( S ( NP-SBJ ( NP ( NNP John ) ( NNP Bonomo ) ) ( NP ( DT a ) ( NNP Nynex ) ( NN spokesman ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN telephone ) ( NN company ) ) ( VP ( VBZ needs ) ( S ( VP ( TO to ) ( VP ( VB monitor ) ( NP ( NNS operators ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB evaluate ) ( NP ( NP ( NN performance ) ) ( PP-TMP ( IN during ) ( NP ( NP ( DT the ) ( JJ first ) ( CD six ) ( NNS months ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN job ) ) ) ) ) ) ) ) ) ) ) ) ) )

John Bonomo a Nynex spokesman says the telephone company needs to monitor operators to evaluate performance during the first six months on the job


( S-1 ( ADVP-TMP ( RB Sometimes ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( NP-SBJ ( PRP we ) ) ( VP ( MD 'll ) ( VP ( VB pull ) ( NP ( NN someone ) ) ( PP-DIR ( IN off ) ( NP ( DT the ) ( NNS phones ) ) ) ( PP-PRP ( IN for ) ( NP ( JJR more ) ( NN training ) ) ) ) ) )

Sometimes he says we 'll pull someone off the phones for more training


( S ( NP-SBJ ( JJ Federal ) ( NN wiretap ) ( NNS statutes ) ) ( VP ( VBP recognize ) ( NP ( NP ( DT the ) ( NN right ) ) ( PP ( IN of ) ( NP ( NNS employers ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB monitor ) ( NP ( NNS employees ) ( POS ' ) ) ( PP-PRP ( IN for ) ( NP ( NN evaluation ) ( NNS purposes ) ) ) ) ) ) ) ) )

Federal wiretap statutes recognize the right of employers to monitor employees ' for evaluation purposes


( S ( CC And ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN past ) ) ) ( NP-SBJ ( NNP Congress ) ) ( VP ( VBZ has ) ( VP ( VBN viewed ) ( NP ( NN monitoring ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT an ) ( NN issue ) ) ( VP ( ADVP ( RBS best ) ) ( VBN handled ) ( PP-LOC ( IN in ) ( NP ( NN union ) ( NNS negotiations ) ) ) ) ) ) ) ) )

And in the past Congress has viewed monitoring as an issue best handled in union negotiations


( S ( CC But ) ( NP-SBJ-2 ( NNS opponents ) ) ( S-ADV ( VP ( VBN led ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP CWA ) ) ) ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-1 ( JJ new ) ( NNS laws ) ) ( VP ( VBP are ) ( VP ( VBN needed ) ( SBAR-PRP ( IN because ) ( S ( S ( NP-SBJ ( NN monitoring ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB heavily ) ( JJ concentrated ) ( PP-LOC ( IN in ) ( NP ( NN service ) ( NNS industries ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-3 ( NP ( CD 81 ) ( NN % ) ) ( PP ( IN of ) ( NP ( JJ monitored ) ( NNS workers ) ) ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBN represented ) ( PP ( IN by ) ( NP-LGS ( NNS unions ) ) ) ) ) ) ) ) ) ) ) ) ) )

But opponents led by the CWA say new laws are needed because monitoring is heavily concentrated in service industries and 81 % of monitored workers are n't represented by unions


( S ( NP-SBJ ( DT The ) ( NNP CWA ) ) ( VP ( VBZ claims ) ( SBAR ( IN that ) ( S ( NP-SBJ ( VBG monitoring ) ) ( VP ( CONJP ( RB not ) ( RB only ) ) ( VP ( VBZ infringes ) ( PP-CLR ( IN on ) ( NP ( NN employee ) ( NN privacy ) ) ) ) ( CC but ) ( VP ( VBZ increases ) ( NP ( NN stress ) ) ) ) ) ) ) )

The CWA claims that monitoring not only infringes on employee privacy but increases stress


( S ( NP-SBJ ( NP-TTL ( NP ( CD Nine ) ) ( PP ( TO to ) ( NP ( CD Five ) ) ) ) ( NP ( NP ( DT a ) ( JJ Cleveland-based ) ( NN office ) ( NNS workers ) ( NN organization ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ supports ) ( NP ( DT the ) ( NN beeper ) ( NN bill ) ) ) ) ) ) ) ( ADVP-TMP ( NP ( CD six ) ( NNS months ) ) ( RB ago ) ) ( VP ( VBD started ) ( NP ( NP ( DT a ) ( NN privacy ) ( JJ hot ) ( NN line ) ) ( SBAR-PRP ( S ( VP ( TO to ) ( VP ( VB receive ) ( NP ( NP ( NNS reports ) ) ( PP ( IN of ) ( NP ( VBN alleged ) ( NN monitoring ) ( NNS abuses ) ) ) ) ) ) ) ) ) ) )

Nine to Five a Cleveland-based office workers organization that supports the beeper bill six months ago started a privacy hot line to receive reports of alleged monitoring abuses


( S ( ADVP-TMP ( RB Meanwhile ) ) ( NP-SBJ ( NP ( NNS supporters ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Dellums ) ( JJ two-party ) ( NN consent ) ( NN bill ) ) ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBN needed ) ( PP-PRP ( RB because ) ( IN of ) ( NP ( NP ( DT a ) ( JJ giant ) ( NN loophole ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ one-party ) ( NN consent ) ( NN law ) ) ) ) ) ) ) ) ) ) )

Meanwhile supporters of the Dellums two-party consent bill say it is needed because of a giant loophole in the one-party consent law


( S ( ADVP-TMP ( RB Currently ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NP ( DT the ) ( NN person ) ) ( VP ( VBG taping ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN party ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN conversation ) ) ) ) ) ) ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( RB all ) ( JJ right ) ) ( S-1 ( VP ( TO to ) ( VP ( VB record ) ( PP-MNR ( IN without ) ( NP ( NP ( DT the ) ( NN knowledge ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ other ) ( NN person ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN line ) ) ) ) ) ) ) ) ) ) ) )

Currently if the person taping is a party to the conversation it 's all right to record without the knowledge of the other person on the line


( S ( S-NOM-SBJ ( VP ( VBG Intercepting ) ( NP ( NP ( JJ other ) ( NNS people ) ( POS 's ) ) ( JJ private ) ( NNS conversations ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( JJ illegal ) ) ( CC and ) ( ADJP ( JJ punishable ) ( PP ( IN by ) ( NP ( NP ( NP ( CD five ) ( NNS years ) ) ( PP-LOC ( IN in ) ( NP ( NN prison ) ) ) ) ( CC and ) ( NP ( NP ( NNS fines ) ) ( PP ( IN of ) ( NP ( CD 10,000 ) ) ) ) ) ) ) ) ) )

Intercepting other people 's private conversations is illegal and punishable by five years in prison and fines of 10,000


( S ( NP-SBJ ( DT The ) ( NNS electronics ) ( NN industry ) ) ( VP ( VBZ is ) ( ADVP-MNR ( RB closely ) ) ( VP ( VBG following ) ( NP ( DT the ) ( NNP Dellums ) ( NN bill ) ) ) ) )

The electronics industry is closely following the Dellums bill


( S ( NP-SBJ ( NP ( NP ( DT Some ) ( NNS marketers ) ) ( PP ( IN of ) ( NP ( NN surveillance ) ( NN gear ) ) ) ) ( PP ( VBG including ) ( NP ( NP ( NNP Communication ) ( NNP Control ) ( NNP System ) ( NNP Ltd. ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ owns ) ( NP ( NP ( DT the ) ( NNP Counter ) ( NNP Spy ) ( NNP Shop ) ) ( CC and ) ( NP ( NP ( NNS others ) ) ( PP ( IN like ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) ( ADVP ( RB already ) ) ( VP ( VBP put ) ( NP ( NP ( VBG warning ) ( NNS labels ) ) ) ( PP-PUT ( IN in ) ( NP ( PRP$ their ) ( NNS catalogs ) ) ) ( VP-1 ( VBG informing ) ( NP ( NNS customers ) ) ( PP-CLR ( IN of ) ( NP ( DT the ) ( JJ one-party ) ( NN law ) ) ) ) ) )

Some marketers of surveillance gear including Communication Control System Ltd. which owns the Counter Spy Shop and others like it already put warning labels in their catalogs informing customers of the one-party law


( S ( CC But ) ( NP-SBJ ( NNS vendors ) ) ( VP ( VBP contend ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB control ) ( SBAR-NOM ( WHADVP ( WRB how ) ) ( S ( NP-SBJ-2 ( PRP$ their ) ( NNS products ) ) ( VP ( VBP are ) ( VP ( VBN used ) ) ) ) ) ) ) ) ) ) )

But vendors contend that they ca n't control how their products are used


( S ( NP-SBJ ( NNP Radio ) ( NNP Shack ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( NN policy ) ) ( PP ( IN against ) ( S-NOM ( VP ( VBG selling ) ( NP ( NNS products ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT a ) ( NN salesperson ) ) ( VP ( VBZ suspects ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN used ) ( ADVP-MNR ( RB illegally ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Radio Shack says it has a policy against selling products if a salesperson suspects they will be used illegally


( SINV ( S-TPC-1 ( NP-SBJ ( NP ( NN Everything ) ) ( VP ( VBD sold ) ( PP-LOC ( IN at ) ( NP ( NNP Radio ) ( NNP Shack ) ) ) ) ) ( VP ( VBZ has ) ( NP ( DT a ) ( JJ legal ) ( NN purpose ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Bernard ) ( NNP Appel ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Tandy ) ( NNP Corp. ) ( NN subsidiary ) ) ) ) ) )

Everything sold at Radio Shack has a legal purpose says Bernard Appel president of the Tandy Corp. subsidiary


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ says ) ( SBAR ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ has ) ( RB n't ) ( ADVP ( RB yet ) ) ( VP ( VBN studied ) ( NP ( DT the ) ( NNP Dellums ) ( NN bill ) ) ) ) ) ) ( CC but ) ( SBAR ( IN that ) ( S ( S-NOM-SBJ ( VP ( VBG requiring ) ( NP ( NP ( DT a ) ( VBG beeping ) ( NN tone ) ) ( PP-LOC ( IN on ) ( NP ( NNS recorders ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ ludicrous ) ) ) ) ) ) ) ) )

He says he has n't yet studied the Dellums bill but that requiring a beeping tone on recorders would be ludicrous


( S ( ADVP ( RB Still ) ) ( NP-SBJ ( NNP Radio ) ( NNP Shack ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ aware ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS products ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ controversial ) ) ) ) ) ) ) )

Still Radio Shack is aware that some of its products are controversial


( S ( ADVP-TMP ( NP ( DT A ) ( JJ few ) ( NNS years ) ) ( RB ago ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( ADVP-MNR ( RB voluntarily ) ) ( VP ( VBD stopped ) ( VP ( VBG selling ) ( NP ( NP-TTL ( DT The ) ( JJ Big ) ( NN Ear ) ) ( NP ( DT a ) ( JJ powerful ) ( NN microphone ) ) ) ) ) )

A few years ago the company voluntarily stopped selling The Big Ear a powerful microphone


( SINV ( S-TPC-2 ( PP ( IN With ) ( NP ( PRP$ its ) ( NN ability ) ( S ( VP ( TO to ) ( VP ( VB pick ) ( PRT ( RP up ) ) ( NP ( NP ( NNS rustlings ) ) ( CC and ) ( NP ( VBG flapping ) ( NNS wings ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBN meant ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( NN toy ) ) ( PP ( IN for ) ( NP ( NNS children ) ) ) ( PP ( IN for ) ( NP ( NN bird ) ( NN watching ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Appel ) ) )

With its ability to pick up rustlings and flapping wings it was meant to be a toy for children for bird watching says Mr. Appel


( S ( CC But ) ( NP-SBJ ( PRP we ) ) ( VP ( VBD were ) ( VP ( VBG getting ) ( NP ( ADJP ( RB too ) ( JJ many ) ) ( NNS complaints ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNS people ) ) ( VP ( VBD were ) ( VP ( VBG using ) ( NP ( PRP them ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB eavesdrop ) ( PP-CLR ( IN on ) ( NP ( PRP$ their ) ( NNS neighbors ) ) ) ) ) ) ) ) ) ) ) ) ) )

But we were getting too many complaints that people were using them to eavesdrop on their neighbors


( S ( NP-SBJ-1 ( NNP Keith ) ( NN A. ) ( NNP Tucker ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( S ( NP-PRD ( NP ( DT a ) ( NN director ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN insurance ) ( CC and ) ( JJ financial ) ( NNS services ) ( NN concern ) ) ) ) ) ) ) )

Keith A. Tucker was named a director of this insurance and financial services concern


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Tucker ) ) ( ADJP ( NP ( CD 44 ) ( NNS years ) ) ( JJ old ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NNP Trivest ) ( NNPS Securities ) ( NNP Corp. ) ) ) ) ) ( CC and ) ( NP ( NP ( JJ senior ) ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NNP Trivest ) ( NNP Inc. ) ) ) ) ) ( NP-1 ( NP ( ADJP ( RB closely ) ( JJ held ) ) ( NN investment ) ( NNS companies ) ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NNP Miami ) ) ) ) ) ) ) )

Mr. Tucker 44 years old is president of Trivest Securities Corp. and senior vice president of Trivest Inc. closely held investment companies based in Miami


( S ( NP-SBJ ( PRP$ His ) ( NN selection ) ) ( VP ( VBZ increases ) ( NP ( NP ( DT the ) ( NN size ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN board ) ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 12 ) ( NNS members ) ) ) ) )

His selection increases the size of the board to 12 members


( S ( NP-SBJ ( NNP Torchmark ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NP ( NNP Samuel ) ( NNP E. ) ( NNP Upchurch ) ( NNP Jr. ) ) ( NP ( CD 37 ) ) ( NP ( NP ( NN vice ) ( NN president ) ) ( CC and ) ( NP ( JJ general ) ( NN counsel ) ) ) ) ( VP ( VBD was ) ( VP ( VBN selected ) ( S ( VP ( TO to ) ( VP ( VB serve ) ( NP ( NP ( DT the ) ( NN remainder ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN term ) ) ( VP ( VBN vacated ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP John ) ( NNP S.P. ) ( NNP Samford ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD resigned ) ( PP-CLR ( IN as ) ( NP ( NN director ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Torchmark also said that Samuel E. Upchurch Jr. 37 vice president and general counsel was selected to serve the remainder of the term vacated by John S.P. Samford who resigned as director


( S ( NP-SBJ ( NP ( NNP Philip ) ( NNP Morris ) ( NNPS Cos. ) ) ( NP-LOC ( NNP New ) ( NNP York ) ) ) ( VP ( VBD adopted ) ( NP ( NP ( DT a ) ( NN defense ) ( NN measure ) ) ( VP ( VBN designed ) ( S ( VP ( TO to ) ( VP ( VB make ) ( S ( NP-SBJ ( DT a ) ( JJ hostile ) ( NN takeover ) ) ( ADJP-PRD ( RB prohibitively ) ( JJ expensive ) ) ) ) ) ) ) ) ) )

Philip Morris Cos. New York adopted a defense measure designed to make a hostile takeover prohibitively expensive


( S ( NP-SBJ ( DT The ) ( JJ giant ) ( NNS foods ) ( NN tobacco ) ( CC and ) ( NN brewing ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB issue ) ( NP ( JJ common-share ) ( NN purchase ) ( NNS rights ) ) ( PP-DTV ( TO to ) ( NP ( NP ( NNS shareholders ) ) ( PP ( IN of ) ( NP ( NN record ) ) ) ) ) ( NP-TMP ( NNP Nov. ) ( CD 8 ) ) ) ) ) ) ) )

The giant foods tobacco and brewing company said it will issue common-share purchase rights to shareholders of record Nov. 8


( S ( PP-LOC ( IN Under ) ( NP ( JJ certain ) ( NNS circumstances ) ) ) ( NP-SBJ ( DT the ) ( NNS rights ) ) ( VP ( MD would ) ( VP ( VB entitle ) ( S ( NP-SBJ ( NNP Philip ) ( NNP Morris ) ( NNS holders ) ) ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NP ( NNS shares ) ) ( PP ( IN of ) ( NP ( DT either ) ( NP ( DT the ) ( NN company ) ) ( CC or ) ( NP ( PRP$ its ) ( NN acquirer ) ) ) ) ) ( PP-CLR ( IN for ) ( NP ( JJ half ) ( NN price ) ) ) ) ) ) ) ) )

Under certain circumstances the rights would entitle Philip Morris holders to buy shares of either the company or its acquirer for half price


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN board ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( JJ aware ) ( PP ( IN of ) ( NP ( DT any ) ( NNS attempts ) ( S ( VP ( TO to ) ( VP ( VB take ) ( PRT ( RP over ) ) ( NP ( NNP Philip ) ( NNP Morris ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ) )

The board is n't aware of any attempts to take over Philip Morris the company said


( S ( PP-TMP ( IN As ) ( PP ( IN of ) ( NP ( NNP Sept. ) ( CD 30 ) ) ) ) ( NP-SBJ ( NNP Philip ) ( NNP Morris ) ) ( VP ( VBD had ) ( NP ( NP ( QP ( CD 926 ) ( CD million ) ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) )

As of Sept. 30 Philip Morris had 926 million shares outstanding


( S ( PP-LOC ( IN In ) ( NP ( NP ( JJ composite ) ( NN trading ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ) ) ( NP-SBJ ( NNP Philip ) ( NNP Morris ) ( NNS shares ) ) ( VP ( VBN closed ) ( NP-TMP ( NN yesterday ) ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 43.50 ) ) ( NP-ADV ( DT each ) ) ) ) ( ADVP ( RB down ) ( NP ( CD 1 ) ) ) ) )

In composite trading on the New York Stock Exchange Philip Morris shares closed yesterday at 43.50 each down 1


( S ( NP-SBJ-1 ( NP ( NNP Fred ) ( NNP D. ) ( NNP Thompson ) ) ( NP ( NP ( DT a ) ( JJ 47-year-old ) ( NN attorney ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ private ) ( NN practice ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Washington ) ) ( CC and ) ( NP ( NNP Nashville ) ( NNP Tenn. ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN elected ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN board ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN engineering ) ( CC and ) ( NN construction ) ( NN company ) ) ) ) ) ) ) )

Fred D. Thompson a 47-year-old attorney in private practice in Washington and Nashville Tenn. was elected to the board of this engineering and construction company


( S ( NP-SBJ ( DT The ) ( NN board ) ) ( VP ( VBD increased ) ( PP-CLR ( TO to ) ( NP ( CD 11 ) ( NNS seats ) ) ) ) )

The board increased to 11 seats


( S ( NP-SBJ-1 ( NNP Columbia ) ( NNPS Savings ) ( CC & ) ( NNP Loan ) ( NNP Association ) ) ( S-ADV ( VP ( VBG reeling ) ( PP-CLR ( IN from ) ( NP ( NP ( NP ( NN thrift-accounting ) ( NNS changes ) ) ( VP ( VBN mandated ) ( PP ( IN by ) ( NP-LGS ( NNP Congress ) ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( JJ recent ) ( NN collapse ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN junk-bond ) ( NN market ) ) ) ) ) ) ) ) ( VP ( VBD announced ) ( NP ( NP ( DT a ) ( NN loss ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 226.3 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 11.57 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) )

Columbia Savings & Loan Association reeling from thrift-accounting changes mandated by Congress and the recent collapse of the junk-bond market announced a loss for the third quarter of 226.3 million or 11.57 a share


( S ( PP-TMP ( IN For ) ( NP ( NP ( DT the ) ( NN quarter ) ) ( ADVP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) ( NP-SBJ ( NNP Columbia ) ) ( VP ( VBD reported ) ( NP ( NP ( NNS earnings ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 16.3 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 37 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) )

For the quarter a year ago Columbia reported earnings of 16.3 million or 37 cents a share


( S ( NP-SBJ ( JJ Total ) ( NNS assets ) ) ( VP ( VBD increased ) ( PP-CLR ( TO to ) ( NP ( QP ( CD 12.7 ) ( CD billion ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJS latest ) ( NN quarter ) ) ) ( PP-CLR ( IN from ) ( NP ( NP ( QP ( CD 12.4 ) ( CD billion ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB earlier ) ) ) ) ) )

Total assets increased to 12.7 billion in the latest quarter from 12.4 billion a year earlier


( S ( NP-SBJ ( DT The ) ( NN loss ) ) ( VP ( VBZ stems ) ( PP-CLR ( IN from ) ( NP ( NP ( QP ( CD 357.5 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( NNS write-downs ) ) ( PP ( IN on ) ( NP ( NP ( NP ( NNP Columbia ) ( POS 's ) ) ( ADJP ( QP ( CD 4.4 ) ( CD billion ) ) ) ( JJ high-yield ) ( NN investment ) ( NNS securities ) ( NN portfolio ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ includes ) ( NP ( NP ( NP ( QP ( IN about ) ( CD 3.7 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( NN junk ) ( NNS bonds ) ) ) ) ( NP ( NP ( QP ( CD 400 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( JJ preferred ) ( NN stock ) ) ) ) ( CC and ) ( NP ( NNP Treasury ) ( NNS securities ) ) ) ) ) ) ) ) ) ) ) ) ) )

The loss stems from 357.5 million of write-downs on Columbia 's 4.4 billion high-yield investment securities portfolio which includes about 3.7 billion of junk bonds 400 million of preferred stock and Treasury securities


( S ( NP-SBJ ( NNP Columbia ) ) ( VP ( VBZ owes ) ( NP ( NP ( PRP$ its ) ( JJ spectacular ) ( NN growth ) ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS years ) ) ) ) ( PP-CLR ( TO to ) ( NP ( NP ( PRP$ its ) ( NN junk-bond ) ( NN portfolio ) ) ( NP ( NP ( DT the ) ( JJS largest ) ) ( PP ( IN of ) ( NP ( DT any ) ( NNP U.S. ) ( NN thrift ) ) ) ) ) ) ) )

Columbia owes its spectacular growth in recent years to its junk-bond portfolio the largest of any U.S. thrift


( S ( NP-SBJ-1 ( NP ( JJ Much ) ) ( PP ( IN of ) ( NP ( NP ( NNP Columbia ) ( POS 's ) ) ( NN junk-bond ) ( NN trading ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN done ) ( PP-MNR ( IN through ) ( NP ( NP ( DT the ) ( JJ high-yield ) ( NN department ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( NNP Beverly ) ( NNPS Hills ) ( NN neighbor ) ) ( NP ( NNP Drexel ) ( NNP Burnham ) ( NNP Lambert ) ( NNP Inc ) ) ) ) ) ) ) ) ) )

Much of Columbia 's junk-bond trading has been done through the high-yield department of its Beverly Hills neighbor Drexel Burnham Lambert Inc


( S ( PP-TMP ( IN For ) ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ) ( NP-SBJ ( NNS losses ) ) ( VP ( VBD totaled ) ( NP ( NP ( QP ( CD 212 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 10.83 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( JJ net ) ( NN income ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 48.7 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.11 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB earlier ) ) ) ) ) ) ) ) )

For the nine months losses totaled 212 million or 10.83 a share compared with net income of 48.7 million or 1.11 a share a year earlier


( S ( NP-SBJ ( DT The ) ( NNS results ) ) ( VP ( VBP include ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 130.2 ) ( CD million ) ) ) ( NN write-down ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS securities ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ high-yield ) ( NN portfolio ) ) ) ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( JJR lower ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NX ( NX ( NN cost ) ) ( CC or ) ( NX ( NN market ) ( NN value ) ) ) ) ) ) ) ) ) )

The results include a 130.2 million write-down of the securities in the high-yield portfolio to the lower of their cost or market value


( S ( NP-SBJ-1 ( NNP Columbia ) ) ( ADVP ( RB also ) ) ( VP ( VBD added ) ( NP ( QP ( CD 227.3 ) ( CD million ) ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NNS reserves ) ) ( PP ( IN for ) ( NP ( NP ( NNS losses ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN portfolio ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG increasing ) ( NP ( JJ general ) ( NNS reserves ) ) ( PP-CLR ( TO to ) ( NP ( NP ( QP ( CD 300 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( QP ( IN about ) ( CD 6.7 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN total ) ( NN portfolio ) ) ) ) ) ) ) ) ( PP-TMP-2 ( IN as ) ( PP ( IN of ) ( NP ( NNP Sept. ) ( CD 30 ) ) ) ) ) )

Columbia also added 227.3 million to reserves for losses on the portfolio increasing general reserves to 300 million or about 6.7 % of the total portfolio as of Sept. 30


( S ( PP-TMP ( IN On ) ( NP ( NNP June ) ( CD 30 ) ) ) ( NP-SBJ ( NN loss ) ( NNS reserves ) ) ( VP ( VBD stood ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 108.3 ) ( CD million ) ) ) ) ) )

On June 30 loss reserves stood at 108.3 million


( S ( NP-SBJ ( NN Thrift ) ( NNS officials ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( ADJP ( QP ( CD 300 ) ( CD million ) ) ) ( NN reserve ) ) ( VP ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN adjusted ) ( ADVP-TMP ( RB quarterly ) ) ) ) ) ( CC and ) ( VP ( MD will ) ( VP ( VB reflect ) ( NP ( NP ( NP ( DT the ) ( NN rate ) ) ( PP ( IN of ) ( NP ( NNS dispositions ) ) ) ) ( CC and ) ( NP ( NN market ) ( NNS conditions ) ) ) ) ) ) ) ) ) )

Thrift officials said the 300 million reserve will be adjusted quarterly and will reflect the rate of dispositions and market conditions


( S ( NP-SBJ ( DT The ) ( NNS adjustments ) ) ( VP ( VBP result ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( ADJP ( RB recently ) ( VBN passed ) ) ( NN thrift-industry ) ( NN bailout ) ( NN legislation ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ requires ) ( S ( NP-SBJ ( NNS thrifts ) ) ( VP ( TO to ) ( VP ( VB divest ) ( NP ( DT all ) ( JJ high-yield ) ( NN bond ) ( NNS investments ) ) ( PP-TMP ( IN by ) ( NP ( CD 1994 ) ) ) ) ) ) ) ) ) ) ) ) )

The adjustments result from the recently passed thrift-industry bailout legislation which requires thrifts to divest all high-yield bond investments by 1994


( S ( ADVP-TMP ( RB Previously ) ) ( NP-SBJ-1 ( NNP Columbia ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB adjust ) ( NP ( NP ( DT the ) ( NN book ) ( NN value ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN junk-bond ) ( NNS holdings ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB reflect ) ( NP ( NP ( NNS declines ) ) ( PP-LOC ( IN in ) ( NP ( NN market ) ( NNS prices ) ) ) ) ) ) ) ) ) ) ( SBAR-TMP ( IN because ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD held ) ( NP ( DT the ) ( NNS bonds ) ) ( PP-CLR ( IN as ) ( NP ( JJ long-term ) ( NNS investments ) ) ) ) ) ) ) ) )

Previously Columbia did n't have to adjust the book value of its junk-bond holdings to reflect declines in market prices because it held the bonds as long-term investments


( S ( SBAR-PRP ( IN Because ) ( S ( NP-SBJ ( NNP Columbia ) ) ( ADVP-TMP ( RB now ) ) ( VP ( MD must ) ( VP ( VB sell ) ( NP ( DT the ) ( NNS bonds ) ) ( PP-TMP ( IN within ) ( NP ( CD five ) ( NNS years ) ) ) ) ) ) ) ( NP-SBJ ( NN accounting ) ( NNS rules ) ) ( VP ( VBP require ) ( S ( NP-SBJ ( DT the ) ( NN thrift ) ) ( VP ( TO to ) ( VP ( VB value ) ( NP ( DT the ) ( NNS bonds ) ) ( PP-CLR ( IN at ) ( NP ( NP ( DT the ) ( JJR lower ) ) ( PP ( IN of ) ( NP ( NN cost ) ( CC or ) ( NN market ) ( NNS prices ) ) ) ) ) ) ) ) ) )

Because Columbia now must sell the bonds within five years accounting rules require the thrift to value the bonds at the lower of cost or market prices


( S ( PP ( IN For ) ( NP ( PRP$ its ) ( NN future ) ( NN strategy ) ) ) ( NP-SBJ ( NNP Columbia ) ( NNS officials ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN thrift ) ) ( VP ( MD may ) ( VP ( VB branch ) ( PRT ( RP out ) ) ( PP-CLR ( IN into ) ( NP ( NP ( NP ( JJ commercial ) ( NN lending ) ) ( CC or ) ( S-NOM ( VP ( NN managing ) ( NP ( JJ outside ) ( NNS investments ) ) ) ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( S-NOM ( VP ( VBG beefing ) ( PRT ( RP up ) ) ( NP ( ADJP ( RBR more ) ( JJ traditional ) ) ( NN thrift ) ( NNS activities ) ) ) ) ) ) ) ) ) ) ) )

For its future strategy Columbia officials said the thrift may branch out into commercial lending or managing outside investments as well as beefing up more traditional thrift activities


( S ( NP-SBJ ( DT The ) ( JJ quarterly ) ( NNS results ) ) ( ADVP ( RB also ) ) ( VP ( VBD reflected ) ( NP ( NP ( QP ( CD 21.4 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NP ( JJ non-recurring ) ( NNS losses ) ) ( PP ( IN from ) ( NP ( NP ( JJ commercial ) ( NN real-estate ) ( NNS activities ) ) ( PP-LOC ( IN in ) ( NP ( NNP California ) ) ) ) ) ) ) ) ) )

The quarterly results also reflected 21.4 million in non-recurring losses from commercial real-estate activities in California


( S ( NP-SBJ ( NP ( NNP Thomas ) ( NNP Spiegel ) ) ( NP ( NP ( NNP Columbia ) ( POS 's ) ) ( NN chairman ) ) ) ( VP ( VBD said ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN statement ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN thrift ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ disappointed ) ( PP ( IN by ) ( NP ( NP ( DT the ) ( NNS effects ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN accounting ) ( NNS changes ) ) ) ) ) ) ) ) ) ) )

Thomas Spiegel Columbia 's chairman said in a statement that the thrift was disappointed by the effects of the accounting changes


( S ( CC But ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Columbia ) ) ( VP ( VBZ remains ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( ADJP ( ADVP ( RBS most ) ( RB strongly ) ) ( JJ capitalized ) ) ( NNS thrifts ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN industry ) ) ) ) ) ) ( PP ( VBN based ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( JJ economic ) ( NN value ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NX ( NX ( NNS assets ) ) ( CC and ) ( NX ( JJ tangible ) ( NN capital ) ) ) ) ) ) ) ) ) ) ) ) )

But he said Columbia remains one of the most strongly capitalized thrifts in the industry based on the economic value of its assets and tangible capital


( S ( NP-SBJ ( NNP Columbia ) ) ( VP ( VBD announced ) ( NP ( DT the ) ( NNS results ) ) ( PP-TMP ( IN after ) ( NP ( NP ( DT the ) ( NN close ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ) ) ) ) )

Columbia announced the results after the close of the stock market


( S ( NP-SBJ ( PRP$ Its ) ( NNS shares ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 5.125 ) ) ( NP-ADV ( DT each ) ) ) ) ( PP-LOC ( IN in ) ( NP ( JJ composite ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( NN trading ) ) ) ( ADVP ( RB down ) ( NP ( CD 37.5 ) ( NNS cents ) ) ) ) )

Its shares closed at 5.125 each in composite New York Stock Exchange trading down 37.5 cents


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN price ) ) ( PP ( IN of ) ( NP ( NNP Columbia ) ( NNS shares ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN cut ) ( PP-CLR ( ADVP ( RB nearly ) ) ( IN in ) ( NP ( NN half ) ) ) ( PP-TMP ( IN since ) ( NP ( NP ( NNP August ) ) ( SBAR ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD traded ) ( PP-CLR ( IN at ) ( NP ( QP ( IN about ) ( CD 10 ) ) ) ) ) ) ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NNS investors ) ) ( ADVP ( RB apparently ) ) ( VP ( VBD realized ) ( SBAR ( IN that ) ( S ( NP-SBJ-3 ( DT the ) ( NN thrift ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN forced ) ( S ( VP ( TO to ) ( VP ( VB take ) ( NP ( DT a ) ( JJ big ) ( NN write-down ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The price of Columbia shares has been cut nearly in half since August when they traded at about 10 as investors apparently realized that the thrift would be forced to take a big write-down


( S ( NP-SBJ ( NP ( DT The ) ( NN stock ) ( POS 's ) ) ( NN decline ) ) ( VP ( VBN accelerated ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ past ) ( CD two ) ( NNS weeks ) ) ) ( PP ( IN from ) ( NP ( NP ( DT a ) ( NN price ) ) ( PP ( IN of ) ( NP ( NP ( CD 8 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Oct. ) ( CD 9 ) ) ) ) ) ) )

The stock 's decline accelerated in the past two weeks from a price of 8 a share on Oct. 9


( S ( NP-SBJ ( NNP Columbia ) ( NNS officials ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB know ) ( SBAR ( WHADVP-3 ( WRB how ) ( RB quickly ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD will ) ( VP ( VB dispose ) ( PP-CLR ( IN of ) ( NP ( NP ( DT the ) ( NN thrift ) ( POS 's ) ) ( NN junk ) ( NNS bonds ) ) ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-1 ( NP ( JJ federal ) ( NNS regulations ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( DT those ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB allow ) ( S ( NP-SBJ-4 ( NNS thrifts ) ) ( VP ( TO to ) ( VP ( VB continue ) ( S ( VP ( VBG holding ) ( NP ( DT the ) ( NNS bonds ) ) ( PP-LOC-CLR ( IN in ) ( NP ( ADJP ( RB separately ) ( JJ capitalized ) ) ( NNS subsidiaries ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBP have ) ( RB n't ) ( ADVP ( RB yet ) ) ( VP ( VBN been ) ( VP ( VBN completed ) ) ) ) ) ) ) ) ) ) ) )

Columbia officials said they do n't know how quickly they will dispose of the thrift 's junk bonds because federal regulations such as those that would allow thrifts to continue holding the bonds in separately capitalized subsidiaries have n't yet been completed


( S ( NP-SBJ ( NNP Columbia ) ( NNS officials ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( DT the ) ( NN thrift ) ) ( VP ( MD should ) ( RB n't ) ( VP ( VB face ) ( NP ( NNS problems ) ) ( S-ADV ( VP ( VBG meeting ) ( NP ( JJ regulatory ) ( NN capital ) ( NNS requirements ) ) ) ) ( PP ( IN despite ) ( NP ( NP ( DT the ) ( JJ large ) ( NNS reserves ) ( CC and ) ( NNS write-downs ) ) ( CC and ) ( NP ( NP ( JJR stiffer ) ( JJ regulatory ) ( NNS requirements ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD should ) ( VP ( VB be ) ( PP-PRD ( IN in ) ( NP ( NN place ) ) ) ( PP-TMP ( IN by ) ( NP ( NP ( NN year ) ( POS 's ) ) ( NN end ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Columbia officials also said the thrift should n't face problems meeting regulatory capital requirements despite the large reserves and write-downs and stiffer regulatory requirements that should be in place by year 's end


( S ( S ( NP-SBJ ( NP ( PRP$ Its ) ( NN ratio ) ) ( PP ( IN of ) ( NP ( JJ tangible ) ( NN equity ) ) ) ( PP ( TO to ) ( NP ( JJ total ) ( NNS assets ) ) ) ( PP-TMP ( IN as ) ( PP ( IN of ) ( NP ( NNP Sept. ) ( CD 30 ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( CD 3.6 ) ( NN % ) ) ) ) ( CC and ) ( S ( NP-SBJ ( JJ total ) ( NN equity ) ) ( VP ( VBD was ) ( NP-PRD ( QP ( CD 457.9 ) ( CD million ) ) ) ) ) )

Its ratio of tangible equity to total assets as of Sept. 30 was 3.6 % and total equity was 457.9 million


( S ( NP-SBJ ( DT The ) ( NN thrift ) ) ( VP ( VBD emphasized ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( JJ large ) ( NN portfolio ) ) ( PP ( IN of ) ( NP ( NP ( NN equity ) ( NNS securities ) ) ( VP ( VBN issued ) ( PP-MNR ( IN in ) ( NP ( NP ( NN connection ) ) ( PP ( IN with ) ( NP ( NP ( JJ corporate ) ( NNS restructurings ) ) ( CC and ) ( NP ( JJ leveraged ) ( NNS buy-outs ) ) ) ) ) ) ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( NN book ) ( NN value ) ) ( PP ( IN of ) ( NP ( QP ( CD 90 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) ) )

The thrift emphasized that it has a large portfolio of equity securities issued in connection with corporate restructurings and leveraged buy-outs which has a book value of 90 million


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ-1 ( NP ( JJ many ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS transactions ) ) ( ADJP ( JJ related ) ( PP ( TO to ) ( NP ( DT those ) ( NNS securities ) ) ) ) ) ) ) ( VP ( VBP have ) ( RB n't ) ( VP ( VBN been ) ( VP ( VBN completed ) ) ) ) ) ) ( NP-SBJ ( NNP Columbia ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( JJ ultimate ) ( NN gain ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( DT those ) ( NNS assets ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB range ) ( PP-CLR ( PP ( IN from ) ( NP ( QP ( CD 200 ) ( CD million ) ) ) ) ( PP ( TO to ) ( NP ( QP ( CD 300 ) ( CD million ) ) ) ) ) ) ) ) ) ) )

Although many of the transactions related to those securities have n't been completed Columbia said the ultimate gain on the sale of those assets will range from 200 million to 300 million


( S ( NP-SBJ ( NNP Columbia ) ) ( ADVP ( RB also ) ) ( VP ( VBZ has ) ( NP ( NP ( JJ unrealized ) ( NNS gains ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( JJ public ) ( NN equity ) ( NNS securities ) ( NN portfolio ) ) ) ( PP ( IN of ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 70 ) ( CD million ) ) ) ) ) ) )

Columbia also has unrealized gains in its public equity securities portfolio of more than 70 million


( S ( NP-SBJ ( NP ( NNP David ) ( NNP B. ) ( NNP Hilder ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ( VP ( VBD contributed ) ( PP-CLR ( TO to ) ( NP ( DT this ) ( NN article ) ) ) ) )

David B. Hilder in New York contributed to this article


( S ( NP-SBJ ( DT The ) ( NNP Navy ) ) ( VP ( VBD awarded ) ( NP ( NP ( NNP Litton ) ( NNPS Industries ) ( NNP Inc. ) ( POS 's ) ) ( NNP Ingalls ) ( NNP Shipbuilding ) ( NN division ) ) ( NP ( QP ( CD 15.5 ) ( CD million ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NN shipyard ) ( NNS services ) ) ( PP ( IN on ) ( NP ( DT the ) ( NNP Aegis ) ( NN cruiser ) ( NN program ) ) ) ) ) ) )

The Navy awarded Litton Industries Inc. 's Ingalls Shipbuilding division 15.5 million for shipyard services on the Aegis cruiser program


( S ( NP-SBJ ( DT The ) ( NN award ) ) ( VP ( VBZ exercises ) ( NP ( DT a ) ( NNP Navy ) ( NN option ) ( S ( VP ( TO to ) ( VP ( VB extend ) ( NP ( NP ( DT a ) ( NN contract ) ) ( VP ( VBN given ) ( PP-TMP ( IN in ) ( NP ( CD 1984 ) ) ) ) ) ) ) ) ) ) )

The award exercises a Navy option to extend a contract given in 1984


( S ( NP-SBJ-1 ( NP ( NNP Dennis ) ( NNP R. ) ( NNP Mangino ) ) ( NP ( NP ( DT a ) ( JJ general ) ( NN manager ) ) ( PP ( IN of ) ( NP ( NNP EniChem ) ( NNPS Americas ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( S ( NP-PRD ( NP ( NP ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( NN research ) ( CC and ) ( NN development ) ) ) ) ( NP ( NP ( DT a ) ( JJ new ) ( NN post ) ) ( PP-LOC ( IN at ) ( NP ( DT this ) ( NN steel ) ( NN company ) ) ) ) ) ) ) ) )

Dennis R. Mangino a general manager of EniChem Americas was named vice president of research and development a new post at this steel company


( S ( NP-SBJ ( NNP Environmental ) ( NNP Control ) ( NNP Group ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB report ) ( NP ( NP ( NP ( JJ minimal ) ( NNS earnings ) ) ( CC or ) ( NP ( DT a ) ( NN loss ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ) ) ) ) ) ) ) ) )

Environmental Control Group Inc. said it expects to report minimal earnings or a loss for the third quarter


( S ( NP-SBJ ( DT The ) ( JJ environmental ) ( NNS services ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NP ( DT the ) ( NN discontinuation ) ) ( PP ( IN of ) ( NP ( JJ unsuccessful ) ( NN product ) ( NNS lines ) ) ) ) ( CC and ) ( NP ( NP ( DT an ) ( NN increase ) ) ( PP-LOC ( IN in ) ( NP ( JJ baddebt ) ( NNS reserves ) ) ) ) ) ( ADVP ( RB probably ) ) ( VP ( MD will ) ( VP ( VB result ) ( PP-CLR ( IN in ) ( NP ( NP ( NP ( NNS charges ) ) ( PP ( IN of ) ( NP ( QP ( CD 2.5 ) ( CD million ) ( TO to ) ( CD 4 ) ( CD million ) ) ) ) ) ( SBAR ( WHNP-2 ( WHNP ( JJS most ) ) ( WHPP ( IN of ) ( WHNP ( WDT which ) ) ) ) ( S ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN taken ) ( PP-CLR ( IN against ) ( NP ( JJ third-quarter ) ( NNS results ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The environmental services company said that the discontinuation of unsuccessful product lines and an increase in baddebt reserves probably will result in charges of 2.5 million to 4 million most of which will be taken against third-quarter results


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( JJ year-ago ) ( NN quarter ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD reported ) ( NP ( NP ( NNS earnings ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 2.2 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 35 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) )

In the year-ago quarter the company reported earnings of 2.2 million or 35 cents a share


( S ( NP-SBJ ( NNP ONEIDA ) ( NNP Ltd. ) ) ( VP ( VBD declared ) ( NP ( NP ( DT a ) ( ADJP ( CD 10 ) ( NN % ) ) ( NN stock ) ( NN dividend ) ) ( ADJP ( JJ payable ) ( NP-TMP ( NNP Dec. ) ( CD 15 ) ) ( PP ( TO to ) ( NP ( NP ( VB stock ) ) ( PP ( IN of ) ( NP ( NP ( NN record ) ) ( NP ( NNP Nov. ) ( CD 17 ) ) ) ) ) ) ) ) ) )

ONEIDA Ltd. declared a 10 % stock dividend payable Dec. 15 to stock of record Nov. 17


( S ( NP-SBJ ( NP ( DT The ) ( NAC-LOC ( NNP Oneida ) ( NNP N.Y. ) ) ( NN maker ) ) ( PP ( IN of ) ( NP ( UCP ( NN consumer ) ( NN food-service ) ( CC and ) ( JJ industrial ) ) ( NNS products ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBD declared ) ( NP ( NP ( NP ( DT a ) ( JJ quarterly ) ( NN cash ) ( NN dividend ) ) ( PP ( IN of ) ( NP ( NP ( CD 12 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP ( IN with ) ( NP ( DT the ) ( JJ same ) ( UCP ( JJ payable ) ( CC and ) ( NN record ) ) ( NNS dates ) ) ) ) ) )

The Oneida N.Y. maker of consumer food-service and industrial products also declared a quarterly cash dividend of 12 cents a share with the same payable and record dates


( S ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( NN cash ) ( NN dividend ) ) ( VP ( VBN paid ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( JJ common ) ( NN stock ) ) ) ) ) ( ADVP ( RB also ) ) ( VP ( MD will ) ( VP ( VB apply ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( JJ new ) ( NNS shares ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ) )

The cash dividend paid on the common stock also will apply to the new shares the company said


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN move ) ) ( VP ( VP ( VBZ rewards ) ( NP ( NNS shareholders ) ) ) ( CC and ) ( VP ( MD should ) ( VP ( VB improve ) ( NP ( NP ( DT the ) ( NN stock ) ( POS 's ) ) ( NN liquidity ) ) ) ) ) ) ( NP-SBJ ( NNP Oneida ) ) ( VP ( VBD said ) ) )

The move rewards shareholders and should improve the stock 's liquidity Oneida said


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBZ has ) ( NP ( NP ( QP ( IN about ) ( CD 8.8 ) ( CD million ) ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) )

The company has about 8.8 million shares outstanding


( S ( PP-LOC ( IN In ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( NN composite ) ( NN trading ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ ( NP ( NNP Oneida ) ( POS 's ) ) ( NNS shares ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 18.375 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP ( JJ unchanged ) ) ) )

In New York Stock Exchange composite trading yesterday Oneida 's shares closed at 18.375 a share unchanged


( S ( NP-SBJ ( NNP International ) ( NNP Business ) ( NNPS Machines ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB let ) ( S ( NP-SBJ ( NNP Motorola ) ( NNP Inc. ) ) ( VP ( VB participate ) ( PP-CLR ( IN in ) ( NP ( DT a ) ( NN semiconductor ) ( NN research ) ( NN project ) ) ) ) ) ) ) ) ( PP ( IN as ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN effort ) ( S ( VP ( TO to ) ( VP ( VB bolster ) ( NP ( DT the ) ( NNP U.S. ) ( NN semiconductor ) ( NN industry ) ) ) ) ) ) ) ) ) ) ) ) ) )

International Business Machines Corp. said it agreed to let Motorola Inc. participate in a semiconductor research project as part of its effort to bolster the U.S. semiconductor industry


( S ( NP-SBJ ( NP ( NNP IBM ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD made ) ( NP ( DT the ) ( NN announcement ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NN dedication ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN research ) ( NN center ) ) ( ADVP-LOC ( RB here ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD invited ) ( NP-1 ( NP ( JJ many ) ( JJ other ) ( NNS companies ) ) ) ( S ( VP ( TO to ) ( VP ( VB participate ) ) ) ) ( ADVP ( IN as ) ( RB well ) ) ( PP-3 ( VBG including ) ( NP ( NP ( DT some ) ) ( PP ( IN from ) ( NP ( NNP Europe ) ) ) ) ) ) ) ) ) )

IBM which made the announcement at the dedication of a research center here said it invited many other companies to participate as well including some from Europe


( S ( NP-SBJ-2 ( NP ( NNP Jack ) ( NNP Kuehler ) ) ( NP ( NP ( NNP IBM ) ( POS 's ) ) ( NN president ) ) ) ( VP ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NNP IBM ) ) ( VP ( VBZ is ) ( ADVP ( RB also ) ) ( VP ( VBG considering ) ( S ( VP ( VBG letting ) ( S ( NP-SBJ ( JJ other ) ( NNS companies ) ) ( VP ( VB participate ) ( PP-CLR ( IN in ) ( NP ( JJ additional ) ( NN semiconductor ) ( NN work ) ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( RBR more ) ( JJ specific ) ) ) ) ) ) ) )

Jack Kuehler IBM 's president said IBM is also considering letting other companies participate in additional semiconductor work but declined to be more specific


( S ( NP-SBJ ( NP ( NNP IBM ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD said ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBG inviting ) ( NP-3 ( NNS companies ) ) ( S ( VP ( TO to ) ( VP ( VB participate ) ( PP-CLR ( IN in ) ( NP ( DT some ) ( NN semiconductor ) ( NN work ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN become ) ( ADJP-PRD ( ADVP ( RB far ) ( RBR more ) ) ( JJ open ) ( PP ( IN about ) ( NP ( PRP$ its ) ( NN technology ) ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ-4 ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN tried ) ( S ( VP ( TO to ) ( VP ( VB rally ) ( NP-5 ( NNP U.S. ) ( NN industry ) ) ( S-PRP-CLR ( VP ( TO to ) ( VP ( VB head ) ( PRT ( RP off ) ) ( NP ( NP ( DT the ) ( NNPS Japanese ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( ADVP-TMP ( RB now ) ) ( VP ( VBP dominate ) ( NP ( NP ( DT the ) ( NN market ) ) ( PP ( IN for ) ( NP ( JJ dynamic ) ( JJ random ) ( NN access ) ( NN memory ) ( NNS chips ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

IBM which said a year ago it was inviting companies to participate in some semiconductor work has become far more open about its technology as it has tried to rally U.S. industry to head off the Japanese who now dominate the market for dynamic random access memory chips


( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( NP ( NNP IBM ) ) ( NP-LOC ( NP ( NNP Armonk ) ) ( NP ( NNP N.Y. ) ) ) ) ( VP ( VBZ makes ) ( NP ( NP ( DT the ) ( NN bulk ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS DRAMs ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ uses ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB make ) ( NP ( NP ( DT the ) ( NN equipment ) ) ( VP ( VBN needed ) ( S-CLR ( VP ( TO to ) ( VP ( VB produce ) ( NP ( DT those ) ( NNS chips ) ) ) ) ) ) ) ) ) )

While IBM Armonk N.Y. makes the bulk of the DRAMs it uses it does n't make the equipment needed to produce those chips


( S ( CC And ) ( NP-SBJ ( NNP IBM ) ) ( VP ( VBZ worries ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNPS Japanese ) ) ( VP ( MD will ) ( VP ( VB take ) ( PRT ( RP over ) ) ( NP ( DT that ) ( NN equipment ) ( NN market ) ) ( ADVP ( RB too ) ) ( SBAR-ADV ( IN unless ) ( S ( NP-SBJ ( NNP U.S. ) ( NN semiconductor ) ( NNS companies ) ) ( VP ( VBP produce ) ( NP ( NP ( JJ enough ) ( NN memory ) ( NNS chips ) ) ) ( ADVP-LOC ( RB here ) ) ( SBAR-2 ( S ( VP ( TO to ) ( VP ( VB keep ) ( S ( NP-SBJ ( NNP U.S. ) ( NN equipment ) ( NNS makers ) ) ( ADJP-PRD ( JJ healthy ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

And IBM worries that the Japanese will take over that equipment market too unless U.S. semiconductor companies produce enough memory chips here to keep U.S. equipment makers healthy


( S-2 ( NP-SBJ ( NP ( NN Failure ) ) ( PP ( IN of ) ( NP ( NNP U.S. ) ( NN equipment ) ( NNS makers ) ) ) ) ( PRN ( S ( NP-SBJ ( NNP IBM ) ) ( VP ( VBZ fears ) ) ) ) ( VP ( MD would ) ( VP ( VB leave ) ( S ( NP-SBJ ( PRP it ) ) ( ADJP-PRD ( JJ dependent ) ( PP ( IN on ) ( NP ( NP ( JJ many ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ Japanese ) ( NNS companies ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP compete ) ( PP-CLR ( IN with ) ( NP ( PRP it ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ other ) ( NNS parts ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Failure of U.S. equipment makers IBM fears would leave it dependent on many of the Japanese companies that compete with it in other parts of the market


( S ( NP-SBJ ( NNP IBM ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB benefit ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( NN expertise ) ) ( SBAR ( WHNP-1 ( DT that ) ) ( S ( NP-SBJ ( NP ( NNP Motorola ) ) ( CC and ) ( NP ( JJ other ) ( NNS companies ) ) ) ( VP ( MD can ) ( VP ( VB bring ) ( S-CLR ( VP ( TO to ) ( VP ( VB bear ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( JJ difficult ) ( NNS problems ) ) ( VP ( VBN involved ) ( PP-LOC ( IN in ) ( NP ( NN semiconductor ) ( NN manufacturing ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

IBM also said it expects to benefit from the expertise that Motorola and other companies can bring to bear on the difficult problems involved in semiconductor manufacturing


( S ( NP-SBJ ( NNP IBM ) ) ( ADVP ( RB already ) ) ( VP ( VBZ participates ) ( PP-CLR ( IN in ) ( NP ( CD one ) ( JJ industrywide ) ( NN effort ) ( S ( VP ( TO to ) ( VP ( VB improve ) ( NP ( NN semiconductor-manufacturing ) ( NNS techniques ) ) ) ) ) ) ) ) )

IBM already participates in one industrywide effort to improve semiconductor-manufacturing techniques


( S ( NP-SBJ ( NNP IBM ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ ( JJ industrywide ) ( NNS efforts ) ) ( VP ( TO to ) ( VP ( VB become ) ( ADJP-PRD ( JJ prevalent ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( NN semiconductor ) ( NN manufacturing ) ) ( VP ( VBZ has ) ( VP ( VBN become ) ( ADJP-PRD ( RB so ) ( JJ expensive ) ) ) ) ) ) ) ) ) ) )

IBM said it expects industrywide efforts to become prevalent because semiconductor manufacturing has become so expensive


( S ( NP-SBJ ( DT A ) ( JJ state-of-the-art ) ( NN plant ) ) ( VP ( VP ( VBN cost ) ( NP ( QP ( CD 40 ) ( CD million ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NNS mid-1970s ) ) ) ) ( CC but ) ( VP ( VBZ costs ) ( NP ( QP ( CD 500 ) ( CD million ) ) ) ( NP-TMP ( NN today ) ) ( SBAR-TMP ( IN because ) ( S ( NP-SBJ ( DT the ) ( NN technology ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB so ) ( JJ complex ) ) ) ) ) ) ) )

A state-of-the-art plant cost 40 million in the mid-1970s but costs 500 million today because the technology is so complex


( S ( CC And ) ( NP-SBJ ( NNP IBM ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ-1 ( DT the ) ( NNS costs ) ) ( VP ( TO to ) ( VP ( VB continue ) ( S ( VP ( VBG climbing ) ) ) ) ) ) ) ) ) ) )

And IBM said it expects the costs to continue climbing


( S ( NP-SBJ ( NP ( NNP IBM ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Motorola ) ) ( VP ( VBZ is ) ( VP ( VBG paying ) ( NP ( RB just ) ( DT a ) ( JJ nominal ) ( NN fee ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB cover ) ( NP ( DT the ) ( JJ 21-month ) ( NN agreement ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD acknowledged ) ( SBAR ( S ( NP-SBJ ( DT some ) ( NNS companies ) ) ( VP ( VBD had ) ( VP ( VBN turned ) ( PRT ( RP down ) ) ( NP ( PRP$ its ) ( NN invitation ) ( S ( VP ( TO to ) ( VP ( VB join ) ( PRT ( RB in ) ) ) ) ) ) ) ) ) ) ) )

IBM which said Motorola is paying just a nominal fee to cover the 21-month agreement acknowledged some companies had turned down its invitation to join in


( S ( CC But ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT that ) ) ( VP ( VBD was ) ( SBAR-PRP-PRD ( ADVP ( RB mainly ) ) ( IN because ) ( S ( NP-SBJ ( DT the ) ( NN project ) ) ( VP ( MD may ) ( RB not ) ( VP ( VB bear ) ( NP ( NN fruit ) ) ( PP-TMP ( IN until ) ( NP ( DT the ) ( NNS mid-1990s ) ) ) ) ) ) ) ) ) ) ) )

But it said that was mainly because the project may not bear fruit until the mid-1990s


( S ( NP-SBJ ( NNP IBM ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD thought ) ( SBAR ( S ( NP-SBJ ( JJR more ) ( NNS companies ) ) ( VP ( MD would ) ( VP ( VB become ) ( ADJP-PRD ( JJ interested ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( DT the ) ( NN project ) ) ( VP ( VBZ progresses ) ) ) ) ) ) ) ) ) ) ) ) )

IBM said it thought more companies would become interested as the project progresses


( S ( NP-SBJ ( NP ( DT The ) ( NN project ) ) ( VP ( VBG involving ) ( NP ( NNP Motorola ) ) ) ) ( VP ( VBZ concerns ) ( NP ( NP ( DT a ) ( NN technique ) ) ( VP ( VBD called ) ( S ( NP-PRD ( NN X-ray ) ( NN lithography ) ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ figures ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ crucial ) ( PP ( TO to ) ( NP ( NP ( JJ future ) ( NNS generations ) ) ( PP ( IN of ) ( NP ( NN memory ) ( NNS chips ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The project involving Motorola concerns a technique called X-ray lithography that figures to be crucial to future generations of memory chips


( S ( ADVP-TMP ( RB Currently ) ) ( NP-SBJ-1 ( NNS chips ) ) ( VP ( VBP are ) ( VP ( VBN produced ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG shining ) ( NP ( NN light ) ) ( PP-DIR ( IN through ) ( NP ( DT a ) ( NN mask ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB produce ) ( NP ( DT an ) ( NN image ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN chip ) ) ) ( SBAR-MNR ( ADVP ( RB much ) ) ( IN as ) ( S ( NP-SBJ ( DT a ) ( NN camera ) ) ( VP ( VBZ produces ) ( NP ( DT an ) ( NN image ) ) ( PP-LOC ( IN on ) ( NP ( NN film ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Currently chips are produced by shining light through a mask to produce an image on the chip much as a camera produces an image on film


( S ( CC But ) ( S ( NP-SBJ ( NP ( NNS details ) ) ( PP ( IN on ) ( NP ( NNS chips ) ) ) ) ( VP ( MD must ) ( ADVP-TMP ( RB now ) ) ( VP ( VB be ) ( ADJP-PRD ( RB extraordinarily ) ( JJ fine ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( DT the ) ( NNS wavelengths ) ) ( PP ( IN of ) ( NP ( JJ even ) ( NN ultraviolet ) ( NN light ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ long ) ( RB enough ) ( SBAR ( IN so ) ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NNS images ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP draw ) ) ) ) ) ( VP ( MD may ) ( VP ( VB be ) ( ADJP-PRD ( RB too ) ( JJ blurry ) ) ) ) ) ) ) ( SBAR-ADV ( ADVP ( RB much ) ) ( IN as ) ( S ( NP-SBJ ( NP ( NN someone ) ) ( VP ( VBG using ) ( NP ( DT a ) ( JJ wide ) ( NN paintbrush ) ) ) ) ( VP ( VP ( MD could ) ( VP ( VB produce ) ( NP ( DT a ) ( JJ broad ) ( NN line ) ) ) ) ( CC but ) ( VP ( MD would ) ( VP ( VB have ) ( NP ( NP ( NN trouble ) ) ( S-NOM ( VP ( VBG painting ) ( NP ( DT a ) ( JJ thin ) ( NN one ) ) ) ) ) ) ) ) ) ) ) ) )

But details on chips must now be extraordinarily fine and the wavelengths of even ultraviolet light are long enough so that the images they draw may be too blurry much as someone using a wide paintbrush could produce a broad line but would have trouble painting a thin one


( S ( NP-SBJ ( NNS X-rays ) ) ( PP ( IN by ) ( NP ( NN contrast ) ) ) ( VP ( VP ( VBP travel ) ( ADVP-MNR ( RBR straighter ) ) ) ( CC and ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN focused ) ( ADVP-MNR ( ADVP ( RBR more ) ( RB tightly ) ) ( PP ( IN than ) ( NP ( NN light ) ) ) ) ) ) ) ) )

X-rays by contrast travel straighter and can be focused more tightly than light


( S ( NP-SBJ ( NNS X-rays ) ) ( VP ( VBP have ) ( NP ( NNS problems ) ) ( ADVP ( RB too ) ) ) )

X-rays have problems too


( S ( NP-SBJ ( PRP They ) ) ( VP ( VP ( MD can ) ( VP ( VB make ) ( S ( NP-SBJ ( DT the ) ( NNS masks ) ) ( ADJP-PRD ( JJ brittle ) ) ) ) ) ( CC and ) ( VP ( MD can ) ( VP ( VB pass ) ( PP-DIR ( IN through ) ( NP ( NP ( NN material ) ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP 're ) ( RB not ) ( VP ( VBN supposed ) ( S ( VP ( TO to ) ) ) ) ) ) ) ) ) ) ) ) )

They can make the masks brittle and can pass through material they 're not supposed to


( S ( CC But ) ( S-ADV ( VP ( VBG assuming ) ( SBAR ( S ( NP-SBJ-1 ( DT those ) ( NNS problems ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN overcome ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( MD should ) ( VP ( VB allow ) ( PP-CLR ( IN for ) ( NP ( NP ( NN memory ) ( NNS chips ) ) ( SBAR ( WHNP-3 ( WDT that ) ) ( S ( VP ( MD could ) ( VP ( VB approach ) ( NP ( NP ( NP ( CD one ) ( CD billion ) ( NNS bits ) ) ( PP ( IN of ) ( NP ( NN information ) ) ) ) ( NP ( NP ( NP ( QP ( CD 250 ) ( NNS times ) ) ( RB as ) ( RB much ) ) ( SBAR ( IN as ) ( S ( VP ( VBZ is ) ( VP ( VBN contained ) ( PP-CLR ( IN in ) ( NP ( NP ( DT the ) ( JJ four-megabit ) ( NNS chips ) ) ( SBAR ( WHNP-4 ( WDT that ) ) ( S ( VP ( VBP are ) ( ADVP ( RB just ) ) ( VP ( VBG reaching ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( QP ( DT a ) ( CD million ) ( NNS times ) ) ) ( SBAR-NOM ( WHNP-5 ( WP what ) ) ( S ( VP ( VBD was ) ( ADJP-PRD ( JJ possible ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NNS mid-1970s ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But assuming those problems can be overcome they should allow for memory chips that could approach one billion bits of information 250 times as much as is contained in the four-megabit chips that are just reaching the market and a million times what was possible in the mid-1970s


( S ( NP-SBJ ( NP ( NNS Companies ) ) ( VP ( VBN listed ) ( ADVP-LOC ( RB below ) ) ) ) ( VP ( VBD reported ) ( NP ( NP ( JJ quarterly ) ( NN profit ) ) ( ADJP ( RB substantially ) ( JJ different ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NN average ) ) ( PP ( IN of ) ( NP ( NP ( NNS analysts ) ( POS ' ) ) ( NNS estimates ) ) ) ) ) ) ) ) )

Companies listed below reported quarterly profit substantially different from the average of analysts ' estimates


( S ( NP-SBJ-1 ( DT The ) ( NNS companies ) ) ( VP ( VP ( VBP are ) ( VP ( VBN followed ) ( PP ( IN by ) ( NP-LGS ( QP ( IN at ) ( JJS least ) ( CD three ) ) ( NNS analysts ) ) ) ) ) ( CC and ) ( VP ( VBD had ) ( NP ( NP ( DT a ) ( JJ minimum ) ( JJ five-cent ) ( NN change ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ actual ) ( NNS earnings ) ) ( PP ( IN per ) ( NP ( NN share ) ) ) ) ) ) ) ) )

The companies are followed by at least three analysts and had a minimum five-cent change in actual earnings per share


( S ( NP-SBJ-1 ( NP ( ADJP ( VBN Estimated ) ( CC and ) ( JJ actual ) ) ( NNS results ) ) ( VP ( VBG involving ) ( NP ( NNS losses ) ) ) ) ( VP ( VBP are ) ( VP ( VBN omitted ) ) ) )

Estimated and actual results involving losses are omitted


( S ( NP-SBJ ( DT The ) ( NN percent ) ( NN difference ) ) ( VP ( VBZ compares ) ( NP ( JJ actual ) ( NN profit ) ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( JJ 30-day ) ( NN estimate ) ) ) ( SBAR-ADV ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( QP ( IN at ) ( JJS least ) ( CD three ) ) ( NNS analysts ) ) ( VP ( VBP have ) ( VP ( NNS issues ) ( NP ( NNS forecasts ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ past ) ( CD 30 ) ( NNS days ) ) ) ) ) ) ) ) )

The percent difference compares actual profit with the 30-day estimate where at least three analysts have issues forecasts in the past 30 days


( S ( ADVP ( RB Otherwise ) ) ( NP-SBJ-1 ( JJ actual ) ( NN profit ) ) ( VP ( VBZ is ) ( VP ( VBN compared ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( JJ 300-day ) ( NN estimate ) ) ) ) ) )

Otherwise actual profit is compared with the 300-day estimate


( S ( NP-SBJ ( NNP Cie ) ( NNP Generale ) ( FW des ) ( NNP Eaux ) ) ( VP ( VP ( VBD reported ) ( SBAR ( DT that ) ( S ( NP-SBJ ( JJ net ) ( NN profit ) ) ( VP ( VBD climbed ) ( NP-EXT ( CD 30 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ first ) ( NN half ) ) ( PP ( IN of ) ( NP ( CD 1989 ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ expects ) ( NP ( NP ( DT a ) ( NN gain ) ) ( PP ( IN of ) ( NP ( IN about ) ( CD 25 ) ( NN % ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ full ) ( NN year ) ) ) ) ) ) ) ) ) )

Cie Generale des Eaux reported that net profit climbed 30 % in the first half of 1989 and said that it expects a gain of about 25 % for the full year


( S ( NP-SBJ ( DT The ) ( JJ French ) ( NN water ) ( NN treatment ) ( NN group ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( JJ consolidated ) ( JJ net ) ( NN profit ) ) ( PP ( IN after ) ( NP ( NP ( NNS payments ) ) ( PP ( TO to ) ( NP ( NN minority ) ( NNS interests ) ) ) ) ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 749 ) ( CD million ) ) ( NNS francs ) ) ( NP ( QP ( CD 119.2 ) ( CD million ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 575 ) ( CD million ) ) ( NNS francs ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ first ) ( NN half ) ) ( PP ( IN of ) ( NP ( CD 1988 ) ) ) ) ) ) ) ) ) )

The French water treatment group said consolidated net profit after payments to minority interests rose to 749 million francs 119.2 million from 575 million francs in the first half of 1988


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD climbed ) ( NP-EXT ( CD 13 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 45.4 ) ( CD billion ) ) ( NNS francs ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 40.1 ) ( CD billion ) ) ) ) ) )

Revenue climbed 13 % to 45.4 billion francs from 40.1 billion


( S ( NP-SBJ ( NNP Generale ) ( FW des ) ( NNP Eaux ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NNS earnings ) ( NN gain ) ) ( VP ( VBD was ) ( VP ( VBN led ) ( PP ( IN by ) ( NP-LGS ( PRP$ its ) ( NN water ) ( NN energy ) ( CC and ) ( NN building ) ( NNS activities ) ) ) ) ) ) ) ) )

Generale des Eaux said the earnings gain was led by its water energy and building activities


( S ( NP-SBJ ( NNP Beghin-Say ) ( NNP S.A. ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( PRP$ its ) ( VBG remaining ) ( NN paper ) ( NNS operations ) ) ( PP-TMP ( IN by ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( NNP January ) ) ) ) ) ) ) ) ( PP ( IN as ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN drive ) ( S ( VP ( TO to ) ( VP ( VP ( VB refocus ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NN food ) ( NN sector ) ) ) ) ( CC and ) ( VP ( VB lower ) ( NP ( PRP$ its ) ( NN debt ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Beghin-Say S.A. said that it plans to sell its remaining paper operations by the end of January as part of a drive to refocus on the food sector and lower its debt


( S ( NP-SBJ ( NP ( DT The ) ( JJ French ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NNP Ferruzzi ) ( NNP Agricola ) ( NNP Finanziaria ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBD disclosed ) ( NP ( NP ( NP ( DT a ) ( ADJP ( CD 40 ) ( NN % ) ) ( NN rise ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( JJ consolidated ) ( JJ net ) ( NN profit ) ) ) ( PP-TMP ( IN for ) ( NP ( NP ( DT the ) ( JJ first ) ( NN half ) ) ( PP ( IN of ) ( NP ( CD 1989 ) ) ) ) ) ) ( PP ( PP ( VBG excluding ) ( NP ( JJ nonrecurring ) ( NNS items ) ) ) ( CC and ) ( PP-TMP ( IN after ) ( NP ( NP ( NNS payments ) ) ( PP ( TO to ) ( NP ( NN minority ) ( NNS interests ) ) ) ) ) ) ) ) )

The French unit of Ferruzzi Agricola Finanziaria also disclosed a 40 % rise in its consolidated net profit for the first half of 1989 excluding nonrecurring items and after payments to minority interests


( S ( NP-SBJ ( NNP Beghin-Say ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN sale ) ) ( VP ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN done ) ( PP-MNR ( IN in ) ( NP ( CD two ) ( NNS parts ) ) ) ) ) ) ( CC and ) ( VP ( MD will ) ( VP ( VB raise ) ( NP ( NP ( DT a ) ( NN total ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 2.025 ) ( CD billion ) ) ( NNS francs ) ) ( PRN ( NP ( QP ( CD 325 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) ) )

Beghin-Say said the sale will be done in two parts and will raise a total of 2.025 billion francs 325 million


( S ( NP-SBJ ( DT This ) ) ( VP ( MD will ) ( VP ( VB include ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( NN interest ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( JJ joint ) ( NN venture ) ) ( NP ( NNP Beghin ) ( NNP Corbehem ) ) ) ) ) ) ( PP ( TO to ) ( NP ( NNP Feldemuehle ) ( NNP AG ) ) ) ) ) ) )

This will include the sale of its interest in the joint venture Beghin Corbehem to Feldemuehle AG


( S ( NP-SBJ-1 ( DT The ) ( ADJP ( JJ West ) ( JJ German ) ) ( NN paper ) ( NN company ) ) ( VP ( VBD entered ) ( NP ( DT the ) ( NN venture ) ) ( PP-TMP ( IN in ) ( NP ( NNP April ) ( CD 1988 ) ) ) ( SBAR-MNR ( IN by ) ( S-NOM ( VP ( VBG acquiring ) ( NP ( DT a ) ( ADJP ( CD 50 ) ( NN % ) ) ( NN stake ) ) ( PP-CLR ( ADVP ( RB also ) ) ( IN from ) ( NP ( NNP Beghin-Say ) ) ) ) ) ) ) )

The West German paper company entered the venture in April 1988 by acquiring a 50 % stake also from Beghin-Say


( S ( NP-SBJ ( NP ( DT The ) ( JJ other ) ( NN part ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN transaction ) ) ) ) ( VP ( MD will ) ( VP ( VB see ) ( S ( NP-SBJ ( NNP Beghin-Say ) ) ( VP ( VB sell ) ( NP ( NP ( PRP$ its ) ( ADJP ( CD 50 ) ( NN % ) ) ( NN stake ) ) ( PP ( IN in ) ( NP ( PRP$ its ) ( NNP Kaysersberg ) ( NN paper ) ( NN affiliate ) ) ) ) ( PP-DTV ( TO to ) ( NP ( NP ( DT an ) ( JJ unspecified ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NN petrochemical ) ( NN group ) ) ( NP ( NNP Montedison ) ( NNP S.p ) ( NNP A. ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( ADVP ( RB also ) ) ( VP ( VBN controlled ) ( PP ( IN by ) ( NP-LGS ( NNP Ferruzzi ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The other part of the transaction will see Beghin-Say sell its 50 % stake in its Kaysersberg paper affiliate to an unspecified unit of the petrochemical group Montedison S.p A. which is also controlled by Ferruzzi


( S ( CC And ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( JJ separate ) ( NN transaction ) ) ) ( NP-SBJ ( NNP Beghin-Say ) ) ( VP ( MD will ) ( VP ( VB sell ) ( NP ( NP ( PRP$ its ) ( VBG remaining ) ( ADJP ( CD 25 ) ( NN % ) ) ( NN interest ) ) ( PP ( IN in ) ( NP ( NP ( NNP A.T.B. ) ) ( NP ( NP ( DT a ) ( VBG holding ) ( NN company ) ) ( PP ( IN for ) ( NP ( JJ international ) ( NN trading ) ( NNS assets ) ) ) ) ) ) ) ( PP-DTV ( TO to ) ( NP ( NP ( DT an ) ( JJ unspecified ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NNP Ferruzzi ) ) ) ) ) ( PP-CLR ( IN for ) ( NP ( QP ( CD 258 ) ( CD million ) ) ( NNS francs ) ) ) ) ) )

And in a separate transaction Beghin-Say will sell its remaining 25 % interest in A.T.B. a holding company for international trading assets to an unspecified unit of Ferruzzi for 258 million francs


( S ( NP-SBJ ( NNP ITT ) ( NNP Corp. ) ) ( S-ADV ( NP-SBJ ( PRP$ its ) ( NN insurance ) ( NN business ) ) ( VP ( VBN hurt ) ( PP ( IN by ) ( NP-LGS ( NNP Hurricane ) ( NNP Hugo ) ) ) ) ) ( VP ( VBD reported ) ( NP ( NP ( DT a ) ( ADJP ( CD 4 ) ( NN % ) ) ( NN decline ) ) ( PP-LOC ( IN in ) ( NP ( JJ third-quarter ) ( JJ net ) ( NN income ) ) ) ) ( PP ( IN despite ) ( NP ( NP ( DT a ) ( ADJP ( CD 4.2 ) ( NN % ) ) ( NN rise ) ) ( PP-LOC ( IN in ) ( NP ( NN revenue ) ) ) ) ) ) )

ITT Corp. its insurance business hurt by Hurricane Hugo reported a 4 % decline in third-quarter net income despite a 4.2 % rise in revenue


( S ( NP-SBJ ( NNP ITT ) ) ( VP ( ADVP ( RB also ) ) ( VB forecast ) ( NP ( NP ( DT a ) ( JJ fourth-quarter ) ( NN blow ) ) ( PP ( TO to ) ( NP ( NNS earnings ) ) ) ( PP ( IN from ) ( NP ( DT the ) ( NNP California ) ( NN earthquake ) ) ) ) ) )

ITT also forecast a fourth-quarter blow to earnings from the California earthquake


( S ( PP ( IN Except ) ( PP ( IN for ) ( NP ( NN insurance ) ) ) ) ( ADVP ( RB however ) ) ( NP-SBJ ( NNP ITT ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ expects ) ( NP ( NP ( JJ improved ) ( NN operating ) ( NNS earnings ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( PRP$ our ) ( NNS businesses ) ) ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ full ) ( NN year ) ) ) ) ) ) ) ) )

Except for insurance however ITT said it expects improved operating earnings in all of our businesses for the full year


( S ( NP-SBJ ( JJ Third-quarter ) ( JJ net ) ( NN income ) ) ( VP ( VBD dropped ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 221 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.55 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 230 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.60 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ year-earlier ) ( NN period ) ) ) ) ) )

Third-quarter net income dropped to 221 million or 1.55 a share from 230 million or 1.60 a share in the year-earlier period


( S ( NP-SBJ ( NNP ITT ) ) ( VP ( VBD bought ) ( PRT ( RP back ) ) ( NP ( NP ( QP ( CD 8.8 ) ( CD million ) ) ( NNS shares ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ( PP-2 ( VBG including ) ( NP ( NP ( CD 2.8 ) ( CD million ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ) ) ) )

ITT bought back 8.8 million shares this year including 2.8 million during the third quarter


( S ( NP-SBJ ( JJ Third-quarter ) ( NN revenue ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 4.9 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 4.7 ) ( CD billion ) ) ) ) ) )

Third-quarter revenue rose to 4.9 billion from 4.7 billion


( S ( PP-LOC ( IN In ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ-1 ( NNP ITT ) ( JJ common ) ( NN stock ) ) ( VP ( VBD fell ) ( NP-ADV ( CD 62.5 ) ( NNS cents ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB close ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 58.75 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) )

In New York Stock Exchange composite trading yesterday ITT common stock fell 62.5 cents to close at 58.75 a share


( S ( PP ( IN In ) ( NP ( NP ( NN addition ) ) ( PP ( TO to ) ( NP ( NN insurance ) ( CC and ) ( NN finance ) ) ) ) ) ( NP-SBJ ( NNP ITT ) ) ( VP ( VBZ has ) ( NP ( NP ( NNS interests ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ electronic ) ( NNS parts ) ) ( NP ( NN defense ) ( NN technology ) ) ( NP ( JJ automotive ) ( NNS parts ) ) ( NP ( NN fluid ) ( NN technology ) ) ( NP ( NN pulp ) ( CC and ) ( NN timber ) ) ( CC and ) ( NP ( NNS communications ) ( CC and ) ( NN information ) ( NNS services ) ) ) ) ) ) )

In addition to insurance and finance ITT has interests in electronic parts defense technology automotive parts fluid technology pulp and timber and communications and information services


( SINV ( S-TPC-1 ( NP-SBJ ( NP ( NNP Hurricane ) ( NNP Hugo ) ( NNS losses ) ) ( CC and ) ( NP ( NP ( DT the ) ( VBG continuing ) ( JJ industrywide ) ( NN downturn ) ) ( PP ( IN in ) ( NP ( DT the ) ( NN property ) ( CC and ) ( NN casualty ) ( NN insurance ) ( NN business ) ) ) ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( DT the ) ( JJ major ) ( NNS factors ) ) ( VP ( VBG affecting ) ( NP ( JJ quarterly ) ( NNS comparisons ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Rand ) ( NNP V. ) ( NNP Araskog ) ) ( NP ( NP ( NN chairman ) ) ( CC and ) ( NP ( JJ chief ) ( NN executive ) ( NN officer ) ) ) ) )

Hurricane Hugo losses and the continuing industrywide downturn in the property and casualty insurance business were the major factors affecting quarterly comparisons said Rand V. Araskog chairman and chief executive officer


( S ( S-TPC-1 ( NP-SBJ ( NP ( NNP ITT ) ( POS 's ) ) ( NNP Hartford ) ( NNP Insurance ) ( NNP Group ) ) ( VP ( VBD had ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 53 ) ( CD million ) ) ) ( JJ quarterly ) ( JJ pretax ) ( NN loss ) ) ( PP ( IN from ) ( NP ( NNP Hurricane ) ( NNP Hugo ) ) ) ) ) ) ( NP-SBJ ( NNP ITT ) ) ( VP ( VBD said ) ) )

ITT 's Hartford Insurance Group had a 53 million quarterly pretax loss from Hurricane Hugo ITT said


( S ( S-TPC-2 ( NP-SBJ-1 ( NNP Hartford ) ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB report ) ( NP ( NP ( DT a ) ( JJ further ) ( JJ pretax ) ( NN loss ) ) ( PP ( IN of ) ( NP ( QP ( IN about ) ( CD 30 ) ( CD million ) ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ current ) ( NN quarter ) ) ) ) ( PP ( IN as ) ( NP ( NP ( DT a ) ( NN result ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP California ) ( NN earthquake ) ) ( NP-TMP ( DT this ) ( NN month ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP ITT ) ) ( VP ( VBD added ) ) )

Hartford expects to report a further pretax loss of about 30 million for the current quarter as a result of the California earthquake this month ITT added


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( ADVP ( RB also ) ) ( VP ( VBD disclosed ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( JJ financial ) ( NNS operations ) ) ( VP ( VBD had ) ( VP ( VBN increased ) ( NP ( NP ( NNS reserves ) ) ( PP ( IN for ) ( NP ( JJ bankrupt ) ( NNS accounts ) ) ) ) ( S-ADV ( VP ( VBG resulting ) ( PP-CLR ( IN in ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 40 ) ( CD million ) ) ) ( JJ pretax ) ( NN charge ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ) ) ) ) ) ) ) ) ) )

The company also disclosed its financial operations had increased reserves for bankrupt accounts resulting in a 40 million pretax charge for the third quarter


( S ( NP-SBJ-1 ( DT This ) ( NN charge ) ) ( VP ( VBD was ) ( ADVP ( RB partly ) ) ( VP ( VBN offset ) ( ADVP ( RB however ) ) ( PP ( IN by ) ( NP-LGS ( NP ( QP ( CD 19 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( JJ pretax ) ( NN capital ) ( NNS gains ) ) ) ) ) ) ) )

This charge was partly offset however by 19 million in pretax capital gains


( S ( NP-SBJ ( NNP ITT ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP$ its ) ( NN consumer ) ( NN finance ) ( NN unit ) ) ( VP ( VBD agreed ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ( S ( VP ( TO to ) ( VP ( VB settle ) ( NP ( NP ( DT a ) ( JJ civil ) ( NN suit ) ) ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NNP California ) ( NN attorney ) ( NN general ) ) ) ( PP-2 ( IN over ) ( NP ( JJ alleged ) ( JJ improper ) ( NN lending ) ( CC and ) ( NNS sales ) ( NNS practices ) ) ) ) ) ) ) ) ) ) )

ITT also said its consumer finance unit agreed in September to settle a civil suit with the California attorney general over alleged improper lending and sales practices


( S ( S-ADV ( VP ( VBG Anticipating ) ( NP ( DT this ) ( NN settlement ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN company ) ) ( VP ( VBD recorded ) ( NP ( NP ( DT a ) ( JJ pretax ) ( NN charge ) ) ( PP ( IN of ) ( NP ( QP ( CD 24 ) ( CD million ) ) ) ) ) ( PP-TMP ( IN during ) ( NP ( NP ( DT the ) ( JJ fourth ) ( NN quarter ) ) ( PP ( IN of ) ( NP ( CD 1988 ) ) ) ) ) ) )

Anticipating this settlement the company recorded a pretax charge of 24 million during the fourth quarter of 1988


( S ( NP-SBJ ( DT An ) ( NNP ITT ) ( NN spokesman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN charge ) ) ( VP ( VBD was ) ( RB n't ) ( ADVP-MNR ( RB publicly ) ) ( VP ( VBN reported ) ( PP-TMP ( IN at ) ( NP ( DT the ) ( NN time ) ) ) ) ) ) ) ) )

An ITT spokesman said the charge was n't publicly reported at the time


( S ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( NN company ) ( POS 's ) ) ( NN product ) ( NNS businesses ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN exception ) ) ( PP ( IN of ) ( NP ( JJ electronic ) ( NNS components ) ) ) ) ) ( VP ( VBD had ) ( NP ( JJR higher ) ( NN operating ) ( NNS earnings ) ) ( PP-TMP ( IN for ) ( NP ( NP ( DT the ) ( JJ first ) ( CD nine ) ( NNS months ) ) ( PP ( IN of ) ( NP ( CD 1989 ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ) )

The company 's product businesses with the exception of electronic components had higher operating earnings for the first nine months of 1989 the company said


( S ( S-ADV ( VP ( VBG Elaborating ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NN exception ) ) ) ) ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NN volume ) ( CC and ) ( NNS margins ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJR lower ) ) ( PP-LOC ( IN in ) ( NP ( NN semiconductor ) ( CC and ) ( NN power ) ( NNS systems ) ( NNS operations ) ) ) ) ) ) ) )

Elaborating on the exception it said volume and margins were lower in semiconductor and power systems operations


( S ( NP-SBJ ( NP ( NP ( NNP Christopher ) ( NNP Cox ) ( POS 's ) ) ( NNP Oct. ) ( CD 13 ) ( NN editorial-page ) ( NN article ) ) ( PP-TTL ( IN Toward ) ( NP ( JJR More ) ( JJ Crippling ) ( NNS Lawsuits ) ) ) ) ( VP ( VBZ misses ) ( NP ( DT the ) ( NN point ) ) ) )

Christopher Cox 's Oct. 13 editorial-page article Toward More Crippling Lawsuits misses the point


( S ( NP-SBJ ( DT The ) ( CD 1989 ) ( NAC ( NNPS Americans ) ( PP ( IN With ) ( NP ( NNPS Disabilities ) ) ) ) ( NNP Act ) ) ( VP ( VBZ is ) ( PP-PRD ( IN about ) ( S-NOM ( VP ( VBG eliminating ) ( NP ( JJ discriminatory ) ( NNS barriers ) ) ) ) ) ) )

The 1989 Americans With Disabilities Act is about eliminating discriminatory barriers


( S ( SBAR ( WHADVP-2 ( WRB When ) ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP look ) ( ADVP-MNR ( RB closely ) ) ( PP-CLR ( IN at ) ( NP ( PRP$ our ) ( JJ own ) ( NN history ) ) ) ) ) ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ clear ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( PRP$ our ) ( ADJP ( RB constitutionally ) ( VBN mandated ) ) ( JJ civil ) ( NNS rights ) ) ( VP ( VBP have ) ( VP ( VBN evolved ) ( PP-MNR ( RB not ) ( PP ( IN through ) ( NP ( NP ( DT the ) ( NN goodness ) ) ( PP ( IN of ) ( NP ( NP ( NNS people ) ( POS 's ) ) ( NNS hearts ) ) ) ) ) ( CC but ) ( PP ( IN through ) ( NP ( NP ( NN legislation ) ) ( CC and ) ( NP ( JJ constitutional ) ( NNS amendments ) ) ) ) ) ) ) ) ) ) )

When we look closely at our own history it is clear that our constitutionally mandated civil rights have evolved not through the goodness of people 's hearts but through legislation and constitutional amendments


( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( SBAR-PRD ( WHADVP ( WRB how ) ) ( S ( NP-SBJ ( JJ American ) ( NNS women ) ) ( VP ( VBD won ) ( NP ( DT the ) ( NN right ) ( S ( VP ( TO to ) ( VP ( VB vote ) ) ) ) ) ) ) ) ) )

This is how American women won the right to vote


( S ( CC And ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( SBAR-PRD ( WHADVP ( WRB how ) ) ( S ( NP-SBJ-1 ( NP ( NNPS African-Americans ) ) ( CC and ) ( NP ( JJ other ) ( NN minority ) ( NNS groups ) ) ) ( VP ( VBD were ) ( VP ( VBN guaranteed ) ( NP ( NP ( PRP$ their ) ( JJ equal ) ( NNS rights ) ) ( PP ( IN as ) ( NP ( NP ( NNS citizens ) ) ( PP-LOC ( IN in ) ( NP ( DT this ) ( NN nation ) ) ) ) ) ) ) ) ) ) ) )

And it is how African-Americans and other minority groups were guaranteed their equal rights as citizens in this nation


( S ( PP ( IN For ) ( NP ( NP ( DT the ) ( QP ( JJR more ) ( IN than ) ( CD 43 ) ( CD million ) ) ( NNPS Americans ) ) ( PP ( IN with ) ( NP ( NNS disabilities ) ) ) ) ) ( NP-SBJ ( DT the ) ( CD 1989 ) ( NAC ( NNPS Americans ) ( PP ( IN With ) ( NP ( NNPS Disabilities ) ) ) ) ( NNP Act ) ) ( VP ( VBZ provides ) ( NP ( DT the ) ( VBG missing ) ( NN piece ) ) ) )

For the more than 43 million Americans with disabilities the 1989 Americans With Disabilities Act provides the missing piece


( S ( NP-SBJ ( JJ Disabled ) ( NNPS Americans ) ) ( VP ( VBP have ) ( VP ( VBN had ) ( S ( NP-SBJ ( PRP$ their ) ( JJ civil ) ( NNS rights ) ) ( VP ( VBN guaranteed ) ( PP-LOC ( IN in ) ( NP ( DT all ) ( ADJP ( RB federally ) ( VBN funded ) ) ( NNS programs ) ) ) ) ) ( SBAR-TMP ( IN since ) ( S ( NP-SBJ-1 ( NN Section ) ( CD 504 ) ) ( VP ( VBD was ) ( VP ( VBN passed ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( NN part ) ) ( PP ( IN of ) ( NP ( DT the ) ( CD 1973 ) ( NNP Rehabilitation ) ( NNP Act ) ) ) ) ) ) ) ) ) ) ) )

Disabled Americans have had their civil rights guaranteed in all federally funded programs since Section 504 was passed as a part of the 1973 Rehabilitation Act


( S ( NP-SBJ ( DT The ) ( CD 1989 ) ( NN act ) ) ( ADVP ( RB simply ) ) ( VP ( VBZ extends ) ( NP ( DT these ) ( NNS guarantees ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( JJ private ) ( NN sector ) ) ) ) )

The 1989 act simply extends these guarantees to the private sector


( S ( NP-SBJ-2 ( NP ( DT Those ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP fear ) ( S ( NP-SBJ ( NP ( DT a ) ( NN plethora ) ) ( PP ( IN of ) ( NP ( NNS suits ) ) ) ) ( VP ( VBG paralyzing ) ( NP ( PRP$ our ) ( JJ legal ) ( NN system ) ) ) ) ) ) ) ) ( VP ( MD need ) ( S ( ADVP ( RB only ) ) ( VP ( VB look ) ( PP-CLR ( IN at ) ( NP ( NP ( DT the ) ( NN record ) ) ( PP ( IN on ) ( NP ( DT the ) ( NNP Rehabilitation ) ( NNP Act ) ) ) ) ) ) ) ) )

Those who fear a plethora of suits paralyzing our legal system need only look at the record on the Rehabilitation Act


( S ( PP ( IN Without ) ( NP ( JJ legal ) ( NN recourse ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT no ) ( NNS guarantees ) ) ( PP ( IN of ) ( NP ( JJ civil ) ( NNS rights ) ) ) ( PP ( IN for ) ( NP ( NN anyone ) ) ) ) ) )

Without legal recourse there are no guarantees of civil rights for anyone


( NP ( NP ( NNP John ) ( NNP R. ) ( NNP Garrison ) ) ( NP ( NP ( NNP President ) ) ( NP ( NNP National ) ( NNP Easter ) ( NNP Seal ) ( NNP Society ) ) ) )

John R. Garrison President National Easter Seal Society


( S ( NP-SBJ-1 ( DT THE ) ( NNP BIG ) ( NNP BOARD ) ) ( VP ( VBZ PLANS ) ( S ( VP ( TO to ) ( VP ( VB launch ) ( NP ( NP ( PRP$ its ) ( JJ own ) ( NN vehicle ) ) ( PP ( IN for ) ( NP ( NN program ) ( NN trading ) ) ) ) ( NP-TMP ( NN today ) ) ) ) ) ( PP ( IN amid ) ( NP ( NP ( VBG growing ) ( NN controversy ) ) ( PP ( IN over ) ( NP ( DT the ) ( NN practice ) ) ) ) ) ) )

THE BIG BOARD PLANS to launch its own vehicle for program trading today amid growing controversy over the practice


( S ( NP-SBJ ( NP ( DT The ) ( JJ new ) ( NNS baskets ) ) ( PP ( IN of ) ( NP ( NNS stocks ) ) ) ) ( VP ( MD will ) ( VP ( VB allow ) ( S ( NP-SBJ ( JJ big ) ( NNS investors ) ) ( VP ( TO to ) ( VP ( VB buy ) ( CC or ) ( VB sell ) ( NP ( DT all ) ( CD 500 ) ( NNP S&P ) ( NN index ) ( NNS stocks ) ) ( PP-MNR ( IN in ) ( NP ( DT a ) ( JJ single ) ( NN trade ) ) ) ) ) ) ) ) )

The new baskets of stocks will allow big investors to buy or sell all 500 S&P index stocks in a single trade


( S ( NP-SBJ ( DT The ) ( NN exchange ) ) ( VP ( VBZ argues ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NP ( DT the ) ( NN product ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( DT the ) ( NNP SEC ) ) ( ADVP ( RB temporarily ) ) ( VP ( VBD approved ) ( NP-TMP ( NN yesterday ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB help ) ( S ( VP ( NN ease ) ( CONJP ( RB rather ) ( IN than ) ) ( VB worsen ) ( NP ( NP ( DT any ) ( NN volatility ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ) ) ) ) ) ) ) ) ) )

The exchange argues that the product which the SEC temporarily approved yesterday will help ease rather than worsen any volatility in the stock market


( S ( NP-SBJ ( NNP SEC ) ( NNP Chairman ) ( NNP Breeden ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( MD would ) ( VP ( VB consider ) ( S ( VP ( VBG imposing ) ( NP ( NN circuit ) ( NNS breakers ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB halt ) ( NP ( NN program ) ( NN trading ) ) ( PP-TMP ( IN during ) ( NP ( NP ( JJ sharp ) ( NNS swings ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

SEC Chairman Breeden said he would consider imposing circuit breakers to halt program trading during sharp swings in the market


( S ( NP-SBJ-1 ( NNP Kemper ) ( NNP Financial ) ( NNPS Services ) ) ( VP ( VBZ has ) ( VP ( VBN stopped ) ( S ( VP ( VBG executing ) ( NP ( PRP$ its ) ( NN stock ) ( NNS trades ) ) ( PP-MNR ( IN through ) ( NP ( CD four ) ( JJ big ) ( NNS securities ) ( NNS firms ) ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( PRP$ their ) ( NN involvement ) ) ( PP ( IN in ) ( NP ( NP ( NN program ) ( NN trading ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( NP-SBJ ( NNP Kemper ) ( CC and ) ( NNS others ) ) ( VP ( VBP say ) ( SBAR ( S ( VP ( VBZ is ) ( VP ( VBG ruining ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Kemper Financial Services has stopped executing its stock trades through four big securities firms because of their involvement in program trading which Kemper and others say is ruining the market


( S ( NP-SBJ ( NP ( DT The ) ( JJ main ) ( NNS capital-gains ) ( NN tax ) ( NN plan ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Senate ) ) ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( VBG winning ) ( NP ( NP ( NN support ) ) ( PP ( IN from ) ( NP ( NP ( NNPS Democrats ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP favor ) ( NP ( DT a ) ( NN reduction ) ) ) ) ) ) ) ) ) ) )

The main capital-gains tax plan in the Senate is n't winning support from Democrats who favor a reduction


( S ( NP-SBJ ( DT The ) ( NN trend ) ) ( VP ( VBZ is ) ( VP ( VBG making ) ( S ( NP-SBJ ( NNS proponents ) ) ( ADJP-PRD ( RBR less ) ( JJ optimistic ) ( SBAR ( S ( NP-SBJ ( DT a ) ( NN tax ) ( NN cut ) ) ( VP ( MD will ) ( VP ( VB pass ) ) ) ) ) ) ) ) ) )

The trend is making proponents less optimistic a tax cut will pass


( S ( NP-SBJ-1 ( NP ( NNP Bethlehem ) ( NNP Steel ) ( POS 's ) ) ( NN profit ) ) ( VP ( VBD plunged ) ( NP-EXT ( CD 54 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( S-ADV ( VP ( VBN hurt ) ( PP ( IN by ) ( NP-LGS ( NP ( JJR higher ) ( NNS costs ) ) ( CC and ) ( NP ( NP ( JJR lower ) ( NNS shipments ) ) ( PP ( TO to ) ( NP ( JJ key ) ( NNS clients ) ) ) ) ) ) ) ) ) )

Bethlehem Steel 's profit plunged 54 % in the third quarter hurt by higher costs and lower shipments to key clients


( S ( ADVP ( RB Also ) ) ( NP-SBJ ( NP ( NNP Armco ) ) ( CC and ) ( NP ( NNP National ) ( NNP Intergroup ) ) ) ( VP ( VBD had ) ( NP ( NP ( JJR lower ) ( NN operating ) ( NN profit ) ) ( PP-LOC ( IN in ) ( NP ( NN steel ) ) ) ) ( S-ADV ( VP ( VBG marking ) ( SBAR ( WHNP-1 ( WP what ) ) ( S ( VP ( MD may ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ two-year ) ( NN industry ) ( NN boom ) ) ) ) ) ) ) ) ) ) ) )

Also Armco and National Intergroup had lower operating profit in steel marking what may be the end of a two-year industry boom


( S ( NP-SBJ ( NNP Columbia ) ( NNP S&L ) ) ( VP ( VBD posted ) ( NP ( NP ( DT a ) ( JJ quarterly ) ( NN loss ) ) ( PP ( IN of ) ( NP ( QP ( CD 226.3 ) ( CD million ) ) ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( DT the ) ( NNP Beverly ) ( NNPS Hills ) ( NN thrift ) ) ( VP ( VBD reeled ) ( PP-CLR ( IN from ) ( NP ( NP ( JJ new ) ( NN industry ) ( NNS rules ) ) ( CC and ) ( NP ( NP ( NN turmoil ) ) ( PP-LOC ( IN in ) ( NP ( NN junk ) ( NNS bonds ) ) ) ) ) ) ) ) ) ) )

Columbia S&L posted a quarterly loss of 226.3 million as the Beverly Hills thrift reeled from new industry rules and turmoil in junk bonds


( S ( NP-SBJ-1 ( NNP Anheuser-Busch ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( ADVP-MNR ( RB aggressively ) ) ( VP ( VB discount ) ( NP ( PRP$ its ) ( JJ major ) ( NN beer ) ( NNS brands ) ) ) ) ) ( S-ADV ( VP ( VBG setting ) ( NP ( DT the ) ( NN stage ) ) ( PP-CLR ( IN for ) ( NP ( DT a ) ( NN price ) ( NN war ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NP ( DT the ) ( NN beer ) ( NN industry ) ( POS 's ) ) ( NN growth ) ) ( VP ( VBZ slows ) ) ) ) ) ) ) )

Anheuser-Busch plans to aggressively discount its major beer brands setting the stage for a price war as the beer industry 's growth slows


( S ( NP-SBJ ( NNP PS ) ( NNP New ) ( NNP Hampshire ) ) ( VP ( VBD received ) ( NP ( DT a ) ( VBN sweetened ) ( NN bid ) ) ( PP-CLR ( IN from ) ( NP ( NP ( DT another ) ( NN suitor ) ) ( NP ( NNP United ) ( NNP Illuminating ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD valued ) ( NP ( PRP$ its ) ( JJ new ) ( NN proposal ) ) ( PP-LOC-CLR ( IN at ) ( NP ( NP ( QP ( CD 2.29 ) ( CD billion ) ) ) ( VP ( ADVP ( RB apparently ) ) ( VBG topping ) ( NP ( NP ( DT all ) ( NNS others ) ) ( ADVP-TMP ( RB so ) ( RB far ) ) ) ) ) ) ) ) ) ) ) ) )

PS New Hampshire received a sweetened bid from another suitor United Illuminating which valued its new proposal at 2.29 billion apparently topping all others so far


( S ( NP-SBJ ( JJ Financial ) ( NNS markets ) ) ( VP ( VBD quieted ) ( PP ( IN with ) ( S-NOM ( S ( NP-SBJ ( NN stock ) ( NNS prices ) ) ( VP ( VBG edging ) ( ADVP-CLR ( RBR lower ) ) ) ) ( S ( NP-SBJ ( NNS bonds ) ) ( VP ( VBG inching ) ( ADVP-CLR ( RB up ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NN dollar ) ) ( ADJP-PRD ( RB almost ) ( JJ unchanged ) ) ) ) ) ) )

Financial markets quieted with stock prices edging lower bonds inching up and the dollar almost unchanged


( S ( NP-SBJ ( DT The ) ( NNP Dow ) ( NNP Jones ) ( NNS industrials ) ) ( VP ( VBD closed ) ( ADVP-CLR ( RB off ) ( NP ( CD 5.94 ) ( NNS points ) ) ) ( PP ( IN at ) ( NP ( CD 2653.28 ) ) ) ) )

The Dow Jones industrials closed off 5.94 points at 2653.28


( S ( NP-SBJ ( NNP Fed ) ( NNP Chairman ) ( NNP Greenspan ) ) ( VP ( VBD said ) ( SBAR ( S ( S ( NP-SBJ-1 ( DT the ) ( JJ central ) ( NN bank ) ) ( VP ( MD can ) ( VP ( VB wipe ) ( PRT ( RP out ) ) ( NP ( NN inflation ) ) ( PP-MNR ( IN without ) ( S-NOM ( VP ( VBG causing ) ( NP ( DT a ) ( NN recession ) ) ) ) ) ) ) ) ( CC but ) ( S ( S-NOM-SBJ ( VP ( VBG doing ) ( ADVP-CLR ( RB so ) ) ) ) ( VP ( MD will ) ( VP ( VB inflict ) ( NP ( JJ short-term ) ( NN pain ) ) ) ) ) ) ) ) )

Fed Chairman Greenspan said the central bank can wipe out inflation without causing a recession but doing so will inflict short-term pain


( S ( NP-SBJ ( NP ( NNP GM ) ( POS 's ) ) ( NNP Hughes ) ( NNPS Electronics ) ( NN unit ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NN profit ) ) ( VP ( VBD slid ) ( NP-EXT ( CD 22 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ) ) ) ) )

GM 's Hughes Electronics unit said profit slid 22 % in the third quarter


( S ( NP-SBJ ( NP ( DT The ) ( NN finance ) ( NN unit ) ) ( NP ( NNP GMAC ) ) ) ( VP ( VBD said ) ( SBAR ( S ( S ( NP-SBJ ( NN net ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 3.1 ) ( NN % ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NP ( NNP EDS ) ( POS 's ) ) ( NN profit ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 16 ) ( NN % ) ) ) ) ) ) ) )

The finance unit GMAC said net fell 3.1 % but EDS 's profit rose 16 %


( S ( NP-SBJ ( NNP Campeau ) ) ( ADVP ( RB reportedly ) ) ( VP ( MD may ) ( VP ( VB receive ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 1.3 ) ( CD billion ) ) ) ( NN offer ) ) ( PP ( IN for ) ( NP ( NNP Bloomingdale ) ( POS 's ) ) ) ) ( PP-CLR ( IN from ) ( NP ( NP ( NNP Tokyu ) ( NNP Department ) ( NNP Store ) ) ( PP ( IN of ) ( NP ( NNP Japan ) ) ) ) ) ) ) )

Campeau reportedly may receive a 1.3 billion offer for Bloomingdale 's from Tokyu Department Store of Japan


( S ( NP-SBJ-1 ( NNP Campeau ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB comment ) ) ) ) ) )

Campeau declined to comment


( S ( NP-SBJ-1 ( NP ( NNP UAL ) ( POS 's ) ) ( NNS pilots ) ( CC and ) ( NNS machinists ) ( NNS unions ) ) ( VP ( VBP appear ) ( S ( VP ( TO to ) ( VP ( VB hold ) ( NP ( NP ( DT the ) ( NN key ) ) ( PP ( TO to ) ( NP ( NP ( DT any ) ( JJ future ) ( NN takeover ) ( NN bid ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN airline ) ) ) ) ) ) ) ) ) ) )

UAL 's pilots and machinists unions appear to hold the key to any future takeover bid for the airline


( S ( NP-SBJ-1 ( NNP Provigo ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( DT all ) ( JJ non-food ) ( NNS operations ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB refocus ) ( PP-CLR ( IN on ) ( NP ( PRP$ its ) ( ADJP ( NN retail ) ( CC and ) ( JJ wholesale ) ) ( NN grocery ) ( NN business ) ) ) ) ) ) ) )

Provigo plans to sell all non-food operations to refocus on its retail and wholesale grocery business


( S ( ADVP ( RB Also ) ) ( NP-SBJ ( NNP Chairman ) ( NNP Pierre ) ( NNP Lortie ) ) ( VP ( VBD resigned ) ) )

Also Chairman Pierre Lortie resigned


( S ( NP-SBJ ( NNP Westinghouse ) ) ( VP ( VBZ expects ) ( NP ( NP ( NP ( VBG operating ) ( NNS margins ) ) ( PP ( IN of ) ( NP ( QP ( IN over ) ( CD 10 ) ) ( NN % ) ) ) ) ( CC and ) ( NP ( NP ( ADJP ( RB sharply ) ( JJR higher ) ) ( NNS earnings ) ) ( PP ( IN per ) ( NP ( NN share ) ) ) ) ) ( NP-TMP ( JJ next ) ( NN year ) ) ( PP-PRP ( JJ due ) ( PP ( TO to ) ( NP ( DT a ) ( JJ major ) ( NN restructuring ) ) ) ) ) )

Westinghouse expects operating margins of over 10 % and sharply higher earnings per share next year due to a major restructuring


( S ( NP-SBJ ( DT Some ) ( JJ major ) ( NNP U.S. ) ( NN trade ) ( NNS partners ) ) ( ADVP-MNR ( RB quickly ) ) ( VP ( VBD rejected ) ( NP ( NP ( DT a ) ( NN compromise ) ( NN proposal ) ) ( PP ( IN by ) ( NP ( NNP Bush ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VP ( VB liberalize ) ( NP ( NN trade ) ) ) ( CC and ) ( VP ( VB reduce ) ( NP ( NN farm-product ) ( NNS subsidies ) ) ) ) ) ) ) ) )

Some major U.S. trade partners quickly rejected a compromise proposal by Bush to liberalize trade and reduce farm-product subsidies


Markets


( NP ( NP ( NNS Stocks ) ) ( NP ( NP ( NN Volume ) ) ( NP ( CD 155,650,000 ) ( NNS shares ) ) ) )

Stocks Volume 155,650,000 shares


( NP ( NP ( NP ( NNP Dow ) ( NNP Jones ) ( NNS industrials ) ) ( NP ( NP ( CD 2653.28 ) ) ( ADVP ( RB off ) ( NP ( CD 5.94 ) ) ) ) ) ( NP ( NP ( NN transportation ) ) ( NP ( NP ( CD 1199.32 ) ) ( ADVP ( RB off ) ( NP ( CD 11.38 ) ) ) ) ) ( NP ( NP ( NNS utilities ) ) ( NP ( NP ( CD 216.49 ) ) ( ADVP ( RB up ) ( NP ( CD 1.45 ) ) ) ) ) )

Dow Jones industrials 2653.28 off 5.94 transportation 1199.32 off 11.38 utilities 216.49 up 1.45


( NP ( NP ( NNS Bonds ) ) ( NP ( NP ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ( NNP Treasury ) ( NN index ) ) ( NP ( NP ( CD 3427.39 ) ) ( ADVP ( RP up ) ) ) ) )

Bonds Shearson Lehman Hutton Treasury index 3427.39 up


( NP ( NP ( NNS Commodities ) ) ( NP ( NP ( NP ( NNP Dow ) ( NNP Jones ) ( NNS futures ) ( NN index ) ) ( NP ( NP ( CD 129.48 ) ) ( ADVP ( RB up ) ( NP ( CD 0.24 ) ) ) ) ) ( NP ( NP ( NN spot ) ( NN index ) ) ( NP ( NP ( CD 130.73 ) ) ( ADVP ( RB off ) ( NP ( CD 0.03 ) ) ) ) ) ) )

Commodities Dow Jones futures index 129.48 up 0.24 spot index 130.73 off 0.03


( NP ( NP ( NN Dollar ) ) ( NP ( NP ( NP ( CD 141.52 ) ( NNS yen ) ) ( ADVP ( RB up ) ( NP ( CD 0.07 ) ) ) ) ( NP ( NP ( CD 1.8353 ) ( NNS marks ) ) ( ADVP ( RB off ) ( NP ( CD 0.0002 ) ) ) ) ) )

Dollar 141.52 yen up 0.07 1.8353 marks off 0.0002


( S ( NP-SBJ ( NNP Birmingham ) ( NNP Steel ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( DT that ) ( S ( NP-SBJ ( PRP$ its ) ( NNP Emeryville ) ( NNP Calif. ) ( NN minimill ) ) ( VP ( VBD sustained ) ( NP ( NP ( RB only ) ( JJ minor ) ( NN damage ) ) ( PP ( IN from ) ( NP ( NP ( JJ last ) ( NN week ) ( POS 's ) ) ( NN earthquake ) ) ) ) ) ) ) ) )

Birmingham Steel Corp. said that its Emeryville Calif. minimill sustained only minor damage from last week 's earthquake


( S ( S ( NP-SBJ ( NN Steelmaking ) ) ( VP ( VBD resumed ) ( NP-TMP ( NNP Oct. ) ( CD 18 ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ-1 ( NN production ) ) ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN hampered ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ next ) ( JJ few ) ( NNS months ) ) ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( NN traffic ) ( NNS disruptions ) ) ( PP ( IN around ) ( NP ( DT the ) ( NN plant ) ) ) ) ( CC and ) ( NP ( NP ( NNS outages ) ) ( PP ( IN for ) ( NP ( NP ( NN repair ) ) ( PP ( TO to ) ( NP ( NN gas ) ( CC and ) ( JJ electric ) ( NN power ) ( NNS systems ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Steelmaking resumed Oct. 18 but the company expects production to be hampered in the next few months by traffic disruptions around the plant and outages for repair to gas and electric power systems


( S ( NP-SBJ ( NP ( JJ French ) ( NNS chemicals ) ( NN group ) ) ( NP ( NNP Orkem ) ( NNP S.A. ) ) ) ( VP ( VBD said ) ( NP-TMP ( NNP Wednesday ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN made ) ( NP ( NP ( DT a ) ( NN bid ) ) ( PP ( IN for ) ( NP ( NP ( NN control ) ) ( PP ( IN of ) ( NP ( NP ( NNP Coates ) ( NNPS Brothers ) ( NNP PLC ) ) ( NP ( NP ( DT a ) ( JJ British ) ( NN manufacturer ) ) ( PP ( IN of ) ( NP ( NP ( NNS inks ) ) ( CC and ) ( NP ( NN polyester ) ( NNS resins ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

French chemicals group Orkem S.A. said Wednesday it has made a bid for control of Coates Brothers PLC a British manufacturer of inks and polyester resins


( S ( NP-SBJ ( JJ State-controlled ) ( NNP Orkem ) ) ( ADVP ( RB already ) ) ( VP ( VBZ owns ) ( NP ( NP ( CD 40.6 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNP Coates ) ) ) ) ) )

State-controlled Orkem already owns 40.6 % of Coates


( S ( S-TPC-2 ( NP-SBJ-1 ( DT The ) ( NN remainder ) ) ( VP ( VBZ is ) ( VP ( VBN held ) ( PP ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN public ) ) ) ( CC and ) ( PP ( IN by ) ( NP-LGS ( NN family ) ( NNS interests ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT a ) ( NN spokeswoman ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ French ) ( NN group ) ) ) ) ( VP ( VBD said ) ) )

The remainder is held by the public and by family interests a spokeswoman for the French group said


( S ( NP-SBJ-2 ( NNP Orkem ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB give ) ( NP ( NP ( NNS details ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN offer ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG saying ) ( ADVP ( RB only ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NN bid ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN submitted ) ( PP-CLR ( IN for ) ( NP ( NN approval ) ) ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NN board ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ British ) ( NN company ) ) ) ) ) ) ) ) ) ) ) ) ) )

Orkem declined to give details of its offer saying only that the bid will be submitted for approval by the board of the British company


( S ( NP-SBJ-1 ( NP ( NNP Jacobs ) ( NNP Engineering ) ( NNP Group ) ( NNP Inc. ) ( POS 's ) ) ( NNP Jacobs ) ( NNP International ) ( NN unit ) ) ( VP ( VBD was ) ( VP ( VBN selected ) ( S ( VP ( TO to ) ( VP ( VB design ) ( CC and ) ( VB build ) ( NP ( NP ( DT a ) ( JJ microcomputer-systems ) ( NN manufacturing ) ( NN plant ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP County ) ( NNP Kildare ) ) ( NP ( NNP Ireland ) ) ) ) ) ( PP ( IN for ) ( NP ( NNP Intel ) ( NNP Corp ) ) ) ) ) ) ) ) )

Jacobs Engineering Group Inc. 's Jacobs International unit was selected to design and build a microcomputer-systems manufacturing plant in County Kildare Ireland for Intel Corp


( S ( NP-SBJ ( NNP Jacobs ) ) ( VP ( VBZ is ) ( NP-PRD ( DT an ) ( JJ international ) ( NN engineering ) ( CC and ) ( NN construction ) ( NN concern ) ) ) )

Jacobs is an international engineering and construction concern


( S ( NP-SBJ ( NP ( JJ Total ) ( NN capital ) ( NN investment ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NN site ) ) ) ) ( VP ( MD could ) ( VP ( VB be ) ( ADJP-PRD ( QP ( RB as ) ( JJ much ) ( IN as ) ( CD 400 ) ( CD million ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NNP Intel ) ) ) ) ) ) )

Total capital investment at the site could be as much as 400 million according to Intel


( S ( NP-SBJ-1 ( DT The ) ( JJ 150,000-square-foot ) ( NN plant ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN constructed ) ( PP-LOC ( IN on ) ( NP ( NP ( DT a ) ( JJ 55-acre ) ( NN site ) ) ( PP-LOC ( IN near ) ( NP ( NNP Dublin ) ) ) ) ) ) ) ) )

The 150,000-square-foot plant will be constructed on a 55-acre site near Dublin


( S ( NP-SBJ-1 ( NNP Jacobs ) ( NNP Engineering ) ( NNS officials ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN reached ) ( PP-CLR ( IN for ) ( NP ( NN comment ) ) ) ) ) ) )

Jacobs Engineering officials could n't be reached for comment


( S ( NP-SBJ-2 ( DT The ) ( JJ Democratic-controlled ) ( NNP House ) ) ( PP ( IN by ) ( NP ( NP ( DT a ) ( NN margin ) ) ( PP ( IN of ) ( NP ( CD 51 ) ( NNS votes ) ) ) ) ) ( VP ( VBD failed ) ( S ( VP ( TO to ) ( VP ( VB override ) ( NP ( NP ( NP ( NNP President ) ( NNP Bush ) ( POS 's ) ) ( NN veto ) ) ( PP ( IN of ) ( NP ( NP ( NN legislation ) ) ( VP ( VBG renewing ) ( NP ( NP ( JJ federal ) ( NN support ) ) ( PP ( IN of ) ( NP ( NP ( NNP Medicaid ) ( NNS abortions ) ) ( PP ( IN for ) ( NP ( NP ( JJ poor ) ( NNS women ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP are ) ( NP-PRD ( NP ( NNS victims ) ) ( PP ( IN of ) ( NP ( NN rape ) ( CC and ) ( NN incest ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Democratic-controlled House by a margin of 51 votes failed to override President Bush 's veto of legislation renewing federal support of Medicaid abortions for poor women who are victims of rape and incest


( S ( NP-SBJ ( DT The ) ( JJ 231-191 ) ( NN roll ) ( NN call ) ) ( VP ( VBZ illustrates ) ( NP ( NP ( DT the ) ( NNS limits ) ) ( PP ( IN of ) ( NP ( NN power ) ) ) ( SBAR ( S ( NP-SBJ ( DT a ) ( JJ resurgent ) ( NNS abortion-rights ) ( NN movement ) ) ( ADVP ( RB still ) ) ( VP ( VBZ faces ) ) ) ) ) ) )

The 231-191 roll call illustrates the limits of power a resurgent abortion-rights movement still faces


( S ( NP-SBJ-1 ( PRP It ) ) ( VP ( VP ( VBZ continues ) ( S ( VP ( TO to ) ( VP ( VB gain ) ( NP ( NN strength ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN chamber ) ) ) ) ) ) ) ( CC but ) ( VP ( VBZ remains ) ( ADVP ( RB far ) ( JJ short ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS two-thirds ) ( NN majority ) ) ( VP ( VBN required ) ( S-CLR ( VP ( TO to ) ( VP ( VB prevail ) ( PP ( IN over ) ( NP ( NNP Mr. ) ( NNP Bush ) ) ) ) ) ) ) ) ) ) ) ) )

It continues to gain strength in the chamber but remains far short of the two-thirds majority required to prevail over Mr. Bush