( S ( S-PRP ( VP ( TO To ) ( VP ( VB simplify ) ( NP ( DT the ) ( NNS calculations ) ) ) ) ) ( NP-SBJ-1 ( NP ( NNS commissions ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NN option ) ) ( CC and ) ( NP ( JJ underlying ) ( NN stock ) ) ) ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBN included ) ( PP-LOC-CLR ( IN in ) ( NP ( DT the ) ( NN table ) ) ) ) ) )

To simplify the calculations commissions on the option and underlying stock are n't included in the table


( S ( NP-SBJ ( EX There ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( QP ( JJR more ) ( IN than ) ( CD 650 ) ) ( NNS stocks ) ) ( SBAR ( WHPP-2 ( IN on ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ-1 ( NP ( NNS options ) ) ) ( VP ( MD may ) ( VP ( VB be ) ( VP ( VBN bought ) ( CC and ) ( VBN sold ) ) ) ) ) ) ( PP ( VBG including ) ( NP ( DT some ) ( JJ over-the-counter ) ( NNS stocks ) ) ) ) ) )

There are more than 650 stocks on which options may be bought and sold including some over-the-counter stocks


( S ( CC But ) ( NP-SBJ ( DT some ) ( NNS investors ) ) ( VP ( MD might ) ( VP ( VB prefer ) ( NP ( NP ( DT a ) ( JJR simpler ) ( NN strategy ) ) ( PP ( RB then ) ( S-NOM ( VP ( VBG hedging ) ( PP ( PRP$ their ) ( JJ individual ) ( NNS holdings ) ) ) ) ) ) ) ) )

But some investors might prefer a simpler strategy then hedging their individual holdings


( S ( NP-SBJ-3 ( PRP They ) ) ( VP ( MD can ) ( VP ( VB do ) ( NP ( DT this ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG purchasing ) ( NP ( NP ( NN index ) ( VBZ puts ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP are ) ( ADVP ( RB simply ) ) ( NP-PRD ( NP ( VBN put ) ( NNS options ) ) ( PP-LOC ( IN on ) ( NP ( NNS indexes ) ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBP match ) ( NP ( NP ( JJ broad ) ( NNS baskets ) ) ( PP ( IN of ) ( NP ( NNS stocks ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

They can do this by purchasing index puts which are simply put options on indexes that match broad baskets of stocks


( S ( PP ( IN For ) ( NP ( NN instance ) ) ) ( NP-SBJ ( DT the ) ( ADJP ( RBS most ) ( JJ popular ) ) ( NN index ) ( NN option ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NNP S&P ) ( CD 100 ) ( NN option ) ) ( VP ( ADVP ( RB commonly ) ) ( VBN called ) ( S ( NP-PRD ( DT the ) ( NNP OEX ) ) ) ) ) ) )

For instance the most popular index option is the S&P 100 option commonly called the OEX


( S ( NP-SBJ-1 ( PRP It ) ) ( VP ( VBZ is ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN on ) ( NP ( NP ( DT the ) ( NNS stocks ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBP make ) ( PRT ( RP up ) ) ( NP ( NP ( NNP Standard ) ( CC & ) ( NNP Poor ) ( POS 's ) ) ( CD 100-stock ) ( NN index ) ) ) ) ) ) ) ) ) )

It is based on the stocks that make up Standard & Poor 's 100-stock index


( S ( PP ( IN Unlike ) ( NP ( NP ( NNS options ) ) ( PP-LOC ( IN on ) ( NP ( JJ individual ) ( NNS issues ) ) ) ) ) ( S ( NP-SBJ-1 ( NN index ) ( NNS options ) ) ( VP ( VBP are ) ( VP ( VBN settled ) ( PP ( ADVP ( RB only ) ) ( IN in ) ( NP ( NN cash ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( DT no ) ( NN stock ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB ever ) ) ( VP ( VBN tendered ) ) ) ) )

Unlike options on individual issues index options are settled only in cash and no stock is ever tendered


( S ( CC But ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NN index ) ( NNS options ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ convenient ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP have ) ( NP ( JJ several ) ( NNS disadvantages ) ) ) )

But while index options are convenient they have several disadvantages


( S ( PP ( IN For ) ( NP ( CD one ) ( NN thing ) ) ) ( NP-SBJ ( NP ( DT an ) ( NN investor ) ( POS 's ) ) ( NN portfolio ) ) ( VP ( MD might ) ( RB not ) ( VP ( ADVP-MNR ( RB closely ) ) ( VB match ) ( NP ( DT the ) ( NNP S&P ) ( CD 100 ) ) ) ) )

For one thing an investor 's portfolio might not closely match the S&P 100


( S ( PP-PRP ( IN As ) ( NP ( DT a ) ( NN result ) ) ) ( NP-SBJ ( DT the ) ( NNP OEX ) ( NN insurance ) ) ( VP ( VP ( MD may ) ) ( CC or ) ( VP ( MD may ) ( RB not ) ) ( VP-1 ( ADVP-MNR ( RB fully ) ) ( VB protect ) ( NP ( NP ( DT an ) ( NN investor ) ( POS 's ) ) ( NNS holdings ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NN event ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN market ) ( NN decline ) ) ) ) ) ) )

As a result the OEX insurance may or may not fully protect an investor 's holdings in the event of a market decline


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ-501 ( NNP OEX ) ( NNS options ) ) ( VP ( VBD were ) ( VP ( VBN suspended ) ( PP-CLR ( IN from ) ( NP ( VBG trading ) ) ) ( NP-TMP ( JJ last ) ( NNP Friday ) ( NN afternoon ) ) ( SBAR-TMP ( IN after ) ( S ( S ( NP-SBJ ( DT the ) ( NN stock-market ) ( NN sell-off ) ) ( VP ( VBD got ) ( PP-CLR ( IN under ) ( NP ( NN way ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-502 ( NP ( NN trading ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP S&P-500 ) ( NNS futures ) ( NN contract ) ) ) ) ( VP ( VBD was ) ( VP ( VBN halted ) ) ) ) ) ) ) ) )

In addition OEX options were suspended from trading last Friday afternoon after the stock-market sell-off got under way and trading in the S&P-500 futures contract was halted


( S ( IN So ) ( NP-SBJ ( NP ( DT an ) ( NN investor ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD wanted ) ( S ( VP ( TO to ) ( VP ( VB realize ) ( NP ( NP ( DT a ) ( NN profit ) ) ( PP-LOC ( IN on ) ( NP ( NNP OEX ) ( NNS puts ) ) ) ) ( PP-TMP ( IN after ) ( NP ( DT the ) ( NN trading ) ( NN suspension ) ) ) ) ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN been ) ( PP-PRD ( IN out ) ( PP ( IN of ) ( NP ( NN luck ) ) ) ) ) ) ) )

So an investor who wanted to realize a profit on OEX puts after the trading suspension would have been out of luck


( S ( PP ( IN On ) ( NP ( DT the ) ( JJ other ) ( NN hand ) ) ) ( NP-SBJ-1 ( NP ( RB only ) ( DT a ) ( NN handful ) ) ( PP ( IN of ) ( NP ( JJ individual ) ( NNS issues ) ) ) ) ( VP ( VBD were ) ( VP ( VBN suspended ) ( PP-CLR ( IN from ) ( NP ( VBG trading ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Friday ) ) ) ) ) )

On the other hand only a handful of individual issues were suspended from trading on Friday


( S ( ADVP-TMP ( RB Normally ) ) ( SBAR-TMP ( RB once ) ( S ( NP-SBJ-1 ( DT the ) ( JJ underlying ) ( NN investment ) ) ( VP ( VBZ is ) ( VP ( VBN suspended ) ( PP-CLR ( IN from ) ( NP ( VBG trading ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNS options ) ) ( PP-LOC ( IN on ) ( NP ( DT those ) ( NNS investments ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB trade ) ) ) )

Normally once the underlying investment is suspended from trading the options on those investments also do n't trade


( S ( ADVP-TMP ( RB Ultimately ) ) ( SBAR-SBJ ( IN whether ) ( S ( NP-SBJ ( NP ( DT the ) ( NN insurance ) ) ( VP ( VBN provided ) ( PP ( IN by ) ( S-NOM-LGS ( VP ( VBG purchasing ) ( NP ( NNS puts ) ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ worthwhile ) ) ) ) ) ( VP ( VBZ depends ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( NN cost ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS options ) ) ) ) ) ) )

Ultimately whether the insurance provided by purchasing puts is worthwhile depends on the cost of the options


( S ( NP-SBJ ( DT That ) ( NN cost ) ) ( VP ( VBZ rises ) ( PP-TMP ( IN in ) ( NP ( NP ( NNS times ) ) ( PP ( IN of ) ( NP ( JJ high ) ( NN market ) ( NN volatility ) ) ) ) ) ) )

That cost rises in times of high market volatility


( S ( CC But ) ( NP-SBJ ( PRP it ) ) ( ADVP ( RB still ) ) ( VP ( MD might ) ( VP ( VB be ) ( ADJP-PRD ( ADJP ( JJR cheaper ) ) ( PP ( IN than ) ( S-NOM ( VP ( VBG taking ) ( NP ( DT a ) ( JJ major ) ( NN hit ) ) ) ) ) ) ) ) )

But it still might be cheaper than taking a major hit


( S ( NP-SBJ ( NP ( DT The ) ( NN protection ) ) ( PP ( IN from ) ( S-NOM ( VP ( VBG using ) ( NP ( JJ married ) ( NNS puts ) ) ) ) ) ) ( VP ( VBZ is ) ( ADVP ( RB clearly ) ) ( ADJP-PRD ( JJ superior ) ( PP ( TO to ) ( NP ( NP ( DT that ) ) ( VP ( VBN afforded ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( DT another ) ( NNS options ) ( NN strategy ) ) ( SBAR ( S ( NP-SBJ-3 ( DT some ) ( NNS investors ) ) ( VP ( VBP consider ) ( S ( VP ( VBG using ) ) ) ( PP-TMP ( IN during ) ( NP ( JJ troubled ) ( NNS times ) ) ) ) ) ) ) ( S-NOM ( VP ( VBG selling ) ( NP ( NP ( NN call ) ( NNS options ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NNS stocks ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN investor ) ) ( VP ( VBZ owns ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The protection from using married puts is clearly superior to that afforded by another options strategy some investors consider using during troubled times selling call options on stocks the investor owns


( S ( NP-SBJ ( DT A ) ( NN call ) ( NN option ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ similar ) ( PP ( TO to ) ( NP ( DT a ) ( NN put ) ) ) ) ( PP ( IN except ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ gives ) ( NP ( PRP$ its ) ( NN owner ) ) ( NP ( DT the ) ( NN right ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NNS shares ) ) ( PP ( IN at ) ( NP ( DT a ) ( JJ stated ) ( NN price ) ) ) ( PP-TMP ( IN until ) ( NP ( NN expiration ) ) ) ) ) ) ) ) ) ) ) ) )

A call option is similar to a put except that it gives its owner the right to buy shares at a stated price until expiration


( S ( S-NOM-SBJ ( VP ( VBG Selling ) ( NP ( DT a ) ( NN call ) ( NN option ) ) ) ) ( VP ( VBZ gives ) ( NP ( DT an ) ( NN investor ) ) ( NP ( NP ( DT a ) ( JJ small ) ( NN buffer ) ) ( PP ( IN against ) ( NP ( DT a ) ( NN stock-market ) ( NN decline ) ) ) ) ) )

Selling a call option gives an investor a small buffer against a stock-market decline


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( SBAR-PRP-PRD ( IN because ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ reduces ) ( NP ( NP ( DT the ) ( NN cost ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN stock ) ) ) ) ( PP-EXT ( IN by ) ( NP ( NP ( DT the ) ( NN amount ) ) ( PP ( IN of ) ( NP ( NN premium ) ) ) ( VP ( VBN received ) ( PP-DIR ( IN from ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN call ) ) ) ) ) ) ) ) ) ) ) ) )

That 's because it reduces the cost of the stock by the amount of premium received from the sale of the call


( S ( CC But ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NP ( DT the ) ( NN price ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN stock ) ) ) ) ( VP ( VBZ rises ) ( PP-DIR ( IN above ) ( NP ( NP ( DT the ) ( NN strike ) ( NN price ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN option ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN stock ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB almost ) ( JJ certain ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN called ) ( PRT ( RP away ) ) ) ) ) ) ) ) )

But if the price of the stock rises above the strike price of the option the stock is almost certain to be called away


( S ( CC And ) ( PP-LOC ( IN in ) ( NP ( DT that ) ( NN case ) ) ) ( NP-SBJ ( DT the ) ( NN investor ) ) ( VP ( VBZ misses ) ( PRT ( RP out ) ) ( PP-CLR ( IN on ) ( NP ( DT any ) ( JJ major ) ( JJ upside ) ( NN gain ) ) ) ) )

And in that case the investor misses out on any major upside gain


( S ( NP-SBJ ( DT These ) ( NNS calculations ) ) ( VP ( VBP exclude ) ( NP ( NP ( DT the ) ( NN effect ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNS commissions ) ) ( VP ( VBN paid ) ) ) ( CC and ) ( NP ( NP ( NNS dividends ) ) ( VP ( VBN received ) ( PP-DIR ( IN from ) ( NP ( DT the ) ( NN stock ) ) ) ) ) ) ) ) ) )

These calculations exclude the effect of commissions paid and dividends received from the stock


( S ( NP-SBJ ( DT All ) ( NNS prices ) ) ( VP ( VBP are ) ( PP-TMP-PRD ( IN as ) ( PP ( IN of ) ( NP ( NP ( NNP Monday ) ( POS 's ) ) ( NN close ) ) ) ) ) )

All prices are as of Monday 's close


( S ( NP-SBJ-1 ( NAC ( NNP Bank ) ( PP ( IN of ) ( NP ( NNP New ) ( NNP England ) ) ) ) ( NNP Corp. ) ) ( S-ADV ( VP ( VBG seeking ) ( S ( VP ( TO to ) ( VP ( VB streamline ) ( NP ( PRP$ its ) ( NN business ) ) ) ) ) ( PP-TMP ( IN after ) ( NP ( NP ( DT a ) ( NN year ) ) ( PP ( IN of ) ( NP ( NP ( JJ weak ) ( NNS earnings ) ) ( CC and ) ( NP ( VBG mounting ) ( NN loan ) ( NNS problems ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VP ( VB sell ) ( NP ( DT some ) ( NNS operations ) ) ) ( CC and ) ( VP ( VB lay ) ( PRT ( RP off ) ) ( NP ( NP ( CD 4 ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN work ) ( NN force ) ) ) ) ) ) ) ) ) ) )

Bank of New England Corp. seeking to streamline its business after a year of weak earnings and mounting loan problems said it will sell some operations and lay off 4 % of its work force


( S ( NP-SBJ ( DT The ) ( NN bank ) ( NN holding ) ( NN company ) ) ( ADVP ( RB also ) ) ( VP ( VBD reported ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ third-quarter ) ( NN profit ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 41 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 42.7 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 61 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( DT the ) ( JJ year-earlier ) ( QP ( CD 72.3 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.04 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) )

The bank holding company also reported that third-quarter profit dropped 41 % to 42.7 million or 61 cents a share from the year-earlier 72.3 million or 1.04 a share


( S ( PP-LOC ( IN Among ) ( NP ( PRP$ its ) ( NN restructuring ) ( NNS measures ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ plans ) ( S ( VP ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( CD 53 ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( CD 453 ) ( NN branch ) ( NNS offices ) ) ) ) ) ) ( CC and ) ( VP ( TO to ) ( VP ( VB lay ) ( PRT ( RP off ) ) ( NP ( CD 800 ) ( NNS employees ) ) ) ) ) ) ) ) ) ) )

Among its restructuring measures the company said it plans to sell 53 of its 453 branch offices and to lay off 800 employees


( S ( ADVP ( RB Altogether ) ) ( NP-SBJ-1 ( NN employment ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB decline ) ( PP-DIR ( TO to ) ( NP ( QP ( JJR less ) ( IN than ) ( CD 16,000 ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( DT the ) ( JJ current ) ( NN level ) ) ( PP ( IN of ) ( NP ( QP ( RB about ) ( CD 18,000 ) ) ) ) ) ) ) ) ) ) ) )

Altogether employment is expected to decline to less than 16,000 from the current level of about 18,000


( S ( NP-SBJ ( NP ( NNP Walter ) ( NNP Connolly ) ) ( NP ( NN chairman ) ) ) ( VP ( VBD said ) ( PP-LOC ( IN in ) ( NP ( DT an ) ( NN interview ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NN company ) ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB record ) ( NP ( NP ( JJ pretax ) ( NNS gains ) ) ( PP ( IN of ) ( NP ( QP ( CD 100 ) ( CD million ) ( TO to ) ( CD 125 ) ( CD million ) ) ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( PP ( IN of ) ( NP ( PRP$ its ) ( NN leasing ) ( NNS operations ) ) ) ( CC and ) ( PP ( IN of ) ( NP ( JJ certain ) ( JJ financial ) ( NN processing ) ( NNS services ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Walter Connolly chairman said in an interview that the company expects to record pretax gains of 100 million to 125 million from the sale of its leasing operations and of certain financial processing services


( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( JJ prepared ) ( NN statement ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB realize ) ( NP ( DT those ) ( NNS gains ) ) ( PP-TMP ( IN before ) ( NP ( NN year ) ( NN end ) ) ) ) ) ) ) ) ) ) )

In a prepared statement the company said it expects to realize those gains before year end


( S ( NP-SBJ-1 ( JJ Nonperforming ) ( NNS assets ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB pile ) ( PRT ( RP up ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJS latest ) ( NN quarter ) ) ) ( S-ADV ( VP ( VBG rising ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 900 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 3.52 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNS loans ) ( CC and ) ( NNS leases ) ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 667 ) ( CD million ) ) ) ( CC or ) ( NP ( CD 2.68 ) ( NN % ) ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ second ) ( NN quarter ) ) ) ) ) ) ) ) ) )

Nonperforming assets continued to pile up in the latest quarter rising to 900 million or 3.52 % of loans and leases from 667 million or 2.68 % at the end of the second quarter


( S ( S ( NP-SBJ-1 ( NP ( RB Some ) ( QP ( CD 170 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( ADJP ( QP ( CD 233 ) ( CD million ) ) ) ( NN increase ) ) ( PP-LOC ( IN in ) ( NP ( JJ nonperforming ) ( NNS loans ) ) ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( VBN related ) ( PP ( TO to ) ( NP ( JJ real ) ( NN estate ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( RB roughly ) ( NNS three-quarters ) ) ( PP ( IN of ) ( NP ( DT that ) ) ) ) ( VP ( VBD was ) ( PP-LOC-PRD ( IN in ) ( NP ( DT the ) ( JJ troubled ) ( NNP New ) ( NNP England ) ( NN market ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NNP Richard ) ( NNP Driscoll ) ) ( NP ( NN vice ) ( NN chairman ) ) ) ) ) )

Some 170 million of the 233 million increase in nonperforming loans was related to real estate and roughly three-quarters of that was in the troubled New England market according to Richard Driscoll vice chairman


( S ( NP-SBJ ( NNP Mr. ) ( NNP Driscoll ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( PP ( IN despite ) ( NP ( NP ( JJ continued ) ( NN weakness ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN region ) ( POS 's ) ) ( JJ real ) ( NN estate ) ( NN market ) ) ) ) ) ( NP-SBJ ( NP ( NNP Bank ) ) ( PP ( IN of ) ( NP ( NNP New ) ( NNP England ) ) ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ ( NP ( DT the ) ( NN rate ) ) ( PP ( IN of ) ( NP ( NN increase ) ) ) ( PP-LOC ( IN in ) ( NP ( JJ nonperforming ) ( NNS assets ) ) ) ) ( VP ( TO to ) ( VP ( VB slow ) ( PP-TMP ( IN in ) ( NP ( JJ coming ) ( NNS quarters ) ) ) ) ) ) ) ) ) ) )

Mr. Driscoll said that despite continued weakness in the region 's real estate market Bank of New England expects the rate of increase in nonperforming assets to slow in coming quarters


( S ( NP-SBJ ( NNP Mr. ) ( NNP Connolly ) ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( JJ net ) ( JJ third-quarter ) ( NNS charge-offs ) ) ( PP-LOC ( IN at ) ( NP ( QP ( CD 63 ) ( CD million ) ) ) ) ) ( VP ( VBD improved ) ( ADVP-MNR ( RB slightly ) ) ( PP-DIR ( IN from ) ( NP ( NP ( DT the ) ( QP ( CD 67 ) ( CD million ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ second ) ( NN quarter ) ) ) ) ) ) ) ) ) )

Mr. Connolly noted that net third-quarter charge-offs at 63 million improved slightly from the 67 million in the second quarter


( S ( CC And ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD indicated ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( RBR more ) ( JJ substantial ) ( NN improvement ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ next ) ( NN couple ) ) ( PP ( IN of ) ( NP ( NNS quarters ) ) ) ) ) ) ) ) ) ) )

And he indicated that more substantial improvement is expected in the next couple of quarters


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD increased ) ( NP ( PRP$ its ) ( NN loan ) ( NN loss ) ( NN reserve ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 354 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 342 ) ( CD million ) ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ second ) ( NN quarter ) ) ) ) ) ) ) )

The company increased its loan loss reserve to 354 million from 342 million at the end of the second quarter


( S ( NP-SBJ ( JJ Total ) ( NNS assets ) ) ( VP ( VBD slipped ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 31.4 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 32 ) ( CD billion ) ) ) ( PP-TMP ( IN as ) ( PP ( IN of ) ( NP ( NNP June ) ( CD 30 ) ) ) ) ) ) )

Total assets slipped to 31.4 billion from 32 billion as of June 30


( S ( PP-LOC ( IN Among ) ( NP ( JJ other ) ( NN restructuring ) ( NNS measures ) ) ) ( NP-SBJ ( DT the ) ( NN bank ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB close ) ( NP ( NP ( PRP$ its ) ( NN loan ) ( NN production ) ( NNS offices ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Chicago ) ) ( NP ( NNP New ) ( NNP York ) ) ( CC and ) ( NP ( NNP Philadelphia ) ) ) ) ) ) ) ) ) ) )

Among other restructuring measures the bank said it will close its loan production offices in Chicago New York and Philadelphia


( S ( NP-SBJ ( DT The ) ( NNP Chicago ) ( NN office ) ) ( VP ( VBD figured ) ( ADVP-MNR ( RB prominently ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NP ( DT the ) ( NN bank ) ( POS 's ) ) ( NNS problems ) ) ( NP-TMP ( NP ( RBR earlier ) ( DT this ) ( NN year ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NP ( QP ( CD 65 ) ( CD million ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS loans ) ) ( PP ( TO to ) ( NP ( NNP Chicago ) ( NN businessman ) ( NNP William ) ( NNP Stoecker ) ) ) ) ) ) ( VP ( VBD went ) ( ADJP-PRD ( JJ sour ) ) ) ) ) ) ) ) ) )

The Chicago office figured prominently in the bank 's problems earlier this year when 65 million in loans to Chicago businessman William Stoecker went sour


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT an ) ( JJ internal ) ( NN memorandum ) ) ( PP ( TO to ) ( NP ( NNS employees ) ) ) ) ) ( NP-SBJ ( NNPS Messrs. ) ( NNP Connolly ) ( CC and ) ( NNP Driscoll ) ) ( VP ( VBD described ) ( NP ( DT the ) ( NN restructuring ) ) ( PP-CLR ( IN as ) ( NP ( DT an ) ( NN effort ) ( S ( VP ( TO to ) ( VP ( VB continue ) ( S ( VP ( VBG rationalizing ) ( NP ( NP ( NNS operations ) ) ( VP ( VBN assembled ) ( PP-TMP ( IN during ) ( NP ( NP ( DT a ) ( NN series ) ) ( PP ( IN of ) ( NP ( NNS mergers ) ) ) ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ past ) ( CD five ) ( NNS years ) ) ) ) ) ) ) ) ) ) ) ) ) )

In an internal memorandum to employees Messrs. Connolly and Driscoll described the restructuring as an effort to continue rationalizing operations assembled during a series of mergers over the past five years


( S ( NP-SBJ ( NNP T. ) ( NNP Rowe ) ( NNP Price ) ( NNP Associates ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNS directors ) ) ( VP ( VBD recommended ) ( SBAR ( S ( NP-SBJ ( NNS stockholders ) ) ( VP ( VB approve ) ( NP ( NP ( DT a ) ( JJ 2-for-1 ) ( NN stock ) ( NN split ) ) ( CC and ) ( NP ( NP ( DT an ) ( NN increase ) ) ( PP-LOC ( IN in ) ( NP ( JJ authorized ) ( NNS shares ) ) ) ( PP ( TO to ) ( NP ( QP ( CD 25 ) ( CD million ) ) ) ) ( PP ( IN from ) ( NP ( QP ( CD 10 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) ) )

T. Rowe Price Associates Inc. said directors recommended stockholders approve a 2-for-1 stock split and an increase in authorized shares to 25 million from 10 million


( S ( NP-SBJ ( NNS Stockholders ) ) ( VP ( MD will ) ( VP ( VB vote ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NN proposal ) ) ) ( PP-LOC ( IN at ) ( NP ( DT a ) ( NN meeting ) ) ) ( NP-TMP ( NNP Dec. ) ( CD 13 ) ) ) ) )

Stockholders will vote on the proposal at a meeting Dec. 13


( S ( NP-SBJ ( NNP T. ) ( NNP Rowe ) ( NNP Price ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT an ) ( NN investment ) ( NN adviser ) ) ( PP ( TO to ) ( NP ( NP ( JJ mutual ) ( NNS funds ) ) ( NP ( NNS institutions ) ) ( CC and ) ( NP ( NNS individuals ) ) ) ) ) ) )

T. Rowe Price is an investment adviser to mutual funds institutions and individuals


( S ( NP-SBJ ( NNP Great ) ( NNP American ) ( NNP Bank ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( NN board ) ) ( VP ( VBD approved ) ( NP ( NP ( DT the ) ( NN formation ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN holding ) ( NN company ) ) ( VP ( VBG enabling ) ( S ( NP-SBJ ( DT the ) ( NNS savings ) ( NN bank ) ) ( VP ( TO to ) ( VP ( VB pursue ) ( NP ( JJ nontraditional ) ( NN banking ) ( NNS activities ) ) ( PP-LOC ( IN under ) ( NP ( DT a ) ( JJ new ) ( JJ federal ) ( NN law ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Great American Bank said its board approved the formation of a holding company enabling the savings bank to pursue nontraditional banking activities under a new federal law


( S ( S-TPC-3 ( NP-SBJ-1 ( NP ( DT The ) ( JJ proposed ) ( NN holding ) ( NN company ) ( POS 's ) ) ( JJ primary ) ( NN purpose ) ) ( VP ( MD would ) ( VP ( VB be ) ( S-PRD ( VP ( TO to ) ( VP ( VB allow ) ( S ( NP-SBJ-2 ( NNP Great ) ( NNP American ) ) ( VP ( TO to ) ( VP ( VB continue ) ( S ( VP ( JJ engaging ) ( PP-CLR ( IN in ) ( NP ( JJ real ) ( NN estate ) ( NN development ) ( NNS activities ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD said ) ) )

The proposed holding company 's primary purpose would be to allow Great American to continue engaging in real estate development activities it said


( S ( NP-SBJ ( DT Those ) ( NNS activities ) ) ( VP ( VBD generated ) ( NP ( NP ( QP ( CD 26.1 ) ( CD million ) ) ) ( PP-LOC ( IN in ) ( NP ( NN operating ) ( NN profit ) ) ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ) )

Those activities generated 26.1 million in operating profit last year


( S ( CC But ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NNP Great ) ( NNP American ) ) ) ) ( NP-SBJ ( JJ such ) ( NNS profits ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB count ) ( PP ( IN toward ) ( S-NOM ( VP ( VBG meeting ) ( NP ( NP ( DT the ) ( NNP San ) ( NNP Diego ) ( NNS savings ) ( NN bank ) ( POS 's ) ) ( JJ new ) ( NN capitalization ) ( NNS requirements ) ) ( PP-LOC ( IN under ) ( NP ( CD 1989 ) ( JJ federal ) ( NN law ) ) ) ) ) ) ) ) )

But according to Great American such profits do n't count toward meeting the San Diego savings bank 's new capitalization requirements under 1989 federal law


( S ( NP-SBJ-1 ( DT The ) ( JJ new ) ( JJ real ) ( NN estate ) ( NN unit ) ) ( VP ( MD would ) ( VP ( VB have ) ( NP ( DT a ) ( JJ separate ) ( NN capital ) ( NN structure ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB comply ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NN law ) ) ) ) ) ) ) ) )

The new real estate unit would have a separate capital structure to comply with the law


( S ( NP-SBJ ( DT The ) ( JJ proposed ) ( NN holding ) ( NN company ) ) ( VP ( MD would ) ( ADVP ( RB also ) ) ( VP ( VB consolidate ) ( NP ( NP ( NP ( NNP Great ) ( NNP American ) ( NNP Bank ) ) ( PP-LOC ( IN in ) ( NP ( NNP San ) ( NNP Diego ) ) ) ) ( CC and ) ( NP ( PRP$ its ) ( NAC-LOC ( NNP Tucson ) ( NNP Ariz. ) ) ( NNS savings ) ( NN bank ) ) ) ( PP-CLR ( IN into ) ( NP ( NP ( DT a ) ( JJ single ) ( ADJP ( RB federally ) ( JJ chartered ) ) ( NN institution ) ) ( PP-LOC ( IN in ) ( NP ( NNP San ) ( NNP Diego ) ) ) ) ) ) ) )

The proposed holding company would also consolidate Great American Bank in San Diego and its Tucson Ariz. savings bank into a single federally chartered institution in San Diego


( S ( S-TPC-2 ( NP-SBJ-1 ( DT The ) ( NN consolidation ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB save ) ( NP ( NP ( QP ( CD 1 ) ( CD million ) ) ) ( NP-ADV ( DT a ) ( NN year ) ) ( PP-LOC ( IN in ) ( NP ( JJ administrative ) ( NNS costs ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT a ) ( NNP Great ) ( NNP American ) ( NN spokesman ) ) ( VP ( VBD said ) ) )

The consolidation is expected to save 1 million a year in administrative costs a Great American spokesman said


( S ( NP-SBJ ( NP ( NNP Prospect ) ( NNP Group ) ( NNP Inc. ) ) ( SBAR ( WHNP-1 ( WHNP ( WP$ whose ) ( JJ recent ) ( JJ hostile ) ( NN tender ) ( NN offer ) ) ( PP ( IN for ) ( NP ( NNP Recognition ) ( NNP Equipment ) ( NNP Inc. ) ) ) ) ( S ( VP ( VBD failed ) ( PP-PRP ( IN for ) ( NP ( NP ( NN lack ) ) ( PP ( IN of ) ( NP ( NN financing ) ) ) ) ) ) ) ) ) ( ADVP ( RB apparently ) ) ( VP ( VBZ has ) ( VP ( VBN gained ) ( NP ( NP ( DT a ) ( NN measure ) ) ( PP ( IN of ) ( NP ( NP ( NN control ) ) ( PP ( IN over ) ( NP ( DT the ) ( JJ troubled ) ( NN company ) ) ) ) ) ) ( ADVP ( RB anyway ) ) ) ) )

Prospect Group Inc. whose recent hostile tender offer for Recognition Equipment Inc. failed for lack of financing apparently has gained a measure of control over the troubled company anyway


( S ( PP ( IN As ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( DT a ) ( NNP Recognition ) ( NN spokeswoman ) ) ( VP ( VBD termed ) ( S ( NP-PRD ( DT an ) ( JJ amiable ) ( NN agreement ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Prospect ) ( NNP Group ) ) ( VP ( MD will ) ( VP ( VB wind ) ( PRT ( RP up ) ) ( PP-CLR ( IN with ) ( NP ( NP ( NP ( NN control ) ) ( PP ( IN of ) ( NP ( JJ top ) ( NN management ) ( NNS posts ) ) ) ) ( CC and ) ( NP ( NP ( DT an ) ( JJ increased ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN maker ) ) ( PP ( IN of ) ( NP ( NNS data ) ( NN management ) ( NN equipment ) ) ) ) ) ) ) ) ) ) )

As part of what a Recognition spokeswoman termed an amiable agreement Prospect Group will wind up with control of top management posts and an increased stake in the maker of data management equipment


( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( NN management ) ( NN restructuring ) ) ) ( NP-SBJ ( NNP Thomas ) ( NNP L. ) ( NNP Ringer ) ) ( VP ( VBD resigned ) ( PP-CLR ( IN as ) ( NP ( NP ( NN chairman ) ) ( NP ( JJ chief ) ( NN executive ) ) ( CC and ) ( NP ( DT a ) ( NN director ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NNP Israel ) ( NNP Sheinberg ) ) ( VP ( VBD resigned ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( NN director ) ) ) ) ) ) ) )

In a management restructuring Thomas L. Ringer resigned as chairman chief executive and a director while Israel Sheinberg resigned as a director


( S ( NP-SBJ ( NNP Mr. ) ( NNP Sheinberg ) ) ( VP ( VBZ remains ) ( PP-PRD ( IN as ) ( NP ( JJ executive ) ( NN vice ) ( NN president ) ) ) ) )

Mr. Sheinberg remains as executive vice president


( S ( NP-SBJ-1 ( NP ( NP ( NNP Thomas ) ( NNP M. ) ( NNP Hurley ) ) ( CC and ) ( NP ( NNP Robert ) ( NN A. ) ( NNP Vanourek ) ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN designated ) ( S ( VP ( TO to ) ( VP ( VB take ) ( PRT ( RP over ) ) ( NP ( NP ( NNP Recognition ) ( POS 's ) ) ( JJ top ) ( NNS spots ) ) ( SBAR-ADV ( SINV ( VBD had ) ( NP-SBJ ( NP ( NNP Prospect ) ( POS 's ) ) ( NN tender ) ( NN offer ) ) ( VP ( VBN succeeded ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBN named ) ( S ( NP-PRD ( NP ( JJ co-chief ) ( NNS executives ) ) ( CC and ) ( NP ( NNS directors ) ) ) ) ) ) )

Thomas M. Hurley and Robert A. Vanourek who had been designated to take over Recognition 's top spots had Prospect 's tender offer succeeded were named co-chief executives and directors


( S ( S ( NP-SBJ ( NNP Mr. ) ( NNP Hurley ) ) ( VP ( VBD was ) ( ADVP-TMP ( RB formerly ) ) ( NP-PRD ( NP ( NP ( DT a ) ( NN vice ) ( NN president ) ) ( CC and ) ( NP ( JJ general ) ( NN manager ) ) ) ( PP ( IN of ) ( NP ( DT an ) ( NNP Avery ) ( NNP International ) ( NN division ) ) ) ) ) ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Vanourek ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( JJ former ) ( NN group ) ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( NNP Pitney ) ( NNP Bowes ) ( NNP Inc ) ) ) ) ) ) )

Mr. Hurley was formerly a vice president and general manager of an Avery International division Mr. Vanourek was a former group vice president of Pitney Bowes Inc


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( DT the ) ( NN agreement ) ) ( VP ( VBZ calls ) ( SBAR-CLR ( IN for ) ( S ( NP-SBJ-1 ( NP ( NNP Gilbert ) ( NNP H. ) ( NNP Lamphere ) ) ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( NNP Prospect ) ( NNP Group ) ( POS 's ) ) ( JJ executive ) ( NN committee ) ) ) ) ) ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN named ) ( S ( NP-PRD ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( VBN restructured ) ( NN board ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD will ) ( VP ( VB include ) ( NP ( CD four ) ( JJ new ) ( JJ independent ) ( NNS directors ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In addition the agreement calls for Gilbert H. Lamphere chairman of Prospect Group 's executive committee to be named chairman of a restructured board that will include four new independent directors


( SINV ( ADVP ( RB Also ) ) ( VP-TPC-1 ( VBN named ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( JJ revised ) ( NN board ) ) ) ) ( VP ( VBD was ) ) ( NP-SBJ-2 ( NP ( NNP Thomas ) ( NNP A. ) ( NNP Loose ) ) ( NP ( NP ( NNP Recognition ) ( POS 's ) ) ( NX ( NX ( JJ senior ) ( NN vice ) ( NN president ) ) ( CC and ) ( NX ( JJ general ) ( NN counsel ) ) ) ) ) )

Also named to the revised board was Thomas A. Loose Recognition 's senior vice president and general counsel


( S ( NP-SBJ-2 ( NP ( NNP Prospect ) ) ( NP ( DT a ) ( ADJP ( NNP New ) ( JJ York-based ) ) ( JJ leveraged ) ( NN buy-out ) ( NN firm ) ) ) ( ADVP ( RB also ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB invest ) ( NP ( QP ( CD 15 ) ( CD million ) ) ) ( PP-CLR ( IN in ) ( NP ( NP ( NNP Recognition ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( PP ( IN in ) ( NP ( NN turn ) ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VBN repurchase ) ( NP ( NP ( QP ( RB as ) ( JJ much ) ( IN as ) ( CD 20 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN stock ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Prospect a New York-based leveraged buy-out firm also agreed to invest 15 million in Recognition which in turn agreed to repurchase as much as 20 million of its stock


( S ( NP-SBJ ( DT That ) ) ( VP ( MD would ) ( VP ( VB increase ) ( NP ( NP ( NP ( NNP Prospect ) ( POS 's ) ) ( NN ownership ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ fully-diluted ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 20 ) ( NN % ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 14.1 ) ( NN % ) ) ) ) ) )

That would increase Prospect 's ownership of the company 's fully-diluted shares outstanding to 20 % from 14.1 %


( S ( PP-LOC ( IN Under ) ( NP ( DT the ) ( NN agreement ) ) ) ( NP-SBJ-1 ( NNP Prospect ) ) ( VP ( VBZ is ) ( VP ( VBN permitted ) ( S ( VP ( TO to ) ( VP ( VB increase ) ( NP ( NP ( PRP$ its ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( NNP Recognition ) ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 30 ) ( NN % ) ) ) ) ) ) ) ) )

Under the agreement Prospect is permitted to increase its stake in Recognition to 30 %


( S ( PP-LOC ( IN Beyond ) ( NP ( DT that ) ) ) ( NP-SBJ ( NNP Prospect ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB offer ) ( S ( VP ( TO to ) ( VP ( VP ( VB acquire ) ( NP ( JJ additional ) ( NNS shares ) ) ( PP-CLR ( IN for ) ( NP-2 ( NP ( QP ( JJR less ) ( IN than ) ( CD 11.25 ) ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-TMP-3 ( IN during ) ( NP ( DT the ) ( JJ next ) ( NN year ) ) ) ) ( CC or ) ( VP ( NP=2 ( NP ( QP ( JJR less ) ( IN than ) ( CD 14.06 ) ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( PP-TMP=3 ( IN during ) ( NP ( DT the ) ( JJ subsequent ) ( CD two ) ( NNS years ) ) ) ) ) ) ) ) ) ) ) ) )

Beyond that Prospect said it would n't offer to acquire additional shares for less than 11.25 a share during the next year or less than 14.06 a share during the subsequent two years


( S ( NP-SBJ ( NNP Recognition ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD obtained ) ( NP ( DT a ) ( NN commitment ) ) ( PP-DIR ( IN from ) ( NP ( NP ( NNP Chemical ) ( NNP Bank ) ) ( CC and ) ( NP ( NP ( NNP Bank ) ) ( PP ( IN of ) ( NP ( NNP Boston ) ) ) ) ) ) ( S-2 ( VP ( TO to ) ( VP ( VB convert ) ( NP ( NP ( DT an ) ( JJ estimated ) ( QP ( CD 18 ) ( CD million ) ) ) ( PP-LOC ( IN in ) ( NP ( NN bank ) ( NN debt ) ) ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( JJ new ) ( JJ 24-month ) ( JJ secured ) ( NN term ) ( NN loan ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN repaid ) ( PP ( IN through ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( JJ certain ) ( NNS assets ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Recognition also said it obtained a commitment from Chemical Bank and Bank of Boston to convert an estimated 18 million in bank debt to a new 24-month secured term loan to be repaid through the sale of certain assets


( S ( PP-TMP ( IN In ) ( NP ( NNP August ) ) ) ( NP-SBJ ( NNP Recognition ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( PP-PRD ( IN in ) ( NP ( NP ( NN violation ) ) ( PP ( IN of ) ( NP ( NP ( JJ certain ) ( NNS terms ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( NN debt ) ( NNS agreements ) ) ( PP ( IN with ) ( NP ( NN bank ) ( NNS lenders ) ) ) ) ) ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 3.9 ) ( CD million ) ) ) ( NN loss ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ( VP ( VBN ended ) ( NP-TMP ( NNP July ) ( CD 31 ) ) ) ) ) ) ) ) ) ) ) )

In August Recognition said it was in violation of certain terms of its debt agreements with bank lenders because of a 3.9 million loss for the third quarter ended July 31


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD attributed ) ( NP ( DT the ) ( NN loss ) ) ( PP-CLR ( TO to ) ( NP ( NP ( VBG declining ) ( NN revenue ) ) ( CC and ) ( NP ( NP ( NN litigation ) ( NNS costs ) ) ( VP ( VBG relating ) ( PP-CLR ( TO to ) ( NP ( NP ( JJ criminal ) ( NNS charges ) ) ( PP ( IN against ) ( NP ( NP ( DT the ) ( NN company ) ) ( CC and ) ( NP ( NP ( CD two ) ( JJ former ) ( NNS executives ) ) ( NP ( NP ( NNP William ) ( NNP G. ) ( NNP Moore ) ( NNP Jr. ) ) ( CC and ) ( NP ( NNP Robert ) ( NNP W. ) ( NNP Reedy ) ) ) ) ) ) ) ) ) ) ) ) ) )

The company attributed the loss to declining revenue and litigation costs relating to criminal charges against the company and two former executives William G. Moore Jr. and Robert W. Reedy


( S ( NP-SBJ-1 ( DT The ) ( JJ former ) ( NNS executives ) ) ( VP ( VBD were ) ( VP ( VBN indicted ) ( NP-TMP ( JJ last ) ( NNP October ) ) ( PP ( IN on ) ( NP ( NP ( NNS charges ) ) ( PP ( IN of ) ( NP ( NN fraud ) ( NN theft ) ( CC and ) ( NN conspiracy ) ) ) ( ADJP ( VBN related ) ( PP ( TO to ) ( NP ( NP ( NNS efforts ) ) ( PP ( IN by ) ( NP ( DT the ) ( NN company ) ) ) ( S-2 ( VP ( TO to ) ( VP ( VB win ) ( NP ( NP ( QP ( CD 400 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NNP Postal ) ( NNP Service ) ( NNS contracts ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The former executives were indicted last October on charges of fraud theft and conspiracy related to efforts by the company to win 400 million in Postal Service contracts


( S ( NP-SBJ ( NNP Recognition ) ( NNP Equipment ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD expected ) ( S ( VP ( TO to ) ( VP ( VB put ) ( NP ( NP ( DT the ) ( NN agreement ) ) ( PP ( IN with ) ( NP ( NNP Prospect ) ) ) ) ( PP-PUT ( TO to ) ( NP ( NP ( DT a ) ( NN vote ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS stockholders ) ) ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT a ) ( JJ special ) ( NN meeting ) ) ( PP-TMP ( IN in ) ( NP ( NNP January ) ) ) ) ) ) ) ) ) ) ) ) )

Recognition Equipment said it expected to put the agreement with Prospect to a vote of its stockholders at a special meeting in January


( S ( PP-LOC ( IN In ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ( NP-SBJ ( NNP Recognition ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 87.5 ) ( NNS cents ) ) ( PP-DIR ( TO to ) ( NP ( CD 6.625 ) ) ) ) )

In New York Stock Exchange composite trading Recognition rose 87.5 cents to 6.625


( S ( NP-SBJ ( NNP Prospect ) ) ( VP ( VBD slipped ) ( NP-EXT ( CD 25 ) ( NNS cents ) ) ( PP-DIR ( TO to ) ( NP ( CD 10.50 ) ) ) ( PP-LOC ( IN in ) ( NP ( JJ national ) ( JJ over-the-counter ) ( NN trading ) ) ) ) )

Prospect slipped 25 cents to 10.50 in national over-the-counter trading


( S ( NP-SBJ ( DT The ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT a ) ( NN seat ) ) ( VP ( VBN sold ) ( PP-CLR ( IN for ) ( NP ( CD 436,000 ) ) ) ( ADVP ( RB down ) ( NP ( CD 39,000 ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( JJ previous ) ( NN sale ) ) ( NP-TMP ( NNP Oct. ) ( CD 4 ) ) ) ) ) ) ) ) ) )

The New York Stock Exchange said a seat sold for 436,000 down 39,000 from the previous sale Oct. 4


( S ( NP-SBJ-1 ( NNS Seats ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB currently ) ) ( VP ( VBN quoted ) ( PP-CLR ( IN at ) ( NP ( NP ( NP ( CD 425,000 ) ) ( VP ( NN bid ) ) ) ( CC and ) ( NP ( NP ( CD 475,000 ) ) ( VP ( VBN offered ) ) ) ) ) ) ) )

Seats are currently quoted at 425,000 bid and 475,000 offered


( S ( NP-SBJ ( NP ( DT The ) ( ADJP ( CD 475,000 ) ) ( NN sale ) ( NN price ) ) ( NP-TMP ( RBR earlier ) ( DT this ) ( NN month ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( JJS lowest ) ) ( PP-TMP ( IN in ) ( NP ( QP ( RB nearly ) ( CD three ) ) ( NNS years ) ) ) ) ) )

The 475,000 sale price earlier this month was the lowest in nearly three years


( S ( NP-SBJ ( NN Exchange ) ( NNS seats ) ) ( VP ( VBD hit ) ( NP ( NP ( DT a ) ( NN peak ) ) ( PP ( IN of ) ( NP ( CD 1,150,000 ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ( CD 1987 ) ) ) ) )

Exchange seats hit a peak of 1,150,000 in September 1987


( S ( NP-SBJ-1 ( NNP Tribune ) ( NNP Co. ) ) ( S-ADV ( VP ( VBN helped ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( JJ hefty ) ( NN boost ) ) ( PP-LOC ( IN in ) ( NP ( NN performance ) ) ) ( PP-LOC ( IN at ) ( NP ( PRP$ its ) ( NN broadcasting ) ( CC and ) ( NN entertainment ) ( NNS operations ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ net ) ( NN income ) ) ( VP ( VBD jumped ) ( NP-EXT ( CD 21 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NP ( PRP$ its ) ( JJ third ) ( NN quarter ) ) ( VP ( VBN ended ) ( NP-TMP ( NNP Sept. ) ( CD 24 ) ) ) ) ) ( PP ( IN on ) ( NP ( NP ( DT a ) ( ADJP ( CD 3 ) ( NN % ) ) ( NN increase ) ) ( PP-LOC ( IN in ) ( NP ( NN revenue ) ) ) ) ) ) ) ) ) )

Tribune Co. helped by a hefty boost in performance at its broadcasting and entertainment operations said net income jumped 21 % in its third quarter ended Sept. 24 on a 3 % increase in revenue


( S ( NP-SBJ ( NP ( DT The ) ( NN broadcasting ) ( CC and ) ( NN newspaper ) ( NN concern ) ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NNP Chicago ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NN net ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( QP ( CD 62.7 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 77 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( JJ primary ) ( NN share ) ) ) ) ( ADVP ( RB up ) ( PP ( IN from ) ( NP ( NP ( QP ( CD 51.6 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 69 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) ) )

The broadcasting and newspaper concern based in Chicago said net was 62.7 million or 77 cents a primary share up from 51.6 million or 69 cents a share


( S ( S ( NP-SBJ ( JJ Per-share ) ( NNS figures ) ) ( NP-TMP ( DT this ) ( NN year ) ) ( VP ( VBP reflect ) ( NP ( NP ( QP ( CD 6.8 ) ( CD million ) ) ) ( PP-LOC ( IN in ) ( NP ( JJ preferred-share ) ( NNS dividends ) ) ) ) ) ) ( S ( NP-SBJ ( DT the ) ( CD 1988 ) ( NN quarter ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB have ) ( NP ( PDT such ) ( DT a ) ( NN payout ) ) ) ) ) )

Per-share figures this year reflect 6.8 million in preferred-share dividends the 1988 quarter did n't have such a payout


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 590.7 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 575.1 ) ( CD million ) ) ) ) ) )

Revenue rose to 590.7 million from 575.1 million


( S ( NP-SBJ ( JJ Nine-month ) ( NN net ) ) ( VP ( VBD climbed ) ( NP-EXT ( CD 19 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 174.8 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 2.21 ) ) ( NP-ADV ( DT a ) ( JJ primary ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 147.5 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.94 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) )

Nine-month net climbed 19 % to 174.8 million or 2.21 a primary share from 147.5 million or 1.94 a share


( S ( NP-SBJ ( NP ( JJ Nine-month ) ( JJ per-share ) ( NNS figures ) ) ( PP ( IN for ) ( NP ( CD 1989 ) ) ) ) ( VP ( VBP reflect ) ( NP ( NP ( QP ( CD 12.9 ) ( CD million ) ) ) ( PP-LOC ( IN in ) ( NP ( JJ preferred ) ( NNS dividends ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD had ) ( NP ( DT no ) ( NN counterpart ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ year-earlier ) ( NN quarter ) ) ) ) ) ) ) ) )

Nine-month per-share figures for 1989 reflect 12.9 million in preferred dividends that had no counterpart in the year-earlier quarter


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 4 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 1.79 ) ( CD billion ) ) ) ) ) )

Revenue rose 4 % to 1.79 billion


( S ( PP-LOC ( IN In ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ( NP-TMP ( NNP Friday ) ) ( NP-SBJ ( NNP Tribune ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 49.375 ) ) ) ( ADVP ( RB down ) ( NP ( CD 4.75 ) ) ) ) )

In New York Stock Exchange composite trading Friday Tribune closed at 49.375 down 4.75


( S ( NP-SBJ-2 ( NNP Democrat ) ( NNP Gene ) ( NNP Taylor ) ) ( VP ( VBD won ) ( NP ( NP ( DT a ) ( JJ special ) ( NN election ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB fill ) ( NP ( NP ( DT the ) ( JJ congressional ) ( NN seat ) ) ( VP ( VBN vacated ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NN death ) ) ( PP ( IN of ) ( NP ( NNP Republican ) ( NNP Larkin ) ( NNP Smith ) ) ) ) ) ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG taking ) ( PRT ( RP back ) ) ( NP ( NP ( NP ( DT the ) ( NNP GOP ) ( POS 's ) ) ( JJ lone ) ( NN redoubt ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Mississippi ) ( POS 's ) ) ( NNP House ) ( NN delegation ) ) ) ) ) ) ) )

Democrat Gene Taylor won a special election to fill the congressional seat vacated by the death of Republican Larkin Smith taking back the GOP 's lone redoubt in Mississippi 's House delegation


( S ( NP-SBJ ( NP ( NP ( NNP Mr. ) ( NNP Taylor ) ( POS 's ) ) ( JJ overwhelming ) ( NN victory ) ) ( PP ( IN against ) ( NP ( NNP Republican ) ( NNP Tom ) ( NNP Anderson ) ) ) ) ( VP ( VP ( VBZ reclaims ) ( NP ( NP ( DT a ) ( NN seat ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNPS Republicans ) ) ( VP ( VBD had ) ( VP ( VBN held ) ( PP-TMP ( IN for ) ( NP ( CD 17 ) ( NNS years ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBZ gives ) ( NP ( DT the ) ( NNPS Democrats ) ) ( NP ( NP ( PRP$ their ) ( JJ fifth ) ( NN victory ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( CD seven ) ( JJ special ) ( NNP House ) ( NNS elections ) ) ( VP ( VBN held ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ) ) ) )

Mr. Taylor 's overwhelming victory against Republican Tom Anderson reclaims a seat the Republicans had held for 17 years and gives the Democrats their fifth victory in the seven special House elections held this year


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Taylor ) ) ( NP ( NP ( DT a ) ( JJ 36-year-old ) ( NN state ) ( NN senator ) ) ( PP ( IN from ) ( NP ( NNP Bay ) ( NNP St. ) ( NNP Louis ) ) ) ) ) ( VP ( VBD won ) ( NP ( NP ( CD 65 ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN vote ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN district ) ) ( SBAR ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ has ) ( VP ( VBN voted ) ( S-CLR ( ADJP-PRD ( JJ Republican ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ past ) ( CD five ) ( JJ presidential ) ( NNS elections ) ) ) ) ) ) ) ( CC and ) ( SBAR ( WHNP-2 ( DT that ) ) ( S ( VP ( VBD was ) ( ADVP-TMP ( RB once ) ) ( VP ( VBN represented ) ( PP ( IN by ) ( NP-LGS ( NNP Republican ) ( NNP U.S. ) ( NNP Sen. ) ( NNP Trent ) ( NNP Lott ) ) ) ) ) ) ) ) ) ) ) )

Mr. Taylor a 36-year-old state senator from Bay St. Louis won 65 % of the vote in a district that has voted Republican in the past five presidential elections and that was once represented by Republican U.S. Sen. Trent Lott


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Taylor ) ( POS 's ) ) ( NN victory ) ) ( VP ( VBD was ) ( NP-PRD ( DT an ) ( NN embarrassment ) ) ( PP ( IN for ) ( NP ( UCP ( DT both ) ( NN state ) ( CC and ) ( JJ national ) ) ( NNPS Republicans ) ) ) ) )

Mr. Taylor 's victory was an embarrassment for both state and national Republicans


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Anderson ) ) ( NP ( DT a ) ( JJ former ) ( NNP Lott ) ( NN aide ) ) ) ( VP ( VBD received ) ( NP ( NN campaign ) ( NN assistance ) ) ( PP-DIR ( PP ( IN from ) ( NP ( DT the ) ( NN senator ) ) ) ( CC and ) ( PP ( IN from ) ( NP ( NP ( NNP President ) ( NNP Bush ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD visited ) ( NP ( DT the ) ( NN district ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ) ) ) ) ) ) ) )

Mr. Anderson a former Lott aide received campaign assistance from the senator and from President Bush who visited the district last week


( S ( ADVP ( RB Even ) ( RB so ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Taylor ) ) ( VP ( VBD carried ) ( NP ( NP ( DT all ) ) ( PP ( IN but ) ( NP ( CD one ) ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN district ) ( POS 's ) ) ( NN dozen ) ( NNS counties ) ) ) ) ) )

Even so Mr. Taylor carried all but one of the district 's dozen counties


( S ( NP-SBJ ( NNP Rep. ) ( NNP Smith ) ) ( VP ( VBD died ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN plane ) ( NN crash ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Aug. ) ( CD 13 ) ) ) ) )

Rep. Smith died in a plane crash on Aug. 13


( S ( NP-SBJ-2 ( NN Mutual-fund ) ( NN czar ) ( NNP John ) ( NNP M. ) ( NNP Templeton ) ) ( VP ( VBZ has ) ( VP ( VBN put ) ( NP ( PRP$ his ) ( NN money ) ) ( SBAR-PUT ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( PRP$ his ) ( NN moniker ) ) ( VP ( VBZ is ) ) ) ) ( S-ADV ( VP ( VBG pouring ) ( NP ( QP ( CD 1.4 ) ( CD million ) ) ) ( PP-DIR ( IN into ) ( NP ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( PRP$ his ) ( JJ own ) ( NNS funds ) ) ) ) ( NP ( DT the ) ( NNP Templeton ) ( NNP Value ) ( NNP Fund ) ) ) ) ) ) ) ) )

Mutual-fund czar John M. Templeton has put his money where his moniker is pouring 1.4 million into one of his own funds the Templeton Value Fund


( S ( NP-SBJ ( NNP Mr. ) ( NNP Templeton ) ) ( VP ( VBZ owns ) ( NP ( NP ( NNS shares ) ) ( PP-LOC ( PP ( IN in ) ( NP ( NP ( JJ several ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( CD 33 ) ( NNS funds ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( PRP$ his ) ( NN firm ) ) ( VP ( VBZ manages ) ) ) ) ) ) ) ) ( CC but ) ( PP ( ADVP ( RB only ) ) ( IN in ) ( NP ( NP ( CD three ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( CD 10 ) ) ( ADJP ( JJ available ) ( PP ( TO to ) ( NP ( NNP U.S. ) ( NNS investors ) ) ) ) ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NNS filings ) ) ( PP ( IN with ) ( NP ( DT the ) ( NNP Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ) ) ) ) ) ) )

Mr. Templeton owns shares in several of the 33 funds that his firm manages but only in three of the 10 available to U.S. investors according to filings with the Securities and Exchange Commission


( S ( NP-SBJ ( DT Those ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NNP Templeton ) ( NNP Global ) ( NNP Income ) ) ( NP ( NNP Templeton ) ( NNP Emerging ) ( NNP Markets ) ) ( CC and ) ( ADVP-TMP ( RB now ) ) ( NP ( DT the ) ( NNP Value ) ( NNP Fund ) ) ) ) )

Those are Templeton Global Income Templeton Emerging Markets and now the Value Fund


( SBARQ ( WHADVP-1 ( WRB Why ) ) ( SQ ( VBD did ) ( NP-SBJ ( PRP he ) ) ( VP ( VB add ) ( NP ( DT the ) ( NNP Value ) ( NNP Fund ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN list ) ) ) ) ) )

Why did he add the Value Fund to the list


( S ( SBAR-PRP ( IN Because ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( RB very ) ( JJ bullish ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( VBG emerging ) ( NN growth ) ( NNS stocks ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP make ) ( PRT ( RP up ) ) ( NP ( NP ( DT the ) ( NN fund ) ( POS 's ) ) ( NN portfolio ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Templeton ) ) ( VP ( VBD said ) ( PP-LOC ( IN from ) ( NP ( PRP$ his ) ( NNPS Bahamas ) ( NN hideaway ) ) ) ) )

Because he 's very bullish on the emerging growth stocks that make up the fund 's portfolio Mr. Templeton said from his Bahamas hideaway


( S-2 ( S ( S ( NP-SBJ ( VBG Emerging ) ( NN growth ) ( NNS stocks ) ) ( VP ( VBP have ) ( RB n't ) ( VP ( VBN been ) ( ADJP-PRD ( JJ popular ) ) ( PP-LOC ( IN in ) ( NP ( NNP America ) ) ) ( PP-TMP ( IN for ) ( NP ( NNS years ) ) ) ) ) ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP 've ) ( VP ( VBN been ) ( VP ( VBN neglected ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP$ their ) ( NNS prices ) ) ( ADVP-TMP ( RB often ) ) ( VP ( VBP trail ) ( NP ( NP ( DT the ) ( NN market ) ) ( PP ( IN as ) ( NP ( DT a ) ( NN whole ) ) ) ) ) ) )

Emerging growth stocks have n't been popular in America for years they 've been neglected he said and their prices often trail the market as a whole


( S ( NP-SBJ ( NP ( NP ( NNP Mr. ) ( NNP Templeton ) ( POS 's ) ) ( JJ 147,300-share ) ( NN purchase ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ closed-end ) ( NN fund ) ) ) ) ( VP ( VP ( VBD came ) ( PP-TMP ( IN before ) ( NP ( NP ( NP ( DT the ) ( NNP U.S. ) ( NN stock ) ( NN market ) ( POS 's ) ) ( NN plunge ) ) ( NP-TMP ( JJ last ) ( NNP Friday ) ) ) ) ) ( CC but ) ( VP ( ADVP ( RB still ) ) ( VBD proved ) ( ADJP-PRD ( RB slightly ) ( JJ profitable ) ) ) ) )

Mr. Templeton 's 147,300-share purchase in the closed-end fund came before the U.S. stock market 's plunge last Friday but still proved slightly profitable


( S ( NP-SBJ ( NNP Mr. ) ( NNP Templeton ) ) ( VP ( VBD bought ) ( NP ( PRP$ his ) ( NNS shares ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ several ) ( JJ separate ) ( NNS purchases ) ) ( PP-TMP ( IN between ) ( NP ( NP ( NNP Aug. ) ( CD 30 ) ) ( CC and ) ( NP ( NNP Sept. ) ( CD 28 ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NNS reports ) ) ( PP ( IN with ) ( NP ( DT the ) ( NNP SEC ) ) ) ) ) ) ) )

Mr. Templeton bought his shares in several separate purchases between Aug. 30 and Sept. 28 according to reports with the SEC


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD bought ) ( PP ( IN at ) ( NP ( NP ( NN share ) ( NNS prices ) ) ( VP ( VBG ranging ) ( PP ( PP ( IN from ) ( NP ( CD 9.375 ) ) ) ( PP ( TO to ) ( NP ( CD 9.625 ) ) ) ) ) ) ) ) )

He bought at share prices ranging from 9.375 to 9.625


( S ( NP-SBJ ( DT The ) ( NN fund ) ) ( VP ( VBD closed ) ( NP-TMP ( NN yesterday ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ( PP-CLR ( IN at ) ( NP ( CD 9.625 ) ) ) ( ADVP ( RB up ) ( NP ( CD 12.5 ) ( NNS cents ) ) ) ) )

The fund closed yesterday in New York Stock Exchange composite trading at 9.625 up 12.5 cents


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Templeton ) ) ( VP ( VBD received ) ( NP ( NP ( DT a ) ( NN dividend ) ) ( PP ( IN of ) ( NP ( NP ( CD 22 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( NP-TMP ( NNP Oct. ) ( CD 5 ) ) ) )

In addition Mr. Templeton received a dividend of 22 cents a share Oct. 5


RIVER RUN


( S ( S-TPC-1 ( NP-SBJ ( NP ( NP ( DT A ) ( JJ senior ) ( NN vice ) ( NN president ) ) ( CC and ) ( NP ( DT a ) ( NN vice ) ( NN president ) ) ) ( PP-LOC ( IN at ) ( NP ( NNP James ) ( NNP River ) ( NNP Corp. ) ) ) ) ( VP ( VBD sold ) ( NP ( NP ( DT the ) ( NN majority ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ their ) ( NNS shares ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NAC-LOC ( NNP Richmond ) ( NNP Va. ) ) ( NNS paper-products ) ( NN concern ) ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( JJ late ) ( NNP August ) ) ( CC and ) ( NP ( JJ early ) ( NNP September ) ) ) ) ) ) ( NP-SBJ ( NP ( NNS reports ) ) ( VP ( VBN filed ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NNP SEC ) ) ) ) ) ( VP ( VBP show ) ) )

A senior vice president and a vice president at James River Corp. sold the majority of their shares in the Richmond Va. paper-products concern in late August and early September reports filed with the SEC show


( S ( NP-SBJ ( NP ( DT The ) ( NNS executives ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD got ) ( NP ( NP ( CD 30.88 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( NN stock ) ) ) ) ) ) ) ( VP ( VBD showed ) ( NP ( JJ good ) ( NN timing ) ) ) )

The executives who got 30.88 a share for the stock showed good timing


( S ( PP-LOC ( IN In ) ( NP ( NNP Big ) ( NNP Board ) ( NN trading ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ ( NNP James ) ( NNP River ) ( NNS shares ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 28.375 ) ) ) ( ADVP ( RB down ) ( NP ( CD 12.5 ) ( NNS cents ) ) ) ) )

In Big Board trading yesterday James River shares closed at 28.375 down 12.5 cents


( S ( PP-TMP ( IN On ) ( NP ( NNP Sept. ) ( CD 6 ) ) ) ( NP-SBJ-1 ( NP ( NNP Robert ) ( NNP Joseph ) ( NNP Sherry ) ) ( NP ( NP ( NP ( DT the ) ( NN firm ) ( POS 's ) ) ( JJ senior ) ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( UCP ( NN employee ) ( CC and ) ( JJ public ) ) ( NNS relations ) ) ) ) ) ( VP ( VBD sold ) ( NP ( CD 4,000 ) ( NNS shares ) ) ( S-ADV ( VP ( VBG leaving ) ( NP ( PRP himself ) ) ( PP-CLR ( IN with ) ( NP ( NP ( CD 1,062 ) ( NNS shares ) ) ( PP ( IN of ) ( NP ( NNP James ) ( NNP River ) ) ) ) ) ) ) ) )

On Sept. 6 Robert Joseph Sherry the firm 's senior vice president of employee and public relations sold 4,000 shares leaving himself with 1,062 shares of James River


( S ( PP ( VBG Including ) ( NP ( NP ( DT a ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NN stock ) ) ) ( NP-TMP ( JJ last ) ( NNP February ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Sherry ) ) ( VP ( VBZ has ) ( VP ( VBN sold ) ( NP ( NP ( CD 88 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ his ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NNP SEC ) ( NNS filings ) ) ) ) ) ) )

Including a sale of stock last February Mr. Sherry has sold 88 % of his stake in the company this year according to SEC filings


( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Sherry ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB comment ) ) ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( VP ( VBN asked ) ( PP-CLR ( IN about ) ( NP ( DT the ) ( NNS sales ) ) ) ) ) ) ) )

Mr. Sherry declined to comment when asked about the sales


( S ( NP-SBJ ( NP ( NNP James ) ( NN A. ) ( NNP Toney ) ) ( NP ( DT a ) ( NN vice ) ( NN president ) ) ) ( VP ( VBD sold ) ( NP ( CD 1,500 ) ( NNS shares ) ) ( NP-TMP ( NNP Aug. ) ( CD 28 ) ) ) )

James A. Toney a vice president sold 1,500 shares Aug. 28


( S ( NP-SBJ ( PRP He ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VBZ has ) ( NP ( CD 1,143 ) ( NNS shares ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NNP SEC ) ( NNS files ) ) ) ) ) )

He still has 1,143 shares according to SEC files


( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Toney ) ) ( ADVP ( RB also ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB comment ) ) ) ) ) )

Mr. Toney also declined to comment


( NP-HLN ( NN INTEREST-RATE ) ( NNP PLAYER ) )

INTEREST-RATE PLAYER


( S ( NP-SBJ ( NNP Cincinnati ) ( NNP Gas ) ( CC & ) ( NNP Electric ) ( NNP Co. ) ) ( VP ( VBZ tops ) ( NP ( NP ( DT the ) ( NNS companies ) ( NN portion ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ accompanying ) ( NNP Insider ) ( NNP Trading ) ( NN table ) ) ) ) ( NP-TMP ( DT this ) ( NN week ) ) ) )

Cincinnati Gas & Electric Co. tops the companies portion of the accompanying Insider Trading table this week


( S ( NP-SBJ ( NP ( CD Three ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN utility ) ( POS 's ) ) ( NNS directors ) ) ) ) ( VP ( VBP have ) ( VP ( ADVP ( IN at ) ( JJS least ) ) ( VBD doubled ) ( NP ( NP ( PRP$ their ) ( NNS holdings ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN company ) ) ) ) ( PP-TMP ( IN since ) ( NP ( NNP July ) ) ) ) ) )

Three of the utility 's directors have at least doubled their holdings in the company since July


( S ( NP-SBJ ( DT The ) ( JJS largest ) ( NN purchase ) ) ( VP ( VBD was ) ( PP-PRD ( IN by ) ( NP ( NP ( NNP Dudley ) ( NNP Taft ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD bought ) ( NP ( CD 4,400 ) ( NNS shares ) ) ( PP-CLR ( IN for ) ( NP ( CD 125,075 ) ) ) ) ) ) ) ) ) )

The largest purchase was by Dudley Taft who bought 4,400 shares for 125,075


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Taft ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ is ) ( ADVP ( RB also ) ) ( NP-PRD ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NNP Taft ) ( NNP Broadcasting ) ( NNP Co. ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD bought ) ( NP ( DT the ) ( NNS shares ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ keeps ) ( NP ( DT a ) ( NN utility ) ( NN account ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NN brokerage ) ( NN firm ) ) ( PP ( IN of ) ( NP ( NNP Salomon ) ( NNP Brothers ) ( NNP Inc. ) ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD had ) ( VP ( VBN recommended ) ( NP ( DT the ) ( NN stock ) ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( JJ good ) ( NN buy ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Taft who is also president of Taft Broadcasting Co. said he bought the shares because he keeps a utility account at the brokerage firm of Salomon Brothers Inc. which had recommended the stock as a good buy


( S ( NP-SBJ ( NNP Salomon ) ( NNP Brothers ) ) ( VP ( VBD confirmed ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN had ) ( NP ( DT a ) ( JJ buy ) ( NN recommendation ) ) ( PP-LOC-CLR ( IN on ) ( NP ( DT the ) ( NN stock ) ) ) ( PP-TMP ( IN for ) ( NP ( QP ( RB about ) ( CD two ) ) ( NNS years ) ) ) ) ) ) ) ) )

Salomon Brothers confirmed that it has had a buy recommendation on the stock for about two years


( S-1 ( S ( NP-SBJ ( NNP Cincinnati ) ( NNP Gas ) ( CC & ) ( NNP Electric ) ) ( VP ( VBZ is ) ( PP-PRD ( IN in ) ( NP ( JJ good ) ( NN shape ) ) ) ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Taft ) ) ( VP ( VBD said ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNS utilities ) ) ( VP ( VBP are ) ( NP-PRD ( DT a ) ( JJ good ) ( NN investment ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( NN interest ) ( NNS rates ) ) ( VP ( VBP are ) ( VP ( VBG going ) ( ADVP-DIR ( RB down ) ) ) ) ) ) ) ) )

Cincinnati Gas & Electric is in good shape Mr. Taft said and utilities are a good investment because interest rates are going down


( S ( NP-SBJ ( NNP Mr. ) ( NNP Taft ) ) ( VP ( VBD paid ) ( NP ( NP ( DT an ) ( NN average ) ) ( PP ( IN of ) ( NP ( CD 28.43 ) ) ) ) ( PP-CLR ( IN for ) ( NP ( DT each ) ( NN share ) ) ) ) )

Mr. Taft paid an average of 28.43 for each share


( S ( NP-SBJ ( DT The ) ( NN stock ) ) ( VP ( VBD closed ) ( NP-TMP ( NN yesterday ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ) ) ( PP-CLR ( IN at ) ( NP ( CD 28.75 ) ) ) ( ADVP ( RB down ) ( NP ( CD 12.5 ) ( NNS cents ) ) ) ) )

The stock closed yesterday on the Big Board at 28.75 down 12.5 cents


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( CD two ) ( JJ other ) ( NNS directors ) ) ( VP ( VBD bought ) ( NP ( QP ( CD 1,000 ) ( CC and ) ( CD 1,900 ) ) ( NNS shares ) ) ( ADVP ( RB respectively ) ) ( PP ( IN at ) ( NP ( NP ( NNS prices ) ) ( PP ( IN between ) ( NP ( NP ( NP ( CD 28.15 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( CC and ) ( NP ( NP ( CD 28.75 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNS filings ) ) ( PP ( IN with ) ( NP ( DT the ) ( NNP SEC ) ) ) ) ( VP ( NN show ) ) )

The two other directors bought 1,000 and 1,900 shares respectively at prices between 28.15 a share and 28.75 a share filings with the SEC show


( S ( NP-SBJ-1 ( DT The ) ( CD two ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN reached ) ( PP-PRP ( IN for ) ( NP ( NN comment ) ) ) ) ) ) )

The two could n't be reached for comment


( S ( NP-SBJ ( DT A ) ( NN company ) ( NN spokesman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB explain ) ( NP ( PRP$ their ) ( JJ sudden ) ( NN bullishness ) ) ) ) ) ) ) )

A company spokesman said he could n't explain their sudden bullishness


( SINV ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB know ) ( PP-CLR ( IN of ) ( NP ( NP ( DT any ) ( NN news ) ) ( CC or ) ( NP ( NP ( NN anything ) ( JJ unusual ) ) ( VP ( VBG happening ) ( ADVP-LOC ( RB here ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Bruce ) ( NNP Stoecklin ) ) ( NP ( NP ( NN director ) ) ( PP ( IN of ) ( NP ( NNS media ) ( NNS services ) ) ) ) ) )

I do n't know of any news or anything unusual happening here said Bruce Stoecklin director of media services


( S ( NP-SBJ ( NP ( NNP Peter ) ( NNP Pae ) ) ( PP-LOC ( IN in ) ( NP ( NNP Pittsburgh ) ) ) ) ( VP ( VBD contributed ) ( PP-CLR ( TO to ) ( NP ( DT this ) ( NN article ) ) ) ) )

Peter Pae in Pittsburgh contributed to this article


( S ( NP-SBJ ( DT The ) ( NNP White ) ( NNP House ) ) ( VP ( VBZ is ) ( VP ( VBG making ) ( ADJP ( RB sure ) ( SBAR ( S ( NP-SBJ ( NN nobody ) ) ( VP ( MD will ) ( VP ( VB accuse ) ( NP-1 ( PRP it ) ) ( PP-CLR ( IN of ) ( S-NOM ( VP ( VBG taking ) ( NP ( DT this ) ( NN crisis ) ) ( ADVP-MNR ( RB lightly ) ) ) ) ) ) ) ) ) ) ) ) )

The White House is making sure nobody will accuse it of taking this crisis lightly


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT the ) ( NN aftermath ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP California ) ( NN earthquake ) ) ) ) ) ( NP-SBJ ( NP ( NNP President ) ( NNP Bush ) ) ( CC and ) ( NP ( PRP$ his ) ( NNS aides ) ) ) ( VP ( VBD flew ) ( PP-DIR ( IN into ) ( NP ( NP ( DT a ) ( NN whirlwind ) ) ( PP ( IN of ) ( NP ( JJ earthquake-related ) ( NN activity ) ) ) ) ) ( NP-TMP ( NN yesterday ) ( NN morning ) ) ) )

In the aftermath of the California earthquake President Bush and his aides flew into a whirlwind of earthquake-related activity yesterday morning


( S ( S ( NP-SBJ ( NP ( DT Some ) ) ( PP ( IN of ) ( NP ( PRP it ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ necessary ) ( S ( VP ( TO to ) ( VP ( VB get ) ( S ( NP-SBJ ( JJ federal ) ( NN help ) ) ( VP ( VBG flowing ) ( PP-DIR ( TO to ) ( NP ( NNS victims ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( DT some ) ) ( VP ( VBD seemed ) ( VP ( VBN designed ) ( ADVP ( RB mostly ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB project ) ( NP ( NP ( DT an ) ( NN image ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NNP White ) ( NNP House ) ) ( PP-LOC ( IN in ) ( NP ( NN action ) ) ) ) ) ) ) ) ) ) ) ) )

Some of it was necessary to get federal help flowing to victims but some seemed designed mostly to project an image of a White House in action


( S ( S ( NP-SBJ-1 ( NP ( NNP Mr. ) ( NNP Bush ) ) ( CC and ) ( NP ( PRP$ his ) ( NNS aides ) ) ) ( VP ( VBD were ) ( VP ( VBN accused ) ( PP-CLR ( IN of ) ( S-NOM ( VP ( VBG responding ) ( ADVP-MNR ( RB too ) ( RB slowly ) ) ( SBAR-TMP ( IN after ) ( S ( S ( NP-SBJ ( DT the ) ( NNP Exxon ) ( NNP Valdez ) ( NN oil ) ( NN tanker ) ) ( VP ( VBD split ) ( ADVP-CLR ( RB open ) ) ( PP-LOC ( IN in ) ( NP ( JJ Alaskan ) ( NNS waters ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Hurricane ) ( NNP Hugo ) ) ( VP ( VBD struck ) ( NP ( DT the ) ( NNP Carolina ) ( NN coast ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP they ) ) ( ADVP ( RB clearly ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB want ) ( NP ( NP ( DT a ) ( NN repeat ) ) ( PP ( IN of ) ( NP ( DT those ) ( NNS charges ) ) ) ) ( ADVP-TMP ( RB now ) ) ) ) ) )

Mr. Bush and his aides were accused of responding too slowly after the Exxon Valdez oil tanker split open in Alaskan waters and Hurricane Hugo struck the Carolina coast and they clearly do n't want a repeat of those charges now


( S ( IN So ) ( NP-SBJ ( DT the ) ( NNP White ) ( NNP House ) ) ( VP ( VBD announced ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Bush ) ) ( VP ( VBD got ) ( NP ( NP ( PRP$ his ) ( JJ first ) ( NN earthquake ) ( NN briefing ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN day ) ) ) ) ( PP-TMP ( IN at ) ( NP ( CD 6:30 ) ( NN a.m. ) ) ) ( PP-DIR ( IN from ) ( NP ( NAC ( NN chief ) ( PP ( IN of ) ( NP ( NN staff ) ) ) ) ( NNP John ) ( NNP Sununu ) ) ) ) ) ) ) )

So the White House announced that Mr. Bush got his first earthquake briefing of the day at 6:30 a.m. from chief of staff John Sununu


( S ( PP-TMP ( IN By ) ( NP ( NN noon ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Bush ) ) ( VP ( VBD had ) ( VP ( VP ( VBN taken ) ( NP ( NP ( CD two ) ( NN phone ) ( NNS calls ) ) ( PP ( IN from ) ( NP ( NP ( NNP Vice ) ( NNP President ) ( NNP Dan ) ( NNP Quayle ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD was ) ( PP-LOC-PRD ( IN in ) ( NP ( NNP California ) ) ) ) ) ) ) ) ) ) ( VP ( VBN made ) ( NP ( NP ( DT a ) ( VBN televised ) ( NN statement ) ) ( PP ( IN of ) ( NP ( NN concern ) ) ) ) ) ( VP ( VBN signed ) ( NP ( DT a ) ( NN disaster ) ( NN proclamation ) ) ) ( VP ( VBN received ) ( NP ( DT a ) ( JJ written ) ( NN report ) ) ( PP-DIR ( IN from ) ( NP ( DT the ) ( NNP Federal ) ( NNP Emergency ) ( NNP Management ) ( NNP Agency ) ) ) ) ( CC and ) ( VP ( VBN visited ) ( NP ( NNP FEMA ) ( NN headquarters ) ) ) ) ) )

By noon Mr. Bush had taken two phone calls from Vice President Dan Quayle who was in California made a televised statement of concern signed a disaster proclamation received a written report from the Federal Emergency Management Agency and visited FEMA headquarters


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Bush ) ) ( NP ( PRP himself ) ) ) ( ADVP ( RB essentially ) ) ( VP ( VBD acknowledged ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( PRP he ) ) ( CC and ) ( NP ( PRP$ his ) ( NNS aides ) ) ) ( VP ( VBD were ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB head ) ( PRT ( RP off ) ) ( NP ( NN criticism ) ) ) ) ) ) ) ) ) ) )

Mr. Bush himself essentially acknowledged that he and his aides were trying to head off criticism


( S ( PP-TMP ( IN On ) ( NP ( PRP$ his ) ( NNP FEMA ) ( NN visit ) ) ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Bush ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD hoped ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( NP ( JJR less ) ( NN carping ) ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( NN emergency ) ( NN office ) ( POS 's ) ) ( NN performance ) ) ) ) ( NP-TMP ( DT this ) ( NN time ) ) ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG adding ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN agency ) ) ( VP ( VBD took ) ( NP ( DT a ) ( NN hit ) ) ( PP-PRP ( IN for ) ( NP ( NP ( PRP$ its ) ( NN reaction ) ) ( PP ( TO to ) ( NP ( NNP Hurricane ) ( NNP Hugo ) ) ) ) ) ) ) ) ) ) ) )

On his FEMA visit Mr. Bush said that he hoped there would be less carping about the emergency office 's performance this time adding that the agency took a hit for its reaction to Hurricane Hugo


( S ( NP-SBJ ( DT The ) ( NNP White ) ( NNP House ) ) ( ADVP-TMP ( RB already ) ) ( VP ( VBZ is ) ( VP ( VBG talking ) ( PP-CLR ( IN of ) ( S-NOM ( NP-SBJ ( NNP Mr. ) ( NNP Bush ) ) ( VP ( VBG visiting ) ( NP ( DT the ) ( NNP California ) ( NN earthquake ) ( NN site ) ) ( NP-TMP ( DT this ) ( NN weekend ) ) ) ) ) ) ) )

The White House already is talking of Mr. Bush visiting the California earthquake site this weekend


( S ( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD visited ) ( NP ( DT the ) ( NNP Hugo ) ( NN devastation ) ) ) ) ( CC but ) ( FRAG ( RB not ) ( PP-TMP ( IN until ) ( SBAR ( IN after ) ( S ( NP-SBJ ( JJ local ) ( NNS leaders ) ) ( VP ( VBD urged ) ( NP-1 ( PRP him ) ) ( S ( VP ( TO to ) ( VP ( VB do ) ( ADVP-PRD ( RB so ) ) ) ) ) ) ) ) ) ) )

He visited the Hugo devastation but not until after local leaders urged him to do so


( S ( NP-SBJ ( NNP Dallas ) ( NN investor ) ( NNP Harold ) ( NNP C. ) ( NNP Simmons ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD raised ) ( NP ( NP ( PRP$ his ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( NNP Lockheed ) ( NNP Corp. ) ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 10.62 ) ( NN % ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( CD 10.43 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN aerospace ) ( CC and ) ( NN electronics ) ( NN concern ) ( POS 's ) ) ( JJ common ) ( NNS shares ) ) ) ) ) ) ) ) ) )

Dallas investor Harold C. Simmons said he raised his stake in Lockheed Corp. to 10.62 % from 10.43 % of the aerospace and electronics concern 's common shares


( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( NNP Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ( NN filing ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Simmons ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( PRP he ) ) ( CC and ) ( NP ( NP ( NNS companies ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ controls ) ) ) ) ( NP ( NP ( NNP NL ) ( NNP Industries ) ( NNP Inc. ) ) ( CC and ) ( NP ( NNP NL ) ( NNP Chemicals ) ( NNP Inc. ) ) ) ) ) ( VP ( VBP hold ) ( NP ( NP ( CD 6,744,600 ) ( NNS shares ) ) ( PP ( IN of ) ( NP ( NP ( NNP Lockheed ) ) ( PP ( IN of ) ( NP ( NP ( NNP Calabasas ) ) ( NP ( NNP Calif ) ) ) ) ) ) ) ) ) ) ) )

In a Securities and Exchange Commission filing Mr. Simmons said he and companies he controls NL Industries Inc. and NL Chemicals Inc. hold 6,744,600 shares of Lockheed of Calabasas Calif


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP include ) ( NP ( NP ( CD 122,700 ) ( NNS shares ) ) ( VP ( VBD bought ) ( NP-TMP ( NNP Friday ) ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( IN between ) ( CD 47.125 ) ( CC and ) ( CD 48 ) ) ) ( ADVP ( DT each ) ) ) ) ) ) ) )

They include 122,700 shares bought Friday for between 47.125 and 48 each


( S ( PP-CLR ( 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 Lockheed ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 46.125 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP ( RB down ) ( NP ( CD 12.5 ) ( NNS cents ) ) ) ) )

In composite trading on the New York Stock Exchange Lockheed closed at 46.125 a share down 12.5 cents


( S ( NP-TMP ( RBR Earlier ) ( DT this ) ( NN week ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Simmons ) ) ( VP ( VBD objected ) ( PP-CLR ( TO to ) ( NP ( NP ( VBN published ) ( NNS reports ) ) ( VP ( VBG quoting ) ( NP-1 ( PRP him ) ) ( PP-CLR ( IN as ) ( S-NOM ( VP ( VBG saying ) ( SBAR ( S ( NP-SBJ-2 ( PRP he ) ) ( VP ( VBD planned ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( PRP$ his ) ( NNP Lockheed ) ( NN stake ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-3 ( DT the ) ( NN defense ) ( NN industry ) ) ( VP ( VBZ seems ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBG getting ) ( ADJP-PRD ( RBR more ) ( JJ uncertain ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Earlier this week Mr. Simmons objected to published reports quoting him as saying he planned to sell his Lockheed stake because the defense industry seems to be getting more uncertain


( S ( NP-SBJ ( NP ( NNP Valhi ) ( NNP Inc. ) ) ( NP ( NP ( DT another ) ) ( PP ( IN of ) ( NP ( NP ( NNP Mr. ) ( NNP Simmons ) ( POS ' ) ) ( NNS companies ) ) ) ) ) ( VP ( VBD responded ) ( PP-CLR ( TO to ) ( NP ( NP ( DT an ) ( NN article ) ) ( NP-TMP ( NNP Monday ) ) ( PP-LOC ( IN in ) ( NP ( DT The ) ( NNP Wall ) ( NNP Street ) ( NNP Journal ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD credited ) ( NP ( NP ( DT a ) ( NN story ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Sunday ) ( NNP Los ) ( NNP Angeles ) ( NNP Daily ) ( NNP News ) ) ) ) ) ) ) ) ) ) )

Valhi Inc. another of Mr. Simmons ' companies responded to an article Monday in The Wall Street Journal which credited a story in the Sunday Los Angeles Daily News


( S ( NP-SBJ ( NNP Valhi ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNS articles ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( ADVP-MNR ( RB accurately ) ) ( VB reflect ) ( NP ( NP ( NNP Valhi ) ) ( CC and ) ( NP ( NP ( NP ( PRP$ its ) ( NNS affiliates ) ( POS ' ) ) ( NNS intentions ) ) ( PP ( IN toward ) ( NP ( NNP Lockheed ) ) ) ) ) ) ) ) ) ) )

Valhi said the articles did n't accurately reflect Valhi and its affiliates ' intentions toward Lockheed


( S-1 ( ADVP ( RB Instead ) ) ( PRN ( S ( NP-SBJ ( NNP Valhi ) ) ( VP ( VBD said ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( MD may ) ( VP ( VB increase ) ( VB decrease ) ( CC or ) ( VB retain ) ( NP ( PRP$ their ) ( NNP Lockheed ) ( NNS holdings ) ) ( PP ( VBG depending ) ( PP ( IN on ) ( NP ( NP ( DT a ) ( NN number ) ) ( PP ( IN of ) ( NP ( NNS conditions ) ) ) ) ) ) ) ) )

Instead Valhi said they may increase decrease or retain their Lockheed holdings depending on a number of conditions