV ( QP ( RB as ) ( RB much ) ( IN as ) ( CD four ) ) ( NNS points ) ) ( RBR lower ) ) ) ( CC but ) ( VP ( VBD staged ) ( NP ( DT a ) ( JJ modest ) ( NN comeback ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NN stock ) ( NNS prices ) ) ( VP ( VBD firmed ) ) ) ) ) ) )

Junk bonds opened as much as four points lower but staged a modest comeback as stock prices firmed


( S ( NP-SBJ ( DT Some ) ( NNS traders ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( JJ high-yield ) ( NN market ) ) ( VP ( VBD was ) ( VP ( VBN helped ) ( PP ( IN by ) ( NP-LGS ( JJ active ) ( JJ institutional ) ( NN buying ) ) ) ) ) ) ) ) )

Some traders said the high-yield market was helped by active institutional buying


( S-1 ( PP ( IN In ) ( ADJP ( JJ particular ) ) ) ( PRN ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD said ) ) ) ) ( NP-SBJ-2 ( NP ( NNS firms ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NNP First ) ( NNP Boston ) ( NNP Corp. ) ) ( CC and ) ( NP ( NNP Drexel ) ( NNP Burnham ) ( NNP Lambert ) ( NNP Inc. ) ) ) ) ) ( VP ( VBD began ) ( S ( VP ( VBG making ) ( NP ( NP ( DT a ) ( NN market ) ) ( PP-LOC ( IN in ) ( NP ( NN junk ) ( NNS issues ) ) ) ) ( ADVP-TMP ( RB early ) ( PP ( IN in ) ( NP ( DT the ) ( NN session ) ) ) ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( NNS prices ) ) ( VP ( VBD hit ) ( NP ( ADJP ( RB severely ) ( VBN depressed ) ) ( NNS levels ) ) ) ) ) ) ) ) )

In particular they said firms such as First Boston Corp. and Drexel Burnham Lambert Inc. began making a market in junk issues early in the session when prices hit severely depressed levels


( SINV ( S-TPC-2 ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN willingness ) ) ( PP ( IN of ) ( NP ( NNS securities ) ( NNS companies ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB make ) ( NP ( NNS markets ) ) ( PP-BNF ( IN for ) ( NP ( JJ high-yield ) ( NNS issues ) ) ) ) ) ) ) ( VP ( VBD improved ) ( NP ( NP ( DT the ) ( NN sentiment ) ) ( PP ( IN for ) ( NP ( NN junk ) ( NNS bonds ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP John ) ( NNP Lonski ) ) ( NP ( NP ( DT an ) ( NN economist ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Moody ) ( POS 's ) ) ( NNP Investors ) ( NNP Service ) ( NNP Inc ) ) ) ) ) )

I think the willingness of securities companies to make markets for high-yield issues improved the sentiment for junk bonds said John Lonski an economist at Moody 's Investors Service Inc


( S ( NP-SBJ ( NNP U.S. ) ( NNP Treasury ) ( NNS bonds ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJR higher ) ( PP ( IN in ) ( NP ( NP ( JJ overnight ) ( NN trading ) ) ( PP-LOC ( IN in ) ( NP ( NNP Japan ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD opened ) ( PP-TMP-CLR ( IN at ) ( NP ( RB about ) ( CD 7:30 ) ( NN p.m. ) ( NNP EDT ) ) ) ) ) ) ) ) ) ) )

U.S. Treasury bonds were higher in overnight trading in Japan which opened at about 7:30 p.m. EDT


( S ( NP-SBJ ( DT The ) ( NN benchmark ) ( JJ 30-year ) ( NN bond ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( VP ( VBD rose ) ( NP-EXT ( CD one ) ( NN point ) ) ( PP-TMP ( IN in ) ( NP ( JJ early ) ( JJ Japanese ) ( NN trading ) ) ) ( PP-PRP ( IN in ) ( NP ( NP ( NN reaction ) ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( JJ quick ) ( JJ 600-point ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Tokyo ) ( NN stock ) ( NN market ) ) ) ) ) ) ) ) )

The benchmark 30-year bond for example rose one point in early Japanese trading in reaction to a quick 600-point drop in the Tokyo stock market


( S ( CC But ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( JJ Japanese ) ( NNS stocks ) ) ( VP ( VBD rebounded ) ) ) ) ( NP-SBJ ( NNPS Treasurys ) ) ( VP ( VP ( VBD retreated ) ) ( CC and ) ( VP ( VBD ended ) ( ADVP-LOC ( RB just ) ( RB modestly ) ( RBR higher ) ) ) ) )

But as Japanese stocks rebounded Treasurys retreated and ended just modestly higher


( S ( NP-SBJ-1 ( NP ( JJ Many ) ( NNP U.S. ) ( NN trading ) ( NNS operations ) ) ( VP ( VBG wanting ) ( S ( VP ( TO to ) ( VP ( VB keep ) ( NP ( DT a ) ( JJ watchful ) ( NN eye ) ) ( PP-CLR ( IN on ) ( NP ( NP ( JJ Japanese ) ( NN trading ) ) ( PP ( IN as ) ( NP ( NP ( DT an ) ( NN indication ) ) ( PP ( IN of ) ( SBAR-NOM ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ ( NNP U.S. ) ( NN trading ) ) ( VP ( MD would ) ( VP ( VB begin ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD were ) ( VP ( ADVP ( RB fully ) ) ( VBN staffed ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NNP Tokyo ) ( NN trading ) ( NN session ) ) ) ) ) )

Many U.S. trading operations wanting to keep a watchful eye on Japanese trading as an indication of where U.S. trading would begin were fully staffed during the Tokyo trading session


( SINV ( S-TPC-1 ( NP-SBJ ( NP ( JJS Most ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN action ) ) ) ) ( VP ( VBD was ) ( PP-TMP-PRD ( IN during ) ( NP ( DT the ) ( NN night ) ( NN session ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Michael ) ( NNP Moore ) ) ( NP ( NP ( NN trading ) ( NN manager ) ) ( PP-LOC ( IN at ) ( NP ( NNP Continental ) ( NNP Bank ) ) ) ) ) )

Most of the action was during the night session said Michael Moore trading manager at Continental Bank


( S ( NP-SBJ ( NP ( NNP Jay ) ( NNP Goldinger ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( ADVP-TMP ( RB often ) ) ( VBZ trades ) ( ADVP-TMP ( RB overnight ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NNP Capital ) ( NNP Insight ) ( NNP Inc. ) ) ( NP-LOC ( NP ( NNP Beverly ) ( NNP Hills ) ) ( NP ( NNP Calif. ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NN trading ) ) ( PP-LOC ( IN in ) ( NP ( NNP Tokyo ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( ADJP ( RB very ) ( JJ active ) ) ( CC but ) ( ADJP ( RB highly ) ( JJ volatile ) ) ) ) ) ) ) )

Jay Goldinger who often trades overnight for Capital Insight Inc. Beverly Hills Calif. said trading in Tokyo was very active but highly volatile


( S ( S-TPC-1 ( S ( NP-SBJ ( PRP We ) ) ( VP ( VBD went ) ( ADVP-CLR ( RB down ) ( NP ( CD 3\/4 ) ( NN point ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 10 ) ( NNS minutes ) ) ) ( PP-TMP ( RB right ) ( IN before ) ( NP ( NN lunch ) ) ) ) ) ( S ( ADVP-TMP ( RB then ) ) ( PP-TMP ( IN after ) ( NP ( NN lunch ) ) ) ( NP-SBJ ( PRP we ) ) ( VP ( VBD went ) ( ADVP-CLR ( RB up ) ( NP ( CD 3\/4 ) ( NN point ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 12 ) ( NNS minutes ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

We went down 3\/4 point in 10 minutes right before lunch then after lunch we went up 3\/4 point in 12 minutes he said


( S ( PP-LOC ( IN In ) ( NP ( NNP Tokyo ) ) ) ( NP-SBJ-1 ( NN trading ) ) ( VP ( VBZ is ) ( VP ( VBN halted ) ( PP-TMP ( IN during ) ( NP ( NN lunchtime ) ) ) ) ) )

In Tokyo trading is halted during lunchtime


( S ( NP-SBJ-1 ( NP ( NNP Tokyo ) ( POS 's ) ) ( NN market ) ) ( VP ( VBD turned ) ( PRT ( RP out ) ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( JJ bad ) ( NN bellwether ) ) ( PP ( IN for ) ( NP ( NNP U.S. ) ( NN trading ) ) ) ) ) ) ) ) )

Tokyo 's market turned out to be a bad bellwether for U.S. trading


( S ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBD opened ) ( ADVP-LOC ( RB here ) ) ) ) ) ( NP-SBJ ( NNS bonds ) ( NNS prices ) ) ( VP ( VBD fell ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( DT the ) ( NN stock ) ( NN market ) ) ( VP ( VBD regained ) ( NP ( NN strength ) ) ) ) ) ) )

When the market opened here bonds prices fell as the stock market regained strength


( S ( NP-SBJ ( NP ( NP ( DT The ) ( NN bond ) ( NN market ) ( POS 's ) ) ( NN focus ) ) ( PP ( IN on ) ( NP ( NN stock ) ( NN activity ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( ADJP ( RB so ) ( JJ strong ) ) ) ( NP-TMP ( NN yesterday ) ) ( SBAR-2 ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD overshadowed ) ( NP ( NP ( NP ( NN today ) ( POS 's ) ) ( NN slate ) ) ( PP ( IN of ) ( NP ( JJ economic ) ( NNS data ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ includes ) ( NP ( NP ( NP ( DT the ) ( NN government ) ( POS 's ) ) ( NN report ) ) ( PP ( IN on ) ( NP ( NP ( NNP August ) ( NNP U.S. ) ( NN merchandise ) ( NN trade ) ) ( CC and ) ( NP ( NNP September ) ( JJ industrial ) ( NN production ) ) ) ) ) ) ) ) ) ) ) ) ) )

The bond market 's focus on stock activity was so strong yesterday that it overshadowed today 's slate of economic data which includes the government 's report on August U.S. merchandise trade and September industrial production


( S ( NP-SBJ-1 ( JJ Industrial ) ( NN production ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VBN declined ) ( NP-EXT ( CD 0.2 ) ( NN % ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( NN consensus ) ) ( PP ( IN of ) ( NP ( NP ( NNS economists ) ) ( VP ( VBN surveyed ) ( PP ( IN by ) ( NP-LGS ( NNP Dow ) ( NNP Jones ) ( NNP Capital ) ( NNP Markets ) ( NNP Report ) ) ) ) ) ) ) ) ) ) ) )

Industrial production is expected to have declined 0.2 % according to a consensus of economists surveyed by Dow Jones Capital Markets Report


( S ( NP-SBJ-1 ( DT The ) ( NNP August ) ( NN trade ) ( NN deficit ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VBN widened ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 9.1 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 7.58 ) ( CD billion ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP July ) ) ) ) ) ) ) ) ) ) )

The August trade deficit is expected to have widened to 9.1 billion from 7.58 billion in July


( S-1 ( NP-SBJ ( NP ( DT A ) ( NN widening ) ) ( PP ( IN of ) ( NP ( DT that ) ( NN magnitude ) ) ) ) ( PRN ( SINV ( VP ( VBD said ) ) ( NP-SBJ ( CD one ) ( NNP New ) ( NNP York ) ( NN trader ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( RB not ) ( DT a ) ( JJ favorable ) ( NN number ) ) ) )

A widening of that magnitude said one New York trader is not a favorable number


( S ( NP-SBJ ( PRP It ) ) ( VP ( MD could ) ( VP ( VB do ) ( NP ( NP ( NN damage ) ) ( PP ( TO to ) ( NP ( PRP us ) ) ) ) ) ) )

It could do damage to us


( S ( ADVP-TMP ( RB Meanwhile ) ) ( NP-SBJ-1 ( NN agency ) ( NN supply ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB weigh ) ( ADVP-MNR-CLR ( RB heavily ) ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NN market ) ) ) ( NP-TMP ( NP ( NN today ) ) ( SBAR ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NNP Federal ) ( NNP Home ) ( NNP Loan ) ( NNP Bank ) ) ( VP ( VBZ prices ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 2.3 ) ( CD billion ) ) ) ( NN offering ) ) ( PP ( IN of ) ( NP ( ADJP ( JJ one-year ) ( JJ three-year ) ( JJ five-year ) ( CC and ) ( JJ 10-year ) ) ( NNS maturities ) ) ) ) ) ) ) ) ) ) ) ) ) )

Meanwhile agency supply is expected to weigh heavily on the market today when the Federal Home Loan Bank prices a 2.3 billion offering of one-year three-year five-year and 10-year maturities


( S ( NP-TMP ( NN Tomorrow ) ) ( NP-SBJ ( DT the ) ( NNP Resolution ) ( NNP Funding ) ( NNP Corp. ) ) ( VP ( MD will ) ( VP ( VB provide ) ( NP ( NP ( NNS details ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( JJ first ) ( NN bond ) ( NN issue ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VP ( VB total ) ( NP ( QP ( IN between ) ( CD 4 ) ( CD billion ) ( CC and ) ( CD 6 ) ( CD billion ) ) ) ) ( CC and ) ( VP ( VB carry ) ( NP ( NP ( DT a ) ( NN maturity ) ) ( ADJP ( ADJP ( JJR greater ) ) ( PP ( IN than ) ( NP ( CD 20 ) ( NNS years ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Tomorrow the Resolution Funding Corp. will provide details of its first bond issue which is expected to total between 4 billion and 6 billion and carry a maturity greater than 20 years


( S ( NP-SBJ ( NNP Resolution ) ( NNP Funding ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN division ) ) ( PP ( IN of ) ( NP ( NP ( NNP Resolution ) ( NNP Trust ) ( NNP Corp. ) ) ( NP ( NP ( DT the ) ( JJ new ) ( JJ federal ) ( NN agency ) ) ( VP ( VBN created ) ( S-PRP ( VP ( TO to ) ( VP ( VB bail ) ( PRT ( RP out ) ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( VBN troubled ) ( NNS thrifts ) ) ) ) ) ) ) ) ) ) ) )

Resolution Funding is a division of Resolution Trust Corp. the new federal agency created to bail out the nation 's troubled thrifts


( S ( CC And ) ( NP-TMP ( DT this ) ( NN week ) ) ( NP-SBJ-1 ( DT the ) ( NNP Tennessee ) ( NNP Valley ) ( NNP Authority ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB price ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 3 ) ( CD billion ) ) ) ( NN offering ) ) ( NP ( NP ( PRP$ its ) ( JJ first ) ( NN public ) ( NN debt ) ( NN borrowing ) ) ( PP-TMP ( IN in ) ( NP ( CD 15 ) ( NNS years ) ) ) ) ) ) ) ) ) )

And this week the Tennessee Valley Authority plans to price a 3 billion offering its first public debt borrowing in 15 years


( S ( S-TPC-1 ( NP-SBJ ( EX There ) ) ( VP ( POS 's ) ( NP-PRD ( NP ( NNS lots ) ) ( PP ( IN of ) ( NP ( NN supply ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP New ) ( NNP York ) ( NN trader ) ) ( VP ( VBD said ) ) )

There 's lots of supply the New York trader said


( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP have ) ( S ( NP-SBJ ( QP ( DT a ) ( NN couple ) ( CC or ) ( CD three ) ) ( JJ tough ) ( NNS weeks ) ) ( VP ( VBG coming ) ) ) ) )

We have a couple or three tough weeks coming


( NP-HLN ( NNP Treasury ) ( NNP Securities ) )

Treasury Securities


( S ( NP-SBJ ( NP ( NNP Prices ) ) ( PP ( IN of ) ( NP ( NNP Treasury ) ( NNS bonds ) ) ) ) ( VP ( VBD tumbled ) ( PP-LOC ( IN in ) ( NP ( ADJP ( JJ moderate ) ( PP ( TO to ) ( ADJP ( JJ active ) ) ) ) ( NN trading ) ) ) ) )

Prices of Treasury bonds tumbled in moderate to active trading


( S ( NP-SBJ-1 ( DT The ) ( NN benchmark ) ( JJ 30-year ) ( NNP Treasury ) ( NN bond ) ) ( VP ( VBD was ) ( VP ( VBN quoted ) ( ADVP-TMP ( RB late ) ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( NN price ) ) ( PP ( IN of ) ( NP ( QP ( CD 101 ) ( CD 19\/32 ) ) ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( NN closing ) ( NN price ) ) ( PP ( IN of ) ( NP ( QP ( CD 103 ) ( CD 12\/32 ) ) ) ) ( NP-TMP ( NNP Friday ) ) ) ) ) ) ) )

The benchmark 30-year Treasury bond was quoted late at a price of 101 19\/32 compared with a closing price of 103 12\/32 Friday


( S ( NP-SBJ ( NP ( DT The ) ( NN yield ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN benchmark ) ( NN issue ) ) ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( CD 7.97 ) ( NN % ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 7.82 ) ( NN % ) ) ) ) )

The yield on the benchmark issue rose to 7.97 % from 7.82 %


( S ( NP-SBJ-1 ( DT The ) ( JJS latest ) ( JJ 10-year ) ( NNS notes ) ) ( VP ( VBD were ) ( VP ( VBN quoted ) ( ADVP-TMP ( RB late ) ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 100 ) ( CD 3\/32 ) ) ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( NN yield ) ) ( PP ( IN of ) ( NP ( CD 7.97 ) ( NN % ) ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( QP ( CD 101 ) ( CD 9\/32 ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 7.84 ) ( NN % ) ) ) ) ) ) ) ) ) ) ) )

The latest 10-year notes were quoted late at 100 3\/32 for a yield of 7.97 % compared with 101 9\/32 to yield 7.84 %


( S ( NP-SBJ ( JJ Short-term ) ( NN interest ) ( NNS rates ) ) ( VP ( VBD fell ) ( NP-TMP ( NN yesterday ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NN government ) ( POS 's ) ) ( JJ weekly ) ( NNP Treasury ) ( NN bill ) ( NN auction ) ) ) ) )

Short-term interest rates fell yesterday at the government 's weekly Treasury bill auction


( S ( NP-SBJ ( NP ( DT The ) ( JJ average ) ( NN discount ) ( NN rate ) ) ( PP ( IN on ) ( NP ( JJ new ) ( JJ three-month ) ( NNP Treasury ) ( NNS bills ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( CD 7.37 ) ( NN % ) ) ( NP ( NP ( DT the ) ( JJS lowest ) ) ( PP-TMP ( IN since ) ( NP ( NP ( DT the ) ( NN average ) ) ( PP ( IN of ) ( NP ( CD 7.36 ) ( NN % ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NN auction ) ) ( PP-TMP ( IN on ) ( NP ( NNP Oct. ) ( CD 17 ) ( CD 1988 ) ) ) ) ) ) ) ) ) ) )

The average discount rate on new three-month Treasury bills was 7.37 % the lowest since the average of 7.36 % at the auction on Oct. 17 1988


( S ( NP-SBJ ( DT The ) ( JJ average ) ( NN discount ) ( NN rate ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( CD 7.42 ) ( NN % ) ) ( PP ( IN on ) ( NP ( JJ new ) ( JJ six-month ) ( NNS bills ) ) ) ( NP ( NP ( DT the ) ( JJS lowest ) ) ( PP-TMP ( IN since ) ( NP ( NP ( DT the ) ( NN average ) ) ( PP ( IN of ) ( NP ( NP ( CD 7.35 ) ( NN % ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NN auction ) ) ( PP-TMP ( IN on ) ( NP ( NNP July ) ( CD 31 ) ( CD 1989 ) ) ) ) ) ) ) ) ) ) ) ) )

The average discount rate was 7.42 % on new six-month bills the lowest since the average of 7.35 % at the auction on July 31 1989


( S ( NP-SBJ ( RB Here ) ) ( VP ( VBP are ) ( NP-PRD ( NN auction ) ( NNS details ) ) ) )

Here are auction details


( S ( NP-SBJ-1 ( NNS Rates ) ) ( VP ( VBP are ) ( VP ( VBN determined ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NN difference ) ) ( PP ( IN between ) ( NP ( DT the ) ( NX ( NX ( NN purchase ) ( NN price ) ) ( CC and ) ( NX ( NN face ) ( NN value ) ) ) ) ) ) ) ) ) )

Rates are determined by the difference between the purchase price and face value


( S ( ADVP ( RB Thus ) ) ( NP-SBJ ( JJR higher ) ( NN bidding ) ) ( VP ( VBZ narrows ) ( NP ( NP ( DT the ) ( NN investor ) ( POS 's ) ) ( NN return ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( JJR lower ) ( NN bidding ) ) ( VP ( VBZ widens ) ( NP ( PRP it ) ) ) ) ) ) )

Thus higher bidding narrows the investor 's return while lower bidding widens it


( S ( NP-SBJ-1 ( DT The ) ( NN percentage ) ( NNS rates ) ) ( VP ( VBP are ) ( VP ( VBN calculated ) ( PP-CLR ( IN on ) ( NP ( DT a ) ( JJ 360-day ) ( NN year ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ-2 ( DT the ) ( JJ coupon-equivalent ) ( NN yield ) ) ( VP ( VBZ is ) ( VP ( VBN based ) ( PP-CLR ( IN on ) ( NP ( DT a ) ( JJ 365-day ) ( NN year ) ) ) ) ) ) ) ) ) )

The percentage rates are calculated on a 360-day year while the coupon-equivalent yield is based on a 365-day year


( S ( NP-SBJ-1 ( DT Both ) ( NNS issues ) ) ( VP ( VBP are ) ( VP ( VBN dated ) ( NP-TMP-CLR ( NNP Oct. ) ( CD 19 ) ) ) ) )

Both issues are dated Oct. 19


( S ( S ( NP-SBJ ( DT The ) ( JJ 13-week ) ( NNS bills ) ) ( VP ( VBP mature ) ( NP-TMP ( NN Jan. ) ( CD 18 ) ( CD 1990 ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( JJ 26-week ) ( NNS bills ) ) ( VP ( VBP mature ) ( NP-TMP ( NNP April ) ( CD 19 ) ( CD 1990 ) ) ) ) )

The 13-week bills mature Jan. 18 1990 and the 26-week bills mature April 19 1990


( NP-HLN ( JJ Corporate ) ( NNS Issues ) )

Corporate Issues


( S ( NP-SBJ ( JJ Investment-grade ) ( JJ corporate ) ( NNS bonds ) ) ( VP ( VBD ended ) ( ADJP ( NP-ADV ( QP ( CD one ) ( TO to ) ( CD 1 ) ( CD 1\/2 ) ) ( NN point ) ) ( RBR lower ) ) ) )

Investment-grade corporate bonds ended one to 1 1\/2 point lower


( S ( NP-SBJ ( EX There ) ) ( VP ( VBD were ) ( NP-PRD ( DT no ) ( JJ new ) ( NNS issues ) ) ) )

There were no new issues


Foreign Bonds


( S ( NP-SBJ ( JJ Foreign ) ( NNS bonds ) ) ( VP ( VBD surged ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( DT the ) ( NN dollar ) ) ( VP ( VBD weakened ) ( PP-CLR ( IN against ) ( NP ( JJS most ) ( JJ major ) ( NNS currencies ) ) ) ) ) ) ) )

Foreign bonds surged as the dollar weakened against most major currencies


( S ( PP-LOC ( IN Among ) ( NP ( NN benchmark ) ( NNS issues ) ) ) ( NP-SBJ ( NP ( NP ( NNP Japan ) ( POS 's ) ) ( NN No. ) ( CD 111 ) ( ADJP ( CD 4.6 ) ( NN % ) ) ( NN bond ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 1998 ) ) ) ) ( VP ( VBD ended ) ( PP-LOC ( IN on ) ( NP ( NNS brokers ) ( NNS screens ) ) ) ( PP-CLR ( IN at ) ( NP ( CD 96.15 ) ) ) ( ADVP ( RB up ) ( NP ( CD 1.17 ) ( NN point ) ) ) ) )

Among benchmark issues Japan 's No. 111 4.6 % bond due 1998 ended on brokers screens at 96.15 up 1.17 point


( S ( NP-SBJ ( DT The ) ( NN yield ) ) ( VP ( VBD was ) ( NP-PRD ( CD 5.245 ) ( NN % ) ) ) )

The yield was 5.245 %


( S ( NP-SBJ-1 ( NP ( NP ( NNP West ) ( NNP Germany ) ( POS 's ) ) ( ADJP ( QP ( CD 6 ) ( CD 3\/4 ) ) ( NN % ) ) ( NN issue ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP June ) ( CD 1999 ) ) ) ) ( VP ( VBD ended ) ( PP-CLR ( IN at ) ( NP ( CD 98.30 ) ) ) ( ADVP ( RB up ) ( NP ( CD 0.91 ) ( NN point ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 6.99 ) ( NN % ) ) ) ) ) ) )

West Germany 's 6 3\/4 % issue due June 1999 ended at 98.30 up 0.91 point to yield 6.99 %


( S ( NP-SBJ-1 ( NP ( NP ( NNP Britain ) ( POS 's ) ) ( ADJP ( QP ( CD 11 ) ( CD 3\/4 ) ) ( NN % ) ) ( NN bond ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 2003\/2007 ) ) ) ) ( VP ( VBD ended ) ( ADVP-CLR ( NP ( QP ( CD 1 ) ( CD 1\/8 ) ) ) ( RBR higher ) ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 111 ) ( CD 19\/32 ) ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 10.12 ) ( NN % ) ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ-2 ( NP ( DT the ) ( ADJP ( QP ( CD 11 ) ( CD 3\/4 ) ) ( NN % ) ) ( NNS notes ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 1991 ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 21\/32 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 98 ) ( CD 26\/32 ) ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 12.74 ) ( NN % ) ) ) ) ) ) ) ) ) )

Britain 's 11 3\/4 % bond due 2003\/2007 ended 1 1\/8 higher at 111 19\/32 to yield 10.12 % while the 11 3\/4 % notes due 1991 rose 21\/32 to 98 26\/32 to yield 12.74 %


( NP-HLN ( JJ Mortgage-Backed ) ( NNS Securities ) )

Mortgage-Backed Securities


( S ( NP-SBJ ( NN Mortgage ) ( NNS securities ) ) ( VP ( VBD gave ) ( PRT ( RP up ) ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NNS gains ) ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( JJ active ) ( NNS issues ) ) ( VP ( VBD ended ) ( ADVP-CLR ( NP ( QP ( CD 24\/32 ) ( TO to ) ( CD 30\/32 ) ) ( NN point ) ) ( RBR lower ) ) ) ) ) ) )

Mortgage securities gave up most of Friday 's gains as active issues ended 24\/32 to 30\/32 point lower


( S ( NP-SBJ ( NNS Dealers ) ) ( VP ( VBD said ) ( SBAR ( S ( S ( NP-SBJ ( NN morning ) ( NN activity ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ hectic ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NNS prices ) ) ( VP ( VBD dropped ) ( PP-PRP ( IN in ) ( NP ( NP ( NN response ) ) ( PP ( TO to ) ( NP ( NP ( NP ( NNS gains ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ) ) ( CC and ) ( NP ( NP ( NNS losses ) ) ( PP-LOC ( IN in ) ( NP ( NNP Treasury ) ( NNS securities ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NN trading ) ) ( VP ( VBD slowed ) ( PP-CLR ( TO to ) ( NP ( JJ moderate ) ( NNS levels ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN afternoon ) ) ) ) ) ) ) ) )

Dealers said morning activity was hectic as prices dropped in response to gains in the stock market and losses in Treasury securities but trading slowed to moderate levels in the afternoon


( S ( S ( NP-SBJ-1 ( NP ( NNP Government ) ( NNP National ) ( NNP Mortgage ) ( NNP Association ) ( ADJP ( CD 9 ) ( NN % ) ) ( NNS securities ) ) ( PP ( IN for ) ( NP ( NNP November ) ( NN delivery ) ) ) ) ( VP ( VBD were ) ( VP ( VBN quoted ) ( NP-TMP ( JJ late ) ( NN yesterday ) ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 98 ) ( CD 4\/32 ) ) ) ) ( ADVP ( RB down ) ( NP ( CD 30\/32 ) ) ( PP ( IN from ) ( NP-TMP ( NNP Friday ) ) ) ) ) ) ) ( S ( NP-SBJ ( ADJP ( QP ( CD 9 ) ( CD 1\/2 ) ) ( NN % ) ) ( NNS securities ) ) ( VP ( VBD were ) ( ADVP-PRD ( RB down ) ( NP ( CD 27\/32 ) ) ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 100 ) ( CD 5\/32 ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( ADJP ( CD 10 ) ( NN % ) ) ( NNS securities ) ) ( VP ( VBD were ) ( PP-PRD ( IN at ) ( NP ( QP ( CD 102 ) ( CD 2\/32 ) ) ) ) ( ADVP ( JJ off ) ( NP ( CD 24\/32 ) ) ) ) ) )

Government National Mortgage Association 9 % securities for November delivery were quoted late yesterday at 98 4\/32 down 30\/32 from Friday 9 1\/2 % securities were down 27\/32 at 100 5\/32 and 10 % securities were at 102 2\/32 off 24\/32


( S ( NP-SBJ ( NNP Federal ) ( NNP Home ) ( NNP Loan ) ( NNP Mortgage ) ( NNP Corp. ) ( ADJP ( CD 9 ) ( NN % ) ) ( NNS securities ) ) ( VP ( VBD were ) ( PP-PRD ( IN at ) ( NP ( QP ( CD 97 ) ( CD 1\/4 ) ) ) ) ( ADVP ( RB down ) ( NP ( CD 3\/4 ) ) ) ) )

Federal Home Loan Mortgage Corp. 9 % securities were at 97 1\/4 down 3\/4


( S ( PP-TMP ( IN On ) ( NP ( NNP Friday ) ) ) ( NP-SBJ ( NN mortgage ) ( NNS issues ) ) ( VP ( VBD gained ) ( ADVP ( ADVP ( RB as ) ( RB much ) ) ( PP ( IN as ) ( NP ( QP ( CD 1 ) ( CD 5\/32 ) ) ) ) ) ) )

On Friday mortgage issues gained as much as 1 5\/32


( S ( NP-TMP ( JJ Late ) ( NN yesterday ) ) ( NP-SBJ ( NNP Ginnie ) ( NNP Mae ) ( ADJP ( CD 9 ) ( NN % ) ) ( NNS securities ) ) ( VP ( VBD were ) ( VP ( VBG yielding ) ( NP ( CD 9.39 ) ( NN % ) ) ( PP-CLR ( TO to ) ( NP ( DT a ) ( JJ 12-year ) ( NN average ) ( NN life ) ( NN assumption ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NP ( DT the ) ( NN spread ) ) ( PP ( IN above ) ( NP ( DT the ) ( NNP Treasury ) ( JJ 10-year ) ( NN note ) ) ) ) ( VP ( VBD narrowed ) ( NP-EXT ( CD 0.01 ) ( NN percentage ) ( NN point ) ) ( PP-DIR ( TO to ) ( NP ( CD 1.42 ) ) ) ) ) ) ) ) )

Late yesterday Ginnie Mae 9 % securities were yielding 9.39 % to a 12-year average life assumption as the spread above the Treasury 10-year note narrowed 0.01 percentage point to 1.42


( S ( NP-SBJ ( NNS Traders ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( DT some ) ( JJ busy ) ( NNS dealings ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Freddie ) ( NNP Mac ) ) ( CC and ) ( NP ( NNP Federal ) ( NNP National ) ( NNP Mortgage ) ( NNP Association ) ( NNS securities ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-1 ( NP ( NNS underwriters ) ) ( PP ( IN from ) ( NP ( NP ( NP ( JJ last ) ( NN week ) ( POS 's ) ) ( JJ heavy ) ( NN slate ) ) ( PP ( IN of ) ( NP ( JJ real ) ( NN estate ) ( NN mortgage ) ( NN investment ) ( NN conduit ) ( NNS issues ) ) ) ) ) ) ( VP ( VBD moved ) ( S-PRP ( VP ( TO to ) ( VP ( VB gather ) ( NP ( NP ( NN collateral ) ) ( PP ( IN for ) ( NP ( JJ new ) ( NNS deals ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Traders said there were some busy dealings in Freddie Mac and Federal National Mortgage Association securities because underwriters from last week 's heavy slate of real estate mortgage investment conduit issues moved to gather collateral for new deals


( SINV ( VP-TPC-2 ( VBG Offsetting ) ( NP ( DT the ) ( JJ Remic-related ) ( NNS purchases ) ) ) ( VP ( VBD were ) ) ( NP-SBJ ( NP ( VBN continued ) ( JJ heavy ) ( NNS sales ) ) ( PP ( IN by ) ( NP ( NN mortgage ) ( NNS originators ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP are ) ( VP ( VBG producing ) ( NP ( NP ( VBN increased ) ( NNS amounts ) ) ( PP ( IN of ) ( NP ( NP ( JJ fixed-rate ) ( JJ mortgage-backed ) ( NNS issues ) ) ( PP ( IN with ) ( NP ( JJR lower ) ( NNS rates ) ) ) ) ) ) ) ) ) ) ) )

Offsetting the Remic-related purchases were continued heavy sales by mortgage originators which are producing increased amounts of fixed-rate mortgage-backed issues with lower rates


( S ( NP-SBJ ( EX There ) ) ( VP ( VBD was ) ( NP-PRD ( DT no ) ( JJ new-issue ) ( NN activity ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ derivative ) ( NN market ) ) ) ) )

There was no new-issue activity in the derivative market


Municipals


( S ( NP-SBJ ( NP ( VBG Rebounding ) ( NNS stocks ) ) ( CC and ) ( NP ( JJR weaker ) ( NNP Treasury ) ( NNS prices ) ) ) ( VP ( VBD drove ) ( NP ( JJ municipal ) ( NNS bonds ) ) ( ADVP-DIR ( NP ( QP ( CD 1\/4 ) ( TO to ) ( CD 3\/4 ) ) ( NN point ) ) ( RBR lower ) ) ( PP-TMP ( IN in ) ( NP ( JJ late ) ( NNS dealings ) ) ) ) )

Rebounding stocks and weaker Treasury prices drove municipal bonds 1\/4 to 3\/4 point lower in late dealings


( S ( NP-SBJ ( DT The ) ( NN session ) ( NNS losses ) ) ( VP ( VBD left ) ( S ( NP-SBJ ( JJ municipal ) ( NN dollar ) ( NNS bonds ) ) ( ADJP-PRD ( JJ close ) ( PP ( TO to ) ( SBAR-NOM ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD were ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ 190.58-point ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ) ( NP-TMP ( NNP Friday ) ) ) ( VP ( VBD prompted ) ( NP ( DT a ) ( NN capital ) ( NNS markets ) ( NN rally ) ) ) ) ) ) ) ) ) ) ) ) )

The session losses left municipal dollar bonds close to where they were before the 190.58-point drop in the Dow Jones Industrial Average Friday prompted a capital markets rally


( S ( NP-SBJ ( NN Trading ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ hectic ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN morning ) ) ) ( PP ( IN with ) ( S-NOM ( NP-SBJ-1 ( NNS players ) ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB gauge ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( NNS equities ) ) ( VP ( MD would ) ( VP ( VP ( VB continue ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( JJ free ) ( NN fall ) ) ) ( CC or ) ( VP ( VB stabilize ) ( PP-TMP ( IN after ) ( NP ( NP ( DT a ) ( JJ brief ) ( NN spot ) ) ( PP ( IN of ) ( NP ( NN weakness ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Trading was hectic during the morning with players trying to gauge whether equities would continue Friday 's free fall or stabilize after a brief spot of weakness


( S ( S ( NP-SBJ-1 ( NNS Tax-exempts ) ) ( VP ( VBD started ) ( NP ( DT the ) ( NN session ) ) ( S-CLR ( ADJP-PRD ( JJ flat ) ( PP ( TO to ) ( ADJP ( NP-ADV ( DT a ) ( NN touch ) ) ( RBR higher ) ) ) ) ) ( PP ( IN on ) ( NP ( NP ( NN anticipation ) ) ( PP ( IN of ) ( NP ( JJ further ) ( NN stock ) ( NN market ) ( NN erosion ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NN bond ) ( NNS prices ) ) ( VP ( ADVP-MNR ( RB rapidly ) ) ( VBD turned ) ( ADVP-DIR ( JJ south ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD became ) ( ADJP-PRD ( ADJP ( RBR more ) ( JJ clear ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT a ) ( NN repeat ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP October ) ( CD 1987 ) ( NN crash ) ) ) ) ( VP ( VBD was ) ( RB n't ) ( PP-LOC-PRD ( IN at ) ( NP ( NN hand ) ) ) ) ) ) ) ) ) ) ) ) )

Tax-exempts started the session flat to a touch higher on anticipation of further stock market erosion but bond prices rapidly turned south as it became more clear that a repeat of the October 1987 crash was n't at hand


( S ( NP-SBJ ( NNS Professionals ) ) ( VP ( VBD dominated ) ( NP ( JJ municipal ) ( NN trading ) ) ( PP-TMP ( IN throughout ) ( NP ( DT the ) ( NN session ) ) ) ) )

Professionals dominated municipal trading throughout the session


( S ( NP-SBJ ( NNS Traders ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( JJ retail ) ( NNS investors ) ) ( VP ( VBD seemed ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBG hugging ) ( NP ( DT the ) ( NNS sidelines ) ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ ( NP ( DT a ) ( NN measure ) ) ( PP ( IN of ) ( NP ( NN volatility ) ) ) ) ( VP ( VBZ is ) ( VP ( VB wrung ) ( PRT ( RP out ) ) ( PP-CLR ( IN of ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Traders said retail investors seemed to be hugging the sidelines until a measure of volatility is wrung out of the market


( S ( NP-SBJ-1 ( NP ( NP ( NNP New ) ( NNP Jersey ) ( NNP Turnpike ) ( NNP Authority ) ( POS 's ) ) ( ADJP ( CD 7.20 ) ( NN % ) ) ( NN issue ) ) ( PP ( IN of ) ( NP ( CD 2018 ) ) ) ) ( VP ( VBD was ) ( ADVP-PRD ( JJ off ) ( NP ( CD 3\/4 ) ) ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 98 ) ( CD 1\/2 ) ) ( NN bid ) ) ) ( S-ADV ( VP ( VBG yielding ) ( NP-EXT ( CD 7.32 ) ( NN % ) ) ( ADVP ( RB up ) ( NP ( CD 0.07 ) ( NN percentage ) ( NN point ) ) ( PP-TMP ( IN from ) ( NP ( JJ late ) ( NNP Friday ) ) ) ) ) ) ) )

New Jersey Turnpike Authority 's 7.20 % issue of 2018 was off 3\/4 at 98 1\/2 bid yielding 7.32 % up 0.07 percentage point from late Friday


( S ( NP-SBJ ( NP ( NP ( NNP Florida ) ( NNP Board ) ) ( PP ( IN of ) ( NP ( NNP Education ) ) ) ( POS 's ) ) ( ADJP ( QP ( CD 7 ) ( CD 1\/4 ) ) ( NN % ) ) ( NN issue ) ( PP ( IN of ) ( NP ( CD 2023 ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( NP-ADV ( CD 5\/8 ) ( NN point ) ) ( JJR weaker ) ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 99 ) ( CD 1\/2 ) ) ( NN bid ) ) ) ) )

Florida Board of Education 's 7 1\/4 % issue of 2023 was 5\/8 point weaker at 99 1\/2 bid


( S ( NP-SBJ ( NP ( DT The ) ( ADJP ( QP ( CD 7 ) ( CD 1\/8 ) ) ( NN % ) ) ( NN issue ) ) ( PP ( IN of ) ( NP ( NP ( NNP Triborough ) ( NNP Bridge ) ( CC and ) ( NNP Tunnel ) ( NNP Authority ) ) ( PP ( IN of ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 2019 ) ) ) ) ( VP ( VBD was ) ( ADVP-PRD ( JJ off ) ( NP ( CD 5\/8 ) ) ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 98 ) ( CD 1\/8 ) ) ( NN bid ) ) ) ) )

The 7 1\/8 % issue of Triborough Bridge and Tunnel Authority of New York due 2019 was off 5\/8 at 98 1\/8 bid


( S ( CC And ) ( NP-SBJ ( NP ( NP ( NAC-LOC ( NNP Fairfax ) ( NNP County ) ( NNP Va. ) ) ( NNP Water ) ( NNP Authority ) ( POS 's ) ) ( ADJP ( QP ( CD 7 ) ( CD 1\/4 ) ) ( NN % ) ) ( NN issue ) ) ( PP ( IN of ) ( NP ( CD 2027 ) ) ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB down ) ( NP ( CD 3\/4 ) ) ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 99 ) ( CD 7\/8 ) ) ( NN bid ) ) ) ) )

And Fairfax County Va. Water Authority 's 7 1\/4 % issue of 2027 was down 3\/4 at 99 7\/8 bid


( S ( NP-SBJ ( JJ Serial ) ( NN bond ) ( NNS yields ) ) ( VP ( VBD were ) ( ADVP-PRD ( RB up ) ( NP ( QP ( RB about ) ( CD 0.05 ) ) ( NN percentage ) ( NN point ) ) ) ) )

Serial bond yields were up about 0.05 percentage point


( S-HLN ( NP-SBJ-1 ( NN Chicken ) ( NNS Chains ) ) ( VP ( VBN Ruffled ) ( PP ( IN By ) ( NP-LGS ( NP ( NN Loss ) ) ( PP ( IN of ) ( NP ( NNS Customers ) ) ) ) ) ) )

Chicken Chains Ruffled By Loss of Customers


( S ( NP-SBJ-1 ( NP ( NN FAST-FOOD ) ( NN chicken ) ( NNS chains ) ) ( VP ( VBN faced ) ( PP-CLR ( IN with ) ( NP ( DT a ) ( VBG worsening ) ( NN business ) ( NN slump ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBG struggling ) ( S ( VP ( TO to ) ( VP ( VB hatch ) ( NP ( DT some ) ( JJ new ) ( NN marketing ) ( NNS strategies ) ) ) ) ) ) ) )

FAST-FOOD chicken chains faced with a worsening business slump are struggling to hatch some new marketing strategies


( S ( NP-SBJ ( NP ( DT The ) ( NNP Crest ) ( NNP Report ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ tracks ) ( NP ( NN consumer ) ( NNS purchases ) ) ) ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NP ( NN customer ) ( NN traffic ) ) ( PP-LOC ( IN at ) ( NP ( NN chicken ) ( NNS restaurants ) ) ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 10 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ second ) ( NN quarter ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( DT the ) ( JJ overall ) ( NN fast-food ) ( NN customer ) ( NN count ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB down ) ( NP ( CD 2 ) ( NN % ) ) ) ) ) ) ) ) ) ) )

The Crest Report which tracks consumer purchases says customer traffic at chicken restaurants fell 10 % in the second quarter while the overall fast-food customer count was down 2 %


( SINV ( S-TPC-1 ( NP-SBJ ( NN Chicken ) ( NN business ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ off ) ) ( PP-PRP ( ADVP ( RB largely ) ) ( IN because ) ( IN of ) ( NP ( NP ( JJR more ) ( NN competition ) ) ( PP ( IN from ) ( NP ( NP ( JJ grocery-store ) ( NN convenience ) ( NN food ) ) ( NP ( JJ home-delivered ) ( NN pizza ) ) ( CC and ) ( NP ( JJ other ) ( NN takeout ) ( NN fare ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( DT a ) ( NN spokesman ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN report ) ) ( NP ( NP ( DT a ) ( NN publication ) ) ( PP ( IN of ) ( NP ( NP ( NNP NPD ) ( NNP Group ) ) ( NP ( NP ( DT a ) ( NN market ) ( NN research ) ( NN firm ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Port ) ( NNP Washington ) ) ( NP-LOC ( NNP N.Y ) ) ) ) ) ) ) ) ) ) ) )

Chicken business is off largely because of more competition from grocery-store convenience food home-delivered pizza and other takeout fare says a spokesman for the report a publication of NPD Group a market research firm in Port Washington N.Y


( S ( NP-SBJ ( NP ( DT The ) ( NN loss ) ) ( PP ( IN of ) ( NP ( JJR more ) ( NNS customers ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJS latest ) ) ( PP ( IN in ) ( NP ( NP ( DT a ) ( NN string ) ) ( PP ( IN of ) ( NP ( NNS problems ) ) ) ) ) ) ) )

The loss of more customers is the latest in a string of problems


( S ( NP-SBJ-1 ( NP ( NP ( NP ( NNP Church ) ( POS 's ) ) ( NNP Fried ) ( NNP Chicken ) ( NNP Inc. ) ) ( CC and ) ( NP ( NP ( NNP Popeye ) ( POS 's ) ) ( NNP Famous ) ( NNP Fried ) ( NNP Chicken ) ( NNP Inc. ) ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBP have ) ( VP ( VBN merged ) ) ) ) ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB still ) ) ( VP ( VBN troubled ) ( PP ( IN by ) ( NP-LGS ( JJ overlapping ) ( NN restaurant ) ( NNS locations ) ) ) ) ) )

Church 's Fried Chicken Inc. and Popeye 's Famous Fried Chicken Inc. which have merged are still troubled by overlapping restaurant locations


( S ( NP-SBJ ( NN Chicken ) ( NNS chains ) ) ( ADVP ( RB also ) ) ( VP ( VBP are ) ( VP ( VBG feeling ) ( NP ( NP ( JJR more ) ( NN pressure ) ) ( PP ( IN from ) ( NP ( NP ( NP ( NNP McDonald ) ( POS 's ) ) ( NNP Corp. ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VP ( VBD introduced ) ( NP ( PRP$ its ) ( NNP McChicken ) ( NN sandwich ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ( CC and ) ( VP ( ADVP-TMP ( RB recently ) ) ( VBD tested ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( JJ individual ) ( NNS pieces ) ) ( PP ( IN of ) ( NP ( NN chicken ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Chicken chains also are feeling more pressure from McDonald 's Corp. which introduced its McChicken sandwich this year and recently tested the sale of individual pieces of chicken


( S ( NP-SBJ ( NP ( JJ New ) ( NN management ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Kentucky ) ( NNP Fried ) ( NNP Chicken ) ) ( NP ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NNP PepsiCo ) ( NNP Inc. ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN fought ) ( ADVP-CLR ( RB back ) ) ( PP ( IN with ) ( NP ( NP ( JJ new ) ( ADJP ( NN medium ) ( CC and ) ( JJ large ) ) ( NN chicken ) ( NNS sandwiches ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN lunch ) ( NN crowd ) ) ) ) ) ) ) )

New management at Kentucky Fried Chicken a unit of PepsiCo Inc. has fought back with new medium and large chicken sandwiches for the lunch crowd


( S ( CC And ) ( NP-SBJ-4 ( DT the ) ( NN chain ) ) ( VP ( VBZ is ) ( VP ( VBG testing ) ( NP ( NP ( NNS products ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBP are ) ( RB n't ) ( VP ( VBN fried ) ) ) ) ) ( PP ( JJ such ) ( IN as ) ( NP ( JJ char-grilled ) ( NN chicken ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB try ) ( S ( VP ( TO to ) ( VP ( VB win ) ( NP ( JJ health-conscious ) ( NNS consumers ) ) ) ) ) ) ) ) ) ) )

And the chain is testing products that are n't fried such as char-grilled chicken to try to win health-conscious consumers


( S ( NP-SBJ ( NNP Kentucky ) ( NNP Fried ) ( NNP Chicken ) ) ( ADVP ( RB also ) ) ( VP ( VBZ is ) ( VP ( VBG testing ) ( NP ( NP ( NN home-delivery ) ) ( PP ( IN of ) ( NP ( NN chicken ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD could ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( NN hit ) ) ( PP ( IN with ) ( NP ( JJ stay-at-home ) ( NNS diners ) ) ) ) ) ) ) ) ) ) ) )

Kentucky Fried Chicken also is testing home-delivery of chicken which could be a hit with stay-at-home diners


( S ( CC But ) ( NP-SBJ ( DT some ) ( NN fast-food ) ( NN industry ) ( NNS analysts ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-1 ( NP ( NNS problems ) ) ( PP ( IN with ) ( S-NOM ( VP ( VBG keeping ) ( S ( NP-SBJ ( NN chicken ) ) ( ADJP-PRD ( JJ warm ) ( CC and ) ( JJ fresh ) ) ) ) ) ) ) ( VP ( MD must ) ( VP ( VB be ) ( VP ( VBN solved ) ( ADVP-TMP ( RB first ) ) ) ) ) ) ) ) )

But some fast-food industry analysts say problems with keeping chicken warm and fresh must be solved first


( S ( NP-SBJ ( DT A ) ( NNP Kentucky ) ( NNP Fried ) ( NNP Chicken ) ( NN spokesman ) ) ( ADVP ( RB however ) ) ( VP ( VBD disputed ) ( NP ( DT the ) ( NN notion ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN delivery ) ( NN service ) ) ( VP ( VBD experienced ) ( NP ( NP ( NNS problems ) ) ( PP ( IN in ) ( NP ( NP ( DT some ) ( NNS markets ) ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ-1 ( NN testing ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN discontinued ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

A Kentucky Fried Chicken spokesman however disputed the notion that the delivery service experienced problems in some markets where testing has been discontinued


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN test ) ) ( VP ( VBZ is ) ( VP ( VBG continuing ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Chicago ) ) ( NP ( NP ( NNP Columbus ) ) ( NP ( NNP Ohio ) ) ) ( CC and ) ( NP ( DT a ) ( JJ few ) ( JJ other ) ( NNS cities ) ) ) ) ) ) ) ) ) )

He says the test is continuing in Chicago Columbus Ohio and a few other cities


( S ( NP-SBJ ( DT The ) ( NN advertising ) ( NN industry ) ) ( VP ( VBZ is ) ( VP ( VBG buzzing ) ( PP-CLR ( IN with ) ( NP ( NNS rumors ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Kentucky ) ( NNP Fried ) ( NNP Chicken ) ) ( VP ( MD will ) ( VP ( VP ( VB drop ) ( NP ( NNP Young ) ( CC & ) ( NNP Rubicam ) ) ) ( CC and ) ( VP ( VB seek ) ( NP ( DT a ) ( JJ new ) ( NN ad ) ( NN agency ) ) ) ) ) ) ) ) ) ) ) )

The advertising industry is buzzing with rumors that Kentucky Fried Chicken will drop Young & Rubicam and seek a new ad agency


( S ( CC But ) ( NP-SBJ-1 ( DT the ) ( NN company ) ) ( VP ( VBZ declines ) ( S ( VP ( TO to ) ( VP ( VB comment ) ) ) ) ) )

But the company declines to comment


( S ( NP-SBJ ( NP ( NNP Emanuel ) ( NNP Goldman ) ) ( NP ( DT a ) ( NNP PaineWebber ) ( NNP Inc. ) ( NN analyst ) ) ) ( VP ( VBZ predicts ) ( SBAR ( S ( NP-SBJ ( NNP Kentucky ) ( NNP Fried ) ( NNP Chicken ) ) ( VP ( MD will ) ( VP ( VB post ) ( NP ( NP ( DT an ) ( ADJP ( CD 11 ) ( NN % ) ) ( NN drop ) ) ( PP ( IN in ) ( NP ( CD 1989 ) ( JJ net ) ( NN income ) ) ) ) ) ) ) ) ) )

Emanuel Goldman a PaineWebber Inc. analyst predicts Kentucky Fried Chicken will post an 11 % drop in 1989 net income


( S-1 ( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP 've ) ( VP ( VBN been ) ( ADJP-PRD ( JJ laggard ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( CC but ) ( S ( NP-SBJ-2 ( PRP they ) ) ( VP ( MD 'll ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB become ) ( ADJP-PRD ( RBR more ) ( JJ aggressive ) ) ) ) ) ) ) ) )

They 've been laggard he says but they 'll have to become more aggressive


( S-HLN ( NP-SBJ ( JJ Reluctant ) ( NNS Advertisers ) ) ( VP ( VBP Try ) ( NP ( JJ Soft-Sell ) ( NNS Spots ) ) ) )

Reluctant Advertisers Try Soft-Sell Spots


( S-HLN ( VP ( VB CALL ) ( S ( NP-SBJ ( PRP IT ) ) ( NP-PRD ( NN un-advertising ) ) ) ) )

CALL IT un-advertising


( S ( NP-SBJ ( NNP Pittsburgh ) ( NN consultant ) ( NNP David ) ( NNP Bear ) ) ( VP ( VBZ is ) ( VP ( VBG selling ) ( NP ( DT a ) ( JJ soft ) ( NN approach ) ) ( PP-DTV ( TO to ) ( NP ( NP ( NNS clients ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VP ( VBP want ) ( NP ( NN exposure ) ) ) ( CC yet ) ( VP ( VBP shun ) ( NP ( JJ pushy ) ( NNS ads ) ) ) ) ) ) ) ) ) ) )

Pittsburgh consultant David Bear is selling a soft approach to clients who want exposure yet shun pushy ads


( NP ( NP ( PRP$ His ) ( NN ploy ) ) ( NP ( NP ( JJ 60-second ) ( NN radio ) ( NNS spots ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP offer ) ( NP ( JJ helpful ) ( NNS hints ) ) ) ) ) ) )

His ploy 60-second radio spots that offer helpful hints


( S ( NP-SBJ ( NP ( DT The ) ( JJ only ) ( NN plug ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN sponsor ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ brief ) ( NN mention ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN spot ) ) ) ) ) ) ) )

The only plug for the sponsor is a brief mention at the end of the spot


( S ( NP-SBJ ( DT The ) ( NNS messages ) ) ( VP ( VBP resemble ) ( NP ( NP ( DT the ) ( NNP Business ) ( NNP Traveler ) ) ( NP ( NP ( DT a ) ( JJ daily ) ( NN dose ) ) ( PP ( IN of ) ( NP ( NP ( NN travel ) ( NNS tips ) ) ( VP ( VP ( VBN developed ) ( PP-LGS ( IN by ) ( NP ( NNP Mr. ) ( NNP Bear ) ) ) ) ( CC and ) ( VP ( VBN sponsored ) ( PP-LGS ( IN by ) ( NP ( NP ( NN travel ) ( NNS agencies ) ) ( PP-LOC ( IN in ) ( NP ( JJ several ) ( JJ major ) ( NNS cities ) ) ) ) ) ) ) ) ) ) ) ) )

The messages resemble the Business Traveler a daily dose of travel tips developed by Mr. Bear and sponsored by travel agencies in several major cities


( S ( NP-SBJ ( JJ New ) ( NNS un-advertisers ) ) ( VP ( VBP include ) ( NP ( NP ( NNP Burt ) ( NNP Hill ) ( NNP Kosar ) ( NNP Rittlemann ) ( NNP Associates ) ) ( NP ( DT a ) ( NAC-LOC ( NNP Butler ) ( NNP Pa. ) ) ( JJ architectural ) ( NN firm ) ) ) ) )

New un-advertisers include Burt Hill Kosar Rittlemann Associates a Butler Pa. architectural firm


( S ( NP-SBJ ( PRP$ Its ) ( NN radio ) ( NN series ) ) ( VP ( VBZ features ) ( NP ( NP ( JJ such ) ( NNS spots ) ) ( PP ( IN as ) ( NP-TTL ( NP ( NP ( NNP Floodlights ) ) ( NP ( NP ( NNP Evening ) ( NNP Wear ) ) ( PP ( IN for ) ( NP ( NNP Urban ) ( NNP Structures ) ) ) ) ) ( CC and ) ( S-NOM ( VP ( VBG Building ) ( NP ( NP ( DT a ) ( NN Place ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB Park ) ) ) ) ) ) ) ) ) ) ) ) )

Its radio series features such spots as Floodlights Evening Wear for Urban Structures and Building a Place to Park