( S ( NP-SBJ-1 ( PRP I ) ) ( VP ( VBD was ) ( VP ( VBN woken ) ( PRT ( RP up ) ) ( NP ( NP ( DT every ) ( NN hour ) ) ( NP ( CD 1:30 ) ( CD 2:30 ) ( CD 3:30 ) ( CD 4:30 ) ) ) ) ) )

I was woken up every hour 1:30 2:30 3:30 4:30


( S ( S ( NP-SBJ ( NNS People ) ) ( VP ( VBP are ) ( VP ( VBG looking ) ( PP-CLR ( IN for ) ( NP ( JJ possible ) ( NNS opportunities ) ( S ( VP ( TO to ) ( VP ( VB buy ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( NN nobody ) ) ( VP ( VBZ wants ) ( S ( VP ( TO to ) ( VP ( VB stick ) ( NP ( PRP$ their ) ( NN chin ) ) ( PRT ( RP out ) ) ) ) ) ) ) )

People are looking for possible opportunities to buy but nobody wants to stick their chin out


( S ( PP ( IN For ) ( NP ( NP ( JJ many ) ) ( PP ( IN of ) ( NP ( NP ( NNP London ) ( POS 's ) ) ( NNS securities ) ( NNS traders ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( NN day ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD started ) ( ADVP-MNR ( RB nervously ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ small ) ( NNS hours ) ) ) ) ) ) ) ) )

For many of London 's securities traders it was a day that started nervously in the small hours


( S ( PP-TMP ( IN By ) ( NP ( NN lunchtime ) ) ) ( NP-SBJ ( DT the ) ( NN selling ) ) ( VP ( VBD was ) ( PP-LOC-PRD ( IN at ) ( NP ( JJ near-panic ) ( NN fever ) ) ) ) )

By lunchtime the selling was at near-panic fever


( S ( CC But ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( DT the ) ( NN day ) ) ( VP ( VBD ended ) ( PP-MNR ( IN in ) ( NP ( DT a ) ( JJ frantic ) ( NNP Wall ) ( JJ Street-inspired ) ( NN rally ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP City ) ) ( VP ( VBD breathed ) ( NP ( NP ( DT a ) ( NN sigh ) ) ( PP ( IN of ) ( NP ( NN relief ) ) ) ) ) )

But as the day ended in a frantic Wall Street-inspired rally the City breathed a sigh of relief


( S ( IN So ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD went ) ( NP-TMP ( NN yesterday ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN trading ) ( NNS rooms ) ) ( PP ( IN of ) ( NP ( NP ( NNP London ) ( POS 's ) ) ( JJ financial ) ( NN district ) ) ) ) ) ) )

So it went yesterday in the trading rooms of London 's financial district


( S ( PP-TMP ( IN In ) ( NP ( NP ( DT the ) ( NN wake ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Wall ) ( NNP Street ) ( POS 's ) ) ( NN plunge ) ) ( NP-TMP ( JJ last ) ( NNP Friday ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NNP London ) ( NN market ) ) ( VP ( VBD was ) ( VP ( VBN considered ) ( S ( ADJP-PRD ( RB especially ) ( JJ vulnerable ) ) ) ) ) )

In the wake of Wall Street 's plunge last Friday the London market was considered especially vulnerable


( S ( CC And ) ( PP-TMP ( IN before ) ( NP ( NP ( DT the ) ( NN opening ) ) ( PP ( IN of ) ( NP ( NN trading ) ) ) ( ADVP-LOC ( RB here ) ) ( NP-TMP ( NN yesterday ) ) ) ) ( NP-SBJ ( DT all ) ( NNS eyes ) ) ( VP ( VBD were ) ( PP-PRD ( IN on ) ( NP ( NP ( JJ early ) ( NN trading ) ) ( PP-LOC ( IN in ) ( NP ( NNP Tokyo ) ) ) ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( NN clue ) ) ( PP ( IN as ) ( PP ( TO to ) ( SBAR-NOM ( WHADJP-1 ( WRB how ) ( JJ widespread ) ) ( S ( NP-SBJ ( DT the ) ( NN fallout ) ) ( VP ( MD might ) ( VP ( VB be ) ) ) ) ) ) ) ) ) ) )

And before the opening of trading here yesterday all eyes were on early trading in Tokyo for a clue as to how widespread the fallout might be


( S ( PP-TMP ( IN By ) ( NP ( NP ( DT the ) ( NN time ) ) ( SBAR ( S ( NP-SBJ ( NN trading ) ) ( VP ( ADVP ( RB officially ) ) ( VBD got ) ( PP-CLR ( IN under ) ( NP ( NN way ) ) ) ( PP-TMP ( IN at ) ( NP ( CD 9 ) ( NN a.m. ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN news ) ) ( PP ( IN from ) ( NP ( NNP Asia ) ) ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB in ) ) ) )

By the time trading officially got under way at 9 a.m. the news from Asia was in


( S ( CC And ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD left ) ( NP ( JJ mixed ) ( NNS signals ) ) ( PP ( IN for ) ( NP ( NNP London ) ) ) ) )

And it left mixed signals for London


( S ( S ( NP-SBJ ( NNP Tokyo ) ( NNS stocks ) ) ( VP ( VBN closed ) ( ADVP-CLR ( JJ off ) ( NP ( DT a ) ( ADJP ( JJ significant ) ( CC but ) ( JJ less-than-alarming ) ) ( CD 1.8 ) ( NN % ) ) ( PP ( IN on ) ( NP ( JJ thin ) ( NN volume ) ) ) ) ) ) ( S ( NP-SBJ ( NNP Hong ) ( NNP Kong ) ( NNS stocks ) ) ( VP ( VBD declined ) ( NP-EXT ( CD 6.5 ) ( NN % ) ) ( PP ( IN in ) ( NP ( JJ orderly ) ( NN trading ) ) ) ) ) )

Tokyo stocks closed off a significant but less-than-alarming 1.8 % on thin volume Hong Kong stocks declined 6.5 % in orderly trading


( S ( PP ( IN At ) ( NP ( NP ( NP ( NNP Jefferies ) ( POS ' ) ) ( VBG trading ) ( NN room ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NNP Finsbury ) ( NNP Circus ) ) ( NP ( NP ( DT a ) ( JJ stately ) ( NN circle ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NN edge ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ financial ) ( NN district ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NN desktop ) ( NN computer ) ( NNS screens ) ) ( VP ( VBD displayed ) ( NP ( NP ( NP ( DT the ) ( NNP London ) ( NN market ) ( POS 's ) ) ( JJ major ) ( NN barometer ) ) ( NP ( DT the ) ( NNP Financial ) ( NNP Times-Stock ) ( NNP Exchange ) ( CD 100 ) ( NNP Share ) ( NNP Index ) ) ) ) )

At Jefferies ' trading room on Finsbury Circus a stately circle at the edge of the financial district desktop computer screens displayed the London market 's major barometer the Financial Times-Stock Exchange 100 Share Index


( S ( S ( NP-SBJ-1 ( NP ( JJ Red ) ( NNS figures ) ) ( PP ( IN on ) ( NP ( DT the ) ( NNS screens ) ) ) ) ( VP ( VBD indicated ) ( NP-2 ( VBG falling ) ( NNS stocks ) ) ) ) ( S ( NP-SBJ=1 ( JJ blue ) ( NNS figures ) ) ( NP=2 ( VBG rising ) ( NNS stocks ) ) ) )

Red figures on the screens indicated falling stocks blue figures rising stocks


( S ( ADVP-TMP ( RB Right ) ( RB away ) ) ( NP-SBJ ( DT the ) ( NNS reds ) ) ( VP ( VBD outnumbered ) ( NP ( DT the ) ( NNS blues ) ) ( ADVP-CLR ( CD 80 ) ( TO to ) ( CD 20 ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( DT the ) ( NN index ) ) ( VP ( VBD opened ) ( PP-CLR ( IN at ) ( NP ( CD 2076.8 ) ) ) ( ADVP ( IN off ) ( NP ( NP ( CD 157.1 ) ( NNS points ) ) ( CC or ) ( NP ( CD 7 ) ( NN % ) ) ) ) ) ) ) ) )

Right away the reds outnumbered the blues 80 to 20 as the index opened at 2076.8 off 157.1 points or 7 %


( SINV ( S-TPC-2 ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP see ) ( NP ( NN concern ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB see ) ( NP ( DT any ) ( NN panic ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Palamara ) ) ( NP ( NP ( DT a ) ( JJ big ) ( JJ good-humored ) ( NNP New ) ( NNP York ) ( NN native ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ runs ) ( NP ( DT the ) ( JJ 15-trader ) ( NN office ) ) ) ) ) ) ) )

I see concern but I do n't see any panic said Mr. Palamara a big good-humored New York native who runs the 15-trader office


( S ( NP-SBJ-1 ( NP ( DT The ) ( NNP Jefferies ) ( NN office ) ) ( NP ( NP ( DT a ) ( NN branch ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Los ) ( JJ Angeles-based ) ( NN firm ) ) ) ) ) ( VP ( VBD played ) ( NP ( PRP it ) ) ( ADVP-MNR ( RB conservatively ) ) ( S-ADV ( VP ( VBG seeking ) ( S ( VP ( TO to ) ( VP ( VB avoid ) ( NP ( NN risk ) ) ) ) ) ) ) ) )

The Jefferies office a branch of the Los Angeles-based firm played it conservatively seeking to avoid risk


( SINV ( S-TPC-3 ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( RB not ) ( NP-PRD ( NP ( DT the ) ( NN sort ) ) ( PP ( IN of ) ( NP ( NN market ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB have ) ( NP ( DT a ) ( JJ big ) ( NN position ) ) ( PP ( IN in ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP David ) ( NNP Smith ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ heads ) ( NP ( NP ( NN trading ) ) ( PP ( IN in ) ( NP ( DT all ) ( JJ non-U.S. ) ( NNS stocks ) ) ) ) ) ) ) ) )

This is not the sort of market to have a big position in said David Smith who heads trading in all non-U.S. stocks


( S ( NP-SBJ-1 ( PRP We ) ) ( VP ( VBP tend ) ( S ( VP ( TO to ) ( VP ( VB run ) ( NP ( DT a ) ( ADJP ( RB very ) ( JJ tight ) ) ( NN book ) ) ) ) ) ) )

We tend to run a very tight book


( S ( S ( NP-SBJ-1 ( NNP Jefferies ) ) ( VP ( VBD spent ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS energies ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN morning ) ) ) ( S-ADV ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB match ) ( NP ( NNS buyers ) ( CC and ) ( NNS sellers ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBD were ) ( RB n't ) ( NP-PRD ( JJ many ) ( NNS buyers ) ) ) ) )

Jefferies spent most of its energies in the morning trying to match buyers and sellers and there were n't many buyers


( S ( S-TPC-1 ( NP-SBJ-2 ( NP ( DT All ) ( DT the ) ( NN takeover ) ( NNS stocks ) ) ( NP ( NP ( NNP Scottish ) ( CC & ) ( NNP Newcastle ) ) ( NP ( NNP B.A.T ) ) ( NP ( NNP DRG ) ) ) ) ( VP ( VBP are ) ( VP ( VBG getting ) ( VP ( ADVP ( RB pretty ) ( RB well ) ) ( VBN pasted ) ( NP-TMP ( DT this ) ( NN morning ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Smith ) ) ( VP ( VBD said ) ) )

All the takeover stocks Scottish & Newcastle B.A.T DRG are getting pretty well pasted this morning Mr. Smith said


( S ( ADVP-TMP ( NP ( NNS Seconds ) ) ( RBR later ) ) ( NP-SBJ ( NP ( DT a ) ( JJ 7,500-share ) ( NN sell ) ( NN order ) ) ( PP ( IN for ) ( NP ( NNP Scottish ) ( CC & ) ( NNP Newcastle ) ) ) ) ( VP ( VBD came ) ( PRT ( RP in ) ) ) )

Seconds later a 7,500-share sell order for Scottish & Newcastle came in


( S ( PP-TMP ( IN For ) ( NP ( NP ( DT the ) ( JJ third ) ( NN time ) ) ( PP-TMP ( IN in ) ( NP ( CD 15 ) ( NNS minutes ) ) ) ) ) ( NP-SBJ-1 ( NP ( DT a ) ( NN trader ) ) ( ADVP-LOC ( JJ next ) ( PP ( TO to ) ( NP ( NNP Mr. ) ( NNP Smith ) ) ) ) ) ( VP ( VBD left ) ( NP ( DT the ) ( JJ no-smoking ) ( NN area ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB have ) ( NP ( DT a ) ( NN cigarette ) ) ) ) ) ) )

For the third time in 15 minutes a trader next to Mr. Smith left the no-smoking area to have a cigarette


( S ( S ( PP-LOC ( IN On ) ( NP ( DT the ) ( NNS screens ) ) ) ( NP-SBJ ( RB only ) ( CD two ) ( JJ forlorn ) ( JJ blue ) ( NNS figures ) ) ( VP ( VBD remained ) ) ) ( CC but ) ( S ( NP-SBJ ( DT the ) ( NN index ) ) ( VP ( VP ( VBD had ) ( VP ( VBN recovered ) ( NP ( DT a ) ( JJ few ) ( NNS points ) ) ) ) ( CC and ) ( VP ( VBD was ) ( ADVP-PRD ( RB off ) ( NP ( QP ( RB about ) ( CD 140 ) ) ) ) ) ) ) )

On the screens only two forlorn blue figures remained but the index had recovered a few points and was off about 140


( S ( S-TPC-1 ( SBAR-PRP ( IN Because ) ( S ( NP-SBJ ( NNP Tokyo ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB collapse ) ) ) ) ) ( VP ( VB let ) ( S ( NP-SBJ ( POS 's ) ) ( VP ( VB pick ) ( PRT ( RP up ) ) ( NP ( DT a ) ( JJ little ) ( NN stock ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Smith ) ) ( VP ( VBD said ) ) )

Because Tokyo did n't collapse let 's pick up a little stock Mr. Smith said


( S ( NP-SBJ-1 ( PRP He ) ) ( VP ( VP ( VBD targeted ) ( NP ( NP ( CD 7,500 ) ( NNS shares ) ) ( PP ( IN of ) ( NP ( NNP Reuters ) ) ) ) ) ( CC and ) ( VP ( VBD punched ) ( NP ( DT a ) ( NN button ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB call ) ( PRT ( RP up ) ) ( PP-LOC ( IN on ) ( NP ( PRP$ his ) ( NN screen ) ) ) ( NP ( NP ( JJ other ) ( NNS dealers ) ( POS ' ) ) ( NN price ) ( NNS quotes ) ) ) ) ) ) ) )

He targeted 7,500 shares of Reuters and punched a button to call up on his screen other dealers ' price quotes


( S ( S ( NP-SBJ ( DT The ) ( JJ vivid ) ( JJ yellow ) ( NNS figures ) ) ( VP ( VBD showed ) ( NP ( DT the ) ( JJS best ) ( NN price ) ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 845 ) ( NN pence ) ) ( PRN ( NP ( CD 13.27 ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( NP ( NNP Mr. ) ( NNP Smith ) ( POS 's ) ) ( NNS traders ) ) ( VP ( VBD started ) ( S ( VP ( VBG putting ) ( PRT ( RP out ) ) ( NP ( NNS feelers ) ) ) ) ) ) )

The vivid yellow figures showed the best price at 845 pence 13.27 and Mr. Smith 's traders started putting out feelers


( S ( CC But ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBD sensed ) ( NP ( NP ( DT a ) ( JJ serious ) ( NN buyer ) ) ( PP-TMP ( IN on ) ( NP ( NP ( DT a ) ( NN day ) ) ( VP ( VBN dominated ) ( PP ( IN by ) ( NP-LGS ( NN selling ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NNS quotes ) ) ( ADVP-TMP ( RB immediately ) ) ( VP ( VBD jumped ) ( PP-DIR ( TO to ) ( NP ( CD 850 ) ( NN pence ) ) ) ) ) )

But the market sensed a serious buyer on a day dominated by selling and the quotes immediately jumped to 850 pence


( S ( S-TPC-3 ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ-2 ( PRP I ) ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB buy ) ) ) ) ) ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP run ) ( PP-DIR ( IN from ) ( NP ( PRP you ) ) ) ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP keep ) ( VP ( VBG changing ) ( NP ( PRP$ their ) ( NNS prices ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Smith ) ) ( VP ( VBD said ) ) )

When I want to buy they run from you they keep changing their prices Mr. Smith said


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( RB very ) ( JJ frustrating ) ) ) )

It 's very frustrating


( S ( NP-SBJ ( PRP He ) ) ( ADVP-TMP ( RB temporarily ) ) ( VP ( VBD abandoned ) ( NP ( NP ( PRP$ his ) ( NN search ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNP Reuters ) ( NNS shares ) ) ) ) ) )

He temporarily abandoned his search for the Reuters shares


( S ( PP-TMP ( IN By ) ( NP ( DT this ) ( NN time ) ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( NP-PRD ( CD 4:30 ) ( NN a.m. ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Smith ) ) ( VP ( VBD fielded ) ( NP ( NP ( DT a ) ( NN call ) ) ( PP ( IN from ) ( NP ( NP ( DT a ) ( NNP New ) ( NNP York ) ( NN customer ) ) ( VP ( VBG wanting ) ( NP ( NP ( DT an ) ( NN opinion ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( JJ British ) ( NN stock ) ( NN market ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBG having ) ( NP ( NP ( NNS troubles ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ own ) ) ) ) ( PP-TMP ( RB even ) ( IN before ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NNP New ) ( NNP York ) ( NN market ) ( NN break ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

By this time it was 4:30 a.m. in New York and Mr. Smith fielded a call from a New York customer wanting an opinion on the British stock market which had been having troubles of its own even before Friday 's New York market break


( FRAG-1 ( ADJP ( RB Fundamentally ) ( JJ dangerous ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Smith ) ) ( VP ( VBD said ) ( PP-MNR ( RB almost ) ( IN in ) ( NP ( DT a ) ( NN whisper ) ) ) ) ) ) ( ADJP ( ADJP ( RB fundamentally ) ( JJ weak ) ) ( ADJP ( RB fairly ) ( JJ vulnerable ) ( RB still ) ) ( ADJP ( RB extremely ) ( RB dangerously ) ( VBN poised ) ) ) )

Fundamentally dangerous Mr. Smith said almost in a whisper fundamentally weak fairly vulnerable still extremely dangerously poised


( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP 're ) ( PP-PRD ( IN in ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NN turbulence ) ) ) ) ) ) ) )

we 're in for a lot of turbulence


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ right ) ) ) )

He was right


( S ( PP-TMP ( IN By ) ( NP ( NN midday ) ) ) ( NP-SBJ ( DT the ) ( NNP London ) ( NN market ) ) ( VP ( VBD was ) ( PP-PRD ( IN in ) ( NP ( JJ full ) ( NN retreat ) ) ) ) )

By midday the London market was in full retreat


( SINV ( S-TPC-2 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( VP ( VBG falling ) ( PP-MNR ( IN like ) ( NP ( DT a ) ( NN stone ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Danny ) ( NNP Linger ) ) ( NP ( NP ( DT a ) ( NN pit ) ( NN trader ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD was ) ( VP ( VBG standing ) ( PP-LOC ( IN outside ) ( NP ( DT the ) ( NNP London ) ( NNP International ) ( NNP Financial ) ( NNP Futures ) ( NNP Exchange ) ) ) ) ) ) ) ) ) )

It 's falling like a stone said Danny Linger a pit trader who was standing outside the London International Financial Futures Exchange


( S ( NP-SBJ ( QP ( RB Only ) ( NN half ) ) ( DT the ) ( JJ usual ) ( NN lunchtime ) ( NN crowd ) ) ( VP ( VBD gathered ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( JJ tony ) ( NNP Corney ) ( CC & ) ( NNP Barrow ) ( NN wine ) ( NN bar ) ) ( PP-LOC ( IN on ) ( NP ( NNP Old ) ( NNP Broad ) ( NNP Street ) ) ) ( ADVP-LOC ( RB nearby ) ) ) ) ) )

Only half the usual lunchtime crowd gathered at the tony Corney & Barrow wine bar on Old Broad Street nearby


( S ( NP-SBJ ( NN Conversation ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ subdued ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( JJS most ) ( NNS patrons ) ) ( VP ( VBD watched ) ( NP ( DT the ) ( JJS latest ) ( NN market ) ( NNS statistics ) ) ( PP-LOC ( IN on ) ( NP ( NN television ) ) ) ) ) ) ) )

Conversation was subdued as most patrons watched the latest market statistics on television


( S ( PP-TMP ( IN At ) ( NP ( CD 12:49 ) ( NN p.m. ) ) ) ( NP-SBJ ( DT the ) ( NN index ) ) ( VP ( VBD hit ) ( NP ( NP ( PRP$ its ) ( JJ low ) ) ( NP ( CD 2029.7 ) ) ( ADVP ( IN off ) ( NP ( CD 204.2 ) ( NNS points ) ) ) ) ) )

At 12:49 p.m. the index hit its low 2029.7 off 204.2 points


( S ( S-TPC-2 ( NP-SBJ ( NNP France ) ) ( VP ( VBD opened ) ( NP ( DT the ) ( NN limit ) ) ( ADVP-CLR ( RB down ) ) ( PRN ( ADVP ( IN off ) ( NP ( QP ( ADVP ( IN at ) ( JJS least ) ) ( CD 10 ) ) ( NN % ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( MD could ) ( VP ( VB calculate ) ( NP ( DT the ) ( NN index ) ) ( SBAR-ADV ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( MD could ) ( RB n't ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Clark ) ) ( NP ( DT the ) ( NNP Shearson ) ( NN trader ) ) ) ( VP ( VBD said ) ( ADVP-TMP ( RB early ) ( PP ( IN in ) ( NP ( DT the ) ( NN afternoon ) ) ) ) ) )

France opened the limit down off at least 10 % if you could calculate the index which you could n't Mr. Clark the Shearson trader said early in the afternoon


( S ( S ( NP-SBJ-1 ( NNP Spain ) ) ( VP ( VBZ is ) ( UCP-PRD ( ADVP-PRD ( RB down ) ( NP ( CD 10 ) ( NN % ) ) ) ( CC and ) ( VP ( VBN suspended ) ) ) ) ) ( S ( S ( NP-SBJ-3 ( NNP Sweden ) ) ( VP ( VBZ 's ) ( ADVP-PRD ( RB down ) ( NP-2 ( CD 8 ) ( NN % ) ) ) ) ) ( S ( NP-SBJ=3 ( NNP Norway ) ) ( NP=2 ( CD 11 ) ( NN % ) ) ) ) )

Spain is down 10 % and suspended Sweden 's down 8 % Norway 11 %


( S ( NP-SBJ-1 ( DT This ) ( NN market ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( ADVP-MNR ( RB very ) ( RB badly ) ) ( VBN damaged ) ) ) ) )

This market has been very badly damaged


( S ( SBAR-TMP ( IN As ) ( S ( NP-SBJ ( NP ( CD 2:30 ) ( NN p.m. ) ) ( NP ( NP ( NNP Wall ) ( NNP Street ) ( POS 's ) ) ( VBG opening ) ( NN time ) ) ) ( VP ( VBD neared ) ) ) ) ( NP-SBJ ( NNP Shearson ) ( NNS traders ) ( CC and ) ( NNS salesmen ) ) ( VP ( VBD traded ) ( NP ( NP ( NNS bets ) ) ( PP ( IN on ) ( SBAR ( WHADVP-2 ( WRB how ) ( JJ low ) ) ( S ( NP-SBJ ( DT the ) ( NNP New ) ( NNP York ) ( NN market ) ) ( VP ( MD would ) ( VP ( VB open ) ) ) ) ) ) ) ) )

As 2:30 p.m. Wall Street 's opening time neared Shearson traders and salesmen traded bets on how low the New York market would open


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT the ) ( NN center ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN trading ) ( NN floor ) ) ) ) ) ( NP-SBJ ( NP ( JJ chief ) ( NN trader ) ( NNP Roger ) ( NNP Streeter ) ) ( CC and ) ( NP ( CD two ) ( NNS colleagues ) ) ) ( VP ( VBD scrambled ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( NNS telephones ) ) ) ( ADVP-TMP ( ADVP ( RB as ) ( RB soon ) ) ( SBAR ( IN as ) ( S ( NP-SBJ-1 ( DT the ) ( NNP New ) ( NNP York ) ( NN market ) ) ( VP ( VBD opened ) ( S-ADV ( VP ( VBG plummeting ) ( NP-EXT ( QP ( RBR more ) ( IN than ) ( CD 60 ) ) ( NNS points ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ first ) ( JJ few ) ( NNS minutes ) ) ) ) ) ) ) ) ) ) )

In the center of the trading floor chief trader Roger Streeter and two colleagues scrambled for the telephones as soon as the New York market opened plummeting more than 60 points in the first few minutes


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBD saw ) ( NP ( NP ( DT an ) ( NN opportunity ) ) ( VP ( VBN created ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN sell-off ) ) ) ) ) ) )

They saw an opportunity created by the sell-off


( S ( SBAR-ADV ( IN As ) ( S ( NP-SBJ ( NNP Wall ) ( NNP Street ) ( NNS traders ) ) ( VP ( VBD dumped ) ( NP ( NP ( NNP American ) ( NNP Depositary ) ( NNP Receipts ) ) ( PP ( IN in ) ( NP ( NNP Jaguar ) ( NNP PLC ) ) ) ) ) ) ) ( NP-SBJ-1 ( NP ( NNP Mr. ) ( NNP Streeter ) ) ( CC and ) ( NP ( NN trader ) ( NNP Sam ) ( NNP Ruiz ) ) ) ( VP ( VBD bought ) ( NP ( PRP them ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB resell ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.K ) ) ) ) ) ) ) )

As Wall Street traders dumped American Depositary Receipts in Jaguar PLC Mr. Streeter and trader Sam Ruiz bought them to resell in the U.K


( S ( NP-SBJ ( NP ( NNS Investors ) ) ( ADVP-LOC ( RB here ) ) ) ( VP ( ADVP-TMP ( RB still ) ) ( VB expect ) ( S ( NP-SBJ ( NP ( NNP Ford ) ( NNP Motor ) ( NNP Co. ) ) ( CC or ) ( NP ( NNP General ) ( NNP Motors ) ( NNP Corp. ) ) ) ( VP ( TO to ) ( VP ( VB bid ) ( PP-CLR ( IN for ) ( NP ( NNP Jaguar ) ) ) ) ) ) ) )

Investors here still expect Ford Motor Co. or General Motors Corp. to bid for Jaguar


( S ( ADVP-TMP ( RB Suddenly ) ) ( PP-TMP ( IN after ) ( NP ( QP ( RB about ) ( CD 45 ) ) ( NNS minutes ) ) ) ( NP-SBJ ( DT the ) ( NNP U.S. ) ( NNS markets ) ) ( VP ( VBD rallied ) ) )

Suddenly after about 45 minutes the U.S. markets rallied


( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( NNP MMI ) ) ( VP ( VBZ has ) ( VP ( VBN gone ) ( ADJP-PRD ( RBR better ) ) ) ) ) ( VP ( VBD shouted ) ) ( NP-SBJ ( CD one ) ( NN trader ) ) ( PP-TMP ( IN at ) ( NP ( RB about ) ( CD 3:15 ) ( NNP London ) ( NN time ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ( NNP Major ) ( NNP Markets ) ( NNP Index ) ( NN contract ) ) ( ADVP-TMP ( RB suddenly ) ) ( VP ( VBD indicated ) ( NP ( DT a ) ( NN turnabout ) ) ) ) ) )

The MMI has gone better shouted one trader at about 3:15 London time as the U.S. Major Markets Index contract suddenly indicated a turnabout


( S ( SBAR-TMP ( IN As ) ( S ( NP-SBJ ( NNP Wall ) ( NNP Street ) ) ( VP ( VBD strengthened ) ) ) ) ( NP-SBJ ( DT the ) ( NNP London ) ( NN trading ) ( NN room ) ) ( VP ( VBD went ) ( ADJP-PRD ( JJ wild ) ) ) )

As Wall Street strengthened the London trading room went wild


( S ( NP-SBJ ( NNS Traders ) ) ( VP ( VBD shouted ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( PRP$ their ) ( NNS screens ) ) ( VP ( VBD posted ) ( NP ( NP ( DT an ) ( JJ ever-narrowing ) ( NN loss ) ) ( PP-LOC ( IN on ) ( NP ( NNP Wall ) ( NNP Street ) ) ) ) ) ) ) ) )

Traders shouted as their screens posted an ever-narrowing loss on Wall Street


( S ( ADVP-TMP ( RB Then ) ) ( ADVP-TMP ( NP ( CD nine ) ( NNS minutes ) ) ( RBR later ) ) ( NP-SBJ ( NNP Wall ) ( NNP Street ) ) ( ADVP ( RB suddenly ) ) ( VP ( VBD rebounded ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( NN gain ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN day ) ) ) ) ) ) )

Then nine minutes later Wall Street suddenly rebounded to a gain on the day


( SINV ( NP-TPC-1 ( NP ( NN Rally ) ) ( NP ( NN Rally ) ) ( NP ( NN Rally ) ) ) ( VP ( VBD shouted ) ) ( NP-SBJ-2 ( NNP Shearson ) ( NN trader ) ( NNP Andy ) ( NNP Rosen ) ) ( S-ADV ( VP ( VBG selling ) ( NP ( JJR more ) ( NNP Jaguar ) ( NNS shares ) ) ) ) )

Rally Rally Rally shouted Shearson trader Andy Rosen selling more Jaguar shares


( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( NP-PRD ( NN panic ) ( NN buying ) ) ) )

This is panic buying


( S ( SBAR-TMP ( IN As ) ( S ( NP-SBJ ( DT the ) ( NNP London ) ( NN market ) ) ( VP ( VBD rallied ) ) ) ) ( NP-SBJ ( DT some ) ) ( VP ( VBD wondered ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( NP ( DT the ) ( NN weekend ) ) ( PP ( IN of ) ( NP ( VBG worrying ) ( CC and ) ( NNS jitters ) ) ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( PP-PRD ( JJ worth ) ( NP ( PRP it ) ) ) ) ) ) ) ) )

As the London market rallied some wondered whether the weekend of worrying and jitters had been worth it


( S ( NP-SBJ ( DT The ) ( NNP London ) ( NN index ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 2163.4 ) ) ( NP ( NP ( PRP$ its ) ( NN high ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN day ) ) ) ) ) ) ( ADVP ( IN off ) ( NP ( NP ( CD 70.5 ) ) ( CC or ) ( NP ( QP ( RB about ) ( CD 3.3 ) ) ( NN % ) ) ) ) ) )

The London index closed at 2163.4 its high for the day off 70.5 or about 3.3 %


( S ( NP-SBJ ( NNP Gitano ) ( NNP Group ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NP ( CD 50 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NNP Regatta ) ( NNP Sport ) ( NNP Ltd. ) ) ( NP ( DT a ) ( ADJP ( RB closely ) ( VBN held ) ) ( NN apparel ) ( NN maker ) ) ) ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN assumption ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 3 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( JJ contingent ) ( NN debt ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Gitano Group Inc. said it agreed to buy 50 % of Regatta Sport Ltd. a closely held apparel maker with the assumption of 3 million of contingent debt


( S ( PP-LOC ( IN Under ) ( NP ( NP ( DT the ) ( NNS terms ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN contract ) ) ) ) ) ( NP-SBJ ( ADJP ( NNP New ) ( JJ York-based ) ) ( NNP Gitano ) ) ( VP ( VBZ has ) ( NP ( DT the ) ( NN option ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( NP ( DT the ) ( JJ remaining ) ( CD 50 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NNP Regatta ) ) ( NP ( NP ( DT a ) ( NN maker ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NP ( NNS men ) ( POS 's ) ) ( CC and ) ( NP ( NNS women ) ( POS 's ) ) ) ( NNS clothes ) ) ( VP ( VBN sold ) ( PP-LOC ( ADVP ( RB primarily ) ) ( IN in ) ( NP ( NN department ) ( NNS stores ) ) ) ) ) ) ) ) ) ) ( PP-MNR ( IN under ) ( NP ( JJ certain ) ( NNS conditions ) ) ) ) ) ) ) ) )

Under the terms of the contract New York-based Gitano has the option to acquire the remaining 50 % of Regatta a maker of men 's and women 's clothes sold primarily in department stores under certain conditions


( S ( NP-SBJ-1 ( DT That ) ( CD 50 ) ( NN % ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB now ) ) ( VP ( VBN held ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( NNP Clifford ) ( NNP Parker ) ) ( NP ( NP ( NNP Regatta ) ( POS 's ) ) ( NX ( NX ( NN president ) ) ( CC and ) ( NX ( JJ chief ) ( JJ executive ) ( NN officer ) ) ) ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( MD will ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB manage ) ( NP ( NP ( NNP Regatta ) ( POS 's ) ) ( NNS operations ) ) ( PP-LOC ( IN under ) ( NP ( NNP Gitano ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

That 50 % is now held by Clifford Parker Regatta 's president and chief executive officer who will continue to manage Regatta 's operations under Gitano


( S ( S-TPC-1 ( PP-TMP ( IN In ) ( NP ( CD 1989 ) ) ) ( NP-SBJ ( NNP Regatta ) ) ( VP ( VP ( MD will ) ( VP ( VB have ) ( NP ( NNS sales ) ) ( PP ( IN in ) ( NP ( NP ( NN excess ) ) ( PP ( IN of ) ( NP ( QP ( CD 10 ) ( CD million ) ) ) ) ) ) ) ) ( CC and ) ( VP ( MD will ) ( VP ( VB show ) ( NP ( DT a ) ( NN profit ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Parker ) ) ( VP ( VBD said ) ) )

In 1989 Regatta will have sales in excess of 10 million and will show a profit Mr. Parker said


( S ( NP-SBJ ( NP ( NNP Gitano ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ makes ) ( NP ( NP ( JJ budget-priced ) ( NN apparel ) ) ( VP ( VBN sold ) ( ADVP ( RB mainly ) ) ( PP-MNR ( IN through ) ( NP ( NP ( NN mass ) ( NNS merchandisers ) ) ( PP ( IN like ) ( NP ( NP ( NNP K ) ( NNP mart ) ) ( CC and ) ( NP ( NNP Wal-Mart ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNP Regatta ) ( NN acquisition ) ) ( VP ( MD will ) ( VP ( VB enhance ) ( NP ( PRP$ its ) ( NN strategy ) ( S ( VP ( TO to ) ( VP ( VB expand ) ( PP-CLR ( IN into ) ( NP ( NN department ) ( NNS stores ) ) ) ) ) ) ) ) ) ) ) ) )

Gitano which makes budget-priced apparel sold mainly through mass merchandisers like K mart and Wal-Mart said the Regatta acquisition will enhance its strategy to expand into department stores


( S ( NP ( DT This ) ( NN fall ) ) ( NP-SBJ-1 ( NNP Gitano ) ) ( VP ( VBD began ) ( S ( VP ( VBG manufacturing ) ( NP ( NP ( ADJP ( RB moderately ) ( VBN priced ) ) ( NNS clothes ) ) ( VP ( VBN aimed ) ( PP-CLR ( IN at ) ( NP ( NN department ) ( NNS stores ) ) ) ) ) ( PP-CLR ( IN under ) ( NP ( NP ( DT the ) ( NNP Gloria ) ( NNP Vanderbilt ) ( NN trademark ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( NP-SBJ ( NNP Gitano ) ) ( VP ( ADVP-TMP ( RB recently ) ) ( VBD acquired ) ) ) ) ) ) ) ) ) )

This fall Gitano began manufacturing moderately priced clothes aimed at department stores under the Gloria Vanderbilt trademark which Gitano recently acquired


( S ( NP-SBJ ( NNP J.P. ) ( NNP Morgan ) ( CC & ) ( NNP Co. ) ) ( VP ( VBD swung ) ( PP-DIR ( TO to ) ( NP ( DT a ) ( NN loss ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( SBAR-ADV ( IN while ) ( S ( S ( NP-SBJ ( NNP NCNB ) ( NNP Corp. ) ) ( VP ( VBD reported ) ( SBAR ( S ( NP-SBJ ( JJ net ) ( NN income ) ) ( VP ( ADVP ( RBR more ) ( IN than ) ) ( VBD doubled ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Security ) ( NNP Pacific ) ( NNP Corp. ) ( NN net ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 10 ) ( NN % ) ) ) ) ) ) ) )

J.P. Morgan & Co. swung to a loss in the third quarter while NCNB Corp. reported net income more than doubled and Security Pacific Corp. net rose 10 %


( NP ( NNP J.P. ) ( NNP Morgan ) ( CC & ) ( NNP Co ) )

J.P. Morgan & Co


( S ( NP-SBJ ( NNP J.P. ) ( NNP Morgan ) ) ( SBAR-ADV ( IN as ) ( S ( VP ( VBN expected ) ) ) ) ( VP ( VBD posted ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 1.82 ) ( CD billion ) ) ) ( NN net ) ( NN loss ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN quarter ) ) ) ) ( S-ADV ( VP ( VBG reflecting ) ( NP ( NP ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NN bank ) ( POS 's ) ) ( NN decision ) ) ( NP-TMP ( JJ last ) ( NN month ) ) ( S-2 ( VP ( TO to ) ( VP ( VB add ) ( NP ( QP ( CD 2 ) ( CD billion ) ) ) ( PP-CLR ( TO to ) ( NP ( NNS reserves ) ) ) ( PP ( IN for ) ( NP ( NP ( NNS losses ) ) ( PP ( IN on ) ( NP ( NP ( NNS loans ) ) ( PP ( TO to ) ( NP ( JJ less-developed ) ( NNS countries ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

J.P. Morgan as expected posted a 1.82 billion net loss for the quarter reflecting the New York bank 's decision last month to add 2 billion to reserves for losses on loans to less-developed countries


( S ( NP-SBJ ( DT The ) ( NN reserve ) ( NN addition ) ) ( VP ( VBD placed ) ( NP ( NP ( DT the ) ( NN parent ) ) ( PP ( IN of ) ( NP ( NNP Morgan ) ( NNP Guaranty ) ( NNP Trust ) ( NNP Co. ) ) ) ) ( PP-LOC ( IN among ) ( NP ( NP ( DT a ) ( JJ few ) ( JJ major ) ( NNP U.S. ) ( NNS banks ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP have ) ( VP ( VBN covered ) ( NP ( NP ( RB nearly ) ( DT all ) ( PRP$ their ) ( ADJP ( NN medium ) ( CC and ) ( JJ long-term ) ) ( NNS portfolios ) ) ( PP ( TO to ) ( NP ( JJ less-developed ) ( NNS countries ) ) ) ) ( PP-MNR ( IN with ) ( NP ( NNS reserves ) ) ) ) ) ) ) ) ) ) )

The reserve addition placed the parent of Morgan Guaranty Trust Co. among a few major U.S. banks that have covered nearly all their medium and long-term portfolios to less-developed countries with reserves


( S ( NP-SBJ ( NP ( DT The ) ( JJS latest ) ( NN quarter ) ( POS 's ) ) ( NN loss ) ) ( VP ( VBZ equals ) ( NP ( NP ( CD 9.92 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) )

The latest quarter 's loss equals 9.92 a share


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( JJ year-earlier ) ( NN quarter ) ) ) ( NP-SBJ ( NNP Morgan ) ) ( VP ( VBD earned ) ( NP ( NP ( QP ( CD 233.6 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.25 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) )

In the year-earlier quarter Morgan earned 233.6 million or 1.25 a share


( S ( NP-SBJ ( NP ( NNP George ) ( NNP M. ) ( NNP Salem ) ) ( NP ( NP ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NNP Prudential-Bache ) ( NNP Securities ) ( NNP Inc. ) ) ) ) ) ( VP ( VBD called ) ( S ( NP-SBJ ( DT the ) ( NNS results ) ) ( ADJP-PRD ( RB mildly ) ( JJ disappointing ) ) ) ) )

George M. Salem analyst at Prudential-Bache Securities Inc. called the results mildly disappointing


( S ( S-TPC-2 ( S-ADV ( VP ( VP ( VBG Excluding ) ( NP ( DT the ) ( ADJP ( QP ( CD 2 ) ( CD billion ) ) ) ( NN provision ) ) ) ( CC and ) ( VP ( VBG allowing ) ( PP-CLR ( IN for ) ( NP ( NP ( DT the ) ( NNS taxes ) ) ( SBAR ( S ( NP-SBJ ( NNP Morgan ) ) ( VP ( VBD paid ) ) ) ) ) ) ) ) ) ( NP-SBJ-3 ( NNS earnings ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( QP ( RB about ) ( CD 65 ) ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Salem ) ) ( VP ( VBD said ) ) )

Excluding the 2 billion provision and allowing for the taxes Morgan paid earnings were about 65 cents a share Mr. Salem said


( S ( PP-LOC ( IN In ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( NN composite ) ( NN trading ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ ( NNP Morgan ) ) ( VP ( VBD climbed ) ( NP-EXT ( NP ( CD 1.50 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 44.125 ) ) ) ) )

In New York Stock Exchange composite trading yesterday Morgan climbed 1.50 a share to 44.125


( S ( NP-SBJ ( JJ Net ) ( NN interest ) ( NN income ) ) ( VP ( VBD sank ) ( NP-EXT ( CD 27 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN quarter ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 254 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 347 ) ( CD million ) ) ) ) ) )

Net interest income sank 27 % in the quarter to 254 million from 347 million


( S ( S-TPC-2 ( NP-SBJ ( NP ( DT The ) ( NN interest ) ( NN rate ) ) ( PP ( IN on ) ( NP ( NP ( JJ short-term ) ( NNS funds ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ-3 ( NNS banks ) ) ( VP ( VBP borrow ) ( S-PRP ( VP ( TO to ) ( VP ( VB finance ) ( NP ( NP ( JJ longer-term ) ( NNS loans ) ) ( PP ( TO to ) ( NP ( NNS customers ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( RB sharply ) ( JJR higher ) ) ) ) ( NP-SBJ ( NNP Morgan ) ) ( VP ( VBD said ) ) )

The interest rate on short-term funds which banks borrow to finance longer-term loans to customers was sharply higher Morgan said


( S ( S ( NP-SBJ ( NNP Morgan ) ) ( VP ( VBD received ) ( NP ( NP ( QP ( CD 2 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( NN interest ) ( NNS payments ) ) ( PP ( IN on ) ( NP ( PRP$ its ) ( ADJP ( JJ medium ) ( CC and ) ( JJ long-term ) ) ( JJ Brazilian ) ( NNS loans ) ) ) ) ) ) ) ) ( S ( S-TPC-1 ( SBAR-ADV ( SINV ( VBD had ) ( NP-SBJ ( PRP they ) ) ( VP ( VBN been ) ( VP ( VBG accruing ) ( NP ( NN interest ) ) ) ) ) ) ( NP-SBJ ( JJ net ) ( NN interest ) ( NN income ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN been ) ( ADJP-PRD ( NP-ADV ( QP ( CD 35 ) ( CD million ) ) ) ( JJR higher ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN quarter ) ) ) ) ) ) ) ( NP-SBJ ( NNP Morgan ) ) ( VP ( VBD said ) ) ) )

Morgan received 2 million of interest payments on its medium and long-term Brazilian loans had they been accruing interest net interest income would have been 35 million higher in the quarter Morgan said


( S ( NP-SBJ-1 ( NP ( JJ Such ) ( NNS loans ) ) ( PP ( TO to ) ( NP ( NNP Argentina ) ) ) ) ( VP ( ADVP ( RB also ) ) ( VBP remain ) ( ADJP-PRD ( JJ classified ) ( PP ( IN as ) ( ADJP ( JJ non-accruing ) ) ) ) ( S-ADV ( VP ( VBG costing ) ( NP ( DT the ) ( NN bank ) ) ( NP ( NP ( QP ( CD 10 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NN interest ) ( NN income ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN period ) ) ) ) ) ) )

Such loans to Argentina also remain classified as non-accruing costing the bank 10 million of interest income in the third period


( S ( NP-SBJ ( NP ( NN Income ) ) ( PP ( IN from ) ( NP ( NP ( NNS sources ) ) ( ADJP ( ADJP ( JJ other ) ) ( PP ( IN than ) ( NP ( NN interest ) ) ) ) ) ) ) ( VP ( VBD climbed ) ( NP-EXT ( CD 12 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 414 ) ( CD million ) ) ) ) ( S-ADV ( VP ( VBG reflecting ) ( NP ( NP ( JJR higher ) ( UCP ( NN corporate-finance ) ( CC and ) ( JJ other ) ) ( NNS fees ) ) ( CC and ) ( NP ( NP ( NNS gains ) ) ( PP ( IN on ) ( NP ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( NN investment ) ( NNS securities ) ) ) ) ) ) ) ) ) ) )

Income from sources other than interest climbed 12 % to 414 million reflecting higher corporate-finance and other fees and gains on sales of investment securities


( S ( S-TPC-2 ( NP-SBJ-1 ( DT These ) ( NNS increases ) ) ( VP ( VBD were ) ( VP ( ADVP ( RB partly ) ) ( VBN offset ) ( PP ( IN by ) ( NP-LGS ( JJR lower ) ( JJ trading-related ) ( NN income ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN bank ) ) ( VP ( VBD said ) ) )

These increases were partly offset by lower trading-related income the bank said


( S ( NP-SBJ ( JJ Non-interest ) ( NNS expenses ) ) ( VP ( VBD grew ) ( NP-EXT ( CD 16 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 496 ) ( CD million ) ) ) ) ) )

Non-interest expenses grew 16 % to 496 million


NCNB Corp


( S ( NP-SBJ ( NP ( NNP NCNB ) ( NNP Corp. ) ( POS 's ) ) ( JJ net ) ( NN income ) ) ( VP ( ADVP ( RBR more ) ( IN than ) ) ( VBD doubled ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN period ) ) ) ( PP-PRP ( ADVP ( RB largely ) ) ( IN because ) ( IN of ) ( NP ( NP ( VBN continued ) ( JJ strong ) ( NN performance ) ) ( PP ( IN by ) ( NP ( NP ( DT the ) ( NN bank ) ( POS 's ) ) ( NNP Texas ) ( NNS operations ) ) ) ) ) ) )

NCNB Corp. 's net income more than doubled in the period largely because of continued strong performance by the bank 's Texas operations


( S ( NP-SBJ ( DT The ) ( NAC-LOC ( NNP Charlotte ) ( NNP N.C. ) ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNS earnings ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 143.6 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.45 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 58.9 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 69 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) )

The Charlotte N.C. company said earnings rose to 143.6 million or 1.45 a share from 58.9 million or 69 cents a share a year earlier


( S ( NP-SBJ ( DT The ) ( JJS latest ) ( NN quarter ) ) ( VP ( VBD included ) ( NP ( NP ( DT a ) ( NN gain ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 56.1 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 59 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( ADJP ( VBN related ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN purchase ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ remaining ) ( CD 51 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNP NCNB ) ( NNP Texas ) ( NNP National ) ( NNP Bank ) ) ) ) ) ( PP ( IN from ) ( NP ( DT the ) ( NNP Federal ) ( NNP Deposit ) ( NNP Insurance ) ( NNP Corp ) ) ) ) ) ) ) ) )

The latest quarter included a gain of 56.1 million or 59 cents a share related to the purchase of the remaining 51 % of NCNB Texas National Bank from the Federal Deposit Insurance Corp


( S ( NP-SBJ ( DT The ) ( JJ strong ) ( NN performance ) ) ( ADVP ( RB however ) ) ( VP ( VBD contrasted ) ( PP-CLR ( IN with ) ( NP ( NP ( DT an ) ( ADJP ( RB unexpectedly ) ( JJ large ) ) ( NN increase ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN size ) ) ( PP ( IN of ) ( NP ( NP ( NNP NCNB ) ( POS 's ) ) ( NN problem ) ( NNS loans ) ) ) ) ) ) ) ( PP-LOC ( ADVP ( RB particularly ) ) ( IN in ) ( NP ( DT the ) ( NNP Southeast ) ) ) ) )

The strong performance however contrasted with an unexpectedly large increase in the size of NCNB 's problem loans particularly in the Southeast


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( NP-SBJ ( VBG nonperforming ) ( NNS assets ) ) ( VP ( VBD jumped ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 474.1 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.43 ) ( NN % ) ) ( PP ( IN of ) ( NP ( JJ net ) ( NNS loans ) ( CC and ) ( NNS leases ) ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 232.8 ) ( CD million ) ) ) ( CC or ) ( NP ( CD 1.13 ) ( NN % ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ second ) ( NN quarter ) ) ) ) ) )

In the third quarter nonperforming assets jumped to 474.1 million or 1.43 % of net loans and leases from 232.8 million or 1.13 % in the second quarter


( S ( NP-SBJ ( NNS Nonperformers ) ) ( VP ( VBD totaled ) ( NP ( NP ( QP ( CD 230.8 ) ( CD million ) ) ) ( CC or ) ( NP ( CD 1.27 ) ( NN % ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ year-ago ) ( JJ third ) ( NN quarter ) ) ) ) )

Nonperformers totaled 230.8 million or 1.27 % in the year-ago third quarter


( SINV ( VP-TPC-3 ( VBN Included ) ( PP-CLR ( IN in ) ( NP ( NP ( DT the ) ( NN increase ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ recent ) ) ( NN quarter ) ) ) ) ) ) ( VP ( VBZ is ) ) ( NP-SBJ-4 ( NP ( DT a ) ( ADJP ( QP ( CD 33 ) ( CD million ) ) ) ( NN loan ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( NP-SBJ ( NNP NCNB ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( ADVP ( RB fully ) ) ( VBN repaid ) ( PP-MNR ( IN with ) ( NP ( DT no ) ( NN loss ) ) ) ( ADVP-TMP ( RB early ) ( PP ( IN in ) ( NP ( DT the ) ( JJ fourth ) ( NN quarter ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Included in the increase in the most recent quarter is a 33 million loan which NCNB said it expects to be fully repaid with no loss early in the fourth quarter


( S ( NP-SBJ ( NP ( DT The ) ( NN deterioration ) ) ( PP ( IN in ) ( NP ( NN credit ) ( NN quality ) ) ) ) ( VP ( VBD offset ) ( NP ( NP ( NP ( JJ strong ) ( NN loan ) ( NN growth ) ) ( PP ( IN of ) ( NP ( CD 17 ) ( NN % ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP NCNB ) ( POS 's ) ) ( NNP Southeast ) ( NNS operations ) ) ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( NP ( NP ( DT a ) ( ADJP ( CD 28 ) ( NN % ) ) ( NN growth ) ) ( PP ( IN in ) ( NP ( NNS deposits ) ) ) ( VP ( VBG resulting ) ( PP-CLR ( IN from ) ( NP ( DT an ) ( JJ aggressive ) ( NN marketing ) ( NN campaign ) ) ) ) ) ) ) )

The deterioration in credit quality offset strong loan growth of 17 % in NCNB 's Southeast operations as well as a 28 % growth in deposits resulting from an aggressive marketing campaign


( S ( NP-SBJ-1 ( NP ( DT The ) ( JJR higher ) ( NNS rates ) ) ( VP ( VBN paid ) ( PP ( IN on ) ( NP ( NNS deposits ) ) ) ) ) ( VP ( ADVP ( RB also ) ) ( VBD helped ) ( S ( VP ( VB squeeze ) ( NP ( NP ( NP ( NNP NCNB ) ( POS 's ) ) ( JJ net ) ( NN interest ) ( NN margin ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Southeast ) ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 3.38 ) ( NN % ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 3.80 ) ( NN % ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) )

The higher rates paid on deposits also helped squeeze NCNB 's net interest margin in the Southeast to 3.38 % from 3.80 % a year earlier


( S ( PP-LOC ( IN In ) ( NP ( NNP Big ) ( NNP Board ) ( NN composite ) ( NN trading ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ ( NNP NCNB ) ) ( VP ( VBD jumped ) ( NP-EXT ( NP ( CD 3.50 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 51 ) ) ) ) )

In Big Board composite trading yesterday NCNB jumped 3.50 a share to 51


( S ( NP-SBJ-1 ( NNS Results ) ) ( VP ( VBD were ) ( VP ( VBN released ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBD closed ) ) ) ) ) ) )

Results were released after the market closed


( S ( NP-SBJ ( NP ( NNP NCNB ) ( NNP Texas ) ( NNP National ) ) ( VP ( VBN formed ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( NNS remnants ) ) ( X ( IN of ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( VBN failed ) ( NNP First ) ( NNP RepublicBank ) ( NNP Corp. ) ) ( PP ( IN of ) ( NP ( NNP Dallas ) ) ) ) ) ) ) ) ) ( VP ( VBD contributed ) ( NP ( QP ( CD 76.9 ) ( CD million ) ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NNP NCNB ) ( POS 's ) ) ( JJ bottom ) ( NN line ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ) )

NCNB Texas National formed from the remnants of of the failed First RepublicBank Corp. of Dallas contributed 76.9 million to NCNB 's bottom line in the third quarter


( S ( NP-SBJ ( NNP NCNB ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( NN third-quarter ) ( NNS results ) ) ( VP ( VBP reflect ) ( NP ( NP ( CD 100 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NNS earnings ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Texas ) ( NN operation ) ) ) ( PP-TMP ( IN since ) ( NP ( NNP Aug. ) ( CD 1 ) ) ) ) ) ) ) ) ) ) )

NCNB said its third-quarter results reflect 100 % of earnings of the Texas operation since Aug. 1


( S ( NP-SBJ-1 ( NNP NCNB ) ) ( VP ( VBD raised ) ( NP ( NP ( QP ( DT some ) ( CD 1.9 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( JJ new ) ( NN capital ) ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN quarter ) ) ) ( S-PRP ( VP ( VP ( TO to ) ( VP ( VB complete ) ( NP ( DT the ) ( NNP NCNB ) ( NNP Texas ) ( NN purchase ) ) ) ) ( CC and ) ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( JJ several ) ( JJ small ) ( VBN failed ) ( NNS thrifts ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB fill ) ( PRT ( RP out ) ) ( NP ( PRP$ its ) ( JJ regional ) ( NN franchise ) ) ) ) ) ) ) ) ) ) )

NCNB raised some 1.9 billion in new capital during the quarter to complete the NCNB Texas purchase and to acquire several small failed thrifts to fill out its regional franchise


( S ( NP-TMP ( JJ Last ) ( NN week ) ) ( NP-SBJ ( DT the ) ( NN banking ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD purchased ) ( NP ( DT both ) ( NP ( NP ( NNP Freedom ) ( NNP Savings ) ( CC & ) ( NNP Loan ) ( NNP Association ) ) ( NP-LOC ( NP ( NNP Tampa ) ) ( NP ( NNP Fla. ) ) ) ) ( CC and ) ( NP ( NP ( NNP University ) ( NNP Federal ) ( NNP Savings ) ( NNP Association ) ) ( PP ( IN of ) ( NP ( NP ( NNP San ) ( NNP Antonio ) ) ( NP-LOC ( NNP Texas ) ) ) ) ) ) ( PP-CLR ( IN for ) ( NP ( QP ( CD 169.4 ) ( CD million ) ) ) ) ) ) ) ) )

Last week the banking company said it purchased both Freedom Savings & Loan Association Tampa Fla. and University Federal Savings Association of San Antonio Texas for 169.4 million


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( JJ first ) ( CD nine ) ( NNS months ) ) ) ( NP-SBJ ( NP ( NNP NCNB ) ( POS 's ) ) ( JJ net ) ( NN income ) ) ( VP ( VBD climbed ) ( NP-EXT ( CD 65 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 310.9 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 3.30 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 188.2 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 2.22 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) )

In the first nine months NCNB 's net income climbed 65 % to 310.9 million or 3.30 a share from 188.2 million or 2.22 a share a year earlier


( NP ( NNP Security ) ( NNP Pacific ) ( NNP Corp ) )

Security Pacific Corp


( S ( S ( NP-SBJ ( NP ( NNP Security ) ( NNP Pacific ) ( POS 's ) ) ( NNS earnings ) ( NN growth ) ) ( VP ( VBD slowed ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( DT the ) ( NNP Los ) ( NNP Angeles ) ( NN bank ) ( VBG holding ) ( NN company ) ) ( VP ( VBD was ) ( ADVP-TMP ( RB still ) ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB post ) ( NP ( NP ( DT a ) ( ADJP ( CD 10 ) ( NN % ) ) ( NN increase ) ) ( PP ( IN in ) ( NP ( JJ net ) ( NN income ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( JJ robust ) ( NN growth ) ) ( PP ( IN in ) ( NP ( JJ residential ) ( NN real-estate ) ( CC and ) ( NN consumer ) ( NNS loans ) ) ) ) ) ) ) ) ) ) ) )

Security Pacific 's earnings growth slowed in the third quarter but the Los Angeles bank holding company was still able to post a 10 % increase in net income because of robust growth in residential real-estate and consumer loans


( S ( NP-SBJ ( JJ Net ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 185.1 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.55 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 167.9 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.47 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) )

Net rose to 185.1 million or 1.55 a share from 167.9 million or 1.47 a share a year earlier


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN gain ) ) ( VP ( VBD resulted ) ( ADVP ( RB mainly ) ) ( PP-CLR ( IN from ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 54 ) ( CD million ) ) ) ( NN increase ) ) ( PP ( IN in ) ( NP ( JJ net ) ( NN interest ) ( NN income ) ) ) ) ) ( S-ADV ( VP ( VBG reflecting ) ( NP ( NP ( NP ( DT a ) ( ADJP ( CD 33 ) ( NN % ) ) ( NN increase ) ) ( PP ( IN in ) ( NP ( NP ( NN real ) ( NN estate ) ( NNS loans ) ) ( PRN ( ADJP ( RB mainly ) ( JJ residential ) ) ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( ADJP ( CD 19 ) ( NN % ) ) ( NN rise ) ) ( PP ( IN in ) ( NP ( NN consumer ) ( NNS loans ) ) ) ) ) ) ) ) ) ) ) )

The company said the gain resulted mainly from a 54 million increase in net interest income reflecting a 33 % increase in real estate loans mainly residential and a 19 % rise in consumer loans


( S ( NP-SBJ ( DT These ) ( JJ high-yielding ) ( NNS loans ) ) ( ADVP ( IN in ) ( NN effect ) ) ( VP ( VBD replaced ) ( NP ( NP ( DT some ) ( JJ low-yielding ) ( NNS assets ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( JJ inter-bank ) ( NNS loans ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD were ) ( VP ( VBN allowed ) ( S ( VP ( TO to ) ( VP ( VB decrease ) ) ) ) ) ) ) ) ) ) ) ) )

These high-yielding loans in effect replaced some low-yielding assets such as inter-bank loans which were allowed to decrease


( S ( PP ( IN As ) ( NP ( DT a ) ( NN result ) ) ) ( NP-SBJ ( NP ( NNP Security ) ( NNP Pacific ) ( POS 's ) ) ( JJ net ) ( NN interest ) ( NN margin ) ) ( VP ( VBD fell ) ( NP-EXT ( NP ( QP ( RB only ) ( CD 13 ) ) ( NN basis ) ( NNS points ) ) ( NP ( NP ( DT a ) ( ADJP ( RBR more ) ( JJ mild ) ) ( NN decrease ) ) ( PP ( IN than ) ( NP ( NP ( DT some ) ( JJ major ) ( NNS banks ) ) ( PP-LOC ( IN outside ) ( NP ( NNP California ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG reporting ) ( NP ( ADJP ( RBR more ) ( JJ sluggish ) ) ( NNS earnings ) ) ) ) ) ) ) ) ) ) ) ) )

As a result Security Pacific 's net interest margin fell only 13 basis points a more mild decrease than some major banks outside California which have been reporting more sluggish earnings


( S ( NP-SBJ ( NNP Security ) ( NNP Pacific ) ( NNS shares ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 44.625 ) ) ) ( ADVP ( RB down ) ( NP ( CD 37.5 ) ( NNS cents ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Big ) ( NNP Board ) ( JJ composite ) ( NN trading ) ) ) ) )

Security Pacific shares closed at 44.625 down 37.5 cents in Big Board composite trading


( S ( NP-SBJ ( DT The ) ( NNS earnings ) ) ( VP ( VBP represent ) ( NP ( NP ( NP ( DT a ) ( ADJP ( CD 0.89 ) ( NN % ) ) ( NN return ) ) ( PP ( IN on ) ( NP ( NNS assets ) ) ) ( PP ( IN for ) ( NP ( NNP Security ) ( NNP Pacific ) ) ) ) ( CC and ) ( NP ( NP ( DT an ) ( ADJP ( CD 18.9 ) ( NN % ) ) ( NN return ) ) ( PP ( IN on ) ( NP ( NN equity ) ) ) ) ) ) )

The earnings represent a 0.89 % return on assets for Security Pacific and an 18.9 % return on equity


( S ( NP-SBJ ( DT The ) ( NN loan ) ( NN growth ) ) ( VP ( VBD offset ) ( NP ( NP ( VBG continuing ) ( NN real-estate ) ( NN loan ) ( NNS losses ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( VBN depressed ) ( NNP Arizona ) ( NN market ) ) ) ) ) )

The loan growth offset continuing real-estate loan losses in the depressed Arizona market


( S ( NP-SBJ ( NNP Security ) ( NNP Pacific ) ) ( VP ( VBD reported ) ( NP ( NP ( DT a ) ( ADJP ( CD 33 ) ( NN % ) ) ( NN increase ) ) ( PP ( IN in ) ( NP ( JJ net ) ( NN credit ) ( NNS losses ) ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( NN quarter ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 109 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 81.9 ) ( CD million ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ year-ago ) ( NN period ) ) ) ) ) ) )

Security Pacific reported a 33 % increase in net credit losses for the quarter to 109 million from 81.9 million in the year-ago period


( S ( NP-SBJ ( VBG Nonperforming ) ( NNS loans ) ) ( VP ( VBD grew ) ( ADVP-MNR ( RB slightly ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 1.75 ) ( CD billion ) ) ) ( PP-TMP ( IN at ) ( NP ( NNP Sept. ) ( CD 30 ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 1.7 ) ( CD billion ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) )

Nonperforming loans grew slightly to 1.75 billion at Sept. 30 from 1.7 billion a year ago


( S ( NP-SBJ ( NP ( NNP Security ) ( NNP Pacific ) ( POS 's ) ) ( JJ loan-loss ) ( NN provision ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB down ) ( NP ( NP ( CD 22 ) ( NN % ) ) ( CC or ) ( NP ( QP ( CD 30.4 ) ( CD million ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD added ) ( PP-CLR ( TO to ) ( NP ( PRP$ its ) ( JJ foreign-debt ) ( NN reserve ) ) ) ( ADVP-TMP ( NP ( DT the ) ( NN year ) ) ( RB before ) ) ) ) ) ) )

Security Pacific 's loan-loss provision was down 22 % or 30.4 million because it added to its foreign-debt reserve the year before


( S ( NP-SBJ ( JJ Non-interest ) ( NN income ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 6 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN quarter ) ) ) ( PP-PRP ( ADVP ( RB mainly ) ) ( IN because ) ( IN of ) ( NP ( NP ( DT an ) ( JJ unusual ) ( NN gain ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NNP Hong ) ( NNP Kong ) ( NN banking ) ( NNS operations ) ) ) ) ) ) ) ) )

Non-interest income fell 6 % in the quarter mainly because of an unusual gain a year earlier from the sale of Hong Kong banking operations


( S ( NP-SBJ ( JJ Non-interest ) ( NN expense ) ) ( VP ( VBD grew ) ( NP-EXT ( QP ( RB only ) ( CD 4 ) ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN period ) ) ) ) )

Non-interest expense grew only 4 % in the period


( S ( PP-TMP ( IN For ) ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ) ( NP-SBJ ( JJ net ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 17 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 548.9 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 4.67 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 469.4 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 4.13 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) )

For the nine months net rose 17 % to 548.9 million or 4.67 a share from 469.4 million or 4.13 a share a year earlier


( S ( NP-SBJ ( NP ( JJ Influential ) ( NNS members ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP House ) ( NNP Ways ) ( CC and ) ( NNP Means ) ( NNP Committee ) ) ) ) ( VP ( VBD introduced ) ( NP ( NP ( NN legislation ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB restrict ) ( SBAR ( WHADVP-2 ( WRB how ) ) ( S ( NP-SBJ ( DT the ) ( JJ new ) ( NN savings-and-loan ) ( NN bailout ) ( NN agency ) ) ( VP ( MD can ) ( VP ( VB raise ) ( NP ( NN capital ) ) ) ) ) ) ( S-ADV ( VP ( VBG creating ) ( NP ( NP ( DT another ) ( JJ potential ) ( NN obstacle ) ) ( PP ( TO to ) ( NP ( NP ( NP ( DT the ) ( NN government ) ( POS 's ) ) ( NN sale ) ) ( PP ( IN of ) ( NP ( JJ sick ) ( NNS thrifts ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Influential members of the House Ways and Means Committee introduced legislation that would restrict how the new savings-and-loan bailout agency can raise capital creating another potential obstacle to the government 's sale of sick thrifts


( S ( NP-SBJ ( NP ( DT The ) ( NN bill ) ) ( SBAR ( WHNP-2 ( WP$ whose ) ( NNS backers ) ) ( S ( VP ( VBP include ) ( NP ( NP ( NNP Chairman ) ( NNP Dan ) ( NNP Rostenkowski ) ) ( PRN ( NP ( NNP D. ) ) ( NP-LOC ( NNP Ill. ) ) ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB prevent ) ( NP-4 ( DT the ) ( NNP Resolution ) ( NNP Trust ) ( NNP Corp. ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG raising ) ( NP ( JJ temporary ) ( VBG working ) ( NN capital ) ) ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG having ) ( NP ( NP ( DT an ) ( JJ RTC-owned ) ( NN bank ) ( CC or ) ( NN thrift ) ( NN issue ) ( NN debt ) ) ( SBAR ( WHNP-3 ( WDT that ) ) ( S ( VP ( MD would ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN counted ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( JJ federal ) ( NN budget ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The bill whose backers include Chairman Dan Rostenkowski D. Ill. would prevent the Resolution Trust Corp. from raising temporary working capital by having an RTC-owned bank or thrift issue debt that would n't be counted on the federal budget


( S ( NP-SBJ-1 ( DT The ) ( NN bill ) ) ( VP ( VBZ intends ) ( S ( VP ( TO to ) ( VP ( VB restrict ) ( NP ( DT the ) ( NNP RTC ) ) ( PP-CLR ( TO to ) ( NP ( NNP Treasury ) ( NNS borrowings ) ( RB only ) ) ) ) ) ) ( SBAR-ADV ( IN unless ) ( S ( NP-SBJ ( DT the ) ( NN agency ) ) ( VP ( VBZ receives ) ( NP ( JJ specific ) ( JJ congressional ) ( NN authorization ) ) ) ) ) ) )

The bill intends to restrict the RTC to Treasury borrowings only unless the agency receives specific congressional authorization


( SINV ( S-TPC-1 ( NP-SBJ ( JJ Such ) ( NN agency ) ( NN self-help ) ( NN borrowing ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( JJ unauthorized ) ( CC and ) ( JJ expensive ) ) ( ADJP ( ADJP ( RB far ) ( RBR more ) ( JJ expensive ) ) ( PP ( IN than ) ( NP ( JJ direct ) ( NNP Treasury ) ( NN borrowing ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NP ( NNP Rep. ) ( NNP Fortney ) ( NNP Stark ) ) ( PRN ( NP ( NNP D. ) ) ( NP-LOC ( NNP Calif. ) ) ) ) ( NP ( NP ( DT the ) ( NN bill ) ( POS 's ) ) ( JJ chief ) ( NN sponsor ) ) ) )

Such agency self-help borrowing is unauthorized and expensive far more expensive than direct Treasury borrowing said Rep. Fortney Stark D. Calif. the bill 's chief sponsor


( S ( NP-SBJ-1 ( NP ( DT The ) ( JJ complex ) ( NN financing ) ( NN plan ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN S&L ) ( NN bailout ) ( NN law ) ) ) ) ( VP ( VBZ includes ) ( S ( VP ( VBG raising ) ( NP ( QP ( CD 30 ) ( CD billion ) ) ) ( PP ( IN from ) ( NP ( NP ( NN debt ) ) ( VP ( VBN issued ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( ADJP ( RB newly ) ( VBN created ) ) ( NNP RTC ) ) ) ) ) ) ) ) ) )

The complex financing plan in the S&L bailout law includes raising 30 billion from debt issued by the newly created RTC


( S ( NP-SBJ-1 ( DT This ) ( NN financing ) ( NN system ) ) ( VP ( VBD was ) ( VP ( VBN created ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ new ) ( NN law ) ) ) ( SBAR-PRP ( IN in ) ( NN order ) ( S ( VP ( TO to ) ( VP ( VB keep ) ( NP-3 ( DT the ) ( NN bailout ) ( NN spending ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG swelling ) ( NP ( DT the ) ( NN budget ) ( NN deficit ) ) ) ) ) ) ) ) ) ) ) )

This financing system was created in the new law in order to keep the bailout spending from swelling the budget deficit


( S ( NP-SBJ-1 ( QP ( DT Another ) ( CD 20 ) ( CD billion ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN raised ) ( PP ( IN through ) ( NP ( NP ( NNP Treasury ) ( NNS bonds ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBP pay ) ( NP ( JJR lower ) ( NN interest ) ( NNS rates ) ) ) ) ) ) ) ) ) ) )

Another 20 billion would be raised through Treasury bonds which pay lower interest rates


( S ( CC But ) ( NP-SBJ ( DT the ) ( NNP RTC ) ) ( ADVP ( RB also ) ) ( VP ( VBZ requires ) ( NP ( NP ( NN working ) ( NN capital ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB maintain ) ( NP ( NP ( DT the ) ( JJ bad ) ( NNS assets ) ) ( PP ( IN of ) ( NP ( NP ( NNS thrifts ) ) ( SBAR ( WHNP-3 ( WDT that ) ) ( S ( VP ( VBP are ) ( VP ( VBN sold ) ) ) ) ) ) ) ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ-2 ( DT the ) ( NNS assets ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN sold ) ( ADVP-MNR ( RB separately ) ) ) ) ) ) ) ) ) ) ) ) ) )

But the RTC also requires working capital to maintain the bad assets of thrifts that are sold until the assets can be sold separately


( S ( NP-SBJ-2 ( DT That ) ( NN debt ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN paid ) ( PRT ( RP off ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ-1 ( DT the ) ( NNS assets ) ) ( VP ( VBP are ) ( VP ( VBN sold ) ) ) ) ) ( S-ADV ( VP ( VBG leaving ) ( NP ( NP ( DT the ) ( JJ total ) ( NN spending ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN bailout ) ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( QP ( CD 50 ) ( CD billion ) ) ) ( CC or ) ( NP ( NP ( QP ( CD 166 ) ( CD billion ) ) ) ( PP ( VBG including ) ( NP ( NP ( NN interest ) ) ( PP ( IN over ) ( NP ( CD 10 ) ( NNS years ) ) ) ) ) ) ) ) ) ) ) ) ) )

That debt would be paid off as the assets are sold leaving the total spending for the bailout at 50 billion or 166 billion including interest over 10 years


( SINV ( S-TPC-4 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT a ) ( NN problem ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( ADVP ( RB clearly ) ) ( VP ( VBZ has ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN resolved ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP David ) ( NNP Cooke ) ) ( NP ( NP ( JJ executive ) ( NN director ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP RTC ) ) ) ) ) )

It 's a problem that clearly has to be resolved said David Cooke executive director of the RTC


( S ( S ( NP-SBJ-2 ( DT The ) ( NN agency ) ) ( VP ( VBZ has ) ( ADVP-TMP ( RB already ) ) ( VP ( VBN spent ) ( NP ( QP ( RB roughly ) ( CD 19 ) ( CD billion ) ) ) ( S-ADV ( VP ( VBG selling ) ( NP ( CD 34 ) ( JJ insolvent ) ( NNS S&Ls ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-3 ( PRP it ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( CC or ) ( VB merge ) ( NP ( CD 600 ) ) ( PP-TMP ( IN by ) ( NP ( NP ( DT the ) ( NN time ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN bailout ) ) ( VP ( VBZ concludes ) ) ) ) ) ) ) ) ) ) ) ) )

The agency has already spent roughly 19 billion selling 34 insolvent S&Ls and it is likely to sell or merge 600 by the time the bailout concludes


( S-2 ( S-ADV ( ADJP-PRD ( VB Absent ) ) ( NP-SBJ ( JJ other ) ( NN working ) ( NN capital ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) ) ) ( NP-SBJ-3 ( DT the ) ( NNP RTC ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN forced ) ( S ( VP ( TO to ) ( VP ( VB delay ) ( NP ( JJ other ) ( NN thrift ) ( NNS resolutions ) ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ-1 ( NN cash ) ) ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN raised ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG selling ) ( NP ( DT the ) ( JJ bad ) ( NNS assets ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Absent other working capital he said the RTC would be forced to delay other thrift resolutions until cash could be raised by selling the bad assets


( S ( S-TPC-2 ( NP-SBJ-1 ( PRP We ) ) ( VP ( MD would ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB wait ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP have ) ( VP ( VBN collected ) ( PP-CLR ( IN on ) ( NP ( DT those ) ( NNS assets ) ) ) ) ) ) ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( MD can ) ( VP ( VB move ) ( ADVP-DIR ( RB forward ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

We would have to wait until we have collected on those assets before we can move forward he said


( S ( NP-SBJ ( NP ( DT The ) ( VBN complicated ) ( NN language ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ huge ) ( JJ new ) ( NN law ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN muddied ) ( NP ( DT the ) ( NN fight ) ) ) ) )

The complicated language in the huge new law has muddied the fight


( S ( NP-SBJ ( DT The ) ( NN law ) ) ( VP ( VBZ does ) ( VP ( VB allow ) ( S ( NP-SBJ ( DT the ) ( NNP RTC ) ) ( VP ( TO to ) ( VP ( VB borrow ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NNP Treasury ) ) ) ( NP ( QP ( IN up ) ( TO to ) ( CD 5 ) ( CD billion ) ) ) ( PP-TMP ( IN at ) ( NP ( DT any ) ( NN time ) ) ) ) ) ) ) ) )

The law does allow the RTC to borrow from the Treasury up to 5 billion at any time


( S ( ADVP ( RB Moreover ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NNP RTC ) ( POS 's ) ) ( JJ total ) ( NNS obligations ) ) ( VP ( MD may ) ( RB not ) ( VP ( VB exceed ) ( NP ( QP ( CD 50 ) ( CD billion ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( DT that ) ( NN figure ) ) ( VP ( VBZ is ) ( VP ( VBN derived ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VP ( VBG including ) ( NP ( NP ( NNS notes ) ) ( CC and ) ( NP ( JJ other ) ( NN debt ) ) ) ) ( CC and ) ( VP ( VBG subtracting ) ( PP-CLR ( IN from ) ( NP ( PRP it ) ) ) ( NP ( NP ( DT the ) ( NN market ) ( NN value ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS assets ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNP RTC ) ) ( VP ( VBZ holds ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Moreover it says the RTC 's total obligations may not exceed 50 billion but that figure is derived after including notes and other debt and subtracting from it the market value of the assets the RTC holds


( S ( SINV ( S-1 ( CC But ) ( NP-SBJ ( NNP Congress ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB anticipate ) ( CC or ) ( VB intend ) ( NP ( JJR more ) ( JJ public ) ( NN debt ) ) ) ) ) ( VP ( VBP say ) ) ( NP-SBJ ( NP ( NNS opponents ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP RTC ) ( POS 's ) ) ( JJ working-capital ) ( NN plan ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( NNP Rep. ) ( NNP Charles ) ( NNP Schumer ) ) ( PRN ( NP ( NNP D. ) ) ( NP-LOC ( NNP N.Y ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( DT the ) ( NNP RTC ) ( NNP Oversight ) ( NNP Board ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( ADJP-PRD ( JJ remiss ) ( PP ( IN in ) ( S-NOM ( VP ( RB not ) ( VBG keeping ) ( S ( NP-SBJ ( NNP Congress ) ) ( ADJP-PRD ( VBN informed ) ) ) ) ) ) ) ) ) ) ) ) ) )

But Congress did n't anticipate or intend more public debt say opponents of the RTC 's working-capital plan and Rep. Charles Schumer D. N.Y said the RTC Oversight Board has been remiss in not keeping Congress informed


( S ( S-TPC-2 ( NP-SBJ ( DT That ) ( NN secrecy ) ) ( VP ( VBZ leads ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( NN proposal ) ) ( PP ( IN like ) ( NP ( NP ( DT the ) ( CD one ) ) ( PP ( IN from ) ( NP ( NNP Ways ) ( CC and ) ( NNP Means ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ seems ) ( PP ( TO to ) ( NP ( PRP me ) ) ) ( ADJP-PRD ( ADVP ( NN sort ) ( IN of ) ) ( JJ draconian ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

That secrecy leads to a proposal like the one from Ways and Means which seems to me sort of draconian he said


( S ( NP-SBJ-1 ( DT The ) ( NNP RTC ) ) ( VP ( VBZ is ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( NP ( NP ( DT a ) ( NN price ) ) ( PP ( IN of ) ( NP ( NP ( JJ prior ) ( NN consultation ) ) ( PP ( IN on ) ( NP ( DT the ) ( NNP Hill ) ) ) ) ) ) ) ) ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP want ) ( NP ( NP ( DT that ) ( NN kind ) ) ( PP ( IN of ) ( NP ( NN flexibility ) ) ) ) ) ) ) ) ) )

The RTC is going to have to pay a price of prior consultation on the Hill if they want that kind of flexibility


( S ( NP-SBJ ( DT The ) ( NNP Ways ) ( CC and ) ( NNP Means ) ( NNP Committee ) ) ( VP ( MD will ) ( VP ( VB hold ) ( NP ( NP ( DT a ) ( NN hearing ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN bill ) ) ) ) ( NP-TMP ( IN next ) ( NNP Tuesday ) ) ) ) )

The Ways and Means Committee will hold a hearing on the bill next Tuesday


( S ( NP-SBJ ( DT THE ) ( NN STOCK ) ( NN MARKET ) ) ( VP ( VBD AVOIDED ) ( NP ( NP ( DT a ) ( NN repeat ) ) ( PP ( IN of ) ( NP ( NNP Black ) ( NNP Monday ) ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ-1 ( NNS prices ) ) ( VP ( VBD recovered ) ( PP-CLR ( IN from ) ( NP ( DT an ) ( JJ early ) ( NN slide ) ) ) ( S-ADV ( VP ( VBN spurred ) ( PP ( IN by ) ( NP-LGS ( NP ( JJ bargain-hunting ) ( NNS institutions ) ) ( CC and ) ( NP ( NN program ) ( NNS traders ) ) ) ) ) ) ) ) ) ) )

THE STOCK MARKET AVOIDED a repeat of Black Monday as prices recovered from an early slide spurred by bargain-hunting institutions and program traders


( S ( NP-SBJ-1 ( DT The ) ( NNP Dow ) ( NNP Jones ) ( NNS industrials ) ) ( VP ( VBD closed ) ( ADVP-CLR ( RB up ) ( NP ( CD 88.12 ) ( NNS points ) ) ) ( PP ( IN at ) ( NP ( NP ( CD 2657.38 ) ) ( NP ( NP ( DT the ) ( JJ fourth-biggest ) ( NN gain ) ) ( ADVP-TMP ( RB ever ) ) ) ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG being ) ( ADVP-PRD ( RB down ) ( NP ( QP ( RB as ) ( JJ much ) ( IN as ) ( CD 63.52 ) ) ( NNS points ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN morning ) ) ) ) ) ) ) )

The Dow Jones industrials closed up 88.12 points at 2657.38 the fourth-biggest gain ever after being down as much as 63.52 points in the morning


( S ( S ( NP-SBJ ( DT The ) ( NN rally ) ) ( VP ( VBN erased ) ( NP ( NP ( QP ( RB about ) ( NN half ) ) ) ( PP ( IN of ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( JJ 190.58-point ) ( NN plunge ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NNS analysts ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ cautious ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( NN outlook ) ) ) ) ) ) )

The rally erased about half of Friday 's 190.58-point plunge but analysts are cautious about the market 's outlook


( S ( NP-SBJ ( DT The ) ( NN dollar ) ) ( ADVP ( RB also ) ) ( VP ( VBD rebounded ) ( SBAR-ADV ( IN while ) ( S ( S ( NP-SBJ ( NN bond ) ( NNS prices ) ) ( VP ( VBD plummeted ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Treasury ) ( NN bill ) ( NNS rates ) ) ( VP ( VBD soared ) ) ) ) ) ) )

The dollar also rebounded while bond prices plummeted and Treasury bill rates soared


( S ( NP-SBJ ( NN Junk ) ( NNS bonds ) ) ( VP ( ADVP ( RB also ) ) ( VBD recovered ) ( ADVP ( RB somewhat ) ) ( SBAR-ADV ( IN though ) ( S ( NP-SBJ ( NN trading ) ) ( VP ( VBD remained ) ( ADJP-PRD ( JJ stalled ) ) ) ) ) ) )

Junk bonds also recovered somewhat though trading remained stalled


( S ( NP-SBJ ( NNP Gold ) ) ( VP ( ADVP ( RB also ) ) ( VBD rose ) ) )

Gold also rose


( S ( NP-SBJ ( NNP Tokyo ) ( NN stock ) ( NNS prices ) ) ( VP ( VBD bounced ) ( ADVP-CLR ( RB back ) ) ( PP-TMP ( IN in ) ( NP ( NP ( JJ early ) ( NN trading ) ) ( NP-TMP ( NNP Tuesday ) ) ) ) ( S-ADV ( VP ( VBG following ) ( NP ( NP ( DT a ) ( ADJP ( CD 1.8 ) ( NN % ) ) ( NN plunge ) ) ( PP-TMP ( IN on ) ( NP ( NNP Monday ) ) ) ) ) ) ) )

Tokyo stock prices bounced back in early trading Tuesday following a 1.8 % plunge on Monday


( S ( NP-SBJ ( DT The ) ( NN dollar ) ) ( VP ( ADVP ( RB also ) ) ( VBD moved ) ( ADVP-DIR ( RBR higher ) ) ( PP-LOC ( IN in ) ( NP ( NNP Tokyo ) ) ) ) )

The dollar also moved higher in Tokyo


( S ( NP-SBJ ( NNP Donald ) ( NNP Trump ) ) ( VP ( VBD withdrew ) ( NP ( NP ( PRP$ his ) ( ADJP ( QP ( CD 7.54 ) ( CD billion ) ) ) ( NN offer ) ) ( PP ( IN for ) ( NP ( NNP American ) ( NNP Air ) ) ) ) ( S-ADV ( VP ( VBG citing ) ( NP ( NP ( DT the ) ( JJ recent ) ( NN change ) ) ( PP ( IN in ) ( NP ( NN market ) ( NNS conditions ) ) ) ) ) ) ) )

Donald Trump withdrew his 7.54 billion offer for American Air citing the recent change in market conditions


( S ( NP-SBJ ( NNP AMR ) ) ( VP ( VBD slid ) ( NP-EXT ( CD 22.125 ) ) ( PP-DIR ( TO to ) ( NP ( CD 76.50 ) ) ) ) )

AMR slid 22.125 to 76.50


( S ( ADVP ( RB Also ) ) ( NP-SBJ-1 ( DT a ) ( NNP UAL ) ( NN group ) ) ( VP ( VBD tried ) ( S ( VP ( TO to ) ( VP ( VB get ) ( NP ( NN financing ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( JJR lower ) ( NN bid ) ) ( NP ( NP ( RB possibly ) ( CD 250 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) )

Also a UAL group tried to get financing for a lower bid possibly 250 a share


( S ( NP-SBJ ( NNP UAL ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 56.875 ) ) ( PP-DIR ( TO to ) ( NP ( CD 222.875 ) ) ) ) )

UAL fell 56.875 to 222.875


( S ( NP-SBJ ( NP ( VBN Leveraged ) ( NNS buy-outs ) ) ( PP ( IN of ) ( NP ( NNS airlines ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ subject ) ( PP ( TO to ) ( NP ( NP ( NN approval ) ) ( PP ( IN by ) ( NP ( DT the ) ( NN transportation ) ( NN secretary ) ) ) ) ) ) ( PP ( IN under ) ( NP ( NP ( DT a ) ( NN bill ) ) ( VP ( VBN passed ) ( PP ( IN by ) ( NP-LGS ( DT a ) ( NNP House ) ( NN subcommittee ) ) ) ) ) ) ) ) )

Leveraged buy-outs of airlines would be subject to approval by the transportation secretary under a bill passed by a House subcommittee


( S ( NP-SBJ ( NP ( NNP IBM ) ( POS 's ) ) ( NNS earnings ) ) ( VP ( VBD tumbled ) ( NP-EXT ( NP ( CD 30 ) ( NN % ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( ADJP-1 ( ADJP ( RB slightly ) ( JJR more ) ) ( PP ( IN than ) ( VP ( VBN expected ) ) ) ) ) )

IBM 's earnings tumbled 30 % in the third quarter slightly more than expected


( S ( NP-SBJ ( DT The ) ( NN computer ) ( NN giant ) ) ( VP ( ADVP ( RB partly ) ) ( VBD cited ) ( NP ( NP ( DT a ) ( JJR stronger ) ( NN dollar ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN delay ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG shipping ) ( NP ( DT a ) ( JJ new ) ( JJ high-end ) ( NN disk ) ( NN drive ) ) ) ) ) ) ) ) )

The computer giant partly cited a stronger dollar and a delay in shipping a new high-end disk drive


( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ downbeat ) ( PP ( IN about ) ( NP ( NP ( NP ( NNP IBM ) ( POS 's ) ) ( NN outlook ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ next ) ( JJ few ) ( NNS quarters ) ) ) ) ) ) ) )

Analysts are downbeat about IBM 's outlook for the next few quarters


( S ( NP-SBJ-1 ( NNP U.S. ) ( NN auto ) ( NNS makers ) ) ( VP ( VBP plan ) ( S ( VP ( TO to ) ( VP ( VB decrease ) ( NP ( NN car ) ( NN production ) ) ( NP-EXT ( CD 10.4 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ fourth ) ( NN quarter ) ) ) ( PP ( IN with ) ( S-NOM ( NP-SBJ ( RB virtually ) ( DT all ) ( DT the ) ( NN decline ) ) ( VP ( VBG coming ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NNP Big ) ( CD Three ) ) ) ) ) ) ) ) ) ) )

U.S. auto makers plan to decrease car production 10.4 % in the fourth quarter with virtually all the decline coming from the Big Three


( S ( NP-SBJ ( NP ( NN Output ) ) ( PP-LOC ( IN at ) ( NP ( NP ( ADJP ( JJ Japanese-owned ) ( CC and ) ( VBN managed ) ) ( NNS plants ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ due ) ( S ( VP ( TO to ) ( VP ( VB rise ) ( NP-EXT ( CD 42 ) ( NN % ) ) ) ) ) ) ) )

Output at Japanese-owned and managed plants in the U.S. is due to rise 42 %


( S ( NP-SBJ ( NN Budget ) ( NN director ) ( NNP Darman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB give ) ( NP ( JJ federal ) ( NNS agencies ) ) ( NP ( NP ( JJ much ) ( NN leeway ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG coping ) ( PP-CLR ( IN with ) ( NP ( NP ( NNP Gramm-Rudman ) ( NN spending ) ( NNS cuts ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD took ) ( NP-CLR ( NN effect ) ) ( NP-TMP ( NN yesterday ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Budget director Darman said he wo n't give federal agencies much leeway in coping with Gramm-Rudman spending cuts which took effect yesterday


( S ( NP-SBJ-1 ( NNP Darman ) ) ( VP ( VBZ hopes ) ( S ( VP ( TO to ) ( VP ( VB prod ) ( S ( NP-SBJ ( NNP Congress ) ) ( VP ( TO to ) ( VP ( VB finish ) ( NP ( DT a ) ( NN deficit ) ( NN plan ) ) ) ) ) ) ) ) ) )

Darman hopes to prod Congress to finish a deficit plan


( S ( NP-SBJ-1 ( DT The ) ( NNP S&L ) ( NN bailout ) ( NN agency ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN restricted ) ( PP ( IN by ) ( NP-LGS ( DT a ) ( JJ new ) ( NN bill ) ) ) ( PP ( IN in ) ( SBAR ( WHADVP-2 ( WRB how ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ raises ) ( NP ( NN capital ) ) ) ) ) ) ) ) ) )

The S&L bailout agency would be restricted by a new bill in how it raises capital


( S ( NP-SBJ ( DT The ) ( NNP Ways ) ( CC and ) ( NNP Means ) ( NN plan ) ) ( VP ( MD would ) ( VP ( VB create ) ( NP ( NP ( DT another ) ( JJ possible ) ( NN obstacle ) ) ( PP ( TO to ) ( S-NOM ( VP ( VBG selling ) ( NP ( JJ sick ) ( NNS thrifts ) ) ) ) ) ) ) ) )

The Ways and Means plan would create another possible obstacle to selling sick thrifts


( S ( NP-SBJ-1 ( DT A ) ( JJ natural ) ( NN gas ) ( NN rule ) ) ( VP ( VBD was ) ( VP ( VBN struck ) ( PRT ( RP down ) ) ( PP ( IN by ) ( NP-LGS ( DT a ) ( JJ federal ) ( NNS appeals ) ( NN court ) ) ) ) ) )

A natural gas rule was struck down by a federal appeals court


( S ( NP-SBJ ( DT The ) ( NN regulation ) ) ( VP ( VBD had ) ( VP ( VBN prevented ) ( NP-1 ( NN pipeline ) ( NNS firms ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG passing ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 1 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NNS costs ) ) ) ) ) ) ( PP-CLR ( IN along ) ( PP ( TO to ) ( NP ( NNS customers ) ) ) ) ) ) ) ) ) )

The regulation had prevented pipeline firms from passing part of 1 billion in costs along to customers


( S ( NP-SBJ-2 ( DT The ) ( NNP Supreme ) ( NNP Court ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB decide ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( DT a ) ( JJ federal ) ( NN court ) ) ( VP ( MD may ) ( VP ( VB dismantle ) ( NP ( NP ( DT a ) ( NN merger ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VP ( VBZ has ) ( VP ( VBN won ) ( NP ( JJ regulatory ) ( NN approval ) ) ) ) ( CC but ) ( VP ( VBN been ) ( VP ( VBN ruled ) ( S ( ADJP-PRD ( JJ anticompetitive ) ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( JJ private ) ( NN suit ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Supreme Court agreed to decide whether a federal court may dismantle a merger that has won regulatory approval but been ruled anticompetitive in a private suit


( S ( NP-SBJ ( NP ( NNP Merrill ) ( NNP Lynch ) ( POS 's ) ) ( NN profit ) ) ( VP ( VBD slid ) ( NP-EXT ( CD 37 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ) )

Merrill Lynch 's profit slid 37 % in the third quarter


( S ( NP-SBJ ( NNP Bear ) ( NNP Stearns ) ) ( VP ( VBD posted ) ( NP ( DT a ) ( ADJP ( CD 7.5 ) ( NN % ) ) ( NN gain ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NNP PaineWebber ) ) ( VP ( VBD had ) ( NP ( NP ( DT a ) ( NN decline ) ) ( ADJP ( JJ due ) ( PP ( TO to ) ( NP ( DT a ) ( JJ year-ago ) ( NN gain ) ) ) ) ) ) ) ) ) )

Bear Stearns posted a 7.5 % gain while PaineWebber had a decline due to a year-ago gain


( S ( NP-SBJ-1 ( NP ( NNP Blue ) ( NNP Arrow ) ) ( PP ( IN of ) ( NP ( NNP Britain ) ) ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VP ( VB return ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN name ) ( NNP Manpower ) ) ) ) ( CC and ) ( VP ( VB take ) ( NP ( DT a ) ( JJ big ) ( NN write-off ) ) ) ) ) ) ) )

Blue Arrow of Britain plans to return to the name Manpower and take a big write-off


( S ( NP-SBJ ( DT The ) ( NNS moves ) ) ( VP ( MD may ) ( VP ( VB help ) ( S ( NP-SBJ ( DT the ) ( NN firm ) ) ( VP ( VB solidify ) ( NP ( NP ( PRP$ its ) ( NN dominance ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP U.S. ) ( JJ temporary-help ) ( NN market ) ) ) ) ) ) ) ) )

The moves may help the firm solidify its dominance of the U.S. temporary-help market


( S ( NP-SBJ ( NNP J.P. ) ( NNP Morgan ) ) ( VP ( VBD posted ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 1.82 ) ( CD billion ) ) ) ( NN loss ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ) ( S-ADV ( VP ( VBG reflecting ) ( NP ( NP ( DT a ) ( JJ big ) ( NN addition ) ) ( PP ( TO to ) ( NP ( JJ loan-loss ) ( NNS reserves ) ) ) ) ) ) ) )

J.P. Morgan posted a 1.82 billion loss for the third quarter reflecting a big addition to loan-loss reserves


( S ( NP-SBJ ( NP ( NNP NCNB ) ( POS 's ) ) ( NN profit ) ) ( VP ( ADVP ( RBR more ) ( IN than ) ) ( VBD doubled ) ) )

NCNB 's profit more than doubled


( S ( NP-SBJ-1 ( NNP K ) ( NNP mart ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( NNP Pace ) ( NNP Membership ) ( NNP Warehouse ) ) ( PP ( IN for ) ( NP ( QP ( CD 322 ) ( CD million ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG expanding ) ( NP ( NP ( PRP$ its ) ( NN presence ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( VBG growing ) ( JJ wholesale-store ) ( NN business ) ) ) ) ) ) ) )

K mart agreed to acquire Pace Membership Warehouse for 322 million expanding its presence in the growing wholesale-store business


Markets


( NP ( NP ( NNS Stocks ) ) ( NP ( NP ( NN Volume ) ) ( NP ( CD 416,290,000 ) ( NNS shares ) ) ) )

Stocks Volume 416,290,000 shares


( NP ( NP ( NP ( NNP Dow ) ( NNP Jones ) ( NNS industrials ) ) ( NP ( NP ( CD 2657.38 ) ) ( ADVP ( RB up ) ( NP ( CD 88.12 ) ) ) ) ) ( NP ( NP ( NN transportation ) ) ( NP ( NP ( CD 1304.23 ) ) ( ADVP ( JJ off ) ( NP ( CD 102.06 ) ) ) ) ) ( NP ( NP ( NNS utilities ) ) ( NP ( NP ( CD 214.73 ) ) ( ADVP ( RB up ) ( NP ( CD 2.77 ) ) ) ) ) )

Dow Jones industrials 2657.38 up 88.12 transportation 1304.23 off 102.06 utilities 214.73 up 2.77


( NP ( NP ( NNS Bonds ) ) ( NP ( NP ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ( NNP Treasury ) ( NN index ) ) ( NP ( NP ( CD 3393.51 ) ) ( ADVP ( JJ off ) ) ) ) )

Bonds Shearson Lehman Hutton Treasury index 3393.51 off


( NP ( NP ( NNS Commodities ) ) ( NP ( NP ( NP ( NNP Dow ) ( NNP Jones ) ( NNS futures ) ( NN index ) ) ( NP ( NP ( CD 129.72 ) ) ( ADVP ( JJ off ) ( NP ( CD 0.15 ) ) ) ) ) ( NP ( NP ( NN spot ) ( NN index ) ) ( NP ( NP ( CD 130.16 ) ) ( ADVP ( RB up ) ( NP ( CD 0.91 ) ) ) ) ) ) )

Commodities Dow Jones futures index 129.72 off 0.15 spot index 130.16 up 0.91


( NP ( NP ( NN Dollar ) ) ( NP ( NP ( NP ( CD 141.85 ) ( NNS yen ) ) ( ADVP ( IN off ) ( NP ( CD 0.25 ) ) ) ) ( NP ( NP ( CD 1.8685 ) ( NNS marks ) ) ( ADVP ( IN off ) ( NP ( CD 0.0055 ) ) ) ) ) )

Dollar 141.85 yen off 0.25 1.8685 marks off 0.0055


( S ( NP-SBJ ( NNP Memotec ) ( NNP Data ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD signed ) ( NP ( NP ( DT a ) ( JJ definitive ) ( NN merger ) ( NN agreement ) ) ( PP ( IN with ) ( NP ( NNP ISI ) ( NNP Systems ) ( NNP Inc. ) ) ) ( SBAR ( WHPP-1 ( IN under ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( NNP Memotec ) ) ( VP ( MD will ) ( VP ( VB acquire ) ( NP ( NNP ISI ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NP ( CD 20 ) ( PRN ( NNP U.S. ) ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( CC or ) ( NP ( NP ( QP ( RB about ) ( CD 130 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NN cash ) ( CC and ) ( NNS securities ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Memotec Data Inc. said it signed a definitive merger agreement with ISI Systems Inc. under which Memotec will acquire ISI for 20 U.S. a share or about 130 million in cash and securities


( S ( PP-LOC ( IN In ) ( NP ( NNP American ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ( NP-SBJ ( NNP ISI ) ) ( VP ( VBD closed ) ( ADVP-CLR ( RB up ) ( NP ( CD 3.125 ) ) ) ( PP-CLR ( IN at ) ( NP ( CD 18.625 ) ) ) ) )

In American Stock Exchange composite trading ISI closed up 3.125 at 18.625


( S ( PP-LOC ( IN In ) ( NP ( NNP Montreal ) ( NNP Exchange ) ( NN trading ) ) ) ( NP-SBJ ( NNP Memotec ) ) ( VP ( VBD closed ) ( ADVP-MNR ( JJ unchanged ) ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 10.625 ) ( JJ Canadian ) ( NNS dollars ) ) ( PRN ( NP ( CD 9.05 ) ) ) ) ) ) )

In Montreal Exchange trading Memotec closed unchanged at 10.625 Canadian dollars 9.05


( S ( NP-SBJ ( NNP Memotec ) ) ( VP ( VBD said ) ( SBAR ( S ( PP-LOC ( IN under ) ( NP ( DT the ) ( NN agreement ) ) ) ( NP-SBJ ( NP ( NNP ISI ) ) ( NP ( NP ( DT a ) ( NAC-LOC ( NNP Braintree ) ( NNP Mass. ) ) ( NN provider ) ) ( PP ( IN of ) ( NP ( NN computer ) ( NN software ) ( CC and ) ( NNS services ) ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN insurance ) ( NN industry ) ) ) ) ) ( VP ( MD will ) ( VP ( VB merge ) ( PP-CLR ( IN with ) ( NP ( NP ( DT a ) ( NNP U.S. ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NNP Memotec ) ) ) ( VP ( VBN created ) ( PP-PRP ( IN for ) ( NP ( DT that ) ( NN purpose ) ) ) ) ) ) ) ) ) ) ) )

Memotec said under the agreement ISI a Braintree Mass. provider of computer software and services to the insurance industry will merge with a U.S. unit of Memotec created for that purpose


( S ( NP-SBJ ( NNP Memotec ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( NX ( NX ( NX ( JJ Montreal-based ) ( NN maker ) ) ( PP ( IN of ) ( NP ( NNS telecommunications ) ( NNS products ) ) ) ) ( CC and ) ( NX ( NX ( NN provider ) ) ( PP ( IN of ) ( NP ( NNS telecommunications ) ( CC and ) ( NN computer ) ( NNS services ) ) ) ) ) ) ) )

Memotec is a Montreal-based maker of telecommunications products and provider of telecommunications and computer services


( S ( NP-SBJ ( NNP Memotec ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN agreement ) ) ( VP ( VBZ calls ) ( SBAR ( IN for ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( TO to ) ( VP ( VB make ) ( NP ( NP ( DT a ) ( ADJP ( JJ 20-a-share ) ) ( NN cash ) ( NN tender ) ( NN offer ) ) ( PP ( IN for ) ( NP ( NP ( DT all ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ( PP ( IN of ) ( NP ( NNP ISI ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Memotec said the agreement calls for it to make a 20-a-share cash tender offer for all shares outstanding of ISI


( S ( CC But ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( NNP Charles ) ( NNP Johnston ) ) ( NP ( NNP ISI ) ( NN chairman ) ( CC and ) ( NN president ) ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( PRP$ his ) ( ADJP ( CD 60 ) ( NN % ) ) ( NN stake ) ) ( PP ( IN in ) ( NP ( NNP ISI ) ) ) ) ( PP-DTV ( TO to ) ( NP ( NNP Memotec ) ) ) ( PP-TMP ( IN upon ) ( NP ( NP ( NN completion ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN tender ) ( NN offer ) ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( NN combination ) ) ( PP ( IN of ) ( NP ( NP ( NN cash ) ) ( NP ( NNP Memotec ) ( NN stock ) ) ( CC and ) ( NP ( NNS debentures ) ) ) ) ) ) ) ) ) ) ) ) ) )

But it said Charles Johnston ISI chairman and president agreed to sell his 60 % stake in ISI to Memotec upon completion of the tender offer for a combination of cash Memotec stock and debentures


( S ( NP-SBJ ( NNP Memotec ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN tender ) ( NN offer ) ) ( VP ( VBZ is ) ( VP ( VBN conditioned ) ( PP-CLR ( IN on ) ( PRN ( PP ( IN among ) ( NP ( JJ other ) ( NNS things ) ) ) ) ( NP ( NP ( NNS holders ) ) ( VP ( VBG tendering ) ( NP ( NP ( QP ( IN at ) ( JJS least ) ( CD 15 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ( ADJP ( ADJP ( JJ other ) ) ( PP ( IN than ) ( NP ( NP ( DT the ) ( NNS shares ) ) ( VP ( VBN held ) ( PP ( IN by ) ( NP-LGS ( NNP Mr. ) ( NNP Johnston ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Memotec said the tender offer is conditioned on among other things holders tendering at least 15 % of the shares outstanding other than the shares held by Mr. Johnston


( S ( NP-SBJ ( NNP ISI ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( NN board ) ) ( VP ( VBZ has ) ( VP ( VBN instructed ) ( NP-1 ( NN management ) ) ( S ( VP ( TO to ) ( VP ( VB accept ) ( NP ( NP ( NNS inquiries ) ) ( PP ( IN from ) ( NP ( NP ( DT any ) ( NNS others ) ) ( VP ( VBN interested ) ( PP-CLR ( IN in ) ( S-NOM ( VP ( VBG making ) ( NP ( DT a ) ( NN bid ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

ISI said its board has instructed management to accept inquiries from any others interested in making a bid


( S ( NP-SBJ ( NNP ISI ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD can ) ( VP ( VB withdraw ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( NN merger ) ( NN agreement ) ) ( PP ( IN with ) ( NP ( NNP Memotec ) ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT a ) ( JJR better ) ( NN bid ) ) ( VP ( VBZ surfaces ) ) ) ) ) ) ) ) ) )

ISI said it can withdraw from the merger agreement with Memotec if a better bid surfaces


( S ( NP-SBJ ( NP ( NNP Waterford ) ( NNP Wedgwood ) ( NNP PLC ) ) ( NP ( NP ( DT a ) ( ADJP ( RB financially ) ( VBN troubled ) ) ( JJ Irish ) ( NN maker ) ) ( PP ( IN of ) ( NP ( NP ( JJ fine ) ( NN crystal ) ) ( CC and ) ( NP ( NNP Wedgwood ) ( NN china ) ) ) ) ) ) ( VP ( VBD reported ) ( SBAR ( DT that ) ( S ( NP-SBJ ( NP ( PRP$ its ) ( JJ pretax ) ( NN loss ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( JJ first ) ( CD six ) ( NNS months ) ) ) ) ( VP ( VBD widened ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 10.6 ) ( CD million ) ) ( JJ Irish ) ( NNS punts ) ) ( PRN ( NP ( QP ( CD 14.9 ) ( CD million ) ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 5.8 ) ( CD million ) ) ( JJ Irish ) ( NNS punts ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) )

Waterford Wedgwood PLC a financially troubled Irish maker of fine crystal and Wedgwood china reported that its pretax loss for the first six months widened to 10.6 million Irish punts 14.9 million from 5.8 million Irish punts a year earlier


( S ( NP-SBJ ( NP ( DT The ) ( NNS results ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN half ) ) ) ) ( VP ( VBD were ) ( ADJP-PRD ( ADJP ( JJR worse ) ) ( PP ( IN than ) ( NP ( NP ( NN market ) ( NNS expectations ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD suggested ) ( NP ( NP ( DT an ) ( JJ interim ) ( NN loss ) ) ( PP ( IN of ) ( NP ( QP ( RB around ) ( CD 10 ) ( CD million ) ) ( JJ Irish ) ( NNS punts ) ) ) ) ) ) ) ) ) ) ) )

The results for the half were worse than market expectations which suggested an interim loss of around 10 million Irish punts


( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( ADJP ( RB sharply ) ( JJR weaker ) ) ( NNP London ) ( NN market ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ ( NNP Waterford ) ( NNS shares ) ) ( VP ( VBD were ) ( ADVP-PRD ( RB down ) ( NP ( CD 15 ) ( NNS pence ) ) ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 50 ) ( NNS pence ) ) ( PRN ( NP ( CD 79 ) ( NNS cents ) ) ) ) ) ) )

In a sharply weaker London market yesterday Waterford shares were down 15 pence at 50 pence 79 cents


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD reported ) ( NP ( NP ( DT a ) ( NN loss ) ) ( PP-TMP ( IN after ) ( NP ( NP ( NN taxation ) ( CC and ) ( NN minority ) ( NNS interests ) ) ( PP ( IN of ) ( NP ( QP ( CD 14 ) ( CD million ) ) ( JJ Irish ) ( NNS punts ) ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( NN loss ) ) ( PP ( IN of ) ( NP ( QP ( CD 9.3 ) ( JJ million ) ) ( NNP Irish ) ( NNS punts ) ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( JJ year-earlier ) ( NN period ) ) ) ) ) ) ) ) )

The company reported a loss after taxation and minority interests of 14 million Irish punts compared with a loss of 9.3 million Irish punts for the year-earlier period


( S ( NP-SBJ ( EX There ) ) ( VP ( VBD were ) ( RB n't ) ( NP-PRD ( DT any ) ( JJ extraordinary ) ( NNS items ) ) ) )

There were n't any extraordinary items


( S ( NP-SBJ ( NP ( NNS Sales ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ total ) ( NN group ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 27 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 168.1 ) ( CD million ) ) ( JJ Irish ) ( NNS punts ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( QP ( CD 132.6 ) ( CD million ) ) ( JJ Irish ) ( NNS punts ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) ) ) )

Sales for the total group rose 27 % to 168.1 million Irish punts compared with 132.6 million Irish punts a year ago


( S ( NP-SBJ-1 ( NNP Waterford ) ) ( VP ( VBZ has ) ( VP ( VBN decided ) ( PP-CLR ( IN against ) ( S-NOM ( VP ( VBG paying ) ( NP ( DT an ) ( JJ interim ) ( NN dividend ) ) ) ) ) ) ) )

Waterford has decided against paying an interim dividend


( S ( NP-SBJ ( NNP Waterford ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( NP ( DT the ) ( NN appointment ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ new ) ( NN management ) ( NN team ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN signing ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ comprehensive ) ( NN labor ) ( NN agreement ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB enhance ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ long-term ) ( NNS prospects ) ) ) ) ) ) ) ) ) ) )

Waterford said the appointment of a new management team and the signing of a comprehensive labor agreement are expected to enhance the company 's long-term prospects


( S ( NP-SBJ ( NNP BancOklahoma ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD completed ) ( NP ( NP ( DT a ) ( NN restructuring ) ( NN agreement ) ) ( VP ( ADVP-TMP ( RB previously ) ) ( VBN agreed ) ( PP-CLR ( TO to ) ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NNP Federal ) ( NNP Deposit ) ( NNP Insurance ) ( NNP Corp. ) ) ( NP ( NN creditor ) ( NNS banks ) ) ( CC and ) ( NP ( VBN subordinated ) ( NN debenture ) ( NNS holders ) ) ) ) ) ) ) ) ) ) )

BancOklahoma Corp. said it completed a restructuring agreement previously agreed to by the Federal Deposit Insurance Corp. creditor banks and subordinated debenture holders


( S ( NP-SBJ ( DT The ) ( NN plan ) ) ( VP ( MD would ) ( VP ( VB permit ) ( S ( NP-SBJ ( DT the ) ( NN bank ) ( VBG holding ) ( NN company ) ) ( VP ( TO to ) ( VP ( VB retire ) ( NP ( PRP$ its ) ( NN bank ) ( CC and ) ( NN debenture ) ( NNS obligations ) ) ( PP-MNR ( IN through ) ( NP ( NP ( NNS exchanges ) ) ( PP ( IN of ) ( NP ( NN cash ) ( CC and ) ( NN equity ) ) ) ) ) ) ) ) ) ) )

The plan would permit the bank holding company to retire its bank and debenture obligations through exchanges of cash and equity


( S ( NP-SBJ-2 ( NP ( DT The ) ( NNP FDIC ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( PP-TMP ( IN in ) ( NP ( CD 1986 ) ) ) ( VP ( VBD provided ) ( NP ( NP ( QP ( CD 130 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( JJ open-bank ) ( NN assistance ) ) ) ) ( PP ( TO to ) ( NP ( NP ( NNP BancOklahoma ) ( POS 's ) ) ( NAC ( NNP Bank ) ( PP ( IN of ) ( NP-LOC ( NP ( NNP Oklahoma ) ) ( NP ( NNP Tulsa ) ) ) ) ) ( NN unit ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB maintain ) ( NP ( NP ( QP ( CD 90 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( VBN preferred ) ( NN stock ) ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Tulsa ) ( NN bank ) ( NN unit ) ) ) ) ) ) ) ) )

The FDIC which in 1986 provided 130 million in open-bank assistance to BancOklahoma 's Bank of Oklahoma Tulsa unit will continue to maintain 90 million in preferred stock in the Tulsa bank unit


( S ( PP ( IN In ) ( NP ( NP ( NN exchange ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ other ) ( QP ( CD 40 ) ( CD million ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP FDIC ) ) ( VP ( MD will ) ( VP ( VB receive ) ( NP ( NP ( JJ additional ) ( NNS warrants ) ) ( VP ( VBG entitling ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NP ( CD 60 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP BancOklahoma ) ( POS 's ) ) ( JJ common ) ( NN stock ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ( ADVP ( RB up ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( ADJP ( CD 55 ) ( NN % ) ) ( NN option ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNP FDIC ) ) ( VP ( VBD received ) ( PP-LOC ( IN under ) ( NP ( NP ( NNS terms ) ) ( PP ( IN of ) ( NP ( DT the ) ( CD 1986 ) ( NN capital ) ( NN infusion ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In exchange for the other 40 million the FDIC will receive additional warrants entitling it to buy 60 % of BancOklahoma 's common stock outstanding up from the 55 % option the FDIC received under terms of the 1986 capital infusion


( S ( S-TPC-3 ( PP ( IN In ) ( NP ( NP ( NN exchange ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( QP ( CD 76 ) ( CD million ) ) ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP are ) ( VP ( VBN owed ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NN creditor ) ( NNS banks ) ) ( VP ( MD will ) ( VP ( VB receive ) ( NP ( NP ( NP ( QP ( CD 3.9 ) ( CD million ) ) ( NNS shares ) ) ( PP ( IN of ) ( NP ( NNP BancOklahoma ) ( JJ common ) ( NN stock ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NNS proceeds ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( JJ future ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( CD four ) ( JJ subsidiary ) ( NNS banks ) ) ) ( PP ( TO to ) ( NP ( JJ private ) ( NNS buyers ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN bank ) ( VBG holding ) ( NN company ) ) ( VP ( VBD said ) ) )

In exchange for the 76 million they are owed creditor banks will receive 3.9 million shares of BancOklahoma common stock and the proceeds from the future sales of four subsidiary banks to private buyers the bank holding company said


( S ( S-TPC-2 ( PP-LOC ( ADVP ( RB Also ) ) ( IN under ) ( NP ( DT the ) ( NN agreement ) ) ) ( NP-SBJ ( NN debenture ) ( NNS holders ) ) ( VP ( MD will ) ( VP ( VB get ) ( NP ( NP ( QP ( CD one ) ( CD million ) ) ( NNS shares ) ) ( PP ( IN of ) ( NP ( JJ common ) ( NN stock ) ) ) ) ( PP ( IN in ) ( NP ( NP ( NN exchange ) ) ( PP ( IN for ) ( NP ( NP ( QP ( CD 7.7 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NNS debentures ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( NNS holders ) ) ( PP ( IN of ) ( NP ( NP ( NNP BancOklahoma ) ( POS 's ) ) ( NN series ) ( DT A ) ( JJ preferred ) ( NN stock ) ) ) ) ( VP ( MD will ) ( VP ( VB receive ) ( NP ( NP ( CD 1.25 ) ( NNS shares ) ) ( PP ( IN of ) ( NP ( JJ common ) ( NN stock ) ) ) ( PP ( IN for ) ( NP ( NP ( DT every ) ( NN share ) ) ( PP ( IN of ) ( NP ( VBN preferred ) ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP own ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ) )

Also under the agreement debenture holders will get one million shares of common stock in exchange for 7.7 million in debentures and holders of BancOklahoma 's series A preferred stock will receive 1.25 shares of common stock for every share of preferred they own the company said


( S ( NP-SBJ ( NP ( NNP Hertz ) ( NNP Corp. ) ) ( PP ( IN of ) ( NP-LOC ( NP ( NNP Park ) ( NNP Ridge ) ) ( NP ( NNP N.J. ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD retained ) ( NP-1 ( NNP Merrill ) ( NNP Lynch ) ( NNP Capital ) ( NNP Markets ) ) ( S-PRP-CLR ( VP ( TO to ) ( VP ( VB sell ) ( NP ( PRP$ its ) ( NNP Hertz ) ( NNP Equipment ) ( NNP Rental ) ( NNP Corp. ) ( NN unit ) ) ) ) ) ) ) ) ) )

Hertz Corp. of Park Ridge N.J. said it retained Merrill Lynch Capital Markets to sell its Hertz Equipment Rental Corp. unit


( SINV ( S-TPC-1 ( S ( NP-SBJ ( EX There ) ) ( VP ( VBZ is ) ( NP-PRD ( DT no ) ( VBG pressing ) ( NN need ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( DT the ) ( NN unit ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP are ) ( VP ( VBG doing ) ( NP ( PRP it ) ) ( SBAR-PRP ( IN so ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( MD can ) ( VP ( VB concentrate ) ( PP-CLR ( IN on ) ( NP ( NP ( PRP$ our ) ( NN core ) ( NN business ) ) ( S-NOM ( VP ( VBG renting ) ( NP ( NNS automobiles ) ) ( UCP-LOC ( PP ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ( CC and ) ( ADVP ( RB abroad ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP William ) ( NNP Slider ) ) ( NP ( NP ( NNP Hertz ) ( POS 's ) ) ( JJ executive ) ( NN vice ) ( NN president ) ) ) )

There is no pressing need to sell the unit but we are doing it so we can concentrate on our core business renting automobiles in the U.S. and abroad said William Slider Hertz 's executive vice president


( S ( NP-SBJ-1 ( PRP We ) ) ( VP ( VBP are ) ( VP ( ADVP ( RB only ) ) ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( PP-CLR ( IN at ) ( NP ( DT the ) ( JJ right ) ( NN price ) ) ) ) ) ) ) ) )

We are only going to sell at the right price


( S ( NP-SBJ ( NNP Hertz ) ( NNP Equipment ) ) ( VP ( VBD had ) ( NP ( NP ( NN operating ) ( NN profit ) ) ( PP-TMP ( IN before ) ( NP ( NN depreciation ) ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 90 ) ( CD million ) ) ) ( PP ( IN on ) ( NP ( NP ( NN revenue ) ) ( PP ( IN of ) ( NP ( QP ( CD 150 ) ( CD million ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ) ) ) ) ) ) )

Hertz Equipment had operating profit before depreciation of 90 million on revenue of 150 million in 1988