📄 test.ulab
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DT NNP NNS VBD RB CD NNS IN CD NN IN DT JJ NN .3 3 4 0 4 7 5 4 8 9 4 14 14 11 4at 3:30 p.m. , at the end of the `` cooling off '' period , the average was down 114.76 points .IN CD RB , IN DT NN IN DT `` VBG RP '' NN , DT NN VBD RB CD NNS .18 1 2 18 18 7 5 7 14 14 14 14 14 8 18 17 18 0 18 21 19 18meanwhile , during the the s&p trading halt , s&p futures sell orders began piling up , while stocks in new york kept falling sharply .RB , IN DT DT NNP NN NN , NNP NNS NN NNS VBD VBG RP , IN NNS IN NNP NNP VBD VBG RB .14 14 14 8 8 8 8 3 14 13 13 13 14 0 14 15 14 14 23 19 22 20 18 23 24 14big board chairman john j. phelan said yesterday the circuit breaker `` worked well mechanically .NNP NNP NNP NNP NNP NNP VBD NN DT NN NN `` VBD RB RB .6 6 6 6 6 7 0 7 11 11 13 13 7 13 13 7i just think it 's nonproductive at this point to get into a debate if index arbitrage would have helped or hurt things . ''PRP RB VBP PRP VBZ JJ IN DT NN TO VB IN DT NN IN NN NN MD VB VBN CC VB NNS . ''3 3 0 5 3 5 5 9 7 11 5 11 14 12 14 17 18 15 18 19 20 20 20 3 3under another post-crash system , big board president richard grasso ( mr. phelan was flying to bangkok as the market was falling ) was talking on an `` inter-exchange hot line '' to the other exchanges , the securities and exchange commission and the federal reserve board .IN DT JJ NN , NNP NNP NN NNP NNP -LRB- NNP NNP VBD VBG TO NNP IN DT NN VBD VBG -RRB- VBD VBG IN DT `` JJ JJ NN '' TO DT JJ NNS , DT NNPS CC NNP NNP CC DT NNP NNP NNP .24 4 4 1 24 10 10 10 10 24 14 13 14 24 14 15 16 15 20 21 18 21 14 0 24 25 31 31 31 31 26 31 31 36 36 47 47 42 42 42 42 47 47 47 47 47 33 24he camped out at a high-tech nerve center on the floor of the big board , where he could watch updates on prices and pending stock orders .PRP VBD RP IN DT JJ NN NN IN DT NN IN DT NNP NNP , WRB PRP MD VB NNS IN NNS CC VBG NN NNS .2 0 2 2 8 8 8 4 8 11 9 11 15 15 12 8 8 19 17 19 20 21 27 27 27 27 22 2at about 3:30 p.m. edt , s&p futures resumed trading , and for a brief time the futures and stock markets started to come back in line .IN IN CD RB NNP , NNP NNS VBD NN , CC IN DT JJ NN DT NNS CC NN NNS VBD TO VB RB IN NN .9 5 5 5 1 9 8 9 22 9 22 22 22 16 16 13 21 21 21 21 22 0 24 22 24 25 26 22buyers stepped in to the futures pit .NNS VBD RP TO DT NNS NN .2 0 2 3 7 7 4 2but the build-up of s&p futures sell orders weighed on the market , and the link with stocks began to fray again .CC DT JJ IN NNP NNS NN NNS VBD IN DT NN , CC DT NN IN NNS VBD TO NN RB .9 3 9 3 8 8 8 4 19 9 12 10 19 19 16 19 16 17 0 21 19 21 19at about 3:45 , the s&p market careened to still another limit , of 30 points down , and trading was locked again .IN IN CD , DT NNP NN VBD TO RB DT NN , IN CD NNS RB , CC NN VBD VBN RB .21 3 1 21 7 7 8 21 8 11 12 9 12 12 16 14 16 21 21 21 0 21 22 21futures traders say the s&p was signaling that the dow could fall as much as 200 points .NNS NNS VBP DT NNP VBD VBG IN DT NNP MD VB RB JJ IN CD NNS .2 3 0 5 6 3 6 7 10 11 8 11 14 12 14 17 15 3during this time , small investors began ringing their brokers , wondering whether another crash had begun .IN DT NN , JJ NNS VBD VBG PRP$ NNS , VBG IN DT NN VBD VBN .7 3 1 7 6 7 0 7 10 8 7 7 12 15 16 13 16 7at prudential-bache securities inc. , which is trying to cater to small investors , some demoralized brokers thought this would be the final confidence-crusher .IN NNP NNPS NNP , WDT VBZ VBG TO VB TO JJ NNS , DT VBN NNS VBD DT MD VB DT JJ NN .18 4 4 1 4 4 6 7 10 8 10 13 11 4 17 17 18 0 20 18 20 24 24 21 18that 's when george l. ball , chairman of the prudential insurance co. of america unit , took to the internal intercom system to declare that the plunge was only `` mechanical . ''DT VBZ WRB NNP NNP NNP , NN IN DT NNP NNP NNP IN NNP NN , VBD TO DT NNP NNP NNP TO VB IN DT NN VBD RB `` JJ . ''2 0 2 6 6 8 8 18 8 16 13 13 16 13 14 9 8 3 18 23 23 23 19 25 18 25 28 29 26 32 32 29 2 2`` i have a hunch that this particular decline today is something ` more ado about less . '`` PRP VBP DT JJ IN DT JJ NN NN VBZ NN `` RBR JJ IN RBR . ''3 3 0 5 3 5 9 9 10 11 6 15 15 15 11 15 16 3 3it would be my inclination to advise clients not to sell , to look for an opportunity to buy , '' mr. ball told the brokers .PRP MD VB PRP$ NN TO VB NNS RB TO VB , TO VB IN DT NN TO VB , '' NNP NNP VBD DT NNS .2 24 2 5 3 7 3 7 11 11 7 11 14 11 14 17 15 19 17 24 24 23 24 0 26 24 24at merrill lynch & co. , the nation 's biggest brokerage firm , a news release was prepared headlined `` merrill lynch comments on market drop . ''IN NNP NNP CC NNP , DT NN POS JJS NN NN , DT NN NN VBD JJ VBN `` NNP NNP NNS IN NN NN . ''17 5 5 5 12 12 9 9 12 12 12 1 17 16 16 17 0 17 18 23 22 23 19 23 26 24 17 17the release cautioned that `` there are significant differences between the current environment and that of october 1987 '' and that there are still `` attractive investment opportunities '' in the stock market .DT NN VBD IN `` EX VBP JJ NNS IN DT JJ NN CC IN IN NNP CD '' CC IN EX VBP RB `` JJ NN NNS '' IN DT NN NN .2 3 0 21 4 7 4 9 7 9 13 13 15 15 10 15 16 17 4 21 3 23 21 23 28 28 28 23 28 28 33 33 30 3however , jeffrey b. lane , president of shearson lehman hutton inc. , said that friday 's plunge is `` going to set back '' relations with customers , `` because it reinforces the concern of volatility .RB , NNP NNP NNP , NN IN NNP NNP NNP NNP , VBD IN NNP POS NN VBZ `` VBG TO VB RP '' NNS IN NNS , `` IN PRP VBZ DT NN IN NN .14 14 5 5 7 7 14 7 12 12 12 8 7 0 14 17 18 19 15 19 19 23 21 23 23 23 26 27 21 21 21 33 31 35 33 35 36 14and i think a lot of people will harp on program trading .CC PRP VBP DT NN IN NNS MD VB IN NN NN .3 3 0 5 8 5 6 3 8 9 12 10 3it 's going to bring the debate right back to the forefront . ''PRP VBZ VBG TO VB DT NN RB RB TO DT NN . ''2 0 2 5 3 7 5 5 8 8 12 10 2 2as the dow average ground to its final 190.58 loss friday , the s&p pit stayed locked at its 30-point trading limit .IN DT NNP NNP VBD TO PRP$ JJ CD NN NNP , DT NNP NN VBD VBN IN PRP$ JJ NN NN .16 3 5 3 1 5 10 10 10 6 5 16 15 15 16 0 16 17 22 22 22 18 16jeffrey yass of program trader susquehanna investment group said 2,000 s&p contracts were for sale on the close , the equivalent of $ 330 million in stock .NNP NNP IN NN NN NNP NNP NNP VBD CD NN NNS VBD IN NN IN DT NN , DT NN IN $ CD CD IN NN .2 9 2 8 8 8 8 3 0 12 12 13 9 13 14 13 18 16 13 21 13 21 22 23 23 23 26 9but there were no buyers .CC EX VBD DT NNS .3 3 0 5 3 3while friday 's debacle involved mainly professional traders rather than investors , it left the market vulnerable to continued selling this morning , traders said .IN NNP POS NN VBN RB JJ NNS RB IN NNS , PRP VBD DT NN JJ TO VBD VBG DT NN , NNS VBD .14 3 4 5 1 5 8 5 10 8 10 14 14 25 16 17 14 17 20 18 22 17 25 25 0 25stock-index futures contracts settled at much lower prices than indexes of the stock market itself .JJ NNS NNS VBD IN JJ JJR NNS IN NNS IN DT NN NN PRP .3 3 4 0 4 7 8 5 8 9 10 14 14 15 11 4at those levels , stocks are set up to be hammered by index arbitragers , who lock in profits by buying futures when futures prices fall , and simultaneously sell off stocks .IN DT NNS , NNS VBP VBN RP TO VB VBN IN NN NNS , WP VBP RP NNS IN VBG NNS WRB NNS NNS VBP , CC RB VB RP NNS .6 3 1 6 6 0 6 7 10 7 10 11 14 12 14 14 16 17 17 17 20 21 21 25 26 23 17 17 30 17 30 30 6but nobody knows at what level the futures and stocks will open today .CC NN VBZ IN WP VBP DT NNS CC NNS MD VB NN .3 3 0 3 4 5 10 10 10 11 4 11 12 3the de-linkage between the stock and futures markets friday will undoubtedly cause renewed debate about whether wall street is properly prepared for another crash situation .DT NN IN DT NN CC NNS NNS NNP MD RB VB VBN NN IN IN NNP NNP VBZ RB VBN IN DT NN NN .2 9 9 8 8 8 8 3 10 0 10 10 14 12 14 15 18 19 16 21 19 21 25 25 22 10the big board 's mr. grasso said , `` our systemic performance was good . ''DT NNP NNP POS NNP NNP VBD , `` PRP$ JJ NN VBD JJ . ''4 4 4 6 6 7 0 7 13 12 12 13 7 13 7 7but the exchange will `` look at the performance of all specialists in all stocks .CC DT NN MD `` VB IN DT NN IN DT NNS IN DT NNS .4 3 4 0 4 4 6 9 7 9 12 10 9 15 13 4obviously we 'll take a close look at any situation in which we think the dealer-community obligations were n't met , '' he said .RB PRP MD VB DT JJ NN IN DT NN IN WDT PRP VBP DT NN NNS VBD RB VBN , '' PRP VBD .3 3 24 3 7 7 4 7 10 8 10 11 14 11 17 17 18 14 18 18 24 24 24 0 24( see related story : `` fed ready to inject big funds '' -- wsj oct. 16 , 1989 )-LRB- NNP NNP NN : `` NNP JJ TO VB JJ NNS '' : NNP NNP CD , CD -RRB-2 0 4 16 16 16 8 16 10 8 12 10 16 16 16 2 16 16 16 2but specialists complain privately that just as in the 1987 crash , the `` upstairs '' firms -- big investment banks that support the market by trading big blocks of stock -- stayed on the sidelines during friday 's blood-letting .CC NNS VBP RB IN RB RB IN DT CD NN , DT `` NN '' NNS : JJ NN NNS WDT VBP DT NN IN VBG JJ NNS IN NN : VBD IN DT NNS IN NNP POS NN .3 3 0 3 3 8 6 33 11 11 8 33 17 17 17 17 21 21 21 21 33 21 22 25 23 23 26 29 27 29 30 21 5 33 36 34 33 39 40 37 3mr. phelan said , `` it will take another day or two '' to analyze who was buying and selling friday .NNP NNP VBD , `` PRP MD VB DT NN CC CD '' TO VB WP VBD VBG CC VBG NNP .2 3 0 3 7 7 3 7 10 8 12 10 8 15 8 15 16 17 18 18 18 3concerning your sept. 21 page-one article on prince charles and the leeches : it 's a few hundred years since england has been a kingdom .VBG PRP$ NNP CD NN NN IN NNP NNP CC DT NNS : PRP VBZ DT JJ CD NNS IN NNP VBZ VBN DT NN .15 6 6 6 6 1 6 9 12 12 12 7 15 15 0 17 19 17 15 15 22 20 22 25 23 15it 's now the united kingdom of great britain and northern ireland , comprising wales , northern ireland , scotland , and ... oh yes , england , too .PRP VBZ RB DT NNP NNP IN NNP NNP CC NNP NNP , VBG NNP , JJ NNP , NNP , CC : UH NNP , NNP , RB .2 0 2 6 6 2 6 9 12 12 12 7 6 6 29 29 18 29 29 29 29 29 29 25 29 29 29 29 14 2just thought you 'd like to know .RB VBN PRP MD VB TO VB .2 0 4 2 4 7 5 2george mortonNNP NNP2 0ports of call inc. reached agreements to sell its remaining seven aircraft to buyers that were n't disclosed .NNS IN NNP NNP VBD NNS TO VB PRP$ VBG CD NN TO NNS WDT VBD RB VBN .4 1 2 5 0 5 8 6 12 12 12 8 8 13 14 15 16 16 5the agreements bring to a total of nine the number of planes the travel company has sold this year as part of a restructuring .DT NNS VBP TO DT NN IN CD DT NN IN NNS DT NN NN VBZ VBN DT NN IN NN IN DT NN .2 3 0 3 6 4 6 7 10 3 10 11 15 15 16 10 16 19 17 17 20 21 24 22 3the company said a portion of the $ 32 million realized from the sales will be used to repay its bank debt and other obligations resulting from the currently suspended air-charter operations .DT NN VBD DT NN IN DT $ CD CD VBN IN DT NNS MD VB VBN TO VB PRP$ NN NN CC JJ NNS VBG IN DT RB VBN NN NNS .2 3 0 5 15 5 8 6 8 8 8 11 14 12 3 15 16 19 17 22 22 25 25 25 19 25 26 32 30 32 32 27 3earlier the company announced it would sell its aging fleet of boeing co. 707s because of increasing maintenance costs .RB DT NN VBD PRP MD VB PRP$ VBG NN IN NNP NNP , IN IN VBG NN NNS .4 3 4 0 6 4 6 10 10 7 10 14 14 11 7 15 19 19 15 4a consortium of private investors operating as ljh funding co. said it has made a $ 409 million cash bid for most of l.j. hooker corp. 's real-estate and shopping-center holdings .DT NN IN JJ NNS VBG IN NNP NNP NNP VBD PRP VBZ VBN DT $ CD CD NN NN IN JJS IN NNP NNP NNP POS NN CC NN NNS .2 11 2 5 3 2 6 10 10 7 0 13 11 13 20 20 16 16 20 14 20 21 22 27 27 27 31 31 31 31 23 11the $ 409 million bid includes the assumption of an estimated $ 300 million in secured liabilities on those properties , according to those making the bid .DT $ CD CD NN VBZ DT NN IN DT VBN $ CD CD IN JJ NNS IN DT NNS , VBG TO DT VBG DT NN .5 5 2 2 6 0 8 6 8 11 9 11 12 12 11 17 15 17 20 18 6 6 22 23 24 27 25 6the group is led by jay shidler , chief executive officer of shidler investment corp. in honolulu , and a. boyd simpson , chief executive of the atlanta-based simpson organization inc .DT NN VBZ VBN IN NNP NNP , JJ JJ NN IN NNP NNP NNP IN NNP , CC NNP NNP NNP , JJ NN IN DT JJ NNP NNP NNP .2 3 0 3 4 7 11 11 11 11 25 11 15 15 12 15 16 25 25 22 22 25 25 25 5 25 31 31 31 31 26 3mr. shidler 's company specializes in commercial real-estate investment and claims to have $ 1 billion in assets ; mr. simpson is a developer and a former senior executive of l.j. hooker .NNP NNP POS NN VBZ IN JJ NN NN CC NNS TO VB $ CD CD IN NNS : NNP NNP VBZ DT NN CC DT JJ JJ NN IN NNP NNP .3 3 4 5 22 5 9 9 6 5 5 13 11 13 14 14 14 17 22 21 22 0 24 29 29 29 29 29 22 29 32 30 22`` the assets are good , but they require more money and management '' than can be provided in l.j. hooker 's current situation , said mr. simpson in an interview . ```` DT NNS VBP JJ , CC PRP VBP JJR NN CC NN '' IN MD VB VBN IN NNP NNP POS JJ NN , VBD NNP NNP IN DT NN . ``26 3 4 9 4 9 9 9 26 13 13 13 9 13 13 15 16 17 18 22 22 24 24 19 26 0 28 26 26 31 29 26 26hooker 's philosophy was to build and sell .NNP POS NN VBD TO VB CC VB .2 3 4 0 6 4 6 6 4we want to build and hold . ''PRP VBP TO VB CC VB . ''
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