( S ( S-TPC-1 ( PP ( IN With ) ( NP ( NP-ADV ( DT a ) ( JJ little ) ) ( NN patience ) ) ) ( NP-SBJ ( DT these ) ( NNS businesses ) ) ( VP ( MD will ) ( VP ( VB perform ) ( ADVP-MNR ( RB very ) ( RB satisfactorily ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Sim ) ) ( VP ( VBZ says ) ) )

With a little patience these businesses will perform very satisfactorily Mr. Sim says


( S ( S-TPC-1 ( PP-TMP ( IN Within ) ( NP ( QP ( RB about ) ( CD six ) ) ( NNS months ) ) ) ( NP-SBJ ( NNS things ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBG moving ) ( PP-DIR ( IN in ) ( NP ( DT the ) ( JJ right ) ( NN direction ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ predicts ) ) )

Within about six months things will be moving in the right direction he predicts


( S ( NP-SBJ ( NNP Mr. ) ( NNP Sim ) ) ( VP ( VBZ figures ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJR easier ) ( S ( VP ( TO to ) ( VP ( VB turn ) ( NP ( NNP Barry ) ( NNP Wright ) ) ( PRT ( IN around ) ) ) ) ) ) ( SBAR-ADV ( IN since ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ 's ) ( ADVP-TMP ( RB now ) ) ( PP-PRD ( IN in ) ( NP ( NP ( DT the ) ( NN driver ) ( POS 's ) ) ( NN seat ) ) ) ) ) ) ) ) ) ) ) )

Mr. Sim figures it will be easier to turn Barry Wright around since he 's now in the driver 's seat


( S ( S-TPC-2 ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD came ) ( PP-DIR ( TO to ) ( NP ( NNP Applied ) ) ) ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB have ) ( NP ( DT the ) ( NN power ) ( S ( VP ( TO to ) ( VP ( VB execute ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP do ) ( NP-TMP ( NN today ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

When he came to Applied I did n't have the power to execute as I do today he says


( S ( NP-SBJ-1 ( PRP He ) ) ( VP ( VBD was ) ( VP ( VP ( VBN named ) ( S ( NP-PRD ( NP ( JJ chief ) ( JJ executive ) ( NN officer ) ) ( PP ( IN of ) ( NP ( NNP Applied ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1986 ) ) ) ) ( CC and ) ( VP ( VBD became ) ( NP-PRD ( NN chairman ) ) ( NP-TMP ( JJ last ) ( NNP November ) ) ) ) ) )

He was named chief executive officer of Applied in 1986 and became chairman last November


( S ( PP-LOC ( IN At ) ( NP ( NNP Applied ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Sim ) ) ( VP ( VBD set ) ( NP ( NN growth ) ) ( PP-CLR ( IN as ) ( NP ( PRP$ his ) ( JJ first ) ( NN objective ) ) ) ) )

At Applied Mr. Sim set growth as his first objective


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD took ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( ADJP-PRD ( NN public ) ) ) ( PP ( IN in ) ( NP ( NP ( DT an ) ( NN offering ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD netted ) ( NP ( NNP Applied ) ) ( NP ( QP ( RB about ) ( CD 12.6 ) ( CD million ) ) ) ) ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD helped ) ( S ( VP ( VB launch ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN acquisition ) ( NN program ) ) ) ) ) ) ) ) ) ) )

He took the company public in an offering that netted Applied about 12.6 million which helped launch the company 's acquisition program


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD climbed ) ( PP-DIR ( TO to ) ( NP ( DT an ) ( VBN estimated ) ( QP ( CD 245 ) ( CD million ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( JJ fiscal ) ( CD 1989 ) ) ( VP ( VBN ended ) ( NP-TMP-CLR ( NNP Aug. ) ( CD 31 ) ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 99.9 ) ( CD million ) ) ) ( PP-TMP ( IN in ) ( NP ( JJ fiscal ) ( CD 1985 ) ) ) ) ) )

Sales climbed to an estimated 245 million in fiscal 1989 ended Aug. 31 from 99.9 million in fiscal 1985


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBZ expects ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNS earnings ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP have ) ( VP ( VBN marched ) ( ADVP-MNR ( RB steadily ) ) ( ADVP-DIR ( RB upward ) ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS years ) ) ) ) ) ) ) ) ( VP ( VBD reached ) ( NP ( NP ( QP ( RB about ) ( CD 20.8 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.58 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ fiscal ) ( NN year ) ) ( VP ( ADVP ( RB just ) ) ( VBD ended ) ) ) ) ( ADVP ( RB up ) ( PP ( PP ( IN from ) ( NP-2 ( QP ( CD 15.2 ) ( CD million ) ) ) ( PP-TMP-3 ( IN in ) ( NP ( JJ fiscal ) ( CD 1988 ) ) ) ) ( CC and ) ( PP ( NP=2 ( QP ( CD 3.9 ) ( CD million ) ) ) ( PP-TMP=3 ( IN in ) ( NP ( CD 1985 ) ) ) ) ) ) ) ) ) ) )

The company expects that earnings which have marched steadily upward in recent years reached about 20.8 million or 1.58 a share in the fiscal year just ended up from 15.2 million in fiscal 1988 and 3.9 million in 1985


( S ( NP-SBJ ( NN Yesterday ) ) ( VP ( VBD was ) ( PRN ( PP ( IN in ) ( NP ( NP ( DT the ) ( NNS words ) ) ( PP ( IN of ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( NNP Chairman ) ( NNP John ) ( NNP J. ) ( NNP Phelan ) ( NNP Jr. ) ) ) ) ) ) ( NP-PRD ( RB just ) ( PRP$ your ) ( ADJP ( RB reasonably ) ( JJ normal ) ) ( ADJP ( CD 400 ) ( JJ million-share ) ) ( ADJP ( RB up ) ( JJ 88-points ) ) ( NN day ) ) ) )

Yesterday was in the words of New York Stock Exchange Chairman John J. Phelan Jr. just your reasonably normal 400 million-share up 88-points day


( S ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( DT all ) ( ADVP-PRD ( RB over ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNS stocks ) ) ( VP ( VBD had ) ( VP ( VBN staged ) ( NP ( DT a ) ( JJ huge ) ( NN recovery ) ) ) ) ) ) ) ( NP-SBJ ( NNP Big ) ( NNP Board ) ( NNS officials ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ self-congratulatory ) ( PP ( IN about ) ( SBAR ( WHADVP-2 ( WRB how ) ( RB well ) ) ( S ( NP-SBJ ( DT the ) ( NN day ) ) ( VP ( VBD had ) ( VP ( VBN gone ) ) ) ) ) ) ) ) )

When it was all over and stocks had staged a huge recovery Big Board officials were self-congratulatory about how well the day had gone


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NP ( DT the ) ( NN exchange ) ( POS 's ) ) ( NX ( NX ( NN trading ) ( NNS procedures ) ) ( NX ( NNS personnel ) ) ( NX ( NN equipment ) ) ( CC and ) ( NX ( NX ( NNS links ) ) ( PP ( IN with ) ( NP ( JJ other ) ( NNS exchanges ) ) ) ) ) ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB have ) ( VP ( VBN performed ) ( ADVP ( RBR better ) ) ) ) ) ) ) ) )

They said the exchange 's trading procedures personnel equipment and links with other exchanges could n't have performed better


( S ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBD had ) ( NP ( NP ( DT no ) ( NN operating ) ( NNS problems ) ) ( ADVP ( IN at ) ( DT all ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Phelan ) ) ( VP ( VBD said ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBD closed ) ) ) ) ) )

We had no operating problems at all Mr. Phelan said after the market closed


( S ( NP-SBJ ( NP ( DT All ) ( DT the ) ( NNS things ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBD set ) ( PRT ( RP up ) ) ( S-PRP ( VP ( VP ( TO to ) ( VP ( VB slow ) ( PRT ( RP down ) ) ( NP ( DT the ) ( NN process ) ) ) ) ( VP ( TO to ) ( VP ( VB let ) ( NP ( NNS people ) ) ( VP ( VB know ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBD was ) ( PP-LOC-PRD ( IN in ) ( NP ( DT an ) ( JJ extreme ) ( NN position ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD worked ) ( ADVP ( RB extremely ) ( RB well ) ) ) )

All the things that we set up to slow down the process to let people know that the market was in an extreme position worked extremely well


( S ( S-TPC-3 ( NP-SBJ-1 ( NP ( NNS Prices ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( QP ( CD 416.3 ) ( CD million ) ) ( NNS shares ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD changed ) ( NP ( NNS hands ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN session ) ) ) ) ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBN carried ) ( PP-LOC-CLR ( IN on ) ( NP ( NP ( DT the ) ( NN exchange ) ( POS 's ) ) ( NN trading ) ( NN tape ) ) ) ( PP-MNR ( IN with ) ( NP ( RB barely ) ( DT a ) ( NN delay ) ) ) ) ) ) ( NP-SBJ ( NNS officials ) ) ( VP ( VBD said ) ) )

Prices for the 416.3 million shares that changed hands during the session were carried on the exchange 's trading tape with barely a delay officials said


( S ( SBAR-ADV ( IN While ) ( S ( VP ( VBG reaching ) ( NP ( NN blockbuster ) ( NNS proportions ) ) ( NP-TMP ( NN yesterday ) ) ) ) ) ( NP-SBJ-2 ( DT the ) ( NN volume ) ) ( VP ( VBD was ) ( ADVP ( RB still ) ) ( PP-PRD ( RB well ) ( IN within ) ( NP ( NP ( DT the ) ( ADJP ( CD 600 ) ( JJ million-share ) ) ( NN capacity ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( DT the ) ( NN exchange ) ) ( VP ( VBZ has ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-3 ( PRP it ) ) ( VP ( MD can ) ( VP ( VB handle ) ( ADVP-TMP ( RB daily ) ) ( PP-TMP ( IN since ) ( S-NOM ( VP ( VBG beefing ) ( PRT ( RP up ) ) ( NP ( PRP$ its ) ( NNS computers ) ) ( PP-TMP ( IN after ) ( NP ( DT the ) ( NNP October ) ( CD 1987 ) ( NN crash ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

While reaching blockbuster proportions yesterday the volume was still well within the 600 million-share capacity that the exchange has said it can handle daily since beefing up its computers after the October 1987 crash


( S ( NP-SBJ-1 ( NP ( DT The ) ( JJ so-called ) ( NN circuit ) ( NNS breakers ) ) ( VP ( VBN devised ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ) ( CC and ) ( NP ( DT the ) ( NNP Chicago ) ( NNP Mercantile ) ( NNP Exchange ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB quell ) ( NP ( NP ( JJ free ) ( NNS falls ) ) ( PP ( IN in ) ( NP ( NN stock ) ( CC and ) ( NNS futures ) ( NNS prices ) ) ) ) ) ) ) ) ) ( VP ( VBD were ) ( RB n't ) ( VP ( VBN triggered ) ( NP-TMP ( NN yesterday ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( DT the ) ( NNS markets ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJR higher ) ) ( PP-TMP ( IN for ) ( NP ( NP ( RBS most ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN day ) ) ) ) ) ) ) ) ) ) )

The so-called circuit breakers devised by the Big Board and the Chicago Mercantile Exchange to quell free falls in stock and futures prices were n't triggered yesterday because the markets were higher for most of the day


( S ( PP ( IN Despite ) ( NP ( NP ( NNS traders ) ( POS ' ) ) ( NNS complaints ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Phelan ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( NP ( DT the ) ( NNS links ) ) ( PP ( IN with ) ( NP ( DT the ) ( NNP Chicago ) ( NNS futures ) ( NN market ) ) ) ) ( VP ( VBD worked ) ( SBAR-MNR ( RB as ) ( S ( VP ( VBN planned ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NN rout ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB provide ) ( NP ( DT a ) ( JJ cooling-off ) ( NN period ) ) ) ) ) ) ) ) ) )

Despite traders ' complaints Mr. Phelan said the links with the Chicago futures market worked as planned in Friday 's rout to provide a cooling-off period


( SINV-3 ( PP-PRD-TPC-4 ( IN Of ) ( NP ( JJR greater ) ( NN help ) ) ) ( PRN ( S ( NP-SBJ ( DT the ) ( NNP Big ) ( NNP Board ) ( NN chairman ) ) ( VP ( VBD said ) ) ) ) ( VP ( VBD was ) ) ( NP-SBJ ( NP ( DT the ) ( JJ natural ) ( NN circuit ) ( NN breaker ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN weekend ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD provided ) ( NP ( NP ( DT a ) ( NN breathing ) ( NN period ) ) ( SBAR ( WHNP-2 ( IN that ) ) ( S ( VP ( VBN brought ) ( NP ( NN rationality ) ) ( ADVP-CLR ( RB back ) ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) ) ) ) )

Of greater help the Big Board chairman said was the natural circuit breaker of the weekend that provided a breathing period that brought rationality back to the market


( S ( NP-SBJ ( NP ( NNP BMA ) ( NNP Corp. ) ) ( NP-LOC ( NP ( NNP Kansas ) ( NNP City ) ) ( NP ( NNP Mo. ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VP ( VBZ 's ) ( VP ( VBG weighing ) ( NP ( NP ( JJ strategic ) ( NNS alternatives ) ) ( PP ( IN for ) ( NP ( NP ( PRP$ its ) ( NNP Business ) ( NNP Men ) ( POS 's ) ) ( NNP Assurance ) ( NNP Co. ) ( NN unit ) ) ) ) ) ) ( CC and ) ( VP ( VBZ is ) ( VP ( VBG contacting ) ( NP ( NP ( JJ possible ) ( NNS buyers ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN life ) ( CC and ) ( NN health ) ( NN insurance ) ( NN operation ) ) ) ) ) ) ) ) ) ) )

BMA Corp. Kansas City Mo. said it 's weighing strategic alternatives for its Business Men 's Assurance Co. unit and is contacting possible buyers of the life and health insurance operation


( S ( NP-SBJ ( DT A ) ( NNP BMA ) ( NN spokesman ) ) ( VP ( VBD said ) ( SBAR ( S ( S ( NP-SBJ ( JJ runaway ) ( JJ medical ) ( NNS costs ) ) ( VP ( VBP have ) ( VP ( VBN made ) ( S ( NP-SBJ ( NN health ) ( NN insurance ) ) ( NP-PRD ( DT a ) ( JJ significant ) ( NN challenge ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( NNS margins ) ) ( ADVP ( RB also ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN pinched ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS changes ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN mix ) ) ( PP ( IN of ) ( NP ( NP ( JJ life-insurance ) ( NNS products ) ) ( SBAR ( S ( NP-SBJ ( NNS consumers ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBP demand ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

A BMA spokesman said runaway medical costs have made health insurance a significant challenge and margins also have been pinched by changes in the mix of life-insurance products consumers now demand


( SINV ( S-TPC-1 ( S ( NP-SBJ ( NP ( DT The ) ( NNP Business ) ( NNP Men ) ( POS 's ) ) ( NNP Assurance ) ( NN unit ) ) ( VP ( VBD represented ) ( NP ( NP ( QP ( RB about ) ( CD 288 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( QP ( CD 488 ) ( CD million ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ( NN revenue ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( DT the ) ( NN unit ) ( POS 's ) ) ( VBG operating ) ( NN income ) ) ( VP ( VBD was ) ( NP-PRD ( QP ( RB about ) ( CD 10 ) ( CD million ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( DT the ) ( NN spokesman ) ) )

The Business Men 's Assurance unit represented about 288 million of the company 's 488 million in 1988 revenue and the unit 's operating income was about 10 million said the spokesman


( S ( NP-SBJ-1 ( NP ( NP ( NNP BMA ) ( POS 's ) ) ( NN investment ) ( NN banker ) ) ( NP ( NNP Alex ) ( NNP Brown ) ( CC & ) ( NNP Sons ) ( NNP Inc. ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN authorized ) ( S ( VP ( TO to ) ( VP ( VB contact ) ( NP ( NP ( JJ possible ) ( NNS buyers ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN unit ) ) ) ) ) ) ) ) ) ) )

BMA 's investment banker Alex Brown & Sons Inc. has been authorized to contact possible buyers for the unit


( S ( NP-SBJ ( DT A ) ( JJ House-Senate ) ( NN conference ) ) ( VP ( VBD approved ) ( NP ( NP ( DT a ) ( JJ permanent ) ( NN smoking ) ( NN ban ) ) ( PP ( PP ( IN on ) ( NP ( NP ( DT all ) ( JJ domestic ) ( NN airline ) ( NNS routes ) ) ( PP-LOC ( IN within ) ( NP ( DT the ) ( JJ continental ) ( NNP U.S. ) ) ) ) ) ( CC and ) ( PP ( IN on ) ( NP ( NP ( DT all ) ( NNS flights ) ) ( PP ( IN of ) ( NP ( CD six ) ( NNS hours ) ( QP ( CC or ) ( JJR less ) ) ) ) ( PP-DIR ( TO to ) ( NP ( NNP Alaska ) ( CC and ) ( NNP Hawaii ) ) ) ) ) ) ) ) )

A House-Senate conference approved a permanent smoking ban on all domestic airline routes within the continental U.S. and on all flights of six hours or less to Alaska and Hawaii


( S ( NP-SBJ ( DT The ) ( NNS restrictions ) ) ( VP ( MD would ) ( VP ( VP ( VB cover ) ( NP ( NP ( DT all ) ) ( PP ( CC but ) ( NP ( DT a ) ( JJ small ) ( NN percentage ) ) ) ( PP ( IN of ) ( NP ( JJ domestic ) ( NN air ) ( NN traffic ) ) ) ) ) ( CC and ) ( VP ( VB represent ) ( NP ( NP ( DT a ) ( JJ major ) ( NN expansion ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ current ) ( NN smoking ) ( NN ban ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NNS flights ) ) ( PP ( IN of ) ( NP ( CD two ) ( NNS hours ) ( QP ( CC or ) ( JJR less ) ) ) ) ) ) ) ) ) ) ) ) )

The restrictions would cover all but a small percentage of domestic air traffic and represent a major expansion of the current smoking ban on flights of two hours or less


( S ( NP-SBJ-2 ( NP ( DT The ) ( NN exemption ) ) ( VP ( VBN allowed ) ( PP-LOC ( IN on ) ( NP ( NP ( JJR longer ) ( NNS flights ) ) ( PP-DIR ( TO to ) ( NP ( NNP Alaska ) ( CC and ) ( NNP Hawaii ) ) ) ) ) ) ) ( VP ( VBZ appears ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( RB largely ) ( DT a ) ( JJ face-saving ) ( NN concession ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( ADJP ( RB traditionally ) ( JJ powerful ) ) ( NN tobacco ) ( NN industry ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( VP ( VBN found ) ( S ( NP-SBJ ( PRP itself ) ) ( ADJP-PRD ( RB increasingly ) ( VBN isolated ) ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN face ) ) ( PP ( IN of ) ( NP ( JJ public ) ( NN pressure ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS years ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The exemption allowed on longer flights to Alaska and Hawaii appears to be largely a face-saving concession for the traditionally powerful tobacco industry which has found itself increasingly isolated in the face of public pressure in recent years


( S ( PP ( IN By ) ( NP ( DT a ) ( CD 6-4 ) ( NN margin ) ) ) ( NP-SBJ ( NNP House ) ( NNS negotiators ) ) ( ADVP-TMP ( RB initially ) ) ( VP ( VBD rejected ) ( NP-TMP ( JJ last ) ( NN night ) ) ( NP ( NP ( DT a ) ( NNP Senate ) ( NN provision ) ) ( VP ( VBG covering ) ( NP ( DT all ) ( JJ domestic ) ( NNS flights ) ) ) ) ) )

By a 6-4 margin House negotiators initially rejected last night a Senate provision covering all domestic flights


( S ( CC But ) ( NP-SBJ-1 ( DT the ) ( JJ six-hour ) ( NN compromise ) ) ( VP ( VBD was ) ( ADVP-TMP ( RB soon ) ) ( VP ( VBN agreed ) ( PP-CLR ( TO to ) ) ( PP-LOC ( IN in ) ( NP ( JJ subsequent ) ( NNS discussions ) ) ) ) ) )

But the six-hour compromise was soon agreed to in subsequent discussions


( S ( S ( PP ( IN As ) ( NP ( DT a ) ( JJ practical ) ( NN matter ) ) ) ( NP-SBJ-1 ( NP ( NNS flights ) ) ( PP-DIR ( IN from ) ( NP ( DT the ) ( NNP West ) ( NNP Coast ) ) ) ( PP-DIR ( TO to ) ( NP ( NNP Hawaii ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN covered ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( PP-PRD ( IN under ) ( NP ( DT the ) ( NN time ) ( NN limit ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT the ) ( NN language ) ) ( VP ( MD would ) ( VP ( VB exempt ) ( NP ( NP ( JJR longer ) ( NNS routes ) ) ( VP ( VBG beginning ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( PP-LOC ( PP ( IN in ) ( NP ( NNP Chicago ) ) ) ( CC or ) ( PP ( IN on ) ( NP ( DT the ) ( NNP East ) ( NNP Coast ) ) ) ) ) ) ) ) ) )

As a practical matter flights from the West Coast to Hawaii would be covered as they are under the time limit but the language would exempt longer routes beginning for example in Chicago or on the East Coast


( S ( PP ( IN Within ) ( NP ( DT the ) ( NNP Senate ) ) ) ( NP-SBJ ( DT the ) ( NN ban ) ) ( VP ( VBZ has ) ( VP ( VBD had ) ( NP ( NP ( JJ aggressive ) ( NN support ) ) ( PP ( IN from ) ( NP ( NP ( NNP Sen. ) ( NNP Frank ) ( NNP Lautenberg ) ) ( PRN ( NP ( NNP D. ) ) ( NP-LOC ( NNP N.J. ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ has ) ( VP ( VBN used ) ( NP ( NP ( PRP$ his ) ( NN position ) ) ( PP ( IN as ) ( NP ( DT a ) ( NNP Senate ) ( NNP Appropriations ) ( NN subcommittee ) ( NN chairman ) ) ) ) ( S-PRP-CLR ( VP ( TO to ) ( VP ( VB garner ) ( NP ( NP ( NNS votes ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN initiative ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Within the Senate the ban has had aggressive support from Sen. Frank Lautenberg D. N.J. who has used his position as a Senate Appropriations subcommittee chairman to garner votes for the initiative


( S ( S ( NP-SBJ-1 ( DT The ) ( NN measure ) ) ( VP ( VBZ is ) ( VP ( VBN attached ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( ADJP ( QP ( JJR more ) ( IN than ) ( CD 26 ) ( CD billion ) ) ) ( JJ fiscal ) ( CD 1990 ) ( NN transportation ) ( NN bill ) ) ( PP-LOC ( IN within ) ( NP ( NP ( NNP Mr. ) ( NNP Lautenberg ) ( POS 's ) ) ( NN jurisdiction ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( DT the ) ( JJ final ) ( NN compromise ) ) ( VP ( VBZ is ) ( VP ( VBN laced ) ( PP-CLR ( IN with ) ( NP ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 205 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NN road ) ( NNS projects ) ) ) ( VP ( VBN earmarked ) ( PP ( IN by ) ( NP-LGS ( NNS members ) ) ) ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( NP ( NP ( NNS funds ) ) ( VP ( VBD sought ) ( PP ( IN by ) ( NP-LGS ( NP ( JJ major ) ( NNS airports ) ) ( PP ( VBG including ) ( NP ( NNP Denver ) ) ) ) ) ) ) ) ) ) ) ) )

The measure is attached to the more than 26 billion fiscal 1990 transportation bill within Mr. Lautenberg 's jurisdiction and the final compromise is laced with more than 205 million in road projects earmarked by members as well as funds sought by major airports including Denver


( S ( PP ( IN From ) ( NP ( DT the ) ( NN outset ) ) ) ( NP-SBJ ( DT the ) ( NN tobacco ) ( NN industry ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( ADJP-PRD ( JJ uncertain ) ( PP ( IN as ) ( PP ( TO to ) ( SBAR-NOM ( WHNP-1 ( WP what ) ( NN strategy ) ) ( S ( VP ( TO to ) ( VP ( VB follow ) ) ) ) ) ) ) ) ) ) )

From the outset the tobacco industry has been uncertain as to what strategy to follow


( S ( CC But ) ( NP-SBJ ( DT the ) ( NN industry ) ) ( VP ( VBZ retains ) ( NP ( NN support ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP House ) ( NN leadership ) ) ) ( PP ( IN through ) ( NP ( NP ( DT the ) ( NN influence ) ) ( PP ( IN of ) ( NP ( NP ( NN grower ) ( NNS states ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNP North ) ( NNP Carolina ) ) ) ) ) ) ) ) )

But the industry retains support in the House leadership through the influence of grower states such as North Carolina


( S ( S ( NP-SBJ ( NNP Majority ) ( NNP Whip ) ( NNP William ) ( NNP Gray ) ) ( VP ( VBZ owes ) ( NP ( DT a ) ( JJ political ) ( NN debt ) ) ( PP-DTV ( TO to ) ( NP ( JJ Southern ) ( NN agriculture ) ( NNS lawmakers ) ) ) ( PP ( IN for ) ( NP ( NP ( PRP$ his ) ( NN rise ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP House ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( DT the ) ( NNP Philadelphia ) ( NNP Democrat ) ) ( VP ( VBD used ) ( NP ( NP ( PRP$ his ) ( NN position ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN conference ) ) ) ) ( S-PRP-CLR ( VP ( TO to ) ( VP ( VB salvage ) ( NP ( DT the ) ( NN exemption ) ) ( PP-CLR ( IN from ) ( NP ( DT a ) ( JJ total ) ( NN ban ) ) ) ) ) ) ) ) )

Majority Whip William Gray owes a political debt to Southern agriculture lawmakers for his rise in the House and the Philadelphia Democrat used his position in the conference to salvage the exemption from a total ban


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( DT the ) ( NN smoking ) ( NN provision ) ) ( VP ( VBZ has ) ( VP ( VBN attracted ) ( NP ( DT the ) ( RBS most ) ( JJ public ) ( NN interest ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( JJ underlying ) ( NN bill ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( NN subject ) ) ( PP ( IN of ) ( NP ( JJ behind-the-scenes ) ( VBG lobbying ) ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( PRP$ its ) ( NN impact ) ) ( PP ( IN on ) ( NP ( NP ( NN air ) ( NN transportation ) ) ( CC and ) ( NP ( NP ( DT the ) ( ADJP ( ADJP ( RBR more ) ( JJ mundane ) ) ( CC but ) ( ADJP ( RB politically ) ( JJ important ) ) ) ( NNS projects ) ) ( PP ( IN of ) ( NP ( NNS members ) ) ) ) ) ) ) ) )

Although the smoking provision has attracted the most public interest the underlying bill was the subject of behind-the-scenes lobbying because of its impact on air transportation and the more mundane but politically important projects of members


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT a ) ( JJ stark ) ( NN lesson ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN power ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS appropriations ) ( NNS committees ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP House ) ) ( VP ( ADVP ( RB deliberately ) ) ( VBD killed ) ( NP ( NP ( DT a ) ( NN handful ) ) ( PP ( IN of ) ( NP ( NP ( NNS projects ) ) ( VP ( VBN backed ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS lawmakers ) ) ( PP-LOC ( IN in ) ( NP ( NNP Florida ) ( NNP Illinois ) ( CC and ) ( NNP Pennsylvania ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD had ) ( VP ( VBN voted ) ( PP-CLR ( IN against ) ( NP ( DT the ) ( NN panel ) ( NN leadership ) ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP House ) ( NN floor ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In a stark lesson in the power of the appropriations committees the House deliberately killed a handful of projects backed by lawmakers in Florida Illinois and Pennsylvania who had voted against the panel leadership on the House floor


( SINV ( S-TPC-1 ( NP-SBJ ( NN Anybody ) ) ( VP ( MD can ) ( VP ( VB vote ) ( SBAR-MNR ( IN as ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP want ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Rep. ) ( NNP William ) ( NNP Lehman ) ) ( PRN ( NP ( NNP D. ) ) ( NP-LOC ( NNP Fla. ) ) ) ( NP ( NP ( NN head ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP House ) ( NNS conferees ) ) ) ) ) )

Anybody can vote as they want said Rep. William Lehman D. Fla. head of the House conferees


( S ( CC But ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP make ) ( NP ( DT a ) ( NN request ) ) ) ) ) ( NP-SBJ ( PRP you ) ) ( VP ( MD should ) ( VP ( VB support ) ( NP ( DT the ) ( NN committee ) ) ) ) )

But if you make a request you should support the committee


( S ( PP-LOC ( IN Within ) ( NP ( DT the ) ( NNP Federal ) ( NNP Aviation ) ( NNP Administration ) ) ) ( S ( NP-SBJ-1 ( DT the ) ( JJ final ) ( NN bill ) ) ( VP ( VBZ promises ) ( S ( VP ( TO to ) ( VP ( VB increase ) ( NP ( NP ( NN spending ) ) ( PP ( IN for ) ( NP ( NNS facilities ) ( CC and ) ( NN equipment ) ) ) ) ( PP ( IN by ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 20 ) ) ( NN % ) ) ) ( PP-TMP ( IN from ) ( NP ( JJ last ) ( NN year ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( JJ total ) ( NNS operations ) ) ( VP ( MD would ) ( VP ( VB rise ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 3.84 ) ( CD billion ) ) ) ( NP ( DT a ) ( ADJP ( CD 12 ) ( NN % ) ) ( NN boost ) ) ) ) ) ) ) )

Within the Federal Aviation Administration the final bill promises to increase spending for facilities and equipment by more than 20 % from last year and total operations would rise to 3.84 billion a 12 % boost


( S ( S ( NP-SBJ ( DT The ) ( NNS facilities ) ( NN account ) ) ( VP ( VBZ includes ) ( NP ( NP ( QP ( CD 40 ) ( CD million ) ) ) ( PP ( IN for ) ( NP ( NP ( NNP Denver ) ( POS 's ) ) ( JJ ambitious ) ( JJ new ) ( NN airport ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( DT the ) ( NN competition ) ) ( PP ( IN for ) ( NP ( DT these ) ( NNS funds ) ) ) ) ( VP ( VBD created ) ( NP ( NP ( VBG shifting ) ( NNS alliances ) ) ( PP ( IN between ) ( NP ( NP ( JJ urban ) ( NNS lawmakers ) ) ( VP ( VBG representing ) ( NP ( NP ( NP ( VBN established ) ( NNS airports ) ) ( PP-LOC ( IN in ) ( NP ( NNP Philadelphia ) ( CC and ) ( NNP Michigan ) ) ) ) ( CC and ) ( NP ( NP ( NP ( DT the ) ( JJ major ) ( NNS carriers ) ) ( PP ( TO to ) ( NP ( NNP Denver ) ) ) ) ( NP ( NNP United ) ( CC and ) ( NNP Continental ) ) ) ) ) ) ) ) ) ) )

The facilities account includes 40 million for Denver 's ambitious new airport and the competition for these funds created shifting alliances between urban lawmakers representing established airports in Philadelphia and Michigan and the major carriers to Denver United and Continental


( S ( S-ADV ( ADJP-PRD ( JJ Leery ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS costs ) ) ( PRN ( CC and ) ( S ( NP-SBJ ( NNS critics ) ) ( VP ( VBP say ) ) ) ( NP ( NN competition ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NNS airlines ) ) ( VP ( VBP have ) ( VP ( VBN sought ) ( S ( VP ( TO to ) ( VP ( VB gain ) ( NP ( NP ( NN leverage ) ) ( PP ( IN over ) ( NP ( NP ( DT the ) ( NN city ) ) ( PP ( IN of ) ( NP ( NNP Denver ) ) ) ) ) ) ) ) ) ) ) )

Leery of the costs and critics say competition the airlines have sought to gain leverage over the city of Denver


( S ( NP-SBJ ( NP ( NP ( NNP Texas ) ( NNP Air ) ( NNP Corp. ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ owns ) ( NP ( NNP Continental ) ) ) ) ) ) ( CC and ) ( NP ( DT the ) ( NNP Air ) ( NNP Transport ) ( NNP Association ) ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ prominent ) ( PP ( IN in ) ( NP ( DT the ) ( VBG lobbying ) ) ) ) ) )

Texas Air Corp. which owns Continental and the Air Transport Association were prominent in the lobbying


( S ( NP-SBJ-2 ( DT The ) ( NN industry ) ) ( VP ( VBD sought ) ( S ( VP ( TO to ) ( VP ( VB impose ) ( NP ( NP ( NNS conditions ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN delayed ) ( NP ( NP ( NNS funds ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN project ) ) ) ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ ( NP ( NNP Denver ) ) ( CC and ) ( NP ( DT the ) ( NNS airlines ) ) ) ( VP ( VBD had ) ( VP ( VBN agreed ) ( PP-CLR ( TO to ) ( NP ( NP ( NNS leases ) ) ( PP ( IN for ) ( NP ( NP ( CD 50 ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS gates ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The industry sought to impose conditions that would have delayed funds for the project until Denver and the airlines had agreed to leases for 50 % of the gates


( S ( CC But ) ( NP-SBJ-2 ( DT this ) ) ( VP ( VBD was ) ( VP ( VBN rejected ) ( PP-PRP ( IN in ) ( NP ( NP ( NN favor ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( RB much ) ( JJR looser ) ) ( NN language ) ) ( VP ( VBG directing ) ( NP-1 ( DT the ) ( NNP Transportation ) ( NNP Department ) ) ( S ( VP ( TO to ) ( VP ( VB review ) ( NP ( NP ( DT the ) ( NNS costs ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ first ) ( NN phase ) ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB cost ) ( NP ( QP ( RB about ) ( CD 2 ) ( CD billion ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But this was rejected in favor of much looser language directing the Transportation Department to review the costs of the first phase expected to cost about 2 billion


( S ( SBAR-ADV ( IN Though ) ( FRAG ( ADJP ( JJR smaller ) ( PP ( IN in ) ( NP ( JJ total ) ( NNS dollars ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN conference ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB preserve ) ( NP ( NP ( DT an ) ( VBN estimated ) ( QP ( CD 30.6 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NP ( JJ controversial ) ( NNS subsidies ) ) ( PP ( TO to ) ( NP ( NP ( NNS carriers ) ) ( VP ( VBG serving ) ( NP ( JJ rural ) ( CC or ) ( VBN isolated ) ( NNS airports ) ) ) ) ) ) ) ) ) ) ) ) )

Though smaller in total dollars the conference agreed to preserve an estimated 30.6 million in controversial subsidies to carriers serving rural or isolated airports


( S ( S ( NP-SBJ ( DT The ) ( NN sum ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( RBR more ) ) ( PP ( IN than ) ( NP ( NP ( RB double ) ) ( SBAR ( WHNP-2 ( WP what ) ) ( S ( NP-SBJ ( DT the ) ( NNP House ) ) ( VP ( VBD had ) ( VP ( VBN approved ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( NN program ) ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN list ) ) ( PP ( IN of ) ( NP ( VBN qualified ) ( NNS airports ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN cut ) ( PP-EXT ( IN by ) ( NP ( CD 22 ) ) ) ( PP-LOC ( IN under ) ( NP ( NP ( JJ new ) ( NN distance ) ( NNS requirements ) ) ( CC and ) ( NP ( NP ( NNS limits ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN level ) ) ( PP ( IN of ) ( NP ( NN subsidy ) ) ) ) ) ) ) ) ) ) ) ) )

The sum is more than double what the House had approved for the program but the list of qualified airports would be cut by 22 under new distance requirements and limits on the level of subsidy


( S ( NP-SBJ ( NNP Congress ) ) ( VP ( ADVP-TMP ( RB previously ) ) ( VBD cut ) ( NP ( CD six ) ( NNS airports ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) )

Congress previously cut six airports this year


( S ( NP-SBJ ( NP ( DT The ) ( NN impact ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS changes ) ) ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( TO to ) ( VP ( VB eliminate ) ( NP ( NP ( JJ many ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( RBS most ) ( JJ excessive ) ( NNS cases ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG paying ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 200 ) ) ) ( PP-CLR ( IN for ) ( NP ( DT each ) ( NN passenger ) ) ) ( PP-MNR ( IN in ) ( NP ( NNS subsidies ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The impact of the changes is to eliminate many of the most excessive cases where the government has been paying more than 200 for each passenger in subsidies


( S ( PP-LOC ( IN Among ) ( NP ( NN rail ) ( CC and ) ( NN highway ) ( NNS accounts ) ) ) ( NP-SBJ ( DT the ) ( NN agreement ) ) ( VP ( VBZ provides ) ( NP ( NP ( QP ( CD 615 ) ( CD million ) ) ) ( PP ( IN for ) ( NP ( NNP Amtrak ) ) ) ( PP ( VBG including ) ( NP ( QP ( CD 85 ) ( CD million ) ) ) ( PP ( IN for ) ( NP ( NN capital ) ( NNS improvements ) ) ) ) ) ) )

Among rail and highway accounts the agreement provides 615 million for Amtrak including 85 million for capital improvements


( S ( CC And ) ( NP-SBJ-1 ( NP ( JJ federal-formula ) ( NNS grants ) ) ( PP ( IN for ) ( NP ( NN mass ) ( NN transit ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( ADVP ( RB effectively ) ) ( VBN frozen ) ( PP-CLR ( IN at ) ( NP ( NP ( QP ( CD 1.625 ) ( CD billion ) ) ) ( CC or ) ( NP ( NP ( QP ( CD 20 ) ( CD million ) ( JJR more ) ) ) ( PP ( IN than ) ( NP-TMP ( ADJP ( JJ last ) ( JJ fiscal ) ) ( NN year ) ) ) ) ) ) ) ) ) )

And federal-formula grants for mass transit would be effectively frozen at 1.625 billion or 20 million more than last fiscal year


( S ( ADVP-TMP ( RB First ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBD was ) ( NP-PRD ( DT a ) ( NN death ) ( NN watch ) ) ) )

First there was a death watch


( FRAG ( ADVP ( RB Then ) ) ( NP ( NN exhilaration ) ) )

Then exhilaration


( S ( S-ADV ( VP ( VBN Spurred ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS waves ) ) ( PP ( IN of ) ( NP ( NP ( JJ large-scale ) ( NN buying ) ) ( PP ( IN in ) ( NP ( JJ blue-chip ) ( NNS stocks ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ( VP ( VP ( VBD rallied ) ( NP-TMP ( NN yesterday ) ) ) ( CC and ) ( VP ( VBN erased ) ( NP ( NP ( QP ( RB about ) ( DT a ) ( NN half ) ) ) ( PP ( IN of ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( JJ 190.58-point ) ( NN plunge ) ) ) ) ( S-ADV ( VP ( VBG gaining ) ( NP ( CD 88.12 ) ) ( PP-DIR ( TO to ) ( NP ( CD 2657.38 ) ) ) ) ) ) ) )

Spurred by waves of large-scale buying in blue-chip stocks the Dow Jones Industrial Average rallied yesterday and erased about a half of Friday 's 190.58-point plunge gaining 88.12 to 2657.38


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( JJ fourth-biggest ) ( NN advance ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN average ) ) ( PP ( IN of ) ( NP ( CD 30 ) ( JJ blue ) ( NNS chips ) ) ) ) ) ( PP ( IN on ) ( NP ( NP ( NP ( JJ frenetic ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( NN volume ) ) ( PP ( IN of ) ( NP ( CD 416,290,000 ) ( NNS shares ) ) ) ) ( NP ( NP ( DT the ) ( JJS highest ) ) ( PP-TMP ( IN since ) ( NP ( NP ( DT the ) ( NNS days ) ) ( PP ( IN after ) ( NP ( DT the ) ( CD 1987 ) ( NN crash ) ) ) ) ) ) ) ) ) ) )

It was the fourth-biggest advance for the average of 30 blue chips on frenetic New York Stock Exchange volume of 416,290,000 shares the highest since the days after the 1987 crash


( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( DT the ) ( NN advance ) ) ( VP ( VBD cheered ) ( NP ( NP ( NNS investors ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD feared ) ( SBAR ( S ( NP-SBJ ( DT a ) ( JJ 1987-style ) ( NN crash ) ) ( VP ( MD would ) ( VP ( VB occur ) ( NP-TMP ( NN yesterday ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( ADVP ( RB strictly ) ) ( NP-PRD ( NP ( DT a ) ( JJ big-stock ) ( NN rally ) ) ( VP ( VBN fed ) ( PP ( IN by ) ( NP-LGS ( NP ( JJ huge ) ( NN buying ) ) ( PP ( IN by ) ( NP ( NP ( JJ bargain-hunting ) ( NNS institutions ) ) ( CC and ) ( NP ( NN program ) ( NNS traders ) ) ) ) ) ) ) ) ) )

While the advance cheered investors who feared a 1987-style crash would occur yesterday it was strictly a big-stock rally fed by huge buying by bargain-hunting institutions and program traders


( NP ( NP ( DT A ) ( VBG troubling ) ( NN sign ) ) ( S ( S ( NP-SBJ ( NP ( VBG Declining ) ( NNS stocks ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ) ) ) ( VP ( VBD outnumbered ) ( NP ( NNS advancers ) ) ( ADVP ( CD 975 ) ( TO to ) ( CD 749 ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ over-the-counter ) ( NN market ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ includes ) ( NP ( JJ many ) ( JJR smaller ) ( NNS stocks ) ) ) ) ) ) ( VP ( VBD suffered ) ( NP ( NP ( NNS aftershocks ) ) ( PP ( IN of ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( JJ late ) ( NNP Big ) ( NNP Board ) ( NN plunge ) ) ) ) ) ) ) )

A troubling sign Declining stocks on the Big Board outnumbered advancers 975 to 749 and the over-the-counter market that includes many smaller stocks suffered aftershocks of Friday 's late Big Board plunge


( S ( NP-SBJ ( DT The ) ( NNP Nasdaq ) ( NNP OTC ) ( NN index ) ) ( VP ( VBN closed ) ( ADVP-CLR ( RB down ) ( NP ( CD 6.31 ) ) ( PP ( TO to ) ( NP ( CD 460.98 ) ) ) ) ) )

The Nasdaq OTC index closed down 6.31 to 460.98


( S ( ADVP-TMP ( RB Meanwhile ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN divergence ) ) ( PP-LOC ( IN in ) ( NP ( NP ( CD two ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( ADJP ( RBS most ) ( JJ important ) ) ( NNS indicators ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NP ( DT the ) ( NNP Dow ) ( NNS industrials ) ( POS ' ) ) ( NN sister ) ( NN average ) ) ( NP ( DT the ) ( JJ 20-stock ) ( NNP Dow ) ( NNP Jones ) ( NNP Transportation ) ( NNP Average ) ) ) ( VP ( VBD tumbled ) ( NP-EXT ( CD 102.06 ) ) ( PP-DIR ( TO to ) ( NP ( CD 1304.23 ) ) ) ( NP-ADV ( NP ( PRP$ its ) ( JJ second-worst ) ( NN decline ) ) ( ADJP ( JJ next ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( JJ 164.78-point ) ( NN fall ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( CD 1987 ) ( NN crash ) ) ) ) ) ) ) ) )

Meanwhile in a divergence in two of the market 's most important indicators the Dow industrials ' sister average the 20-stock Dow Jones Transportation Average tumbled 102.06 to 1304.23 its second-worst decline next to the 164.78-point fall during the 1987 crash


( S ( NP-SBJ ( NNS Transports ) ) ( VP ( VBD plunged ) ( PP-CLR ( IN on ) ( NP ( NP ( NN takeover ) ( NNS disappointments ) ) ( PP ( IN in ) ( NP ( NP ( CD two ) ( NN airline ) ( NNS stocks ) ) ( NP ( NNP UAL ) ( CC and ) ( NNP AMR ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( DT each ) ( VP ( VBD fell ) ( NP ( QP ( RBR more ) ( IN than ) ( CD 20 ) ) ( NN % ) ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ-4 ( PRP they ) ) ( VP ( VBD reopened ) ( PP-PRP ( IN for ) ( NP ( NN trading ) ) ) ( NP-TMP ( NN yesterday ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG being ) ( VP ( VBN suspended ) ( NP-TMP ( NNP Friday ) ( NN afternoon ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Transports plunged on takeover disappointments in two airline stocks UAL and AMR which each fell more than 20 % when they reopened for trading yesterday after being suspended Friday afternoon


( S ( NP-SBJ ( NP ( NNP UAL ) ) ( NP ( NP ( DT the ) ( NN takeover ) ( NN stock ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NN center ) ) ( PP ( IN of ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( JJ 190.58-point ) ( NN market ) ( NN plunge ) ) ) ) ) ) ) ( VP ( VBD fell ) ( NP-EXT ( QP ( CD 56 ) ( CD 7\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 222 ) ( CD 7\/8 ) ) ) ) ( PP ( IN on ) ( NP ( QP ( RB nearly ) ( CD 2.3 ) ( CD million ) ) ( NNS shares ) ) ) ) )

UAL the takeover stock at the center of Friday 's 190.58-point market plunge fell 56 7\/8 to 222 7\/8 on nearly 2.3 million shares


( SINV ( S-TPC-1 ( ADVP ( RB Overall ) ) ( S ( NP-SBJ ( DT this ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( JJ pleasant ) ( NN rally ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( RB very ) ( JJ selective ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Arthur ) ( NNP Cashin ) ( NNP Jr. ) ) ( NP ( NP ( DT a ) ( JJ veteran ) ( NNP PaineWebber ) ( NNP Inc. ) ( NN trader ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ) ) ) ) )

Overall this is a pleasant rally but it 's very selective said Arthur Cashin Jr. a veteran PaineWebber Inc. trader at the Big Board


( S ( NP-SBJ ( NN Everyone ) ) ( VP ( VBD was ) ( ADJP-PRD ( NP-ADV ( DT a ) ( RB little ) ) ( VBN concerned ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( NX ( NX ( NX ( JJ general ) ( NN narrowness ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN rally ) ) ) ) ( CC and ) ( NX ( NX ( NN failure ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP OTC ) ( NN market ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB get ) ( PP-CLR ( IN into ) ( NP ( JJ plus ) ( NN territory ) ) ) ) ) ) ) ) ) ) ) ) ) )

Everyone was a little concerned about the general narrowness of the rally and failure of the OTC market to get into plus territory


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( RB just ) ( DT a ) ( JJ strange ) ( NN feeling ) ) ) )

It 's just a strange feeling


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ-1 ( NN anyone ) ) ( VP ( VBD left ) ( NP ( DT the ) ( NN place ) ) ( S-MNR ( VP ( VBG whistling ) ( NP ( NNP Dixie ) ) ) ) ) ) ) ) ) )

I do n't think anyone left the place whistling Dixie


( S ( NP-SBJ ( DT The ) ( NN rally ) ) ( VP ( VBD gave ) ( NP ( NN credence ) ) ( ADVP ( ADVP ( IN at ) ( JJS least ) ) ( PP ( IN for ) ( NP ( RB now ) ) ) ) ( PP-DTV ( TO to ) ( NP ( NP ( DT the ) ( JJ pre-trading ) ( NN declaration ) ) ( PP ( IN of ) ( NP ( NNP Big ) ( NNP Board ) ( NNP Chairman ) ( NNP John ) ( NNP J. ) ( NNP Phelan ) ( NNP Jr. ) ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( NP ( NNP Friday ) ( POS 's ) ) ( NN market ) ( NN debacle ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT an ) ( JJ abnormal ) ( NN condition ) ) ( CC and ) ( RB not ) ( NP ( DT a ) ( NN disaster ) ) ) ) ) ) ) ) ) )

The rally gave credence at least for now to the pre-trading declaration of Big Board Chairman John J. Phelan Jr. that Friday 's market debacle was an abnormal condition and not a disaster


( S ( CC But ) ( PP ( TO to ) ( NP ( NNS traders ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD looked ) ( PP-CLR ( IN like ) ( NP ( NN disaster ) ) ) ( PP-TMP ( IN on ) ( NP ( DT the ) ( CD 9:30 ) ( NN a.m. ) ( VBG opening ) ( NN bell ) ) ) ) )

But to traders it looked like disaster on the 9:30 a.m. opening bell


( S ( NP-SBJ ( DT The ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ( VP ( VBD opened ) ( ADVP-CLR ( RB down ) ( NP ( CD 1.64 ) ) ) ( PP-TMP ( RB shortly ) ( IN after ) ( NP ( CD 9:30 ) ) ) ) )

The Dow Jones Industrial Average opened down 1.64 shortly after 9:30


( S ( CC But ) ( NP-SBJ ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( CD 30 ) ( JJ blue-chip ) ( NNS stocks ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN average ) ) ) ) ) ( PP ( VBG including ) ( NP ( NP ( NNP Eastman ) ( NNP Kodak ) ) ( CC and ) ( NP ( NNP General ) ( NNP Motors ) ) ) ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB trade ) ( PP-PRP ( RB because ) ( IN of ) ( NP ( NP ( DT the ) ( JJ heavy ) ( NN backlog ) ) ( PP ( IN of ) ( NP ( NP ( NN sell ) ( NNS orders ) ) ( VP ( VBD left ) ( PRT ( RP over ) ) ( PP-CLR ( IN from ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( JJ late-afternoon ) ( NN rout ) ) ) ) ) ) ) ) ) ) )

But most of the 30 blue-chip stocks in the average including Eastman Kodak and General Motors could n't trade because of the heavy backlog of sell orders left over from Friday 's late-afternoon rout


( S ( PP-TMP ( IN At ) ( NP ( CD 9:45 ) ) ) ( NP-SBJ ( NP ( NNP Procter ) ( CC & ) ( NNP Gamble ) ) ( PRN ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ important ) ) ( NNP Dow ) ( NNS bellwethers ) ) ) ( PP ( IN of ) ( ADJP ( JJ late ) ) ) ) ) ) ( VP ( VBN opened ) ( ADVP-CLR ( RB down ) ( NP ( QP ( CD 2 ) ( CD 3\/4 ) ) ) ( PP ( TO to ) ( NP ( CD 117 ) ) ) ) ) )

At 9:45 Procter & Gamble one of the most important Dow bellwethers of late opened down 2 3\/4 to 117


( S ( S ( NP-SBJ ( DT The ) ( NNP Dow ) ) ( VP ( VBD dropped ) ( PP-DIR ( TO to ) ( NP ( DT a ) ( JJ quick ) ( JJ 27-point ) ( NN loss ) ) ) ) ) ( CC and ) ( S ( PP ( TO to ) ( NP ( JJ many ) ( NNS traders ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD looked ) ( SBAR-MNR ( IN as ) ( IN if ) ( S ( NP-SBJ-1 ( NNS stocks ) ) ( VP ( VBD were ) ( VP ( VBN headed ) ( PP-CLR ( IN for ) ( NP ( RB yet ) ( DT another ) ( JJ big ) ( NN tumble ) ) ) ) ) ) ) ) ) )

The Dow dropped to a quick 27-point loss and to many traders it looked as if stocks were headed for yet another big tumble


( S ( NP-SBJ ( JJR More ) ( NNS stocks ) ) ( VP ( VBN opened ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( VBG ensuing ) ( JJ half ) ( NN hour ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( CD 49 ) ( NNP Big ) ( NNP Board ) ( NN specialist ) ( NNS firms ) ) ( PP ( IN in ) ( NP ( NP ( NN charge ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG keeping ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( ADJP-PRD ( RB orderly ) ) ) ) ) ) ) ) ) ( VP ( VBD groped ) ( S-PRP ( VP ( TO to ) ( VP ( VB find ) ( NP ( NP ( NN buy ) ( NNS orders ) ) ( PP ( IN from ) ( NP ( JJ major ) ( NN brokerage ) ( NNS firms ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB match ) ( NP ( DT the ) ( NN selling ) ( NN flood ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

More stocks opened over the ensuing half hour as the 49 Big Board specialist firms in charge of keeping the market orderly groped to find buy orders from major brokerage firms to match the selling flood


( S ( ADVP-TMP ( RB Then ) ) ( S-ADV ( VP ( TO to ) ( VP ( VB make ) ( NP ( NNS matters ) ) ( ADJP ( JJR worse ) ) ) ) ) ( NP-SBJ-1 ( VBN computerized ) ( NN sell ) ( NNS programs ) ) ( VP ( VBD kicked ) ( PRT ( RP in ) ) ( S-ADV ( VP ( VBG hammering ) ( NP ( NNS stocks ) ) ( PP-CLR ( IN into ) ( NP ( JJR steeper ) ( NNS losses ) ) ) ) ) ) )

Then to make matters worse computerized sell programs kicked in hammering stocks into steeper losses


( S ( NP-SBJ ( EX There ) ) ( VP ( VBD was ) ( NP-PRD ( JJ heavy ) ( JJ stock-index ) ( NN arbitrage ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ-1 ( NNS traders ) ) ( VP ( VP ( VBD sold ) ( NP ( NP ( JJ big ) ( NNS baskets ) ) ( PP ( IN of ) ( NP ( NN stock ) ) ) ) ) ( CC and ) ( VP ( VBD bought ) ( NP ( JJ stock-index ) ( NNS futures ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB profit ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( NN price ) ( NNS discrepancies ) ) ( PP ( IN between ) ( NP ( DT the ) ( CD two ) ( NNS markets ) ) ) ) ) ) ) ) ) ) ) ) ) )

There was heavy stock-index arbitrage as traders sold big baskets of stock and bought stock-index futures to profit from the price discrepancies between the two markets


( S ( NP-SBJ ( DT This ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( NN hangover ) ) ( PP ( IN from ) ( NP ( NP ( NNP Friday ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NP ( NNP Standard ) ( CC & ) ( NNP Poor ) ( POS 's ) ) ( JJ 500-stock ) ( NN index ) ( NNS futures ) ) ( VP ( VBD had ) ( VP ( VBN closed ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( JJ sharp ) ( NN discount ) ) ( PP ( TO to ) ( NP ( NNS stocks ) ) ) ) ) ) ) ) ) ) ) ) ) )

This was a hangover from Friday when Standard & Poor 's 500-stock index futures had closed at a sharp discount to stocks


( S ( NP-SBJ ( NP ( DT The ) ( NN onslaught ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN program ) ( NN selling ) ) ) ) ( VP ( VBN dashed ) ( NP ( DT any ) ( NNS hopes ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ big ) ( NN program ) ( NN trading ) ( NNS firms ) ) ) ) ( VP ( MD would ) ( VP ( VB hold ) ( PRT ( RP off ) ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBD stabilized ) ) ) ) ) ) ) ) ) ) )

The onslaught of the program selling dashed any hopes that some of the big program trading firms would hold off until the market stabilized


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBD did ) ( RB n't ) ) )

They did n't


( S ( NP-SBJ-1 ( DT The ) ( NNP Dow ) ) ( VP ( VBD accelerated ) ( NP ( PRP$ its ) ( NN slide ) ) ( S-ADV ( VP ( VBG losing ) ( NP ( CD 63.52 ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ first ) ( CD 40 ) ( NNS minutes ) ) ( PP ( IN of ) ( NP ( NN trading ) ) ) ) ) ) ) ) )

The Dow accelerated its slide losing 63.52 in the first 40 minutes of trading


( S ( SBAR-ADV ( IN With ) ( S ( NP-SBJ ( NN program ) ( NNS traders ) ) ( PP-PRD ( ADVP ( RB seemingly ) ) ( IN in ) ( NP ( NN charge ) ) ) ) ) ( NP-SBJ ( NNS buyers ) ) ( VP ( VP ( VBD backed ) ( PRT ( RP away ) ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NN market ) ) ) ) ( CC and ) ( VP ( VBD watched ) ( S ( NP-SBJ ( NNS stocks ) ) ( VP ( VB fall ) ) ) ) ) )

With program traders seemingly in charge buyers backed away from the market and watched stocks fall


( S ( S ( ADVP-TMP ( RB Then ) ) ( PP-TMP ( IN at ) ( NP ( CD 10:15 ) ) ) ( NP-SBJ-1 ( DT the ) ( NNP Dow ) ) ( VP ( ADVP-TMP ( RB suddenly ) ) ( VBD started ) ( S ( VP ( TO to ) ( VP ( VB rebound ) ) ) ) ) ) ( CC and ) ( S ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD shot ) ( ADVP-DIR ( RB upward ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD did ) ( ADVP-PRD ( RB so ) ) ( ADVP-MNR ( ADVP ( RB even ) ( RBR faster ) ) ( PP ( IN than ) ( NP ( DT the ) ( JJ early-morning ) ( NN fall ) ) ) ) ) ) )

Then at 10:15 the Dow suddenly started to rebound and when it shot upward it did so even faster than the early-morning fall


( S ( CC And ) ( NP-TMP ( DT this ) ( NN time ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( RB n't ) ( NP-PRD ( NP ( RB just ) ( DT the ) ( NN program ) ( NNS traders ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD were ) ( ADJP-PRD ( JJ responsible ) ) ) ) ) ) ) )

And this time it was n't just the program traders who were responsible


( S ( NP-SBJ ( DT All ) ( DT the ) ( NN selling ) ) ( VP ( VBD had ) ( VP ( VBN pushed ) ( NP ( NNS stocks ) ) ( PP-CLR ( TO to ) ( NP ( NP ( JJ such ) ( JJ cheap ) ( NNS values ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( JJ big ) ( NN investment ) ( NNS banks ) ) ( CC and ) ( NP ( JJ major ) ( NN money ) ( NN management ) ( NNS firms ) ) ) ( VP ( VBD started ) ( S ( VP ( VBG buying ) ( NP ( NNS stocks ) ) ( ADVP-MNR ( RB heavily ) ) ) ) ) ) ) ) ) ) ) )

All the selling had pushed stocks to such cheap values that big investment banks and major money management firms started buying stocks heavily


( S ( NP-SBJ ( DT The ) ( NN program ) ( NNS traders ) ) ( VP ( VBD were ) ( PP-LOC-PRD ( RB in ) ( NP ( RB there ) ) ) ( ADVP ( RB too ) ) ( PP ( IN of ) ( NP ( NN course ) ) ) ) )

The program traders were in there too of course


( S ( CC But ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( CD one ) ( NN trader ) ) ) ) ( NP-SBJ ( DT the ) ( NNS programmers ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB look ) ( ADJP-PRD ( ADJP ( RB as ) ( JJ dominant ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( RB upside ) ) ) ) ( PP ( IN as ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN downside ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBD was ) ( ADVP ( RB also ) ) ( NP-PRD ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NP ( NN bargain-hunting ) ) ( PP ( IN by ) ( NP ( NNS institutions ) ) ) ) ) ) ) ) ) ) ) )

But according to one trader the programmers did n't look as dominant on the upside as on the downside because there was also a lot of bargain-hunting by institutions


( S ( NP-SBJ ( NP ( NNP Roland ) ( NNP M. ) ( NNP Machold ) ) ( NP ( NP ( NN director ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP New ) ( NNP Jersey ) ( NNP Division ) ) ( PP ( IN of ) ( NP ( NNP Investment ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ oversees ) ( NP ( NP ( QP ( CD 29 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NNS investments ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( JJ first ) ( NN thing ) ) ( SBAR ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBD did ) ) ) ) ) ( VP ( VBD was ) ( S-PRD ( VP ( TO to ) ( VP ( VB double ) ( NP ( PRP$ our ) ( NNS orders ) ) ( NP-TMP ( NN yesterday ) ( NN morning ) ) ) ) ) ) ) ) ) )

Roland M. Machold director of the New Jersey Division of Investment which oversees 29 billion in investments said the first thing we did was to double our orders yesterday morning


( S ( SBAR-ADV ( IN With ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( ADJP-PRD ( RB down ) ( PP ( IN like ) ( NP ( DT this ) ) ) ) ) ) ( NP-SBJ ( PRP we ) ) ( VP ( MD 'll ) ( ADVP ( RB probably ) ) ( VP ( VP ( VB take ) ( NP ( QP ( DT another ) ( CD 50 ) ( CD million ) ) ) ) ( CC and ) ( VP ( VBD put ) ( NP ( PRP it ) ) ( PP-PUT ( IN in ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) )

With the market down like this we 'll probably take another 50 million and put it in the market


( S ( NP-SBJ ( NP ( NN Trading ) ) ( PP ( IN in ) ( NP ( NNP Walt ) ( NNP Disney ) ( NNP Co. ) ) ) ( ADVP ( RB particularly ) ) ) ( VP ( VBD caught ) ( NP ( NP ( NNS traders ) ( POS ' ) ) ( NNS eyes ) ) ) )

Trading in Walt Disney Co. particularly caught traders ' eyes


( S ( S ( PP ( VBG According ) ( PP ( TO to ) ( NP ( NNP Big ) ( NNP Board ) ( NNS officials ) ) ) ) ( NP-SBJ ( NNP Disney ) ) ( VP ( VBD had ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJS biggest ) ( JJ sell-order ) ( NNS imbalances ) ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Friday ) ) ) ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( CD seven ) ( NNS stocks ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD could ) ( RB n't ) ( VP ( VB finish ) ( NP ( NN trading ) ) ( NP-TMP ( DT that ) ( NN day ) ) ) ) ) ) ) ) ) ) ) )

According to Big Board officials Disney had one of the biggest sell-order imbalances on Friday it was one of the seven stocks that could n't finish trading that day


( S ( NP-SBJ ( DT The ) ( NN stock ) ) ( VP ( VBD opened ) ( ADVP-TMP ( RB late ) ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 114 ) ( CD 1\/2 ) ) ) ) ( ADVP ( RB down ) ( NP ( QP ( CD 8 ) ( CD 1\/2 ) ) ) ) ) )

The stock opened late at 114 1\/2 down 8 1\/2


( S ( S-TPC-1 ( CC But ) ( ADVP-TMP ( RB then ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD shot ) ( ADVP-DIR ( RB upward ) ( NP ( QP ( CD 7 ) ( CD 1\/2 ) ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NNP Goldman ) ( NNP Sachs ) ( CC & ) ( NNP Co. ) ) ( VP ( VP ( VBD stepped ) ( ADVP-CLR ( RB in ) ) ) ( CC and ) ( VP ( VBD bought ) ) ) ) ) ) ) ( NP-SBJ ( NNS traders ) ) ( VP ( VBD said ) ) )

But then it shot upward 7 1\/2 as Goldman Sachs & Co. stepped in and bought traders said


( S ( ADVP ( RB However ) ) ( NP-SBJ ( NNP Disney ) ( NN specialist ) ( NNP Robert ) ( NNP Fagenson ) ) ( VP ( VBD said ) ( S ( NP-SBJ-1 ( PRP I ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN surprised ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NNP Goldman ) ) ( VP ( VBD represented ) ( NP ( NP ( CD 4 ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN opening ) ( NN volume ) ) ) ) ) ) ) ) ) ) ) ) )

However Disney specialist Robert Fagenson said I would be surprised if Goldman represented 4 % of the opening volume


( S ( PP-LOC ( IN Around ) ( NP ( NNP Wall ) ( NNP Street ) ) ) ( NP-SBJ-1 ( NN trading ) ( NNS desks ) ) ( VP ( VBD were ) ( VP ( VBN relieved ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD could ) ( ADVP ( IN at ) ( JJS least ) ) ( VP ( VB play ) ( NP ( DT the ) ( NN market ) ) ( NP-TMP ( NN yesterday ) ) ( PP ( IN in ) ( NP ( NP ( NN contrast ) ) ( PP ( TO to ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NN gridlock ) ) ) ) ) ) ) ) ) ) ) )

Around Wall Street trading desks were relieved that they could at least play the market yesterday in contrast to Friday 's gridlock


( S ( PP-LOC ( IN At ) ( NP ( NNP Donaldson ) ( NNP Lufkin ) ( CC & ) ( NNP Jenrette ) ( NNP Inc. ) ) ) ( NP-SBJ ( NN head ) ( NN equity ) ( NN trader ) ( NNP Dudley ) ( NNP Eppel ) ) ( VP ( VBD said ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN opening ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ constructive ) ) ) ) ) ) ) ) )

At Donaldson Lufkin & Jenrette Inc. head equity trader Dudley Eppel said I think the opening was constructive


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ orderly ) ) ) )

It was orderly


( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP put ) ( NP ( DT some ) ( NNS orders ) ) ( ADVP-PUT ( RB together ) ) ) )

We put some orders together


( S ( NP-SBJ ( RB There ) ) ( VP ( VBD was ) ( RB n't ) ( NP-PRD ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NN panic ) ( NN selling ) ) ) ) ( ADVP-LOC ( DT either ) ( RB domestically ) ( CC or ) ( RB internationally ) ) ) )

There was n't a lot of panic selling either domestically or internationally


( PP ( RB Not ) ( IN like ) ( NP ( NP ( NNP Friday ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( ADVP ( RB just ) ) ( VBD took ) ( NP ( DT the ) ( NN market ) ) ( ADVP-CLR ( RB apart ) ) ) ) ) ) )

Not like Friday where they just took the market apart


( S ( ADVP ( RB Still ) ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBD had ) ( RB n't ) ( ADVP-TMP ( RB yet ) ) ( VP ( VBN crossed ) ( PP-CLR ( IN into ) ( NP ( JJ positive ) ( NN territory ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNS traders ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ glum ) ) ) ) )

Still the market had n't yet crossed into positive territory and traders were glum


( S ( S ( CC But ) ( PP ( IN in ) ( NP ( DT another ) ( JJ dramatic ) ( NN burst ) ) ) ( NP-SBJ ( DT the ) ( NNP Dow ) ) ( VP ( VBD tacked ) ( PP-CLR ( RP on ) ( NP ( CD 42 ) ( NNS points ) ) ) ( PP-TMP ( IN in ) ( NP ( CD five ) ( NNS minutes ) ) ) ) ) ( CC and ) ( S ( PP-TMP ( IN at ) ( NP ( CD 10:25 ) ) ) ( NP-SBJ ( DT the ) ( NN index ) ) ( VP ( VBD showed ) ( NP ( NP ( DT a ) ( NN gain ) ) ( PP ( IN of ) ( NP ( CD 5.74 ) ) ) ) ) ) )

But in another dramatic burst the Dow tacked on 42 points in five minutes and at 10:25 the index showed a gain of 5.74


( S ( PP-LOC ( PP ( IN On ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ( NN floor ) ) ) ( CC and ) ( PP ( IN on ) ( NP ( NN trading ) ( NNS desks ) ) ) ) ( NP-SBJ ( NNS traders ) ) ( VP ( VBD yelped ) ( NP ( PRP$ their ) ( NN approval ) ) ) )

On the Big Board floor and on trading desks traders yelped their approval


( SINV ( VP ( VBD Grinned ) ) ( NP-SBJ ( NP ( NNP Griffith ) ( NNP Peck ) ) ( NP ( NP ( DT a ) ( NN trader ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ( NNP Inc. ) ( POS 's ) ) ( NNP OTC ) ( NN department ) ) ) ) ) ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( VBP tell ) ( NP ( PRP you ) ) ( SBAR ( S ( NP-SBJ-2 ( DT this ) ( NN market ) ) ( VP ( VBZ acts ) ( S-CLR ( ADJP-PRD ( JJ healthy ) ) ) ) ) ) ) ) )

Grinned Griffith Peck a trader in Shearson Lehman Hutton Inc. 's OTC department I tell you this market acts healthy


( S ( S ( PP-LOC ( IN Around ) ( NP ( PRP him ) ) ) ( NP-SBJ-1 ( NP ( NNS scores ) ) ( PP ( IN of ) ( NP ( NNS traders ) ) ) ) ( VP ( VBD seemed ) ( S ( VP ( TO to ) ( VP ( VB get ) ( NP ( NP ( DT a ) ( NN burst ) ) ( PP ( IN of ) ( NP ( NN energy ) ) ) ) ) ) ) ) ) ( S ( NP-SBJ-2 ( PRP$ their ) ( NN boss ) ) ( VP ( VBD broke ) ( PRT ( RP out ) ) ( NP ( NP ( NNS bottles ) ) ( PP ( IN of ) ( NP ( NNP Perrier ) ( NN water ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB cool ) ( NP ( PRP them ) ) ( PRT ( RP off ) ) ) ) ) ) ) )

Around him scores of traders seemed to get a burst of energy their boss broke out bottles of Perrier water to cool them off


( S ( PP-LOC ( IN Among ) ( NP ( NNP Big ) ( NNP Board ) ( NNS specialists ) ) ) ( NP-SBJ ( DT the ) ( NN cry ) ) ( VP ( VBD was ) ( S-PRD ( VP ( VB Pull ) ( NP ( PRP$ your ) ( NNS offers ) ) ) ) ( PRN ( S-ADV ( VP ( VBG meaning ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNS specialists ) ) ( VP ( ADVP-TMP ( RB soon ) ) ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB get ) ( NP ( JJR higher ) ( NNS prices ) ) ( PP ( IN for ) ( NP ( PRP$ their ) ( NNS shares ) ) ) ) ) ) ) ) ) ) ) ) ) )

Among Big Board specialists the cry was Pull your offers meaning that specialists soon expected to get higher prices for their shares


( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( NP-PRD ( NN bedlam ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( JJ upside ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( CD one ) ( NNP Big ) ( NNP Board ) ( NN specialist ) ) )

It was bedlam on the upside said one Big Board specialist


( S ( CC But ) ( NP-SBJ ( RB not ) ( NN everybody ) ) ( VP ( VBD was ) ( VP ( VBG making ) ( NP ( NN money ) ) ) ) )

But not everybody was making money


( S ( NP-SBJ ( NP ( DT The ) ( NN carnage ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NNP Chicago ) ( NNP Board ) ( NNP Options ) ( NNP Exchange ) ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( JJ major ) ( NNS options ) ( NN market ) ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ heavy ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN trading ) ) ( PP ( IN in ) ( NP ( NNP S&P ) ( CD 100 ) ( JJ stock-index ) ( NNS options ) ) ) ) ( VP ( VBD was ) ( VP ( VBN halted ) ( NP-TMP ( NNP Friday ) ) ) ) ) ) ) )

The carnage on the Chicago Board Options Exchange the nation 's major options market was heavy after the trading in S&P 100 stock-index options was halted Friday


( S ( S ( NP-SBJ ( NP ( JJ Many ) ( NN market ) ( NNS makers ) ) ( PP ( IN in ) ( NP ( DT the ) ( NNP S&P ) ( CD 100 ) ( NN index ) ( NNS options ) ( NN contract ) ) ) ) ( VP ( VBD had ) ( NP ( JJ bullish ) ( NNS positions ) ) ( NP-TMP ( NNP Friday ) ) ) ) ( CC and ) ( S ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NN shutdown ) ) ( VP ( VBD came ) ) ) ) ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBD were ) ( VP ( VBN frozen ) ( PP-MNR ( IN with ) ( NP ( JJ huge ) ( NNS losses ) ) ) ) ) ) )

Many market makers in the S&P 100 index options contract had bullish positions Friday and when the shutdown came they were frozen with huge losses


( S ( PP-TMP ( IN Over ) ( NP ( DT the ) ( NN weekend ) ) ) ( NP-SBJ ( NN clearing ) ( NNS firms ) ) ( VP ( VBD told ) ( NP-1 ( DT the ) ( NNP Chicago ) ( NN market ) ( NNS makers ) ) ( S ( VP ( TO to ) ( VP ( VB get ) ( PP-CLR ( IN out ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NNS positions ) ) ) ) ( PP ( IN at ) ( NP ( DT any ) ( NN cost ) ) ) ( NP-TMP ( NNP Monday ) ( NN morning ) ) ) ) ) ) )

Over the weekend clearing firms told the Chicago market makers to get out of their positions at any cost Monday morning


( SINV ( S-TPC-1 ( NP-SBJ-2 ( PRP They ) ) ( VP ( VBD were ) ( VP ( VP ( ADVP ( RB absolutely ) ) ( VBN killed ) ) ( VP ( VBN slaughtered ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( CD one ) ( JJ Chicago-based ) ( NNS options ) ( NN trader ) ) )

They were absolutely killed slaughtered said one Chicago-based options trader


( S ( NP-SBJ ( DT Some ) ( NNS traders ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( ADJP ( RB closely ) ( VBN watched ) ) ( NNP Major ) ( NNP Market ) ( NNP Index ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( NP ( CD 20 ) ( NNS stocks ) ) ) ( S ( VP ( VBP mimic ) ( NP ( DT the ) ( NNP Dow ) ( NNS industrials ) ) ) ) ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB lead ) ( NP ( NP ( NN yesterday ) ( POS 's ) ) ( JJ big ) ( NN rally ) ) ) ) ) ) ) )

Some traders said that the closely watched Major Market Index whose 20 stocks mimic the Dow industrials did n't lead yesterday 's big rally


( S ( NP-SBJ ( NP ( NNP James ) ( NNP Gallagher ) ) ( NP ( NP ( DT a ) ( NN partner ) ) ( PP-LOC ( IN at ) ( NP ( NN specialist ) ( NNP Fowler ) ( CC & ) ( NNP Rosenau ) ) ) ) ) ( VP ( VBD said ) ( S ( NP-SBJ ( NP ( DT The ) ( NN difference ) ) ( PP ( IN between ) ( NP-TMP ( NP ( NN today ) ) ( CC and ) ( NP ( NP ( CD two ) ( NNS years ) ( RB ago ) ) ( PRN ( NP ( NP-TTL ( NNP Terrible ) ( NNP Tuesday ) ) ( NP-TMP ( NNP Oct. ) ( CD 20 ) ( CD 1987 ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( DT that ) ( S ( ADVP-TMP ( RB then ) ) ( NP-SBJ ( PRP we ) ) ( VP ( VBD needed ) ( S ( NP-SBJ ( DT a ) ( NN savior ) ) ( VP ( TO to ) ( VP ( VP ( VB go ) ( PP-DIR ( IN into ) ( NP ( DT the ) ( NNP Major ) ( NNP Market ) ( NNP Index ) ) ) ) ( VP ( VB spend ) ( NP ( QP ( CD 2 ) ( CD million ) ) ) ) ( CC and ) ( VP ( VB get ) ( S ( NP-SBJ-1 ( DT the ) ( NN program ) ( NN rally ) ) ( VP ( VBD started ) ) ) ) ) ) ) ) ) ) ) ) ) )

James Gallagher a partner at specialist Fowler & Rosenau said The difference between today and two years ago Terrible Tuesday Oct. 20 1987 is that then we needed a savior to go into the Major Market Index spend 2 million and get the program rally started


( S ( NP-TMP ( DT This ) ( NN time ) ) ( NP-SBJ ( NNS institutions ) ) ( VP ( VP ( VBD saw ) ( S ( NP-SBJ ( DT the ) ( NNS programs ) ) ( VP ( VBG coming ) ) ) ) ( CC and ) ( VP ( VBD backed ) ( ADVP-CLR ( RB away ) ) ) ( CC and ) ( VP ( VBD backed ) ( ADVP-CLR ( RB away ) ) ) ) )

This time institutions saw the programs coming and backed away and backed away


( S ( ADVP-TMP ( RB Then ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBD was ) ( PP-LOC-PRD ( IN at ) ( NP ( NP ( DT a ) ( JJ technical ) ( NN level ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB buy ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBD came ) ( ADVP-CLR ( RB in ) ) ( PP-MNR ( IN with ) ( NP ( DT a ) ( NN vengeance ) ) ) ) )

Then when the market was at a technical level to buy they came in with a vengeance


( S ( ADVP ( RB However ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( CD one ) ( NN analyst ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN timing ) ) ( PP ( IN of ) ( NP ( NNP Major ) ( NNP Market ) ( NNP Index ) ( NNS futures ) ( NN buying ) ) ) ) ( PP-TMP ( RB just ) ( IN before ) ( NP ( DT the ) ( NN turnaround ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ similar ) ( PP ( TO to ) ( NP ( NP ( DT that ) ) ( PP ( IN of ) ( NP ( NNP Terrible ) ( NNP Tuesday ) ) ) ) ) ) ) )

However according to one analyst the timing of Major Market Index futures buying just before the turnaround was similar to that of Terrible Tuesday


( SINV ( S-TPC-1 ( NP-SBJ ( NNS Futures ) ) ( VP ( VBD were ) ( VP ( VBG pulling ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ( ADVP-DIR ( RBR higher ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Donald ) ( NNP Selkin ) ) ( NP ( NP ( NN head ) ) ( PP ( IN of ) ( NP ( NP ( JJ stock-index ) ( NNS futures ) ( NN research ) ) ( PP-LOC ( IN at ) ( NP ( NNP Prudential-Bache ) ( NNP Securities ) ( NNP Inc ) ) ) ) ) ) ) )

Futures were pulling the stock market higher said Donald Selkin head of stock-index futures research at Prudential-Bache Securities Inc


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ( POS 's ) ) ( NN specialist ) ( NNS firms ) ) ( VP ( VBD struggled ) ( PP-CLR ( IN through ) ( NP ( DT another ) ( ADJP ( RB highly ) ( JJ volatile ) ) ( NN trading ) ( NN session ) ) ) ) ) ) ( NP-SBJ ( PRP$ their ) ( NN performance ) ) ( NP-TMP ( NN yesterday ) ) ( VP ( VBD was ) ( ADJP-PRD ( ADJP ( RBR better ) ) ( PP ( IN than ) ( PP-TMP ( IN during ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( JJ late-afternoon ) ( NN chaos ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NNS traders ) ( CC and ) ( NNS brokers ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP work ) ( PP-CLR ( IN with ) ( NP ( PRP them ) ) ) ) ) ) ) ) ) ) )

Although the Big Board 's specialist firms struggled through another highly volatile trading session their performance yesterday was better than during Friday 's late-afternoon chaos according to traders and brokers who work with them


( S ( NP-SBJ-1 ( NNS Specialists ) ) ( VP ( VBD were ) ( VP ( VBN criticized ) ( PP-PRP ( IN for ) ( NP ( PRP$ their ) ( NN inability ) ( S ( VP ( TO to ) ( VP ( VB maintain ) ( NP ( JJ orderly ) ( NNS markets ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NNP Friday ) ( NN plunge ) ) ) ) ) ) ) ) ) ) )

Specialists were criticized for their inability to maintain orderly markets during the Friday plunge


( SINV ( S-TPC-2 ( CC But ) ( NP-TMP ( NN yesterday ) ) ( PP ( ADVP ( RB even ) ) ( IN with ) ( NP ( NP ( NNS halts ) ) ( PP ( IN in ) ( NP ( NP ( JJ such ) ( JJ major ) ( JJ blue-chip ) ( NNS stocks ) ) ( PP ( IN as ) ( NP ( NNP Merck ) ) ) ) ) ) ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBD expected ) ( NP ( DT the ) ( NNS halts ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( RB n't ) ( ADJP-PRD ( RB too ) ( JJ bad ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NP ( NNP Donaldson ) ( POS 's ) ) ( NNP Mr. ) ( NNP Eppel ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD had ) ( VP ( VBN been ) ( ADJP-PRD ( JJ critical ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NNS specialists ) ( POS ' ) ) ( NN performance ) ) ( PP-TMP ( IN on ) ( NP ( NNP Friday ) ) ) ) ) ) ) ) ) ) ) )

But yesterday even with halts in such major blue-chip stocks as Merck we expected the halts and it was n't too bad said Donaldson 's Mr. Eppel who had been critical of the specialists ' performance on Friday


( S ( PP ( VBG According ) ( PP ( TO to ) ( NP ( DT a ) ( NNP Big ) ( NNP Board ) ( NN official ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( JJ many ) ( NNS stocks ) ) ( VP ( VBD opened ) ( ADVP-TMP ( RB late ) ) ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBD were ) ( NP-PRD ( JJ subsequent ) ( VBG trading ) ( NNS halts ) ) ( PP ( IN in ) ( NP ( NP ( RB only ) ( CD three ) ( NNS issues ) ) ( NP ( NP ( NNP AMR ) ) ( NP ( NNP Merck ) ) ( CC and ) ( NP ( NNP Valero ) ( NNP Energy ) ) ) ) ) ) )

According to a Big Board official while many stocks opened late there were subsequent trading halts in only three issues AMR Merck and Valero Energy


( S ( NP-SBJ ( NNP Merck ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ important ) ) ( NNS stocks ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Major ) ( NNP Market ) ( NNP Index ) ) ) ) ) ) ) )

Merck is one of the most important stocks in the Major Market Index


( S ( NP-SBJ-1 ( NP ( DT No ) ( NN sector ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN market ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN spared ) ( PP-TMP ( IN during ) ( NP ( NP ( DT the ) ( JJ past ) ( CD two ) ( NNS days ) ( POS ' ) ) ( NNS gyrations ) ) ) ) ) ) )

No sector of the market has been spared during the past two days ' gyrations


( S ( ADVP ( RB Yet ) ) ( PP ( PP ( IN from ) ( NP ( NP ( NP ( DT the ) ( NNP Dow ) ( NNS industrials ) ( POS ' ) ) ( NN high ) ) ( PP-TMP ( IN on ) ( NP ( NNP Oct. ) ( CD 9 ) ) ) ) ) ( PP ( IN through ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NN plunge ) ) ) ) ( NP-SBJ-1 ( RB relatively ) ( JJ good ) ( NNS performances ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN turned ) ( PRT ( RP in ) ) ( PP ( IN by ) ( NP-LGS ( NP ( NN real-estate ) ) ( NP ( NNS utilities ) ) ( NP ( JJ precious ) ( NNS metals ) ) ( CC and ) ( NP ( NN life ) ( NN insurance ) ( NNS stocks ) ) ) ) ) ) ) )

Yet from the Dow industrials ' high on Oct. 9 through Friday 's plunge relatively good performances have been turned in by real-estate utilities precious metals and life insurance stocks


( S ( CC And ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ ( DT the ) ( JJ top ) ( NN performing ) ( NN industry ) ( NN group ) ) ( VP ( VBD was ) ( NP-PRD ( NN oil ) ( NN field ) ( NN equipment ) ( NNS issues ) ) ) )

And yesterday the top performing industry group was oil field equipment issues


( S ( PP ( IN For ) ( NP ( NN example ) ) ) ( S ( NP-SBJ ( NNP Halliburton ) ) ( VP ( VBD jumped ) ( NP-EXT ( QP ( CD 3 ) ( CD 1\/4 ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 38 ) ) ) ) ) ( S ( NP-SBJ ( NNP Schlumberger ) ) ( VP ( VBD rose ) ( NP-EXT ( QP ( CD 2 ) ( CD 1\/2 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 43 ) ( CD 1\/4 ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Baker ) ( NNP Hughes ) ) ( VP ( VBD rose ) ( NP-EXT ( QP ( CD 1 ) ( CD 1\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 22 ) ) ) ) ) )

For example Halliburton jumped 3 1\/4 to 38 Schlumberger rose 2 1\/2 to 43 1\/4 and Baker Hughes rose 1 1\/8 to 22


( S ( PP-PRP ( IN Because ) ( IN of ) ( NP ( DT the ) ( NNP UAL ) ( CC and ) ( NNP AMR ) ( NNS tumbles ) ) ) ( NP-SBJ ( NNS airlines ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( DT the ) ( JJS weakest ) ( NN sector ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN market ) ) ) ) ( NP-TMP ( NN yesterday ) ) ) )

Because of the UAL and AMR tumbles airlines were the weakest sector of the market yesterday


( S ( NP-SBJ-1 ( NNP Philip ) ( NNP Morris ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ( POS 's ) ) ( ADJP ( RBS most ) ( JJ active ) ) ( NN issue ) ) ( S-ADV ( VP ( VBG rising ) ( NP-EXT ( QP ( CD 2 ) ( CD 1\/4 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 43 ) ( CD 1\/4 ) ) ) ) ( PP-CLR ( IN on ) ( NP ( QP ( RB nearly ) ( CD eight ) ( CD million ) ) ( NNS shares ) ) ) ) ) ) )

Philip Morris was the Big Board 's most active issue rising 2 1\/4 to 43 1\/4 on nearly eight million shares


( S ( PP-LOC ( IN Among ) ( NP ( JJ other ) ( JJ major ) ( NNS issues ) ) ) ( S ( NP-SBJ ( NNP Coca-Cola ) ( NNP Co. ) ) ( VP ( VBD closed ) ( ADVP-CLR ( RB up ) ( NP ( CD 2 ) ) ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 66 ) ( CD 3\/4 ) ) ) ) ( PP-CLR ( IN on ) ( NP ( QP ( CD 1.7 ) ( CD million ) ) ( NNS shares ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP American ) ( NNP Telephone ) ( CC & ) ( NNP Telegraph ) ) ( VP ( VBD rose ) ( NP-EXT ( QP ( CD 3 ) ( CD 1\/4 ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 43 ) ) ) ( PP-CLR ( IN on ) ( NP ( QP ( RB nearly ) ( CD 7.8 ) ( CD million ) ) ( NNS shares ) ) ) ) ) )

Among other major issues Coca-Cola Co. closed up 2 at 66 3\/4 on 1.7 million shares and American Telephone & Telegraph rose 3 1\/4 to 43 on nearly 7.8 million shares


( S ( NP-SBJ-2 ( NP ( NNP Shares ) ) ( PP ( IN of ) ( NP ( NP ( NNP International ) ( NNP Business ) ( NNP Machines ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD reported ) ( NP ( NNS earnings ) ) ( NP-TMP ( NN yesterday ) ) ) ) ) ) ) ) ( VP ( VBN finished ) ( PP-CLR ( IN at ) ( NP ( CD 103 ) ) ) ( ADVP ( RB up ) ( NP ( CD 1 ) ) ) ( PP ( IN after ) ( S-NOM ( VP ( VBG slipping ) ( PP-DIR ( IN below ) ( NP ( CD 100 ) ) ) ( PP-TMP ( IN during ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NN session ) ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ first ) ( NN time ) ) ( PP-TMP ( IN in ) ( NP ( CD five ) ( NNS years ) ) ) ) ) ) ) ) ) )

Shares of International Business Machines which reported earnings yesterday finished at 103 up 1 after slipping below 100 during Friday 's session for the first time in five years


( S ( NP-SBJ ( NP ( NNS Shares ) ) ( PP ( IN of ) ( NP ( CD three ) ( NN brokerage ) ( NNS firms ) ) ) ) ( VP ( VBD rose ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD reported ) ( NP ( NNS earnings ) ) ) ) ) ) )

Shares of three brokerage firms rose after they reported earnings


( S ( S ( NP-SBJ ( NNP Merrill ) ( NNP Lynch ) ) ( VP ( VBD added ) ( NP-EXT ( QP ( CD 1 ) ( CD 3\/4 ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 28 ) ) ) ) ) ( S ( NP-SBJ ( NNP PaineWebber ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 3\/4 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 18 ) ( CD 1\/2 ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Bear ) ( NNP Stearns ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 3\/8 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 14 ) ( CD 1\/4 ) ) ) ) ) ) )

Merrill Lynch added 1 3\/4 to 28 PaineWebber rose 3\/4 to 18 1\/2 and Bear Stearns rose 3\/8 to 14 1\/4


( S ( NP-SBJ ( NP ( NNP Federal ) ( NNP National ) ( NNP Mortgage ) ( NNP Association ) ) ( NP ( DT a ) ( ADJP ( RB recently ) ( JJ hot ) ) ( NN stock ) ) ) ( VP ( VBD climbed ) ( NP-EXT ( CD 4 ) ) ( PP-DIR ( TO to ) ( NP ( CD 124 ) ) ) ( PP-CLR ( IN on ) ( NP ( QP ( RB nearly ) ( CD 1.6 ) ( CD million ) ) ( NNS shares ) ) ) ) )

Federal National Mortgage Association a recently hot stock climbed 4 to 124 on nearly 1.6 million shares


( S ( PP-LOC ( IN At ) ( NP ( DT a ) ( NN news ) ( NN conference ) ) ) ( PP-TMP ( IN after ) ( NP ( NP ( DT the ) ( NN close ) ) ( PP ( IN of ) ( NP ( NN trading ) ) ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ ( NP ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ( POS 's ) ) ( NNP Mr. ) ( NNP Phelan ) ) ( CC and ) ( NP ( JJ other ) ( NN exchange ) ( NNS officials ) ) ) ( VP ( VBD praised ) ( NP ( NP ( DT the ) ( NN performance ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NNS computers ) ( CC and ) ( NNS personnel ) ) ) ) ) )

At a news conference after the close of trading yesterday the Big Board 's Mr. Phelan and other exchange officials praised the performance of their computers and personnel


( S ( NP-SBJ ( NNP Mr. ) ( NNP Phelan ) ) ( VP ( VBD said ) ( SBAR ( DT that ) ( S ( NP-SBJ-1 ( NN program ) ( NN trading ) ( NNS strategies ) ) ( VP ( VBD were ) ( RB n't ) ( ADJP-PRD ( JJ responsible ) ( PP ( IN for ) ( S-NOM ( VP ( VBG triggering ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NN decline ) ) ) ) ) ) ( PP ( IN despite ) ( NP ( NP ( DT a ) ( NN jump ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN use ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ computer-driven ) ( NNS strategies ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS months ) ) ) ) ) ) ) ) ) )

Mr. Phelan said that program trading strategies were n't responsible for triggering Friday 's decline despite a jump in the use of the computer-driven strategies in recent months


( S ( S-TPC-3 ( NP-SBJ ( NP ( QP ( DT Some ) ( CD 24 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( QP ( JJR more ) ( IN than ) ( CD 100 ) ( CD million ) ) ( NNS shares ) ) ( VP ( VBN traded ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ final ) ( CD 90 ) ( NNS minutes ) ) ( PP ( IN of ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NN session ) ) ) ( SBAR ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN plunge ) ) ( PP ( IN in ) ( NP ( NN stock ) ( NNS prices ) ) ) ) ( VP ( VBD was ) ( VP ( VBN concentrated ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ program-related ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

Some 24 million of the more than 100 million shares traded in the final 90 minutes of Friday 's session when the plunge in stock prices was concentrated were program-related he said


( S ( S ( NP-SBJ ( NN Program ) ( NNS trades ) ) ( VP ( VBP make ) ( PRT ( RP up ) ) ( NP ( NP ( CD 10 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN exchange ) ( POS 's ) ) ( NN volume ) ) ) ) ( PP-TMP ( IN on ) ( NP ( DT an ) ( JJ average ) ( NN day ) ) ) ) ) ( CC but ) ( S ( S-TPC-2 ( PP ( IN despite ) ( NP ( NP ( DT the ) ( NN increase ) ) ( NP-TMP ( NNP Friday ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( ADVP ( RB certainly ) ) ( RB not ) ( NP-PRD ( NP ( NN something ) ) ( SBAR ( S ( NP-SBJ ( PRP you ) ) ( VP ( MD would ) ( VP ( VB say ) ( SBAR ( S ( VP ( VBD precipitated ) ( NP ( DT the ) ( NN market ) ( NN decline ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Phelan ) ) ( VP ( VBD said ) ) ) )

Program trades make up 10 % of the exchange 's volume on an average day but despite the increase Friday it was certainly not something you would say precipitated the market decline Mr. Phelan said


( S ( NP-SBJ ( NNP Mr. ) ( NNP Phelan ) ) ( VP ( VBD expressed ) ( NP ( NN relief ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBD rebounded ) ( NP-TMP ( NN yesterday ) ) ) ) ) ) ) )

Mr. Phelan expressed relief that the market rebounded yesterday


( S ( S-TPC-4 ( ADVP ( RB Obviously ) ) ( NP-TMP ( NP ( DT every ) ( NN time ) ) ( SBAR ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP get ) ( NP ( NP ( DT this ) ( NN kind ) ) ( PP ( IN of ) ( NP ( NN reaction ) ) ) ) ) ) ) ) ( NP-SBJ-3 ( PRP it ) ) ( VP ( VBZ 's ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB make ) ( S ( NP-SBJ ( NP ( NN everybody ) ) ) ( ADJP-PRD ( JJ nervous ) ) ( PP-1 ( VBG including ) ( NP ( PRP me ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

Obviously every time we get this kind of reaction it 's going to make everybody nervous including me he said


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ ( NN exchange ) ( NNS officials ) ) ( VP ( VBD had ) ( NP ( NP ( NNS conversations ) ) ( PP ( IN with ) ( NP ( NNP Wall ) ( NNP Street ) ( NNS firms ) ) ) ) ( PP-TMP ( IN throughout ) ( NP ( DT the ) ( NN weekend ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT all ) ( DT the ) ( NNS participants ) ) ( VP ( VBD behaved ) ( ADVP-MNR ( RB very ) ( RB very ) ( RB responsibly ) ) ( NP-TMP ( NN today ) ) ) ) ) ) ) )

He said that exchange officials had conversations with Wall Street firms throughout the weekend and that all the participants behaved very very responsibly today


( S ( ADVP-TMP ( RB Meanwhile ) ) ( NP-SBJ ( NP ( NNP Peter ) ( NNP DaPuzzo ) ) ( NP ( NP ( NP ( NNP Shearson ) ( POS 's ) ) ( NN head ) ) ( PP ( IN of ) ( NP ( JJ retail ) ( NN equity ) ( NN trading ) ) ) ) ) ( VP ( VBD praised ) ( NP ( NP ( JJ institutional ) ( NNS investors ) ) ( PP ( IN in ) ( NP ( DT the ) ( NNP OTC ) ( NN market ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD were ) ( NP-PRD ( NP ( JJ heavy ) ( NNS buyers ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Nasdaq ) ( POS 's ) ) ( JJS biggest ) ( NN technology ) ( NNS issues ) ) ) ) ( NP-TMP ( NN yesterday ) ) ( PP-LOC ( IN amid ) ( NP ( NP ( DT a ) ( NN flood ) ) ( PP ( IN of ) ( NP ( NP ( NN selling ) ) ( PP ( IN by ) ( NP ( JJ other ) ( NNS investors ) ) ) ) ) ) ) ) ) ) ) ) )

Meanwhile Peter DaPuzzo Shearson 's head of retail equity trading praised institutional investors in the OTC market who were heavy buyers of the Nasdaq 's biggest technology issues yesterday amid a flood of selling by other investors


( S ( S-TPC-2 ( NP-SBJ-1 ( DT The ) ( NNS institutions ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN criticized ) ( PP-PRP ( IN for ) ( NP ( PRP$ their ) ( NN behavior ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP DaPuzzo ) ) ( VP ( VBD said ) ( PP-LOC ( IN in ) ( NP ( DT an ) ( NN interview ) ) ) ) )

The institutions ca n't be criticized for their behavior Mr. DaPuzzo said in an interview


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( NN opposite ) ) ( PP ( IN of ) ( SBAR ( WHNP-1 ( WP what ) ) ( S ( VP ( VBD happened ) ( PP-TMP ( IN on ) ( NP ( NNP Oct. ) ( CD 19 ) ) ) ) ) ) ) ) ) )

It was the opposite of what happened on Oct. 19


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBD used ) ( NP ( PRP$ their ) ( NN judgment ) ) ) )

They used their judgment


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( NN panic ) ( PP-TMP ( IN during ) ( NP ( NP ( DT the ) ( JJ first ) ( NN round ) ) ( PP ( IN of ) ( NP ( NN selling ) ) ) ) ) ( NP-TMP ( DT this ) ( NN morning ) ) ) ) )

They did n't panic during the first round of selling this morning


( S ( ADVP ( RB Instead ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VP ( VBD bought ) ( PP-CLR ( IN on ) ( NP ( NN weakness ) ) ) ) ( CC and ) ( VP ( VBD sold ) ( PP-CLR ( IN into ) ( NP ( DT the ) ( NN strength ) ) ) ) ( SBAR-ADV ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD kept ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( ADJP-PRD ( JJ orderly ) ) ) ) ) ) ) )

Instead they bought on weakness and sold into the strength which kept the market orderly


( S ( ADVP ( RB Maybe ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBD learned ) ( PP-CLR ( IN from ) ( NP ( NN experience ) ) ) ) )

Maybe they learned from experience


( S ( NP-SBJ ( NNP Mr. ) ( NNP Phelan ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN performance ) ) ( PP ( IN of ) ( NP ( NNS specialists ) ) ) ( PP-TMP ( IN during ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NN plunge ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ admirable ) ) ( SBAR-PRP ( IN because ) ( S ( PP-TPC-1 ( IN out ) ( PP ( IN of ) ( NP ( NP ( CD 1,640 ) ( NNP Big ) ( NNP Board ) ( JJ common ) ( NNS stocks ) ) ( VP ( VBN traded ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN day ) ) ) ) ) ) ) ( NP-SBJ-2 ( NP ( QP ( RB only ) ( CD seven ) ) ) ) ( VP ( VP ( VBD were ) ( VP ( VBN closed ) ) ) ( CC and ) ( VP ( VBD were ) ( RB n't ) ( VP ( VBN reopened ) ( PP-TMP ( IN before ) ( NP ( DT the ) ( NN close ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Phelan said the performance of specialists during Friday 's plunge was admirable because out of 1,640 Big Board common stocks traded during the day only seven were closed and were n't reopened before the close


( S ( S-TPC-1 ( NP-SBJ ( PRP They ) ) ( VP ( VBD did ) ( NP ( DT an ) ( JJ excellent ) ( NN job ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Phelan ) ) ( VP ( VBD said ) ( PP-CLR ( IN of ) ( NP ( DT the ) ( NNS specialists ) ) ) ) )

They did an excellent job Mr. Phelan said of the specialists


( S ( NP-SBJ ( NNP Wall ) ( NNP Street ) ( NNS traders ) ) ( PP-TMP ( IN on ) ( NP ( NNP Friday ) ) ) ( VP ( VBD had ) ( VP ( VBN complained ) ( PP-CLR ( IN about ) ( NP ( DT the ) ( VBG trading ) ( NNS suspensions ) ) ) ) ) )

Wall Street traders on Friday had complained about the trading suspensions


( S ( NP-SBJ ( NP ( NNP James ) ( NNP A. ) ( NNP White ) ) ( CC and ) ( NP ( NNP Sonja ) ( NNP Steptoe ) ) ) ( VP ( VBD contributed ) ( PP-CLR ( TO to ) ( NP ( DT this ) ( NN article ) ) ) ) )

James A. White and Sonja Steptoe contributed to this article


( S ( S-ADV ( VP ( VBG Concerning ) ( NP ( NP ( PRP$ your ) ( NNP Sept. ) ( CD 19 ) ( NN article ) ) ( S-TTL ( NP-SBJ ( NNP Wall ) ( NNP Street ) ( NNP Firms ) ) ( VP ( VBP Link ) ( NP ( NP ( NNP Analysts ) ( POS ' ) ) ( NN Pay ) ) ( PP-CLR ( TO to ) ( NP ( NN Performance ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBP 'm ) ( ADJP-PRD ( VBN delighted ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Wall ) ( NNP Street ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB finally ) ) ( VP ( VBG tuning ) ( PRT ( RP in ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( JJ hard ) ( JJ cold ) ( NNS facts ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ real ) ( NN working ) ( NN world ) ) ) ) ) ) ) ) ) ) ) )

Concerning your Sept. 19 article Wall Street Firms Link Analysts ' Pay to Performance I 'm delighted that Wall Street is finally tuning in to the hard cold facts of the real working world


( SBAR ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( DT the ) ( NNS firms ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ serious ) ) ) ) ) ( ADVP ( RB however ) ) ( WHADVP-2 ( WRB why ) ) ( S ( VP ( VB limit ) ( NP ( DT the ) ( NN practice ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( JJ poor ) ( VBN maligned ) ( NNS analysts ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( NN ability ) ( S ( VP ( TO to ) ( VP ( VB see ) ( PP-DIR ( IN into ) ( NP ( DT the ) ( NN future ) ) ) ) ) ) ) ( S ( VP ( VBZ is ) ( ADJP-PRD ( JJ fragile ) ) ( PP ( IN at ) ( NP ( RBS best ) ) ) ) ) ) ) ) ) ) )

If the firms are serious however why limit the practice to the poor maligned analysts whose ability to see into the future is fragile at best


( SBAR ( WHADVP-2 ( WRB Why ) ( RB not ) ) ( S ( VP ( VP ( VB extend ) ( NP ( DT the ) ( JJ same ) ( JJ harsh ) ( NNS standards ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NNS sales ) ( NN force ) ) ) ) ( CC and ) ( VP ( VB pay ) ( NP ( NNS brokers ) ) ( NP ( NP ( DT a ) ( NN base ) ( NN salary ) ) ( PP ( IN with ) ( NP ( NP ( JJ annual ) ( NN bonus ) ) ( VP ( VBN based ) ( PP-CLR ( IN on ) ( SBAR ( WHNP-1 ( WHADVP ( WRB how ) ( JJ much ) ) ( NN money ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD made ) ( PP ( IN for ) ( NP ( PRP$ their ) ( NNS clients ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Why not extend the same harsh standards to the sales force and pay brokers a base salary with annual bonus based on how much money they made for their clients during the year


( S ( NP-SBJ ( DT That ) ) ( VP ( MD should ) ( VP ( VP ( VB stop ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NN account-churning ) ) ) ) ) ( CC and ) ( VP ( VB produce ) ( NP ( NP ( DT a ) ( NN stock ) ( NN market ) ) ( VP ( VBN driven ) ( ADVP ( RB only ) ) ( PP ( IN by ) ( NP-LGS ( NP ( JJ professional ) ( NN concern ) ) ( NP ( JJ careful ) ( NN thought ) ) ( CC and ) ( NP ( JJ good ) ( NN sense ) ) ) ) ) ) ) ) ) )

That should stop a lot of account-churning and produce a stock market driven only by professional concern careful thought and good sense


( SQ ( INTJ ( RB Now ) ) ( MD would ) ( RB n't ) ( NP-SBJ ( DT that ) ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( NN novelty ) ) ) )

Now would n't that be a novelty


( NP ( NP ( NNP Phyllis ) ( NNP Kyle ) ( NNP Stephenson ) ) ( NP-LOC ( NP ( NNP Newport ) ( NNP News ) ) ( NP ( NNP Va ) ) ) )

Phyllis Kyle Stephenson Newport News Va


( S ( NP-SBJ ( NNP BSN ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB begin ) ( NP ( DT an ) ( NN offer ) ) ( NP-TMP ( NN tomorrow ) ) ( S-1 ( VP ( TO to ) ( VP ( VB exchange ) ( NP ( NP ( NP ( QP ( IN up ) ( TO to ) ( CD one ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ common ) ( NNS shares ) ) ) ) ( CC and ) ( NP ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( NP ( NP ( PRP$ its ) ( QP ( CD 16.6 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( ADJP ( QP ( CD 7 ) ( CD 3\/4 ) ) ( NN % ) ) ( JJ convertible ) ( NNS debentures ) ) ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 2001 ) ) ) ) ) ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( NN package ) ) ( PP ( IN of ) ( NP ( JJ new ) ( NN debt ) ( CC and ) ( JJ common ) ( NN stock ) ( NNS warrants ) ) ) ) ) ) ) ) ) ) ) ) ) )

BSN Corp. said it will begin an offer tomorrow to exchange up to one million of its common shares and all of its 16.6 million in 7 3\/4 % convertible debentures due 2001 for a package of new debt and common stock warrants


( S ( PP-LOC ( IN Under ) ( NP ( NP ( NNS terms ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN offer ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN sporting ) ( NNS goods ) ( NN maker ) ) ( VP ( MD will ) ( VP ( VB swap ) ( NP ( NP ( NP ( ADJP ( CD 9 ) ) ( NN face ) ( NN amount ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( QP ( CD 9 ) ( CD 1\/4 ) ) ( NN % ) ) ( VBD subordinated ) ( NNS notes ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 1996 ) ) ) ) ) ) ( CC and ) ( NP ( CD one ) ( NN warrant ) ) ) ( PP-CLR ( IN for ) ( NP ( DT each ) ( JJ common ) ( NN share ) ) ) ) ) )

Under terms of the offer the sporting goods maker will swap 9 face amount of 9 1\/4 % subordinated notes due 1996 and one warrant for each common share


( S ( NP-SBJ ( DT Each ) ( NN warrant ) ) ( VP ( VBZ allows ) ( S ( NP-SBJ ( DT the ) ( NN holder ) ) ( VP ( TO to ) ( VP ( VB buy ) ( NP ( CD one ) ( NNP BSN ) ( NN share ) ) ( PP-CLR ( IN for ) ( NP ( NP ( CD 10.75 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT any ) ( NN time ) ) ( PP ( IN over ) ( NP ( DT the ) ( JJ next ) ( CD seven ) ( NNS years ) ) ) ) ) ) ) ) ) )

Each warrant allows the holder to buy one BSN share for 10.75 a share at any time over the next seven years


( S ( NP-SBJ ( NNP BSN ) ) ( ADVP-TMP ( RB currently ) ) ( VP ( VBZ has ) ( NP ( NP ( QP ( CD 4.6 ) ( CD million ) ) ( JJ common ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) )

BSN currently has 4.6 million common shares outstanding


( S ( NP-SBJ ( NNP BSN ) ) ( ADVP ( RB also ) ) ( VP ( VBZ is ) ( VP ( VBG offering ) ( NP ( NP ( NP ( ADJP ( CD 850 ) ) ( NN face ) ( NN amount ) ) ( PP ( IN of ) ( NP ( JJ new ) ( NNS notes ) ) ) ) ( CC and ) ( NP ( CD 64 ) ( JJ common-stock ) ( NNS warrants ) ) ) ( PP ( IN for ) ( NP ( NP ( DT each ) ( ADJP ( CD 1,000 ) ) ( NN face ) ( NN amount ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( JJ convertible ) ( NN debt ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) ) ) )

BSN also is offering 850 face amount of new notes and 64 common-stock warrants for each 1,000 face amount of its convertible debt outstanding


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD can ) ( VP ( VB redeem ) ( NP ( DT the ) ( NNS warrants ) ) ( PP ( IN at ) ( NP ( PRP$ its ) ( NN option ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( CD 1 ) ) ( NP-ADV ( DT each ) ) ) ) ) ) ) ) ) )

The company said it can redeem the warrants at its option for 1 each


( S ( NP-SBJ ( DT The ) ( NN offer ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( JJ contingent ) ( PP ( IN on ) ( NP ( NP ( DT a ) ( JJ certain ) ( NN amount ) ) ( PP ( IN of ) ( NP ( NN debt ) ( CC or ) ( NN stock ) ) ) ( VP ( VBG being ) ( VP ( VBN exchanged ) ) ) ) ) ) ) )

The offer is n't contingent on a certain amount of debt or stock being exchanged


( S ( NP-SBJ ( NNP BSN ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBG making ) ( NP ( DT the ) ( NN offer ) ) ( S-PRP ( VP ( TO to ) ( VP ( VP ( VB shrink ) ( NP ( PRP$ its ) ( NN capital ) ) ) ( CC and ) ( VP ( VB increase ) ( NP ( NN shareholder ) ( NN value ) ) ) ) ) ) ) ) ) ) ) )

BSN said it is making the offer to shrink its capital and increase shareholder value


( SINV ( S-TPC-1 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( NP ( DT all ) ( DT the ) ( NNS bondholders ) ( CC and ) ( NNS holders ) ) ( PP ( IN of ) ( NP ( QP ( CD one ) ( CD million ) ) ( JJ common ) ( NNS shares ) ) ) ) ( VP ( VBP accept ) ( NP ( DT the ) ( NN offer ) ) ) ) ) ( S ( NP-SBJ ( NNP BSN ) ) ( VP ( MD will ) ( VP ( VB increase ) ( NP ( PRP$ its ) ( NN debt ) ) ( PP-EXT ( IN by ) ( NP ( QP ( CD 9 ) ( CD million ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP it ) ) ( ADVP ( RB also ) ) ( VP ( MD will ) ( VP ( VB recognize ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 2 ) ( CD million ) ) ) ( NN gain ) ) ( PP ( IN from ) ( S-NOM ( VP ( VBG retiring ) ( NP ( DT the ) ( JJ old ) ( NN debt ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Michael ) ( NNP J. ) ( NNP Blumenfeld ) ) ( NP ( NN president ) ) ) )

If all the bondholders and holders of one million common shares accept the offer BSN will increase its debt by 9 million but it also will recognize a 2 million gain from retiring the old debt said Michael J. Blumenfeld president


( S ( S-TPC-2 ( NP-SBJ ( PRP We ) ) ( VP ( VBP have ) ( NP ( NP ( JJ sufficient ) ( NN cash ) ( NN flow ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB handle ) ( NP ( DT that ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

We have sufficient cash flow to handle that he said


( S ( NP-SBJ-1 ( DT The ) ( NNS offers ) ) ( VP ( VBP are ) ( VP ( VBN scheduled ) ( S ( VP ( TO to ) ( VP ( VB expire ) ( PP-TMP-CLR ( IN in ) ( NP ( ADJP ( JJ mid ) ( TO to ) ( JJ late ) ) ( NNP November ) ) ) ) ) ) ) ) )

The offers are scheduled to expire in mid to late November


( S ( NP-SBJ ( NP ( DT A ) ( NN group ) ) ( PP ( VBG including ) ( NP ( NP ( NNP Jon ) ( NNP M. ) ( NNP Huntsman ) ) ( PP ( IN of ) ( NP ( NNP Salt ) ( NNP Lake ) ( NNP City ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD boosted ) ( NP ( NP ( PRP$ its ) ( NN stake ) ) ( PP ( IN in ) ( NP ( NNP Aristech ) ( NNP Chemical ) ( NNP Corp. ) ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 8.36 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( DT the ) ( JJ common ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) ) ) ) ) )

A group including Jon M. Huntsman of Salt Lake City said it boosted its stake in Aristech Chemical Corp. to 8.36 % of the the common shares outstanding


( S ( SBAR-ADV ( IN As ) ( S ( VP ( ADVP-TMP ( RB previously ) ) ( VBN reported ) ) ) ) ( NP-SBJ ( NP ( NNP Huntsman ) ( NNP Holdings ) ( NNP Corp. ) ) ( VP ( VBN owned ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Jon ) ( NNP M. ) ( NNP Huntsman ) ) ( CC and ) ( NP ( NP ( JJ other ) ( NNS members ) ) ( PP ( IN of ) ( NP ( PRP$ his ) ( NN family ) ) ) ) ) ) ) ) ( VP ( VBD proposed ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP Banstar ) ( NNP Corp. ) ) ( NP ( NP ( DT an ) ( NN affiliate ) ) ( PP ( IN of ) ( NP ( NNP Huntsman ) ( NNP Holdings ) ) ) ) ) ( VP ( VB acquire ) ( NP ( NNP Aristech ) ) ( PP-MNR ( IN in ) ( NP ( DT a ) ( JJ friendly ) ( NN transaction ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NP ( JJ 25-a-share ) ) ( PP ( IN in ) ( NP ( NN cash ) ) ) ) ( CC or ) ( NP ( QP ( CD 817.5 ) ( CD million ) ) ) ) ) ) ) ) ) )

As previously reported Huntsman Holdings Corp. owned by Jon M. Huntsman and other members of his family proposed that Banstar Corp. an affiliate of Huntsman Holdings acquire Aristech in a friendly transaction for 25-a-share in cash or 817.5 million


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT a ) ( NN filing ) ) ( PP ( IN with ) ( NP ( DT the ) ( NNP Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Huntsman ) ( NN group ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ controls ) ( NP ( NP ( CD 2,720,675 ) ( NNP Aristech ) ( JJ common ) ( NNS shares ) ) ( PP ( VBG including ) ( NP ( NP ( CD 306,000 ) ( NNS shares ) ) ( VP ( VBN bought ) ( PP-TMP ( PP ( IN from ) ( NP ( NNP Aug. ) ( CD 21 ) ) ) ( PP ( TO to ) ( NP ( NNP Oct. ) ( CD 13 ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( CD 20 ) ( TO to ) ( CD 20.875 ) ) ) ( PP ( IN per ) ( NP ( NN share ) ) ) ) ) ) ) ) ) ) ) ) ) )

In a filing with the Securities and Exchange Commission the Huntsman group said it controls 2,720,675 Aristech common shares including 306,000 shares bought from Aug. 21 to Oct. 13 for 20 to 20.875 per share


( S ( NP-SBJ ( NP ( NNS Officials ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Aristech ) ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NNP Pittsburgh ) ) ) ) ) ) ) ( VP ( VBD declined ) ( NP ( NN comment ) ) ) )

Officials at Aristech based in Pittsburgh declined comment


( S ( NP-SBJ ( NNP J.P. ) ( NNP Industries ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD signed ) ( NP ( DT a ) ( JJ definitive ) ( NN agreement ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( PRP$ its ) ( NNP Builders ) ( POS ' ) ) ( NNP Hardware ) ( NNP Group ) ) ( PP-DTV ( TO to ) ( NP ( NP ( ADJP ( RB closely ) ( VBN held ) ) ( NNP Nalcor ) ( NNP Inc. ) ) ( PP ( IN of ) ( NP ( NP ( NNP Beverly ) ( NNP Hills ) ) ( NP ( NNP Calif ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

J.P. Industries Inc. said it signed a definitive agreement to sell its Builders ' Hardware Group to closely held Nalcor Inc. of Beverly Hills Calif


( S ( S ( NP-SBJ-1 ( NNS Terms ) ) ( VP ( VBD were ) ( RB n't ) ( VP ( VBN disclosed ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT a ) ( NNP J.P. ) ( NNP Industries ) ( NN spokesman ) ) ( VP ( VBD said ) ( SBAR ( S ( S ( NP-SBJ ( NP ( DT the ) ( NN amount ) ) ( SBAR ( S ( NP-SBJ ( NNP J.P. ) ( NNP Industries ) ) ( VP ( MD will ) ( VP ( VB get ) ( PP ( IN for ) ( NP ( DT the ) ( NN group ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( NP-ADV ( DT a ) ( RB little ) ) ( RBR better ) ) ( SBAR ( IN than ) ( S ( VP ( VBN expected ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN marketplace ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NN marketplace ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBG expecting ) ( NP ( QP ( CD 25 ) ( CD million ) ( TO to ) ( CD 30 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) )

Terms were n't disclosed but a J.P. Industries spokesman said the amount J.P. Industries will get for the group is a little better than expected by the marketplace and the marketplace had been expecting 25 million to 30 million


( S ( NP-SBJ ( DT The ) ( NN group ) ) ( VP ( VBZ consists ) ( PP-CLR ( IN of ) ( NP ( NP ( NNP Weslock ) ( NNP Corp. ) ) ( CC and ) ( NP ( NNP JPI ) ( NNP Modern ) ( NNP Inc ) ) ) ) ) )

The group consists of Weslock Corp. and JPI Modern Inc


( S ( NP-SBJ ( NP ( NNP J.P. ) ( NNP Industries ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ is ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( NNP Ann ) ( NNP Arbor ) ) ( NP ( NNP Mich. ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN sale ) ) ( VP ( VBZ completes ) ( NP ( DT a ) ( ADJP ( RB previously ) ( VBN announced ) ) ( NN program ) ( S ( VP ( TO to ) ( VP ( VB divest ) ( NP ( PRP itself ) ) ( PP-CLR ( IN of ) ( NP ( PRP$ its ) ( NN hardware ) ( CC and ) ( NN plumbing ) ( NNS supplies ) ( NNS operations ) ) ) ) ) ) ) ) ) ) ) )

J.P. Industries which is based in Ann Arbor Mich. said the sale completes a previously announced program to divest itself of its hardware and plumbing supplies operations