( S ( PP-TMP ( IN In ) ( NP ( DT a ) ( JJ few ) ( NNS instances ) ) ) ( NP-SBJ ( NNP Aetna ) ) ( VP ( VBD knew ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( ADVP ( RB probably ) ) ( VP ( VB be ) ( VP ( VBG shelling ) ( PRT ( RP out ) ) ( NP ( JJ big ) ( NNS bucks ) ) ) ) ) ) ) ( SBAR-TMP ( ADVP ( RB even ) ) ( IN before ) ( S ( NP-SBJ ( DT a ) ( NN client ) ) ( VP ( VBD called ) ( CC or ) ( VBD faxed ) ( PRT ( RP in ) ) ( NP ( DT a ) ( NN claim ) ) ) ) ) ) )

In a few instances Aetna knew it would probably be shelling out big bucks even before a client called or faxed in a claim


( S ( PP ( IN For ) ( NP ( NN example ) ) ) ( NP-SBJ ( NP ( NNS officials ) ) ( PP-LOC ( IN at ) ( NP ( NNP Walnut ) ( NNP Creek ) ( NN office ) ) ) ) ( VP ( VBD learned ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NNP Amfac ) ( NNP Hotel ) ) ( PP-LOC ( IN near ) ( NP ( DT the ) ( NNP San ) ( NNP Francisco ) ( NN airport ) ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ is ) ( VP ( VBN insured ) ( PP ( IN by ) ( NP-LGS ( NNP Aetna ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( ADVP-MNR ( RB badly ) ) ( VBN damaged ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD saw ) ( NP ( PRP it ) ) ( PP-LOC ( IN on ) ( NP ( NN network ) ( NN television ) ( NN news ) ) ) ) ) ) ) ) ) ) ) )

For example officials at Walnut Creek office learned that the Amfac Hotel near the San Francisco airport which is insured by Aetna was badly damaged when they saw it on network television news


( SINV ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( NN secret ) ) ( PP ( TO to ) ( S-NOM ( VP ( VBG being ) ( NP-PRD ( DT a ) ( JJ good ) ( NN adjuster ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( VBG counting ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Gerardo ) ( NNP Rodriguez ) ) ( NP ( NP ( DT an ) ( NNP Aetna ) ( NN adjuster ) ) ( PP ( IN from ) ( NP ( NNP Santa ) ( NNP Ana ) ) ) ) ) )

The secret to being a good adjuster is counting says Gerardo Rodriguez an Aetna adjuster from Santa Ana


( S ( NP-SBJ-1 ( PRP You ) ) ( VP ( VBP have ) ( S ( VP ( TO to ) ( VP ( VB count ) ( NP ( NN everything ) ) ) ) ) ) )

You have to count everything


( S ( NP-SBJ ( NNS Adjusters ) ) ( VP ( MD must ) ( VP ( VB count ) ( NP ( NP ( DT the ) ( NN number ) ) ( PP ( IN of ) ( NP ( NNS bathrooms ) ( NNS balconies ) ( NNS fireplaces ) ( NNS chimneys ) ( NNS microwaves ) ( CC and ) ( NNS dishwashers ) ) ) ) ) ) )

Adjusters must count the number of bathrooms balconies fireplaces chimneys microwaves and dishwashers


( S ( CC But ) ( NP-SBJ-1 ( PRP they ) ) ( VP ( MD must ) ( ADVP ( RB also ) ) ( VP ( VB assign ) ( NP ( DT a ) ( NN price ) ) ( PP-CLR ( PP ( TO to ) ( NP ( NP ( DT each ) ) ( PP ( IN of ) ( NP ( DT these ) ( NNS items ) ) ) ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( PP ( TO to ) ( NP ( NNS floors ) ( NNS wallcoverings ) ( NN roofing ) ( CC and ) ( NN siding ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB come ) ( ADVP-CLR ( RB up ) ) ( PP-CLR ( IN with ) ( NP ( NP ( DT a ) ( JJ total ) ( NN value ) ) ( PP ( IN for ) ( NP ( DT a ) ( NN house ) ) ) ) ) ) ) ) ) ) )

But they must also assign a price to each of these items as well as to floors wallcoverings roofing and siding to come up with a total value for a house


( S ( S-PRP ( VP ( TO To ) ( VP ( VB do ) ( NP ( DT that ) ) ) ) ) ( NP-SBJ-1 ( PRP they ) ) ( VP ( MD must ) ( VP ( VB think ) ( PP-MNR ( IN in ) ( NP ( NP ( NNS terms ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NN sheetrock ) ) ( PP ( IN by ) ( NP ( DT the ) ( NN square ) ( NN foot ) ) ) ) ( NP ( NP ( NN carpeting ) ) ( PP ( IN by ) ( NP ( DT the ) ( NN square ) ( NN yard ) ) ) ) ( NP ( NP ( NN wallpaper ) ) ( PP ( IN by ) ( NP ( DT the ) ( NN roll ) ) ) ) ( NP ( NP ( NN molding ) ) ( PP ( IN by ) ( NP ( DT the ) ( JJ linear ) ( NN foot ) ) ) ) ) ) ) ) ) ) )

To do that they must think in terms of sheetrock by the square foot carpeting by the square yard wallpaper by the roll molding by the linear foot


( S ( S-ADV ( VP ( VBG Using ) ( NP ( NP ( DT a ) ( NN calculator ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN unit-price ) ( NN guide ) ) ( PP ( IN for ) ( NP ( NP ( JJ such ) ( NNS jobs ) ) ( PP ( IN as ) ( NP ( NN painting ) ( NN plumbing ) ( CC and ) ( NN roofing ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT each ) ( JJ major ) ( NN region ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN country ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( NNS adjusters ) ) ( VP ( MD can ) ( VP ( VB figure ) ( PRT ( RP out ) ) ( NP ( NP ( NP ( DT the ) ( NN value ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN home ) ) ) ( PP ( IN in ) ( NP ( NP ( NN today ) ( POS 's ) ) ( NN market ) ) ) ) ( CC and ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ-3 ( PRP it ) ) ( VP ( MD would ) ( VP ( VB cost ) ( S-PRP ( VP ( TO to ) ( VP ( VB rebuild ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) ) )

Using a calculator and a unit-price guide for such jobs as painting plumbing and roofing in each major region of the country adjusters can figure out the value of a home in today 's market and what it would cost to rebuild it


( S ( ADVP-TMP ( RB Sometimes ) ) ( NP-SBJ ( NNS repairs ) ) ( VP ( VBP are ) ( PP-PRD ( IN out ) ( PP ( IN of ) ( NP ( DT the ) ( NN question ) ) ) ) ) )

Sometimes repairs are out of the question


( S ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( NNP Aetna ) ( NN adjuster ) ( NNP Bill ) ( NNP Schaeffer ) ) ( VP ( VBD visited ) ( NP ( DT a ) ( JJ retired ) ( NN couple ) ) ( PP-LOC ( IN in ) ( NP ( NN Oakland ) ) ) ( NP-TMP ( JJ last ) ( NNP Thursday ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD found ) ( S ( NP-SBJ ( PRP them ) ) ( VP ( VBG living ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( DT a ) ( JJ mobile ) ( NN home ) ) ( VP ( VBN parked ) ( PP-LOC ( IN in ) ( NP ( NP ( NN front ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN yard ) ) ) ) ) ) ) ) ) ) ) )

When Aetna adjuster Bill Schaeffer visited a retired couple in Oakland last Thursday he found them living in a mobile home parked in front of their yard


( S ( NP-SBJ-1 ( NP ( NP ( DT The ) ( NN house ) ) ( NP ( PRP itself ) ) ) ( VP ( VBN located ) ( NP-CLR-LOC ( NP ( QP ( IN about ) ( CD 50 ) ) ( NNS yards ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( JJ collapsed ) ( NN section ) ) ( PP ( IN of ) ( NP ( JJ double-decker ) ( NN highway ) ( NNP Interstate ) ( CD 880 ) ) ) ) ) ) ) ) ( VP ( VP ( VBD was ) ( VP ( VBN pushed ) ( PP ( NP-ADV ( QP ( IN about ) ( CD four ) ) ( NNS feet ) ) ( IN off ) ( NP ( PRP$ its ) ( NN foundation ) ) ) ) ) ( CC and ) ( VP ( ADVP-TMP ( RB then ) ) ( VBD collapsed ) ( PP-CLR ( IN into ) ( NP ( PRP$ its ) ( NN basement ) ) ) ) ) )

The house itself located about 50 yards from the collapsed section of double-decker highway Interstate 880 was pushed about four feet off its foundation and then collapsed into its basement


( S ( NP-TMP ( DT The ) ( JJ next ) ( NN day ) ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Schaeffer ) ) ( VP ( VBD presented ) ( NP ( DT the ) ( NN couple ) ) ( PP-CLR ( IN with ) ( NP ( NP ( DT a ) ( NN check ) ) ( PP ( IN for ) ( NP ( CD 151,000 ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB help ) ( S ( NP-SBJ ( PRP them ) ) ( VP ( VB build ) ( NP ( DT a ) ( JJ new ) ( NN home ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ same ) ( NN neighborhood ) ) ) ) ) ) ) ) ) )

The next day Mr. Schaeffer presented the couple with a check for 151,000 to help them build a new home in the same neighborhood


( S ( NP-SBJ-2 ( PRP He ) ) ( ADVP ( RB also ) ) ( VP ( VBZ is ) ( VP ( VBG working ) ( PP-CLR ( IN with ) ( NP ( DT a ) ( NN real-estate ) ( NN agent ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB help ) ( VP ( VB find ) ( NP ( PRP them ) ) ( NP ( NP ( DT an ) ( NN apartment ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB rent ) ( SBAR-TMP ( IN while ) ( S ( NP-SBJ-1 ( PRP$ their ) ( NN home ) ) ( VP ( VBZ is ) ( VP ( VBG being ) ( VP ( VBN built ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He also is working with a real-estate agent to help find them an apartment to rent while their home is being built


( S ( NP-SBJ ( NP ( JJ Many ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS adjusters ) ) ( VP ( VBN employed ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Aetna ) ) ( CC and ) ( NP ( JJ other ) ( NNS insurers ) ) ) ) ) ) ) ) ( VP ( VBP have ) ( NP ( NP ( DT some ) ( NN experience ) ) ( PP ( IN with ) ( NP ( NP ( NN construction ) ( NN work ) ) ( CC or ) ( NP ( NN carpentry ) ) ) ) ) ) )

Many of the adjusters employed by Aetna and other insurers have some experience with construction work or carpentry


( S ( CC But ) ( NP-SBJ ( JJ such ) ( NNS skills ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ alien ) ( PP ( TO to ) ( NP ( NNP Toni ) ( NNP Johnson ) ) ) ) ) )

But such skills were alien to Toni Johnson


( S ( ADVP-TMP ( NP ( CD Four ) ( NNS years ) ) ( RB ago ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VP ( VBD was ) ( VP ( VBG managing ) ( NP ( DT a ) ( NN film-processing ) ( NN shop ) ) ) ) ( CC and ) ( VP ( VBD was ) ( ADJP-PRD ( RB totally ) ( JJ bored ) ) ) ) )

Four years ago she was managing a film-processing shop and was totally bored


( S ( NP-SBJ ( DT A ) ( NN friend ) ) ( VP ( VBD mentioned ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( PRP she ) ) ( VP ( MD might ) ( VP ( VB want ) ( S ( VP ( TO to ) ( VP ( VB look ) ( PP-CLR ( IN into ) ( NP ( NP ( DT a ) ( NN position ) ) ( PP-LOC ( IN at ) ( NP ( NNP Aetna ) ) ) ) ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ interested ) ( PP ( IN in ) ( NP ( NP ( DT a ) ( NN job ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD would ) ( ADVP ( RB constantly ) ) ( VP ( VB challenge ) ( NP ( PRP her ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

A friend mentioned that she might want to look into a position at Aetna if she was interested in a job that would constantly challenge her


( S ( NP-SBJ-2 ( PRP She ) ) ( VP ( VBD signed ) ( ADVP ( RB up ) ) ( S-ADV ( VP ( VBG starting ) ( PP-CLR ( IN as ) ( NP ( NP ( DT an ) ( JJ inside ) ( NN adjuster ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VP ( VBZ settles ) ( NP ( JJ minor ) ( NNS claims ) ) ) ( CC and ) ( VP ( VBZ does ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NP ( NN work ) ) ) ) ) ( PP-MNR ( IN by ) ( NP ( NN phone ) ) ) ) ) ) ) ) ) ) ) ) )

She signed up starting as an inside adjuster who settles minor claims and does a lot of work by phone


( S ( ADVP-TMP ( NP ( DT A ) ( NN year ) ) ( RB later ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBD moved ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( JJ commercial ) ( NN property ) ( NNS claims ) ( NN division ) ) ) ) )

A year later she moved to the commercial property claims division


( S ( NP-SBJ-1 ( PRP She ) ) ( VP ( VBD spent ) ( NP ( DT a ) ( NN month ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT an ) ( NNP Aetna ) ( NN school ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Gettysburg ) ) ( NP ( NNP Pa. ) ) ) ) ) ) ( S-ADV ( VP ( VBG learning ) ( PP-CLR ( ADVP ( DT all ) ) ( IN about ) ( NP ( NP ( DT the ) ( NN construction ) ( NN trade ) ) ( PP ( VBG including ) ( NP ( NP ( NN masonry ) ) ( NP ( NN plumbing ) ) ( CC and ) ( NP ( JJ electrical ) ( NN wiring ) ) ) ) ) ) ) ) ) )

She spent a month at an Aetna school in Gettysburg Pa. learning all about the construction trade including masonry plumbing and electrical wiring


( S ( NP-SBJ-1 ( DT That ) ) ( VP ( VBD was ) ( VP ( VBN followed ) ( PP ( IN by ) ( NP-LGS ( NP ( CD three ) ( NNS months ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NNP Aetna ) ( NNP Institute ) ) ( PP-LOC ( IN in ) ( NP ( NNP Hartford ) ) ) ( SBAR ( WHADVP ( WRB where ) ) ( S ( NP-SBJ-2 ( PRP she ) ) ( VP ( VBD was ) ( VP ( VBN immersed ) ( PP-CLR ( IN in ) ( S-NOM ( VP ( VBG learning ) ( SBAR ( WHADVP-4 ( WRB how ) ) ( S ( VP ( TO to ) ( VP ( VB read ) ( CC and ) ( VB interpret ) ( NP ( NNS policies ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

That was followed by three months at the Aetna Institute in Hartford where she was immersed in learning how to read and interpret policies


( S ( NP-SBJ ( NP ( PRP$ Her ) ( JJ new ) ( NN line ) ) ( PP ( IN of ) ( NP ( NN work ) ) ) ) ( VP ( VBZ has ) ( NP ( DT some ) ( NNS perils ) ) ) )

Her new line of work has some perils


( S ( ADVP-TMP ( RB Recently ) ) ( NP-SBJ ( DT a ) ( NN contractor ) ) ( VP ( VBD saved ) ( NP-3 ( PRP her ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG falling ) ( NP-ADV ( CD three ) ( NNS stories ) ) ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBD investigated ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( VP ( VBD remained ) ( PP-2 ( IN of ) ( NP ( NP ( DT an ) ( JJ old ) ( JJ Victorian ) ( NN house ) ) ( VP ( VBN torched ) ( PP ( IN by ) ( NP-LGS ( DT an ) ( NN arsonist ) ) ) ) ) ) ) ) ) ) ) ) ) )

Recently a contractor saved her from falling three stories as she investigated what remained of an old Victorian house torched by an arsonist


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP owe ) ( NP ( DT that ) ( NN contractor ) ) ) )

I owe that contractor


( S ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( ADVP ( RB really ) ) ( VP ( VBP do ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBZ says ) ) )

I really do she says


( S ( SBAR-TMP ( IN As ) ( S ( NP-SBJ-2 ( NNP Ms. ) ( NNP Johnson ) ) ( VP ( VBZ stands ) ( PP-LOC ( IN outside ) ( NP ( DT the ) ( NNP Hammack ) ( NN house ) ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG winding ) ( PRT ( RP up ) ) ( NP ( PRP$ her ) ( NNS chores ) ) ( NP-LOC ( EX there ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN house ) ) ( VP ( VBZ begins ) ( S ( VP ( TO to ) ( VP ( VB creak ) ( CC and ) ( VB sway ) ) ) ) ) )

As Ms. Johnson stands outside the Hammack house after winding up her chores there the house begins to creak and sway


( S ( NP-SBJ ( NP ( DT The ) ( NN ground ) ) ) ( VP ( VBZ shakes ) ( PP-1 ( IN underneath ) ( NP ( PRP her ) ) ) ) )

The ground shakes underneath her


( S ( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT an ) ( NN aftershock ) ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( QP ( IN about ) ( CD 2,000 ) ) ) ( PP-TMP ( IN since ) ( NP ( DT the ) ( NN earthquake ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ makes ) ( S ( NP-SBJ ( PRP her ) ) ( ADJP-PRD ( JJ uneasy ) ) ) ) ) )

It is an aftershock one of about 2,000 since the earthquake and it makes her uneasy


( S ( NP-TMP ( DT The ) ( JJ next ) ( NN day ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBZ prepares ) ( NP ( NP ( DT a ) ( ADJP ( CD 10,000 ) ) ( NN check ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNPS Hammacks ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD will ) ( VP ( VB cover ) ( NP ( NP ( DT the ) ( NN cost ) ) ( PP ( IN of ) ( S-NOM ( VP ( VP ( VBG demolishing ) ( NP ( DT the ) ( NN house ) ) ) ( CC and ) ( VP ( VBG clearing ) ( ADVP-CLR ( RB away ) ) ( NP ( DT the ) ( NN debris ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBZ jumps ) ( PP-CLR ( IN at ) ( NP ( DT the ) ( JJS slightest ) ( NN noise ) ) ) ) )

The next day as she prepares a 10,000 check for the Hammacks which will cover the cost of demolishing the house and clearing away the debris she jumps at the slightest noise


( S ( PP ( IN On ) ( NP ( JJ further ) ( NN reflection ) ) ) ( NP-SBJ-1 ( PRP she ) ) ( VP ( VBZ admits ) ( SBAR ( IN that ) ( S ( S-NOM-SBJ ( VP ( VBG venturing ) ( PP-DIR ( IN inside ) ( NP ( NP ( DT the ) ( NNP Hammacks ) ( POS ' ) ) ( NN house ) ) ) ( NP-TMP ( DT the ) ( JJ previous ) ( NN day ) ) ) ) ( VP ( VBD was ) ( RB n't ) ( NP-PRD ( JJ such ) ( DT a ) ( JJ great ) ( NN idea ) ) ) ) ) ) )

On further reflection she admits that venturing inside the Hammacks ' house the previous day was n't such a great idea


( S ( PP-TMP ( IN During ) ( NP ( NP ( PRP$ her ) ( JJ second ) ( NN meeting ) ) ( PP ( IN with ) ( NP ( DT the ) ( NNPS Hammacks ) ) ) ) ) ( NP-SBJ ( NNP Ms. ) ( NNP Johnson ) ) ( VP ( VBZ reviews ) ( SBAR-NOM ( WHNP-1 ( RB exactly ) ( WP what ) ) ( S ( NP-SBJ ( PRP$ their ) ( NN policy ) ) ( VP ( VBZ covers ) ) ) ) ) )

During her second meeting with the Hammacks Ms. Johnson reviews exactly what their policy covers


( S ( NP-SBJ-1 ( PRP They ) ) ( VP ( VP ( MD would ) ( VP ( VB like ) ( S ( VP ( TO to ) ( VP ( VB retrieve ) ( NP ( NP ( DT some ) ( NNS appliances ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( JJ second ) ( NN floor ) ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBP wonder ) ( SBAR ( IN if ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ safe ) ) ( S-2 ( VP ( TO to ) ( VP ( VB venture ) ( ADVP-DIR ( RB inside ) ) ) ) ) ) ) ) ) ) )

They would like to retrieve some appliances on the second floor but wonder if it 's safe to venture inside


( S ( NP-SBJ ( NNP Ms. ) ( NNP Johnson ) ) ( VP ( VBZ tells ) ( NP ( PRP them ) ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-1 ( DT the ) ( NNS appliances ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN salvaged ) ) ) ) ) ) ( NP-SBJ ( PRP$ their ) ( NN policy ) ) ( VP ( VBZ covers ) ( NP ( DT the ) ( NN replacement ) ( NN cost ) ) ) ) ) ) )

Ms. Johnson tells them that if the appliances ca n't be salvaged their policy covers the replacement cost


( S ( NP-SBJ-3 ( NNP Mr. ) ( NNP Hammack ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ eager ) ( S ( VP ( TO to ) ( VP ( VB know ) ( SBAR ( WHNP-2 ( WP what ) ) ( S ( NP-SBJ ( NNP Aetna ) ) ( VP ( MD will ) ( VP ( VB pay ) ( PP-CLR ( IN for ) ( NP ( NP ( DT the ) ( NN house ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( S ( VP ( TO to ) ( VP ( VB come ) ( PRT ( RP down ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Hammack is eager to know what Aetna will pay for the house which has to come down


( S ( SBARQ-TPC-2 ( WHADVP-1 ( WRB When ) ) ( SQ ( MD will ) ( NP-SBJ ( PRP I ) ) ( VP ( VB get ) ( NP ( NP ( DT that ) ( NN check ) ) ( PP ( IN for ) ( NP ( DT a ) ( CD million ) ( NNS dollars ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ jokes ) ) )

When will I get that check for a million dollars he jokes


( S ( NP-SBJ ( DT The ) ( NN adjuster ) ) ( VP ( VP ( VBD had ) ( RB n't ) ( VP ( VBN completed ) ( NP ( PDT all ) ( DT the ) ( NNS calculations ) ) ) ) ( CC but ) ( VP ( VBZ says ) ( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP 're ) ( VP ( VBG talking ) ( NP ( NN policy ) ( NNS limits ) ) ) ) ) ) ) )

The adjuster had n't completed all the calculations but says We 're talking policy limits


( S ( PP-LOC ( IN In ) ( NP ( DT this ) ( NN case ) ) ) ( NP-SBJ ( WDT that ) ) ( VP ( VBZ 's ) ( NP-PRD ( QP ( IN about ) ( CD 250,000 ) ) ) ) )

In this case that 's about 250,000


( S ( NP-SBJ ( NP ( PRP It ) ) ) ( ADVP-TMP ( RB suddenly ) ) ( VP ( VBZ dawns ) ( PP-CLR ( IN on ) ( NP ( NNP Mr. ) ( NNP Hammack ) ) ) ( SBAR-1 ( IN that ) ( S ( S-NOM-SBJ ( VP ( VBG rebuilding ) ( NP ( DT the ) ( NN house ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Los ) ( NNP Gatos ) ) ( NP ( NP ( DT an ) ( JJ affluent ) ( NN community ) ) ( PP-LOC ( IN in ) ( NP ( NNP Santa ) ( NNP Clara ) ( NNP County ) ) ) ) ) ) ) ) ( VP ( MD may ) ( VP ( VB cost ) ( NP ( NP ( JJR more ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( NP ( NNP Aetna ) ( POS 's ) ) ( NN policy ) ) ( VP ( MD will ) ( VP ( VB pay ) ) ) ) ) ) ) ) ) ) ) )

It suddenly dawns on Mr. Hammack that rebuilding the house in Los Gatos an affluent community in Santa Clara County may cost more than Aetna 's policy will pay


( S ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( MD can ) ( VP ( VB lose ) ( NP ( NN money ) ) ( PP-CLR ( IN on ) ( NP ( DT this ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

We can lose money on this he says


( SINV ( S-TPC-2 ( CC And ) ( NP-SBJ ( PRP you ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB want ) ( S ( NP-SBJ ( PRP me ) ) ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NN earthquake ) ( NN insurance ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ-1 ( NNP Mrs. ) ( NNP Hammack ) ) ( S-ADV ( VP ( VP ( VBG reaching ) ( PP-DIR ( IN across ) ( NP ( DT the ) ( NN table ) ) ) ) ( CC and ) ( VP ( ADVP-MNR ( RB gently ) ) ( VBG tapping ) ( NP ( PRP$ his ) ( NN hand ) ) ) ) ) )

And you did n't want me to buy earthquake insurance says Mrs. Hammack reaching across the table and gently tapping his hand


( S ( S ( NP-SBJ ( NN Earthquake ) ( NN insurance ) ) ( VP ( VBZ costs ) ( NP ( NP ( QP ( IN about ) ( CD 2 ) ( TO to ) ( CD 4 ) ) ) ( ADVP-TMP ( RB annually ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( DT every ) ( CD 1,000 ) ) ) ( PP ( IN of ) ( NP ( NN value ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( JJ high ) ( NNS deductibles ) ) ( VP ( VBP mean ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( ADVP ( RB generally ) ) ( VP ( VBZ pays ) ( SBAR ( WHADVP-1 ( ADVP ( RB only ) ) ( WRB when ) ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( NN catastrophe ) ) ) ) ) ) ) ) ) ) )

Earthquake insurance costs about 2 to 4 annually for every 1,000 of value and high deductibles mean it generally pays only when there is a catastrophe


( S ( ADVP ( RB So ) ) ( NP-SBJ ( JJ many ) ( NNPS Californians ) ) ( VP ( VBP believe ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD can ) ( VP ( VB get ) ( PRT ( RP by ) ) ( PP-MNR ( IN without ) ( NP ( PRP it ) ) ) ) ) ) ) ) )

So many Californians believe they can get by without it


( S ( NP-SBJ ( NP ( RB Even ) ( NNP Ms. ) ( NNP Johnson ) ) ( NP ( PRP herself ) ) ) ( VP ( VBD made ) ( NP ( DT that ) ( NN assumption ) ) ) )

Even Ms. Johnson herself made that assumption


( S ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( ADVP-TMP ( RB always ) ) ( VP ( VBD knew ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ Big ) ( NN One ) ) ( VP ( VBD was ) ( VP ( VBG coming ) ( PP ( CC but ) ( PP-TMP ( RB not ) ( IN during ) ( NP ( PRP$ my ) ( NN lifetime ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBZ says ) ) )

I always knew that the Big One was coming but not during my lifetime she says


( S ( ADVP-TMP ( RB Now ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-1 ( PRP she ) ) ( VP ( VBZ 's ) ( VP ( VBG thinking ) ( PP-CLR ( IN of ) ( S-NOM ( VP ( VBG contacting ) ( NP ( PRP$ her ) ( JJ own ) ( NN insurance ) ( NN agent ) ) ) ) ) ) ) ) ) ) )

Now she says she 's thinking of contacting her own insurance agent


( S ( PP ( IN For ) ( NP ( NNP Ms. ) ( NNP Johnson ) ) ) ( S-NOM-SBJ ( VP ( VBG dealing ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NN earthquake ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( ADJP-PRD ( ADJP ( JJR more ) ) ( PP ( IN than ) ( NP ( RB just ) ( DT a ) ( NN work ) ( NN experience ) ) ) ) ) ) )

For Ms. Johnson dealing with the earthquake has been more than just a work experience


( S ( NP-SBJ ( PRP She ) ) ( VP ( VBZ lives ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Oakland ) ) ( NP ( NP ( DT a ) ( NN community ) ) ( VP ( VBN hit ) ( ADVP-MNR ( RB hard ) ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN earthquake ) ) ) ) ) ) ) ) )

She lives in Oakland a community hit hard by the earthquake


( S ( NP-SBJ ( PRP She ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB have ) ( NP ( JJ hot ) ( NN water ) ) ( PP-TMP ( IN for ) ( NP ( CD five ) ( NNS days ) ) ) ) ) )

She did n't have hot water for five days


( S ( S ( NP-SBJ-1 ( NP ( DT The ) ( NN apartment ) ) ( SBAR ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBZ shares ) ( PP-CLR ( IN with ) ( NP ( NP ( DT a ) ( JJ 12-year-old ) ( NN daughter ) ) ( CC and ) ( NP ( PRP$ her ) ( NN sister ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN rattled ) ) ) ) ( S ( NP-SBJ ( NNS books ) ( CC and ) ( NN crystal ) ) ( VP ( VBD hit ) ( NP ( DT the ) ( NN floor ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NN nothing ) ) ( VP ( VBD was ) ( ADJP-PRD ( RB severely ) ( JJ damaged ) ) ) ) )

The apartment she shares with a 12-year-old daughter and her sister was rattled books and crystal hit the floor but nothing was severely damaged


( S ( NP-SBJ ( NP ( PRP$ Her ) ( NN sister ) ) ( NP ( NNP Cynthia ) ) ) ( VP ( VBZ wishes ) ( SBAR ( S ( NP-SBJ ( NNP Toni ) ) ( VP ( VBD had ) ( NP ( DT a ) ( JJ different ) ( NN job ) ) ) ) ) ) )

Her sister Cynthia wishes Toni had a different job


( S ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBP worry ) ( PP-CLR ( IN about ) ( NP ( NP ( PRP her ) ) ( ADVP-LOC ( RB out ) ( RB there ) ) ) ) ) ) ( NP-SBJ ( NNP Cynthia ) ) ( VP ( VBZ says ) ) )

We worry about her out there Cynthia says


( S ( NP-TMP ( JJ Last ) ( NNP Sunday ) ) ( NP-SBJ-1 ( NNP Ms. ) ( NNP Johnson ) ) ( VP ( VP ( ADVP-TMP ( RB finally ) ) ( VBD got ) ( NP ( DT a ) ( NN chance ) ( S ( VP ( TO to ) ( VP ( VB water ) ( NP ( PRP$ her ) ( NNS plants ) ) ) ) ) ) ) ( CC but ) ( VP ( VBD stopped ) ( ADVP-MNR ( RB abruptly ) ) ) ) )

Last Sunday Ms. Johnson finally got a chance to water her plants but stopped abruptly


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD realized ) ( SBAR ( S ( NP-SBJ ( PRP I ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB waste ) ( NP ( DT this ) ( NN water ) ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NNS people ) ) ( PP-LOC ( IN in ) ( NP ( NNP Watsonville ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP do ) ( RB n't ) ( VP ( VB have ) ( NP ( NP ( JJ fresh ) ( NN water ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB drink ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

I realized I could n't waste this water when there are people in Watsonville who do n't have fresh water to drink


( S ( NP-SBJ ( PRP She ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN played ) ( NP ( DT any ) ( NN music ) ) ( SBAR-TMP ( IN since ) ( S ( NP-SBJ ( DT the ) ( NN earthquake ) ) ( VP ( VB hit ) ) ) ) ( PP-PRP ( IN out ) ( PP ( IN of ) ( NP ( NP ( NN respect ) ) ( PP ( IN for ) ( NP ( NP ( DT those ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD died ) ( PP-LOC ( IN on ) ( NP ( NP ( NNP Interstate ) ( CD 880 ) ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ ( DT the ) ( NN roadway ) ) ( VP ( VBD collapsed ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

She has n't played any music since the earthquake hit out of respect for those who died on Interstate 880 where the roadway collapsed


( S ( NP-SBJ ( NP ( NNP General ) ( NNPS Motors ) ( NNP Corp. ) ( POS 's ) ) ( NNP Chevrolet ) ( NN division ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBG offering ) ( NP ( NP ( ADJP ( CD 750 ) ) ( NN cash ) ( NNS incentives ) ) ( PP ( IN on ) ( NP ( NP ( DT all ) ( CD 1990 ) ( NNS models ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ full-size ) ( NNP Blazer ) ( CC and ) ( NNP Suburban ) ( NN truck ) ( NNS lines ) ) ) ) ) ) ) ) ) ) ) )

General Motors Corp. 's Chevrolet division said it is offering 750 cash incentives on all 1990 models of its full-size Blazer and Suburban truck lines


( S ( NP-SBJ ( NNP Chevrolet ) ) ( ADVP ( RB already ) ) ( VP ( VBZ has ) ( NP ( NP ( NN cash ) ( NNS incentives ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( CD 1989 ) ( NNS models ) ) ( PP ( IN of ) ( NP ( DT these ) ( NNS vehicles ) ) ) ) ) ) ) )

Chevrolet already has cash incentives on the 1989 models of these vehicles


( S ( NP-SBJ ( DT A ) ( NN state ) ( NN appellate ) ( NN court ) ) ( VP ( VBD reinstated ) ( NP ( NP ( NP ( DT the ) ( CD 1987 ) ( NNS convictions ) ) ( PP ( IN of ) ( NP ( NP ( NNP Pymm ) ( NNP Thermometer ) ( NNP Corp. ) ) ( CC and ) ( NP ( NP ( CD two ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS executives ) ) ) ) ) ) ) ( PP ( IN on ) ( NP ( NP ( NNS charges ) ) ( PP ( IN of ) ( NP ( NN assault ) ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG exposing ) ( NP ( NNS workers ) ) ( PP-CLR ( TO to ) ( NP ( JJ toxic ) ( NN mercury ) ( NNS vapors ) ) ) ) ) ) ) ) ) ) )

A state appellate court reinstated the 1987 convictions of Pymm Thermometer Corp. and two of its executives on charges of assault for exposing workers to toxic mercury vapors


( S ( NP-SBJ ( DT The ) ( NN indictment ) ) ( VP ( VBD charged ) ( SBAR ( DT that ) ( S ( NP-SBJ ( NNP Pymm ) ) ( VP ( VBD operated ) ( NP ( NP ( DT a ) ( NN machine ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VP ( VB crush ) ( NP ( JJ broken ) ( NNS thermometers ) ) ) ( CC and ) ( VP ( VB recover ) ( NP ( DT the ) ( NN mercury ) ) ) ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( DT an ) ( JJ illegal ) ( NN workroom ) ) ) ) ) ) ) )

The indictment charged that Pymm operated a machine to crush broken thermometers and recover the mercury in an illegal workroom


( S ( NP-SBJ ( DT The ) ( NNS charges ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( CD one ) ( NN worker ) ) ( VP ( VBD suffered ) ( NP ( JJ permanent ) ( NN brain ) ( NN damage ) ) ( PP-CLR ( IN from ) ( NP ( NN mercury ) ( NN exposure ) ) ) ) ) ) ) )

The charges said that one worker suffered permanent brain damage from mercury exposure


( S ( NP-SBJ-2 ( NP ( DT The ) ( NN judge ) ) ( VP ( VBG handling ) ( NP ( DT the ) ( NN case ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NN state ) ( NNP Supreme ) ( NNP Court ) ) ( NP ( DT a ) ( NN trial ) ( NN court ) ) ) ) ) ) ( VP ( VBD had ) ( VP ( VBN tossed ) ( PRT ( RP out ) ) ( NP ( DT the ) ( NN jury ) ( NNS verdicts ) ) ( S-ADV ( VP ( VBG ruling ) ( SBAR ( IN that ) ( S ( NP-SBJ-3 ( DT the ) ( NN matter ) ) ( VP ( MD should ) ( VP ( VB have ) ( VP ( VBN been ) ( VP ( VBN handled ) ( PP-LOC ( IN under ) ( NP ( JJ federal ) ( NNP Occupational ) ( NNP Safety ) ( CC and ) ( NNP Health ) ( NNP Administration ) ( NNS rules ) ) ) ) ) ) ) ) ) ) ) ) ) )

The judge handling the case in state Supreme Court a trial court had tossed out the jury verdicts ruling that the matter should have been handled under federal Occupational Safety and Health Administration rules


( S ( CC But ) ( NP-SBJ ( NP ( DT the ) ( NNP Appellate ) ( NNP Division ) ) ( PP ( IN of ) ( NP ( NNP State ) ( NNP Supreme ) ( NNP Court ) ) ) ) ( VP ( VBD held ) ( SBAR ( S ( NP-SBJ ( DT that ) ( JJ federal ) ( NN law ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB pre-empt ) ( NP ( DT the ) ( NNS states ) ) ( PP-CLR ( IN from ) ( NP ( JJ such ) ( DT a ) ( NN prosecution ) ) ) ) ) ) ) ) )

But the Appellate Division of State Supreme Court held that federal law did n't pre-empt the states from such a prosecution


( S ( NP-SBJ ( NP ( NNP Elizabeth ) ( NNP Holtzman ) ) ( NP ( NP ( NN district ) ( NN attorney ) ) ( PP ( IN for ) ( NP ( NP ( NNP Brooklyn ) ) ( NP ( NNP N.Y. ) ) ) ) ) ) ( VP ( VBD said ) ( S ( NP-SBJ ( DT The ) ( NN appellate ) ( NN division ) ) ( VP ( VBZ has ) ( VP ( VBN agreed ) ( PP-CLR ( IN with ) ( NP ( PRP$ our ) ( NN view ) ( SBAR ( IN that ) ( S ( PP ( IN despite ) ( NP ( JJ federal ) ( NN worker-safety ) ( NNS laws ) ) ) ( NP-SBJ ( NN state ) ( NNS prosecutors ) ) ( VP ( VBP have ) ( NP ( DT the ) ( NN power ) ( S ( VP ( TO to ) ( VP ( VB protect ) ( NP ( VBG working ) ( NNS people ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Elizabeth Holtzman district attorney for Brooklyn N.Y. said The appellate division has agreed with our view that despite federal worker-safety laws state prosecutors have the power to protect working people


( S ( NP-SBJ-1 ( NP ( NNS Lawyers ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN company ) ( CC and ) ( NNS executives ) ) ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN reached ) ( PP-CLR ( IN for ) ( NP ( NN comment ) ) ) ) ) ) )

Lawyers for the company and executives could n't be reached for comment


( S ( NP-SBJ ( DT The ) ( NNS executives ) ) ( VP ( VBP face ) ( NP ( NP ( NP ( QP ( CD five ) ( TO to ) ( CD 15 ) ) ( NNS years ) ) ( PP-LOC ( IN in ) ( NP ( NN prison ) ) ) ) ( CC and ) ( NP ( NP ( NNS fines ) ) ( PP ( IN of ) ( NP ( NP ( CD 5,000 ) ) ( CC or ) ( NP ( NP ( JJ double ) ( DT the ) ( NN profit ) ) ( VP ( VBN made ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG failing ) ( S ( VP ( TO to ) ( VP ( VB comply ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NNS rules ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The executives face five to 15 years in prison and fines of 5,000 or double the profit made by failing to comply with the rules


( S ( NP-SBJ-1 ( DT The ) ( NN company ) ) ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN fined ) ( NP ( NP ( QP ( DT a ) ( NN maximum ) ( IN of ) ( CD 10,000 ) ) ) ( CC or ) ( NP ( JJ double ) ( DT the ) ( NN profit ) ) ) ) ) ) )

The company could be fined a maximum of 10,000 or double the profit


( S ( NP-SBJ ( NNP Norton ) ( NNP Co. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( JJ net ) ( NN income ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 6 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 20.6 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 98 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 22 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.03 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) )

Norton Co. said net income for the third quarter fell 6 % to 20.6 million or 98 cents a share from 22 million or 1.03 a share


( S ( NP-SBJ ( NP ( NN Operating ) ( NN profit ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNS abrasives ) ( NN engineering ) ( NNS materials ) ( CC and ) ( NN petroleum ) ( NNS services ) ( NN concern ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( QP ( CD 19.2 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 91 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP ( RB up ) ( NP ( CD 3 ) ( NN % ) ) ( PP ( IN from ) ( NP ( NP ( QP ( CD 18.7 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 87 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) )

Operating profit for the abrasives engineering materials and petroleum services concern was 19.2 million or 91 cents a share up 3 % from 18.7 million or 87 cents a share


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD had ) ( NP ( NP ( DT a ) ( NN tax ) ( NN credit ) ) ( PP ( IN of ) ( NP ( QP ( CD 1.4 ) ( CD million ) ) ) ) ) ) )

The company had a tax credit of 1.4 million


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( JJ year-earlier ) ( NN quarter ) ) ) ( NP-SBJ ( DT the ) ( NN tax ) ( NN credit ) ) ( VP ( VBD was ) ( NP-PRD ( QP ( CD 3.3 ) ( CD million ) ) ) ) )

In the year-earlier quarter the tax credit was 3.3 million


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 8 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 368.5 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 340.7 ) ( CD million ) ) ) ) ) )

Sales rose 8 % to 368.5 million from 340.7 million


( S ( NP-SBJ ( NP ( NN Operating ) ( NN profit ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NNS abrasives ) ( NN segment ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 16 ) ( NN % ) ) ( SBAR-TMP ( IN while ) ( S ( NP-SBJ ( NP ( NN operating ) ( NN profit ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN engineering ) ( NNS materials ) ( NN segment ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 2 ) ( NN % ) ) ) ) ) ) )

Operating profit in the company 's abrasives segment rose 16 % while operating profit in the engineering materials segment rose 2 %


( S ( ADVP ( RB However ) ) ( NP-SBJ-1 ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN petroleum ) ( NNS services ) ( NN segment ) ) ( ADVP ( IN while ) ( ADJP ( JJ profitable ) ) ) ( VP ( VBD was ) ( VP ( VBN hurt ) ( PP ( IN by ) ( NP-LGS ( NP ( JJ high ) ( NN financing ) ( NNS costs ) ) ( VP ( VBN associated ) ( PP-CLR ( IN with ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN buy-out ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( ADJP ( CD 50 ) ( NN % ) ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( NNP Eastman ) ( NNP Christensen ) ( NNP Co. ) ) ) ) ) ( PP ( IN from ) ( NP ( NNP Texas ) ( NNP Eastern ) ( NNP Corp. ) ) ) ( NP-TMP ( JJ last ) ( NNP June ) ) ) ) ) ) ) ) ) )

However the company 's petroleum services segment while profitable was hurt by high financing costs associated with the company 's buy-out of a 50 % stake in Eastman Christensen Co. from Texas Eastern Corp. last June


( S ( NP-SBJ ( NP ( NNP Norton ) ) ( CC and ) ( NP ( NNP Texas ) ( NNP Eastern ) ) ) ( VP ( VBD had ) ( DT each ) ( VP ( VBD held ) ( NP ( NP ( DT a ) ( ADJP ( CD 50 ) ( NN % ) ) ( NN stake ) ) ( PP ( IN in ) ( NP ( NNP Eastman ) ) ) ) ( PP-MNR ( IN in ) ( NP ( DT a ) ( JJ joint ) ( NN venture ) ) ) ) ) )

Norton and Texas Eastern had each held a 50 % stake in Eastman in a joint venture


( S ( NP-SBJ ( NN Norton ) ) ( VP ( VBD announced ) ( ADVP-TMP ( RB earlier ) ( NP ( DT this ) ( NN month ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBG exploring ) ( NP ( NP ( DT the ) ( JJ possible ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( DT all ) ( CC or ) ( NN part ) ) ( PP ( IN of ) ( NP ( NNP Eastman ) ( NNP Christensen ) ) ) ) ) ) ) ) ) ) ) )

Norton announced earlier this month that it was exploring the possible sale of all or part of Eastman Christensen


( S ( PP-TMP ( IN For ) ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ) ( NP-SBJ ( NNP Norton ) ) ( VP ( VBD had ) ( NP ( NP ( NP ( NN net ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 81.2 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 3.87 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN tax ) ( NN credit ) ) ( PP ( IN of ) ( NP ( QP ( CD 4.4 ) ( CD million ) ) ) ) ) ) ) )

For the nine months Norton had net of 81.2 million or 3.87 a share and a tax credit of 4.4 million


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( JJ year-earlier ) ( NN period ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD had ) ( NP ( NP ( NP ( NN net ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 77.2 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 3.68 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN tax ) ( NN credit ) ) ( PP ( IN of ) ( NP ( QP ( CD 7.7 ) ( CD million ) ) ) ) ) ) ) )

In the year-earlier period the company had net of 77.2 million or 3.68 a share and a tax credit of 7.7 million


( S ( NP-SBJ ( NNP Norton ) ) ( VP ( VBD had ) ( NP ( NP ( NN operating ) ( NN profit ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 76.8 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 3.66 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( ADVP ( RB up ) ( NP-EXT ( CD 11 ) ( NN % ) ) ( PP ( IN from ) ( NP ( NP ( QP ( CD 69.5 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 3.31 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) )

Norton had operating profit of 76.8 million or 3.66 a share up 11 % from 69.5 million or 3.31 a share


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 8 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 1.15 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 1.06 ) ( CD billion ) ) ) ) ) )

Sales rose 8 % to 1.15 billion from 1.06 billion


( S ( NP-SBJ-1 ( JJ Environmental ) ( NNS concerns ) ) ( VP ( VBP are ) ( VP ( VBG beginning ) ( S ( VP ( TO to ) ( VP ( VB have ) ( NP ( NP ( RB as ) ( JJ much ) ( NN influence ) ) ( PP-LOC ( IN in ) ( NP ( NN oil-industry ) ( NN spending ) ( NNS plans ) ) ) ( SBAR ( IN as ) ( S ( NP-SBJ ( NP ( DT the ) ( NN price ) ) ( PP ( IN of ) ( NP ( NN crude ) ) ) ) ( VP ( VBZ does ) ) ) ) ) ) ) ) ) ) )

Environmental concerns are beginning to have as much influence in oil-industry spending plans as the price of crude does


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT the ) ( NN wake ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Exxon ) ( NNP Valdez ) ( NN spill ) ) ( PP-TMP ( IN in ) ( NP ( NNP March ) ) ) ) ) ) ) ( NP-SBJ ( JJ new ) ( JJ governmental ) ( NN drilling ) ( NNS bans ) ) ( VP ( VBP are ) ( VP ( ADVP-MNR ( RB sharply ) ) ( VBG curtailing ) ( NP ( NP ( NN exploration ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ promising ) ( NNS locations ) ) ( UCP-LOC ( ADVP ( RB offshore ) ) ( CC and ) ( PP ( IN in ) ( NP ( NNP Alaska ) ) ) ) ) ) ) ) ) )

In the wake of the Exxon Valdez spill in March new governmental drilling bans are sharply curtailing exploration in promising locations offshore and in Alaska


( S ( PP-TMP ( IN At ) ( NP ( DT the ) ( JJ same ) ( NN time ) ) ) ( NP-SBJ ( NP ( NNS moves ) ) ( PP ( IN toward ) ( NP ( JJR tighter ) ( NN air-quality ) ( NNS standards ) ) ) ) ( VP ( VBP are ) ( VP ( VBG spurring ) ( NP ( NP ( NN interest ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJR lighter ) ( CC or ) ( JJ alternative ) ( NNS fuels ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP do ) ( RB n't ) ( VP ( VB pollute ) ( NP ( NP ( RB as ) ( RB much ) ) ( PP ( IN as ) ( NP ( NP ( NN fuel ) ) ( VP ( VBN refined ) ( PP-CLR ( IN from ) ( NP ( NP ( JJ heavy ) ( NNS crudes ) ) ( ADJP ( RB generally ) ( JJ high ) ( PP ( IN in ) ( NP ( NN sulfur ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

At the same time moves toward tighter air-quality standards are spurring interest in lighter or alternative fuels that do n't pollute as much as fuel refined from heavy crudes generally high in sulfur


( S ( PP-TMP ( IN Over ) ( NP ( DT the ) ( NNS years ) ) ) ( NP-SBJ ( NP ( NP ( DT the ) ( NN world ) ( POS 's ) ) ( NN stream ) ) ( PP ( IN of ) ( NP ( NN oil ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG growing ) ( ADVP-CLR ( RBR heavier ) ) ) ) ) )

Over the years the world 's stream of oil has been growing heavier


( S ( ADVP ( RB So ) ) ( NP-SBJ ( NP ( DT the ) ( NN scramble ) ) ) ( VP ( VBZ is ) ( ADVP-PRD ( IN on ) ) ( PP-1 ( PP ( IN for ) ( NP ( JJR lighter ) ( NNS crudes ) ) ( ADVP-LOC ( RB globally ) ) ) ( CC and ) ( PP ( IN for ) ( NP ( JJ natural ) ( NN gas ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) )

So the scramble is on for lighter crudes globally and for natural gas in the U.S.


( S ( ADVP-TMP ( RB Recently ) ) ( NP-SBJ ( NP ( NP ( NNP Saudi ) ( NNP Arabia ) ) ( CC and ) ( NP ( NNP Venezuela ) ) ) ( NP ( JJ traditional ) ( NN heavy-crude ) ( NNS producers ) ) ) ( VP ( VBP have ) ( VP ( VBN boasted ) ( PP-CLR ( IN of ) ( NP ( NP ( JJ new ) ( NNS finds ) ) ( PP ( IN of ) ( NP ( JJ light ) ( JJ low-sulfur ) ( NN oil ) ) ) ( PP ( IN by ) ( NP ( PRP$ their ) ( JJ national ) ( NN oil ) ( NNS companies ) ) ) ) ) ) ) )

Recently Saudi Arabia and Venezuela traditional heavy-crude producers have boasted of new finds of light low-sulfur oil by their national oil companies


( S ( NP-SBJ ( NNP Venezuela ) ) ( VP ( VBZ has ) ( ADVP ( RB also ) ) ( VP ( VBN earmarked ) ( NP ( NP ( QP ( CD 200 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( JJ new ) ( NN money ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NN light-crude ) ( NN exploration ) ) ) ) ) )

Venezuela has also earmarked 200 million in new money for light-crude exploration


( S ( CC And ) ( NP-SBJ-1 ( DT some ) ( NN oil ) ( NNS companies ) ) ( VP ( VBP are ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB lock ) ( PRT ( RP in ) ) ( NP ( JJ future ) ( NNS supplies ) ) ) ) ) ) ) )

And some oil companies are trying to lock in future supplies


( SINV ( ADJP-PRD-2 ( JJ Typical ) ) ( VP ( VBZ is ) ) ( NP-SBJ ( NP ( NNP Ente ) ( NNP Nazionale ) ( NNP Idrocarburi ) ) ( NP ( NP ( NNP Italy ) ( POS 's ) ) ( JJ state-owned ) ( NN energy ) ( NN company ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( ADVP-TMP ( NP ( RB not ) ( RB long ) ) ( RB ago ) ) ( VBN acquired ) ( PP-MNR ( IN through ) ( NP ( PRP$ its ) ( NNP AGIP ) ( NN oil ) ( NN subsidiary ) ) ) ( NP ( NP ( DT a ) ( ADJP ( CD 5 ) ( NN % ) ) ( NN share ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN consortium ) ( NN accounting ) ) ) ( PP ( IN for ) ( NP ( NP ( NN half ) ) ( PP ( IN of ) ( NP ( NP ( NNP Nigeria ) ( POS 's ) ) ( NN oil ) ( NN output ) ) ) ) ) ) ) ) ) ) )

Typical is Ente Nazionale Idrocarburi Italy 's state-owned energy company which not long ago acquired through its AGIP oil subsidiary a 5 % share in the consortium accounting for half of Nigeria 's oil output


( S ( NP-SBJ ( NNP AGIP ) ) ( ADVP-TMP ( RB already ) ) ( VP ( VBZ has ) ( NP ( DT an ) ( NN oil ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( NNP Libya ) ) ) ) )

AGIP already has an oil stake in Libya


( S ( NP-SBJ ( DT Both ) ( NNS countries ) ) ( VP ( VBP produce ) ( NP ( NP ( JJ high-quality ) ( JJ low-sulfur ) ( NNS crudes ) ) ( VP ( ADVP-MNR ( RB especially ) ) ( VBN suited ) ( PP-CLR ( TO to ) ( S-NOM ( VP ( VBG making ) ( NP ( JJ high-octane ) ( NN motor ) ( NN fuel ) ) ( PP-MNR ( IN at ) ( NP ( NN minimum ) ( NN refining ) ( NN cost ) ) ) ) ) ) ) ) ) )

Both countries produce high-quality low-sulfur crudes especially suited to making high-octane motor fuel at minimum refining cost


( S ( NP-SBJ ( NP ( NNP Franco ) ( NNP Reviglio ) ) ( NP ( NNP ENI ) ( NN chairman ) ) ) ( VP ( VBZ looks ) ( PP-CLR ( IN for ) ( NP ( NP ( NP ( JJ sweeping ) ( JJ structural ) ( NN change ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN oil ) ( NN industry ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ calls ) ( S ( NP-SBJ ( PRP it ) ) ( NP-PRD ( NP ( DT a ) ( NN revolution ) ) ( VP ( VBG requiring ) ( NP ( JJ huge ) ( NNS investments ) ) ) ) ) ) ) ) ) ) ( PP-PRP ( IN as ) ( NP ( NP ( DT a ) ( NN result ) ) ( PP ( IN of ) ( NP ( JJ environmental ) ( NNS issues ) ) ) ) ) ) )

Franco Reviglio ENI chairman looks for sweeping structural change in the oil industry he calls it a revolution requiring huge investments as a result of environmental issues


( S ( NP-SBJ-1 ( PRP He ) ) ( VP ( VBD made ) ( NP ( DT a ) ( JJ special ) ( NN trip ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB examine ) ( NP ( NNP U.S. ) ( JJ environmental ) ( NNS trends ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-2 ( PRP they ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB often ) ) ( VP ( VBN followed ) ( PP-LOC ( IN in ) ( NP ( NNP Europe ) ) ) ) ) ) ) ) )

He made a special trip to examine U.S. environmental trends because they are often followed in Europe


( S ( S-TPC-4 ( NP-SBJ-2 ( NNP ENI ) ) ( VP ( VBZ needs ) ( S ( VP ( TO to ) ( VP ( VB know ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( VP ( VBZ 's ) ( VP ( VBG coming ) ) ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ-3 ( PRP it ) ) ( VP ( VBZ prepares ) ( S ( VP ( TO to ) ( VP ( VB spend ) ( NP ( QP ( DT some ) ( CD 1.3 ) ( CD billion ) ) ) ( PP-CLR ( IN on ) ( S-NOM ( VP ( VBG upgrading ) ( NP ( PRP$ its ) ( NNS refineries ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

ENI needs to know what 's coming as it prepares to spend some 1.3 billion on upgrading its refineries he says


( SINV ( S-TPC-4 ( NP-SBJ-3 ( NN Oil ) ( NNS companies ) ) ( ADVP-LOC ( RB world-wide ) ) ( VP ( MD will ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB spend ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NN money ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( DT the ) ( JJR cleaner ) ( NNS fuels ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN required ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP John ) ( NNP H. ) ( NNP Lichtblau ) ) ( NP ( NP ( DT the ) ( NN president ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Petroleum ) ( NNP Industry ) ( NNP Research ) ( NNP Foundation ) ) ) ) ) )

Oil companies world-wide will have to spend a lot of money for the cleaner fuels that will be required says John H. Lichtblau the president of the Petroleum Industry Research Foundation


( S ( NP-SBJ ( PRP It ) ) ( VP ( MD will ) ( VP ( VB go ) ( PP-CLR ( IN for ) ( NP ( NP ( NN work ) ) ( VP ( VBG ranging ) ( PP-CLR ( PP ( IN from ) ( NP ( NN refinery ) ( NN modification ) ) ) ( PP ( TO to ) ( NP ( NP ( NP ( NNS changes ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN distribution ) ( NN system ) ) ) ) ( PP ( VBG including ) ( NP ( NP ( DT the ) ( NN way ) ) ( SBAR ( S ( NP-SBJ ( NN service ) ( NNS stations ) ) ( VP ( VBP pump ) ( NP ( NN fuel ) ) ( PP-DIR ( IN into ) ( NP ( NNS cars ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It will go for work ranging from refinery modification to changes in the distribution system including the way service stations pump fuel into cars


( S ( PP-LOC ( IN In ) ( NP ( DT the ) ( NNP U.S. ) ) ) ( NP-SBJ-1 ( NP ( DT the ) ( NN search ) ) ( PP ( IN for ) ( NP ( NN oil ) ) ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN headed ) ( PP-DIR ( IN toward ) ( NP ( NP ( ADJP ( RB environmentally ) ( JJ sensitive ) ) ( NNS areas ) ) ( VP ( VBN believed ) ( S ( VP ( TO to ) ( VP ( VB have ) ( NP ( JJ vast ) ( NNS reserves ) ) ) ) ) ) ) ) ) ) ) )

In the U.S. the search for oil had been headed toward environmentally sensitive areas believed to have vast reserves


( S ( NP-SBJ-1 ( NP ( NP ( NNP Alaska ) ( POS 's ) ) ( NNP Arctic ) ( NNP National ) ( NNP Wildlife ) ( NNP Refuge ) ) ( ADVP ( RB alone ) ) ) ( VP ( VBZ is ) ( VP ( VBN thought ) ( S ( VP ( TO to ) ( VP ( VB hide ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD three ) ( CD billion ) ) ( NNS barrels ) ) ( PP ( IN of ) ( NP ( NN oil ) ) ) ) ) ) ) ) ) )

Alaska 's Arctic National Wildlife Refuge alone is thought to hide more than three billion barrels of oil


( S ( PP-TMP ( IN Until ) ( NP ( DT the ) ( NN tanker ) ( NN spill ) ) ) ( NP-SBJ ( NNP Big ) ( NNP Oil ) ) ( VP ( VBD was ) ( VP ( ADVP-MNR ( RB slowly ) ) ( JJ convincing ) ( NP ( NNS authorities ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD could ) ( VP ( ADVP-MNR ( RB safely ) ) ( VB produce ) ( PP-LOC ( IN from ) ( NP ( JJ such ) ( NNS places ) ) ) ) ) ) ) ) ) )

Until the tanker spill Big Oil was slowly convincing authorities it could safely produce from such places


( S ( ADVP-TMP ( RB Now ) ) ( NP-SBJ-1 ( DT the ) ( NN wildlife ) ( NN refuge ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN closed ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN industry ) ) ) ( PP-TMP ( ADVP ( RB possibly ) ) ( IN for ) ( NP ( NNS years ) ) ) ) ) ) )

Now the wildlife refuge has been closed to the industry possibly for years


( S ( ADVP ( RB Similarly ) ) ( NP-SBJ-1 ( NP ( DT a ) ( NN group ) ) ( PP ( IN of ) ( NP ( NNS companies ) ) ) ( VP ( VBN led ) ( PP ( IN by ) ( NP-LGS ( NNP Chevron ) ( NNP Corp. ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( JJ unable ) ( S ( VP ( TO to ) ( VP ( VB pump ) ( NP ( NP ( NN oil ) ) ( VP ( VBN found ) ( PP-LOC ( IN off ) ( NP ( DT the ) ( NNP California ) ( NN coast ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ early ) ( NNS 1980s ) ) ) ) ) ) ) ) ) ) )

Similarly a group of companies led by Chevron Corp. has been unable to pump oil found off the California coast in the early 1980s


( S ( NP-SBJ ( NP ( DT A ) ( JJ huge ) ( NN production ) ( NN system ) ) ( VP ( VBN built ) ( UCP-LOC ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN sea ) ) ( PP-LOC ( IN off ) ( NP ( NNP Santa ) ( NNP Barbara ) ) ) ) ) ( CC and ) ( ADVP ( RB ashore ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG sitting ) ( ADJP-CLR ( JJ idle ) ) ) ) )

A huge production system built in the sea off Santa Barbara and ashore is sitting idle


( S ( CC But ) ( NP-SBJ ( NP ( DT the ) ( NN push ) ) ( PP ( IN for ) ( NP ( JJR cleaner ) ( NNS fuels ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG increasing ) ( NP ( NP ( DT the ) ( NN attractiveness ) ) ( PP ( IN of ) ( NP ( JJ natural ) ( NN gas ) ) ) ) ) ) )

But the push for cleaner fuels is increasing the attractiveness of natural gas


( S ( NP-SBJ ( NP ( QP ( JJR More ) ( IN than ) ( PDT half ) ) ( DT the ) ( JJ domestic ) ( NN drilling ) ) ( PP ( ADVP-TMP ( RB now ) ) ( IN under ) ( NP ( NN way ) ) ) ) ( VP ( VBZ is ) ( PP-PRD ( IN for ) ( NP ( NN gas ) ) ) ( PP ( ADVP ( RB partly ) ) ( IN on ) ( NP ( DT the ) ( NN assumption ) ( SBAR ( DT that ) ( S ( NP-SBJ ( NP ( NN demand ) ) ) ( VP ( MD will ) ( VP ( VB rise ) ( PP-2 ( IN for ) ( NP ( NP ( DT a ) ( NN fuel ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( JJR cleaner ) ( S ( VP ( TO to ) ( VP ( VB burn ) ) ) ) ) ( PP ( IN than ) ( NP ( DT either ) ( NN oil ) ( CC or ) ( NN coal ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

More than half the domestic drilling now under way is for gas partly on the assumption that demand will rise for a fuel that is cleaner to burn than either oil or coal


( S ( NP-SBJ ( NN Activity ) ) ( VP ( VBZ has ) ( VP ( VBN revived ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJS largest ) ( NNP U.S. ) ( NN gas-producing ) ( NNS regions ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( DT the ) ( NNP Gulf ) ) ( PP ( IN of ) ( NP ( NNP Mexico ) ) ) ) ) ) ) ) ) )

Activity has revived in the largest U.S. gas-producing regions such as the Gulf of Mexico


( S ( NP-SBJ ( NP ( NNP Santa ) ( NNP Fe ) ( NNP International ) ( NNP Corp. ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( S ( VP ( VBZ is ) ( VP ( VBN owned ) ( PP ( IN by ) ( NP-LGS ( NNP Kuwait ) ) ) ) ) ) ( PRN ( CC and ) ( S ( VP ( VBZ is ) ( RB n't ) ( VP ( VBN related ) ( PP-CLR ( TO to ) ( NP ( NP ( NNP Santa ) ( NNP Fe ) ( NNP Southern ) ( NNP Pacific ) ( POS 's ) ) ( NN unit ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG stepping ) ( PRT ( RP up ) ) ( NP ( NP ( NN development ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN well ) ) ( PP-LOC ( IN off ) ( NP ( NP ( NP ( NNP Texas ) ( POS ' ) ) ( NNP Matagorda ) ( NNP Island ) ) ( SBAR ( WHADVP-3 ( WRB where ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD found ) ( NP ( NN gas ) ) ( PP-TMP ( IN in ) ( NP ( CD 1987 ) ) ) ) ) ) ) ) ) ) ) ) ) )

Santa Fe International Corp. which is owned by Kuwait and is n't related to Santa Fe Southern Pacific 's unit is stepping up development of a well off Texas ' Matagorda Island where it found gas in 1987


( SINV ( S-TPC-1 ( S ( NP-SBJ ( PRP We ) ) ( VP ( MD could ) ( VP ( VB have ) ( VP ( VBN sat ) ( PP-LOC-CLR ( IN on ) ( NP ( PRP it ) ) ) ( ADVP-TMP ( RBR longer ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT the ) ( NN impetus ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( TO to ) ( VP ( VB get ) ( NP ( DT the ) ( NN gas ) ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( NN marketplace ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Richard ) ( NNP Poole ) ) ( NP ( NP ( JJ senior ) ( NN scout ) ) ( PP ( IN for ) ( NP ( NNP Santa ) ( NNP Fe ) ( NNP International ) ) ) ) ) )

We could have sat on it longer but the impetus is to get the gas to the marketplace says Richard Poole senior scout for Santa Fe International


( S ( NP-SBJ-1 ( PRP We ) ) ( VP ( VBP 're ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB get ) ( S ( NP-SBJ ( PRP it ) ) ( PP-PRD ( IN on ) ( NP ( NN line ) ) ) ) ( ADVP-TMP ( RB as ) ( RB soon ) ( PP ( IN as ) ( RB possible ) ) ) ( NP-TMP ( RB now ) ) ) ) ) ) ) )

We 're trying to get it on line as soon as possible now


( S ( NP-TMP ( DT This ) ( NN month ) ) ( NP-SBJ ( NNP Exxon ) ( NNP Corp. ) ) ( VP ( VBD announced ) ( NP ( NP ( NNS plans ) ) ( PP ( IN for ) ( NP ( NP ( NP ( DT a ) ( JJ 400-day ) ( NN project ) ) ( VP ( VBG drilling ) ( PP-CLR ( IN for ) ( NP ( NN gas ) ) ) ( ADVP-LOC ( NP ( IN about ) ( CD five ) ( NNS miles ) ) ( RB underground ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNP Anadarko ) ( NNP Basin ) ) ( PP ( IN of ) ( NP ( JJ western ) ( NNP Oklahoma ) ) ) ) ) ) ) ( NP ( NP ( DT the ) ( JJS deepest ) ( NN drilling ) ( NN project ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ) ) )

This month Exxon Corp. announced plans for a 400-day project drilling for gas about five miles underground in the Anadarko Basin of western Oklahoma the deepest drilling project in the U.S.


( S ( NP-SBJ ( NNP Exxon ) ) ( VP ( MD will ) ( VP ( VB use ) ( NP ( NP ( DT a ) ( NNP Parker ) ( NNP Drilling ) ( NNP Co. ) ( NN rig ) ) ( VP ( VBN built ) ( PP-TMP ( IN in ) ( NP ( CD 1981 ) ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD can ) ( VP ( VB go ) ( PP-DIR ( RP down ) ( NP ( QP ( CD 9 ) ( CD 1\/2 ) ) ( NNS miles ) ) ) ) ) ) ) ) ) ) )

Exxon will use a Parker Drilling Co. rig built in 1981 that can go down 9 1\/2 miles


( S ( NP-SBJ-2 ( NP ( NNP Y.J. ) ( NNP Park ) ) ( CC and ) ( NP ( PRP$ her ) ( NN family ) ) ) ( VP ( VP ( VBD scrimped ) ( PP-TMP ( IN for ) ( NP ( CD four ) ( NNS years ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB buy ) ( NP ( DT a ) ( JJ tiny ) ( NN apartment ) ) ( ADVP-LOC ( RB here ) ) ) ) ) ) ( CC but ) ( VP ( VBD found ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( X ( DT the ) ( RBR closer ) ) ( S ( NP-SBJ-3 ( PRP they ) ) ( VP ( VBD got ) ( S ( VP ( TO to ) ( VP ( VBG saving ) ( NP ( NP ( DT the ) ( CD 40,000 ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( ADVP ( RB originally ) ) ( VP ( VBD needed ) ) ) ) ) ) ) ) ) ) ) ( X ( DT the ) ( RBR more ) ) ( NP-SBJ ( DT the ) ( NN price ) ) ( VP ( VBD rose ) ) ) ) ) ) )

Y.J. Park and her family scrimped for four years to buy a tiny apartment here but found that the closer they got to saving the 40,000 they originally needed the more the price rose


( S ( PP-TMP ( IN By ) ( NP ( DT this ) ( NN month ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD had ) ( VP ( ADVP ( RBR more ) ( IN than ) ) ( VBN doubled ) ) ) )

By this month it had more than doubled


( S ( ADVP-TMP ( RB Now ) ) ( NP-SBJ ( NP ( DT the ) ( JJ 33-year-old ) ( NN housewife ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( NN husband ) ) ( S ( VP ( VBZ earns ) ( NP ( DT a ) ( JJ modest ) ( NN salary ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT an ) ( NN assistant ) ( NN professor ) ) ( PP ( IN of ) ( NP ( NNS economics ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG saving ) ( ADVP-MNR ( RBR harder ) ( PP ( IN than ) ( ADVP ( RB ever ) ) ) ) ) ) )

Now the 33-year-old housewife whose husband earns a modest salary as an assistant professor of economics is saving harder than ever


( S ( S-TPC-2 ( NP-SBJ-1 ( PRP I ) ) ( VP ( VBP am ) ( VP ( VBN determined ) ( S ( VP ( TO to ) ( VP ( VB get ) ( NP ( DT an ) ( NN apartment ) ) ( PP-TMP ( IN in ) ( NP ( CD three ) ( NNS years ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBZ says ) ) )

I am determined to get an apartment in three years she says


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT all ) ) ( SBAR ( S ( NP-SBJ ( PRP I ) ) ( VP ( VP ( VBP think ) ( PP ( IN about ) ) ) ( CC or ) ( VP ( VB talk ) ( PP ( IN about ) ) ) ) ) ) ) ) )

It 's all I think about or talk about


( S ( PP ( IN For ) ( NP ( NP ( DT the ) ( NNPS Parks ) ) ( CC and ) ( NP ( NP ( NNS millions ) ) ( PP ( IN of ) ( NP ( JJ other ) ( JJ young ) ( NNPS Koreans ) ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( JJ long-cherished ) ( NN dream ) ) ( PP ( IN of ) ( NP ( NN home ) ( NN ownership ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN become ) ( NP-PRD ( DT a ) ( JJ cruel ) ( NN illusion ) ) ) ) )

For the Parks and millions of other young Koreans the long-cherished dream of home ownership has become a cruel illusion


( S ( PP ( IN For ) ( NP ( DT the ) ( NN government ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN become ) ( NP-PRD ( DT a ) ( ADJP ( RB highly ) ( JJ volatile ) ) ( JJ political ) ( NN issue ) ) ) ) )

For the government it has become a highly volatile political issue


( S ( NP-TMP ( JJ Last ) ( NNP May ) ) ( NP-SBJ ( DT a ) ( NN government ) ( NN panel ) ) ( VP ( VBD released ) ( NP ( NP ( DT a ) ( NN report ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN extent ) ( CC and ) ( VBZ causes ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN problem ) ) ) ) ) ) ) )

Last May a government panel released a report on the extent and causes of the problem


( S-1 ( PP-TMP ( IN During ) ( NP ( DT the ) ( JJ past ) ( CD 15 ) ( NNS years ) ) ) ( PRN ( S ( NP-SBJ ( DT the ) ( NN report ) ) ( VP ( VBD showed ) ) ) ) ( NP-SBJ ( NN housing ) ( NNS prices ) ) ( VP ( VBD increased ) ( ADJP-CLR ( RB nearly ) ( RB fivefold ) ) ) )

During the past 15 years the report showed housing prices increased nearly fivefold


( S ( NP-SBJ ( DT The ) ( NN report ) ) ( VP ( VBD laid ) ( NP ( DT the ) ( NN blame ) ) ( PP-CLR-LOC ( IN on ) ( NP ( NP ( NNS speculators ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD said ) ( SBAR ( S ( VP ( VBN had ) ( VP ( VBN pushed ) ( NP ( NN land ) ( NNS prices ) ) ( ADVP-DIR ( RP up ) ( ADJP ( RB ninefold ) ) ) ) ) ) ) ) ) ) ) ) ) )

The report laid the blame on speculators who it said had pushed land prices up ninefold


( S ( NP-SBJ ( DT The ) ( NN panel ) ) ( VP ( VBD found ) ( SBAR ( IN that ) ( S ( PP-TMP ( IN since ) ( NP ( CD 1987 ) ) ) ( NP-SBJ ( NN real-estate ) ( NNS prices ) ) ( VP ( VBD rose ) ( NP-ADV ( RB nearly ) ( CD 50 ) ( NN % ) ) ( PP ( IN in ) ( NP ( NP ( DT a ) ( JJ speculative ) ( NN fever ) ) ( VP ( VBN fueled ) ( PP ( IN by ) ( NP-LGS ( NP ( JJ economic ) ( NN prosperity ) ) ( NP ( DT the ) ( CD 1988 ) ( NNP Seoul ) ( NNPS Olympics ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN government ) ( POS 's ) ) ( NN pledge ) ( S ( VP ( TO to ) ( VP ( ADVP-MNR ( RB rapidly ) ) ( VB develop ) ( NP ( NP ( NNP Korea ) ( POS 's ) ) ( NN southwest ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The panel found that since 1987 real-estate prices rose nearly 50 % in a speculative fever fueled by economic prosperity the 1988 Seoul Olympics and the government 's pledge to rapidly develop Korea 's southwest


( S ( NP-SBJ ( DT The ) ( NN result ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( NP ( DT those ) ) ( ADJP ( JJ rich ) ( RB enough ) ( S ( VP ( TO to ) ( VP ( VB own ) ( NP ( NP ( DT any ) ( JJ real ) ( NN estate ) ) ( ADVP ( IN at ) ( DT all ) ) ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN boosted ) ( NP ( PRP$ their ) ( NNS holdings ) ) ( ADVP-MNR ( RB substantially ) ) ) ) ) ) ) )

The result is that those rich enough to own any real estate at all have boosted their holdings substantially


( S ( PP ( IN For ) ( NP ( NP ( DT those ) ) ( PP ( IN with ) ( NP ( DT no ) ( NNS holdings ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNS prospects ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG buying ) ( NP ( DT a ) ( NN home ) ) ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB ever ) ( JJR slimmer ) ) ) )

For those with no holdings the prospects of buying a home are ever slimmer


( S-1 ( S ( PP-TMP ( IN In ) ( NP ( CD 1987 ) ) ) ( NP-SBJ ( NP ( DT a ) ( NN quarter ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN population ) ) ) ) ( VP ( VBD owned ) ( NP ( NP ( CD 91 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( CD 71,895 ) ( JJ square ) ( NNS kilometers ) ) ( PP ( IN of ) ( NP ( JJ private ) ( NN land ) ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( DT the ) ( NN report ) ) ( VP ( VBD said ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( CD 10 ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN population ) ) ) ) ( VP ( VBD owned ) ( NP ( NP ( CD 65 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN land ) ) ( VP ( VBN devoted ) ( PP-CLR ( TO to ) ( NP ( NN housing ) ) ) ) ) ) ) ) ) )

In 1987 a quarter of the population owned 91 % of the nation 's 71,895 square kilometers of private land the report said and 10 % of the population owned 65 % of the land devoted to housing


( S ( ADVP-TMP ( RB Meanwhile ) ) ( NP-SBJ ( NP ( DT the ) ( NN government ) ( POS 's ) ) ( NNP Land ) ( NNP Bureau ) ) ( VP ( VBZ reports ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( QP ( JJ only ) ( IN about ) ( DT a ) ( NN third ) ) ) ( PP ( IN of ) ( JJ Korean ) ( NNS families ) ) ) ( VP ( VBP own ) ( NP ( PRP$ their ) ( JJ own ) ( NNS homes ) ) ) ) ) ) )

Meanwhile the government 's Land Bureau reports that only about a third of Korean families own their own homes


( S ( NP-SBJ ( NNS Rents ) ) ( VP ( VBP have ) ( VP ( VBN soared ) ( PP-MNR ( IN along ) ( PP ( IN with ) ( NP ( NN house ) ( NNS prices ) ) ) ) ) ) )

Rents have soared along with house prices


( S ( NP-SBJ ( NP ( JJ Former ) ( NNP National ) ( NNP Assemblyman ) ( NNP Hong ) ( NNP Sa-Duk ) ) ( NP ( RB now ) ( DT a ) ( NN radio ) ( NN commentator ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN problem ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ intolerable ) ) ( PP ( IN for ) ( NP ( JJ many ) ( NNS people ) ) ) ) ) ) ) )

Former National Assemblyman Hong Sa-Duk now a radio commentator says the problem is intolerable for many people


( S ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( VBP 'm ) ( ADJP-PRD ( JJ afraid ) ( PP ( IN of ) ( NP ( DT a ) ( JJ popular ) ( NN revolt ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT this ) ( NN situation ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( VBN corrected ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ adds ) ) )

I 'm afraid of a popular revolt if this situation is n't corrected he adds


( S ( PP ( IN In ) ( NP ( NN fact ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( JJ past ) ( CD three ) ( NNS months ) ) ) ( NP-SBJ ( RB there ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( NP-PRD ( NP ( JJ several ) ( NNS demonstrations ) ) ( PP-LOC ( PP ( IN at ) ( NP ( NP ( DT the ) ( NN office ) ( NN complex ) ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ-1 ( DT the ) ( NNP Land ) ( NNP Bureau ) ) ( VP ( VBZ is ) ( VP ( VBN housed ) ) ) ) ) ) ) ( CC and ) ( PP ( IN at ) ( NP ( DT the ) ( NNP National ) ( NNP Assembly ) ) ) ) ( VP ( VBG demanding ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( VBD put ) ( NP-CLR ( DT a ) ( NN stop ) ) ( PP-CLR ( TO to ) ( NP ( NN real-estate ) ( NN speculation ) ) ) ) ) ) ) ) ) ) )

In fact during the past three months there have been several demonstrations at the office complex where the Land Bureau is housed and at the National Assembly demanding the government put a stop to real-estate speculation


( S ( NP-SBJ ( NP ( NNP President ) ( NNP Roh ) ( NNP Tae ) ( NNP Woo ) ( POS 's ) ) ( NN administration ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG studying ) ( NP ( DT the ) ( NN real-estate ) ( NN crisis ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( JJ past ) ( NN year ) ) ) ( PP-MNR ( IN with ) ( NP ( NP ( DT an ) ( NN eye ) ) ( PP ( TO to ) ( NP ( JJ partial ) ( NN land ) ( NN redistribution ) ) ) ) ) ) ) ) )

President Roh Tae Woo 's administration has been studying the real-estate crisis for the past year with an eye to partial land redistribution


( S ( NP-TMP ( JJ Last ) ( NN week ) ) ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( VBD took ) ( NP ( CD three ) ( NNS bills ) ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( NNP National ) ( NNP Assembly ) ) ) ) )

Last week the government took three bills to the National Assembly


( S ( NP-SBJ-1 ( DT The ) ( JJ proposed ) ( NN legislation ) ) ( VP ( VBZ is ) ( VP ( VBN aimed ) ( PP-CLR ( IN at ) ( S-NOM ( VP ( VBG rectifying ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS inequities ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ current ) ( NN land-ownership ) ( NN system ) ) ) ) ) ) ) ) ) ) ) )

The proposed legislation is aimed at rectifying some of the inequities in the current land-ownership system


( S ( NP-SBJ ( NP ( NNS Highlights ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS bills ) ) ( SBAR ( RB as ) ( S ( VP ( ADVP-TMP ( RB currently ) ) ( VBN framed ) ) ) ) ) ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT A ) ( NN restriction ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN amount ) ) ( PP ( IN of ) ( NP ( NP ( JJ real ) ( NN estate ) ) ( SBAR ( S ( NP-SBJ ( CD one ) ( NN family ) ) ( VP ( MD can ) ( VP ( VB own ) ) ) ) ) ) ) ) ) ( PP ( TO to ) ( NP ( NP ( NP ( CD 660 ) ( NN square ) ( NNS meters ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( CD six ) ( JJS largest ) ( NNS cities ) ) ) ) ( CC but ) ( NP ( NP ( JJR more ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJR smaller ) ( NNS cities ) ) ( CC and ) ( NP ( JJ rural ) ( NNS areas ) ) ) ) ) ) ) ) ) )

Highlights of the bills as currently framed are A restriction on the amount of real estate one family can own to 660 square meters in the nation 's six largest cities but more in smaller cities and rural areas


( S ( NP-SBJ ( DT The ) ( NN government ) ) ( VP ( VP ( MD will ) ( VP ( VB penalize ) ( NP ( NNS offenders ) ) ) ) ( CC but ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB confiscate ) ( NP ( NN property ) ) ) ) ) )

The government will penalize offenders but wo n't confiscate property


( NP ( NP ( NP ( NP ( DT A ) ( NN tax ) ) ( PP ( IN of ) ( NP ( QP ( IN between ) ( CD 3 ) ( NN % ) ( CC and ) ( CD 6 ) ( NN % ) ) ) ) ) ( PP ( IN on ) ( NP ( NP ( NN property ) ( NNS holdings ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP exceed ) ( NP ( DT the ) ( VBN governmentset ) ( NN ceiling ) ) ) ) ) ) ) ) )

A tax of between 3 % and 6 % on property holdings that exceed the governmentset ceiling


( NP ( NP ( NP ( NNS Taxes ) ) ( PP ( IN of ) ( PP ( NP ( NP ( QP ( IN between ) ( CD 15 ) ( NN % ) ( CC and ) ( CD 50 ) ( NN % ) ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ) ) ) ( PP ( IN on ) ( NP ( NP ( JJ excessive ) ( NNS profits ) ) ( PP ( IN from ) ( NP ( NP ( NP ( DT the ) ( NN resale ) ) ( PP ( IN of ) ( NP ( NN property ) ) ) ) ( CC or ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( JJ idle ) ( NN land ) ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN government ) ) ) ) ) ) ) ) )

Taxes of between 15 % and 50 % a year on excessive profits from the resale of property or the sale of idle land to the government


( S ( NP-SBJ ( DT The ) ( NN government ) ) ( VP ( VBZ defines ) ( NP ( JJ excessive ) ( NNS profits ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT those ) ) ( PP-LOC ( IN above ) ( NP ( DT the ) ( NN average ) ) ) ( VP ( VBN realized ) ( PP-CLR ( IN for ) ( NP ( NP ( JJ other ) ( JJ similar-sized ) ( NNS properties ) ) ( PP-LOC ( IN in ) ( NP ( DT an ) ( NN area ) ) ) ) ) ) ) ) ) )

The government defines excessive profits as those above the average realized for other similar-sized properties in an area


( NP ( NP-SBJ ( NN Grace ) ( NNS periods ) ) ( VP ( VBG ranging ) ( PP-CLR ( IN from ) ( NP ( QP ( CD two ) ( TO to ) ( CD five ) ) ( NNS years ) ) ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ full ) ( NN scope ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS penalties ) ) ) ) ( VP ( VBZ takes ) ( NP ( NN effect ) ) ) ) ) ) )

Grace periods ranging from two to five years before the full scope of the penalties takes effect


( S ( NP-SBJ ( DT The ) ( NN administration ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNS measures ) ) ( VP ( MD would ) ( VP ( VP ( VB stem ) ( NP ( JJ rampant ) ( NN property ) ( NN speculation ) ) ) ( VP ( VB free ) ( NP ( JJR more ) ( NN land ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NP ( DT the ) ( NN government ) ( POS 's ) ) ( JJ ambitious ) ( NN housing-construction ) ( NN program ) ) ( VP ( VBN designed ) ( S ( VP ( TO to ) ( VP ( VB build ) ( NP ( QP ( CD two ) ( CD million ) ) ( NNS apartments ) ) ( PP-TMP ( IN by ) ( NP ( CD 1992 ) ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( ADVP ( RB perhaps ) ) ( VB boost ) ( NP ( NP ( DT the ) ( JJ popular ) ( NN standing ) ) ( PP ( IN of ) ( NP ( NNP President ) ( NNP Roh ) ) ) ) ) ) ) ) ) ) )

The administration says the measures would stem rampant property speculation free more land for the government 's ambitious housing-construction program designed to build two million apartments by 1992 and perhaps boost the popular standing of President Roh


( S ( CC But ) ( NP-SBJ ( NP ( NN opposition ) ( NNS legislators ) ) ( CC and ) ( NP ( NP ( NNS others ) ) ( VP ( VBG calling ) ( PP-CLR ( IN for ) ( NP ( NP ( NN help ) ) ( PP ( IN for ) ( NP ( NP ( NNP South ) ( NNP Korea ) ( POS 's ) ) ( NNS renters ) ) ) ) ) ) ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-2 ( DT the ) ( VBN proposed ) ( NNS changes ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB go ) ( ADJP-PRD ( RB far ) ( RB enough ) ( S ( VP ( TO to ) ( VP ( VB make ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( ADJP-PRD ( JJ possible ) ) ( SBAR-1 ( IN for ) ( S ( NP-SBJ ( JJ ordinary ) ( NNS people ) ) ( VP ( TO to ) ( VP ( VB buy ) ( NP ( DT a ) ( NN home ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But opposition legislators and others calling for help for South Korea 's renters say the proposed changes do n't go far enough to make it possible for ordinary people to buy a home


( S ( S ( NP-SBJ ( DT Some ) ) ( VP ( VBP want ) ( NP ( NP ( JJR lower ) ( NNS limits ) ) ( PP ( IN on ) ( NP ( NN house ) ( NNS sizes ) ) ) ) ) ) ( S ( NP-SBJ ( NNS others ) ) ( VP ( VBP insist ) ( PP-CLR ( IN on ) ( NP ( NP ( ADJP ( RB progressively ) ( JJR higher ) ) ( NN taxation ) ) ( PP ( IN for ) ( NP ( JJR larger ) ( NNS homes ) ( CC and ) ( NNS lots ) ) ) ) ) ) ) )

Some want lower limits on house sizes others insist on progressively higher taxation for larger homes and lots


( S ( NP-SBJ ( NP ( NP ( DT The ) ( NNPS Citizens ) ( NNP Coalition ) ) ( PP ( IN for ) ( NP ( NNP Economic ) ( NNP Justice ) ) ) ) ( NP ( NP ( DT a ) ( NN public-interest ) ( NN group ) ) ( VP ( VBG leading ) ( NP ( DT the ) ( NN charge ) ) ( PP ( IN for ) ( NP ( JJ radical ) ( NN reform ) ) ) ) ) ) ( VP ( VBZ wants ) ( NP ( NP ( NNS restrictions ) ) ( PP ( IN on ) ( NP ( NP ( NNS landholdings ) ) ( NP ( NP ( JJ high ) ( NN taxation ) ) ( PP ( IN of ) ( NP ( NN capital ) ( NNS gains ) ) ) ) ( CC and ) ( NP ( NP ( RB drastic ) ( VBG revamping ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN value-assessment ) ( NN system ) ) ( SBAR ( WHPP-2 ( IN on ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ-1 ( NN property ) ( NNS taxes ) ) ( VP ( VBP are ) ( VP ( VBN based ) ) ) ) ) ) ) ) ) ) ) ) )

The Citizens Coalition for Economic Justice a public-interest group leading the charge for radical reform wants restrictions on landholdings high taxation of capital gains and drastic revamping of the value-assessment system on which property taxes are based


( S ( CC But ) ( NP-SBJ ( NP ( NNS others ) ) ( NP ( NP ( JJ large ) ( NNS landowners ) ) ( NP ( NN real-estate ) ( NNS developers ) ) ( CC and ) ( NP ( NN business ) ( NNS leaders ) ) ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN government ) ( POS 's ) ) ( NNS proposals ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ intolerable ) ) ) ) ) ) )

But others large landowners real-estate developers and business leaders say the government 's proposals are intolerable


( S ( S ( VP ( VBN Led ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NNP Federation ) ) ( PP ( IN of ) ( NP ( NNP Korean ) ( NNPS Industries ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NNS critics ) ) ( VP ( VBP are ) ( VP ( VBG lobbying ) ( SBAR-CLR ( IN for ) ( S ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( TO to ) ( VP ( VB weaken ) ( NP ( PRP$ its ) ( VBN proposed ) ( NNS restrictions ) ( CC and ) ( NNS penalties ) ) ) ) ) ) ) ) )

Led by the Federation of Korean Industries the critics are lobbying for the government to weaken its proposed restrictions and penalties


( S ( NP-SBJ ( NP ( NN Government ) ( NNS officials ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP are ) ( VP ( VBG urging ) ( NP ( NN real-estate ) ( NNS reforms ) ) ) ) ) ) ) ( VP ( VP ( VBP balk ) ( PP-CLR ( IN at ) ( NP ( NP ( DT the ) ( NNS arguments ) ) ( PP ( IN of ) ( NP ( NN business ) ( NNS leaders ) ) ) ) ) ) ( CC and ) ( VP ( VBP chafe ) ( PP-CLR ( IN at ) ( NP ( PRP$ their ) ( NN pressure ) ) ) ) ) )

Government officials who are urging real-estate reforms balk at the arguments of business leaders and chafe at their pressure


( SINV ( S-TPC-3 ( NP-SBJ ( EX There ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT no ) ( NN violation ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ capitalistic ) ( NN principle ) ) ( PP ( IN of ) ( NP ( JJ private ) ( NN property ) ) ) ) ) ( PP-LOC ( IN in ) ( SBAR-NOM ( WHNP-2 ( WP what ) ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP are ) ( VP ( VBG doing ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Lee ) ( NNP Kyu ) ( NNP Hwang ) ) ( NP ( NP ( NN director ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NN government ) ( POS 's ) ) ( NNP Land ) ( NNP Bureau ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD drafted ) ( NP ( DT the ) ( NNS bills ) ) ) ) ) ) ) ) ) )

There is no violation of the capitalistic principle of private property in what we are doing says Lee Kyu Hwang director of the government 's Land Bureau which drafted the bills


( S-1 ( CC But ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ adds ) ) ) ) ( NP-SBJ ( DT the ) ( NN constitution ) ) ( VP ( VBZ empowers ) ( S ( NP-SBJ-2 ( DT the ) ( NN government ) ) ( VP ( TO to ) ( VP ( VB impose ) ( NP ( DT some ) ( NNS controls ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB mitigate ) ( NP ( NP ( DT the ) ( NN shortage ) ) ( PP ( IN of ) ( NP ( NN land ) ) ) ) ) ) ) ) ) ) ) )

But he adds the constitution empowers the government to impose some controls to mitigate the shortage of land


( S ( NP-SBJ ( NP ( DT The ) ( NN land ) ) ( ADJP ( JJ available ) ( PP ( IN for ) ( NP ( NN housing ) ( NN construction ) ) ) ) ) ( VP ( VBZ stands ) ( PP-CLR-LOC ( IN at ) ( NP ( NP ( NP ( QP ( IN about ) ( CD 46.2 ) ) ( JJ square ) ( NNS meters ) ) ( NP-ADV ( DT a ) ( NN person ) ) ) ( UCP ( ADJP ( NP-ADV ( CD 18 ) ( NN % ) ) ( JJR lower ) ( PP ( IN than ) ( PP-LOC ( IN in ) ( NP ( NNP Taiwan ) ) ) ) ) ( CC and ) ( NP ( NP ( QP ( RB only ) ( IN about ) ( PDT half ) ) ( DT that ) ) ( PP ( IN of ) ( NP ( NNP Japan ) ) ) ) ) ) ) ) )

The land available for housing construction stands at about 46.2 square meters a person 18 % lower than in Taiwan and only about half that of Japan


( S ( NP-SBJ ( NNP Mr. ) ( NNP Lee ) ) ( VP ( VBZ estimates ) ( SBAR ( IN that ) ( S ( NP-SBJ ( QP ( IN about ) ( CD 10,000 ) ) ( NN property ) ( NNS speculators ) ) ( VP ( VBP are ) ( VP ( VBG operating ) ( PP-LOC ( IN in ) ( NP ( NNP South ) ( NNP Korea ) ) ) ) ) ) ) ) )

Mr. Lee estimates that about 10,000 property speculators are operating in South Korea


( S-2 ( NP-SBJ ( DT The ) ( JJ chief ) ( NNS culprits ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NP ( JJ big ) ( NNS companies ) ) ( CC and ) ( NP ( NN business ) ( NNS groups ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP buy ) ( NP ( NP ( JJ huge ) ( NNS amounts ) ) ( PP ( IN of ) ( NP ( NN land ) ) ) ) ( PP ( RB not ) ( PP ( IN for ) ( NP ( PRP$ their ) ( JJ corporate ) ( NN use ) ) ) ( CC but ) ( PP ( IN for ) ( NP ( NP ( NN resale ) ) ( PP ( IN at ) ( NP ( JJ huge ) ( NN profit ) ) ) ) ) ) ) ) ) ) ) )

The chief culprits he says are big companies and business groups that buy huge amounts of land not for their corporate use but for resale at huge profit


( S ( NP-SBJ ( CD One ) ( NN research ) ( NN institute ) ) ( VP ( VBD calculated ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( QP ( RB as ) ( JJ much ) ( IN as ) ( CD 67 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( JJ corporate-owned ) ( NN land ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN held ) ( PP ( IN by ) ( NP-LGS ( CD 403 ) ( NNS companies ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NP ( QP ( RB as ) ( JJ little ) ( IN as ) ( CD 1.5 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( WDT that ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN used ) ( PP-CLR ( IN for ) ( NP ( NN business ) ) ) ) ) ) ) ) ) )

One research institute calculated that as much as 67 % of corporate-owned land is held by 403 companies and that as little as 1.5 % of that is used for business


( S ( NP-SBJ ( NP ( NP ( DT The ) ( NN government ) ( POS 's ) ) ( NNP Office ) ) ( PP ( IN of ) ( NP ( NP ( NNP Bank ) ( NNP Supervision ) ) ( CC and ) ( NP ( NNP Examination ) ) ) ) ) ( VP ( VBD told ) ( NP ( DT the ) ( NNP National ) ( NNP Assembly ) ) ( NP-TMP ( DT this ) ( NN month ) ) ( SBAR ( IN that ) ( S ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ first ) ( NN half ) ) ( PP ( IN of ) ( NP ( CD 1989 ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( CD 30 ) ( JJS largest ) ( NN business ) ( NNS groups ) ) ( VP ( VBD bought ) ( NP ( NP ( JJ real ) ( NN estate ) ) ( VP ( VBN valued ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 1.5 ) ( CD billion ) ) ) ) ) ) ) ) ) ) )

The government 's Office of Bank Supervision and Examination told the National Assembly this month that in the first half of 1989 the nation 's 30 largest business groups bought real estate valued at 1.5 billion


( S ( NP-SBJ ( NP ( DT The ) ( NNP Ministry ) ) ( PP ( IN of ) ( NP ( NNP Finance ) ) ) ) ( PP ( IN as ) ( NP ( DT a ) ( NN result ) ) ) ( VP ( VBZ has ) ( VP ( VBN proposed ) ( NP ( NP ( DT a ) ( NN series ) ) ( PP ( IN of ) ( NP ( NP ( NNS measures ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB restrict ) ( NP ( NP ( NN business ) ( NN investment ) ) ( PP ( IN in ) ( NP ( JJ real ) ( NN estate ) ) ) ) ( ADVP-MNR ( ADVP ( RB even ) ( RBR more ) ( RB tightly ) ) ( PP ( IN than ) ( NP ( NP ( NNS restrictions ) ) ( VP ( VBN aimed ) ( PP-CLR ( IN at ) ( NP ( NNS individuals ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Ministry of Finance as a result has proposed a series of measures that would restrict business investment in real estate even more tightly than restrictions aimed at individuals


( S ( PP-LOC ( IN Under ) ( NP ( DT those ) ( NNS measures ) ) ) ( NP-SBJ-1 ( JJ financial ) ( NNS institutions ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN restricted ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG owning ) ( NP ( NP ( DT any ) ( JJR more ) ( JJ real ) ( NN estate ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP need ) ( PP-PRP ( IN for ) ( NP ( PRP$ their ) ( NN business ) ( NNS operations ) ) ) ) ) ) ) ) ) ) ) ) ) )

Under those measures financial institutions would be restricted from owning any more real estate than they need for their business operations


( S ( S ( NP-SBJ-1 ( NP ( NNS Banks ) ) ( NP ( NN investment ) ( CC and ) ( NN credit ) ( NNS firms ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN permitted ) ( S ( VP ( TO to ) ( VP ( JJ own ) ( NP ( NP ( NN land ) ) ( ADJP ( NN equivalent ) ( PP ( IN in ) ( NP ( NN value ) ) ) ( PP ( TO to ) ( NP ( NP ( CD 50 ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN capital ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( S ( ADVP-TMP ( RB currently ) ) ( NP-SBJ ( DT the ) ( NN proportion ) ) ( VP ( VBZ is ) ( NP-PRD ( CD 75 ) ( NN % ) ) ) ) )

Banks investment and credit firms would be permitted to own land equivalent in value to 50 % of their capital currently the proportion is 75 %


( S ( NP-SBJ-1 ( NP ( DT The ) ( JJ maximum ) ( JJ allowable ) ( NN property ) ( NNS holdings ) ) ( PP ( IN for ) ( NP ( NN insurance ) ( NNS companies ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN reduced ) ( PP-CLR ( TO to ) ( NP ( NP ( CD 10 ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( JJ total ) ( NN asset ) ( NN value ) ) ) ) ) ( ADVP ( RB down ) ( PP ( IN from ) ( NP ( CD 15 ) ( NN % ) ) ( ADVP-TMP ( RB currently ) ) ) ) ) ) ) )

The maximum allowable property holdings for insurance companies would be reduced to 10 % of their total asset value down from 15 % currently


( S ( CC But ) ( NP-SBJ ( NNP Mrs. ) ( NNP Park ) ) ( VP ( VBZ acknowledges ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( RB even ) ( IN if ) ( S ( NP-SBJ-1 ( DT the ) ( NNS policies ) ) ( VP ( VBP work ) ( S-PRP ( VP ( TO to ) ( VP ( VB slow ) ( CC or ) ( VB stop ) ( NP ( NN speculation ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( NN apartment ) ( NNS prices ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ unlikely ) ( S ( VP ( TO to ) ( VP ( VB go ) ( PRT ( RP down ) ) ) ) ) ) ) ) ) ) )

But Mrs. Park acknowledges that even if the policies work to slow or stop speculation apartment prices are unlikely to go down


( S-1 ( PP ( IN At ) ( RBS best ) ) ( PRN ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBZ realizes ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( MD will ) ( VP ( VB rise ) ( ADVP-MNR ( ADVP ( RBR more ) ( RB slowly ) ) ( ADVP ( ADVP ( RBR more ) ( RB slowly ) ) ( PRN ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBZ hopes ) ) ) ) ( PP ( IN than ) ( NP ( NP ( PRP$ her ) ( NN family ) ( POS 's ) ) ( NN income ) ) ) ) ) ) ) )

At best she realizes they will rise more slowly more slowly she hopes than her family 's income


( S ( S-TPC-2 ( NP-SBJ ( JJ Canadian ) ( NN steel ) ( NN production ) ) ( VP ( VBD totaled ) ( NP ( NP ( CD 290,541 ) ( JJ metric ) ( NNS tons ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NN week ) ) ( VP ( VBD ended ) ( NP-TMP-CLR ( NNP Oct. ) ( CD 21 ) ) ) ) ) ( NP-1 ( NP ( NP ( DT a ) ( ADJP ( CD 5.1 ) ( NN % ) ) ( NN increase ) ) ( PP ( IN from ) ( NP ( CD 276,334 ) ( NNS tons ) ) ( NP-TMP ( DT the ) ( JJ previous ) ( NN week ) ) ) ) ( CC but ) ( NP ( NP ( DT a ) ( ADJP ( CD 7.2 ) ( NN % ) ) ( NN decline ) ) ( PP ( IN from ) ( NP ( CD 313,125 ) ( NNS tons ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB earlier ) ) ) ) ) ) ) ( NP-SBJ ( NNPS Statistics ) ( NNP Canada ) ) ( VP ( VBD said ) ) )

Canadian steel production totaled 290,541 metric tons in the week ended Oct. 21 a 5.1 % increase from 276,334 tons the previous week but a 7.2 % decline from 313,125 tons a year earlier Statistics Canada said


( S ( NP-SBJ ( DT The ) ( JJ federal ) ( NN agency ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NN year ) ) ( PP ( IN through ) ( NP ( NNP Oct. ) ( CD 21 ) ) ) ) ) ( NP-SBJ ( NN production ) ) ( VP ( VBD totaled ) ( NP ( CD 12,573,758 ) ( NNS tons ) ) ( ADVP ( RB up ) ( NP ( CD 7.1 ) ( NN % ) ) ( PP ( IN from ) ( NP ( CD 11,742,368 ) ( NNS tons ) ) ) ) ) ) ) ) )

The federal agency said that in the year through Oct. 21 production totaled 12,573,758 tons up 7.1 % from 11,742,368 tons


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP 're ) ( ADVP ( RB still ) ) ( VP ( VBG wondering ) ( PP-CLR ( IN about ) ( NP ( NP ( DT the ) ( NNS causes ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN slump ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN junk-bond ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ( VP ( VB consider ) ( NP ( NP ( DT the ) ( NN case ) ) ( PP ( IN of ) ( NP ( NNP Columbia ) ( NNPS Savings ) ( CC & ) ( NNP Loan ) ) ) ) ) )

If you 're still wondering about the causes of the slump in the junk-bond market consider the case of Columbia Savings & Loan


( S ( NP-SBJ ( DT The ) ( NNP California ) ( NN thrift ) ) ( VP ( VBZ has ) ( ADVP ( RB just ) ) ( VP ( VBN announced ) ( NP ( DT a ) ( ADJP ( QP ( CD 226 ) ( CD million ) ) ) ( NN third-quarter ) ( NN loss ) ) ) ) )

The California thrift has just announced a 226 million third-quarter loss


( SBARQ ( WHADVP-1 ( WRB How ) ) ( SQ ( VBD did ) ( NP-SBJ ( DT this ) ) ( VP ( VB happen ) ) ) )

How did this happen


( S ( ADVP ( RB Well ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( NNP Congress ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( JJ recent ) ( NN S&L ) ( NN bailout ) ) ) ( VP ( VBD mandated ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNS thrifts ) ) ( VP ( VB sell ) ( PRT ( RP off ) ) ( NP ( DT all ) ( PRP$ their ) ( NN junk-bond ) ( NNS holdings ) ) ( PP-TMP ( IN by ) ( NP ( CD 1994 ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( RB not ) ( ADVP ( RB only ) ) ( VP ( ADVP-MNR ( RB artificially ) ) ( VBD increased ) ( NP ( NP ( DT the ) ( NN supply ) ) ( PP ( IN of ) ( NP ( DT these ) ( NNS bonds ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN market ) ) ) ) ) ( CC but ) ( VP ( ADVP ( RB also ) ) ( VBD eliminated ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ few ) ( JJ profitable ) ( NNS investments ) ) ( SBAR ( S ( NP-SBJ ( NNS thrifts ) ) ( VP ( VBP have ) ( VP ( VBN made ) ) ) ) ) ) ) ) ) ) )

Well when Congress in its recent S&L bailout mandated that the thrifts sell off all their junk-bond holdings by 1994 it not only artificially increased the supply of these bonds in the market but also eliminated one of the few profitable investments thrifts have made


( S ( CC But ) ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( ADJP ( RB grimly ) ( JJ ironic ) ) ( NN twist ) ) ( PP ( TO to ) ( NP ( DT the ) ( NNP Columbia ) ( NN loss ) ) ) ) ) )

But there is a grimly ironic twist to the Columbia loss


( S ( SBAR ( IN As ) ( S ( NP-SBJ ( NP ( NNS followers ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN debate ) ) ( PP ( IN over ) ( NP ( DT a ) ( NNS capital-gains ) ( NN tax ) ( NN cut ) ) ) ) ) ) ( VP ( VBP know ) ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( JJ much ) ( NN talk ) ) ( PP-LOC ( PP ( IN in ) ( NP ( NNP Congress ) ) ) ( CC and ) ( ADVP ( RB indeed ) ) ( PP ( ADVP ( DT all ) ) ( IN over ) ( NP ( NNP Washington ) ) ) ) ( PP ( IN about ) ( NP ( DT the ) ( NN need ) ( S ( VP ( TO to ) ( VP ( VP ( VB encourage ) ( NP ( JJ long-term ) ( NN investment ) ) ) ( CC and ) ( VP ( VB discourage ) ( NP ( NP ( NP ( DT the ) ( JJ financial ) ( NN sector ) ( POS 's ) ) ( JJ presumed ) ( NN obsession ) ) ( PP ( IN with ) ( NP ( DT the ) ( JJ short ) ( NN term ) ) ) ) ) ) ) ) ) ) ) ) )

As followers of the debate over a capital-gains tax cut know there is much talk in Congress and indeed all over Washington about the need to encourage long-term investment and discourage the financial sector 's presumed obsession with the short term


( S ( ADVP ( RB Now ) ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP regard ) ( NP ( DT this ) ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( RB largely ) ( JJ phony ) ( NN issue ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT the ) ( JJ long ) ( NN term ) ) ( VP ( VBZ is ) ( ADVP ( RB nonetheless ) ) ( NP-PRD ( DT a ) ( JJ big ) ( NN salon ) ( NN topic ) ) ( PP-LOC ( ADVP ( DT all ) ) ( IN around ) ( NP ( DT the ) ( NNP Beltway ) ) ) ) ) )

Now we regard this as a largely phony issue but the long term is nonetheless a big salon topic all around the Beltway


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ turns ) ( PRT ( RP out ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Columbia ) ) ( VP ( VBD had ) ( NP ( DT this ) ( JJ huge ) ( NN loss ) ) ( SBAR-PRP ( PP ( IN in ) ( NP ( JJ large ) ( NN part ) ) ) ( IN because ) ( S ( NP-SBJ ( DT the ) ( JJ new ) ( ADJP ( RB congressionally ) ( VBN mandated ) ) ( NNS rules ) ) ( VP ( VBD forced ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( TO to ) ( VP ( VB adjust ) ( NP ( NP ( DT the ) ( NN book ) ( NN value ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ soon-to-be-sold ) ( NN junk ) ( NNS bonds ) ) ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( JJR lower ) ) ( PP ( IN of ) ( NP ( DT either ) ( PRP$ their ) ( NN cost ) ( CC or ) ( NN market ) ( NN value ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It turns out that Columbia had this huge loss in large part because the new congressionally mandated rules forced it to adjust the book value of its soon-to-be-sold junk bonds to the lower of either their cost or market value


( S ( NP-SBJ-1 ( PRP They ) ) ( VP ( MD could ) ( ADVP ( RB no ) ( RB longer ) ) ( VP ( VB be ) ( VP ( VBN classified ) ( PP-CLR ( IN as ) ( NP ( SBAR-NOM ( WHNP-2 ( WP what ) ) ( S ( NP-SBJ ( NNP Columbia ) ) ( VP ( VBD regarded ) ( NP ( PRP them ) ) ) ) ) ( NP ( RB namely ) ( JJ long-term ) ( NNS investments ) ) ) ) ) ) ) )

They could no longer be classified as what Columbia regarded them namely long-term investments


( S ( NP-SBJ ( NP ( NP ( NNP Congress ) ( POS 's ) ) ( JJ ham-handed ) ( NN treatment ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( VBG existing ) ( NN structure ) ) ( PP ( IN of ) ( NP ( NN junk-bond ) ( NNS holdings ) ) ) ) ) ) ( VP ( VBZ reminds ) ( NP ( PRP us ) ) ( PP-CLR ( IN of ) ( NP ( NP ( DT a ) ( NN story ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Journal ) ) ) ( ADVP-TMP ( RBR earlier ) ( NP ( DT this ) ( NN year ) ) ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( NNP Baby ) ( NNP Bell ) ( NNS companies ) ( POS ' ) ) ( NN desire ) ( S ( VP ( TO to ) ( VP ( VB have ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( JJ court-ordered ) ( NNS bans ) ) ) ( VP ( VBN lifted ) ( PP-2 ( IN on ) ( S-NOM ( VP ( VBG offering ) ( NP ( NN information ) ( NNS services ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Congress 's ham-handed treatment of the existing structure of junk-bond holdings reminds us of a story in the Journal earlier this year about the Baby Bell companies ' desire to have the court-ordered bans lifted on offering information services


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN issue ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG seeking ) ( NP ( NN relief ) ) ( PP-CLR ( IN from ) ( NP ( NNP Congress ) ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN raised ) ( PP ( TO to ) ( NP ( NP ( NNP Delbert ) ( NNP Staley ) ) ( NP ( NP ( DT the ) ( NN chairman ) ) ( PP ( IN of ) ( NP ( NNP Nynex ) ) ) ) ) ) ) ) )

The issue of seeking relief from Congress was raised to Delbert Staley the chairman of Nynex


( S ( NP-SBJ ( NNP Mr. ) ( NNP Staley ) ) ( VP ( VBD replied ) ( S ( NP-SBJ-2 ( NN Legislation ) ) ( VP ( VBZ tends ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN compromised ) ) ) ) ) ) ) ) )

Mr. Staley replied Legislation tends to be compromised


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP believe ) ( SBAR ( S ( NP-SBJ-1 ( PRP we ) ) ( VP ( VBP have ) ( S ( VP ( TO to ) ( VP ( VB take ) ( NP ( DT a ) ( NN shot ) ) ( PP-CLR ( IN at ) ( S-NOM ( VP ( VBG getting ) ( S ( NP-SBJ-2 ( NP ( RB as ) ( JJ much ) ) ) ( VP ( VBN done ) ( SBAR-4 ( IN as ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( MD can ) ) ) ) ( PP-MNR ( PP ( IN through ) ( NP ( DT the ) ( NN court ) ) ) ( PP ( IN through ) ( NP ( NN Justice ) ) ) ( CC and ) ( PP ( IN through ) ( NP ( NN state ) ( CC and ) ( JJ federal ) ( JJ regulatory ) ( NNS agencies ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

I believe we have to take a shot at getting as much done as we can through the court through Justice and through state and federal regulatory agencies


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP see ) ( NP ( NNP Congress ) ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( JJ last ) ( NN resort ) ) ) ) )

I see Congress as a last resort


( S ( NP-SBJ ( NP ( NP ( JJ Healthy ) ( NNS thrifts ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNP Columbia ) ) ) ) ( CC or ) ( NP ( NP ( DT the ) ( NN junk-bond ) ( NN market ) ) ( NP ( PRP itself ) ) ) ) ( VP ( MD should ) ( VP ( VB have ) ( VP ( VBN been ) ( ADJP-PRD ( RB so ) ( JJ lucky ) ) ) ) ) )

Healthy thrifts such as Columbia or the junk-bond market itself should have been so lucky


( S ( NP-SBJ ( NP ( DT The ) ( NN reality ) ) ( PP ( IN of ) ( NP ( NP ( NN life ) ) ( PP-LOC ( IN in ) ( NP ( JJ modern ) ( NNP America ) ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-2 ( PRP you ) ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB wreck ) ( NP ( NP ( NN something ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ works ) ) ) ) ) ) ) ) ) ) ) ( VP ( VB let ) ( NP ( PRP it ) ) ( VP ( VB fall ) ( PP-CLR ( IN into ) ( NP ( NP ( DT the ) ( NNS hands ) ) ( PP ( IN of ) ( NP ( NNP Congress ) ) ) ) ) ) ) ) ) ) )

The reality of life in modern America is that if you want to wreck something that works let it fall into the hands of Congress


( S ( NP-SBJ ( NP ( NNP Norwood ) ( NNPS Partners ) ( NNP Limited ) ( NNP Partnership ) ) ( PP ( IN of ) ( NP ( NNP Boston ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD may ) ( VP ( VB make ) ( NP ( NP ( DT a ) ( NN tender ) ( NN offer ) ) ( PP ( IN for ) ( NP ( NP ( DT some ) ( CC or ) ( DT all ) ) ( PP ( IN of ) ( NP ( NP ( NNP Phoenix ) ( NNPS Technologies ) ( NNP Ltd. ) ( POS 's ) ) ( JJ common ) ( NNS shares ) ) ) ) ) ) ) ) ) ) ) )

Norwood Partners Limited Partnership of Boston said it may make a tender offer for some or all of Phoenix Technologies Ltd. 's common shares


( S ( NP-SBJ ( NP ( ADJP ( NNP Norwood ) ( JJ Mass.-based ) ) ( NNP Phoenix ) ) ( NP ( NP ( DT a ) ( JJ once-high-flying ) ( NN maker ) ) ( PP ( IN of ) ( NP ( NP ( NN software ) ) ( PP ( IN for ) ( NP ( JJ personal ) ( NNS computers ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN had ) ( NP ( JJ substantial ) ( NNS losses ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ past ) ( CD two ) ( NNS quarters ) ) ) ) ) )

Norwood Mass.-based Phoenix a once-high-flying maker of software for personal computers has had substantial losses in the past two quarters


( S ( NP-SBJ ( NP ( PRP$ Its ) ( NN stock ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD was ) ( ADJP-PRD ( RB as ) ( JJ high ) ( PP ( IN as ) ( NP ( NP ( CD 18.75 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG trading ) ( PP-LOC-CLR ( IN under ) ( NP ( NP ( CD 4 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-TMP ( RB recently ) ) ) ) ) )

Its stock which was as high as 18.75 a share has been trading under 4 a share recently


( S ( NP-TMP ( NN Yesterday ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 4.375 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-CLR ( RB up ) ( NP ( CD 1.125 ) ) ) ( PP-LOC ( IN in ) ( NP ( JJ national ) ( JJ over-the-counter ) ( NN trading ) ) ) ) )

Yesterday it closed at 4.375 a share up 1.125 in national over-the-counter trading


( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( NNPS Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ( NN filing ) ) ) ( NP-SBJ ( NNP Norwood ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN group ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ holds ) ( NP ( NP ( CD 525,546 ) ( NNP Phoenix ) ( NNPS Technologies ) ( JJ common ) ( NNS shares ) ) ( CC or ) ( NP ( DT a ) ( ADJP ( CD 5.3 ) ( NN % ) ) ( NN stake ) ) ) ) ) ) ) ) ) ) ) ) ) )

In a Securities and Exchange Commission filing Norwood said it 's part of a group that holds 525,546 Phoenix Technologies common shares or a 5.3 % stake


( S ( S-TPC-1 ( S ( NP-SBJ ( NNP Norwood ) ) ( VP ( VBZ has ) ( VP ( VBN made ) ( NP ( DT no ) ( JJ detailed ) ( NNS plans ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN engaged ) ( PP-CLR ( IN in ) ( NP ( NP ( NNS talks ) ) ( PP ( IN with ) ( NP ( JJ other ) ( NNS shareholders ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN filing ) ) ( VP ( VBD said ) ) )

Norwood has made no detailed plans but it has engaged in talks with other shareholders the filing said


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

Phoenix declined to comment


( S ( NP-SBJ-1 ( NNP Norwood ) ) ( VP ( VBZ is ) ( VP ( VBN controlled ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( NNP Daniel ) ( NNP L. ) ( NNP Barnett ) ) ( CC and ) ( NP ( NNP Paul ) ( NN A. ) ( NNP Reese ) ) ) ( NP ( NP ( DT both ) ) ( NP ( NP ( NNS officers ) ) ( PP ( IN of ) ( NP ( NP ( JJ Boston-based ) ( NNP Oasis ) ( NNP Capital ) ( NNP Management ) ( NNP Inc. ) ) ( NP ( DT a ) ( JJ small ) ( NNP Boston ) ( NN money ) ( NN management ) ( NN firm ) ) ) ) ) ) ) ) ) ) )

Norwood is controlled by Daniel L. Barnett and Paul A. Reese both officers of Boston-based Oasis Capital Management Inc. a small Boston money management firm


( SINV ( ADJP-PRD-TPC-3 ( ADVP ( RB Also ) ) ( JJ involved ) ( PP ( IN in ) ( NP ( DT the ) ( NN group ) ) ) ) ( VP ( VBZ is ) ) ( NP-SBJ ( NP ( NNP Robert ) ( NNP F. ) ( NNP Angelo ) ) ( NP ( ADVP-TMP ( RB formerly ) ) ( NP ( NP ( NP ( NNP Phoenix ) ( POS 's ) ) ( JJ senior ) ( NN vice ) ( NN president ) ) ( NP ( NN field ) ( NNS operations ) ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD left ) ( NP ( NNP Phoenix ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT the ) ( NN beginning ) ) ( PP ( IN of ) ( NP ( NNP October ) ) ) ) ) ) ) ) ) )

Also involved in the group is Robert F. Angelo formerly Phoenix 's senior vice president field operations who left Phoenix at the beginning of October


( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Angelo ) ) ( VP ( VBD was ) ( VP ( VBN described ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN filing ) ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( NN consultant ) ) ( PP ( TO to ) ( NP ( NNP Oasis ) ) ) ) ) ) ) )

Mr. Angelo was described in the filing as a consultant to Oasis


( S ( NP-SBJ ( NP ( DT The ) ( NN stock ) ( NN market ) ( NN correction ) ) ( PP ( IN of ) ( NP ( NNP Oct. ) ( CD 13 ) ( CD 1989 ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( JJ grim ) ( NN reminder ) ) ( PP ( IN of ) ( NP ( DT the ) ( NP ( NNP Oct. ) ( CD 19 ) ( CD 1987 ) ) ( NN market ) ( NN collapse ) ) ) ) ) )

The stock market correction of Oct. 13 1989 was a grim reminder of the Oct. 19 1987 market collapse


( S ( SBAR-PRP ( IN Since ) ( S ( PP ( IN like ) ( NP ( NNS earthquakes ) ) ) ( NP-SBJ ( NN stock ) ( NN market ) ( NNS disturbances ) ) ( VP ( MD will ) ( ADVP-TMP ( RB always ) ) ( VP ( VB be ) ( PP-PRD ( IN with ) ( NP ( PRP us ) ) ) ) ) ) ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ prudent ) ) ( S-1 ( VP ( TO to ) ( VP ( VB take ) ( NP ( NP ( DT all ) ( JJ possible ) ( NNS precautions ) ) ( PP ( IN against ) ( NP ( DT another ) ( JJ such ) ( NN market ) ( NN collapse ) ) ) ) ) ) ) ) )

Since like earthquakes stock market disturbances will always be with us it is prudent to take all possible precautions against another such market collapse


( S ( PP ( IN In ) ( ADJP ( JJ general ) ) ) ( NP-SBJ ( NNS markets ) ) ( VP ( VP ( VBP function ) ( ADVP-MNR ( RB well ) ) ) ( CC and ) ( VP ( VBP adjust ) ( ADVP-MNR ( RB smoothly ) ) ( PP-CLR ( TO to ) ( NP ( VBG changing ) ( ADJP ( JJ economic ) ( CC and ) ( JJ financial ) ) ( NNS circumstances ) ) ) ) ) )

In general markets function well and adjust smoothly to changing economic and financial circumstances


( S ( CC But ) ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NNS times ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP seize ) ( PRT ( RP up ) ) ) ) ( CC and ) ( S ( NP-SBJ ( JJ panicky ) ( NNS sellers ) ) ( VP ( MD can ) ( RB not ) ( VP ( VB find ) ( NP ( NNS buyers ) ) ) ) ) ) ) ) ) )

But there are times when they seize up and panicky sellers can not find buyers


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( ADVP ( RB just ) ) ( SBAR-NOM-PRD ( WHNP-1 ( WP what ) ) ( S ( VP ( VBD happened ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NNP October ) ( CD 1987 ) ( NN crash ) ) ) ) ) ) ) )

That 's just what happened in the October 1987 crash