( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( DT the ) ( JJ composite ) ( NN index ) ) ( VP ( VBD lost ) ( NP ( QP ( JJR less ) ( IN than ) ( DT a ) ( NN third ) ( IN of ) ) ( PRP$ its ) ( JJ year-to-date ) ( NNS gains ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( JJ recent ) ( NN decline ) ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN technology ) ( NN group ) ( POS 's ) ) ( NNS gains ) ) ( VP ( VBD were ) ( VP ( ADVP ( RBR more ) ( IN than ) ) ( JJ halved ) ) ) )

While the composite index lost less than a third of its year-to-date gains in the market 's recent decline the technology group 's gains were more than halved


( S ( NP-SBJ ( DT The ) ( NNP OTC ) ( NN technology ) ( NN sector ) ) ( VP ( VBZ is ) ( ADVP-PRD ( RB far ) ( PP ( IN from ) ( NP ( DT a ) ( JJ cohesive ) ( NN unit ) ) ) ) ) )

The OTC technology sector is far from a cohesive unit


( S ( NP-SBJ-1 ( DT The ) ( NN group ) ) ( VP ( VBZ is ) ( VP ( VBN divided ) ( ADVP ( RB primarily ) ) ( PP-CLR ( IN between ) ( NP ( NN software ) ( NNS semiconductors ) ( CC and ) ( NNS computers ) ) ) ) ) )

The group is divided primarily between software semiconductors and computers


( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( NN computer ) ( NNS stocks ) ) ( VP ( VBP have ) ( VP ( VBN taken ) ( NP ( DT the ) ( JJS biggest ) ( NN hit ) ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( NN slowdown ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN industry ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( JJ many ) ( NN software ) ( CC and ) ( NN semiconductor ) ( NNS stocks ) ) ( VP ( VBP have ) ( VP ( VBN continued ) ( S ( VP ( TO to ) ( VP ( VB outperform ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) )

While computer stocks have taken the biggest hit from the slowdown in the industry many software and semiconductor stocks have continued to outperform the market


( S ( NP-SBJ ( NNP Microsoft ) ) ( VP ( VBZ is ) ( ADVP-PRD ( RB up ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 50 ) ) ( NN % ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NNP Intel ) ) ( VP ( VBZ is ) ( ADVP-PRD ( RB up ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 40 ) ) ( NN % ) ) ) ) ) ) ) )

Microsoft is up more than 50 % this year while Intel is up more than 40 %


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN technology ) ( NN group ) ) ( VP ( VBZ is ) ( ADVP ( RB also ) ) ( VP ( VBN split ) ( PP ( IN between ) ( NP ( NP ( JJ large ) ( NNS companies ) ) ( CC and ) ( NP ( JJ small ) ) ) ) ( PP ( IN with ) ( S-NOM ( NP-SBJ ( DT the ) ( JJS biggest ) ( NNS stocks ) ) ( VP ( VBG trading ) ( PP-CLR ( IN as ) ( NP ( JJ blue-chip ) ( NNS issues ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ institutional ) ( NN marketplace ) ) ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( DT the ) ( JJR smaller ) ( NNS stocks ) ) ( VP ( VBP churn ) ) ( PP ( IN on ) ( NP ( PRP$ their ) ( JJ individual ) ( NNS merits ) ( CC or ) ( NNS faults ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS analysts ) ) ( VP ( VBP say ) ) )

The technology group is also split between large companies and small with the biggest stocks trading as blue-chip issues in the institutional marketplace while the smaller stocks churn on their individual merits or faults analysts say


( S ( NP-SBJ ( NP ( DT The ) ( NN volatility ) ) ( PP ( IN of ) ( NP ( JJR smaller ) ( NN technology ) ( NNS companies ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN served ) ( NP ( DT the ) ( NN group ) ) ( ADVP-MNR ( RB well ) ) ( ADVP ( RB overall ) ) ( PP-LOC ( IN in ) ( NP ( JJ recent ) ( NN stock ) ( NN trading ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NNP Hambrecht ) ( CC & ) ( NNP Quist ) ( POS 's ) ( NN technology ) ( NN stock ) ( NNS indexes ) ) ) ) ) ) )

The volatility of smaller technology companies has served the group well overall in recent stock trading according to Hambrecht & Quist 's technology stock indexes


( S ( NP-SBJ ( DT The ) ( NN brokerage ) ( NN firm ) ) ( VP ( VBZ tracks ) ( NP ( NN technology ) ( NNS stocks ) ) ( PP-CLR ( IN with ) ( NP ( NP ( PRP$ its ) ( NNP Technology ) ( NNP Index ) ) ( SBAR ( WHNP-72 ( WDT which ) ) ( S ( VP ( VBD appreciated ) ( NP-EXT ( RB only ) ( CD 10.59 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ first ) ( CD nine ) ( NNS months ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN year ) ) ) ) ) ) ) ) ) ) ) )

The brokerage firm tracks technology stocks with its Technology Index which appreciated only 10.59 % in the first nine months of this year


( S ( CC But ) ( NP-SBJ ( DT the ) ( NN firm ) ) ( ADVP ( RB also ) ) ( VP ( VBZ tracks ) ( NP ( JJR smaller ) ( NN technology ) ( NNS companies ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( NN subset ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJR larger ) ( NN group ) ) ) ) ) ) )

But the firm also tracks smaller technology companies as a subset of the larger group


( S ( S ( NP-SBJ-2 ( NP ( DT That ) ( NN index ) ) ( SBAR ( WHNP-73 ( WDT which ) ) ( S ( VP ( VBZ contains ) ( NP ( NP ( NN technology ) ( NNS companies ) ) ( PP ( IN with ) ( NP ( NP ( JJ annual ) ( NNS revenues ) ) ( PP ( IN of ) ( NP ( QP ( CD 200 ) ( CD million ) ) ( QP ( CC or ) ( JJR less ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD gained ) ( NP-EXT ( CD 17.97 ) ( NN % ) ) ( PP-TMP ( IN by ) ( NP ( NP ( NNP Sept. ) ( CD 30 ) ) ( NP ( DT this ) ( NN year ) ) ) ) ) ) ( S ( VP ( VP ( ADVP-TMP ( RB still ) ) ( VBG lagging ) ( NP ( DT the ) ( NN S&P ) ( CD 500 ) ) ) ( CC but ) ( VP ( VBG leading ) ( NP ( JJR larger ) ( NN technology ) ( NNS firms ) ) ) ) ) )

That index which contains technology companies with annual revenues of 200 million or less gained 17.97 % by Sept. 30 this year still lagging the S&P 500 but leading larger technology firms


( S ( NP-TMP ( NN Yesterday ) ) ( NP-SBJ ( NN bank ) ( NNS stocks ) ) ( VP ( VBD lagged ) ( PP-LOC-CLR ( IN behind ) ( NP ( DT the ) ( JJ overall ) ( NNP OTC ) ( NN market ) ) ) ) )

Yesterday bank stocks lagged behind the overall OTC market


( S ( NP-SBJ ( DT The ) ( NNP Nasdaq ) ( NNP Bank ) ( NNP Index ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 0.17 ) ) ( PP-DIR ( TO to ) ( NP ( CD 432.78 ) ) ) ) )

The Nasdaq Bank Index rose 0.17 to 432.78


( S ( NP-SBJ ( NP ( NNP George ) ( NNP Jennison ) ) ( SBAR ( WHNP-74 ( WP who ) ) ( S ( VP ( VBZ trades ) ( NP ( NN bank ) ( NNS stocks ) ) ( PP ( IN for ) ( NP ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NNS stocks ) ) ( VP ( VBP tend ) ( S ( VP ( TO to ) ( VP ( VB fall ) ( ADVP-CLR ( RB behind ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBN traded ) ( ADVP ( ADVP ( RB as ) ( RB much ) ) ( PP ( IN as ) ( NP ( JJ many ) ( JJ other ) ( NNS issues ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

George Jennison who trades bank stocks for Shearson Lehman Hutton said the stocks tend to fall behind because they are n't traded as much as many other issues


( S-1 ( CC But ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD added ) ) ) ) ( NP-SBJ-2 ( JJ interest-rate-sensitive ) ( NNS stocks ) ) ( PP ( IN in ) ( ADJP ( JJ general ) ) ) ( VP ( VBP are ) ( VP ( VBN stalled ) ) ) )

But he added interest-rate-sensitive stocks in general are stalled


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN interest-rate ) ( NNS sensitives ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBG rallying ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN rest ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN market ) ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( NNS fears ) ) ( PP ( IN about ) ( SBAR-NOM ( WHNP ( WP what ) ) ( S ( NP-SBJ ( DT the ) ( NNP Federal ) ( NNP Reserve ) ) ( VP ( MD will ) ( VP ( VB do ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Jennison ) ) ( VP ( VBD said ) ) )

The interest-rate sensitives are n't rallying with the rest of the market because of fears about what the Federal Reserve will do Mr. Jennison said


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( MD will ) ( VP ( VB scour ) ( NP ( NP ( DT the ) ( NNP October ) ( NN employment ) ( NN report ) ) ( ADJP ( JJ due ) ( RB out ) ( NP-TMP ( NNP Friday ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NNS clues ) ) ( PP ( IN about ) ( NP ( NP ( NP ( DT the ) ( NN direction ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN economy ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( JJ immediate ) ( NN outlook ) ) ( PP ( IN for ) ( NP ( NN interest ) ( NNS rates ) ) ) ) ) ) ) ) ) ) ) ) ) )

He said that investors will scour the October employment report due out Friday for clues about the direction of the economy and the immediate outlook for interest rates


( S ( PP ( IN On ) ( NP ( DT the ) ( JJ other ) ( NN hand ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Jennison ) ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( JJ recent ) ( NN slide ) ) ( PP-LOC ( IN in ) ( NP ( NN bank ) ( CC and ) ( NN thrift ) ( NNS stocks ) ) ) ) ( VP ( VBD was ) ( ADVP ( IN at ) ( JJS least ) ) ( VP ( VBN halted ) ( NP-TMP ( NN yesterday ) ) ) ) ) ) ) )

On the other hand Mr. Jennison noted that the recent slide in bank and thrift stocks was at least halted yesterday


( S ( NP-SBJ-1 ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ) ( VP ( VBD gave ) ( NP ( JJ small ) ( NNS investors ) ) ( NP ( DT some ) ( JJ welcome ) ( NN news ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG announcing ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( ADVP-TMP ( RB no ) ( RBR longer ) ) ( VP ( VB handle ) ( NP ( JJ index-arbitrage-related ) ( NN program ) ( NNS trades ) ) ( PP ( IN for ) ( NP ( PRP$ its ) ( NNS accounts ) ) ) ) ) ) ) ) ) ) ) )

Shearson Lehman Hutton gave small investors some welcome news by announcing that it would no longer handle index-arbitrage-related program trades for its accounts


( S ( NP-SBJ ( NNP Shearson ) ) ( PP ( IN with ) ( NP ( PRP$ its ) ( JJ in-house ) ( NN order ) ( NN execution ) ( NN system ) ) ) ( VP ( VBZ has ) ( VP ( VBN handled ) ( NP ( NP ( DT the ) ( NN bulk ) ) ( PP ( IN of ) ( NP ( JJ such ) ( NN program ) ( NNS trades ) ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ over-the-counter ) ( NN market ) ) ) ) ) )

Shearson with its in-house order execution system has handled the bulk of such program trades in the over-the-counter market


( S ( NP-SBJ-1 ( DT The ) ( NN trading ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN blamed ) ( PP-CLR ( IN for ) ( NP ( NP ( JJ much ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( JJ recent ) ( NN volatility ) ) ) ) ) ) ) ) )

The trading has been blamed for much of the market 's recent volatility


( S ( NP-SBJ ( NNP Jaguar ) ) ( VP ( VBD topped ) ( NP ( DT the ) ( JJ most-active ) ( NN list ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( PRP$ its ) ( JJ American ) ( NN depository ) ( NNS receipts ) ) ( VP ( VBD climbed ) ( NP-EXT ( QP ( CD 1 ) ( CD 3\/4 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 13 ) ( CD 5\/8 ) ) ) ) ( SBAR ( IN with ) ( S ( NP-SBJ-1 ( QP ( JJR more ) ( IN than ) ( CD 6.6 ) ( CD million ) ) ( NNS ADRs ) ) ( VP ( VBN traded ) ) ) ) ) ) ) ) )

Jaguar topped the most-active list as its American depository receipts climbed 1 3\/4 to 13 5\/8 with more than 6.6 million ADRs traded


( S ( NP-SBJ ( NNP Britain ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VB waive ) ( NP ( NP ( PRP$ its ) ( JJ golden ) ( NN share ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ luxury ) ( NN auto ) ( NN maker ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-1 ( NNS shareholders ) ) ( VP ( VBP vote ) ( S ( VP ( TO to ) ( VP ( VB allow ) ( S ( NP-SBJ ( DT a ) ( NN suitor ) ) ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 15 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Britain said it would waive its golden share in the luxury auto maker if shareholders vote to allow a suitor to acquire more than 15 % of the company


( S ( NP-SBJ ( DT The ) ( NN announcement ) ) ( ADVP ( RB effectively ) ) ( VP ( VBZ removes ) ( NP ( DT the ) ( JJ British ) ( NN government ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT an ) ( NN impediment ) ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( NN takeover ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN company ) ) ( SBAR ( WHNP-75 ( WDT which ) ) ( S ( VP ( VBZ is ) ( VP ( VBG being ) ( VP ( VBN stalked ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP General ) ( NNP Motors ) ) ( CC and ) ( NP ( NNP Ford ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The announcement effectively removes the British government as an impediment to a takeover of the company which is being stalked by General Motors and Ford


( S ( NP-SBJ ( NNP Gen-Probe ) ) ( VP ( VBD was ) ( NP-PRD ( DT another ) ( JJ active ) ( NN takeover ) ( NN stock ) ) ) )

Gen-Probe was another active takeover stock


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD surged ) ( NP-EXT ( QP ( CD 2 ) ( CD 3\/4 ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 6 ) ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NN volume ) ) ( PP ( IN of ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 1.7 ) ( CD million ) ) ( NNS shares ) ) ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ-1 ( DT the ) ( NN company ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN acquired ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Japan ) ( POS 's ) ) ( NNP Chugai ) ( NNP Pharmaceutical ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( RB about ) ( CD 110 ) ( CD million ) ) ) ( NP ( NP ( QP ( RB almost ) ( RB double ) ) ( DT the ) ( NN market ) ( NN price ) ) ( PP ( IN of ) ( NP ( NP ( NNP Gen-Probe ) ( POS 's ) ) ( NN stock ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It surged 2 3\/4 to 6 on volume of more than 1.7 million shares after the company agreed to be acquired by Japan 's Chugai Pharmaceutical for about 110 million almost double the market price of Gen-Probe 's stock


( S ( NP-SBJ-1 ( NNP Priam ) ( NNP Corp. ) ) ( VP ( VBD lost ) ( NP ( NP ( CD 5\/32 ) ) ( PP ( TO to ) ( NP ( CD 3\/32 ) ) ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG filing ) ( PP-CLR ( IN for ) ( NP ( NP ( NN protection ) ) ( PP ( IN from ) ( NP ( PRP$ its ) ( NNS creditors ) ) ) ) ) ( PP-LOC ( IN under ) ( NP ( NP ( NN Chapter ) ( CD 11 ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ federal ) ( NNP Bankruptcy ) ( NNP Code ) ) ) ) ) ) ) ) ) )

Priam Corp. lost 5\/32 to 3\/32 after filing for protection from its creditors under Chapter 11 of the federal Bankruptcy Code


( S ( NP-SBJ ( NNP MCI ) ( NNP Communications ) ) ( VP ( VBD added ) ( NP ( QP ( CD 1 ) ( CD 1\/2 ) ) ) ( PP-CLR ( TO to ) ( NP ( QP ( CD 43 ) ( CD 3\/8 ) ) ) ) ) )

MCI Communications added 1 1\/2 to 43 3\/8


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBZ has ) ( VP ( VBN toted ) ( PRT ( RP up ) ) ( NP ( NP ( QP ( IN over ) ( CD 40 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NNS contracts ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ past ) ( CD two ) ( NNS days ) ) ) ) ) )

The company has toted up over 40 million in contracts in the past two days


( S ( NP-TMP ( NNP Monday ) ) ( NP-SBJ ( NNP MCI ) ) ( VP ( VBD announced ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 27 ) ( CD million ) ) ) ( JJ multiyear ) ( NN contract ) ) ( PP ( IN with ) ( NP ( DT the ) ( NN investment ) ( NN bank ) ( NNP Stuart-James ) ) ) ) ) )

Monday MCI announced a 27 million multiyear contract with the investment bank Stuart-James


( S ( NP-TMP ( NN Yesterday ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD received ) ( NP ( DT a ) ( ADJP ( QP ( CD 15 ) ( CD million ) ) ) ( JJ three-year ) ( NN contract ) ) ( PP-CLR ( IN from ) ( NP ( NNP Drexel ) ( NNP Burnham ) ( NNP Lambert ) ) ) ) )

Yesterday it received a 15 million three-year contract from Drexel Burnham Lambert


( S ( NP-SBJ ( NP ( NNP Florida ) ( NNP National ) ( NNP Banks ) ) ( PP ( IN of ) ( NP ( NNP Fla. ) ) ) ) ( VP ( VBD slid ) ( NP-EXT ( QP ( CD 1 ) ( CD 1\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 24 ) ( CD 3\/4 ) ) ) ) ) )

Florida National Banks of Fla. slid 1 1\/8 to 24 3\/4


( S ( NP-TMP ( RB Late ) ( NNP Monday ) ) ( NP-SBJ ( DT the ) ( NNP Federal ) ( NNP Reserve ) ( NNP Board ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBG delaying ) ( NP ( NP ( NN approval ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP First ) ( NNP Union ) ( NNP Corp. ) ( POS 's ) ) ( JJ proposed ) ( ADJP ( QP ( CD 849 ) ( CD million ) ) ) ( NN acquisition ) ) ( PP ( IN of ) ( NP ( NNP Florida ) ( NNP National ) ( NNPS Banks ) ) ) ) ) ) ( PP ( VBG pending ) ( NP ( NP ( DT the ) ( NN outcome ) ) ( PP ( IN of ) ( NP ( NP ( DT an ) ( NN examination ) ) ( PP ( IN into ) ( NP ( NP ( NP ( NNP First ) ( NNP Union ) ( POS 's ) ) ( NN lending ) ( NNS practices ) ) ( PP-LOC ( IN in ) ( NP ( JJ low-income ) ( NNS heighborhoods ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Late Monday the Federal Reserve Board said it is delaying approval of First Union Corp. 's proposed 849 million acquisition of Florida National Banks pending the outcome of an examination into First Union 's lending practices in low-income heighborhoods


( S ( NP-SBJ ( NNP Florida ) ( NNP National ) ) ( VP ( VBD said ) ( NP-TMP ( NN yesterday ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ remains ) ( ADJP-PRD ( JJ committed ) ( PP ( TO to ) ( NP ( DT the ) ( NN merger ) ) ) ) ) ) ) ) )

Florida National said yesterday that it remains committed to the merger


( S ( NP-SBJ ( NNP Dycom ) ( NNP Industries ) ) ( VP ( VBD gained ) ( NP-EXT ( CD 3\/4 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 16 ) ( CD 3\/4 ) ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NP ( NNP Ansco ) ( CC & ) ( NNP Associates ) ) ( CC and ) ( NP ( CD two ) ( NNS affiliates ) ) ) ( PP-CLR ( IN for ) ( NP ( NN cash ) ( CC and ) ( NN stock ) ) ) ) ) ) ) ) ) ) ) ) ) )

Dycom Industries gained 3\/4 to 16 3\/4 after it said it agreed to buy Ansco & Associates and two affiliates for cash and stock


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN value ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN transaction ) ) ) ) ( VP ( VBD was ) ( RB n't ) ( VP ( VBN disclosed ) ) ) )

The value of the transaction was n't disclosed


( S ( NP-SBJ ( NP ( DT The ) ( NNS companies ) ) ( VP ( VBG being ) ( VP ( VBN acquired ) ) ) ) ( VP ( VBP provide ) ( NP ( NNS telecommunications ) ( NNS services ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN telephone ) ( NN industry ) ) ) ) )

The companies being acquired provide telecommunications services to the telephone industry


( S ( NP-SBJ ( NP ( NNP Willamette ) ( NNP Industries ) ) ( SBAR ( WHNP-76 ( WP$ whose ) ( NN stock ) ) ( S ( VP ( VBZ has ) ( VP ( VBN suffered ) ( NP ( JJ steep ) ( NNS losses ) ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS sessions ) ) ) ) ) ) ) ) ( VP ( VBD surged ) ( NP-EXT ( QP ( CD 1 ) ( CD 1\/2 ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 49 ) ) ) ) )

Willamette Industries whose stock has suffered steep losses in recent sessions surged 1 1\/2 to 49


( S ( NP-SBJ ( DT The ) ( NN stock ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( JJ many ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN paper ) ( NNS products ) ( NN industry ) ) ) ) ) ( SBAR ( WHNP-77 ( WDT that ) ) ( S ( VP ( VBD rose ) ( PP-TMP ( VBG following ) ( NP ( NP ( NP ( NNP Georgia-Pacific ) ( POS 's ) ) ( ADJP ( QP ( CD 3.18 ) ( CD billion ) ) ) ( NN bid ) ) ( PP-CLR ( IN for ) ( NP ( NNP Great ) ( NNP Northern ) ( NNP Nekoosa ) ) ) ) ) ) ) ) ) ) )

The stock was one of many in the paper products industry that rose following Georgia-Pacific 's 3.18 billion bid for Great Northern Nekoosa


( S ( NP-SBJ-1 ( NP ( PRP It ) ) ) ( ADVP-TMP ( RB never ) ) ( VP ( VBZ ceases ) ( S ( VP ( TO to ) ( VP ( VB amaze ) ( NP ( PRP me ) ) ) ) ) ( SBAR-2 ( WHADVP ( WRB how ) ) ( S ( NP-SBJ-3 ( DT the ) ( NN business ) ( NN world ) ) ( VP ( VBZ continues ) ( S ( VP ( TO to ) ( VP ( VB trivialize ) ( NP ( NP ( DT the ) ( NN world ) ( POS 's ) ) ( JJ environmental ) ( NNS problems ) ) ) ) ) ) ) ) ( SQ-TTL ( VBZ Is ) ( NP-SBJ ( NP ( NN Science ) ) ( CC or ) ( NP ( JJ Private ) ( NN Gain ) ) ) ( VP ( VBG Driving ) ( NP ( NN Ozone ) ( NN Policy ) ) ) ) ( PP ( IN by ) ( NP ( NP ( NNP George ) ( NNP Melloan ) ) ( NP ( NP ( NNP Business ) ( NNP World ) ) ( NP ( NNP Oct. ) ( CD 24 ) ) ) ) ) ) )

It never ceases to amaze me how the business world continues to trivialize the world 's environmental problems Is Science or Private Gain Driving Ozone Policy by George Melloan Business World Oct. 24


( S ( S-SBJ ( VP ( TO To ) ( VP ( VB suggest ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT a ) ( ADJP ( CD 10 ) ( NN % ) ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( NN ozone ) ) ) ( PP-TMP ( IN by ) ( NP ( NP ( DT the ) ( NN middle ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ next ) ( NN century ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ negligible ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ irresponsible ) ( CC and ) ( JJ shortsighted ) ) ) )

To suggest that a 10 % drop in ozone by the middle of the next century would be negligible is irresponsible and shortsighted


( S ( VP ( VB Consider ) ( NP ( DT the ) ( NN fact ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT a ) ( ADJP ( JJ mere ) ( CD 2 ) ( NN % ) ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( NN ozone ) ) ) ) ( VP ( MD would ) ( VP ( VB increase ) ( NP ( NP ( NN birth ) ( NNS defects ) ) ( CC and ) ( NP ( NNS mutations ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG allowing ) ( S ( NP-SBJ ( JJ solar ) ( NN radiation ) ) ( VP ( TO to ) ( VP ( VB alter ) ( NP ( DT the ) ( NN DNA ) ( NN structure ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Consider the fact that a mere 2 % drop in ozone would increase birth defects and mutations by allowing solar radiation to alter the DNA structure


( S ( S ( NP-SBJ ( RB Even ) ( DT a ) ( JJ small ) ( NN reduction ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ unacceptable ) ) ) ) ( CC and ) ( S ( S-SBJ ( VP ( TO to ) ( VP ( VB suggest ) ( ADVP ( RB otherwise ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( JJ penny-wise ) ) ( CC and ) ( ADJP ( JJ pound-foolish ) ) ) ) ) )

Even a small reduction is unacceptable and to suggest otherwise is penny-wise and pound-foolish


( S ( NP-SBJ ( NP ( DT The ) ( NN reason ) ) ( SBAR ( S ( NP-SBJ-1 ( NNS environmentalists ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB mind ) ( S ( VP ( VBG seeing ) ( S ( NP-SBJ ( JJ new ) ( NNS crises ) ) ( VP ( VB arise ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRP-PRD ( IN because ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( NP-PRD ( JJ new ) ( NNS crises ) ) ) ) ) ) )

The reason environmentalists do n't mind seeing new crises arise is because there are new crises


( NP ( NP ( NNS Crises ) ) ( ADJP ( ADJP ( ADJP ( JJR larger ) ) ( CC and ) ( ADJP ( RBR more ) ( JJ dangerous ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN quality ) ) ( PP ( IN of ) ( NP ( NN life ) ) ) ) ) ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD were ) ( ADVP-TMP ( NP ( CD 10 ) ( NNS years ) ) ( RB ago ) ) ) ) ) ) )

Crises larger and more dangerous to the quality of life than they were 10 years ago


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ doubtful ) ) ) ) ) ( VP ( VB consider ) ( PP-TMP ( IN for ) ( NP ( DT a ) ( NN moment ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( NNP Pomton ) ( NNP Lakes ) ( NNP Reservoirs ) ) ( PP-LOC ( IN in ) ( NP ( JJ northern ) ( NNP New ) ( NNP Jersey ) ) ) ( SBAR ( WHNP-170 ( WDT which ) ) ( S ( VP ( VBP supply ) ( NP ( DT the ) ( JJ tristate ) ( NN area ) ) ( PP-CLR ( IN with ) ( NP ( NN drinking ) ( NN water ) ) ) ) ) ) ) ( VP ( VBP are ) ( VP ( JJ riddled ) ( PP-CLR ( IN with ) ( NP ( JJ toxic ) ( NNS PCBs ) ) ) ) ) ) ) ) )

If you are doubtful consider for a moment that the Pomton Lakes Reservoirs in northern New Jersey which supply the tristate area with drinking water are riddled with toxic PCBs


( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN fact ) ) ( CC and ) ( NP ( NP ( RB not ) ( DT the ) ( NN product ) ) ( PP ( IN of ) ( NP ( NP ( DT some ) ( JJ environmental ) ( NN doomsayer ) ) ( CC or ) ( NP ( NP ( DT a ) ( NN group ) ( POS 's ) ) ( NN ploy ) ( S ( VP ( TO to ) ( VP ( VB create ) ( NP ( DT a ) ( NN market ) ) ) ) ) ) ) ) ) ) ) )

This is a fact and not the product of some environmental doomsayer or a group 's ploy to create a market


( S ( NP-SBJ ( PRP It ) ) ( VP ( POS 's ) ( NP-PRD ( NP ( NN time ) ) ( SBAR ( S ( NP-SBJ ( NP ( NN business ) ( NNS leaders ) ) ( CC and ) ( NP ( DT the ) ( JJ general ) ( NN public ) ) ) ( VP ( VBP learn ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NN mankind ) ) ( VP ( VP ( VBZ does ) ( RB not ) ( VP ( VB rule ) ( PP-CLR ( IN over ) ( NP ( DT this ) ( JJ natural ) ( NN environment ) ) ) ) ) ( CC but ) ( VP ( VBZ is ) ( ADVP ( RB rather ) ) ( NP-PRD ( NP ( DT the ) ( JJ integral ) ( JJ symbiotic ) ( NN player ) ) ( PP-LOC ( IN within ) ( NP ( NP ( NN nature ) ( POS 's ) ) ( NNS workings ) ) ) ) ) ) ) ) ) ) ) ) ) )

It 's time business leaders and the general public learn that mankind does not rule over this natural environment but is rather the integral symbiotic player within nature 's workings


( NP ( NP ( NNP Mark ) ( NNP T. ) ( NNP Kuiper ) ) ( NP-LOC ( NP ( NNP Jersey ) ( NNP City ) ) ( NP ( NNP N.J ) ) ) )

Mark T. Kuiper Jersey City N.J


( S ( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Melloan ) ( POS 's ) ) ( NN column ) ) ( VP ( VBD was ) ( PP-PRD ( ADVP ( RB right ) ) ( IN on ) ( NP ( DT the ) ( NN money ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP wish ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD could ) ( VP ( VB have ) ( VP ( VBN gone ) ( ADVP-CLR ( NP ( CD one ) ( NN step ) ) ( RBR further ) ) ) ) ) ) ) ) ) )

Mr. Melloan 's column was right on the money but I wish it could have gone one step further


( S ( PP ( IN As ) ( NP ( NP ( DT an ) ( NN employee ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ major ) ( NN refrigerator ) ( CC and ) ( NN freezer ) ( NN manufacturer ) ) ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( ADVP-MNR ( RB heavily ) ) ( VP ( VBN involved ) ( PP-CLR ( IN in ) ( S-NOM ( VP ( VBG dealing ) ( PP-CLR ( IN with ) ( NP ( NP ( NP ( DT the ) ( JJ political ) ( NNS manifestations ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Rowland-Molina ) ( NN theory ) ) ( PRN ( VP ( VBN named ) ( PP-CLR ( IN after ) ( NP ( NP ( DT the ) ( NNS researchers ) ) ( SBAR ( WHNP-171 ( WP who ) ) ( S ( VP ( VBD found ) ( PP-TMP ( IN in ) ( NP ( CD 1974 ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS chlorofluorocarbons ) ) ( VP ( VBD contributed ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN depletion ) ) ( PP ( IN of ) ( NP ( NP ( NN ozone ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN earth ) ( POS 's ) ) ( NN atmosphere ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( NP ( DT the ) ( NNP Montreal ) ( NNP Protocol ) ) ) ) ) ) ) ) ) ) )

As an employee of a major refrigerator and freezer manufacturer I have been heavily involved in dealing with the political manifestations of the Rowland-Molina theory named after the researchers who found in 1974 that chlorofluorocarbons contributed to the depletion of ozone in the earth 's atmosphere and the Montreal Protocol


( S ( NP-SBJ ( NP ( DT An ) ( JJ important ) ( NN part ) ) ( PP ( IN of ) ( NP ( PRP$ my ) ( NN effort ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( S-PRD ( VP ( TO to ) ( VP ( VB understand ) ( NP ( DT the ) ( NN science ) ) ( SBAR-PRP ( IN so ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( MD can ) ( VP ( VB explain ) ( NP ( PRP it ) ) ( PP-CLR ( TO to ) ( NP ( NP ( JJ corporate ) ( NNS colleagues ) ) ( VP ( VBG facing ) ( NP ( NP ( JJ major ) ( NNS changes ) ) ( PP-LOC ( IN in ) ( NP ( NN product ) ( NN design ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

An important part of my effort has been to understand the science so I can explain it to corporate colleagues facing major changes in product design


( S ( PP-LOC ( IN In ) ( NP ( PRP$ my ) ( NN research ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBP have ) ( VP ( VBN found ) ( NP ( NP ( NP ( DT a ) ( NN paper ) ) ( PP ( IN by ) ( NP ( NP ( NP ( NNP Joseph ) ( NNP Scotto ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP National ) ( NNP Cancer ) ( NNP Institute ) ) ) ) ( CC and ) ( NP ( JJ several ) ( NNS colleagues ) ) ) ) ) ( VP ( VBG reporting ) ( NP ( NP ( DT an ) ( JJ 11-year ) ( NN decrease ) ) ( PP ( IN in ) ( NP ( NNP UV-B ) ( NN radiation ) ) ) ( PP-LOC ( IN at ) ( NP ( CD eight ) ( NNP U.S. ) ( NN measurement ) ( NNS sites ) ) ) ) ) ) ) ) )

In my research I have found a paper by Joseph Scotto of the National Cancer Institute and several colleagues reporting an 11-year decrease in UV-B radiation at eight U.S. measurement sites


( S ( NP-SBJ ( NP ( PRP$ Our ) ( NN concern ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN ozone ) ( NN layer ) ) ) ) ( PP ( IN of ) ( NP ( NN course ) ) ) ( VP ( VBZ grows ) ( PP-DIR ( IN out ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN potential ) ) ( PP ( IN for ) ( NP ( NP ( VBG increasing ) ( NN UV-B ) ( NN radiation ) ) ( SBAR ( WHNP-172 ( WDT which ) ) ( S ( VP ( MD could ) ( VP ( VB damage ) ( NP ( NNS flora ) ( CC and ) ( NNS fauna ) ) ) ) ) ) ) ) ) ) ) ) )

Our concern for the ozone layer of course grows out of the potential for increasing UV-B radiation which could damage flora and fauna


( S ( S ( NP-SBJ ( NP ( NP ( DT The ) ( JJ last ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS measurements ) ) ) ) ( VP ( VBN reported ) ) ) ( VP ( VBD was ) ( PP-TMP-PRD ( IN in ) ( NP ( CD 1985 ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NP ( JJ recent ) ( NNS conversations ) ) ( PP ( IN with ) ( NP ( NNP Mr. ) ( NNP Scotto ) ) ) ) ( VP ( VBD indicated ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD knew ) ( PP-CLR ( IN of ) ( NP ( NP ( DT no ) ( JJ recent ) ( NNS changes ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN trend ) ) ) ) ) ) ) ) ) ) )

The last of the measurements reported was in 1985 but recent conversations with Mr. Scotto indicated that he knew of no recent changes in the trend


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP understand ) ( PRN ( CC but ) ( VP ( VBP have ) ( RB n't ) ( ADVP-TMP ( RB yet ) ) ( VP ( VBN verified ) ) ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NNS studies ) ) ( PP ( IN by ) ( NP ( NP ( NNPS Norwegians ) ) ( NP ( NNPS Russians ) ) ( CC and ) ( NP ( DT the ) ( NNP Max ) ( NNP Planck ) ( NNP Institute ) ) ) ) ( SBAR ( WHNP-173 ( WDT that ) ) ( S ( VP ( VBP show ) ( NP ( DT either ) ( VP ( JJ unchanging ) ( CC or ) ( VBG declining ) ) ( NN UV-B ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NN surface ) ) ) ) ) ) ) ) ) ) ) )

I understand but have n't yet verified that there are studies by Norwegians Russians and the Max Planck Institute that show either unchanging or declining UV-B at the surface


( S ( PP ( TO To ) ( NP ( PRP me ) ) ) ( NP-SBJ ( DT this ) ) ( VP ( VBZ calls ) ( PP-CLR ( IN into ) ( NP ( NN question ) ) ) ( NP ( NP ( DT the ) ( NN validity ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Rowland-Molina ) ( NN theory ) ) ( CC and ) ( ADVP ( RB hence ) ) ( NP ( DT the ) ( JJ whole ) ( NNS chlorofluorocarbons ) ( NN replacement ) ( NN effort ) ) ) ) ) ) )

To me this calls into question the validity of the Rowland-Molina theory and hence the whole chlorofluorocarbons replacement effort


( S ( NP-SBJ ( DT This ) ) ( PP ( IN in ) ( NP ( NN turn ) ) ) ( VP ( VBZ threatens ) ( NP ( NP ( DT the ) ( JJ massive ) ( JJ vested ) ( NNS interests ) ) ( SBAR ( WHPP-1 ( IN of ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP have ) ( VP ( VBN written ) ) ) ) ) ) ) )

This in turn threatens the massive vested interests of which you have written


( S ( NP-SBJ-1 ( NP ( PRP$ My ) ( NNS questions ) ) ( PP ( IN on ) ( NP ( DT this ) ( NN subject ) ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT a ) ( JJ recent ) ( NN meeting ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NNP World ) ( NNPS Resources ) ( NNP Institute ) ) ) ( PP ( IN with ) ( NP ( NP ( NNS representatives ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP National ) ( NNP Resource ) ( NNP Development ) ( NNP Commission ) ) ( NP ( DT the ) ( NNP Environmental ) ( NNP Protection ) ( NNP Agency ) ) ( NP ( NP ( NNPS Friends ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Earth ) ) ) ) ( X ( NN etc. ) ) ) ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBN greeted ) ( PP-MNR ( IN with ) ( NP ( NP ( NN derision ) ) ( CC and ) ( NP ( NP ( DT some ) ( VBN mumbled ) ( NNS comments ) ) ( PP ( IN about ) ( NP ( NP ( DT that ) ( NN report ) ) ( VP ( VBG being ) ( VP ( VBN discredited ) ) ) ) ) ) ) ) ) ) )

My questions on this subject at a recent meeting at the World Resources Institute with representatives of the National Resource Development Commission the Environmental Protection Agency Friends of the Earth etc. were greeted with derision and some mumbled comments about that report being discredited


( S ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD expressed ) ( NP ( NN amazement ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT no ) ( NN one ) ) ( VP ( VBD was ) ( VP ( VBG undertaking ) ( NP ( DT a ) ( ADJP ( RBR more ) ( JJ current ) ( CC and ) ( JJ credible ) ) ( NN UV-B ) ( NN study ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( PRP I ) ) ( VP ( VBD was ) ( VP ( VBN urged ) ( S ( VP ( TO to ) ( VP ( VB get ) ( ADVP-DIR ( RB back ) ) ( PP-DIR ( TO to ) ( NP ( NP ( DT the ) ( NN agenda ) ( NN topic ) ) ( SBAR ( WHNP-174 ( WDT which ) ) ( S ( VP ( VBD was ) ( ADVP ( RB ironically ) ) ( NP-PRD ( NP ( DT a ) ( NN schedule ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG getting ) ( ADJP-PRD ( JJ rid ) ( PP ( IN of ) ( NP ( NP ( NNS HCFCs ) ) ( NP ( NP ( DT the ) ( JJ so-called ) ( JJ soft ) ( NNS CFCs ) ) ( SBAR ( WHNP-175 ( WDT that ) ) ( S ( VP ( VBP are ) ( NP-PRD ( NP ( PDT such ) ( DT an ) ( JJ important ) ( NN part ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP CFC ) ( NN substitution ) ( NN scenario ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

When I expressed amazement that no one was undertaking a more current and credible UV-B study I was urged to get back to the agenda topic which was ironically a schedule for getting rid of HCFCs the so-called soft CFCs that are such an important part of the CFC substitution scenario


( S ( ADVP ( NNP Subsequently ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBP have ) ( VP ( VBN learned ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT a ) ( JJ private ) ( NN group ) ) ( SBAR ( WHPP-1 ( IN of ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( NNP Du ) ( NNP Pont ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN part ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG funding ) ( NP ( DT a ) ( JJ modest ) ( NN program ) ( S ( VP ( VP ( TO to ) ( VP ( VB continue ) ( NP ( NP ( NNS data ) ( NN gathering ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NNP Scotto ) ( NN report ) ( NNS stations ) ) ) ) ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( VP ( TO to ) ( VP ( VB develop ) ( NP ( ADJP ( RBR more ) ( JJ sophisticated ) ) ( NN UVB ) ( NN measuring ) ( NNS instruments ) ) ) ) ) ) ) ) ) ) ) ) ) )

Subsequently I have learned that a private group of which Du Pont is a part is funding a modest program to continue data gathering at the Scotto report stations as well as to develop more sophisticated UVB measuring instruments


( S ( CC But ) ( NP-SBJ ( DT this ) ) ( VP ( VBZ is ) ( NP-PRD ( RB almost ) ( DT an ) ( JJ underground ) ( NN activity ) ) ) )

But this is almost an underground activity


( S ( PP ( TO To ) ( NP ( PRP$ my ) ( NN knowledge ) ) ) ( NP-SBJ ( NP ( DT no ) ( NN government ) ( NNS entities ) ) ( PP ( VBG including ) ( NP ( DT the ) ( NNP EPA ) ) ) ) ( VP ( VBP are ) ( VP ( VBG pursuing ) ( NP ( NN UV-B ) ( NNS measurements ) ) ) ) )

To my knowledge no government entities including the EPA are pursuing UV-B measurements


( S ( NP-SBJ ( DT The ) ( NN topic ) ) ( ADVP-TMP ( RB never ) ) ( VP ( VBZ comes ) ( PRT ( RP up ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NN ozonedepletion ) ( NN establishment ) ( NNS meetings ) ) ( SBAR ( WHPP-1 ( IN of ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP have ) ( VP ( VBN attended ) ( NP ( NP ( JJ many ) ) ) ) ) ) ) ) ) ) )

The topic never comes up in ozonedepletion establishment meetings of which I have attended many


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ seems ) ( PP ( TO to ) ( NP ( PRP me ) ) ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( JJ such ) ( NNS measurements ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT a ) ( JJ vital ) ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( DT any ) ( ADJP ( RB intellectually ) ( JJ honest ) ) ( NN evaluation ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN threat ) ) ( VP ( VBN posed ) ( PP ( IN by ) ( NP-LGS ( NNS CFCs ) ) ) ) ) ) ) ) ) ) ) ) ) )

It seems to me that such measurements are a vital part of any intellectually honest evaluation of the threat posed by CFCs


( S ( SBAR-ADV ( IN While ) ( S ( VP ( VBG recognizing ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ professional ) ( NNS environmentalists ) ) ( VP ( MD may ) ( VP ( VB feel ) ( ADJP-PRD ( JJ threatened ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( PRP I ) ) ( VP ( VBP intend ) ( S ( VP ( TO to ) ( VP ( VB urge ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( JJ UV-B ) ) ( VP ( VB be ) ( VP ( VBN monitored ) ) ) ) ) ( SBAR-TMP ( WHADVP-3 ( WRB whenever ) ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( MD can ) ) ) ) ) ) ) ) )

While recognizing that professional environmentalists may feel threatened I intend to urge that UV-B be monitored whenever I can


( X ( NP ( NP ( NNP Frederick ) ( NNP H. ) ( NNP Hallett ) ) ( NP ( NNP Vice ) ( NNP President ) ) ) ( NP ( NNP Industry ) ( CC and ) ( NNP Government ) ( NNP Relations ) ) ( NP ( NP ( NNP White ) ( NNP Consolidated ) ( NNP Industries ) ( NNP Inc ) ) ( NP-LOC ( NNP Washington ) ) ) )

Frederick H. Hallett Vice President Industry and Government Relations White Consolidated Industries Inc Washington


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN relationship ) ) ( PP ( IN between ) ( NP ( NP ( NP ( NN surface ) ( NN release ) ) ( PP ( IN of ) ( NP ( NNS CFCs ) ) ) ) ( CC and ) ( NP ( JJ global ) ( JJ stratospheric ) ( NN ozone ) ( NN loss ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN identified ) ( PP-TMP ( ADVP ( RB back ) ) ( IN in ) ( NP ( CD 1974 ) ) ) ) ) )

The relationship between surface release of CFCs and global stratospheric ozone loss was identified back in 1974


( S ( SBAR-ADV ( IN Although ) ( PRN ( PP ( IN like ) ( NP ( DT all ) ( JJ scientific ) ( NNS theories ) ) ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD had ) ( NP ( PRP$ its ) ( JJ initial ) ( NNS opponents ) ) ) ) ) ( NP-SBJ ( JJ few ) ( NNS experts ) ) ( VP ( VBP question ) ( NP ( DT the ) ( NN connection ) ) ( ADVP-TMP ( RB now ) ) ) )

Although like all scientific theories it had its initial opponents few experts question the connection now


( S ( NP-SBJ ( NP ( NP ( DT The ) ( NN discovery ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN ozone ) ( NN hole ) ) ( PP-LOC ( IN over ) ( NP ( NNP Antarctica ) ) ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NNS results ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( JJ ground-based ) ( CC and ) ( JJ high-altitude ) ) ( NN aircraft ) ( NNS experiments ) ) ( VP ( VBN conducted ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ past ) ( JJ several ) ( NNS years ) ) ) ) ) ) ) ) ( VP ( VBP serve ) ( PP-CLR ( IN as ) ( NP ( NN evidence ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NN ozone ) ( NN depletion ) ) ( VP ( VBZ is ) ( VP ( VBN related ) ( PP-CLR ( TO to ) ( NP ( NNP CFC ) ( NNS concentrations ) ) ) ) ) ) ) ) ) ) )

The discovery of the ozone hole over Antarctica and the results of ground-based and high-altitude aircraft experiments conducted over the past several years serve as evidence that ozone depletion is related to CFC concentrations


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT the ) ( NNP September ) ( NN issue ) ) ( PP ( IN of ) ( NP-TTL ( NNP Scientific ) ( NNP American ) ) ) ) ) ( NP-SBJ ( NP ( NP ( NNP Thomas ) ( NNP E. ) ( NNP Graedel ) ) ( NP ( NP ( JJ distinguished ) ( NN member ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ technical ) ( NN staff ) ) ( PP-LOC ( IN at ) ( NP ( NNP AT&T ) ( NNP Bell ) ( NNPS Laboratories ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NNP Paul ) ( NNP J. ) ( NNP Crutzen ) ) ( NP ( NP ( NN director ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN air ) ( NN chemistry ) ( NN division ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Max ) ( NNP Planck ) ( NNP Institute ) ) ( PP ( IN for ) ( NP ( NNP Chemistry ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Mainz ) ) ( NP ( NNP West ) ( NNP Germany ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD wrote ) ( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB now ) ) ( ADJP-PRD ( RB quite ) ( JJ evident ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( NP ( NNS chlorofluorocarbons ) ) ( NP ( RB particularly ) ( NN CFC-11 ) ( CC and ) ( NN CFC-12 ) ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT the ) ( JJ major ) ( NNS culprits ) ) ( ADJP ( JJ responsible ) ( PP ( IN for ) ( NP ( NN ozone ) ( NN depletion ) ) ) ) ) ) ) ) ) ) ) )

In the September issue of Scientific American Thomas E. Graedel distinguished member of the technical staff at AT&T Bell Laboratories and Paul J. Crutzen director of the air chemistry division of the Max Planck Institute for Chemistry in Mainz West Germany wrote It is now quite evident that chlorofluorocarbons particularly CFC-11 and CFC-12 are the major culprits responsible for ozone depletion


( S ( NP-SBJ ( NNP Mr. ) ( NNP Melloan ) ) ( VP ( VP ( VBZ quotes ) ( NP ( NNP Peter ) ( NNP Teagan ) ) ) ( CC and ) ( VP ( VBZ invokes ) ( NP ( NP ( DT the ) ( NN name ) ) ( PP ( IN of ) ( NP ( NNP Arthur ) ( NNP D. ) ( NNP Little ) ( NNP Inc. ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB support ) ( NP ( PRP$ his ) ( NN statement ) ) ) ) ) ) )

Mr. Melloan quotes Peter Teagan and invokes the name of Arthur D. Little Inc. to support his statement


( S ( ADVP ( RB However ) ) ( PP ( IN unlike ) ( NP ( NP ( NNPS Messrs. ) ( NNP Graedel ) ( CC and ) ( NNP Crutzen ) ) ( SBAR ( WHNP-176 ( WP who ) ) ( S ( VP ( VBP are ) ( ADVP ( DT both ) ) ( NP-PRD ( NP ( NNS pioneers ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN study ) ) ( PP ( IN of ) ( NP ( JJ atmospheric ) ( NN chemistry ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Teagan ) ) ( VP ( VBZ has ) ( NP ( DT no ) ( JJ special ) ( NN expertise ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN area ) ) ) ) )

However unlike Messrs. Graedel and Crutzen who are both pioneers in the study of atmospheric chemistry Mr. Teagan has no special expertise in the area


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ mechanical ) ( NN engineer ) ) ( NP ( RB not ) ( DT an ) ( JJ atmospheric ) ( NN chemist ) ) ) ) )

He is a mechanical engineer not an atmospheric chemist


( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ insulting ) ( CC and ) ( JJ demeaning ) ) ( S-1 ( VP ( TO to ) ( VP ( VB say ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS scientists ) ) ( VP ( VBD needed ) ( NP ( JJ new ) ( NNS crises ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB generate ) ( NP ( JJ new ) ( NNS grants ) ( CC and ) ( NNS contracts ) ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( JJ environmental ) ( NNS groups ) ) ( VP ( VBP need ) ( NP ( PRP them ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB stay ) ( PP-LOC-PRD ( IN in ) ( NP ( NN business ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It is insulting and demeaning to say that scientists needed new crises to generate new grants and contracts and that environmental groups need them to stay in business


( S ( S-NOM-SBJ ( VP ( VBG Solving ) ( NP ( NP ( DT the ) ( JJ global ) ( JJ environmental ) ( NNS problems ) ) ( SBAR ( S ( NP-SBJ ( PRP we ) ) ( DT all ) ( VP ( VBP face ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB require ) ( NP ( NP ( DT an ) ( JJ unprecedented ) ( NN level ) ) ( PP ( IN of ) ( NP ( NP ( NN cooperation ) ( CC and ) ( NN communication ) ) ( PP-LOC ( IN among ) ( NP ( NP ( NN industry ) ) ( NP ( NN policy ) ( NNS makers ) ) ( CC and ) ( NP ( NP ( DT the ) ( JJ scientific ) ( NN community ) ) ( ADVP-LOC ( RB world-wide ) ) ) ) ) ) ) ) ) ) )

Solving the global environmental problems we all face will require an unprecedented level of cooperation and communication among industry policy makers and the scientific community world-wide


( X ( NP ( NP ( NNP Karen ) ( NNP Fine ) ( NNP Coburn ) ) ( NP ( NN Publisher ) ) ) ( NP ( NP ( NNP Global ) ( NNP Environmental ) ( NNP Change ) ( NNP Report ) ) ( NP-LOC ( NP ( NNP Arlington ) ) ( NP ( NNP Mass ) ) ) ) )

Karen Fine Coburn Publisher Global Environmental Change Report Arlington Mass


( S ( NP-SBJ-1 ( JJ Wary ) ( NNS investors ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG running ) ( PP-CLR ( IN for ) ( NP ( NP ( NP ( DT the ) ( NN stock ) ( NN market ) ( POS 's ) ) ( NN equivalent ) ) ( PP ( IN of ) ( NP ( NN bomb ) ( NNS shelters ) ) ) ) ) ( S-ADV ( VP ( VBG buying ) ( NP ( NP ( NNS shares ) ) ( PP ( IN of ) ( NP ( UCP ( NN gold-mining ) ( CC and ) ( NN utility ) ) ( NNS companies ) ) ) ) ) ) ) ) ) )

Wary investors have been running for the stock market 's equivalent of bomb shelters buying shares of gold-mining and utility companies


( S ( NP-SBJ ( DT Those ) ( CD two ) ( NNS groups ) ) ( VP ( VBP have ) ( ADVP-TMP ( RB recently ) ) ( VP ( VBN been ) ( VP ( VBG leading ) ( NP ( NP ( DT the ) ( NN list ) ) ( PP ( IN of ) ( NP ( NP ( NNS stocks ) ) ( VP ( VBG setting ) ( NP ( JJ new ) ( NNS highs ) ) ) ) ) ) ) ) ) )

Those two groups have recently been leading the list of stocks setting new highs


( S ( PP-TMP ( IN On ) ( NP ( NNP Friday ) ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( RB only ) ( DT a ) ( NN dozen ) ( JJ common ) ( NNS stocks ) ) ( VP ( VBD hit ) ( NP ( JJ 52-week ) ( NNS highs ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ) ) ) ( S ( NP-SBJ ( CD five ) ) ( VP ( VBD were ) ( NP-PRD ( NN gold-mining ) ( NNS issues ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT another ) ( CD four ) ) ( VP ( VBD were ) ( NP-PRD ( NNS utilities ) ) ) ) )

On Friday when only a dozen common stocks hit 52-week highs on the New York Stock Exchange five were gold-mining issues and another four were utilities


( S ( PP-TMP ( IN On ) ( NP ( NNP Monday ) ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( DT a ) ( JJ mere ) ( CD seven ) ( JJ common ) ( NNS stocks ) ) ( VP ( VBD managed ) ( NP ( JJ new ) ( NNS highs ) ) ) ) ) ( NP-SBJ ( CD six ) ) ( VP ( VBD were ) ( NP-PRD ( NNS utilities ) ( CC or ) ( NNS golds ) ) ) )

On Monday when a mere seven common stocks managed new highs six were utilities or golds


( S ( PP-TMP ( IN At ) ( NP ( JJ first ) ( NN glance ) ) ) ( NP-SBJ ( NN gold ) ( CC and ) ( NNS utilities ) ) ( VP ( VBP seem ) ( NP-PRD ( JJ strange ) ( NNS bedfellows ) ) ) )

At first glance gold and utilities seem strange bedfellows


( S ( PP ( IN After ) ( NP ( DT all ) ) ) ( NP-SBJ ( NN gold ) ( NNS prices ) ) ( ADVP-TMP ( RB usually ) ) ( VP ( VBP soar ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NN inflation ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ high ) ) ) ) ) ) )

After all gold prices usually soar when inflation is high


( S ( NP-SBJ ( NN Utility ) ( NNS stocks ) ) ( PP ( IN on ) ( NP ( DT the ) ( JJ other ) ( NN hand ) ) ) ( VP ( VBP thrive ) ( PP-CLR ( IN on ) ( NP ( NN disinflation ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ fat ) ( NNS dividends ) ) ( SBAR ( S ( NP-SBJ ( NNS utilities ) ) ( VP ( VBP pay ) ) ) ) ) ( VP ( VBP look ) ( ADJP-PRD ( RBR more ) ( JJ attractive ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( NNS prices ) ) ( VP ( VBP are ) ( VP ( VP ( VBG falling ) ) ( PRN ( CC or ) ( VP ( VBG rising ) ( ADVP-MNR ( RB slowly ) ) ) ) ) ) ) ) ) ) ) ) )

Utility stocks on the other hand thrive on disinflation because the fat dividends utilities pay look more attractive when prices are falling or rising slowly


( S ( S ( CC But ) ( NP-SBJ ( DT the ) ( CD two ) ( NNS groups ) ) ( VP ( VBP have ) ( NP ( NP ( NP ( NN something ) ) ( ADJP ( RB very ) ( JJ important ) ) ) ( PP ( IN in ) ( ADJP ( JJ common ) ) ) ) ) ) ( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NP ( DT both ) ( NNS havens ) ) ( PP ( IN for ) ( NP ( JJ scared ) ( NN money ) ) ) ) ( NP ( NP ( NNS stocks ) ) ( PP ( IN for ) ( NP ( NP ( NNS people ) ) ( SBAR ( WHNP-167 ( WP who ) ) ( S ( VP ( VBP hate ) ( NP ( NNS stocks ) ) ) ) ) ) ) ) ) ) ) )

But the two groups have something very important in common They are both havens for scared money stocks for people who hate stocks


( S ( NP-SBJ ( PRP It ) ) ( VP ( POS 's ) ( SBAR-PRD ( IN as ) ( IN if ) ( S ( NP-SBJ ( NNS investors ) ) ( NP-TMP ( DT the ) ( JJ past ) ( JJ few ) ( NNS days ) ) ( VP ( VBP are ) ( VP ( VBG betting ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NN something ) ) ( VP ( VBZ is ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB go ) ( ADVP ( JJ wrong ) ) ( SBAR-ADV ( RB even ) ( IN if ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB know ) ( FRAG ( WHNP ( WP what ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It 's as if investors the past few days are betting that something is going to go wrong even if they do n't know what


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( NP ( DT the ) ( NN stock ) ( NN market ) ) ( CC and ) ( NP ( DT the ) ( NN economy ) ) ) ( VP ( VP ( VBP catch ) ( NP ( PRP$ their ) ( NN breath ) ) ) ( CC and ) ( VP ( VBP show ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP 're ) ( PP-PRD ( IN on ) ( NP ( JJR firmer ) ( NN footing ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT these ) ( NNS stocks ) ) ( VP ( MD might ) ( ADVP ( RB well ) ) ( VP ( VB fall ) ( ADVP-DIR ( RB back ) ) ) ) )

If the stock market and the economy catch their breath and show that they 're on firmer footing these stocks might well fall back


( S ( ADVP ( RB Indeed ) ) ( NP-SBJ ( DT that ) ) ( VP ( VBD happened ) ( PP ( TO to ) ( NP ( DT some ) ( NN extent ) ) ) ( NP-TMP ( NN yesterday ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( JJ industrial ) ( NNS stocks ) ) ( VP ( VBD rebounded ) ( PP ( ADVP ( RB partly ) ) ( IN on ) ( NP ( NP ( NN news ) ) ( PP ( IN of ) ( NP ( NP ( NNS takeovers ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN paper ) ( NN industry ) ) ) ) ) ) ) ) ) ) ) )

Indeed that happened to some extent yesterday as industrial stocks rebounded partly on news of takeovers in the paper industry


( S ( ADVP ( RB Still ) ) ( NP-SBJ ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NNS investors ) ) ) ) ( ADVP ( RB clearly ) ) ( VP ( VBP have ) ( VP ( VBN revived ) ( NP ( NP ( PRP$ their ) ( NN interest ) ) ( PP-LOC ( IN in ) ( NP ( NN gold ) ( CC and ) ( NN utility ) ( NNS shares ) ) ) ) ) ) )

Still a lot of investors clearly have revived their interest in gold and utility shares


( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( JJ primary ) ( JJ overriding ) ( NN thing ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( NNS people ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ frightened ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Martin ) ( NNP Sass ) ) ( NP ( DT a ) ( NNP New ) ( NNP York ) ( NN money ) ( NN manager ) ) ) )

The primary overriding thing is that people are frightened says Martin Sass a New York money manager


( S ( NP-SBJ ( NP ( DT The ) ( NNS aftershocks ) ) ( PP ( IN of ) ( NP ( NP-TMP ( NNP Oct. ) ( CD 13 ) ) ( PRN ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 190 ) ( NNS points ) ) ) ) ) ) ) ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB still ) ) ( VP ( VBG reverberating ) ) ) )

The aftershocks of Oct. 13 when the Dow Jones Industrial Average dropped 190 points are still reverberating


( S ( ADVP ( RB Certainly ) ) ( NP-SBJ ( DT the ) ( NNP Oct. ) ( CD 13 ) ( NN sell-off ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB settle ) ( NP ( DT any ) ( NNS stomachs ) ) ) ) )

Certainly the Oct. 13 sell-off did n't settle any stomachs


( S ( PP ( IN Beyond ) ( NP ( DT that ) ) ) ( NP-SBJ ( NP ( NN money ) ( NNS managers ) ) ( CC and ) ( NP ( NNS analysts ) ) ) ( VP ( VBP see ) ( NP ( JJ other ) ( NNS problems ) ) ) )

Beyond that money managers and analysts see other problems


( S ( S ( NP-SBJ ( NNS Inventories ) ) ( VP ( VBP are ) ( VP ( VBG creeping ) ( PRT ( RB up ) ) ) ) ) ( S ( NP-SBJ ( NN car ) ( NNS inventories ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB already ) ) ( ADJP-PRD ( JJ high ) ) ) ) ( CC and ) ( S ( NP-SBJ ( JJ big ) ( NN auto ) ( NNS makers ) ) ( VP ( VBP are ) ( VP ( VBG idling ) ( NP ( NNS plants ) ) ) ) ) )

Inventories are creeping up car inventories are already high and big auto makers are idling plants


( S ( NP-SBJ ( NN Takeover ) ( NN fever ) ) ( VP ( VBZ has ) ( VP ( VBN cooled ) ( S-ADV ( VP ( VBG removing ) ( NP ( DT a ) ( JJ major ) ( NN horse ) ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( NN cart ) ) ) ) ) ) ) )

Takeover fever has cooled removing a major horse from the market 's cart


( S ( NP-SBJ ( NP ( NNP Britain ) ( POS 's ) ) ( JJ unsettled ) ( JJ political ) ( NN scene ) ) ( ADVP ( RB also ) ) ( VP ( VBZ worries ) ( NP ( DT some ) ( NNS investors ) ) ) )

Britain 's unsettled political scene also worries some investors


( SINV ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( NNS gyrations ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ British ) ( NN government ) ) ) ) ( VP ( VB add ) ( NP ( JJ political ) ( NN uncertainty ) ) ( PP ( IN on ) ( NP ( NP ( NN top ) ) ( PP ( IN of ) ( NP ( NP ( JJ high ) ( NN inflation ) ) ( CC and ) ( NP ( DT a ) ( JJ ragged ) ( NN stock ) ( NN market ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP John ) ( NNP Hoffman ) ) ( NP ( NP ( JJ assistant ) ( NN director ) ) ( PP ( IN of ) ( NP ( NN research ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Smith ) ( NNP Barney ) ) ( NP ( NNP Harris ) ( NNP Upham ) ) ( CC & ) ( NP ( NNP Co ) ) ) ) ) ) )

The gyrations in the British government add political uncertainty on top of high inflation and a ragged stock market says John Hoffman assistant director of research at Smith Barney Harris Upham & Co


( S ( NP-SBJ-1 ( NP ( CD One ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( CD three ) ( JJ major ) ( NNS markets ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN world ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG getting ) ( VP ( VBD chewed ) ( PRT ( RP up ) ) ( ADVP ( RB pretty ) ( RB bad ) ) ) ) ) )

One of the three major markets in the world is getting chewed up pretty bad


( SINV ( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( DT the ) ( NNP Fed ) ) ( VP ( VBZ does ) ( RB not ) ( VP ( VP ( VBN come ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN rescue ) ) ) ) ( CC and ) ( VP ( VB produce ) ( NP ( ADJP ( JJR lower ) ( JJ short-term ) ) ( NN interest ) ( NNS rates ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ next ) ( CD 30 ) ( NNS days ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN market ) ) ( VP ( VBZ 's ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB flounder ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Larry ) ( NNP Wachtel ) ) ( NP ( NP ( DT a ) ( NN market ) ( NN analyst ) ) ( PP ( IN with ) ( NP ( NNP Prudential-Bache ) ( NNP Securities ) ) ) ) ) )

If the Fed does not come to the rescue and produce lower short-term interest rates over the next 30 days the market 's going to flounder says Larry Wachtel a market analyst with Prudential-Bache Securities


( S ( SBAR ( IN With ) ( S ( NP-SBJ ( NP ( DT this ) ( NN sort ) ) ( PP ( IN of ) ( NP ( NN sentiment ) ) ) ) ( ADJP-PRD ( JJ common ) ) ) ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ natural ) ) ( SBAR-1 ( IN for ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( TO to ) ( VP ( VB seek ) ( PRT ( RP out ) ) ( NP ( JJ defensive ) ( NNS investments ) ) ) ) ) ) ) )

With this sort of sentiment common it 's natural for investors to seek out defensive investments


( S ( S ( NP-SBJ ( NNS Utilities ) ) ( VP ( VBP are ) ( NP-PRD ( DT a ) ( JJ classic ) ( NN example ) ) ) ) ( S ( PP ( ADVP ( RB Even ) ) ( IN in ) ( NP ( NNS recessions ) ) ) ( NP-SBJ-1 ( NNS people ) ) ( VP ( VBP continue ) ( S ( VP ( TO to ) ( VP ( VB use ) ( NP ( NP ( JJ electric ) ( NN power ) ) ( NP ( NN water ) ) ( CC and ) ( NP ( NN gas ) ) ) ( PP-MNR ( IN at ) ( NP ( DT a ) ( ADJP ( RB fairly ) ( JJ steady ) ) ( NN rate ) ) ) ) ) ) ) ) )

Utilities are a classic example Even in recessions people continue to use electric power water and gas at a fairly steady rate


( S ( NP-SBJ ( NP ( JJ Such ) ( NN defensive ) ( NNS issues ) ) ( PP ( IN as ) ( NP ( NP ( NN food ) ) ( NP ( NN tobacco ) ) ( CC and ) ( NP ( NN drug ) ( NNS stocks ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( PP-PRD ( IN in ) ( NP ( NN favor ) ) ) ( PP-TMP ( IN for ) ( NP ( DT some ) ( NN time ) ) ) ) ) )

Such defensive issues as food tobacco and drug stocks have been in favor for some time


( S ( CC But ) ( NP-SBJ ( NP ( JJ many ) ) ( PP ( IN of ) ( NP ( DT these ) ( NNS stocks ) ) ) ) ( VP ( VBP have ) ( ADVP-TMP ( RB now ) ) ( VP ( VBN become ) ( ADJP-PRD ( JJ expensive ) ) ) ) )

But many of these stocks have now become expensive


( S ( S ( NP-SBJ ( NNP Mr. ) ( NNP Wachtel ) ) ( VP ( NNS points ) ( PP-CLR ( TO to ) ( NP ( NP ( NNP Coca-Cola ) ( NNP Co. ) ) ( CC and ) ( NP ( NNP PepsiCo ) ( NNP Inc. ) ) ) ) ( PP-CLR ( IN as ) ( NP ( NNS examples ) ) ) ) ) ( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP 're ) ( VP ( VBG selling ) ( PP-CLR ( IN for ) ( NP ( QP ( CD 18 ) ( TO to ) ( CD 22 ) ( NNS times ) ) ( JJ estimated ) ( CD 1990 ) ( JJ per-share ) ( NNS earnings ) ) ) ) ) ) )

Mr. Wachtel points to Coca-Cola Co. and PepsiCo Inc. as examples They 're selling for 18 to 22 times estimated 1990 per-share earnings


( S ( NP-SBJ ( NN Gold ) ( NNS stocks ) ) ( VP ( VBP are ) ( RB n't ) ( ADJP-PRD ( JJ cheap ) ) ( PP ( IN on ) ( NP ( DT this ) ( NN basis ) ) ) ( ADVP ( RB either ) ) ( PP ( IN with ) ( S-NOM ( NP-SBJ ( JJ many ) ) ( VP ( VBG selling ) ( PP-CLR ( IN for ) ( NP ( QP ( CD 20 ) ( NNS times ) ) ( NNS earnings ) ( QP ( CC or ) ( JJR more ) ) ) ) ) ) ) ) )

Gold stocks are n't cheap on this basis either with many selling for 20 times earnings or more


( S ( NP-SBJ-1 ( RB Even ) ( NN utility ) ( NNS stocks ) ) ( VP ( VBP are ) ( RB n't ) ( ADJP-PRD ( RB all ) ( RB that ) ( JJ inexpensive ) ) ( S-ADV ( PP-PRD ( IN at ) ( NP ( NP ( DT an ) ( NN average ) ) ( PP ( IN of ) ( NP ( QP ( CD 14 ) ( NNS times ) ) ( NNS earnings ) ) ) ) ) ) ) )

Even utility stocks are n't all that inexpensive at an average of 14 times earnings


( S ( CC But ) ( NP-SBJ ( DT the ) ( CD two ) ( NNS groups ) ) ( VP ( VBP represent ) ( NP ( NP ( DT a ) ( JJ further ) ( NN step ) ) ( PP-LOC ( IN in ) ( NP ( NN defensiveness ) ) ) ) ) )

But the two groups represent a further step in defensiveness


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ-1 ( NP ( JJ gold ) ( NNS stocks ) ) ( CC and ) ( NP ( NNS utilities ) ) ) ( VP ( VBP continue ) ( S ( VP ( TO to ) ( VP ( VB lead ) ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( MD may ) ( VP ( VB signal ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBZ is ) ( PP-PRD ( IN in ) ( PP ( IN for ) ( NP ( JJ rough ) ( NNS times ) ) ) ) ) ) ) ) ) )

If gold stocks and utilities continue to lead it may signal that the market is in for rough times


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( SBAR-PRD ( ADVP ( RB just ) ) ( WHNP-168 ( WP what ) ) ( S ( NP-SBJ ( NNP Joseph ) ( NNP Granville ) ) ( VP ( VBZ expects ) ) ) ) ) )

That 's just what Joseph Granville expects


( SINV ( S-TPC-2 ( NP-SBJ-1 ( PRP We ) ) ( VP ( VBP are ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB explode ) ( ADVP-MNR ( JJR lower ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( DT the ) ( JJ flamboyant ) ( NN market ) ( NN seer ) ) ( SBAR ( WHNP-169 ( WP who ) ) ( S ( VP ( VBD had ) ( NP ( DT a ) ( JJ huge ) ( NN following ) ) ( ADVP-TMP ( NP ( DT a ) ( JJ few ) ( NNS years ) ) ( RB back ) ) ) ) ) ) )

We are going to explode lower says the flamboyant market seer who had a huge following a few years back


( S ( NP-SBJ ( NP-SBJ ( NN Anyone ) ) ( VP ( VBG telling ) ( NP-1 ( PRP you ) ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NNS stocks ) ) ( PP-LOC ( IN in ) ( NP ( DT this ) ( NN market ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB technically ) ( JJ irresponsible ) ) ) )

Anyone telling you to buy stocks in this market is technically irresponsible


( S ( NP-SBJ-1 ( PRP You ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB want ) ( S ( VP ( TO to ) ( VP ( VB own ) ( NP ( NP ( NN anything ) ) ) ( ADVP-TMP ( RB long ) ) ( PP-2 ( IN except ) ( NP ( NN gold ) ( NNS stocks ) ) ) ) ) ) ) ) )

You do n't want to own anything long except gold stocks


( S ( NP-SBJ ( NP ( CD One ) ( NN reason ) ) ( PP ( IN for ) ( NP ( PRP$ his ) ( NN gloom ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ weekly ) ( NN tally ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ keeps ) ( NP ( PP ( IN of ) ( NP ( NP ( NNS stocks ) ) ( PP ( IN within ) ( NP ( NP ( DT a ) ( NN point ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG hitting ) ( NP ( JJ new ) ( NNS highs ) ( CC or ) ( NNS lows ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

One reason for his gloom is a weekly tally he keeps of stocks within a point of hitting new highs or lows


( S ( NP-TMP ( JJ Last ) ( NNP Friday ) ) ( NP-SBJ ( NP ( CD 96 ) ( NNS stocks ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ) ) ) ( VP ( VBD hit ) ( NP ( JJ new ) ( JJ 12-month ) ( NNS lows ) ) ) )

Last Friday 96 stocks on the Big Board hit new 12-month lows


( S ( CC But ) ( PP ( IN by ) ( NP ( NP ( NNP Mr. ) ( NNP Granville ) ( POS 's ) ) ( NN count ) ) ) ( NP-SBJ ( CD 493 ) ( NNS issues ) ) ( VP ( VBD were ) ( PP-PRD ( IN within ) ( NP ( NP ( CD one ) ( NN point ) ) ( PP ( IN of ) ( NP ( JJ such ) ( NNS lows ) ) ) ) ) ) )

But by Mr. Granville 's count 493 issues were within one point of such lows


( S ( NP-SBJ ( NP ( NNP Robert ) ( NNP Stovall ) ) ( NP ( NP ( DT a ) ( JJ veteran ) ( NNP New ) ( NNP York ) ( NN money ) ( NN manager ) ) ( CC and ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NNP Stovall\/Twenty-First ) ( NNP Securities ) ) ) ) ) ) ( VP ( VBZ has ) ( NP ( NN money ) ) ( PP-LOC ( IN in ) ( NP ( CC both ) ( NP ( NN gold ) ) ( CC and ) ( NP ( NN utility ) ( NNS issues ) ) ) ) ) )

Robert Stovall a veteran New York money manager and president of Stovall\/Twenty-First Securities has money in both gold and utility issues


( S ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( PRP we ) ) ( VP ( MD could ) ( ADVP ( RB very ) ( RB well ) ) ( VP ( VB have ) ( NP ( NP ( DT an ) ( JJ economic ) ( NN slowdown ) ) ( VP ( VBG beginning ) ( ADVP-TMP ( ADVP ( RB very ) ( RB soon ) ) ( CONJP ( IN if ) ) ( RB not ) ( ADVP ( RB already ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

I think we could very well have an economic slowdown beginning very soon if not already he says


( S ( NP-SBJ ( NNP Mr. ) ( NNP Stovall ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB expect ) ( NP ( DT an ) ( JJ actual ) ( NN recession ) ) ) ) )

Mr. Stovall does n't expect an actual recession


( S ( CC But ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ does ) ( VP ( VB expect ) ( NP ( NP ( DT a ) ( NN muffler ) ( NN dragger ) ) ( PP ( IN of ) ( NP ( DT an ) ( NN economy ) ) ) ) ( PP ( IN with ) ( NP ( NP ( ADJP ( RB very ) ( JJ slow ) ) ( NN growth ) ) ( NP ( NP ( RB maybe ) ( CD one ) ( NN quarter ) ) ( PP ( IN of ) ( NP ( NP ( DT no ) ( NN growth ) ) ( ADVP ( IN at ) ( DT all ) ) ) ) ) ) ) ) ) )

But he does expect a muffler dragger of an economy with very slow growth maybe one quarter of no growth at all


( S ( PP-LOC ( IN In ) ( NP ( PDT such ) ( DT a ) ( NN climate ) ) ) ( NP-SBJ ( NN utility ) ( NNS stocks ) ) ( VP ( VBP look ) ( ADJP-PRD ( JJ good ) ) ( PP ( TO to ) ( NP ( PRP him ) ) ) ) )

In such a climate utility stocks look good to him


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ favors ) ( NP ( NP ( NNP FPL ) ( NNP Group ) ( NNP Inc. ) ) ( NP ( NNP Florida ) ( NNP Progress ) ( NNP Corp. ) ) ( NP ( NNP TECO ) ( NNP Energy ) ( NNP Inc. ) ) ( NP ( NNP Wisconsin ) ( NNP Energy ) ( NNP Corp. ) ) ( CC and ) ( NP ( NNP Dominion ) ( NNP Resources ) ( NNP Inc ) ) ) ) )

He favors FPL Group Inc. Florida Progress Corp. TECO Energy Inc. Wisconsin Energy Corp. and Dominion Resources Inc


( S-1 ( NP-SBJ ( NP ( DT The ) ( NN appeal ) ) ( PP ( IN of ) ( NP ( NN gold ) ( NNS issues ) ) ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Stovall ) ) ( VP ( VBZ says ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP 're ) ( NP-PRD ( DT a ) ( JJ counter ) ( NN group ) ) ) ) ) ) )

The appeal of gold issues Mr. Stovall says is that they 're a counter group


( S ( NP-SBJ ( PRP You ) ) ( VP ( VBP go ) ( PP ( IN into ) ( NP ( PRP them ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP move ) ( ADVP-MNR ( RB counter ) ( PP ( TO to ) ( NP ( DT the ) ( JJ general ) ( NN market ) ) ) ) ) ) ) ) )

You go into them because they move counter to the general market


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ adds ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NN gold ) ( NNS stocks ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( ADJP-PRD ( RB down ) ) ( ADVP-TMP ( RB so ) ( RB long ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ ready ) ( PP ( IN for ) ( NP ( DT a ) ( NN bounce ) ) ) ) ) ) ) ) ) ) ) ) ) )

He adds that gold stocks had been down so long they were ready for a bounce


( S ( NP-SBJ ( PRP$ His ) ( NNS favorites ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NNP American ) ( NNP Barrick ) ( NNP Resources ) ( NNP Corp. ) ) ( NP ( NNP Echo ) ( NNP Bay ) ( NNP Mines ) ( NNP Ltd. ) ) ( CC and ) ( NP ( NNP Coeur ) ( NNP d'Alene ) ( NNP Mines ) ( NNP Corp ) ) ) ) )

His favorites are American Barrick Resources Corp. Echo Bay Mines Ltd. and Coeur d'Alene Mines Corp


( S ( ADVP ( RB Nevertheless ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Stovall ) ) ( VP ( VBZ emphasizes ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB buy ) ( NP ( NN gold ) ( NNS stocks ) ) ( PP-MNR ( VBN based ) ( PP ( IN on ) ( NP ( JJ powerful ) ( NNS fundamentals ) ) ) ) ) ) ) ) ) )

Nevertheless Mr. Stovall emphasizes that you do n't buy gold stocks based on powerful fundamentals


( S ( PP ( IN In ) ( NP ( NP ( NN addition ) ) ( PP ( TO to ) ( S-NOM ( VP ( VBG having ) ( NP ( JJ high ) ( JJ price-earnings ) ( NNS ratios ) ) ) ) ) ) ) ( NP-SBJ-1 ( JJS most ) ) ( VP ( VBP pay ) ( NP ( JJ puny ) ( NNS dividends ) ) ( SBAR-ADV ( IN if ) ( FRAG ( NP ( DT any ) ) ) ) ) )

In addition to having high price-earnings ratios most pay puny dividends if any


( S ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( NN earning ) ( NN power ) ) ( PP ( IN of ) ( NP ( NN gold ) ( NN mining ) ( NNS companies ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ restricted ) ) ( SBAR-ADV ( IN unless ) ( S ( NP-SBJ ( DT the ) ( NN gold ) ( NN price ) ) ( VP ( VBZ hops ) ( ADVP-DIR ( IN up ) ) ( PP-DIR ( IN over ) ( NP ( NP ( CD 425 ) ) ( NP-ADV ( DT an ) ( NN ounce ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

The earning power of gold mining companies is restricted unless the gold price hops up over 425 an ounce he says


( S ( NP-SBJ ( NP ( NNP Abby ) ( NNP Cohen ) ) ( NP ( NP ( DT an ) ( NN investment ) ( NN strategist ) ) ( PP ( IN for ) ( NP ( NNP Drexel ) ( NNP Burnham ) ( NNP Lambert ) ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBZ thinks ) ( SBAR ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ makes ) ( NP ( NN sense ) ) ( S-1 ( VP ( TO to ) ( VP ( VB have ) ( NP ( DT some ) ( NN money ) ) ( PP-LOC ( IN in ) ( NP ( CC both ) ( NP ( NNS utilities ) ) ( CC and ) ( NP ( NN gold ) ) ) ) ) ) ) ) ) ) ) )

Abby Cohen an investment strategist for Drexel Burnham Lambert also thinks it makes sense to have some money in both utilities and gold


( S ( S-TPC-1 ( NP-SBJ ( PRP$ My ) ( NN outlook ) ) ( VP ( VBZ is ) ( PP-PRD ( IN for ) ( NP ( NP ( DT a ) ( NN decline ) ) ( PP ( IN of ) ( NP ( QP ( RB about ) ( CD 10 ) ) ( NN % ) ) ) ( PP-LOC ( IN in ) ( NP ( JJ corporate ) ( NNS profits ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1990 ) ) ) ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBZ says ) ) )

My outlook is for a decline of about 10 % in corporate profits in 1990 she says


( S ( CC But ) ( NP-SBJ ( NP ( DT a ) ( NN bunch ) ) ( PP ( IN of ) ( NP ( NNS utilities ) ) ) ) ( VP ( MD should ) ( VP ( VB post ) ( NP ( NN profit ) ( NNS increases ) ) ) ) )

But a bunch of utilities should post profit increases


( S ( PP-LOC ( IN Among ) ( NP ( NNS utilities ) ) ) ( NP-SBJ ( NNP Drexel ) ) ( ADVP-TMP ( RB currently ) ) ( VP ( VBZ favors ) ( NP ( NP ( NNP Entergy ) ( NNP Corp. ) ) ( CC and ) ( NP ( NNP General ) ( NNP Public ) ( NNP Utilities ) ( NNP Corp ) ) ) ) )

Among utilities Drexel currently favors Entergy Corp. and General Public Utilities Corp


( S ( PP ( IN As ) ( PP ( IN for ) ( NP ( NN gold ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBZ notes ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( ADVP-TMP ( RB usually ) ) ( VP ( VBZ rises ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NN dollar ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ weak ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( ADVP-TMP ( RB lately ) ) ) ) ) ) ) ) ) ) ) ) ) )

As for gold she notes that it usually rises when the dollar is weak as it has been lately


( S ( PP-LOC ( IN Among ) ( NP ( JJ gold ) ( NNS stocks ) ) ) ( NP-SBJ ( NNP Drexel ) ) ( VP ( VBZ likes ) ( NP ( NP ( NNP Battle ) ( NNP Mountain ) ( NNP Gold ) ( NNP Co. ) ) ( NP ( NNP Newmont ) ( NNP Gold ) ( NNP Co. ) ) ( CC and ) ( NP ( NNP Freeport-McMoRan ) ( NNP Gold ) ( NNP Co ) ) ) ) )

Among gold stocks Drexel likes Battle Mountain Gold Co. Newmont Gold Co. and Freeport-McMoRan Gold Co


( S ( PP-TMP ( IN After ) ( NP ( NP ( CD 20 ) ( NNS years ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG pushing ) ( NP ( NP ( NN labor ) ( NNS proposals ) ) ( SBAR-PRP ( S ( VP ( TO to ) ( VP ( VB overhaul ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( NN health-care ) ( NN system ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP Bert ) ( NNP Seidman ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP AFL-CIO ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG finding ) ( NP ( NP ( NN interest ) ) ( PP ( IN from ) ( NP ( NP ( DT an ) ( JJ unlikely ) ( NN quarter ) ) ( NP ( JJ big ) ( NN business ) ) ) ) ) ) ) )

After 20 years of pushing labor proposals to overhaul the nation 's health-care system Bert Seidman of the AFL-CIO is finding interest from an unlikely quarter big business


( S ( NP-SBJ-1 ( NP ( JJ Corporate ) ( NNS leaders ) ) ( VP ( VBN frustrated ) ( PP ( IN by ) ( NP-LGS ( NP ( JJ double-digit ) ( NNS increases ) ) ( PP-LOC ( IN in ) ( NP ( NN health-care ) ( NNS costs ) ) ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBG beginning ) ( S ( VP ( TO to ) ( VP ( VB sound ) ( PP-CLR ( IN like ) ( NP ( JJ liberal ) ( NNPS Democrats ) ) ) ) ) ) ) ) )

Corporate leaders frustrated by double-digit increases in health-care costs are beginning to sound like liberal Democrats


( S ( S-TPC-3 ( NP-SBJ ( NN Failure ) ( S ( VP ( TO to ) ( VP ( VB check ) ( NP ( VBG rising ) ( JJ medical ) ( NNS costs ) ) ) ) ) ) ( ADVP ( RB ultimately ) ) ( VP ( MD could ) ( VP ( VB lead ) ( S ( NP-SBJ ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( NP ( PRP us ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( NP-TMP ( NN today ) ) ( VP ( VBP are ) ( NP-PRD ( NN free-market ) ( NNS advocates ) ) ) ) ) ) ) ) ( VP ( TO to ) ( VP ( VB re-examine ) ( NP ( NP ( PRP$ our ) ( NN thinking ) ( CC and ) ( NNS positions ) ) ( PP ( IN with ) ( NP ( NP ( NN respect ) ) ( PP ( TO to ) ( NP ( JJ government-sponsored ) ( JJ national ) ( NN health ) ( NN insurance ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP Arthur ) ( NNP Puccini ) ) ( NP ( DT a ) ( NNP General ) ( NNP Electric ) ( NNP Co. ) ( NN vice ) ( NN president ) ) ) ( VP ( VBD warned ) ( NP-TMP ( ADVP ( RBR earlier ) ) ( DT this ) ( NN year ) ) ) )

Failure to check rising medical costs ultimately could lead some of us who today are free-market advocates to re-examine our thinking and positions with respect to government-sponsored national health insurance Arthur Puccini a General Electric Co. vice president warned earlier this year


( S ( NP-SBJ ( NP ( DT The ) ( NN pocketbook ) ( NN impact ) ) ( PP ( IN of ) ( NP ( NN health ) ( NNS benefits ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN driven ) ( NP ( NN business ) ( CC and ) ( NN labor ) ) ( PP-DIR ( TO to ) ( NP ( DT a ) ( JJ surprising ) ( NN consensus ) ) ) ) ) )

The pocketbook impact of health benefits has driven business and labor to a surprising consensus


( S ( NP-SBJ ( DT Both ) ( NP ( DT the ) ( NNP AFL-CIO ) ) ( CC and ) ( NP ( NP ( DT the ) ( NNP National ) ( NNP Association ) ) ( PP ( IN of ) ( NP ( NNPS Manufacturers ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBG calling ) ( PP-CLR ( IN for ) ( NP ( NP ( NNS measures ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VP ( VB control ) ( NP ( VBG rising ) ( NNS costs ) ) ) ( VP ( VB improve ) ( NP ( NN quality ) ) ) ( CC and ) ( VP ( VB provide ) ( NP ( NN care ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( QP ( CD 31 ) ( CD million ) ) ( NNPS Americans ) ) ( SBAR ( WHNP-35 ( WP who ) ) ( S ( ADVP-TMP ( RB currently ) ) ( VP ( VBP lack ) ( NP ( NN health ) ( NN insurance ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Both the AFL-CIO and the National Association of Manufacturers are calling for measures to control rising costs improve quality and provide care to the 31 million Americans who currently lack health insurance


( S ( S ( NP-SBJ ( NP ( NN Agreement ) ) ( PP-LOC ( IN on ) ( NP ( DT these ) ( NNS points ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ long ) ( NN way ) ) ( PP ( IN from ) ( NP ( DT a ) ( JJ specific ) ( NN program ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NN nobody ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ) ( VP ( TO to ) ( VP ( VB rush ) ( PP-DIR ( IN toward ) ( NP ( NP ( JJ radical ) ( NN restructuring ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN health-care ) ( NN system ) ) ) ) ) ) ) ) ) ) )

Agreement on these points is a long way from a specific program and nobody expects the U.S. to rush toward radical restructuring of the health-care system


( S ( CC But ) ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( NP-PRD ( NNS signs ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ labor-management ) ( NN cooperation ) ) ( VP ( MD could ) ( VP ( VB change ) ( NP ( NP ( NP ( DT the ) ( NNS politics ) ) ( PP ( IN of ) ( NP ( NN health-care ) ( NN legislation ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NNS economics ) ) ( PP ( IN of ) ( NP ( NN medicine ) ) ) ) ) ) ) ) ) ) ) )

But there are signs that labor-management cooperation could change the politics of health-care legislation and the economics of medicine


( SINV ( S-TPC-2 ( NP-SBJ ( PRP I ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB remember ) ( NP ( NP ( DT a ) ( NN time ) ) ( SBAR ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( RB virtually ) ( NN everyone ) ) ( VP ( MD can ) ( VP ( VB agree ) ( PP-CLR ( IN on ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( DT the ) ( NN problem ) ) ( VP ( VBZ is ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Seidman ) ) ( SBAR ( WHNP-36 ( WP who ) ) ( S ( VP ( VBZ heads ) ( NP ( NP ( NP ( DT the ) ( NNP AFL-CIO ) ( POS 's ) ) ( NN department ) ) ( VP ( VBG dealing ) ( PP-CLR ( IN with ) ( NP ( NN health ) ( NNS matters ) ) ) ) ) ) ) ) ) )

I ca n't remember a time when virtually everyone can agree on what the problem is says Mr. Seidman who heads the AFL-CIO 's department dealing with health matters


( S ( SBAR-PRP ( IN Because ) ( S ( NP-SBJ ( DT the ) ( NNP Bush ) ( NN administration ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( VBG taking ) ( NP ( DT the ) ( NN initiative ) ) ( PP ( IN on ) ( NP ( NN health ) ( NNS issues ) ) ) ) ) ) ) ( NP-SBJ ( NN business ) ( NNS executives ) ) ( VP ( VBP are ) ( VP ( VBG dealing ) ( PP-CLR ( IN with ) ( NP ( NP ( JJ congressional ) ( NNPS Democrats ) ) ( SBAR ( WHNP-37 ( WP who ) ) ( S ( VP ( VBP champion ) ( NP ( NN health-care ) ( NN revision ) ) ) ) ) ) ) ) ) )

Because the Bush administration is n't taking the initiative on health issues business executives are dealing with congressional Democrats who champion health-care revision


( SINV ( S-TPC-1 ( NP-SBJ-2 ( NP ( NN Business ) ) ( PP-LOC ( IN across ) ( NP ( DT the ) ( NN country ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG spending ) ( NP ( JJR more ) ( NN time ) ) ( S ( VP ( VBG addressing ) ( NP ( DT this ) ( NN issue ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Sen. ) ( NNP Edward ) ( NNP Kennedy ) ) ( PRN ( NP ( NNP D. ) ) ( NP-LOC ( NNP Mass ) ) ) ) )

Business across the country is spending more time addressing this issue says Sen. Edward Kennedy D. Mass


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT a ) ( JJ bottom-line ) ( NN issue ) ) ) )

It 's a bottom-line issue


( S ( NP-SBJ ( NN Business ) ) ( VP ( VBD complained ) ( NP-TMP ( ADVP ( RBR earlier ) ) ( DT this ) ( NN year ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NNP Sen. ) ( NNP Kennedy ) ) ( VP ( VBD introduced ) ( NP ( NP ( DT a ) ( NN bill ) ) ( SBAR ( WHNP-38 ( WDT that ) ) ( S ( VP ( VP ( MD would ) ( VP ( VB require ) ( S ( NP-SBJ ( NNS employers ) ) ( VP ( TO to ) ( VP ( VB provide ) ( NP ( NP ( DT a ) ( JJ minimum ) ( NN level ) ) ( PP ( IN of ) ( NP ( NN health ) ( NN insurance ) ) ) ) ( PP-CLR ( TO to ) ( NP ( NNS workers ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB contain ) ( NP ( JJ cost-control ) ( NNS measures ) ) ) ) ) ) ) ) ) ) ) ) )

Business complained earlier this year when Sen. Kennedy introduced a bill that would require employers to provide a minimum level of health insurance to workers but does n't contain cost-control measures


( S ( PP ( ADVP ( RB Partly ) ) ( IN in ) ( NP ( NN response ) ) ) ( NP-SBJ ( NP ( DT a ) ( JJ bipartisan ) ( NN group ) ) ( PP ( IN of ) ( NP ( NP ( NNS senators ) ) ( PP ( IN from ) ( NP ( DT the ) ( NN finance ) ( CC and ) ( NN labor ) ( NNS committees ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG drafting ) ( NP ( NP ( DT a ) ( NN plan ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB attract ) ( NP ( JJR broader ) ( NN support ) ) ) ) ) ) ) ) ) )

Partly in response a bipartisan group of senators from the finance and labor committees is drafting a plan to attract broader support


( S ( NP-SBJ ( PRP It ) ) ( VP ( MD will ) ( VP ( VB feature ) ( NP ( NP ( DT a ) ( JJ cost-containment ) ( NN provision ) ) ( VP ( VBN designed ) ( SBAR-PRP ( S ( VP ( TO to ) ( VP ( VB keep ) ( NP-1 ( JJ expanded ) ( NNS benefits ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG fueling ) ( NP ( JJR higher ) ( NN care ) ( NNS prices ) ) ) ) ) ) ) ) ) ) ) ) ) )

It will feature a cost-containment provision designed to keep expanded benefits from fueling higher care prices


( S ( S-ADV ( PP-PRD ( IN At ) ( NP ( NP ( CD 11.1 ) ( NN % ) ) ( PP ( IN of ) ( NP ( JJ gross ) ( JJ national ) ( NN product ) ) ) ) ) ) ( NP-SBJ-1 ( NNP U.S. ) ( NN health ) ( NNS costs ) ) ( ADVP-TMP ( RB already ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT the ) ( JJS highest ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN world ) ) ) ) ) )

At 11.1 % of gross national product U.S. health costs already are the highest in the world


( S ( PP ( IN By ) ( NP ( NN contrast ) ) ) ( NP-SBJ ( NNP Japan ) ( POS 's ) ) ( VP ( VBP equal ) ( NP ( NP ( CD 6.7 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NN GNP ) ) ( NP ( NP ( NP ( DT a ) ( NN nation ) ( POS 's ) ) ( JJ total ) ( NN output ) ) ( PP ( IN of ) ( NP ( NNS goods ) ( CC and ) ( NNS services ) ) ) ) ) ) ) ) )

By contrast Japan 's equal 6.7 % of GNP a nation 's total output of goods and services


( S ( NP-SBJ ( NN Management ) ( CC and ) ( NN labor ) ) ( VP ( VBP worry ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN gap ) ) ( VP ( VBZ makes ) ( S ( NP-SBJ ( NNP U.S. ) ( NNS companies ) ) ( ADJP-PRD ( RBR less ) ( JJ competitive ) ) ) ) ) ) ) )

Management and labor worry that the gap makes U.S. companies less competitive


( S ( NP-SBJ ( NNP Chrysler ) ( NNP Corp. ) ) ( VP ( VBZ estimates ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NN health ) ( NNS costs ) ) ( VP ( VBP add ) ( NP ( NP ( CD 700 ) ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN price ) ) ( PP ( IN of ) ( NP ( NP ( DT each ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS cars ) ) ) ) ) ) ) ( ADJP-1 ( NP ( QP ( RB about ) ( CD 300 ) ( TO to ) ( CD 500 ) ) ( JJR more ) ) ( PP ( IN per ) ( NP ( NN car ) ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( JJ foreign ) ( NNS competitors ) ) ( VP ( VBP pay ) ( PP-CLR ( IN for ) ( NP ( NN health ) ) ) ) ) ) ) ) ) ) ) )

Chrysler Corp. estimates that health costs add 700 to the price of each of its cars about 300 to 500 more per car than foreign competitors pay for health


( SINV ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( NN cost ) ) ( PP ( IN of ) ( NP ( NN health ) ( NN care ) ) ) ) ( VP ( VBZ is ) ( VP ( VP ( VBG eroding ) ( NP ( NP ( NNS standards ) ) ( PP ( IN of ) ( NP ( NN living ) ) ) ) ) ( CC and ) ( VP ( VBG sapping ) ( NP ( JJ industrial ) ( NN strength ) ) ) ) ) ) ( VP ( VBZ complains ) ) ( NP-SBJ ( NP ( NNP Walter ) ( NNP Maher ) ) ( NP ( DT a ) ( NNP Chrysler ) ( JJ health-and-benefits ) ( NN specialist ) ) ) )

The cost of health care is eroding standards of living and sapping industrial strength complains Walter Maher a Chrysler health-and-benefits specialist


( S ( NP-SBJ ( NN Labor ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ upset ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( JJ many ) ( NNS companies ) ) ( VP ( VBP are ) ( VP ( VBG using ) ( NP ( JJR higher ) ( NX ( NX ( NN employee ) ( NN insurance ) ( NNS premiums ) ) ( NX ( NNS deductibles ) ) ( CC and ) ( NX ( NNS co-payments ) ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB deflect ) ( NP ( JJ surging ) ( JJ medical ) ( NNS costs ) ) ( PP-DIR ( TO to ) ( NP ( NNS workers ) ) ) ) ) ) ) ) ) ) ) )

Labor is upset because many companies are using higher employee insurance premiums deductibles and co-payments to deflect surging medical costs to workers


( S ( NP-SBJ ( NNP Health ) ( NNS benefits ) ) ( VP ( VBP are ) ( NP-PRD ( JJ contentious ) ( NNS issues ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNS strikes ) ) ( PP ( IN against ) ( NP ( NP ( NNP Pittston ) ( NNP Co. ) ) ( CC and ) ( NP ( NNP Nynex ) ( NNP Corp ) ) ) ) ) ) ) )

Health benefits are contentious issues in the strikes against Pittston Co. and Nynex Corp


( S ( PP-LOC ( IN In ) ( NP ( PRP$ their ) ( JJ new ) ( NN contract ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ( NP-SBJ-1 ( NP ( NNP American ) ( NNP Telephone ) ( CC & ) ( NNP Telegraph ) ( NNP Co. ) ) ( CC and ) ( NP ( NP ( DT the ) ( NNP Communications ) ( NNP Workers ) ) ( PP ( IN of ) ( NP ( NNP America ) ) ) ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB look ) ( PP-CLR ( IN for ) ( NP ( NP ( ADJP ( JJ prompt ) ( CC and ) ( JJ lasting ) ) ( JJ national ) ( NNS solutions ) ) ( PP ( TO to ) ( NP ( VBG rising ) ( NN health-care ) ( NNS costs ) ) ) ) ) ) ) ) ) )

In their new contract this year American Telephone & Telegraph Co. and the Communications Workers of America agreed to look for prompt and lasting national solutions to rising health-care costs


( S ( NP-SBJ ( DT Some ) ( NNS analysts ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ cynical ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( JJ new ) ( JJ corporate ) ( NN interest ) ) ( PP-LOC ( IN in ) ( NP ( NN health-care ) ( NN overhaul ) ) ) ) ) ) ) )

Some analysts are cynical about the new corporate interest in health-care overhaul


( S ( NP-SBJ ( NP ( NNP Carl ) ( NNP Schramm ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Health ) ( NNP Insurance ) ( NNP Association ) ) ( PP ( IN of ) ( NP ( NNP America ) ) ) ) ) ) ) ( VP ( VBZ scoffs ) ( PP-CLR ( IN at ) ( NP ( NP ( NNS capitalists ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB socialize ) ( NP ( NP ( DT the ) ( JJ entire ) ( NN financing ) ( NN system ) ) ( PP ( IN for ) ( NP ( NN health ) ) ) ) ) ) ) ) ) ) ) ) ) )

Carl Schramm president of the Health Insurance Association of America scoffs at capitalists who want to socialize the entire financing system for health


( S ( S-TPC-1 ( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP hope ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD can ) ( VP ( VB buy ) ( NP ( DT some ) ( NN government ) ( NN cost ) ( NN discipline ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT this ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( JJ false ) ( NN hope ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Schramm ) ) ( VP ( VBZ says ) ) )

They hope they can buy some government cost discipline but this is a false hope Mr. Schramm says


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ asserts ) ( SBAR ( DT that ) ( S ( NP-SBJ ( NN government ) ) ( VP ( VBZ has ) ( VP ( VBN done ) ( NP ( NP ( DT an ) ( ADJP ( RB even ) ( JJR worse ) ) ( NN job ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG controlling ) ( NP ( PRP$ its ) ( NN health ) ( NN bill ) ) ) ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( NN business ) ) ) ) ) ) ) ) ) ) )

He asserts that government has done an even worse job of controlling its health bill than business


( S ( ADVP ( RB So ) ( RB far ) ) ( NP-SBJ-1 ( CC neither ) ( NP ( DT the ) ( NNP Bush ) ( NN administration ) ) ( CC nor ) ( NP ( NNP Congress ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( VBN prepared ) ( S ( VP ( TO to ) ( VP ( VB lead ) ( NP ( NP ( DT the ) ( NN way ) ) ( PP ( IN toward ) ( S-NOM ( VP ( VBG revamping ) ( NP ( NN health ) ( NN care ) ) ) ) ) ) ) ) ) ) ) )

So far neither the Bush administration nor Congress is prepared to lead the way toward revamping health care


( S ( NP-SBJ ( DT The ) ( NN administration ) ) ( VP ( VBZ lacks ) ( NP ( DT a ) ( JJ comprehensive ) ( NN health-care ) ( NN policy ) ) ) )

The administration lacks a comprehensive health-care policy


( S ( NP-SBJ-1 ( NNP Congress ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VBZ is ) ( VP ( VBG struggling ) ( S ( VP ( TO to ) ( VP ( VB dismantle ) ( NP ( NP ( DT the ) ( JJ unpopular ) ( NNP Catastrophic ) ( NNP Care ) ( NNP Act ) ) ( PP ( IN of ) ( NP ( CD 1988 ) ) ) ( SBAR ( WHNP-39 ( WDT which ) ) ( S ( S ( VP ( VBD boosted ) ( NP ( NP ( NNS benefits ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ elderly ) ) ) ) ) ) ( CC and ) ( S ( VP ( VBD taxed ) ( NP ( PRP them ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB pay ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( JJ new ) ( NN coverage ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Congress still is struggling to dismantle the unpopular Catastrophic Care Act of 1988 which boosted benefits for the elderly and taxed them to pay for the new coverage


( S ( NP-SBJ-1 ( NP ( DT A ) ( JJ bipartisan ) ( NN commission ) ) ( VP ( VP ( VBN established ) ( PP ( IN by ) ( NP-LGS ( NNP Congress ) ) ) ) ( CC and ) ( VP ( VBN headed ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Sen. ) ( NNP John ) ( NNP Rockefeller ) ) ( PRN ( NP ( NNP D. ) ) ( NP-LOC ( NNP W.Va ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN scheduled ) ( S ( VP ( TO to ) ( VP ( VB present ) ( NP ( NP ( JJ new ) ( NNS plans ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG dealing ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( JJ uninsured ) ) ( CC and ) ( NP ( NP ( JJ long-term ) ( NN care ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ elderly ) ) ) ) ) ) ) ) ) ) ( PP-TMP ( IN by ) ( NP ( JJ next ) ( NNP March ) ( CD 1 ) ) ) ) ) ) ) ) )

A bipartisan commission established by Congress and headed by Sen. John Rockefeller D. W.Va is scheduled to present new plans for dealing with the uninsured and long-term care for the elderly by next March 1


( S ( NP-SBJ ( NP ( DT A ) ( JJ quadrennial ) ( NN commission ) ) ( VP ( VBN appointed ) ( PP ( IN by ) ( NP-LGS ( UCP ( NNP Health ) ( CC and ) ( NNP Human ) ( NNP Services ) ) ( NNP Secretary ) ( NNP Louis ) ( NNP Sullivan ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG taking ) ( NP ( NP ( DT a ) ( JJ broad ) ( NN look ) ) ( PP ( IN at ) ( NP ( NP ( DT the ) ( NNS economics ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Medicare ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ elderly ) ) ) ) ( NP ( NP ( NNP Medicaid ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ poor ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN health ) ( NN system ) ) ( PP ( IN in ) ( NP ( NN general ) ) ) ) ) ) ) ) ) ) ) )

A quadrennial commission appointed by Health and Human Services Secretary Louis Sullivan is taking a broad look at the economics of Medicare for the elderly Medicaid for the poor and the health system in general


( S ( NP-SBJ-1 ( PRP It ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB report ) ( NP-TMP ( JJ next ) ( NN summer ) ) ) ) ) ) ) )

It is expected to report next summer


( SINV ( S-TPC-2 ( NP-SBJ-1 ( DT No ) ( JJ magic ) ( NN bullet ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN discovered ) ( NP-TMP ( NP ( JJ next ) ( NN year ) ) ( NP ( DT an ) ( NN election ) ( NN year ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Rep. ) ( NNP Fortney ) ( NNP Stark ) ) ( PRN ( NP ( NNP D. ) ) ( NP-LOC ( NNP Calif ) ) ) ) )

No magic bullet will be discovered next year an election year says Rep. Fortney Stark D. Calif


( S ( CC But ) ( NP-SBJ ( CD 1991 ) ) ( VP ( MD could ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( NN window ) ) ( PP ( IN for ) ( NP ( NN action ) ) ) ) ) ) )

But 1991 could be a window for action


( S ( NP-SBJ ( NP ( DT The ) ( NN pressure ) ) ( PP ( IN for ) ( NP ( NN change ) ) ) ) ( VP ( MD will ) ( VP ( VB rise ) ( PP ( IN with ) ( NP ( NNS costs ) ) ) ) ) )

The pressure for change will rise with costs


( SINV ( S-TPC-3 ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ-1 ( NNS employers ) ) ( VP ( VBP are ) ( ADVP ( RB really ) ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( DT the ) ( NNS ones ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB push ) ( PP-CLR ( IN for ) ( NP ( JJ major ) ( NN change ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Sharon ) ( NNP Canner ) ) ( NP ( NP ( DT a ) ( NN health ) ( NN expert ) ) ( PP-LOC ( IN at ) ( NP ( NNP NAM ) ) ) ) ) )

I think employers are really going to be the ones to push for major change says Sharon Canner a health expert at NAM


( S ( NP-SBJ-1 ( DT Any ) ( JJ major ) ( NN attempt ) ( S ( VP ( TO to ) ( VP ( VB revamp ) ( NP ( DT the ) ( NN health-care ) ( NN system ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB trigger ) ( NP ( NP ( NN opposition ) ) ( PP ( PP ( IN from ) ( NP ( NP ( ADJP ( RB politically ) ( JJ powerful ) ) ( NN interest ) ( NNS groups ) ) ( ADVP ( RB particularly ) ) ( NP ( DT the ) ( NNP American ) ( NNP Medical ) ( NNP Association ) ) ) ) ( CC and ) ( ADVP ( RB perhaps ) ) ( PP ( IN from ) ( NP ( DT the ) ( NN public ) ) ) ( ADVP ( RB as ) ( RB well ) ) ) ) ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NNP Congress ) ) ( VP ( VBZ takes ) ( NP ( NP ( NNS steps ) ) ( SBAR ( WHNP-2 ( IN that ) ) ( S ( NP-SBJ ( NNS patients ) ) ( VP ( VBP fear ) ( SBAR ( S ( VP ( MD will ) ( VP ( VB limit ) ( NP ( NP ( DT the ) ( NN availability ) ) ( PP ( IN of ) ( NP ( NN care ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Any major attempt to revamp the health-care system is likely to trigger opposition from politically powerful interest groups particularly the American Medical Association and perhaps from the public as well if Congress takes steps that patients fear will limit the availability of care


( S ( NP-SBJ ( DT The ) ( NNP NAM ) ) ( VP ( VBZ embraces ) ( NP ( NP ( NNS efforts ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( CC both ) ( NP ( DT the ) ( NN administration ) ) ( CC and ) ( NP ( DT the ) ( JJ medical ) ( NN profession ) ) ) ( VP ( VB have ) ( VP ( VBN begun ) ) ) ) ) ( S-2 ( S ( VP ( TO to ) ( VP ( VB measure ) ( NP ( NP ( DT the ) ( NN effectiveness ) ) ( PP ( IN of ) ( NP ( JJ medical ) ( NNS treatments ) ) ) ) ) ) ) ( CC and ) ( ADVP ( RB then ) ) ( S ( VP ( TO to ) ( VP ( VB draft ) ( NP ( NN medical-practice ) ( NNS guidelines ) ) ) ) ) ) ) ) )

The NAM embraces efforts which both the administration and the medical profession have begun to measure the effectiveness of medical treatments and then to draft medical-practice guidelines


( S ( NP-SBJ ( NNS Advocates ) ) ( VP ( VBP hope ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( JJ such ) ( NNS standards ) ) ( VP ( MD will ) ( VP ( VB improve ) ( NP ( NN treatment ) ) ( SBAR-TMP ( IN while ) ( S ( VP ( VBG limiting ) ( NP ( JJ unnecessary ) ( NX ( NX ( NNS tests ) ) ( CC and ) ( NX ( JJ medical ) ( NNS procedures ) ) ) ) ) ) ) ) ) ) ) ) )

Advocates hope that such standards will improve treatment while limiting unnecessary tests and medical procedures


( S ( NP-SBJ ( NNP HHS ) ( NNP Secretary ) ( NNP Sullivan ) ) ( VP ( VBZ estimates ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( QP ( RB as ) ( JJ much ) ( IN as ) ( CD 25 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ medical ) ( NNS procedures ) ) ( VP ( VBN performed ) ( NP-TMP ( DT each ) ( NN year ) ) ) ) ) ) ( VP ( MD may ) ( VP ( VB be ) ( ADJP-PRD ( JJ inappropriate ) ( CC or ) ( JJ unnecessary ) ) ) ) ) ) ) )

HHS Secretary Sullivan estimates that as much as 25 % of the medical procedures performed each year may be inappropriate or unnecessary


( S ( S-NOM-SBJ ( VP ( VBG Limiting ) ( NP ( NN care ) ) ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB be ) ( ADJP-PRD ( JJ easy ) ( CC or ) ( JJ popular ) ) ) ) )

Limiting care wo n't be easy or popular


( S ( S-TPC-2 ( S-PRP ( VP ( TO To ) ( VP ( VB slow ) ( NP ( NP ( DT the ) ( NN rise ) ) ( PP-LOC ( IN in ) ( NP ( JJ total ) ( NN spending ) ) ) ) ) ) ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJ necessary ) ) ( S-1 ( VP ( TO to ) ( VP ( VB reduce ) ( NP ( NP ( JJ per-capita ) ( NN use ) ) ( PP ( IN of ) ( NP ( NNS services ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP NAM ) ) ( VP ( VBZ warns ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN policy ) ( NN statement ) ) ) ) )

To slow the rise in total spending it will be necessary to reduce per-capita use of services the NAM warns in a policy statement


( S ( NP-SBJ ( DT This ) ) ( VP ( MD will ) ( VP ( VB require ) ( S ( NP-SBJ ( PRP us ) ) ( VP ( TO to ) ( VP ( VB define ) ( CC and ) ( VB redefine ) ( SBAR ( WHNP-40 ( WP what ) ) ( S ( VP ( VBZ is ) ( NP-PRD ( ADJP ( JJ necessary ) ( CC or ) ( JJ appropriate ) ) ( NN care ) ) ) ) ) ) ) ) ) ) )

This will require us to define and redefine what is necessary or appropriate care


( S ( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ involves ) ( NP ( NNS trade-offs ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ cuts ) ( PP ( IN against ) ( NP ( NP ( DT the ) ( NN grain ) ) ( PP ( IN of ) ( NP ( NP ( VBG existing ) ( NN consumer ) ( CC and ) ( RB even ) ( NN provider ) ( NNS conceptions ) ) ( PP ( IN of ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( VP ( VBZ is ) ( ADJP-PRD ( JJ necessary ) ) ) ) ) ) ) ) ) ) ) ) )

This involves trade-offs and it cuts against the grain of existing consumer and even provider conceptions of what is necessary


( S ( NP-SBJ ( DT The ) ( NNP AFL-CIO ) ) ( ADVP ( RB also ) ) ( VP ( VBZ embraces ) ( NP ( NN treatment ) ( NNS guidelines ) ) ) )

The AFL-CIO also embraces treatment guidelines


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( VP ( VBG toying ) ( PP-CLR ( IN with ) ( NP ( NP ( DT an ) ( NN approach ) ) ( SBAR ( WHNP-41 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB impose ) ( NP ( JJ health-expenditure ) ( NNS ceilings ) ( CC or ) ( NNS budgets ) ) ( PP-LOC-CLR ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN government ) ) ( PP ( IN as ) ( NP ( DT a ) ( NN whole ) ) ) ) ) ( CC and ) ( PP ( IN on ) ( NP ( JJ individual ) ( NNS states ) ) ) ) ( PP ( IN as ) ( NP ( NP ( DT a ) ( NN way ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB slow ) ( NP ( NN health-care ) ( NN spending ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In addition it 's toying with an approach that would impose health-expenditure ceilings or budgets on the government as a whole and on individual states as a way to slow health-care spending


( S ( PP-LOC ( IN At ) ( NP ( NP ( DT a ) ( NN meeting ) ) ( ADVP-LOC ( RB here ) ) ( PP-TMP ( IN on ) ( NP ( NNP Nov. ) ( CD 15 ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN labor ) ( NN federation ) ) ( VP ( NNS plans ) ( S ( VP ( TO to ) ( VP ( VB launch ) ( NP ( DT a ) ( JJ major ) ( NN effort ) ( S ( VP ( TO to ) ( VP ( VB build ) ( NP ( NP ( JJ grass-roots ) ( NN support ) ) ( PP ( IN for ) ( NP ( NN health-care ) ( NN overhaul ) ) ) ) ) ) ) ) ) ) ) ) )

At a meeting here on Nov. 15 the labor federation plans to launch a major effort to build grass-roots support for health-care overhaul


( S ( NP-SBJ ( NNP Deere ) ( CC & ) ( NNP Co. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD reached ) ( NP ( NP ( DT a ) ( JJ tentative ) ( NN agreement ) ) ( PP ( IN with ) ( NP ( NP ( NP ( DT the ) ( NNS machinists ) ( POS ' ) ) ( NN union ) ) ( PP-LOC ( IN at ) ( NP ( PRP$ its ) ( NAC-LOC ( NNP Horicon ) ( NNP Wis. ) ) ( NN plant ) ) ) ) ) ) ( S-ADV ( VP ( VBG ending ) ( NP ( NP ( DT a ) ( JJ month-old ) ( NN strike ) ) ( PP ( IN by ) ( NP ( NP ( NNS workers ) ) ) ) ( PP-LOC-1 ( IN at ) ( NP ( DT the ) ( NN facility ) ) ) ) ) ) ) ) ) ) )

Deere & Co. said it reached a tentative agreement with the machinists ' union at its Horicon Wis. plant ending a month-old strike by workers at the facility


( S ( NP-SBJ ( NP ( DT The ) ( NN maker ) ) ( PP ( IN of ) ( NP ( NN farm ) ( NN equipment ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( JJ three-year ) ( NN labor ) ( NN agreement ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NNP International ) ( NNP Association ) ) ( PP ( IN of ) ( NP ( NP ( NNP Machinists ) ) ( CC and ) ( NP ( NNP Aerospace ) ( NNP Workers ) ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP John ) ( NNP Deere ) ( NNP Horicon ) ( NNP Works ) ) ( NP ( NP ( NP ( NNP Deere ) ( POS 's ) ) ( JJ primary ) ( NN facility ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG producing ) ( NP ( ADJP ( NN lawn ) ( CC and ) ( JJ grounds-care ) ) ( NN equipment ) ) ) ) ) ) ) ) ) ) ) ( VP ( VP ( VBZ takes ) ( NP-CLR ( NN effect ) ) ( ADVP-TMP ( RB immediately ) ) ) ( CC and ) ( VP ( VBZ extends ) ( PP-TMP-CLR ( IN through ) ( NP ( NNP Oct. ) ( CD 1 ) ( CD 1992 ) ) ) ) ) ) ) ) )

The maker of farm equipment said the three-year labor agreement with the International Association of Machinists and Aerospace Workers at John Deere Horicon Works Deere 's primary facility for producing lawn and grounds-care equipment takes effect immediately and extends through Oct. 1 1992


( S ( S-TPC-2 ( NP-SBJ-1 ( QP ( RB About ) ( CD 1,150 ) ) ( NNS employees ) ) ( VP ( VBP are ) ( VP ( VBN covered ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( JJ new ) ( NN agreement ) ) ) ) ) ) ( NP-SBJ ( NNP Deere ) ) ( VP ( VBD said ) ) )

About 1,150 employees are covered by the new agreement Deere said


( S ( NP-SBJ ( NP ( NP ( NNP Lyphomed ) ( NNP Inc. ) ) ( NP ( NP ( NNP Rosemont ) ) ( NP ( NNP Ill. ) ) ) ) ( CC and ) ( NP ( NP ( NNP Medco ) ( NNP Research ) ( NNP Inc. ) ) ( NP ( NNP Los ) ( NNP Angeles ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNP Food ) ( CC and ) ( NNP Drug ) ( NNP Administration ) ) ( VP ( VBD granted ) ( NP ( NP ( JJ full ) ( NN marketing ) ( NN approval ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( JJ new ) ( NN drug ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN treatment ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN condition ) ) ( SBAR ( WHPP-1 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( DT the ) ( NN heart ) ) ( VP ( VBZ beats ) ( NP ( NP ( QP ( IN between ) ( CD 150 ) ( CC and ) ( CD 200 ) ) ( NNS beats ) ) ( NP-ADV ( DT a ) ( NN minute ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Lyphomed Inc. Rosemont Ill. and Medco Research Inc. Los Angeles said the Food and Drug Administration granted full marketing approval for a new drug for the treatment of a condition in which the heart beats between 150 and 200 beats a minute


( S ( NP-SBJ ( NP ( DT The ) ( NN condition ) ) ( VP ( VBN known ) ( PP-CLR ( IN as ) ( NP ( JJ paroxysmal ) ( JJ supraventricular ) ( NN tachycardia ) ) ) ) ) ( VP ( VBZ leads ) ( PP-CLR ( TO to ) ( NP ( NN dizziness ) ( CC and ) ( NN fainting ) ) ) ) )

The condition known as paroxysmal supraventricular tachycardia leads to dizziness and fainting


( S ( NP-SBJ ( DT The ) ( JJ typical ) ( JJ healthy ) ( NN heart ) ) ( VP ( VBZ beats ) ( NP ( NP ( CD 70 ) ( NNS times ) ) ( NP-ADV ( DT a ) ( NN minute ) ) ) ) )

The typical healthy heart beats 70 times a minute