( S ( NP-SBJ-1 ( NNP Silicon ) ( NNP Graphics ) ) ( ADVP ( RB also ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB unveil ) ( NP ( ADJP ( RB even ) ( RBR less ) ( JJ expensive ) ) ( NNS machines ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ near ) ( NN future ) ) ) ) ) ) ) )

Silicon Graphics also plans to unveil even less expensive machines in the near future


( SINV ( S-TPC-3 ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( RB pretty ) ( JJ safe ) ) ( S-1 ( VP ( TO to ) ( VP ( VB assume ) ( SBAR ( S ( NP-SBJ ( PRP we ) ) ( VP ( MD can ) ( VP ( VB bring ) ( NP ( NP ( DT the ) ( NN cost ) ) ) ( PRT ( RP down ) ) ( PP-2 ( IN of ) ( NP ( DT these ) ( NNS systems ) ) ) ( PP-EXT ( IN by ) ( NP ( NP ( QP ( CD 30 ) ( NN % ) ( TO to ) ( CD 40 ) ) ( NN % ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Edward ) ( NNP McCracken ) ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN chief ) ( NN executive ) ( NN officer ) ) ) )

It 's pretty safe to assume we can bring the cost down of these systems by 30 % to 40 % a year said Edward McCracken the company 's chief executive officer


( S ( NP-SBJ-1 ( NP ( NNP Silicon ) ( NNP Graphics ) ( POS ' ) ) ( NN strategy ) ) ( VP ( VBZ seems ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBG paying ) ( PRT ( IN off ) ) ) ) ) ) ) )

Silicon Graphics ' strategy seems to be paying off


( S ( NP-SBJ ( NP ( NN Revenue ) ) ( PP ( IN for ) ( NP ( NP ( PRP$ its ) ( JJ first ) ( NN quarter ) ) ( VP ( VBD ended ) ( NP-TMP ( NNP Sept. ) ( CD 30 ) ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( QP ( CD 86.4 ) ( CD million ) ) ) ( NP ( NP ( DT a ) ( ADJP ( CD 95 ) ) ( NN % ) ( NN increase ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ year-ago ) ( NN period ) ) ) ) ) ) )

Revenue for its first quarter ended Sept. 30 was 86.4 million a 95 % increase over the year-ago period


( S ( NP-SBJ ( NN Profit ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( QP ( CD 5.2 ) ( CD million ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( QP ( CD 1 ) ( CD million ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ year-ago ) ( NN quarter ) ) ) ) ) ) ) ) )

Profit was 5.2 million compared with 1 million for the year-ago quarter


( S ( S-NOM-SBJ ( VP ( VBG Reaching ) ( PP-CLR ( IN for ) ( NP ( NP ( DT that ) ( JJ extra ) ( NN bit ) ) ( PP ( IN of ) ( NP ( NN yield ) ) ) ) ) ) ) ( VP ( MD can ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( JJ big ) ( NN mistake ) ) ( SBAR-ADV ( ADVP ( RB especially ) ) ( IN if ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB understand ) ( SBAR ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP 're ) ( VP ( VBG investing ) ( PP-CLR ( IN in ) ) ) ) ) ) ) ) ) ) ) ) )

Reaching for that extra bit of yield can be a big mistake especially if you do n't understand what you 're investing in


( S ( VP ( ADVP ( RB Just ) ) ( VB ask ) ( NP ( NP ( NNP Richard ) ( NNP Blumenfeld ) ) ( NP ( NP ( DT a ) ( NNP New ) ( NNP Jersey ) ( NN dentist ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ considers ) ( S ( NP-SBJ ( PRP himself ) ) ( NP-PRD ( DT a ) ( ADJP ( RB reasonably ) ( JJ sophisticated ) ) ( NN investor ) ) ) ) ) ) ) ) ) )

Just ask Richard Blumenfeld a New Jersey dentist who considers himself a reasonably sophisticated investor


( S ( PP-TMP ( IN In ) ( NP ( NNP May ) ( CD 1986 ) ) ) ( NP-SBJ ( NNP Dr. ) ( NNP Blumenfeld ) ) ( VP ( VBD gave ) ( NP ( NNP Merrill ) ( NNP Lynch ) ( CC & ) ( NNP Co. ) ) ( NP ( NP ( QP ( IN about ) ( CD 40,000 ) ) ) ( PP ( IN for ) ( NP ( NP ( NP ( DT a ) ( ADJP ( RB federally ) ( VBN insured ) ) ( NN certificate ) ) ( PP ( IN of ) ( NP ( NN deposit ) ) ) ) ( VP ( VBG offering ) ( NP ( NP ( DT an ) ( JJ effective ) ( NN yield ) ) ( PP ( IN of ) ( NP ( QP ( RBR more ) ( IN than ) ( CD 9 ) ) ( NN % ) ) ) ) ) ) ) ) ) )

In May 1986 Dr. Blumenfeld gave Merrill Lynch & Co. about 40,000 for a federally insured certificate of deposit offering an effective yield of more than 9 %


( S ( S-TPC-2 ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( NN time ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NN interest ) ( NNS rates ) ) ( VP ( VBD came ) ( ADVP-CLR ( RB down ) ) ( ADVP-MNR ( RB very ) ( RB rapidly ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Dr. ) ( NNP Blumenfeld ) ) ( VP ( VBZ recalls ) ) )

It was a time when interest rates came down very rapidly Dr. Blumenfeld recalls


( S ( S ( NP-SBJ ( NP ( NNS Yields ) ) ( PP ( IN on ) ( NP ( JJ five-year ) ( NNS CDs ) ) ) ( PP-LOC ( IN at ) ( NP ( JJ major ) ( NNS banks ) ) ) ) ( VP ( VBD were ) ( VP ( VBG averaging ) ( NP ( QP ( IN about ) ( CD 7.45 ) ) ( NN % ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( JJ 10-year ) ( NN Treasury ) ( NNS notes ) ) ( VP ( VBD were ) ( VP ( VBG paying ) ( NP ( QP ( RBR less ) ( IN than ) ( CD 8 ) ) ( NN % ) ) ) ) ) )

Yields on five-year CDs at major banks were averaging about 7.45 % and 10-year Treasury notes were paying less than 8 %


( S ( NP-SBJ ( DT The ) ( NNP CD ) ) ( VP ( VBD seemed ) ( PP-CLR ( IN like ) ( NP ( DT a ) ( JJ great ) ( NN deal ) ) ) ) )

The CD seemed like a great deal


( S ( CC But ) ( ADVP-TMP ( NP ( RB nearly ) ( QP ( CD 3 ) ( CD 1\/2 ) ) ( NNS years ) ) ( RB later ) ) ( NP-SBJ ( NNP Merrill ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN investment ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ worth ) ( NP ( NP ( QP ( IN about ) ( CD 43,000 ) ) ) ( NP ( NP ( DT an ) ( NN amount ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ represents ) ( NP ( NP ( DT an ) ( JJ annual ) ( NN return ) ) ( PP ( IN of ) ( NP ( QP ( RB just ) ( IN over ) ( CD 2 ) ) ( NN % ) ) ) ( PP ( IN on ) ( NP ( NP ( NNP Dr. ) ( NNP Blumenfeld ) ( POS 's ) ) ( CD 40,000 ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But nearly 3 1\/2 years later Merrill says the investment is worth about 43,000 an amount that represents an annual return of just over 2 % on Dr. Blumenfeld 's 40,000


( S ( NP-SBJ ( DT The ) ( NN problem ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NNP CD ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD bought ) ( PP-PRP ( IN for ) ( NP ( DT a ) ( NN retirement ) ( NN plan ) ) ) ) ) ) ) ( VP ( VBD was ) ( RB n't ) ( NP-PRD ( DT a ) ( ADJP ( JJ plain ) ( NN vanilla ) ) ( NNP CD ) ) ) ) ) ) )

The problem is that the CD he bought for a retirement plan was n't a plain vanilla CD


( S ( ADVP ( RB Instead ) ) ( NP-SBJ ( PRP$ his ) ( NNP Merrill ) ( NN broker ) ) ( VP ( VBD put ) ( NP ( PRP him ) ) ( PP-PUT ( IN in ) ( NP ( NP ( DT a ) ( JJ zero-coupon ) ( NNP CD ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ is ) ( VP ( VBN sold ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( JJ deep ) ( NN discount ) ) ( PP ( TO to ) ( NP ( PRP$ its ) ( NN face ) ( NN value ) ) ) ) ) ) ) ) ) ) ) ) )

Instead his Merrill broker put him in a zero-coupon CD which is sold at a deep discount to its face value


( S ( NP-SBJ ( NP ( DT The ) ( NN difference ) ) ( PP ( IN between ) ( NP ( NP ( DT the ) ( NN price ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN face ) ( NN value ) ) ( ADJP ( JJ payable ) ( PP ( IN at ) ( NP ( NN maturity ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN investor ) ( POS 's ) ) ( NN return ) ) ) )

The difference between the price and the face value payable at maturity is the investor 's return


( S ( ADJP ( RBR More ) ( JJ important ) ) ( NP-SBJ-1 ( DT the ) ( NNP CD ) ) ( VP ( VBD was ) ( VP ( VBN purchased ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( UCP ( JJ secondary ) ( CC or ) ( NN resale ) ) ( NN market ) ) ) ) ) )

More important the CD was purchased on the secondary or resale market


( S ( SBAR-PRP ( IN Because ) ( S ( S ( NP-SBJ ( DT the ) ( NNP CD ) ) ( VP ( VBD had ) ( NP ( NP ( DT an ) ( JJ effective ) ( NN yield ) ) ( PP ( IN of ) ( NP ( CD 13.4 ) ( NN % ) ) ) ) ( SBAR-TMP ( WHADVP-4 ( WRB when ) ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBN issued ) ( PP-TMP ( IN in ) ( NP ( CD 1984 ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( NN interest ) ( NNS rates ) ) ( PP ( IN in ) ( ADJP ( JJ general ) ) ) ) ( VP ( VBD had ) ( VP ( VBN declined ) ( ADVP-MNR ( RB sharply ) ) ( PP-TMP ( IN since ) ( NP ( RB then ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN price ) ) ( SBAR ( S ( NP-SBJ ( NNP Dr. ) ( NNP Blumenfeld ) ) ( VP ( VBD paid ) ) ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( NN premium ) ) ( NP ( NP ( NP ( DT an ) ( JJ additional ) ( NN amount ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NN top ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP CD ) ( POS 's ) ) ( NN base ) ( NN value ) ) ) ) ) ) ( CC plus ) ( NP ( VBN accrued ) ( NN interest ) ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD represented ) ( NP ( NP ( DT the ) ( NNP CD ) ( POS 's ) ) ( VBN increased ) ( NN market ) ( NN value ) ) ) ) ) ) ) )

Because the CD had an effective yield of 13.4 % when it was issued in 1984 and interest rates in general had declined sharply since then part of the price Dr. Blumenfeld paid was a premium an additional amount on top of the CD 's base value plus accrued interest that represented the CD 's increased market value


( S ( S ( ADVP-TMP ( RB Now ) ) ( NP-SBJ ( NP ( DT the ) ( NN thrift ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD issued ) ( NP ( DT the ) ( NNP CD ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ insolvent ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Dr. ) ( NNP Blumenfeld ) ) ( VP ( VBZ has ) ( VP ( VBN learned ) ( PP ( TO to ) ( NP ( PRP$ his ) ( NN surprise ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN premium ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( VBN insured ) ( PP-LOC ( IN under ) ( NP ( JJ federal ) ( NN deposit ) ( NN insurance ) ) ) ) ) ) ) ) ) ) )

Now the thrift that issued the CD is insolvent and Dr. Blumenfeld has learned to his surprise that the premium is n't insured under federal deposit insurance


( S ( NP-SBJ ( DT The ) ( NN tip-off ) ) ( VP ( VBD came ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VP ( VBD opened ) ( NP ( DT a ) ( JJ recent ) ( NNP Merrill ) ( NNP Lynch ) ( NN statement ) ) ) ( CC and ) ( VP ( VBD found ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NNP CD ) ( POS 's ) ) ( VBN estimated ) ( JJ current ) ( NN market ) ( NN value ) ) ( VP ( VBD had ) ( VP ( VBN plummeted ) ( PP-EXT ( IN by ) ( NP ( CD 9,000 ) ) ) ( PP-TMP ( IN in ) ( NP ( DT a ) ( NN month ) ) ) ) ) ) ) ) ) ) ) ) )

The tip-off came when he opened a recent Merrill Lynch statement and found that the CD 's estimated current market value had plummeted by 9,000 in a month


( S ( ADVP-TMP ( NP ( NP ( JJ Several ) ( NN phone ) ( NNS calls ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN visit ) ) ( PP ( TO to ) ( NP ( NP ( PRP$ his ) ( NN broker ) ( POS 's ) ) ( NN office ) ) ) ) ) ( RB later ) ) ( NP-SBJ ( DT the ) ( NN dentist ) ) ( VP ( VBD found ) ( PRT ( RP out ) ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( ADJP ( CD 9,000 ) ) ( NN drop ) ) ( VP ( VBD represented ) ( NP ( NP ( DT the ) ( JJ current ) ( NN value ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN premium ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD paid ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD bought ) ( NP ( DT the ) ( NNP CD ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ-3 ( DT the ) ( NN amount ) ) ( VP ( VBD was ) ( RB n't ) ( VP ( VBD insured ) ) ) ) ) ) ) )

Several phone calls and a visit to his broker 's office later the dentist found out that the 9,000 drop represented the current value of the premium he paid when he bought the CD and that the amount was n't insured


( S ( S-TPC-2 ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( CD one ) ( NN thing ) ) ( SBAR ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD was ) ( ADVP-TMP ( RB never ) ) ( ADJP-PRD ( JJ aware ) ( PP ( IN of ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

This is one thing I was never aware of he says


( S ( S-TPC-2 ( NP-SBJ ( PRP He ) ) ( VP ( VBD assumed ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NN principal ) ( CC and ) ( NN interest ) ) ( VP ( VBD were ) ( VP ( ADVP-MNR ( RB fully ) ) ( VBN insured ) ( PP ( IN up ) ( PP ( TO to ) ( NP ( CD 100,000 ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ adds ) ) )

He assumed that principal and interest were fully insured up to 100,000 he adds


( S ( NP-SBJ ( NNP Dr. ) ( NNP Blumenfeld ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( JJ unique ) ) ) )

Dr. Blumenfeld is n't unique


( S ( ADVP ( RB Especially ) ) ( PP-TMP ( IN at ) ( NP ( NP ( NNS times ) ) ( PP ( IN like ) ( NP ( DT these ) ) ) ( SBAR ( WHADVP ( WRB when ) ) ( S ( NP-SBJ ( VBG declining ) ( NNS rates ) ) ( VP ( VBP make ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( ADJP-PRD ( RB hard ) ) ( SBAR-1 ( IN for ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( TO to ) ( VP ( VB get ) ( NP ( NP ( NNS yields ) ) ( SBAR ( S ( NP-SBJ-3 ( PRP they ) ) ( VP ( VBP have ) ( VP ( VBN come ) ( S ( VP ( TO to ) ( VP ( VB expect ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-4 ( ADJP ( RB too ) ( JJ many ) ) ( NNS people ) ) ( VP ( VB chase ) ( NP ( NP ( DT the ) ( NN promise ) ) ( PP ( IN of ) ( NP ( JJ above-market ) ( NNS returns ) ) ) ) ( PP-MNR ( IN without ) ( S-NOM ( VP ( ADVP-MNR ( RB fully ) ) ( VBG appreciating ) ( NP ( DT the ) ( NN risk ) ) ) ) ) ) )

Especially at times like these when declining rates make it hard for investors to get yields they have come to expect too many people chase the promise of above-market returns without fully appreciating the risk


( SINV ( S-TPC-1 ( NP-SBJ ( NN Yield ) ( NN greed ) ) ( ADVP-TMP ( RB often ) ) ( VP ( VBZ gets ) ( PP-CLR ( IN in ) ( NP ( NP ( DT the ) ( NN way ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG understanding ) ( NP ( NNS things ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP John ) ( NNP Markese ) ) ( NP ( NP ( NN research ) ( NN director ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NNP American ) ( NNP Association ) ) ( PP ( IN of ) ( NP ( NNP Individual ) ( NNPS Investors ) ) ) ) ( NP ( DT a ) ( JJ Chicago-based ) ( JJ educational ) ( NN group ) ) ) ) ) ) )

Yield greed often gets in the way of understanding things says John Markese research director of the American Association of Individual Investors a Chicago-based educational group


( S ( NP-SBJ ( NP ( DT The ) ( JJS biggest ) ( NN problem ) ) ( SBAR ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP have ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( VBP realize ) ( PP-TMP ( IN after ) ( NP ( DT the ) ( NN fact ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB understand ) ( SBAR ( WHNP-2 ( WP what ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD were ) ( VP ( VBG investing ) ( PP-CLR ( IN in ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The biggest problem we have is that investors realize after the fact that they did n't understand what they were investing in


( S ( NP-SBJ ( NNP Dr. ) ( NNP Blumenfeld ) ) ( VP ( VBZ concedes ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( ADVP-MNR ( RB fully ) ) ( VB understand ) ( SBAR ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD was ) ( VP ( VBG buying ) ) ) ) ) ) ) ) ) ) )

Dr. Blumenfeld concedes he did n't fully understand what he was buying


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ says ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD knew ) ( SBAR ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD was ) ( VP ( VBG getting ) ( NP ( DT a ) ( JJ zero-coupon ) ( NNP CD ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD had ) ( ADVP-TMP ( RB previously ) ) ( VP ( VBN invested ) ( PP-CLR ( IN in ) ( NP ( NP ( NNP TIGRs ) ) ( PRN ( NP ( NNP Treasury ) ( NNP Income ) ( NNP Growth ) ( NNPS Receipts ) ) ) ( NP ( NP ( DT a ) ( NN type ) ) ( PP ( IN of ) ( NP ( NP ( JJ zero-coupon ) ( NNP Treasury ) ( NN security ) ) ( VP ( VBN sold ) ( PP ( IN by ) ( NP-LGS ( NNP Merrill ) ( NNP Lynch ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He says that he knew he was getting a zero-coupon CD and that he had previously invested in TIGRs Treasury Income Growth Receipts a type of zero-coupon Treasury security sold by Merrill Lynch


( S ( CC But ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB understand ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD was ) ( VP ( VBG buying ) ( NP ( DT the ) ( NNP CD ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( JJ secondary ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ contends ) ( SBAR ( S ( NP-SBJ ( PRP$ his ) ( NN broker ) ) ( ADVP-TMP ( RB never ) ) ( VP ( ADVP-MNR ( RB fully ) ) ( VBD explained ) ( NP ( DT the ) ( NNS risks ) ) ) ) ) ) ) )

But he says he did n't understand he was buying the CD on the secondary market and he contends his broker never fully explained the risks


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN broker ) ) ( NP ( NP ( NNP Thomas ) ( NNP Beairsto ) ) ( PP ( IN of ) ( NP ( NP ( NNP Merrill ) ( NNP Lynch ) ( POS 's ) ) ( NAC-LOC ( NNP Morristown ) ( NNP N.J. ) ) ( NN office ) ) ) ) ) ( VP ( VBZ refuses ) ( S ( VP ( TO to ) ( VP ( VB discuss ) ( NP ( DT the ) ( NN matter ) ) ( PP-CLR ( IN with ) ( NP ( DT a ) ( NN reporter ) ) ) ) ) ) ( S-ADV ( VP ( VBG referring ) ( NP ( NNS inquiries ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NNP Merrill ) ( NNP Lynch ) ( NNS officials ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) ) )

The broker Thomas Beairsto of Merrill Lynch 's Morristown N.J. office refuses to discuss the matter with a reporter referring inquiries to Merrill Lynch officials in New York


( S ( NP-SBJ ( DT Those ) ( NNS officials ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( JJ full ) ( NN disclosure ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS risks ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN fact ) ( NN sheet ) ) ( VP ( VBN sent ) ( PP-DTV ( TO to ) ( NP ( DT all ) ( NNP CD ) ( NNS investors ) ) ) ( PP-TMP ( IN with ) ( NP ( NP ( PRP$ their ) ( NN confirmation ) ) ( PP ( IN of ) ( NP ( NN sale ) ) ) ) ) ) ) ) ) ) ) ) )

Those officials say there was full disclosure of the risks in a fact sheet sent to all CD investors with their confirmation of sale


( S ( NP-SBJ ( NP ( DT The ) ( NN fact ) ( NN sheet ) ) ( VP ( VBN dated ) ( NP-TMP ( NNP April ) ( CD 1986 ) ) ) ) ( VP ( VBZ says ) ( PP-LOC ( IN on ) ( NP ( NN page ) ( CD three ) ) ) ( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( NP ( DT the ) ( NN price ) ) ( VP ( VBN paid ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( NNP CD ) ) ( VP ( VBN purchased ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ secondary ) ( NN market ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( JJR higher ) ) ( PP ( IN than ) ( NP ( NP ( DT the ) ( VBN accreted ) ( NN value ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN case ) ) ( PP ( IN of ) ( NP ( JJ zero-coupon ) ( NNPS CDs ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN difference ) ) ( VP ( VBZ is ) ( RB not ) ( VP ( VBN insured ) ) ) ) ) )

The fact sheet dated April 1986 says on page three If the price paid for a CD purchased in the secondary market is higher than the accreted value in the case of zero-coupon CDs the difference is not insured


( S ( S ( NP-SBJ ( NP ( NNS Computations ) ) ( PP ( VBG involving ) ( NP ( JJ zero-coupon ) ( NNPS CDs ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( RBR more ) ( VBN complicated ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( MD should ) ( VP ( VB discuss ) ( NP ( NP ( DT any ) ( NNS questions ) ) ( SBAR ( S ( NP-SBJ ( PRP you ) ) ( VP ( MD may ) ( VP ( VB have ) ) ) ) ) ) ( PP-CLR ( IN with ) ( NP ( PRP$ your ) ( JJ financial ) ( NN consultant ) ) ) ) ) ) )

Computations involving zero-coupon CDs are more complicated and you should discuss any questions you may have with your financial consultant


( S ( NP-SBJ ( NNP Dr. ) ( NNP Blumenfeld ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VP ( VBZ does ) ( RB n't ) ( VP ( VB remember ) ( NP ( NP ( DT the ) ( NN paragraph ) ) ( PP ( IN about ) ( NP ( NNS premiums ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN fact ) ( NN sheet ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD received ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB realize ) ( SBAR ( S ( NP-SBJ ( NP ( NN part ) ) ( PP ( IN of ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD paid ) ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( DT a ) ( NN premium ) ) ) ) ) ) ) ) ) ) ) )

Dr. Blumenfeld says he does n't remember the paragraph about premiums in the fact sheet he received and did n't realize part of what he paid was a premium


( S ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( VBD assumed ) ( SBAR ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD was ) ( VP ( VBG buying ) ( NP ( DT a ) ( NNP CD ) ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( NNP CD ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

I assumed I was buying a CD as a CD he says


( S ( ADVP ( RB Nevertheless ) ) ( NP-SBJ ( NNP Merrill ) ( NNP Lynch ) ) ( VP ( VBZ has ) ( VP ( VBN agreed ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN if ) ( S ( S ( NP-SBJ-1 ( NP ( NP ( DT the ) ( NN thrift ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD issued ) ( NP ( NP ( NNP Dr. ) ( NNP Blumenfeld ) ( POS 's ) ) ( NNP CD ) ) ) ) ) ) ( NP ( NP ( NNPS Peoples ) ( NNP Heritage ) ( NNP Federal ) ( NNP Savings ) ( CC & ) ( NNP Loan ) ( NNP Association ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Salina ) ) ( NP ( NNP Kan. ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN liquidated ) ) ) ) ( CC and ) ( S ( NP-SBJ-4 ( DT the ) ( NNP CD ) ) ( VP ( VBN terminated ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN brokerage ) ( NN firm ) ) ( VP ( MD would ) ( VP ( VB cover ) ( NP ( NP ( DT the ) ( NN premium ) ) ( SBAR ( S ( NP-SBJ ( NNP Dr. ) ( NNP Blumenfeld ) ) ( VP ( VBD paid ) ) ) ) ) ) ) ) ) ) ) )

Nevertheless Merrill Lynch has agreed that if the thrift that issued Dr. Blumenfeld 's CD Peoples Heritage Federal Savings & Loan Association in Salina Kan. is liquidated and the CD terminated the brokerage firm would cover the premium Dr. Blumenfeld paid


( S ( NP-SBJ ( NNP Federal ) ( NN deposit ) ( NN insurance ) ) ( VP ( MD would ) ( VP ( VB pay ) ( NP ( NP ( NN principal ) ( CC and ) ( NN interest ) ) ( VP ( VBN accrued ) ( PP-TMP ( TO to ) ( NP ( NP ( DT the ) ( NN date ) ) ( PP ( IN of ) ( NP ( NN liquidation ) ) ) ) ) ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( NN maximum ) ) ( PP ( IN of ) ( NP ( CD 100,000 ) ) ) ) ) ) ) ) )

Federal deposit insurance would pay principal and interest accrued to the date of liquidation to a maximum of 100,000


( SINV ( S-TPC-1 ( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( RB not ) ( DT a ) ( NN blanket ) ( NN commitment ) ) ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT a ) ( JJ case-by-case ) ( NN situation ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Albert ) ( NNP Disposti ) ) ( NP ( NP ( DT a ) ( VBG managing ) ( NN director ) ) ( PP ( IN of ) ( NP ( NNP Merrill ) ( NNP Lynch ) ( NNP Money ) ( NNPS Markets ) ( NNP Inc ) ) ) ) ) )

It 's not a blanket commitment it 's a case-by-case situation says Albert Disposti a managing director of Merrill Lynch Money Markets Inc


( S ( NP-SBJ ( EX There ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT a ) ( NN question ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( NP ( NNS brokers ) ) ( PP-TMP ( IN at ) ( NP ( DT the ) ( NN time ) ) ) ) ( VP ( VBD were ) ( ADJP-PRD ( RB fully ) ( JJ aware ) ( PP ( IN of ) ( NP ( DT the ) ( NNS risks ) ) ) ) ) ) ) ) ) )

There 's a question whether brokers at the time were fully aware of the risks


( S ( NP-SBJ ( PRP We ) ) ( VP ( VBD were ) ( RB n't ) ( ADJP-PRD ( JJ sure ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( JJ full ) ( NN disclosure ) ) ( SBAR-MNR ( IN as ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBD wanted ) ( NP ( PRP it ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBG being ) ( VP ( VBN made ) ) ) ) ) ) ) ) )

We were n't sure that full disclosure as we wanted it was being made


( S ( NP-SBJ ( NNP Merrill ) ( NNP Lynch ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ impossible ) ) ( S-1 ( VP ( TO to ) ( VP ( VB estimate ) ( SBAR ( WHNP-2 ( WHADJP ( WRB how ) ( JJ many ) ) ( NNS investors ) ) ( S ( VP ( VBP are ) ( PP-PRD ( IN in ) ( NP ( NP ( NNP Dr. ) ( NNP Blumenfeld ) ( POS 's ) ) ( NN situation ) ) ) ) ) ) ) ) ) ) ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN firm ) ) ( VP ( VBZ has ) ( VP ( VBN received ) ( NP ( NP ( QP ( RB only ) ( CD one ) ) ( JJ other ) ( NN complaint ) ) ( PP ( IN about ) ( NP ( NP ( NNS premiums ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( JJ secondary ) ( NN market ) ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD three ) ( NNS years ) ) ) ) ) ) ) ) ) ) ) )

Merrill Lynch says it 's impossible to estimate how many investors are in Dr. Blumenfeld 's situation although it says the firm has received only one other complaint about premiums on the secondary market in three years


( S ( NP-SBJ ( NNP Merrill ) ( NNP Lynch ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBZ provides ) ( NP ( NP ( NN credit ) ( NN rating ) ( NN information ) ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( NNS institutions ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( NNS CDs ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ sells ) ) ) ) ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB provide ) ( PP-TMP ( IN in ) ( NP ( CD 1986 ) ) ) ) ) ) ) ) ) )

Merrill Lynch now provides credit rating information about the institutions whose CDs it sells which it did n't provide in 1986


( S ( S ( NP-SBJ ( JJ Zero-coupon ) ( NNPS CDs ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( RB only ) ( DT a ) ( JJ small ) ( NN portion ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( QP ( CD 1 ) ( NN trillion-plus ) ) ) ( PP-LOC ( IN in ) ( NP ( NNPS CDs ) ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( DT those ) ) ( VP ( VBN purchased ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( JJ secondary ) ( NN market ) ) ) ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT an ) ( ADJP ( RB even ) ( JJR smaller ) ) ( NN part ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN total ) ) ) ) ) ) )

Zero-coupon CDs are only a small portion of the 1 trillion-plus in CDs outstanding and those purchased on the secondary market are an even smaller part of the total


( S ( NP-SBJ ( NNP Merrill ) ( NNP Lynch ) ) ( VP ( VBZ estimates ) ( SBAR ( IN that ) ( S ( NP-SBJ ( QP ( JJR fewer ) ( IN than ) ( CD 10 ) ) ( JJ financial ) ( NNS institutions ) ) ( VP ( ADVP-TMP ( RB currently ) ) ( VBP issue ) ( NP ( JJ zero-coupon ) ( NNPS CDs ) ) ) ) ) ) )

Merrill Lynch estimates that fewer than 10 financial institutions currently issue zero-coupon CDs


( S ( ADVP ( RB Still ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( QP ( JJ several ) ( CD billion ) ) ( NNS dollars ) ) ( PP ( IN of ) ( NP ( JJ zero-coupon ) ( NNPS CDs ) ) ) ( PP ( IN with ) ( NP ( JJ various ) ( NNS maturities ) ) ) ( ADJP ( JJ outstanding ) ) ) ) )

Still there are several billion dollars of zero-coupon CDs with various maturities outstanding


( S ( PP-PRP ( IN Because ) ( IN of ) ( NP ( NP ( DT the ) ( NN tax ) ( NNS consequences ) ) ( PP ( IN of ) ( NP ( JJ zero-coupon ) ( NNS investments ) ) ) ( PRN ( S ( NP-SBJ ( NN income ) ( NN tax ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ payable ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NN year ) ) ( SBAR ( S ( NP-SBJ-1 ( NN interest ) ) ( VP ( VBZ is ) ( VP ( VBN accrued ) ) ) ) ) ) ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ-3 ( NN interest ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( ADVP ( RB actually ) ) ( VBN paid ) ( PP-TMP ( IN until ) ( NP ( NN maturity ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-4 ( JJ zero-coupon ) ( NNPS CDs ) ) ( VP ( VBP are ) ( ADVP ( RB usually ) ) ( VP ( VBN sold ) ( PP-PRP ( IN for ) ( NP ( JJ tax-advantaged ) ( NNS accounts ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB finance ) ( NP ( NP ( NNS things ) ) ( PP ( IN like ) ( NP ( NP ( NN retirement ) ) ( CC and ) ( NP ( NP ( NNS children ) ( POS 's ) ) ( NN education ) ) ) ) ) ) ) ) ) ) )

Because of the tax consequences of zero-coupon investments income tax is payable in the year interest is accrued although interest is n't actually paid until maturity zero-coupon CDs are usually sold for tax-advantaged accounts to finance things like retirement and children 's education


( S ( S ( NP-SBJ ( JJS Most ) ( JJ zero-coupon ) ( NNPS CDs ) ) ( VP ( VBP are ) ( PP-LOC-PRD ( IN in ) ( NP ( NP ( NNS maturities ) ) ( PP ( IN of ) ( NP ( QP ( CD six ) ( TO to ) ( CD nine ) ) ( NNS years ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP they ) ) ( ADVP ( RB usually ) ) ( VP ( VBP double ) ( PP-CLR ( IN in ) ( NP ( NN value ) ) ) ( PP-TMP ( IN by ) ( NP ( NN maturity ) ) ) ) ) )

Most zero-coupon CDs are in maturities of six to nine years and they usually double in value by maturity


( S ( CC But ) ( NP-SBJ ( NP ( NNS investors ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD bought ) ( NP ( JJ zero-coupon ) ( NNPS CDs ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ secondary ) ( NN market ) ) ) ) ) ) ) ( VP ( VBP are ) ( RB n't ) ( NP-PRD ( NP ( DT the ) ( JJ only ) ( NNS ones ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( MD may ) ( VP ( VB be ) ( VP ( VBN surprised ) ( S ( VP ( TO to ) ( VP ( VB learn ) ( SBAR ( S ( NP-SBJ-4 ( NP ( DT the ) ( JJ full ) ( NN amount ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NNS investments ) ) ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( VBN insured ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But investors who bought zero-coupon CDs in the secondary market are n't the only ones who may be surprised to learn the full amount of their investments is n't insured


( S ( NP-SBJ ( NP ( NNS People ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD paid ) ( NP ( DT a ) ( NN premium ) ) ( PP-CLR ( IN for ) ( NP ( NP ( JJ standard ) ( NNPS CDs ) ) ( VP ( VBD purchased ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( JJ secondary ) ( NN market ) ) ) ) ) ) ) ) ) ) ( VP ( MD could ) ( ADVP ( RB also ) ) ( VP ( VB find ) ( SBAR ( IN that ) ( S ( NP-SBJ-3 ( DT those ) ( NNS premiums ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBN insured ) ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NP ( DT the ) ( NNS institutions ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD issued ) ( NP ( DT the ) ( NNPS CDs ) ) ) ) ) ) ( VP ( VBD failed ) ) ) ) ) ) )

People who paid a premium for standard CDs purchased on the secondary market could also find that those premiums are n't insured if the institutions that issued the CDs failed


( S ( ADVP ( RB However ) ) ( S ( NP-SBJ ( DT those ) ( NNS premiums ) ) ( VP ( VBP are ) ( ADVP ( RB usually ) ) ( ADJP-PRD ( ADJP ( RB far ) ( JJR smaller ) ) ( PP ( IN than ) ( PP-LOC ( IN on ) ( NP ( JJ zero-coupon ) ( NNPS CDs ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( DT the ) ( JJR simpler ) ( NN pricing ) ( NN structure ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ standard ) ( NNP CD ) ) ) ) ( VP ( VBZ makes ) ( S ( NP-SBJ ( PRP it ) ) ( ADJP-PRD ( RBR more ) ( JJ apparent ) ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ-3 ( DT a ) ( NN premium ) ) ( VP ( VBZ is ) ( VP ( VBN paid ) ) ) ) ) ) ) )

However those premiums are usually far smaller than on zero-coupon CDs and the simpler pricing structure of a standard CD makes it more apparent when a premium is paid


( S-3 ( S-ADV ( NP-SBJ ( WDT Whatever ) ) ( NP-PRD ( DT the ) ( NN case ) ) ) ( PRN ( S ( NP-SBJ ( DT a ) ( NNP Merrill ) ( NNP Lynch ) ( NN spokesman ) ) ( VP ( VBZ emphasizes ) ) ) ) ( NP-SBJ-4 ( NNS investors ) ) ( VP ( MD should ) ( RB n't ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB worry ) ( PP-CLR ( IN about ) ( NP ( DT the ) ( JJ uninsured ) ( NN premium ) ( NN issue ) ) ) ( SBAR-ADV ( IN unless ) ( S ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN bank ) ( CC or ) ( NN thrift ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD issued ) ( NP ( DT the ) ( NNP CD ) ) ) ) ) ) ( VP ( VBZ is ) ( VP-6 ( VBN closed ) ) ) ) ( CC and ) ( S ( NP-SBJ=1-5 ( PRP$ its ) ( NNS deposits ) ) ( VP=6 ( VP ( VBN paid ) ( PRT ( RP off ) ) ( PP-TMP ( IN before ) ( NP ( NN maturity ) ) ) ) ( CC or ) ( VP ( VBN transferred ) ( PP-CLR ( TO to ) ( NP ( DT another ) ( NN institution ) ) ) ( PP ( IN at ) ( NP ( DT a ) ( JJR lower ) ( NN rate ) ) ) ) ) ) ) ) ) ) ) ) ) )

Whatever the case a Merrill Lynch spokesman emphasizes investors should n't have to worry about the uninsured premium issue unless the bank or thrift that issued the CD is closed and its deposits paid off before maturity or transferred to another institution at a lower rate


( S ( NP-SBJ ( NNP Dr. ) ( NNP Blumenfeld ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( VBN satisfied ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP$ his ) ( NN problem ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN resolved ) ) ) ) ) ) ) ) ) ) ) )

Dr. Blumenfeld says he 's satisfied that his problem has been resolved


( S ( CC And ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ 's ) ( VP ( VBN learned ) ( NP ( NP ( DT a ) ( NN lesson ) ) ( S ( NP-SBJ-1 ( PRP You ) ) ( ADVP-TMP ( RB always ) ) ( VP ( VBP have ) ( S ( VP ( TO to ) ( VP ( VB watch ) ( PRT ( RP out ) ) ( PP ( IN for ) ( NP ( PRP yourself ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

And he says he 's learned a lesson You always have to watch out for yourself


( S ( NP-SBJ ( NP ( DT No ) ( NN one ) ) ( NP ( RB else ) ) ) ( VP ( MD will ) ( VP ( VB watch ) ( PRT ( RP out ) ) ( PP ( IN for ) ( NP ( PRP you ) ) ) ) ) )

No one else will watch out for you


( SQ ( VP ( VB Remember ) ( NP ( NP ( DT those ) ( JJ bulky ) ( JJ thick-walled ) ( NNS refrigerators ) ) ( PP ( IN of ) ( ADVP-TMP ( NP ( CD 30 ) ( NNS years ) ) ( IN ago ) ) ) ) ) )

Remember those bulky thick-walled refrigerators of 30 years ago


( S ( NP-SBJ ( NP ( PRP They ) ) ( CC or ) ( NP ( ADVP ( IN at ) ( JJS least ) ) ( NP ( NN something ) ) ( ADJP ( RBR less ) ( JJ efficient ) ( PP ( IN than ) ( NP ( NP ( NN today ) ( POS 's ) ) ( JJ thin-walled ) ( NNS units ) ) ) ) ) ) ( VP ( MD may ) ( ADVP-TMP ( RB soon ) ) ( VP ( VB be ) ( VP ( VBG making ) ( NP ( DT a ) ( NN comeback ) ) ) ) ) )

They or at least something less efficient than today 's thin-walled units may soon be making a comeback


( S ( NP-SBJ ( NP ( DT That ) ( NN something ) ) ( PRN ( SBAR ( WHADVP-2 ( WDT whatever ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ) ) ) ) ) ( VP ( MD could ) ( VP ( VB add ) ( NP ( QP ( RB as ) ( RB much ) ( IN as ) ( CD 100 ) ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( CD 600 ) ( QP ( CC or ) ( RB so ) ) ) ( SBAR ( S ( NP-SBJ ( NNS consumers ) ) ( VP ( ADVP-TMP ( RB now ) ) ( VBP pay ) ( PP-CLR ( IN for ) ( NP ( JJ lower-priced ) ( NNS refrigerators ) ) ) ) ) ) ) ) ) ) )

That something whatever it is could add as much as 100 to the 600 or so consumers now pay for lower-priced refrigerators


( S ( NP-SBJ ( NP ( DT These ) ) ( CC and ) ( NP ( NP ( JJ other ) ( JJ expensive ) ( NNS changes ) ) ( PP ( IN in ) ( NP ( NP ( NNS products ) ) ( VP ( VBG ranging ) ( PP-CLR ( IN from ) ( NP ( NN auto ) ( NN air ) ( NNS conditioners ) ) ) ( PP-CLR ( PP ( TO to ) ( NP ( NN foam ) ( NN cushioning ) ) ) ( PP ( TO to ) ( NP ( JJ commercial ) ( NNS solvents ) ) ) ) ) ) ) ) ) ( VP ( VBP are ) ( PP-PRD ( IN in ) ( NP ( NN prospect ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( NN something ) ) ( VP ( VBN called ) ( S ( NP-PRD ( NP ( DT the ) ( NNP Montreal ) ( NNP Protocol ) ) ( VP ( VBN signed ) ( PP ( IN by ) ( NP-LGS ( CD 24 ) ( NNS nations ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1987 ) ) ) ) ) ) ) ) ) ) )

These and other expensive changes in products ranging from auto air conditioners to foam cushioning to commercial solvents are in prospect because of something called the Montreal Protocol signed by 24 nations in 1987


( S ( PP-LOC ( IN In ) ( NP ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ sweeping ) ) ( JJ environmental ) ( JJ regulatory ) ( NNS efforts ) ) ( PP ( TO to ) ( NP ( NN date ) ) ) ) ) ) ( PP ( VBG involving ) ( NP ( NP ( NNS products ) ) ( PP ( IN with ) ( NP ( NP ( DT an ) ( JJ annual ) ( NN value ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 135 ) ( CD billion ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNP U.S. ) ) ( ADVP ( RB alone ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NNS signatories ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB curtail ) ( ADVP-MNR ( RB sharply ) ) ( NP ( NP ( DT the ) ( NN use ) ) ( PP ( IN of ) ( NP ( NP ( NNS chlorofluorocarbons ) ) ( PRN ( NP ( NNP CFCs ) ) ) ) ) ) ) ) ) ) )

In one of the most sweeping environmental regulatory efforts to date involving products with an annual value of 135 billion in the U.S. alone the signatories agreed to curtail sharply the use of chlorofluorocarbons CFCs


( S ( NP-SBJ-1 ( JJ World-wide ) ( NN production ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN cut ) ( PP-CLR ( IN in ) ( NP ( DT half ) ) ) ( PP-TMP ( IN by ) ( NP ( CD 1998 ) ) ) ) ) ) )

World-wide production would be cut in half by 1998


( S ( NP-SBJ ( DT The ) ( NNP U.S. ) ( NNP Senate ) ) ( VP ( VBD liked ) ( NP ( DT the ) ( NN treaty ) ) ( ADVP ( RB so ) ( RB well ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD ratified ) ( NP ( PRP it ) ) ( PP-MNR ( IN by ) ( NP ( NP ( DT a ) ( NN vote ) ) ( PP ( IN of ) ( NP ( NP ( CD 89 ) ) ( PP ( TO to ) ( NP ( CD 0 ) ) ) ) ) ) ) ) ) ) ) ) )

The U.S. Senate liked the treaty so well it ratified it by a vote of 89 to 0


( S ( S-ADV ( RB Not ) ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN outdone ) ) ) ) ) ( NP-SBJ-2 ( NNP George ) ( NNP Bush ) ) ( VP ( VBZ wants ) ( S ( NP-SBJ ( NNP CFCs ) ) ( VP ( VP ( VBN banished ) ( ADVP-MNR ( RB altogether ) ) ( PP-TMP ( IN by ) ( NP ( DT the ) ( NN year ) ( CD 2000 ) ) ) ) ( NP ( NP ( DT a ) ( NN goal ) ) ( VP ( VBN endorsed ) ( PP-LOC ( IN at ) ( NP ( NP ( DT an ) ( JJ 80-nation ) ( NNP U.N. ) ( JJ environmental ) ( NN meeting ) ) ( PP-LOC ( IN in ) ( NP ( NNP Helsinki ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN spring ) ) ) ) ) ) ) ) ) ) )

Not to be outdone George Bush wants CFCs banished altogether by the year 2000 a goal endorsed at an 80-nation U.N. environmental meeting in Helsinki in the spring


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NN banishment ) ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ turns ) ( PRT ( IN out ) ) ) ) ) ) )

That 's a lot of banishment as it turns out


( S ( NP-SBJ ( NNP CFCs ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT the ) ( JJ primary ) ( NN ingredient ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN gas ) ) ( VP ( ADVP-TMP ( RB often ) ) ( VBD referred ) ( PP-CLR ( TO to ) ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NNP Du ) ( NNP Pont ) ( NN trade ) ( NN name ) ) ( NP ( NN Freon ) ) ) ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ is ) ( VP ( VBN compressed ) ( PP-CLR ( TO to ) ( NP ( JJ liquid ) ( NN form ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB serve ) ( PP-CLR ( IN as ) ( NP ( NP ( DT the ) ( VBG cooling ) ( NN agent ) ) ( PP-LOC ( IN in ) ( NP ( NN refrigeration ) ( CC and ) ( JJ air-conditioning ) ( NN equipment ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

CFCs are the primary ingredient in a gas often referred to by the Du Pont trade name Freon which is compressed to liquid form to serve as the cooling agent in refrigeration and air-conditioning equipment


( S ( NP-SBJ-1 ( NP ( NNS Gases ) ) ( VP ( VBG containing ) ( NP ( NNP CFCs ) ) ) ) ( VP ( VBP are ) ( VP ( VBN pumped ) ( PP-DIR ( IN into ) ( NP ( NN polyurethane ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB make ) ( NP ( NP ( DT the ) ( NN foam ) ) ( VP ( VBN used ) ( PP-CLR ( IN in ) ( NP ( NNS pillows ) ( NN upholstery ) ( CC and ) ( NN insulation ) ) ) ) ) ) ) ) ) ) )

Gases containing CFCs are pumped into polyurethane to make the foam used in pillows upholstery and insulation


( S ( NP-SBJ ( NN Polyurethane ) ( NN foam ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( ADJP ( RB highly ) ( JJ efficient ) ) ( NN insulator ) ) ( SBAR-ADV ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ accounts ) ( PP-CLR ( IN for ) ( SBAR ( WHADVP-4 ( WRB why ) ) ( S ( NP-SBJ ( NP ( DT the ) ( NNS walls ) ) ( PP ( IN of ) ( NP ( NNS refrigerators ) ( CC and ) ( NNS freezers ) ) ) ) ( VP ( MD can ) ( VP ( VB be ) ( ADJP-PRD ( ADJP ( JJR thinner ) ) ( ADVP-TMP ( RB now ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD were ) ( PP-TMP ( ADVP ( RB back ) ) ( IN in ) ( NP ( NP ( DT the ) ( NNS days ) ) ( SBAR ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBD were ) ( VP ( VBN insulated ) ( PP-MNR ( IN with ) ( NP ( NN glass ) ( NN fiber ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Polyurethane foam is a highly efficient insulator which accounts for why the walls of refrigerators and freezers can be thinner now than they were back in the days when they were insulated with glass fiber


( S ( CC But ) ( SBAR-ADV ( RB even ) ( IN though ) ( S ( PP ( IN by ) ( NP ( DT some ) ( NNS estimates ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( MD might ) ( VP ( VB cost ) ( NP-1 ( DT the ) ( NN world ) ) ( NP ( QP ( RB as ) ( RB much ) ( IN as ) ( CD 100 ) ( CD billion ) ) ) ( PP-TMP ( IN between ) ( NP ( NP ( RB now ) ) ( CC and ) ( NP ( DT the ) ( NN year ) ( CD 2000 ) ) ) ) ( S-CLR ( VP ( VP ( TO to ) ( VP ( VB convert ) ( PP-CLR ( TO to ) ( NP ( NP ( JJ other ) ( NNS coolants ) ) ( NP ( VBG foaming ) ( NNS agents ) ) ( CC and ) ( NP ( NNS solvents ) ) ) ) ) ) ( CC and ) ( VP ( TO to ) ( VP ( VB redesign ) ( NP ( NN equipment ) ) ( PP ( IN for ) ( NP ( DT these ) ( ADJP ( JJR less ) ( JJ efficient ) ) ( NNS substitutes ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NP ( DT the ) ( NNP Montreal ) ( NNP Protocol ) ( POS 's ) ) ( NNS legions ) ) ( PP ( IN of ) ( NP ( NNS supporters ) ) ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ worth ) ( NP ( PRP it ) ) ) ) ) ) ) )

But even though by some estimates it might cost the world as much as 100 billion between now and the year 2000 to convert to other coolants foaming agents and solvents and to redesign equipment for these less efficient substitutes the Montreal Protocol 's legions of supporters say it is worth it


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP insist ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS CFCs ) ) ( VP ( VBP are ) ( VP ( VBG damaging ) ( NP ( NP ( NP ( DT the ) ( NN earth ) ( POS 's ) ) ( JJ stratospheric ) ( NN ozone ) ( NN layer ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ screens ) ( PRT ( RP out ) ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN sun ) ( POS 's ) ) ( NN ultraviolet ) ( NNS rays ) ) ) ) ) ) ) ) ) ) ) ) ) )

They insist that CFCs are damaging the earth 's stratospheric ozone layer which screens out some of the sun 's ultraviolet rays


( S ( ADVP ( RB Hence ) ) ( PRN ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP see ) ( NP ( PRP it ) ) ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-1 ( NN something ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( VBN done ) ) ) ) ) ( NP-SBJ ( NNS earthlings ) ) ( VP ( MD will ) ( VP ( VB become ) ( ADJP-PRD ( ADVP ( RB ever ) ( JJR more ) ) ( JJ subject ) ( PP ( TO to ) ( NP ( NP ( NN sunburn ) ) ( CC and ) ( NP ( NN skin ) ( NN cancer ) ) ) ) ) ) ) )

Hence as they see it if something is n't done earthlings will become ever more subject to sunburn and skin cancer


( S ( NP-SBJ ( NP ( NNP Peter ) ( NNP Teagan ) ) ( NP ( NP ( DT a ) ( NN specialist ) ) ( PP-LOC ( IN in ) ( NP ( NN heat ) ( NN transfer ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG running ) ( NP ( NP ( DT a ) ( NN project ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Arthur ) ( NNP D. ) ( NNP Little ) ( NNP Inc. ) ) ( PP ( IN of ) ( NP ( NP ( NNP Cambridge ) ) ( NP ( NNP Mass. ) ) ) ) ) ) ( SBAR-PRP ( S ( VP ( TO to ) ( VP ( VB find ) ( NP ( NP ( JJ alternative ) ( NNS technologies ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD will ) ( VP ( VB allow ) ( S ( NP-SBJ ( NN industry ) ) ( VP ( TO to ) ( VP ( VB eliminate ) ( NP ( NNS CFCs ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Peter Teagan a specialist in heat transfer is running a project at Arthur D. Little Inc. of Cambridge Mass. to find alternative technologies that will allow industry to eliminate CFCs


( S ( PP ( IN In ) ( NP ( NP ( NN addition ) ) ( PP ( TO to ) ( NP ( NP ( PRP$ his ) ( NN interest ) ) ( PP ( IN in ) ( NP ( NN ozone ) ( NN depletion ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ has ) ( VP ( ADVP-MNR ( RB extensively ) ) ( VBN studied ) ( NP ( NP ( DT the ) ( VBN related ) ( NN topic ) ) ( PP ( IN of ) ( NP ( NP ( JJ global ) ( NN warming ) ) ( NP ( DT a ) ( NN theory ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NP ( NN mankind ) ( POS 's ) ) ( NN generation ) ) ( PP ( IN of ) ( NP ( NN carbon ) ( NN dioxide ) ) ) ( PP ( IN through ) ( NP ( NP ( VBN increased ) ( NN combustion ) ) ( PP ( IN of ) ( NP ( JJ fossil ) ( NNS fuels ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG creating ) ( NP ( NP ( DT a ) ( NN greenhouse ) ( NN effect ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD will ) ( VP ( VB work ) ( NP ( JJ important ) ( JJ climatic ) ( NNS changes ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN earth ) ( POS 's ) ) ( NN atmosphere ) ) ) ( PP-TMP ( IN over ) ( NP ( NN time ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In addition to his interest in ozone depletion he has extensively studied the related topic of global warming a theory that mankind 's generation of carbon dioxide through increased combustion of fossil fuels is creating a greenhouse effect that will work important climatic changes in the earth 's atmosphere over time


( SINV ( S-TPC-2 ( NP-SBJ ( PRP I ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( JJ first ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB admit ) ( SBAR ( IN that ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( RB not ) ( NP-PRD ( NP ( DT a ) ( JJ complete ) ( NN consensus ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ scientific ) ( NN community ) ) ) ( PP ( IN on ) ( NP ( NP ( DT either ) ( CD one ) ) ( PP ( IN of ) ( NP ( DT these ) ( NNS problems ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Teagan ) ) )

I would be the first to admit that there is not a complete consensus in the scientific community on either one of these problems says Mr. Teagan


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT the ) ( NN kind ) ) ( PP ( IN of ) ( NP ( NP ( NN literature ) ) ( SBAR ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP read ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBP come ) ( PP-CLR ( IN across ) ( NP ( VBG countervailing ) ( NNS opinions ) ) ) ( ADVP-TMP ( RB quite ) ( RB frequently ) ) ) )

In the kind of literature I read I come across countervailing opinions quite frequently


( S ( CC But ) ( NP-SBJ ( NP ( DT the ) ( NN nature ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN problem ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ such ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ many ) ( NNS others ) ) ( VP ( VBP feel ) ( SBAR ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBZ has ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN addressed ) ( ADVP-TMP ( RB soon ) ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ ( PDT all ) ( DT the ) ( NN evidence ) ) ( VP ( VBZ is ) ( ADVP-PRD ( IN in ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But the nature of the problem is such that many others feel it has to be addressed soon before all the evidence is in


( S ( NP-SBJ-1 ( PRP We ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB afford ) ( S ( VP ( TO to ) ( VP ( VB wait ) ) ) ) ) ) )

We ca n't afford to wait


( SQ ( CC But ) ( VBZ does ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADVP-TMP-PRD ( RB so ) ( RB soon ) ) ) ) ) ) )

But does it have to be so soon


( S ( NP-SBJ ( DT Some ) ( JJ atmospheric ) ( NNS scientists ) ) ( VP ( VBP think ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( RB even ) ( IN if ) ( S ( NP-SBJ-1 ( NNS CFCs ) ) ( VP ( VBD were ) ( VP ( VBN released ) ( PP-CLR ( IN into ) ( NP ( DT the ) ( NN atmosphere ) ) ) ( PP-MNR ( IN at ) ( NP ( DT an ) ( VBG accelerating ) ( NN rate ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN amount ) ) ( PP ( IN of ) ( NP ( NN ozone ) ( NN depletion ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( QP ( RB only ) ( CD 10 ) ) ( NN % ) ) ( PP-TMP ( IN by ) ( NP ( NP ( DT the ) ( NN middle ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ next ) ( NN century ) ) ) ) ) ) ) ) ) ) )

Some atmospheric scientists think that even if CFCs were released into the atmosphere at an accelerating rate the amount of ozone depletion would be only 10 % by the middle of the next century


( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ easy ) ) ( S-1 ( VP ( TO to ) ( VP ( VB get ) ( NP ( NP ( NN something ) ) ( ADJP ( JJ comparable ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( ADVP ( RB simply ) ) ( VBG moving ) ( PP-DIR ( TO to ) ( NP ( NP ( DT a ) ( JJR higher ) ( NN altitude ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ) ) ) ) ) ) )

It 's easy to get something comparable by simply moving to a higher altitude in the U.S.


( S ( ADVP ( RB Moreover ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NNS questions ) ) ( PP ( ADVP ( RB particularly ) ) ( IN among ) ( NP ( NP ( JJ atmospheric ) ( NNS scientists ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP know ) ( NP ( DT this ) ( NN subject ) ) ( ADVP-MNR ( RB best ) ) ) ) ) ) ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( NN ability ) ) ( PP ( IN of ) ( NP ( NN anyone ) ) ) ( S-2 ( VP ( TO to ) ( VP ( VB know ) ( SBAR ( WHNP-3 ( WP what ) ) ( PP ( IN in ) ( NP ( NN fact ) ) ) ( S ( VP ( VBZ is ) ( VP ( VBG happening ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN ozone ) ( NN layer ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Moreover there are questions particularly among atmospheric scientists who know this subject best about the ability of anyone to know what in fact is happening to the ozone layer


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( ADVP ( RB generally ) ) ( VP ( VBN agreed ) ( SBAR ( IN that ) ( S ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NNP CFCs ) ) ( VP ( NN rise ) ( PP-DIR ( IN from ) ( NP ( NN earth ) ) ) ( PP-DIR ( TO to ) ( NP ( NN stratosphere ) ) ) ) ) ) ( NP-SBJ-2 ( NP ( DT the ) ( NN chlorine ) ) ( PP-LOC ( IN in ) ( NP ( PRP them ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ capable ) ( PP ( IN of ) ( S-NOM ( VP ( VBG interfering ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( NN process ) ) ( SBAR ( WHPP-3 ( IN through ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( NN ultraviolet ) ( NNS rays ) ) ( VP ( VP ( VBD split ) ( NP ( NN oxygen ) ( NNS molecules ) ) ) ( CC and ) ( VP ( NN form ) ( NP ( NN ozone ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It is generally agreed that when CFCs rise from earth to stratosphere the chlorine in them is capable of interfering with the process through which ultraviolet rays split oxygen molecules and form ozone


( S ( CC But ) ( S ( NP-SBJ ( NN ozone ) ( NN creation ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( ADJP ( RB very ) ( JJ large-scale ) ) ( JJ natural ) ( NN process ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( DT the ) ( NN importance ) ) ( PP ( IN of ) ( NP ( JJ human-generated ) ( NNP CFCs ) ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG reducing ) ( NP ( PRP it ) ) ) ) ) ) ( VP ( VBZ is ) ( ADVP ( RB largely ) ) ( NP-PRD ( NP ( DT a ) ( NN matter ) ) ( PP ( IN of ) ( NP ( NN conjecture ) ) ) ) ) ) )

But ozone creation is a very large-scale natural process and the importance of human-generated CFCs in reducing it is largely a matter of conjecture


( S ( NP-SBJ ( DT The ) ( NN ozone ) ( NN layer ) ) ( VP ( VBZ is ) ( UCP-PRD ( PP ( ADVP-TMP ( RB constantly ) ) ( IN in ) ( NP ( NN motion ) ) ) ( CC and ) ( RB thus ) ( ADJP ( RB very ) ( JJ hard ) ( S ( VP ( TO to ) ( VP ( VB measure ) ) ) ) ) ) ) )

The ozone layer is constantly in motion and thus very hard to measure


( S ( SBAR-NOM-SBJ ( WHNP-2 ( WP What ) ) ( S ( NP-SBJ ( NNS scientists ) ) ( VP ( VBP have ) ( VP ( VBN known ) ( PP-TMP ( IN since ) ( NP ( DT the ) ( JJ late ) ( CD 1970s ) ) ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN hole ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN layer ) ) ) ( PP-LOC ( IN over ) ( NP ( NNP Antarctica ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ expands ) ( CC or ) ( VBZ contracts ) ( PP-TMP ( IN from ) ( NP ( NP ( NN year ) ) ( PP ( TO to ) ( NP ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) )

What scientists have known since the late 1970s is that there is a hole in the layer over Antarctica that expands or contracts from year to year


( S ( CC But ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADVP ( IN at ) ( JJS least ) ) ( JJ worthy ) ( PP ( IN of ) ( NP ( DT some ) ( NN note ) ) ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( NP-PRD ( ADJP ( RB very ) ( JJ few ) ) ( NNS refrigerators ) ) ( PP-TMP ( IN in ) ( NP ( NNP Antarctica ) ) ) ) ) ) ) )

But it is at least worthy of some note that there are very few refrigerators in Antarctica


( S ( ADVP ( RB Moreover ) ) ( ADVP ( RB surely ) ) ( NP-SBJ ( NN someone ) ) ( VP ( VBZ has ) ( VP ( VBN noticed ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NN household ) ( NNS refrigerators ) ) ( VP ( VBP are ) ( NP-PRD ( VBN closed ) ( NNS systems ) ) ( S-ADV ( VP ( VBG running ) ( PP-TMP ( IN for ) ( NP ( JJ many ) ( NNS years ) ) ) ( PP-MNR ( IN without ) ( S-NOM ( NP-SBJ ( CC either ) ( NP ( DT the ) ( NNP CFC ) ( NN gas ) ) ( CC or ) ( NP ( DT the ) ( NN insulation ) ) ) ( ADVP-TMP ( RB ever ) ) ( VP ( VBG escaping ) ) ) ) ) ) ) ) ) ) ) )

Moreover surely someone has noticed that household refrigerators are closed systems running for many years without either the CFC gas or the insulation ever escaping


( S ( NP-SBJ ( NP ( DT Another ) ( NN argument ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS environmentalists ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( FRAG ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NNS substitutes ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ available ) ) ) ) ) ( WHADVP ( WRB why ) ) ( RB not ) ( VP ( VB use ) ( NP ( PRP them ) ) ) ) ) ) )

Another argument of the environmentalists is that if substitutes are available why not use them


( S ( S ( NP-SBJ ( NNP Mr. ) ( NNP Teagan ) ) ( VP ( VBZ cites ) ( NP ( NP ( DT a ) ( NN list ) ) ( PP ( IN of ) ( NP ( NNS substitutes ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NN none ) ) ( ADVP ( RB so ) ( RB far ) ) ( VP ( VBP match ) ( NP ( DT the ) ( JJ nonflammable ) ( JJ nontoxic ) ( NNP CFCs ) ) ) ) )

Mr. Teagan cites a list of substitutes but none so far match the nonflammable nontoxic CFCs


( S ( NP-SBJ-1 ( NN Butane ) ( CC and ) ( NN propane ) ) ( VP ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN used ) ( PP-CLR ( IN as ) ( NP ( NNS coolants ) ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ) ) ) ( CC but ) ( VP ( VBP are ) ( ADJP-PRD ( JJ flammable ) ) ) ) )

Butane and propane can be used as coolants for example but are flammable


( S ( ADVP ( RB Moreover ) ) ( NP-SBJ-1 ( JJ new ) ( NNS lubricants ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN needed ) ( S-CLR ( VP ( TO to ) ( VP ( VB protect ) ( NP ( NNS compressors ) ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( JJ new ) ( NNS formulations ) ) ( SBAR ( WHNP-3 ( WDT which ) ) ( PP ( IN as ) ( PP ( IN with ) ( NP ( NNP CFCs ) ) ) ) ( S ( VP ( VBP are ) ( NP-PRD ( NNS solvents ) ) ) ) ) ) ) ) ) ) ) ) ) )

Moreover new lubricants will be needed to protect compressors from the new formulations which as with CFCs are solvents


( S ( NP-SBJ ( NNP Mr. ) ( NNP Teagan ) ) ( VP ( VBZ points ) ( PRT ( RP out ) ) ( ADVP ( RB as ) ( RB well ) ) ( SBAR ( IN that ) ( S ( S ( SBAR-SBJ ( IN if ) ( S ( NP-SBJ ( NP ( DT the ) ( NN equipment ) ) ( VP ( VBN designed ) ( S-PRP ( VP ( TO to ) ( VP ( VB get ) ( ADVP-CLR ( RB along ) ) ( PP-MNR ( IN without ) ( NP ( NNP CFCs ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RBR less ) ( JJ efficient ) ( PP ( IN than ) ( NP ( JJ current ) ( NNS devices ) ) ) ) ) ) ) ( NP-SBJ ( NN energy ) ( NN consumption ) ) ( VP ( MD will ) ( VP ( VB rise ) ) ) ) ( CC and ) ( S ( NP-SBJ ( WDT that ) ) ( VP ( MD will ) ( VP ( VB worsen ) ( NP ( DT the ) ( NN greenhouse ) ( NN effect ) ) ) ) ) ) ) ) )

Mr. Teagan points out as well that if the equipment designed to get along without CFCs is less efficient than current devices energy consumption will rise and that will worsen the greenhouse effect


( S ( S ( NP-SBJ ( NP ( NNS Folks ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN Midwest ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( ADVP-TMP ( RB just ) ) ( VBD suffered ) ( NP ( DT a ) ( JJ mid-October ) ( NN snowstorm ) ) ) ) ) ) ( VP ( MD may ) ( VP ( VB wonder ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ ( DT the ) ( NN greenhouse ) ) ( VP ( VBD was ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD needed ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( VP ( VB let ) ( S ( NP-SBJ ( PRP 's ) ) ( VP ( RB not ) ( VB be ) ( ADJP-PRD ( JJ flippant ) ( PP ( IN about ) ( NP ( JJ grave ) ( NNS risks ) ) ) ) ) ) ) ) )

Folks in the Midwest who just suffered a mid-October snowstorm may wonder where the greenhouse was when they needed it but let 's not be flippant about grave risks


( S ( SBAR-ADV ( IN As ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ happens ) ) ) ) ( NP-SBJ ( NNP Arthur ) ( NNP D. ) ( NNP Little ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB not ) ( ADVP ( IN at ) ( DT all ) ) ( VBN interested ) ( PP ( IN in ) ( S-NOM ( VP ( VBG throwing ) ( NP ( JJ cold ) ( NN water ) ) ( PP-CLR ( IN on ) ( NP ( NN ozone ) ( NN depletion ) ( CC and ) ( JJ global ) ( NN warming ) ( NNS theories ) ) ) ) ) ) ) ) )

As it happens Arthur D. Little is not at all interested in throwing cold water on ozone depletion and global warming theories


( S ( NP-SBJ-1 ( PRP It ) ) ( VP ( VBZ is ) ( ADJP-PRD ( VBN interested ) ( PP ( IN in ) ( S-NOM ( VP ( VBG making ) ( NP ( DT some ) ( NN money ) ) ( S-ADV ( VP ( VBG advising ) ( NP ( NN industry ) ) ( PP-CLR ( IN on ) ( SBAR-NOM ( WHADVP-3 ( WRB how ) ) ( S ( VP ( TO to ) ( VP ( VB convert ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( NN world ) ) ( PP ( IN without ) ( NP ( NNP CFCs ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It is interested in making some money advising industry on how to convert to a world without CFCs


( S ( NP-SBJ ( EX There ) ) ( VP ( VBZ is ) ( ADVP ( IN after ) ( DT all ) ) ( NP-PRD ( NP ( JJ big ) ( NN money ) ) ( PP-LOC ( IN in ) ( NP ( NN environmentalism ) ) ) ) ) )

There is after all big money in environmentalism


( S ( ADVP ( RB Maybe ) ) ( NP-SBJ ( PRP we ) ) ( VP ( MD should ) ( VP ( VB ask ) ( SBAR ( WHADVP-1 ( WRB why ) ) ( S-CLF ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( SBAR ( WHADVP-2 ( IN that ) ) ( S ( NP-SBJ ( NNP Du ) ( NNP Pont ) ) ( VP ( VP ( ADVP-MNR ( RB so ) ( RB quickly ) ) ( VBD capitulated ) ) ( CC and ) ( VP ( VBN issued ) ( NP ( NP ( DT a ) ( NN statement ) ) ( VP ( VBG giving ) ( NP ( PRP it ) ( JJ wide ) ( NN publicity ) ) ) ( SBAR-3 ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBG withdrawing ) ( NP ( NNP CFCs ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Maybe we should ask why it was that Du Pont so quickly capitulated and issued a statement giving it wide publicity that it was withdrawing CFCs


( S ( NP-SBJ-1 ( NP ( NN Freon ) ) ( VP ( VBN introduced ) ( PP-TMP ( IN in ) ( NP ( CD 1930 ) ) ) ) ) ( VP ( VBD revolutionized ) ( NP ( NNP America ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG making ) ( S ( NP-SBJ ( NP ( NN refrigeration ) ) ( CC and ) ( NP ( NN air ) ( NN conditioning ) ) ) ( ADJP-PRD ( JJ practical ) ) ) ( ADVP ( IN after ) ( DT all ) ) ) ) ) ) )

Freon introduced in 1930 revolutionized America by making refrigeration and air conditioning practical after all


( S ( NP-SBJ ( CD One ) ( NN answer ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ-1 ( JJ big ) ( NNS companies ) ) ( VP ( VP ( VBP are ) ( VP ( VBG growing ) ( ADJP-PRD ( JJ weary ) ( PP ( IN of ) ( S-NOM ( VP ( VBG fighting ) ( NP ( JJ environmental ) ( NNS movements ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBP are ) ( VP ( VBG trying ) ( ADVP ( RB instead ) ) ( S ( VP ( TO to ) ( VP ( VB cash ) ( PRT ( RP in ) ) ( PP-CLR ( IN on ) ( NP ( PRP them ) ) ) ) ) ) ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ-2 ( PRP they ) ) ( ADVP-TMP ( RB never ) ) ( VP ( VBP care ) ( S ( VP ( TO to ) ( VP ( VB put ) ( NP ( PRP it ) ) ( ADVP ( RB quite ) ( DT that ) ( NN way ) ) ) ) ) ) ) ) ) ) ) ) )

One answer is that big companies are growing weary of fighting environmental movements and are trying instead to cash in on them although they never care to put it quite that way


( S ( NP-SBJ ( NNP Du ) ( NNP Pont ) ) ( PRN ( SBAR ( IN as ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ happens ) ) ) ) ) ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( JJ potential ) ( NN substitute ) ) ( PP ( IN for ) ( NP ( NNP CFCs ) ) ) ) ) )

Du Pont as it happens has a potential substitute for CFCs


( S ( NP-SBJ ( NP ( NNP Imperial ) ( NNP Chemical ) ( NNPS Industries ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP U.K. ) ) ) ) ( VP ( VP ( ADVP ( RB also ) ) ( VBZ has ) ( NP ( CD one ) ) ) ( CC and ) ( VP ( VBZ is ) ( VP ( VBG building ) ( NP ( NP ( DT a ) ( NN plant ) ) ( PP-LOC ( IN in ) ( NP ( NNP Louisiana ) ) ) ( SBAR-PRP ( S ( VP ( TO to ) ( VP ( VB produce ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) )

Imperial Chemical Industries of the U.K. also has one and is building a plant in Louisiana to produce it


( S ( NP-SBJ-1 ( JJ Japanese ) ( NN chemical ) ( NNS companies ) ) ( VP ( VBP are ) ( PP-PRD ( IN at ) ( NP ( NN work ) ) ) ( S-ADV ( VP ( VP ( VBG developing ) ( NP ( PRP$ their ) ( JJ own ) ( NNS substitutes ) ) ) ( CC and ) ( VP ( VBG hoping ) ( S ( VP ( TO to ) ( VP ( VB conquer ) ( NP ( JJ new ) ( NNS markets ) ) ) ) ) ) ) ) ( PP ( IN of ) ( NP ( NN course ) ) ) ) )

Japanese chemical companies are at work developing their own substitutes and hoping to conquer new markets of course


( S ( NP-SBJ ( EX There ) ) ( VP ( VBP are ) ( ADVP ( RB still ) ) ( NP-PRD ( NP ( NNS others ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP do ) ( RB n't ) ( VP ( VB mind ) ( S ( VP ( VBG seeing ) ( S ( NP-SBJ ( JJ new ) ( NNS crises ) ) ( VP ( VB arise ) ) ) ) ) ) ) ) ) ) ) )

There are still others who do n't mind seeing new crises arise


( S ( NP-SBJ ( JJ Environmental ) ( NNS groups ) ) ( VP ( MD would ) ( ADVP-TMP ( RB soon ) ) ( VP ( VB go ) ( PP-CLR ( IN out ) ( PP ( IN of ) ( NP ( NN business ) ) ) ) ( SBAR-ADV ( SINV ( VBD were ) ( NP-SBJ-1 ( PRP they ) ) ( ADJP-PRD ( RB not ) ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB send ) ( PRT ( RP out ) ) ( NP ( NP ( NNS mailings ) ) ( VP ( VP ( VBG describing ) ( NP ( DT the ) ( JJS latest ) ( NN threat ) ) ) ( CC and ) ( VP ( VBG asking ) ( PP-CLR ( IN for ) ( NP ( NP ( NN money ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB fight ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Environmental groups would soon go out of business were they not able to send out mailings describing the latest threat and asking for money to fight it


( S ( NP-SBJ ( NP ( NN University ) ( NNS professors ) ) ( CC and ) ( NP ( NP ( NNS consultants ) ) ( PP ( IN with ) ( NP ( JJ scientific ) ( NNS credentials ) ) ) ) ) ( VP ( VBD saw ) ( S ( NP-SBJ ( NP ( DT a ) ( JJ huge ) ( NN market ) ) ( PP ( IN for ) ( NP ( PRP$ their ) ( NNS services ) ) ) ) ( VP ( VB evaporate ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NN price ) ( NN decontrol ) ) ( VP ( VBD destroyed ) ( NP ( NP ( DT the ) ( NN energy ) ( NN crisis ) ) ( CC and ) ( RB thus ) ( NP ( NP ( DT the ) ( NN demand ) ) ( PP ( IN for ) ( NP ( NN alternative ) ( NN energy ) ) ) ) ) ) ) ) ) ) ) )

University professors and consultants with scientific credentials saw a huge market for their services evaporate when price decontrol destroyed the energy crisis and thus the demand for alternative energy


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBD needed ) ( NP-1 ( JJ new ) ( NNS crises ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB generate ) ( NP ( JJ new ) ( NNS grants ) ( CC and ) ( NNS contracts ) ) ) ) ) ) )

They needed new crises to generate new grants and contracts


( S ( PP ( IN In ) ( NP ( JJ other ) ( NNS words ) ) ) ( NP-SBJ ( NN environmentalism ) ) ( VP ( VBZ has ) ( VP ( VBN created ) ( NP ( NP ( DT a ) ( JJ whole ) ( NN set ) ) ( PP ( IN of ) ( NP ( NP ( VBN vested ) ( NNS interests ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP fare ) ( ADVP-MNR ( ADVP ( RB better ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( NP-PRD ( JJ many ) ( NNS problems ) ) ) ) ) ( SBAR ( IN than ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( NP-PRD ( JJ few ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In other words environmentalism has created a whole set of vested interests that fare better when there are many problems than when there are few


( S ( NP-SBJ-1 ( DT That ) ) ( VP ( VBZ tends ) ( S ( VP ( TO to ) ( VP ( VB tilt ) ( NP ( DT the ) ( JJ public ) ( NN debate ) ) ( PP-CLR ( IN toward ) ( NP ( NNS solutions ) ) ) ) ) ) ( SBAR-TMP ( ADVP ( RB even ) ) ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ knowledgeable ) ) ( NNS scientists ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ skeptical ) ( PP ( IN about ) ( NP ( NP ( NP ( DT the ) ( NN seriousness ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS threats ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN insistence ) ) ( PP ( IN of ) ( NP ( NN urgency ) ) ) ) ) ) ) ) ) ) ) )

That tends to tilt the public debate toward solutions even when some of the most knowledgeable scientists are skeptical about the seriousness of the threats and the insistence of urgency


( S ( NP-SBJ ( EX There ) ) ( VP ( VBZ is ) ( S-PRD ( NP-SBJ-1 ( NP ( DT an ) ( NN element ) ) ( PP ( IN of ) ( NP ( NN make-work ) ) ) ) ( VP ( VBN involved ) ) ) ) )

There is an element of make-work involved


( S ( NP-SBJ ( NNS Consumers ) ) ( VP ( VBP pay ) ( NP ( NP ( DT the ) ( NN bill ) ) ( PP ( IN for ) ( NP ( PDT all ) ( DT this ) ) ) ) ( PP-MNR ( IN in ) ( NP ( NP ( DT the ) ( NN price ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN refrigerator ) ) ( CC or ) ( NP ( DT an ) ( JJ air-conditioned ) ( NN car ) ) ) ) ) ) ) )

Consumers pay the bill for all this in the price of a refrigerator or an air-conditioned car


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD were ) ( VP ( ADVP ( RB really ) ) ( VBG getting ) ( NP ( NP ( NN insurance ) ) ( PP ( IN against ) ( NP ( JJ environmental ) ( NN disaster ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN price ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ cheap ) ) ) ) )

If they were really getting insurance against environmental disaster the price would be cheap


( S ( CC But ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( DT no ) ( JJ impending ) ( NN threat ) ) ) ) ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( MD can ) ( VP ( VB get ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( RB very ) ( JJ expensive ) ) ) ) ) ) ) )

But if there is no impending threat it can get to be very expensive


( S ( NP-SBJ ( NP ( NNP Fireman ) ( POS 's ) ) ( NNP Fund ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ third-quarter ) ( NN net ) ( NN income ) ) ( VP ( VBD plunged ) ( NP-EXT ( CD 85 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 7.2 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( NP ( JJ last ) ( NN year ) ( POS 's ) ) ( QP ( CD 49.1 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 99 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( NP ( NNS ravages ) ) ( PP ( IN of ) ( NP ( NNP Hurricane ) ( NNP Hugo ) ) ) ) ( CC and ) ( NP ( NP ( VBN increased ) ( NNS reserves ) ) ( PP ( IN for ) ( NP ( JJ legal ) ( NNS expenses ) ) ) ) ) ) ) ) ) ) )

Fireman 's Fund Corp. said third-quarter net income plunged 85 % to 7.2 million from last year 's 49.1 million or 99 cents a share because of ravages of Hurricane Hugo and increased reserves for legal expenses


( S ( NP-SBJ ( NP ( NN Payout ) ) ( PP ( IN of ) ( NP ( VBN preferred ) ( NNS dividends ) ) ) ) ( VP ( VBD resulted ) ( PP-CLR ( IN in ) ( NP ( NP ( DT a ) ( JJ net ) ( NN loss ) ) ( PP ( IN of ) ( NP ( NP ( CD five ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ recent ) ) ( NN quarter ) ) ) ) )

Payout of preferred dividends resulted in a net loss of five cents a share in the most recent quarter


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD edged ) ( PRT ( RP up ) ) ( NP-EXT ( CD 3.4 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 904 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 874 ) ( CD million ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( JJ last ) ( NN year ) ( POS 's ) ) ( JJ third ) ( NN quarter ) ) ) ) )

Revenue edged up 3.4 % to 904 million from 874 million in last year 's third quarter


( S ( PP-LOC ( IN In ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ( NP-SBJ ( NNP Fireman ) ( POS 's ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 35.50 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP ( IN down ) ( NP ( CD 50 ) ( NNS cents ) ) ) ) )

In New York Stock Exchange composite trading Fireman 's closed at 35.50 a share down 50 cents


( S ( S-TPC-4 ( NP-SBJ-3 ( NP ( NN Impact ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Oct. ) ( CD 17 ) ( NNP San ) ( NNP Francisco ) ( NN earthquake ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN recorded ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ fourth ) ( NN quarter ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB exceed ) ( NP ( NP ( QP ( CD 50 ) ( CD million ) ) ) ( PP-TMP ( IN after ) ( NP ( NNS taxes ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD added ) ) )

Impact of the Oct. 17 San Francisco earthquake which will be recorded in the fourth quarter is n't expected to exceed 50 million after taxes the company added


( S ( PP-TMP ( IN For ) ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ) ( NP-SBJ ( DT the ) ( NN insurance ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NN net ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 46 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 88.8 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.54 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 164 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 3.16 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( NP-TMP ( DT the ) ( JJ previous ) ( NN year ) ) ) ) ) ) ) )

For the nine months the insurance company said net fell 46 % to 88.8 million or 1.54 a share from 164 million or 3.16 a share the previous year


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD slid ) ( NP-EXT ( CD 7 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 2.6 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 2.8 ) ( CD billion ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) )

Revenue slid 7 % to 2.6 billion from 2.8 billion a year earlier


( S ( NP-SBJ ( NP ( NNP Fireman ) ( POS 's ) ) ( NNP Fund ) ( NN property-liability ) ( NNS subsidiaries ) ) ( VP ( VBD reported ) ( NP ( DT a ) ( ADJP ( CD 120.7 ) ( NN % ) ) ( VBN combined ) ( NN underwriting ) ( NN ratio ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ) ( ADVP ( IN up ) ( PP ( IN from ) ( NP ( CD 108.4 ) ( NN % ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( JJ year-ago ) ( NN period ) ) ) ) ) ) )

Fireman 's Fund property-liability subsidiaries reported a 120.7 % combined underwriting ratio for the nine months up from 108.4 % for the year-ago period


( S ( NP-SBJ ( NNP Hurricane ) ( NNP Hugo ) ) ( VP ( VBD accounted ) ( PP-CLR ( IN for ) ( NP ( NP ( NP ( QP ( IN about ) ( CD 36 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( JJ pretax ) ( JJ third-quarter ) ( NNS losses ) ) ) ) ( NP ( NP ( NN net ) ) ( PP ( IN of ) ( NP ( NN reinsurance ) ( NNS recoveries ) ) ) ) ) ) ) )

Hurricane Hugo accounted for about 36 million in pretax third-quarter losses net of reinsurance recoveries


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NP ( DT an ) ( JJ additional ) ( NN increase ) ) ( PP ( IN in ) ( NP ( NP ( NN loss ) ) ( CC and ) ( NP ( JJ loss-expense ) ( NNS reserves ) ) ) ) ( PP ( IN of ) ( NP ( QP ( CD 71 ) ( CD million ) ) ) ) ) ( VP ( VBG reflecting ) ( NP ( NP ( ADJP ( JJR higher ) ( IN than ) ( VBN expected ) ) ( NN development ) ) ( PP-LOC ( IN in ) ( NP ( NNS claims ) ) ( X ( JJ legal ) ( NNS expenses ) ( IN from ) ( TO to ) ( JJ prior ) ( NNS periods ) ) ) ) ) ) ) ) ) ) )

The company said there was an additional increase in loss and loss-expense reserves of 71 million reflecting higher than expected development in claims legal expenses from to prior periods


( S ( PP-TMP ( IN For ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( NP-SBJ ( NN net ) ( NNS premiums ) ) ( VP ( VBD were ) ( NP-PRD ( QP ( CD 742 ) ( CD million ) ) ) ( ADVP ( IN up ) ( NP ( CD 9.6 ) ( NN % ) ) ( PP ( IN from ) ( NP ( NP ( QP ( CD 677 ) ( CD million ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( JJ last ) ( NN year ) ( POS 's ) ) ( NN quarter ) ) ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( DT the ) ( NN expiration ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP National ) ( NNP Indemnity ) ( NN quota ) ( NN share ) ( NN reinsurance ) ( NN agreement ) ) ) ) ) ) )

For the third quarter net premiums were 742 million up 9.6 % from 677 million in last year 's quarter because of the expiration of the National Indemnity quota share reinsurance agreement


( S ( S-TPC-1 ( NP-SBJ ( NP ( JJ Net ) ( NNS premiums ) ) ( VP ( VBN written ) ( PP-TMP ( IN through ) ( NP ( NNP Sept. ) ( CD 30 ) ) ) ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 5 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 2.1 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 2.2 ) ( CD billion ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( IN ago ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( DT the ) ( NN writing ) ) ( PP ( IN of ) ( NP ( JJR fewer ) ( NNS policies ) ) ) ( PP ( IN at ) ( NP ( JJ flat ) ( NNS prices ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ) )

Net premiums written through Sept. 30 fell 5 % to 2.1 billion from 2.2 billion a year ago because of the writing of fewer policies at flat prices the company said


( S ( NP-SBJ ( JJ Third-quarter ) ( CC and ) ( JJ nine-month ) ( NNS results ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB include ) ( NP ( NP ( DT any ) ( NN provision ) ) ( PP ( IN for ) ( NP ( NP ( NN premium ) ( NNS returns ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN ordered ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NNP California ) ( NNP Department ) ) ( PP ( IN of ) ( NP ( NNP Insurance ) ) ) ) ) ( PP-LOC ( IN under ) ( NP ( NN Proposition ) ( CD 103 ) ) ) ) ) ) ) ) ) ) ) ) ) )

Third-quarter and nine-month results do n't include any provision for premium returns that could be ordered by the California Department of Insurance under Proposition 103


( S ( NP-SBJ ( NP ( NNP Fireman ) ( POS 's ) ) ( NNP Fund ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VP ( VBZ has ) ( VP ( VBN applied ) ( PP-CLR ( IN for ) ( NP ( NP ( DT an ) ( NN exemption ) ) ( PP ( IN from ) ( NP ( DT these ) ( NN rate ) ( NNS rollbacks ) ) ) ) ) ) ) ( CC and ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB defend ) ( NP ( PRP$ its ) ( NN filing ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS hearings ) ) ( PP-LOC ( IN before ) ( NP ( DT the ) ( NN department ) ) ) ) ) ) ) ) ) ) ) ) ) )

Fireman 's Fund said it has applied for an exemption from these rate rollbacks and plans to defend its filing in hearings before the department


( S ( NP-SBJ ( NNP Meredith ) ( NNP Corp. ) ) ( VP ( VBZ is ) ( VP ( VBG launching ) ( NP ( NP ( DT a ) ( JJ new ) ( NN service ) ) ( SBAR-PRP ( S ( VP ( TO to ) ( VP ( VB offer ) ( NP ( NNS advertisers ) ) ( NP ( NP ( NN package ) ( NNS deals ) ) ( VP ( VBG combining ) ( NP ( PRP$ its ) ( NN book ) ( NN magazine ) ( CC and ) ( NN videocassette ) ( NNS products ) ) ) ) ) ) ) ) ) ) ) )

Meredith Corp. is launching a new service to offer advertisers package deals combining its book magazine and videocassette products


( S ( NP-SBJ ( DT The ) ( ADJP ( NNP Des ) ( JJ Moines-based ) ) ( NN publisher ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD created ) ( NP ( NP ( DT a ) ( JJ new ) ( NNP Custom ) ( NNP Marketing ) ( NNP Group ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD will ) ( VP ( VB offer ) ( NP ( NNS advertisers ) ) ( NP ( NP ( JJ special ) ( NNS rates ) ) ( PP ( IN for ) ( NP ( NP ( NN combination ) ( NNS packages ) ) ( PP-LOC ( IN in ) ( NP ( NP ( PRP$ its ) ( NNS magazines ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NNP Ladies ) ( NNP Home ) ( NNP Journal ) ) ( CC and ) ( NP ( NNP Better ) ( NNPS Homes ) ( CC and ) ( NNPS Gardens ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Des Moines-based publisher said it created a new Custom Marketing Group that will offer advertisers special rates for combination packages in its magazines such as Ladies Home Journal and Better Homes and Gardens


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( DT the ) ( NN group ) ) ( VP ( MD will ) ( VP ( VB create ) ( NP ( NP ( JJ custom-designed ) ( NNS media ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NNS cookbooks ) ) ( NP ( NN newspaper ) ( NNS inserts ) ) ( CC and ) ( NP ( NNS videos ) ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NN ad ) ( NNS campaigns ) ) ) ) ) )

In addition the group will create custom-designed media such as cookbooks newspaper inserts and videos for ad campaigns


( S ( ADVP-TMP ( RBR Earlier ) ( NP ( DT this ) ( NN year ) ) ) ( NP-SBJ ( NNP Meredith ) ) ( VP ( VBD sold ) ( NP ( PRP$ its ) ( JJ first ) ( JJ such ) ( NN package ) ) ( PP-CLR ( IN for ) ( NP ( QP ( CD 3 ) ( CD million ) ) ) ) ( PP-DTV ( TO to ) ( NP ( NP ( NNP Kraft ) ( NNP Inc. ) ) ( NP ( ADVP-TMP ( RB now ) ) ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( ADJP ( NNP New ) ( JJ York-based ) ) ( NNP Philip ) ( NNP Morris ) ( NNP Cos ) ) ) ) ) ) ) )

Earlier this year Meredith sold its first such package for 3 million to Kraft Inc. now a unit of New York-based Philip Morris Cos


( S ( NP-SBJ ( DT The ) ( NNP Kraft ) ( NN package ) ) ( VP ( VBD included ) ( NP ( NP ( DT a ) ( ADJP ( RB specially ) ( VBN published ) ) ( NN cookbook ) ) ( NP ( NP ( DT a ) ( JJ national ) ( JJ free-standing ) ( NN insert ) ) ( PP-LOC ( IN in ) ( NP ( NNP Sunday ) ( NNS newspapers ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( NNP Kraft ) ( JJ advertorial ) ( NN section ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD ran ) ( PP-LOC ( IN in ) ( NP ( CD five ) ( NNP Meredith ) ( NNS magazines ) ) ) ) ) ) ) ) ) )

The Kraft package included a specially published cookbook a national free-standing insert in Sunday newspapers and a Kraft advertorial section that ran in five Meredith magazines


( S ( NP-SBJ-1 ( NNP Kraft ) ) ( ADVP-TMP ( RB recently ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB spend ) ( NP ( DT an ) ( JJ additional ) ( QP ( CD 3 ) ( CD million ) ) ) ( PP-CLR ( IN on ) ( NP ( JJ similar ) ( NNS programs ) ) ) ( PP-TMP ( IN through ) ( NP ( CD 1990 ) ) ) ) ) ) ) )

Kraft recently agreed to spend an additional 3 million on similar programs through 1990


( S ( S ( NP-SBJ ( NP ( NNP Bill ) ( NNP Murphy ) ) ( NP ( NP ( NN director ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ new ) ( NN marketing ) ( NN unit ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Meredith ) ) ( VP ( VBZ is ) ( VP ( VBG negotiating ) ( NP ( JJ other ) ( JJ large-scale ) ( NNS packages ) ) ( PP-CLR ( IN with ) ( NP ( NP ( VBG leading ) ( NNS companies ) ) ( PP ( IN in ) ( NP ( JJ several ) ( NN product ) ( NNS categories ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB disclose ) ( NP ( PRP$ their ) ( NNS names ) ) ) ) ) )

Bill Murphy director of the new marketing unit said Meredith is negotiating other large-scale packages with leading companies in several product categories but he would n't disclose their names


( S ( NP-SBJ ( NP ( NP ( NNS Sources ) ) ( ADJP ( RB close ) ( PP ( TO to ) ( NP ( DT the ) ( NN company ) ) ) ) ) ( CC and ) ( NP ( NP ( NN ad ) ( NNS agencies ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP work ) ( PP-CLR ( IN with ) ( NP ( NNP Meredith ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( VBG leading ) ( NNS advertisers ) ) ( PP ( IN in ) ( NP ( NP ( NN consumer ) ( NNS electronics ) ) ( NP ( VBN packaged ) ( NNS goods ) ) ( CC and ) ( NP ( JJ automotive ) ( NNS products ) ) ) ) ) ( VP ( VBD were ) ( PP-PRD ( IN among ) ( NP ( NP ( DT those ) ) ( VP ( VBG negotiating ) ( NP ( NN ad ) ( NNS packages ) ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NNP Meredith ) ( NN group ) ) ) ) ) ) ) ) ) ) )

Sources close to the company and ad agencies that work with Meredith said leading advertisers in consumer electronics packaged goods and automotive products were among those negotiating ad packages with the Meredith group


( S ( NP-SBJ ( JJ Other ) ( NN magazine ) ( NN publishing ) ( NNS companies ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG moving ) ( PP-DIR ( IN in ) ( NP ( DT the ) ( JJ same ) ( NN direction ) ) ) ) ) ) )

Other magazine publishing companies have been moving in the same direction


( S ( NP-SBJ-1 ( NP ( DT The ) ( NNP New ) ( NNP York ) ( NNP Times ) ( NNP Co. ) ( POS 's ) ) ( NNP Magazine ) ( NNP Group ) ) ( ADVP-TMP ( RBR earlier ) ( NP ( DT this ) ( NN year ) ) ) ( VP ( VBD began ) ( S ( VP ( VBG offering ) ( NP ( NNS advertisers ) ) ( NP ( NP ( JJ extensive ) ( VBG merchandising ) ( NNS services ) ) ( VP ( VBN built ) ( PP-MNR ( IN around ) ( S-NOM ( VP ( VBG buying ) ( NP ( NP ( NN ad ) ( NNS pages ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( NNP Golf ) ( NNP Digest ) ( NN magazine ) ) ) ) ) ) ) ) ) ) ) ) )

The New York Times Co. 's Magazine Group earlier this year began offering advertisers extensive merchandising services built around buying ad pages in its Golf Digest magazine


( S ( NP-SBJ ( NNP Time ) ( NNP Warner ) ( NNP Inc. ) ) ( ADVP-TMP ( RB recently ) ) ( VP ( VBD formed ) ( NP ( NP ( DT a ) ( NN synergy ) ( NN department ) ) ( SBAR-PRP ( S ( VP ( TO to ) ( VP ( VB seek ) ( PRT ( RP out ) ) ( NP ( NP ( NNS ways ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB offer ) ( NP ( NNS advertisers ) ) ( NP ( NP ( NNS packages ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD could ) ( VP ( VB combine ) ( NP ( NP ( NNP Time ) ( POS 's ) ) ( NNS magazines ) ) ( PP-CLR ( IN with ) ( NP ( NP ( NNP Warner ) ( NNS products ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNS videocassettes ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Time Warner Inc. recently formed a synergy department to seek out ways to offer advertisers packages that could combine Time 's magazines with Warner products such as videocassettes


( S ( NP-SBJ ( NP ( NNP Paul ) ( NNP DuCharme ) ) ( NP ( NP ( NN director ) ) ( PP ( IN of ) ( NP ( NNS media ) ( NNS services ) ) ) ( PP-LOC ( IN at ) ( NP ( NNP Grey ) ( NNP Advertising ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NN Meredith ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN leader ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG providing ) ( NP ( NNS multimedia ) ( NNS packages ) ) ) ) ) ) ) ) ) ) )

Paul DuCharme director of media services at Grey Advertising said Meredith is the leader in providing multimedia packages


( S ( S-TPC-2 ( S ( NP-SBJ ( PRP They ) ) ( VP ( MD may ) ( VP ( VB get ) ( VP ( VBN passed ) ( PRT ( RP up ) ) ( ADVP-TMP ( RB later ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( JJ other ) ( NNS publishers ) ) ( VP ( VBP get ) ( NP ( PRP$ their ) ( NNS acts ) ) ( ADVP-CLR ( RB together ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( PP-TMP ( IN for ) ( NP ( RB now ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT the ) ( JJS quickest ) ) ( VP ( NN offering ) ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ extensive ) ) ( NN plan ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

They may get passed up later when other publishers get their acts together but for now they are the quickest offering the most extensive plan he said


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Murphy ) ) ( PP ( IN of ) ( NP ( NNP Meredith ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( CD one ) ( NN advertiser ) ) ( SBAR ( WHNP-3 ( WDT which ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB identify ) ) ) ) ) ) ( VP ( VBZ wants ) ( S ( NP-SBJ ( NNP Meredith ) ) ( VP ( TO to ) ( VP ( VP ( VB provide ) ( NP ( NP ( NN ad ) ( NNS pages ) ) ( PP-LOC ( IN in ) ( NP ( CD seven ) ( NNP Meredith ) ( NNS magazines ) ) ) ) ) ( VP ( VB publish ) ( NP ( NP ( DT an ) ( JJ interior-decorating ) ( NN book ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN distributed ) ( PP-LOC ( IN at ) ( NP ( NP ( NN point ) ) ( PP ( IN of ) ( NP ( NN purchase ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VB give ) ( PRT ( RP away ) ) ( NP ( NP ( DT a ) ( NN videotape ) ) ( PP ( IN on ) ( NP ( NN installation ) ( NNS pointers ) ) ) ) ) ( CC and ) ( VP ( ADVP ( RB possibly ) ) ( VB use ) ( NP ( NP ( NNP Meredith ) ( POS 's ) ) ( NP ( NNP Better ) ( NNPS Homes ) ( CC and ) ( NNP Gardens ) ( POS ' ) ) ( JJ residential ) ( JJ real-estate ) ( NNS agents ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB distribute ) ( NP ( NN discount-coupon ) ( NNS books ) ) ( PP-CLR ( TO to ) ( NP ( JJ new ) ( NNS homeowners ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Murphy of Meredith said one advertiser which he would n't identify wants Meredith to provide ad pages in seven Meredith magazines publish an interior-decorating book that will be distributed at point of purchase give away a videotape on installation pointers and possibly use Meredith 's Better Homes and Gardens ' residential real-estate agents to distribute discount-coupon books to new homeowners


( SINV ( S-TPC-1 ( ADVP-TMP ( NP ( CD Five ) ( NNS years ) ) ( IN ago ) ) ( NP-SBJ ( NN magazine ) ( NNS publishers ) ) ( VP ( MD would ) ( VP ( ADVP ( RB simply ) ) ( VB bid ) ( PP-CLR ( IN on ) ( NP ( NP ( NP ( DT an ) ( NN advertiser ) ( POS 's ) ) ( JJ big ) ( NN ad ) ( NN schedule ) ) ( PP ( IN for ) ( NP ( PRP$ their ) ( NN magazine ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Murphy ) ) )

Five years ago magazine publishers would simply bid on an advertiser 's big ad schedule for their magazine said Mr. Murphy


( S ( CC But ) ( NP-SBJ ( DT the ) ( NN marketplace ) ) ( VP ( VBD changed ) ) )

But the marketplace changed


( S ( NP-SBJ ( NNS Advertisers ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBP say ) ( S ( VP ( VB Help ) ( S ( NP-SBJ ( PRP us ) ) ( VP ( VP ( VB improve ) ( NP ( PRP$ our ) ( NN image ) ) ) ( CC and ) ( VP ( VB extend ) ( NP ( PRP$ our ) ( VBG selling ) ( NN season ) ) ) ) ) ) ) ) )

Advertisers now say Help us improve our image and extend our selling season


( S ( NP-SBJ-1 ( PRP They ) ) ( VP ( VBP are ) ( VP ( VBG coming ) ( PP-DIR ( TO to ) ( NP ( NNS publishers ) ) ) ( S-ADV ( VP ( VBG looking ) ( PP-CLR ( IN for ) ( NP ( NNS ideas ) ) ) ) ) ) ) )

They are coming to publishers looking for ideas


( S ( NP-SBJ-2 ( DT Some ) ( NNP House ) ( NNPS Democrats ) ) ( VP ( VBP are ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB head ) ( PRT ( RP off ) ) ( NP ( NP ( DT an ) ( NN appointment ) ) ( PP ( IN by ) ( NP ( NNP President ) ( NNP Bush ) ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN board ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ oversees ) ( NP ( DT the ) ( JJ savings-and-loan ) ( NN bailout ) ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG contending ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ prospective ) ( NN nominee ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN head ) ) ( PP ( IN of ) ( NP ( VBN troubled ) ( NNS banks ) ) ) ( NP ( PRP himself ) ) ) ) ) ) ) ) ) ) ) ) ) )

Some House Democrats are trying to head off an appointment by President Bush to the board that oversees the savings-and-loan bailout contending that the prospective nominee is the head of troubled banks himself


( S ( NP-SBJ ( NP ( CD Four ) ( NNPS Democrats ) ) ( PP ( IN on ) ( NP ( DT the ) ( NNP House ) ( NNP Banking ) ( NNP Committee ) ) ) ) ( VP ( VBD sent ) ( NP ( NNP President ) ( NNP Bush ) ) ( NP ( NP ( DT a ) ( NN letter ) ) ( VP ( VBG stating ) ( NP ( NP ( PRP$ their ) ( NNS concerns ) ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( VBN expected ) ( NN appointment ) ) ( PP ( IN of ) ( NP ( NP ( NNP James ) ( NNP Simmons ) ) ( NP ( NP ( DT an ) ( NNP Arizona ) ( NN banker ) ) ( CC and ) ( NP ( NP ( JJ former ) ( NN fund-raiser ) ) ( PP ( IN for ) ( NP ( NNP Mr. ) ( NNP Bush ) ) ) ) ) ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NNP Oversight ) ( NNP Board ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Resolution ) ( NNP Trust ) ( NNP Corp ) ) ) ) ) ) ) ) ) ) ) )

Four Democrats on the House Banking Committee sent President Bush a letter stating their concerns about the expected appointment of James Simmons an Arizona banker and former fund-raiser for Mr. Bush to the Oversight Board of the Resolution Trust Corp


( S ( NP-SBJ ( NP ( DT The ) ( NNP Oversight ) ( NNP Board ) ) ( VP ( VBN created ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJ savings-and-loan ) ( NN law ) ) ( VP ( VBN signed ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ) ) ) ) ( VP ( VBZ sets ) ( NP ( NP ( NN policy ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NNP RTC ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD will ) ( VP ( VB sell ) ( NP ( NP ( NP ( NNS hundreds ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( JJ sick ) ( NNS thrifts ) ) ) ) ( CC and ) ( NP ( NP ( NNS billions ) ) ( PP ( IN of ) ( NP ( NP ( NNS dollars ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NNS assets ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Oversight Board created in the savings-and-loan law signed in August sets policy for the RTC which will sell hundreds of the nation 's sick thrifts and billions of dollars of their assets


( S ( NP-SBJ ( NP ( NNP Treasury ) ( NNP Secretary ) ( NNP Nicholas ) ( NNP Brady ) ) ( NP ( NNP Federal ) ( NNP Reserve ) ( NNP Board ) ( NNP Chairman ) ( NNP Alan ) ( NNP Greenspan ) ) ( CC and ) ( NP ( NNP Housing ) ( CC and ) ( NNP Urban ) ( NNP Development ) ( NNP Secretary ) ( NNP Jack ) ( NNP Kemp ) ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NNS members ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN board ) ) ) ) ) )

Treasury Secretary Nicholas Brady Federal Reserve Board Chairman Alan Greenspan and Housing and Urban Development Secretary Jack Kemp are members of the board


( S ( NP-SBJ ( NNP President ) ( NNP Bush ) ) ( VP ( MD must ) ( VP ( VB appoint ) ( NP ( NP ( CD two ) ( JJ other ) ( NNS members ) ) ( NP ( NP ( NP ( NN one ) ) ( NP ( DT a ) ( NNP Democrat ) ) ) ( CC and ) ( NP ( NP ( CD one ) ) ( NP ( DT a ) ( NNP Republican ) ) ) ) ) ) ) )

President Bush must appoint two other members one a Democrat and one a Republican


( S ( NP-SBJ ( DT An ) ( NN administration ) ( NN official ) ) ( VP ( VBD confirmed ) ( NP-TMP ( JJ last ) ( NN week ) ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Simmons ) ) ( NP ( NP ( DT the ) ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( NNP Valley ) ( NNP National ) ( NNP Bank ) ) ( PP-LOC ( IN in ) ( NP ( NNP Phoenix ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( DT the ) ( NNP Republican ) ( NN appointee ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT a ) ( NN security ) ( NN clearance ) ) ( VP ( VBD was ) ( PP-PRD ( IN under ) ( NP ( NN way ) ) ) ) ) ) ) ) )

An administration official confirmed last week that Mr. Simmons the chairman of Valley National Bank in Phoenix is the Republican appointee and that a security clearance was under way


( S ( S-TPC-2 ( NP-SBJ-1 ( DT The ) ( JJ Democratic ) ( NN appointee ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN been ) ( VP ( VBN determined ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN official ) ) ( VP ( VBD said ) ) )

The Democratic appointee has n't been determined the official said


( S ( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Simmons ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB comment ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NNP White ) ( NNP House ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NNS congressmen ) ( POS 's ) ) ( NN letter ) ) ( VP ( VBZ is ) ( PP-PRD ( IN under ) ( NP ( NN review ) ) ) ) ) ) ) ) )

Mr. Simmons declined to comment and the White House said the congressmen 's letter is under review


( S ( NP-SBJ ( NP ( DT The ) ( NN letter ) ) ( VP ( VBN dated ) ( NP-TMP ( JJ last ) ( NNP Thursday ) ) ) ) ( VP ( VBD cited ) ( NP ( NP ( DT the ) ( NNS losses ) ) ( PP-LOC ( PP ( IN at ) ( NP ( NNP Valley ) ( NNP National ) ) ) ( CC and ) ( PP ( IN at ) ( NP ( NP ( NP ( NNP United ) ( NNP Bank ) ) ( PP ( RB also ) ( IN of ) ( NP ( NNP Phoenix ) ) ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Simmons ) ) ( VP ( VBD was ) ( NP-PRD ( NN chairman ) ) ( PP-TMP ( IN for ) ( NP ( CD 29 ) ( NNS years ) ) ) ) ) ) ) ) ) ) ) )

The letter dated last Thursday cited the losses at Valley National and at United Bank also of Phoenix where Mr. Simmons was chairman for 29 years


( S ( NP-SBJ-1 ( DT Both ) ( NNS banks ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN battered ) ( SBAR-ADV ( IN as ) ( SINV ( VP ( VBP have ) ) ( NP-SBJ ( JJ other ) ( NNP Arizona ) ( NNS banks ) ) ) ) ( PP-MNR ( IN by ) ( NP ( VBG falling ) ( JJ real ) ( NN estate ) ( NNS prices ) ) ) ) ) ) )

Both banks have been battered as have other Arizona banks by falling real estate prices


( S ( NP-SBJ ( NNP Valley ) ( NNP National ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( VP ( VBD had ) ( NP ( NP ( QP ( CD 470 ) ( CD million ) ) ) ( PP-LOC ( IN in ) ( NP ( NN problem ) ( NNS assets ) ) ) ) ( PP-TMP ( IN as ) ( PP ( IN of ) ( NP ( NNP June ) ) ) ) ) )

Valley National for example had 470 million in problem assets as of June


( S ( S-TPC-1 ( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP believe ) ( SBAR ( IN that ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( JJ numerous ) ( JJ other ) ( NNS candidates ) ) ( ADJP ( RBR more ) ( VBN qualified ) ( PP ( IN for ) ( NP ( DT this ) ( JJ important ) ( NN position ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP encourage ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( TO to ) ( VP ( VB give ) ( NP ( PRP them ) ) ( NP ( PRP$ your ) ( JJ thorough ) ( NN consideration ) ) ( PP-TMP ( IN before ) ( S-NOM ( VP ( VBG making ) ( NP ( DT this ) ( JJ key ) ( NNP RTC ) ( NN appointment ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN letter ) ) ( VP ( VBD said ) ) )

We believe that there are numerous other candidates more qualified for this important position and we encourage you to give them your thorough consideration before making this key RTC appointment the letter said


( S ( NP-SBJ ( DT The ) ( NNP RTC ) ) ( VP ( VBZ needs ) ( NP ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ able ) ( JJ competent ) ) ( NN management ) ) ( ADJP ( JJ available ) ) ) ) )

The RTC needs the most able competent management available


( S ( CC But ) ( NP-SBJ ( NNP Mr. ) ( NNP Simmons ) ) ( VP ( VBZ has ) ( NP ( NP ( JJ long ) ( NNS ties ) ) ( PP ( TO to ) ( NP ( DT both ) ( NP ( NNPS Republicans ) ) ( CC and ) ( NP ( NN banking ) ) ) ) ) ) )

But Mr. Simmons has long ties to both Republicans and banking


( S ( NP-SBJ ( PRP He ) ) ( VP ( VP ( VBD was ) ( NP-PRD ( NP ( NN co-chairman ) ) ( PP ( IN of ) ( NP ( NP ( NNP Mr. ) ( NNP Bush ) ( POS 's ) ) ( NNP Arizona ) ( NN campaign ) ( NN committee ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( JJ last ) ( NN year ) ( POS 's ) ) ( NN election ) ) ) ) ) ( CC and ) ( ADVP ( RB also ) ) ( VP ( VBD worked ) ( PP-CLR ( IN for ) ( NP ( NNP Mr. ) ( NNP Bush ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( CD 1980 ) ( NN election ) ) ) ) ) )

He was co-chairman of Mr. Bush 's Arizona campaign committee in last year 's election and also worked for Mr. Bush in the 1980 election


( S ( NP-SBJ ( DT The ) ( CD two ) ) ( VP ( VBD met ) ( ADVP-TMP ( ADVP ( NP ( QP ( JJR more ) ( IN than ) ( CD 30 ) ) ( NNS years ) ) ( IN ago ) ) ( SBAR ( WHADVP ( WRB when ) ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Simmons ) ) ( VP ( VBD worked ) ( PP-CLR ( IN for ) ( NP ( NP ( NP ( NNP Commercial ) ( NNP Bank ) ( CC & ) ( NNP Trust ) ( NNP Co. ) ) ( PP ( IN of ) ( NP ( NP ( NNP Midland ) ) ( NP ( NNP Texas ) ) ) ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Bush ) ) ( VP ( VBD was ) ( NP-PRD ( DT an ) ( VBG organizing ) ( NN director ) ) ) ) ) ) ) ) ) ) ) ) )

The two met more than 30 years ago when Mr. Simmons worked for Commercial Bank & Trust Co. of Midland Texas where Mr. Bush was an organizing director


( S ( PP-TMP ( IN In ) ( NP ( CD 1986 ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Simmons ) ) ( ADVP ( RB also ) ) ( VP ( VBD served ) ( PP-CLR ( IN on ) ( NP ( NP ( DT a ) ( NN committee ) ) ( PP ( IN of ) ( NP ( NNS businessmen ) ) ) ( VP ( VBN headed ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP William ) ( NNP Seidman ) ) ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Federal ) ( NNP Deposit ) ( NNP Insurance ) ( NNP Corp. ) ) ( CC and ) ( NP ( DT the ) ( NNP Resolution ) ( NNP Trust ) ( NNP Corp ) ) ) ) ) ) ) ) ) ) ) )

In 1986 Mr. Simmons also served on a committee of businessmen headed by William Seidman chairman of the Federal Deposit Insurance Corp. and the Resolution Trust Corp


( S ( NP-SBJ-1 ( DT That ) ( NN committee ) ) ( VP ( VBD determined ) ( S ( VP ( TO to ) ( VP ( VB open ) ( NP ( NNP Arizona ) ) ( PP-CLR ( TO to ) ( NP ( NN banking ) ) ) ( PP-LOC ( IN across ) ( NP ( NN state ) ( NNS lines ) ) ) ) ) ) ) )

That committee determined to open Arizona to banking across state lines


( S ( NP-SBJ ( NNP Arizona ) ( NNP Trend ) ( NN magazine ) ) ( VP ( VBD referred ) ( PP-CLR ( TO to ) ( NP ( NNP Mr. ) ( NNP Simmons ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ( PP-CLR ( IN as ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( CD 25 ) ( ADJP ( RBS most ) ( JJ influential ) ) ( NNS people ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN state ) ) ) ) ) ) ) ) )

Arizona Trend magazine referred to Mr. Simmons this year as one of the 25 most influential people in the state


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN letter ) ) ( PP ( TO to ) ( NP ( NNP Mr. ) ( NNP Bush ) ) ) ) ( VP ( VBD was ) ( VP ( VBN signed ) ( PP ( IN by ) ( NP-LGS ( NNP Reps. ) ( NX ( NX ( NX ( NNP Bruce ) ( NNP Vento ) ) ( PRN ( NP ( NP ( NNP D. ) ) ( NP-LOC ( NNP Minn. ) ) ) ) ( NP ( NP ( DT the ) ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Banking ) ( NNP Committee ) ( POS 's ) ) ( NNP RTC ) ( NNP Task ) ( NNP Force ) ) ) ) ) ( NX ( NX ( NNP Thomas ) ( NNP McMillen ) ) ( PRN ( NP ( NP ( NNP D. ) ) ( NP-LOC ( NNP Md. ) ) ) ) ) ( NX ( NX ( NNP Kweisi ) ( NNP Mfume ) ) ( PRN ( NP ( NP ( NNP D. ) ) ( NP-LOC ( NNP Md ) ) ) ) ) ( CC and ) ( NX ( NX ( NNP Paul ) ( NNP Kanjorski ) ) ( PRN ( NP ( NP ( NNP D. ) ) ( NP-LOC ( NNP Pa ) ) ) ) ) ) ) ) ) ) )

The letter to Mr. Bush was signed by Reps. Bruce Vento D. Minn. the chairman of the Banking Committee 's RTC Task Force Thomas McMillen D. Md. Kweisi Mfume D. Md and Paul Kanjorski D. Pa


( S-HLN ( NP-SBJ-1 ( JJ Genetic ) ( NN Defect ) ) ( VP ( VBN Spotted ) ( PP-LOC ( IN In ) ( NP ( JJ 3-Day-Old ) ( NN Embryo ) ) ) ) )

Genetic Defect Spotted In 3-Day-Old Embryo


( S ( NP-SBJ ( NNS RESEARCHERS ) ) ( VP ( VBD diagnosed ) ( NP ( NP ( DT a ) ( JJ genetic ) ( NN defect ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( JJ three-day-old ) ( NN mouse ) ( NN embryo ) ) ) ) ( PP ( IN in ) ( NP ( NP ( DT an ) ( NN experiment ) ) ( ADJP ( RB directly ) ( JJ applicable ) ( PP ( TO to ) ( NP ( NNS humans ) ) ) ) ) ) ) )

RESEARCHERS diagnosed a genetic defect in a three-day-old mouse embryo in an experiment directly applicable to humans