1
 Benjamin Jacobson & Sons has been the New York Stock Exchange specialist firm in charge of trading stock in UAL Corp. and its predecessors since the early 1930s.
2
background

2
 But the firm has never had a day like yesterday.
5001
span

3
 At first UAL didn't open 
5003
span

4
because of an order imbalance.
3
reason

5
 When it did a half-hour into the session,
6
circumstance

6
 it was priced at $150 a share, down more than $28 from Monday's close.
5004
span

7
 It sank further to as low as $145,
5005
concession

8
 but a big rally developed in the last half hour,
5005
span

9
 pushing the stock back up to close at $170, down just $8.375 from Monday. 
8
elaboration-additional

10
In the process, 4.9 million shares traded,
11
consequence-n

11
 making UAL the second most active issue on the Big Board.
5008
span

12
 Munching pizza 
5011
span

13
when they could 
12
circumstance

14
and yelling 
5012
span

15
until their voices gave out,
14
circumstance

16
 the two Benjamin Jacobson specialists at the Big Board's UAL trading post yesterday presided over what can only be described as a financial free-for-all.
5014
span

17
 It was chaotic.
5016
span

18
 But we like to call it 'controlled chaos, '
5015
span

19
 said 47-year-old Robert J. Jacobson Jr., grandson of the firm's founder.
18
attribution

20
 He manned the UAL post yesterday with Christopher Bates, 33, an energetic Long Islander
5018
span

21
 who's a dead ringer for actor Nicolas Cage.
20
elaboration-additional-e

22
 Who was doing all the selling?
5022
Question-Answer

23
 Options traders, arbitrage traders
5021
span

24
 -- everyone, 
23
restatement

25
said Mr. Bates,
5020
span

26
 cooling down with a carton of apple juice after the close yesterday.
25
elaboration-additional

27
 Added Mr. Jacobson,
28
attribution

28
 There were some pretty bad losses in the stock.
5024
span

29
 Big Board traders said 
5029
attribution

30
a 200,000-share buy order at $150 a share 
5027
span

31
entered by Bear, Stearns & Co.,
5028
span

32
 which was active in UAL stock all day,
31
elaboration-additional-e

33
 is what set off the UAL crowd in the late afternoon.
5029
Same-Unit

34
 A subsequent rally in UAL helped the staggering stock market stage an astonishing recovery from an 80-point deficit
5032
span

35
 to finish only slightly below Monday's close.
34
elaboration-additional

36
 Both Jacobson traders,
5035
span

37
 who had been hoping 
38
attribution

38
UAL trading would get back to normal,
5034
span

39
 read the news about the unraveling of UAL takeover plans on the train into work yesterday morning.
5036
Same-Unit

40
 The news told them
5037
attribution

41
 it would be a while longer
42
circumstance

42
 before UAL resumed trading like a regular airline stock after months of gyrations.
5037
span

43
 When Mr. Jacobson walked into the office at 7:30 a.m. EDT,
5040
circumstance

44
 he announced: 
45
attribution

45
OK, buckle up.
5040
span

46
 Messrs. Jacobson and Bates walked on the Big Board floor at about 8:45 a.m. yesterday 
47
circumstance

47
and immediately spotted trouble.
5042
span

48
 Already entered in the Big Board's computers and transmitted to their post were sell orders for 65,000 UAL shares.
5042
elaboration-general-specific

49
 The UAL news had already caused a selling furor in the so-called third market,
5044
span

50
 in which firms buy and sell stock away from the exchange floor.
49
elaboration-object-attribute-e

51
 UAL,
5046
span

52
 which closed on the Big Board Monday at $178.375 a share,
51
elaboration-additional-e

53
 traded in the third market afterward as low as $158 a share.
5047
Same-Unit

54
 There were rumors of $148-a-share trades. 
5047
elaboration-additional

55
 In the 45 minutes before the 9:30 opening bell, the Jacobson specialists kept getting sell orders, heavier than they imagined.
5050
Sequence

56
 And at 9:15, they posted a $135 to $155 first indication, or the price range 
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span

57
in which the stock would probably open.
56
elaboration-object-attribute

58
 That range was quickly narrowed to $145 to $155,
5054
span

59
 although traders
5052
span

60
 surrounding the post
59
elaboration-object-attribute-e

61
 were told that $148 to $150 would be the likely target.
5053
Same-Unit

62
 When UAL finally opened a half hour late,
63
circumstance

63
 some 400,000 shares traded at $150.
5058
span

64
 There was selling pressure from everyone, 
5059
span

65
said one trader.
64
attribution

66
 This month's Friday-the-13th market plunge 
5061
span

67
spurred by UAL news 
66
elaboration-object-attribute-e

68
wasn't as bad for the Jacobson specialists as yesterday's action.
5062
Same-Unit

69
 On that earlier day, the stock's trading was halted at a critical time 
5064
span

70
so the specialists could catch their breath.
69
purpose

71
 Not yesterday.
5077
span

72
 Mr. Jacobson,
5067
span

73
 his gray hair flying,
72
elaboration-additional-e

74
 didn't wear out his red-white-and-blue sneakers,
5068
Same-Unit

75
 but he sweat so much 
76
reason

76
he considered sending out for a new shirt.
5069
span

77
 Mr. Bates usually handles day-to-day UAL trading on his own.
5074
concession

78
 But yesterday, the heavy trading action eventually consumed not only Messrs. Jacobson and Bates but four other Jacobson partners,
5074
span

79
 all doing their specialist-firm job
5073
span

80
 of tugging buyers and sellers together 
5072
List

81
and adjusting prices 
5071
span

82
to accommodate the market.
81
purpose

83
 About 30 floor traders crammed near the UAL post most of the day,
5079
List

84
 and probably hundreds more came and went 
5079
List

85
-- a seething mass, 
5078
span

86
as one trader described it.
85
attribution

87
 The 4.9 million-share volume
5081
span

88
 flowing through the Jacobson specialist operation 
87
elaboration-object-attribute-e

89
was about five times normal for the stock.
5082
Same-Unit

90
 The heavy buying in the last half hour led the specialists to take special steps.
5089
span

91
 The Bear Stearns order 
5085
span

92
that marked the late-day turnaround 
91
elaboration-object-attribute-e

93
caused a massive buying effort
5090
span

94
 as UAL jumped $20 a share to $170 in the last half hour,
93
consequence-s

95
 said Mr. Bates.
5086
attribution

96
 With 15 seconds of trading to go,
5091
circumstance

97
 Mr. Jacobson, with what voice 
5091
span

98
he had left,
97
elaboration-object-attribute-e

99
 announced to the trading mob:
5092
Same-Unit

100
 We're going to trade one price on the bell.
5093
span

101
 That meant no trading would occur in the final seconds, as a way 
5096
span

102
of making sure that last-second orders aren't subjected to a sudden price swing 
5095
span

103
that would upset customers.
102
elaboration-object-attribute-e

104
 About 11,000 shares sold at $170 on the bell,
5098
span

105
 representing about eight to 10 late orders,
104
elaboration-additional-e

106
 the specialists estimate.
5098
attribution

107
 Big Board traders praised the Jacobson specialists for getting through yesterday without a trading halt.
5102
span

108
 In Chicago, a UAL spokesman, by way of policy, declined to comment on the company's stock or the specialists' performance.
107
antithesis

109
 Leaving the exchange at about 5 p.m.,
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circumstance

110
 the Jacobson specialists made no predictions
5104
span

111
 about how trading might go today.
110
elaboration-object-attribute-e

112
 Said Earl Ellis, a Jacobson partner
5106
span

113
 who got involved in the UAL action,
112
elaboration-object-attribute-e

114
 It all starts all over again today.
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multinuc
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circumstance

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evidence

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span
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List

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List

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multinuc
16
temporal-same-time

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elaboration-additional

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elaboration-additional

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elaboration-additional

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attribution

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Question-Answer

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multinuc
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elaboration-additional

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elaboration-additional

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span
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Same-Unit

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elaboration-additional-e

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multinuc
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span

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span
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Sequence

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span
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Sequence

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multinuc
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result

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span
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elaboration-object-attribute-e

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multinuc
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elaboration-additional

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Sequence

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Sequence

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Sequence

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Same-Unit

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multinuc
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span
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elaboration-additional

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span
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elaboration-additional

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multinuc
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elaboration-additional

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span
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Sequence

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span
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Same-Unit

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multinuc
58
antithesis

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span
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Sequence

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span



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multinuc
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Sequence

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span
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summary-n

5058
span
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span

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span
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interpretation-s

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span
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span

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span
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Same-Unit

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multinuc
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span

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span
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Sequence

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span
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Contrast

5065
multinuc
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explanation-argumentative

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span
5060
evaluation-s

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span
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Same-Unit

5068
multinuc
5069
antithesis

5069
span
5070
span

5070
span
5076
List

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span
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List

5072
multinuc
79
elaboration-object-attribute-e

5073
span
78
elaboration-additional-e

5074
span
5075
span

5075
span
5084
span

5076
multinuc
71
evidence

5077
span
5065
Contrast

5078
span
5079
elaboration-additional

5079
multinuc
5080
span

5080
span
5083
List

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span
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Same-Unit

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multinuc
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List

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multinuc
5075
explanation-argumentative

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span
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List

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span
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Same-Unit

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multinuc
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span



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90
elaboration-additional

5089
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span
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Same-Unit

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multinuc
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attribution

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span
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span

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span
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Same-Unit

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elaboration-object-attribute-e

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span
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definition

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span
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elaboration-general-specific

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consequence-s

5100
span
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span

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span
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span

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span
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consequence-s

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Sequence

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span

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span
5108
span

5106
span
114
attribution

5107
span
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elaboration-additional

5108
span
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Sequence

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span



