( S ( SBAR-PRP ( IN Since ) ( S ( NP-SBJ-1 ( NN gold ) ) ( VP ( VBZ tends ) ( S ( VP ( TO to ) ( VP ( VB soar ) ) ) ) ( SBAR-TMP ( WHADVP ( WRB when ) ) ( S ( NP-SBJ ( NN inflation ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ high ) ) ) ) ) ) ) ) ( NP-SBJ ( DT that ) ( NN finding ) ) ( VP ( VBZ suggests ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS people ) ) ( VP ( VBP believe ) ( SBAR ( S ( NP-SBJ ( NN inflation ) ) ( VP ( VBZ remains ) ( PP-PRD ( IN under ) ( NP ( NN control ) ) ) ) ) ) ) ) ) ) )

Since gold tends to soar when inflation is high that finding suggests that people believe inflation remains under control


( S ( SBAR-ADV ( RB Even ) ( IN though ) ( S ( NP-SBJ ( QP ( RB only ) ( CD 12 ) ) ( NN % ) ) ( ADVP ( RB actually ) ) ( VP ( VBD predicted ) ( NP ( DT a ) ( NN recession ) ) ) ) ) ( NP-SBJ ( JJ many ) ( NNS respondents ) ) ( VP ( VBD were ) ( VP ( VBG taking ) ( NP ( DT a ) ( ADJP ( JJ better-safe-than ) ( JJ sorry ) ) ( NN investment ) ( NN stance ) ) ) ) )

Even though only 12 % actually predicted a recession many respondents were taking a better-safe-than sorry investment stance


( S ( NP-SBJ ( QP ( RB Nearly ) ( DT a ) ( JJ third ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP have ) ( VP ( VBN made ) ( NP ( DT some ) ( NN portfolio ) ( NNS changes ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB anticipate ) ( NP ( DT a ) ( JJ possible ) ( NN recession ) ) ) ) ) ) ) ) ) ) )

Nearly a third said they have made some portfolio changes to anticipate a possible recession


( S ( PP ( IN For ) ( NP ( DT the ) ( JJS most ) ( NN part ) ) ) ( NP-SBJ ( DT the ) ( NNS changes ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ slight ) ) ) )

For the most part the changes were slight


( S ( NP-SBJ-1 ( NP ( DT The ) ( NNS two-thirds ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBP have ) ( RB n't ) ( VP ( VBN tried ) ( S ( VP ( TO to ) ( VP ( VB make ) ( S ( NP-SBJ ( PRP$ their ) ( NNS portfolios ) ) ( ADJP-PRD ( RBR more ) ( JJ recession-resistant ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBN split ) ( ADVP-MNR ( RB about ) ( RB evenly ) ) ( PP-CLR ( IN between ) ( NP ( NP ( NP ( NNS investors ) ) ( SBAR ( WHNP-3 ( WP who ) ) ( S ( VP ( VBP do ) ( RB n't ) ( VP ( VB believe ) ( PP-CLR ( IN in ) ( S-NOM ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB predict ) ( NP ( DT the ) ( NNS markets ) ) ) ) ) ) ) ) ) ) ) ) ( PRN ( NP ( QP ( RB about ) ( CD 31 ) ) ( NN % ) ) ) ) ( CC and ) ( NP ( NP ( NNS investors ) ) ( SBAR ( WHNP-4 ( WP who ) ) ( S ( VP ( VP ( VBP do ) ( RB n't ) ( VP ( VB expect ) ( NP ( DT a ) ( NN recession ) ) ( PRN ( NP ( QP ( RB about ) ( CD 15 ) ) ( NN % ) ) ) ) ) ( CC or ) ( VP ( VBP are ) ( ADJP-PRD ( JJ unsure ) ( SBAR ( UCP ( IN if ) ( CC and ) ( WHADVP-8 ( WRB when ) ) ) ( S ( NP-SBJ ( DT a ) ( NN recession ) ) ( VP ( MD might ) ( VP ( VB come ) ) ) ) ) ) ( PRN ( NP ( QP ( RB about ) ( CD 22 ) ) ( NN % ) ) ) ) ) ) ) ) ) ) ) ) )

The two-thirds who have n't tried to make their portfolios more recession-resistant were split about evenly between investors who do n't believe in trying to predict the markets about 31 % and investors who do n't expect a recession about 15 % or are unsure if and when a recession might come about 22 %


( S ( NP-SBJ-1 ( NP ( DT A ) ( JJ buy-and-hold ) ( NN approach ) ) ( PP ( TO to ) ( NP ( NNS stocks ) ) ) ) ( VP ( VBZ continues ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( DT the ) ( NN rule ) ) ( PP-LOC ( IN among ) ( NP ( NNS respondents ) ) ) ) ) ) ) )

A buy-and-hold approach to stocks continues to be the rule among respondents


( S ( NP-SBJ ( JJS Most ) ) ( VP ( VP ( VBP own ) ( NP ( QP ( CD two ) ( TO to ) ( CD 10 ) ) ( NNS stocks ) ) ) ( CC and ) ( VP ( VBP buy ) ( CC or ) ( VBP sell ) ( ADVP-TMP ( ADVP ( RB no ) ( JJR more ) ) ( PP ( IN than ) ( NP ( NP ( CD three ) ( NNS times ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ) ) ) ) )

Most own two to 10 stocks and buy or sell no more than three times a year


( S ( S ( NP-SBJ ( QP ( DT Some ) ( CD 71 ) ) ( NN % ) ) ( VP ( VBD had ) ( VP ( VBN bought ) ( NP ( DT some ) ( NN stock ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ past ) ( NN year ) ) ) ) ) ) ( S ( NP-SBJ ( QP ( RB only ) ( CD 57 ) ) ( NN % ) ) ( VP ( VBD had ) ( VP ( VBN sold ) ( NP ( DT any ) ) ) ) ) )

Some 71 % had bought some stock in the past year only 57 % had sold any


( S ( CC But ) ( NP-SBJ ( NP ( DT the ) ( VBG lurking ) ( NN shadow ) ) ( PP ( IN of ) ( NP ( NP ( CD 1987 ) ( POS 's ) ) ( NN stock-market ) ( NN crash ) ) ) ) ( ADVP ( RB still ) ) ( VP ( VBZ seems ) ( ADJP-PRD ( JJ dark ) ) ) )

But the lurking shadow of 1987 's stock-market crash still seems dark


( S ( NP-SBJ ( QP ( RB About ) ( CD 33 ) ) ( NN % ) ) ( VP ( VBD considered ) ( S ( NP-SBJ ( DT another ) ( NN crash ) ) ( ADJP-PRD ( RB likely ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( QP ( RB about ) ( CD 63 ) ) ( NN % ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( CD one ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ unlikely ) ) ) ) ) ) ) ) ) )

About 33 % considered another crash likely while about 63 % said one is unlikely


( S ( NP-SBJ ( DT Those ) ( NNS percentages ) ) ( ADVP ( RB hardly ) ) ( VP ( VBD changed ) ( PP-DIR ( IN from ) ( NP ( NP ( DT the ) ( JJ previous ) ( NN year ) ( POS 's ) ) ( NN poll ) ) ) ) )

Those percentages hardly changed from the previous year 's poll


( S ( CC And ) ( NP-SBJ ( NP ( NP ( DT the ) ( NNS respondents ) ( POS ' ) ) ( NN commitment ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ) ) ( VP ( VBZ remains ) ( ADJP-PRD ( ADJP ( RB somewhat ) ( JJR lighter ) ) ( PP ( IN than ) ( ADJP ( JJ usual ) ) ) ) ) )

And the respondents ' commitment to the stock market remains somewhat lighter than usual


( S ( NP-SBJ ( NP ( QP ( RB About ) ( CD 60 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP them ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD would ) ( ADVP ( RB ordinarily ) ) ( VP ( VB have ) ( NP ( NP ( QP ( IN at ) ( JJS least ) ( CD 25 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN money ) ) ) ) ( PP-LOC-CLR ( IN in ) ( NP ( NNS stocks ) ) ) ) ) ) ) ) )

About 60 % of them said they would ordinarily have at least 25 % of their money in stocks


( S ( CC But ) ( PP-TMP ( IN as ) ( PP ( IN of ) ( NP ( NNP August ) ) ) ) ( NP-SBJ ( QP ( RB only ) ( CD 50 ) ) ( NN % ) ) ( ADVP ( RB actually ) ) ( VP ( VBD had ) ( NP ( NP ( JJ stock-market ) ( NNS investments ) ) ( PP ( IN of ) ( NP ( DT that ) ( NN size ) ) ) ) ) )

But as of August only 50 % actually had stock-market investments of that size


( S ( NP-SBJ ( JJS Most ) ( NN stock-market ) ( NNS indexes ) ) ( VP ( VBD were ) ( VP ( VBG hitting ) ( NP ( JJ all-time ) ( NNS highs ) ) ( PP-TMP ( IN at ) ( NP ( NP ( IN around ) ( DT the ) ( NN time ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN poll ) ) ) ) ) ) ) )

Most stock-market indexes were hitting all-time highs at around the time of the poll


( S ( CC But ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ appears ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ many ) ( NNP Journal ) ( NNS readers ) ) ( VP ( VBD were ) ( VP ( VBG taking ) ( NP ( DT that ) ( NN news ) ) ( PP-MNR ( IN as ) ( NP ( NP ( DT a ) ( NN sign ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ cautious ) ) ) ) ) ) ( CONJP ( RB rather ) ( IN than ) ) ( NP ( DT a ) ( NN signal ) ( S ( VP ( TO to ) ( VP ( VB jump ) ( PP-DIR ( IN on ) ( NP ( DT the ) ( NN bandwagon ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But it appears that many Journal readers were taking that news as a sign to be cautious rather than a signal to jump on the bandwagon


( S ( NP-SBJ ( NNP Mr. ) ( NNP Dorfman ) ) ( VP ( VBZ covers ) ( NP ( NN investing ) ( NNS issues ) ) ( PP-LOC ( IN from ) ( NP ( NP ( DT The ) ( NNP Wall ) ( NNP Street ) ( NNP Journal ) ( POS 's ) ) ( NNP New ) ( NNP York ) ( NN bureau ) ) ) ) )

Mr. Dorfman covers investing issues from The Wall Street Journal 's New York bureau


( S ( NP-SBJ-1 ( NNP Textron ) ( NNP Inc. ) ) ( S-ADV ( VP ( VBN hampered ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( NN slowdown ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( NN defense ) ( NNS sales ) ) ) ) ) ) ) ( VP ( VBD reported ) ( NP ( NP ( DT an ) ( ADJP ( CD 8 ) ( NN % ) ) ( NN decline ) ) ( PP-LOC ( IN in ) ( NP ( JJ per-share ) ( NNS earnings ) ) ) ( PP ( IN on ) ( NP ( RB nearly ) ( JJ flat ) ( NN revenue ) ) ) ) ( PP ( IN for ) ( NP ( PRP$ its ) ( JJ third ) ( NN quarter ) ) ) ) )

Textron Inc. hampered by a slowdown in its defense sales reported an 8 % decline in per-share earnings on nearly flat revenue for its third quarter


( S ( NP-SBJ ( DT The ) ( NN aerospace ) ( CC and ) ( JJ financial ) ( NNS services ) ( NN concern ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ net ) ( NN income ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 5 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 59.5 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 62.8 ) ( CD million ) ) ) ) ) ) ) ) )

The aerospace and financial services concern said net income fell 5 % to 59.5 million from 62.8 million


( S ( NP-SBJ ( NP ( NN Revenue ) ) ( PP ( IN of ) ( NP ( QP ( CD 1.73 ) ( CD billion ) ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( RB almost ) ( JJ unchanged ) ( PP ( IN from ) ( NP ( NP ( JJ last ) ( NN year ) ( POS 's ) ) ( QP ( CD 1.72 ) ( CD billion ) ) ) ) ) ) )

Revenue of 1.73 billion was almost unchanged from last year 's 1.72 billion


( S ( NP-SBJ ( NP ( JJ Per-share ) ( NN net ) ) ( PP ( IN of ) ( NP ( CD 66 ) ( NNS cents ) ) ) ) ( ADVP ( RB down ) ( PP ( IN from ) ( NP ( CD 72 ) ( NNS cents ) ) ) ) ( VP ( VBD fell ) ( PP-EXT ( IN by ) ( NP ( NP ( JJR more ) ) ( PP ( IN than ) ( NP ( JJ overall ) ( NN net ) ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( JJR more ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) ) )

Per-share net of 66 cents down from 72 cents fell by more than overall net because of more shares outstanding


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( VBN improved ) ( NNS results ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( JJ financial-services ) ( NN sector ) ) ) ) ( VP ( VBD were ) ( VP ( VBN negated ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( VBN increased ) ( NNS costs ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( NN government ) ( NN contract ) ( NN business ) ) ) ) ( NP ( NP ( JJR lower ) ( NN operating ) ( NNS earnings ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( JJ commercial-products ) ( NN sector ) ) ) ) ( CC and ) ( NP ( JJ soft ) ( JJ automotive ) ( NNS markets ) ) ) ) ) ) ) ) ) )

The company said that improved results in its financial-services sector were negated by increased costs in its government contract business lower operating earnings in its commercial-products sector and soft automotive markets


( S ( NP-SBJ-1 ( JJ Net ) ) ( VP ( VBD was ) ( VP ( VBN aided ) ( PP ( IN by ) ( NP-LGS ( DT a ) ( JJR lower ) ( NN income ) ( NN tax ) ( NN rate ) ) ) ) ) )

Net was aided by a lower income tax rate


( S ( NP-SBJ ( NP ( NN Profit ) ) ( PP ( IN before ) ( NP ( NNS taxes ) ) ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 17 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 84.4 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 101.4 ) ( CD million ) ) ) ) ) )

Profit before taxes fell 17 % to 84.4 million from 101.4 million


( S ( PP ( IN For ) ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ) ( NP-SBJ ( NNP Textron ) ) ( VP ( VBD reported ) ( NP ( NP ( JJ net ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 182.1 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 2.06 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ( PP ( IN on ) ( NP ( NP ( NN revenue ) ) ( PP ( IN of ) ( NP ( QP ( CD 5.41 ) ( CD billion ) ) ) ) ) ) ) )

For the nine months Textron reported net of 182.1 million or 2.06 a share on revenue of 5.41 billion


( S ( ADVP-TMP ( NP ( DT A ) ( NN year ) ) ( RB ago ) ) ( NP-SBJ ( NN net ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( QP ( CD 170.4 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.93 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP ( IN on ) ( NP ( NP ( NN revenue ) ) ( PP ( IN of ) ( NP ( QP ( CD 5.3 ) ( CD billion ) ) ) ) ) ) ) )

A year ago net was 170.4 million or 1.93 a share on revenue of 5.3 billion


( S ( NP-SBJ ( DT The ) ( JJ nine-month ) ( NNS results ) ) ( VP ( VBD included ) ( NP ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 9.5 ) ( CD million ) ) ) ( JJ special ) ( NN charge ) ) ( PP-TMP ( IN in ) ( NP ( CD 1989 ) ) ) ( PP ( IN for ) ( NP ( NP ( DT an ) ( NN arbitration ) ( NN settlement ) ) ( VP ( VBN related ) ( PP-CLR ( TO to ) ( NP ( JJ past ) ( NN export ) ( NNS sales ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( QP ( CD 29.7 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( JJ extraordinary ) ( NNS charges ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ( VP ( VBD related ) ( PP-CLR ( TO to ) ( NP ( NP ( NP ( DT a ) ( JJ former ) ( NN line ) ) ( PP ( IN of ) ( NP ( NN business ) ) ) ) ( CC and ) ( NP ( NP ( JJ early ) ( NN redemption ) ) ( PP ( IN of ) ( NP ( NN debt ) ) ) ) ) ) ) ) ) ) )

The nine-month results included a 9.5 million special charge in 1989 for an arbitration settlement related to past export sales and 29.7 million in extraordinary charges in 1988 related to a former line of business and early redemption of debt


( S ( NP-SBJ ( NNP Textron ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNS nine-months ) ( POS ' ) ) ( NNS results ) ) ( VP ( VP ( VBP do ) ( RB n't ) ( VP ( VB include ) ( NP ( NP ( NNS earnings ) ) ( PP ( IN of ) ( NP ( NP ( NNP Avdel ) ( NNP PLC ) ) ( NP ( NP ( DT a ) ( JJ British ) ( NN maker ) ) ( PP ( IN of ) ( NP ( JJ industrial ) ( NNS fasteners ) ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBP do ) ( VP ( VB include ) ( NP ( NP ( NN interest ) ( NNS costs ) ) ( PP ( IN of ) ( NP ( QP ( CD 16.4 ) ( CD million ) ) ) ) ( PP ( IN on ) ( NP ( NP ( NNS borrowings ) ) ( VP ( VBN related ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( VBN proposed ) ( NN purchase ) ) ( PP ( IN of ) ( NP ( NNP Avdel ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Textron said that nine-months ' results do n't include earnings of Avdel PLC a British maker of industrial fasteners but do include interest costs of 16.4 million on borrowings related to the proposed purchase of Avdel


( S ( NP-SBJ ( DT A ) ( JJ federal ) ( NN judge ) ) ( VP ( VBZ has ) ( VP ( VBN issued ) ( NP ( NP ( DT a ) ( JJ preliminary ) ( NN injunction ) ) ( PP ( IN against ) ( NP ( DT the ) ( NN purchase ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NNP Federal ) ( NNP Trade ) ( NNP Commission ) ( NNS concerns ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN transaction ) ) ( VP ( MD would ) ( VP ( VB reduce ) ( NP ( NP ( NN competition ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN production ) ) ( PP ( IN of ) ( NP ( NP ( CD two ) ( NNS kinds ) ) ( PP ( IN of ) ( NP ( NNS rivets ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

A federal judge has issued a preliminary injunction against the purchase because of Federal Trade Commission concerns that the transaction would reduce competition in the production of two kinds of rivets


( S ( PP ( IN For ) ( NP ( DT the ) ( NN quarter ) ) ) ( NP-SBJ ( NNP Textron ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NN aerospace ) ( NN revenue ) ) ( PP ( VBG including ) ( NP ( NP ( NNP Bell ) ( NN helicopter ) ) ( CC and ) ( NP ( NN jet-engine ) ( NN manufacture ) ) ) ) ) ( VP ( VP ( VBD declined ) ( NP-EXT ( CD 9.8 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 755.9 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 838.3 ) ( CD million ) ) ) ) ) ( NP ( NP ( DT an ) ( NN indication ) ) ( PP ( IN of ) ( NP ( VBG slowing ) ( NN government ) ( NN defense ) ( NN work ) ) ) ) ) ) ) ) )

For the quarter Textron said aerospace revenue including Bell helicopter and jet-engine manufacture declined 9.8 % to 755.9 million from 838.3 million an indication of slowing government defense work


( S ( NP-SBJ ( NNP Banc ) ( CD One ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD agreed ) ( PP-MNR ( IN in ) ( NP ( NN principle ) ) ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( CD five ) ( NN branch ) ( NNS offices ) ) ( PP-CLR ( IN from ) ( NP ( NP ( NNP Trustcorp ) ( NNP Inc. ) ) ( NP-LOC ( NP ( NNP Toledo ) ) ( NP ( NNP Ohio ) ) ) ) ) ( PP-TMP ( VBG following ) ( NP ( NP ( DT the ) ( VBN planned ) ( NN merger ) ) ( PP ( IN of ) ( NP ( NNP Trustcorp ) ) ) ( PP ( IN into ) ( NP ( NP ( NNP Society ) ( NNP Corp. ) ) ( NP-LOC ( NNP Cleveland ) ) ) ) ) ) ) ) ) ) ) ) ) )

Banc One Corp. said it agreed in principle to buy five branch offices from Trustcorp Inc. Toledo Ohio following the planned merger of Trustcorp into Society Corp. Cleveland


( S ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( CD five ) ( NNS offices ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Erie ) ( CC and ) ( NNP Ottawa ) ( NNS counties ) ) ( PP-LOC ( IN in ) ( NP ( JJ northern ) ( NNP Ohio ) ) ) ) ) ) ( VP ( VBP have ) ( NP ( NP ( JJ total ) ( NNS assets ) ) ( PP ( IN of ) ( NP ( QP ( RB about ) ( CD 88 ) ( CD million ) ) ) ) ) ) ) ( NP-SBJ ( NNP Banc ) ( CD One ) ) ( VP ( VBD said ) ) )

The five offices in Erie and Ottawa counties in northern Ohio have total assets of about 88 million Banc One said


( S ( S-TPC-2 ( NP-SBJ-1 ( DT The ) ( NN purchase ) ( NN price ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN established ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( NNP Banc ) ( CD One ) ) ( VP ( VBZ has ) ( NP ( DT an ) ( NN opportunity ) ( S ( VP ( TO to ) ( VP ( VB study ) ( NP ( NP ( DT the ) ( NN quality ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS assets ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Banc ) ( CD One ) ) ( VP ( VBD said ) ) )

The purchase price will be established after Banc One has an opportunity to study the quality of the assets Banc One said


( S ( S ( NP-SBJ ( NNP Society ) ( NNP Corp. ) ) ( ADVP ( RB already ) ) ( VP ( VBZ has ) ( NP ( NNS branches ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN area ) ) ) ) ) ( CC and ) ( S ( S-NOM-SBJ ( VP ( VBG selling ) ( NP ( DT the ) ( NNP Trustcorp ) ( NNS offices ) ) ) ) ( VP ( MD could ) ( VP ( VB avoid ) ( NP ( NP ( DT a ) ( NN problem ) ) ( PP ( IN with ) ( NP ( NNS regulators ) ) ) ( PP ( IN over ) ( NP ( NP ( JJ excessive ) ( NN concentration ) ) ( PP ( IN of ) ( NP ( NP ( VBG banking ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( CD two ) ( NNS counties ) ) ) ) ) ( PP-TMP ( IN after ) ( NP ( NP ( DT the ) ( NN merger ) ) ( PP ( IN of ) ( NP ( NNP Trustcorp ) ) ) ( PP ( IN into ) ( NP ( NNP Society ) ) ) ) ) ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NN industry ) ( NNS sources ) ) ) ) )

Society Corp. already has branches in the area and selling the Trustcorp offices could avoid a problem with regulators over excessive concentration of banking in the two counties after the merger of Trustcorp into Society according to industry sources


( S ( NP-SBJ-1 ( DT The ) ( NN merger ) ) ( VP ( VBZ is ) ( VP ( VBN scheduled ) ( S ( VP ( TO to ) ( VP ( VB take ) ( NP-CLR ( NN place ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( CD 1990 ) ( JJ first ) ( NN quarter ) ) ) ) ) ) ) ) )

The merger is scheduled to take place in the 1990 first quarter


( S ( S-ADV ( VP ( VBN Hit ) ( PP ( IN by ) ( NP-LGS ( NP ( JJR higher ) ( NNS costs ) ) ( CC and ) ( NP ( JJR lower ) ( NNS sales ) ) ) ) ) ) ( NP-SBJ-1 ( NNP Caterpillar ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( S ( NP-SBJ ( JJ third-quarter ) ( NNS earnings ) ) ( VP ( VBD tumbled ) ( NP-EXT ( CD 43 ) ( NN % ) ) ) ) ( CC and ) ( S ( NP-SBJ ( JJ full-year ) ( NNS earnings ) ) ( VP ( MD will ) ( VP ( VB trail ) ( NP ( NP ( JJ last ) ( NN year ) ( POS 's ) ) ( NNS results ) ) ) ) ) ) ) ) )

Hit by higher costs and lower sales Caterpillar Inc. said third-quarter earnings tumbled 43 % and full-year earnings will trail last year 's results


( S ( NP-SBJ ( DT The ) ( NN construction ) ( NN equipment ) ( NN maker ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ third-quarter ) ( NN profit ) ) ( VP ( VBD fell ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 108 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.07 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 190 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.87 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) )

The construction equipment maker said third-quarter profit fell to 108 million or 1.07 a share from 190 million or 1.87 a share a year earlier


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 6 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 2.58 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 2.74 ) ( CD billion ) ) ) ) ( S-ADV ( VP ( VBG reflecting ) ( NP ( NP ( CD eight ) ( JJR fewer ) ( NN business ) ( NNS days ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJS latest ) ( NN quarter ) ) ) ) ) ) ) )

Sales dropped 6 % to 2.58 billion from 2.74 billion reflecting eight fewer business days in the latest quarter


( S ( NP-SBJ ( NP ( DT The ) ( NN company ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ is ) ( PP-PRD ( IN in ) ( NP ( DT a ) ( JJ costly ) ( NN modernization ) ( NN program ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NNS earnings ) ) ( VP ( VBD were ) ( VP ( VBN hurt ) ( PP ( IN by ) ( NP-LGS ( NP ( JJR higher ) ( NN start-up ) ( CC and ) ( JJ new ) ( NN program ) ( NNS costs ) ) ( NP ( NP ( VBN increased ) ( NNS costs ) ) ( PP ( IN of ) ( NP ( NNS materials ) ) ) ) ( NP ( JJR higher ) ( NNS wages ) ) ( CC and ) ( NP ( NP ( DT an ) ( ADJP ( QP ( CD 11 ) ( CD million ) ) ) ( NN provision ) ) ( PP ( IN for ) ( NP ( NP ( JJ bad ) ( NNS debts ) ) ( PP-LOC ( IN in ) ( NP ( NNP Latin ) ( NNP America ) ) ) ) ) ) ) ) ) ) ) ) ) )

The company which is in a costly modernization program said earnings were hurt by higher start-up and new program costs increased costs of materials higher wages and an 11 million provision for bad debts in Latin America


( S ( PP-LOC ( IN In ) ( S-NOM ( VP ( VBG announcing ) ( NP ( NP ( DT a ) ( CD 1989 ) ( NN capital ) ( NN spending ) ( NN plan ) ) ( PP ( IN of ) ( NP ( QP ( CD 950 ) ( CD million ) ) ) ) ) ( NP-TMP ( RB early ) ( DT this ) ( NN year ) ) ) ) ) ( NP-SBJ-1 ( NNP Caterpillar ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ full-year ) ( NNS earnings ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ flat ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( NP ( JJ last ) ( NN year ) ( POS 's ) ) ( QP ( CD 616 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 6.07 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) ) ) )

In announcing a 1989 capital spending plan of 950 million early this year Caterpillar said full-year earnings would be flat compared with last year 's 616 million or 6.07 a share


( S ( CC But ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT this ) ( NN year ) ( POS 's ) ) ( NN profit ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJR lower ) ) ) ) ) ) ) )

But yesterday the company said this year 's profit will be lower


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB say ) ( FRAG ( WHPP ( IN by ) ( WHNP ( WRB how ) ( JJ much ) ) ) ) ) ) )

It did n't say by how much


( S ( S-ADV ( VP ( VBG Suffering ) ( PP-CLR ( IN from ) ( NP ( NP ( DT a ) ( NN downturn ) ) ( PP-LOC ( IN in ) ( NP ( JJ heavy ) ( NN truck ) ( NN production ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD cut ) ( NP ( NP ( NNS orders ) ) ( PP ( IN for ) ( NP ( PRP$ its ) ( NNS engines ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( NNP Caterpillar ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VP ( ADVP ( RB indefinitely ) ) ( VB lay ) ( PRT ( RP off ) ) ( NP ( NP ( QP ( RB about ) ( CD 325 ) ) ( NNS workers ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Peoria ) ( NN area ) ) ) ) ) ( CC and ) ( VP ( ADVP ( RB temporarily ) ) ( VB shut ) ( NP ( NP ( PRP$ its ) ( NN plant ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP York ) ) ( NP ( NNP Pa. ) ) ) ) ) ( PP-TMP ( IN for ) ( NP ( CD two ) ( NNS weeks ) ) ) ( PP-TMP ( IN in ) ( NP ( DT both ) ( NNP November ) ( CC and ) ( NNP December ) ) ) ) ) ) ) ) ) )

Suffering from a downturn in heavy truck production that cut orders for its engines Caterpillar also said it will indefinitely lay off about 325 workers in the Peoria area and temporarily shut its plant in York Pa. for two weeks in both November and December


( S ( PP ( IN For ) ( NP ( NP ( DT the ) ( JJ first ) ( CD nine ) ( NNS months ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN year ) ) ) ) ) ( NP-SBJ ( NNP Caterpillar ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNS earnings ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 14 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 390 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 3.85 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 453 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 4.46 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) )

For the first nine months of the year Caterpillar said earnings fell 14 % to 390 million or 3.85 a share from 453 million or 4.46 a share a year earlier


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 8.19 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 7.65 ) ( CD billion ) ) ) ) ) )

Sales rose to 8.19 billion from 7.65 billion


( S ( NP-SBJ ( NP ( NNP Hasbro ) ( NNP Inc. ) ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( JJS largest ) ( NN toy ) ( NN maker ) ) ) ( VP ( VBD reported ) ( SBAR ( S ( NP-SBJ ( JJ third-quarter ) ( NNS earnings ) ) ( VP ( VBD increased ) ( NP-EXT ( CD 73 ) ( NN % ) ) ( PP-DIR ( IN from ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ( PP ( IN on ) ( NP ( DT a ) ( ADJP ( CD 9.4 ) ( NN % ) ) ( NNS sales ) ( NN gain ) ) ) ( S-ADV ( VP ( VBG reflecting ) ( NP ( VBN improved ) ( NNS margins ) ) ) ) ) ) ) ) )

Hasbro Inc. the nation 's largest toy maker reported third-quarter earnings increased 73 % from a year earlier on a 9.4 % sales gain reflecting improved margins


( S ( NP-SBJ ( NNP Hasbro ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD had ) ( NP ( NP ( JJ net ) ( NN income ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 31.3 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 53 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( ADVP ( RP up ) ( PP ( IN from ) ( NP ( NP ( QP ( CD 18.1 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 31 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBD took ) ( NP ( NP ( DT a ) ( JJ pretax ) ( NN charge ) ) ( PP ( IN of ) ( NP ( QP ( CD 10 ) ( CD million ) ) ) ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG dropping ) ( NP ( NP ( NN development ) ) ( PP ( IN of ) ( NP ( DT an ) ( JJ interactive ) ( NN video ) ( NN entertainment ) ( NN system ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Hasbro said it had net income of 31.3 million or 53 cents a share up from 18.1 million or 31 cents a share a year earlier when it took a pretax charge of 10 million after dropping development of an interactive video entertainment system


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 403 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 368.4 ) ( CD million ) ) ) ) ) )

Revenue rose to 403 million from 368.4 million


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD cited ) ( NP ( NP ( JJ sales ) ( NNS gains ) ) ( PP-LOC ( PP ( IN at ) ( NP ( PRP$ its ) ( NNP Milton ) ( NNP Bradley ) ( CC and ) ( NNP Playskool ) ( NNS units ) ) ) ( CC and ) ( PP ( IN in ) ( NP ( PRP$ its ) ( JJ international ) ( NN business ) ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( DT the ) ( NN increase ) ) ( PP-LOC ( IN in ) ( NP ( NN revenue ) ) ) ) ) ) )

The company cited sales gains at its Milton Bradley and Playskool units and in its international business for the increase in revenue


( S ( NP-SBJ ( NP ( NNP Alan ) ( NNP G. ) ( NNP Hassenfeld ) ) ( NP ( NP ( NN chairman ) ) ( CC and ) ( NP ( JJ chief ) ( NN executive ) ) ) ) ( VP ( VBD added ) ( SBAR ( DT that ) ( S ( NP-SBJ ( NP ( NP ( NP ( NNP Hasbro ) ( POS 's ) ) ( JJ new ) ( NN line ) ) ( PP ( IN of ) ( NP ( JJ battery-powered ) ( NN racing ) ( NNS cars ) ) ) ( VP ( VBD called ) ( S ( NP-PRD ( NNP Record ) ( NNP Breakers ) ) ) ) ) ( CC and ) ( NP ( NP ( PRP$ its ) ( NN acquisition ) ) ( PP ( IN of ) ( NP ( NP ( NNP Cabbage ) ( NNP Patch ) ( NNP Kids ) ) ( NP ( NNP Scrabble ) ) ( CC and ) ( NP ( JJ other ) ( NNS lines ) ) ) ) ( PP ( IN from ) ( NP ( NNP Coleco ) ( NNP Industries ) ( NNP Inc. ) ) ) ) ) ( VP ( VBZ puts ) ( NP ( DT the ) ( NN company ) ) ( PP-PUT ( IN in ) ( NP ( DT a ) ( JJ good ) ( NN position ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP enter ) ( NP ( DT the ) ( NNP Christmas ) ( NN buying ) ( NN season ) ) ) ) ) ) ) ) ) )

Alan G. Hassenfeld chairman and chief executive added that Hasbro 's new line of battery-powered racing cars called Record Breakers and its acquisition of Cabbage Patch Kids Scrabble and other lines from Coleco Industries Inc. puts the company in a good position as we enter the Christmas buying season


( S ( PP ( IN For ) ( NP ( NP ( DT the ) ( JJ first ) ( CD nine ) ( NNS months ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN year ) ) ) ) ) ( NP-SBJ ( NP ( NNP Hasbro ) ( POS 's ) ) ( JJ net ) ( NN income ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 33 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 68.2 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.15 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 51.3 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 88 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP ( IN on ) ( NP ( NP ( DT a ) ( ADJP ( CD 3.1 ) ( NN % ) ) ( NN increase ) ) ( PP ( IN in ) ( NP ( NN revenue ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 992.7 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 963 ) ( CD million ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) )

For the first nine months of the year Hasbro 's net income rose 33 % to 68.2 million or 1.15 a share from 51.3 million or 88 cents a share on a 3.1 % increase in revenue to 992.7 million from 963 million a year earlier


( S ( NP-SBJ ( NNP Union ) ( NNP Pacific ) ( NNP Corp ) ( JJ third-quarter ) ( JJ net ) ( NN income ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 17 ) ( NN % ) ) ) )

Union Pacific Corp third-quarter net income fell 17 %


( S ( S-ADV ( VP ( VBG Excluding ) ( NP ( NP ( NNS earnings ) ) ( PP ( IN from ) ( NP ( NP ( VBN discontinued ) ( NNS operations ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) ( NP-SBJ ( NN net ) ) ( VP ( VBD fell ) ( NP-EXT ( QP ( RB only ) ( CD 2 ) ) ( NN % ) ) ) )

Excluding earnings from discontinued operations a year earlier net fell only 2 %


( S ( NP-SBJ ( DT The ) ( NN energy ) ( JJ natural ) ( NNS resources ) ( CC and ) ( NN railroad ) ( NN concern ) ) ( VP ( VBD had ) ( NP ( NP ( JJ net ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 137.4 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.35 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( ADVP ( RB down ) ( PP ( IN from ) ( NP ( NP ( QP ( CD 165 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.44 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) ) )

The energy natural resources and railroad concern had net of 137.4 million or 1.35 a share down from 165 million or 1.44 a share a year earlier


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( CD 1988 ) ( JJ third ) ( NN quarter ) ) ) ( NP-SBJ ( NP ( NN profit ) ) ( PP ( IN from ) ( NP ( VBG continuing ) ( NNS operations ) ) ) ) ( VP ( VBD totaled ) ( NP ( QP ( CD 140.1 ) ( CD million ) ) ) ) )

In the 1988 third quarter profit from continuing operations totaled 140.1 million


( S ( ADVP-TMP ( NP ( DT A ) ( NN year ) ) ( RBR earlier ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD had ) ( NP ( NP ( NN profit ) ) ( PP ( IN from ) ( NP ( VBN discontinued ) ( NNS operations ) ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 24.9 ) ( CD million ) ) ) ( PP ( IN from ) ( NP ( NP ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN pipeline ) ) ( NP ( DT a ) ( NN refinery ) ) ( CC and ) ( NP ( NP ( DT an ) ( NN interest ) ) ( PP ( IN in ) ( NP ( DT a ) ( JJ second ) ( NN refinery ) ) ) ) ) ) ) ) ) ) ) ) )

A year earlier the company had profit from discontinued operations of 24.9 million from sale of a pipeline a refinery and an interest in a second refinery


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 2 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 1.58 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 1.54 ) ( CD billion ) ) ) ) ) )

Revenue rose 2 % to 1.58 billion from 1.54 billion


( S ( PP-LOC ( IN In ) ( NP ( NP ( JJ composite ) ( NN trading ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ) ) ( NP-SBJ ( NNP Union ) ( NNP Pacific ) ) ( VP ( VBD jumped ) ( NP-EXT ( CD 1.375 ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 75 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) )

In composite trading on the New York Stock Exchange Union Pacific jumped 1.375 to 75 a share


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( NNP Union ) ( NNP Pacific ) ( NNP Railroad ) ) ( VP ( VBD had ) ( NP ( DT a ) ( ADJP ( CD 3 ) ( NN % ) ) ( NN profit ) ( NN increase ) ) ( PP ( IN despite ) ( NP ( NP ( NP ( DT a ) ( ADJP ( CD 14 ) ( NN % ) ) ( NN rise ) ) ( PP-LOC ( IN in ) ( NP ( NN fuel ) ( NNS costs ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( ADJP ( CD 4 ) ( NN % ) ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( NN car ) ( NNS loadings ) ) ) ) ) ) ) ) ) ) )

The company said its Union Pacific Railroad had a 3 % profit increase despite a 14 % rise in fuel costs and a 4 % drop in car loadings


( S ( S-TPC-1 ( NP-SBJ ( NP ( JJS Most ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN commodity ) ( NN traffic ) ) ) ) ( VP ( VBD was ) ( ADVP-PRD ( JJ off ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ) )

Most of the commodity traffic was off the company said


( S ( S-TPC-1 ( NP-SBJ ( NP ( NNS Earnings ) ) ( PP ( IN from ) ( NP ( NP ( VBG continuing ) ( NNS operations ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Union ) ( NNP Pacific ) ( NNP Resources ) ( NN unit ) ) ) ) ) ) ( ADVP ( RB almost ) ) ( VP ( VBD doubled ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ) )

Earnings from continuing operations of the Union Pacific Resources unit almost doubled the company said


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD added ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( JJR higher ) ( NN revenue ) ) ( NP ( JJ strong ) ( JJ crude ) ( NN oil ) ( NNS prices ) ) ( CC and ) ( NP ( JJR higher ) ( JJ natural ) ( NN gas ) ( NNS prices ) ) ) ( VP ( VBD offset ) ( NP ( NP ( NNS declines ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NN production ) ) ( PP ( IN of ) ( NP ( NN oil ) ( NN gas ) ( CC and ) ( NN plant ) ( NNS liquids ) ) ) ) ) ) ) ) ) ) )

It added that higher revenue strong crude oil prices and higher natural gas prices offset declines in production of oil gas and plant liquids


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD cited ) ( NP ( NP ( JJ cost-reduction ) ( NNS moves ) ) ( CC and ) ( NP ( NN interest ) ( NN income ) ) ) ) )

In addition the company cited cost-reduction moves and interest income


( S ( NP-SBJ ( NP ( NNS Earnings ) ) ( PP ( IN from ) ( NP ( NNP Union ) ( NNP Pacific ) ( NNP Realty ) ) ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 50 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 3 ) ( CD million ) ) ) ) ) )

Earnings from Union Pacific Realty dropped 50 % to 3 million


( S ( S-TPC-1 ( PP-TMP ( IN Before ) ( NP ( JJ good ) ( NN will ) ) ) ( NP-SBJ ( NNP Overnite ) ( NNP Transportation ) ( NNS earnings ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 11 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 15 ) ( CD million ) ) ) ) ) ) ( NP-SBJ ( NNP Union ) ( NNP Pacific ) ) ( VP ( VBD said ) ) )

Before good will Overnite Transportation earnings fell 11 % to 15 million Union Pacific said


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ) ( NP-SBJ ( JJ net ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 6.3 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 427.7 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 3.98 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 456.4 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 4 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) )

In the nine months net fell 6.3 % to 427.7 million or 3.98 a share from 456.4 million or 4 a share a year earlier


( S ( NP-SBJ ( NP ( NN Profit ) ) ( PP ( IN from ) ( NP ( VBG continuing ) ( NNS operations ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ year-earlier ) ( NN period ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( QP ( CD 402.7 ) ( CD million ) ) ) ) )

Profit from continuing operations in the year-earlier period was 402.7 million


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD was ) ( NP-PRD ( QP ( CD 4.75 ) ( CD billion ) ) ) ( ADVP ( RB up ) ( NP ( CD 6 ) ( NN % ) ) ( PP ( IN from ) ( NP ( QP ( CD 4.49 ) ( CD billion ) ) ) ) ) ) )

Revenue was 4.75 billion up 6 % from 4.49 billion


( S ( NP-SBJ-1 ( NP ( DT The ) ( NNP University ) ) ( PP ( IN of ) ( NP ( NNP Toronto ) ) ) ) ( VP ( VBD stepped ) ( ADVP ( RBR deeper ) ) ( PP-DIR ( IN into ) ( NP ( NP ( DT the ) ( NN contest ) ) ( PP ( IN for ) ( NP ( NNP Connaught ) ( NNP BioSciences ) ( NNP Inc. ) ) ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG reaching ) ( NP ( DT an ) ( JJ unusual ) ( NN agreement ) ) ( PP-CLR ( IN with ) ( NP ( NP ( NNP Ciba-Geigy ) ( NNP Ltd. ) ) ( CC and ) ( NP ( NNP Chiron ) ( NNP Corp ) ) ) ) ) ) ) ) )

The University of Toronto stepped deeper into the contest for Connaught BioSciences Inc. by reaching an unusual agreement with Ciba-Geigy Ltd. and Chiron Corp


( S ( NP-SBJ ( DT The ) ( NNP University ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( CD two ) ( NNS companies ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB spend ) ( NP ( NP ( QP ( CD 25 ) ( CD million ) ) ( JJ Canadian ) ( NNS dollars ) ) ( NP ( QP ( CD 21.3 ) ( CD million ) ) ) ) ( PP-TMP ( IN over ) ( NP ( CD 10 ) ( NNS years ) ) ) ( PP-CLR ( IN on ) ( NP ( NP ( NN research ) ) ( PP-LOC ( IN at ) ( NP ( JJ Canadian ) ( NNS universities ) ) ) ) ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-2 ( PRP they ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ successful ) ) ( PP-LOC ( IN in ) ( S-NOM ( VP ( VBG acquiring ) ( NP ( DT the ) ( NN vaccine ) ( NN maker ) ) ) ) ) ) ) ) ) ) ) ) )

The University said the two companies agreed to spend 25 million Canadian dollars 21.3 million over 10 years on research at Canadian universities if they are successful in acquiring the vaccine maker


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( QP ( CD 10 ) ( CD million ) ) ) ( VP ( MD would ) ( VP ( VB go ) ( PP-DIR ( TO to ) ( NP ( NP ( DT the ) ( NNP University ) ) ( PP ( IN of ) ( NP ( NNP Toronto ) ) ) ) ) ) ) ) ) ) )

It said 10 million would go to the University of Toronto


( S ( S ( NP-SBJ ( NP ( NNP Ciba-Geigy ) ) ( CC and ) ( NP ( NNP Chiron ) ) ) ( VP ( VBP have ) ( VP ( VBN made ) ( NP ( NP ( DT a ) ( JJ joint ) ( NN bid ) ) ( PP ( IN of ) ( NP ( QP ( CD 866 ) ( CD million ) ) ) ) ( PP ( IN for ) ( NP ( NNP Connaught ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( NNP Institut ) ( NNP Merieux ) ( NNP S.A. ) ) ( PP ( IN of ) ( NP ( NNP France ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN made ) ( NP ( NP ( DT a ) ( JJ rival ) ( NN bid ) ) ( PP ( IN of ) ( NP ( QP ( CD 942 ) ( CD million ) ) ) ) ) ) ) ) )

Ciba-Geigy and Chiron have made a joint bid of 866 million for Connaught and Institut Merieux S.A. of France has made a rival bid of 942 million


( S ( NP-SBJ-2 ( DT The ) ( NNP University ) ) ( VP ( VBZ is ) ( VP ( VBG seeking ) ( NP ( NP ( DT an ) ( NN injunction ) ) ( PP ( IN against ) ( NP ( DT the ) ( NNP Merieux ) ( NN bid ) ) ) ) ( S-ADV ( VP ( VBG arguing ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP Connaught ) ( POS 's ) ) ( NN predecessor ) ( NN company ) ) ( VP ( VBD agreed ) ( PP-TMP ( IN in ) ( NP ( CD 1972 ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( NNP Connaught ) ( POS 's ) ) ( NN ownership ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN transferred ) ( PP-DTV ( TO to ) ( NP ( NNS foreigners ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The University is seeking an injunction against the Merieux bid arguing that Connaught 's predecessor company agreed in 1972 that Connaught 's ownership would n't be transferred to foreigners


( S ( NP-SBJ ( DT The ) ( NN university ) ) ( VP ( VBD implied ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VB drop ) ( NP ( NP ( PRP$ its ) ( NN opposition ) ) ( PP ( TO to ) ( NP ( JJ foreign ) ( NN ownership ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NP ( NNP Ciba-Geigy ) ) ( CC and ) ( NP ( NNP Chiron ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ successful ) ( PP ( IN with ) ( NP ( PRP$ their ) ( JJR lower ) ( NN bid ) ) ) ) ) ) ) ) ) ) ) ) )

The university implied that it would drop its opposition to foreign ownership if Ciba-Geigy and Chiron are successful with their lower bid


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ new ) ( NN agreement ) ) ( VP ( MD would ) ( VP ( VB replace ) ( NP ( NP ( DT the ) ( JJ old ) ( CD one ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ forms ) ( NP ( NP ( DT the ) ( NN basis ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( NN suit ) ) ( PP ( IN against ) ( NP ( DT the ) ( NNP Merieux ) ( NN takeover ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It said the new agreement would replace the old one that forms the basis of its suit against the Merieux takeover


( SINV ( S-TPC-1 ( PP ( IN Notwithstanding ) ( NP ( NP ( JJ foreign ) ( NN ownership ) ) ( PP ( IN of ) ( NP ( NNP Connaught ) ) ) ) ) ( NP-SBJ ( DT this ) ( NN accord ) ) ( VP ( MD would ) ( VP ( VB enhance ) ( NP ( NP ( NN research ) ( CC and ) ( NN development ) ) ( PP-LOC ( IN in ) ( NP ( NNP Canada ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP James ) ( NNP Keffer ) ) ( NP ( NP ( NP ( DT the ) ( NN university ) ( POS 's ) ) ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( NN research ) ) ) ) ) )

Notwithstanding foreign ownership of Connaught this accord would enhance research and development in Canada said James Keffer the university 's vice president of research


( S ( S ( NP-SBJ ( NNP Ciba-Geigy ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( JJ Swiss ) ( JJ pharmaceutical ) ( NN company ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( NNP Chiron ) ) ( VP ( VBZ is ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( NNP Emeryville ) ) ( NP ( NNP Calif ) ) ) ) ) ) ) )

Ciba-Geigy is a Swiss pharmaceutical company and Chiron is based in Emeryville Calif


( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( NN statement ) ) ) ( NP-SBJ ( NP ( NNP Jacques-Francois ) ( NNP Martin ) ) ( NP ( NP ( NN director ) ( NN general ) ) ( PP ( IN of ) ( NP ( NNP Merieux ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( JJ French ) ( NN company ) ) ( VP ( VBZ is ) ( ADVP ( RB still ) ) ( ADJP-PRD ( VBN determined ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( NNP Connaught ) ) ) ) ) ) ) ) ) ) )

In a statement Jacques-Francois Martin director general of Merieux said the French company is still determined to acquire Connaught


( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( NN comment ) ( ADVP-MNR ( RB directly ) ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( NN pact ) ) ( PP ( IN between ) ( NP ( NP ( NNP Ciba-Geigy ) ) ( CC and ) ( NP ( DT the ) ( NN university ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Merieux ) ) ( VP ( MD can ) ( VP ( VB transfer ) ( NP ( JJ new ) ( NNS products ) ( CC and ) ( NNS technologies ) ) ( PP-CLR ( TO to ) ( NP ( NNP Connaught ) ) ) ( ADVP-MNR ( ADVP ( RBR more ) ( RB rapidly ) ) ( PP ( IN than ) ( NP ( NP ( JJ other ) ( NNS companies ) ) ( VP ( RB not ) ( ADVP-TMP ( RB currently ) ) ( VBG producing ) ( CC and ) ( VBG marketing ) ( NP ( NNS vaccines ) ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( MD can ) ( ADVP ( RB only ) ) ( VP ( VB promise ) ( NP ( DT this ) ) ( PP-CLR ( IN for ) ( NP ( NP ( DT some ) ( NNS years ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN future ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

While he did n't comment directly on the pact between Ciba-Geigy and the university he said Merieux can transfer new products and technologies to Connaught more rapidly than other companies not currently producing and marketing vaccines who can only promise this for some years in the future


( S ( PP-LOC ( IN In ) ( NP ( JJ national ) ( JJ over-the-counter ) ( NN trading ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ ( NNP Connaught ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 28.625 ) ) ) ( ADVP ( IN up ) ( NP ( CD 1.25 ) ) ) ) )

In national over-the-counter trading yesterday Connaught closed at 28.625 up 1.25


( S ( NP-SBJ ( NP ( NNP Moody ) ( POS 's ) ) ( NNP Investors ) ( NNP Service ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD lowered ) ( NP ( NP ( PRP$ its ) ( NN rating ) ) ( PP ( IN on ) ( NP ( NP ( QP ( RB about ) ( CD 75 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT this ) ( NAC-LOC ( NNP Chatsworth ) ( NNP Calif. ) ) ( NN concern ) ( POS 's ) ) ( JJ convertible ) ( VBN subordinated ) ( NNS debentures ) ) ( ADJP ( RB due ) ( NP-TMP ( CD 2012 ) ) ) ) ) ) ) ) ( PP-DIR ( TO to ) ( NP ( NNP Caa ) ) ) ( PP-DIR ( IN from ) ( NP ( NN B2 ) ) ) ) ) ) ) )

Moody 's Investors Service said it lowered its rating on about 75 million of this Chatsworth Calif. concern 's convertible subordinated debentures due 2012 to Caa from B2


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN reduction ) ) ( VP ( VBZ reflects ) ( NP ( NP ( VBN impaired ) ( NN business ) ( NNS prospects ) ) ( CC and ) ( NP ( NP ( VBN reduced ) ( JJ financial ) ( NN flexibility ) ) ( VP ( VBN caused ) ( PP ( IN by ) ( NP-LGS ( NP ( VBG continuing ) ( NNS losses ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NN maker ) ) ( PP ( IN of ) ( NP ( NNP Winchester ) ( NN disk ) ( NNS drives ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It said the reduction reflects impaired business prospects and reduced financial flexibility caused by continuing losses at the maker of Winchester disk drives


( NP-HLN ( NNP VALLEY ) ( NNP National ) ( NNP Corp. ) )

VALLEY National Corp.


( S ( NP-SBJ ( NP ( NNP Moody ) ( POS 's ) ) ( NNP Investors ) ( NNP Service ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD lowered ) ( NP ( NP ( PRP$ its ) ( NN rating ) ) ( PP ( IN on ) ( NP ( NP ( QP ( RB about ) ( CD 400 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( DT this ) ( NP ( NN bank ) ( VBG holding ) ( NN company ) ( POS 's ) ) ( JJ senior ) ( NN debt ) ) ) ) ) ) ( PP-DIR ( TO to ) ( NP ( NN B2 ) ) ) ( PP-DIR ( IN from ) ( NP ( NN Ba3 ) ) ) ) ) ) ) )

Moody 's Investors Service Inc. said it lowered its rating on about 400 million of this bank holding company 's senior debt to B2 from Ba3


( S ( NP-SBJ ( NNP Moody ) ( VBZ 's ) ) ( VP ( VBD said ) ( SBAR ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ ( NP ( NNP Valley ) ( NNP National ) ) ( PP ( IN of ) ( NP ( NP ( NNP Phoenix ) ) ( NP ( NNP Ariz. ) ) ) ) ) ( VP ( TO to ) ( VP ( VB make ) ( NP ( NP ( JJ substantial ) ( JJ further ) ( NNS provisions ) ) ( PP ( IN against ) ( NP ( PRP$ its ) ( NN real-estate ) ( NN portfolio ) ) ) ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ continues ) ( S ( VP ( TO to ) ( VP ( VB suffer ) ( PP-CLR ( PP ( IN from ) ( NP ( NP ( DT the ) ( JJ high ) ( NN cost ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG carrying ) ( NP ( VBG nonperforming ) ( NNS assets ) ) ) ) ) ) ) ( CC and ) ( PP ( IN from ) ( NP ( JJ high ) ( JJ loan-loss ) ( NNS provisions ) ) ) ) ) ) ) ) ) ) ) ) )

Moody 's said it expects Valley National of Phoenix Ariz. to make substantial further provisions against its real-estate portfolio and that it continues to suffer from the high cost of carrying nonperforming assets and from high loan-loss provisions


( S ( NP-SBJ-1 ( NNP Chase ) ( NNP Manhattan ) ( NNP Corp. ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG trying ) ( ADVP ( RB unsuccessfully ) ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( PRP$ its ) ( NN interest ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( JJR lower ) ( NNP Manhattan ) ( NNS operations ) ( NN building ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN exercised ) ( NP ( PRP$ its ) ( NN option ) ( S ( VP ( TO to ) ( VP ( VB purchase ) ( NP ( DT the ) ( JJ 50-story ) ( NN office ) ( NN tower ) ) ) ) ) ) ) ) )

Chase Manhattan Corp. after trying unsuccessfully to sell its interest in its lower Manhattan operations building has exercised its option to purchase the 50-story office tower


( S ( NP-SBJ ( NNP Chase ) ) ( VP ( VBD had ) ( VP ( VBN purchased ) ( NP ( DT an ) ( NN option ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NP ( DT the ) ( NN building ) ) ( PP-LOC ( IN at ) ( NP ( CD One ) ( NNP New ) ( NNP York ) ( NNP Plaza ) ) ) ) ( PP-CLR ( IN for ) ( NP ( DT an ) ( JJ undisclosed ) ( NN sum ) ) ) ) ) ) ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( JJ late ) ( NNP Sol ) ( NNP Atlas ) ) ) ( PP ( IN as ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ original ) ( NN lease ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1970 ) ) ) ) ) )

Chase had purchased an option to buy the building at One New York Plaza for an undisclosed sum from the late Sol Atlas as part of its original lease in 1970


( S ( NP-SBJ ( DT The ) ( JJ current ) ( NN transaction ) ) ( VP ( VBD cost ) ( NP ( DT the ) ( NN bank ) ) ( NP ( QP ( RB approximately ) ( CD 140 ) ( CD million ) ) ) ) )

The current transaction cost the bank approximately 140 million


( S ( PP-TPC-1 ( IN Of ) ( NP ( DT that ) ( NN amount ) ) ) ( S ( NP-SBJ ( NP ( QP ( CD 20 ) ( CD million ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NN payment ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN land ) ) ( PP-LOC ( IN underneath ) ( NP ( DT the ) ( NN building ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( DT the ) ( NN rest ) ) ) ( VP ( VBD was ) ( PP-PRD ( IN for ) ( NP ( NP ( DT the ) ( NN building ) ) ( NP ( PRP itself ) ) ) ) ) ) )

Of that amount 20 million was payment for the land underneath the building and the rest was for the building itself


( S ( NP-SBJ ( DT The ) ( NN building ) ) ( VP ( VBZ houses ) ( NP ( NP ( QP ( RB about ) ( CD 4,500 ) ) ( NNP Chase ) ( NNS workers ) ) ( SBAR ( WHNP-3 ( WHNP ( JJS most ) ) ( WHPP ( IN of ) ( WHNP ( WP whom ) ) ) ) ( S ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN moved ) ( PP-DIR ( TO to ) ( NP ( NN downtown ) ( NNP Brooklyn ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ-2 ( NP ( DT the ) ( NN bank ) ( POS 's ) ) ( JJ new ) ( JJ back ) ( NN office ) ( NN center ) ) ( VP ( VBZ is ) ( VP ( VBN completed ) ( PP-TMP ( IN in ) ( NP ( CD 1993 ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The building houses about 4,500 Chase workers most of whom will be moved to downtown Brooklyn after the bank 's new back office center is completed in 1993


( S ( NP-SBJ ( DT The ) ( NN move ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( NNP Chase ) ( POS 's ) ) ( NN strategy ) ( S ( VP ( TO to ) ( VP ( VB consolidate ) ( NP ( PRP$ its ) ( JJ back ) ( NNS offices ) ) ( PP-LOC ( IN under ) ( NP ( CD one ) ( NN roof ) ) ) ) ) ) ) ) ) ) )

The move is part of Chase 's strategy to consolidate its back offices under one roof


( S ( NP-SBJ-1 ( DT The ) ( NN headquarters ) ) ( VP ( VBZ is ) ( VP ( VBN located ) ( ADVP-LOC ( NP ( DT a ) ( JJ few ) ( NNS blocks ) ) ( RB away ) ) ( PP-LOC-CLR ( IN at ) ( NP ( CD 1 ) ( NNP Chase ) ( NNP Manhattan ) ( NNP Plaza ) ) ) ) ) )

The headquarters is located a few blocks away at 1 Chase Manhattan Plaza


( S ( PP ( IN As ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN decision ) ( S ( VP ( TO to ) ( VP ( VB leave ) ( NP ( DT the ) ( NN building ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( NNP Chase ) ) ( VP ( VBD tried ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( PRP$ its ) ( NN interest ) ) ( ADVP ( IN along ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NNP Atlas ) ( NN estate ) ( POS 's ) ) ( NN interest ) ) ) ) ) ) ) ) ( PP-TMP ( ADVP ( RB shortly ) ) ( IN after ) ( NP ( DT the ) ( NNP October ) ( CD 1987 ) ( NN stock ) ( NN market ) ( NN crash ) ) ) ) )

As part of its decision to leave the building Chase tried to sell its interest along with the Atlas estate 's interest shortly after the October 1987 stock market crash


( S ( NP-SBJ ( NNP Chase ) ( NNP Senior ) ( NNP Vice ) ( NNP President ) ( NNP George ) ( NNP Scandalios ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN bank ) ) ( VP ( VBD decided ) ( S ( VP ( TO to ) ( VP ( VB exercise ) ( NP ( PRP$ its ) ( NN option ) ) ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( NNS bids ) ) ( VP ( VBD fell ) ( ADVP-CLR ( RB short ) ( PP ( IN of ) ( NP ( NNS expectations ) ) ) ) ) ) ) ) ) ) ) )

Chase Senior Vice President George Scandalios said the bank decided to exercise its option after bids fell short of expectations


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( NNP Chase ) ) ( CC and ) ( NP ( DT the ) ( NNP Atlas ) ( NN estate ) ) ) ( VP ( VP ( VBD were ) ( VP ( VBG looking ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( DT the ) ( JJ entire ) ( NN building ) ) ( PP-CLR ( IN for ) ( NP ( QP ( CD 400 ) ( CD million ) ( TO to ) ( CD 475 ) ( CD million ) ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB get ) ( NP ( NP ( DT an ) ( NN offer ) ) ( PP ( IN for ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 375 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) )

He said Chase and the Atlas estate were looking to sell the entire building for 400 million to 475 million but did n't get an offer for more than 375 million


( S ( PP ( IN As ) ( NP ( NP ( DT the ) ( NN building ) ( POS 's ) ) ( JJ new ) ( NN owner ) ) ) ( NP-SBJ ( NNP Chase ) ) ( VP ( MD will ) ( VP ( VB have ) ( S ( NP-SBJ ( PRP$ its ) ( NN work ) ) ( VP ( VBD cut ) ( PRT ( RP out ) ) ( PP-CLR ( IN for ) ( NP ( PRP it ) ) ) ) ) ) ) )

As the building 's new owner Chase will have its work cut out for it


( S ( S ( NP-SBJ ( NNP Chase ) ) ( VP ( VBZ is ) ( VP ( VBG vacating ) ( NP ( NP ( QP ( CD 1.1 ) ( CD million ) ) ( JJ square ) ( NNS feet ) ) ( PP ( IN of ) ( NP ( NN space ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( NP ( NNP Salomon ) ( NNP Brothers ) ( NNP Inc. ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( NN headquarters ) ) ( S ( VP ( VBZ is ) ( PP-LOC-PRD ( IN in ) ( NP ( DT the ) ( NN building ) ) ) ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB move ) ( ADVP-TMP ( RB shortly ) ) ) ) ) ) ) )

Chase is vacating 1.1 million square feet of space and Salomon Brothers Inc. whose headquarters is in the building also plans to move shortly


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( NP ( DT another ) ( JJ major ) ( NN building ) ( NN tenant ) ) ( NP ( NP ( NNP Thomson ) ( NNP McKinnon ) ( NNP Inc. ) ( POS 's ) ) ( NNP Thomson ) ( NNP McKinnon ) ( NNP Securities ) ) ) ( ADVP ( RB likely ) ) ( VP ( MD will ) ( VP ( VB vacate ) ( NP ( DT the ) ( NNS premises ) ) ( PP ( IN as ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN liquidation ) ) ) ) ) ) ) )

In addition another major building tenant Thomson McKinnon Inc. 's Thomson McKinnon Securities likely will vacate the premises as part of its liquidation


( S ( NP-SBJ ( NNP New ) ( NNP York ) ( JJ real ) ( NN estate ) ( NN brokerage ) ( NNP Edward ) ( NNP S. ) ( NNP Gordon ) ( NNP Co. ) ) ( VP ( MD will ) ( VP ( VB have ) ( NP ( NP ( DT the ) ( JJ difficult ) ( NN task ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG finding ) ( NP ( JJ new ) ( NNS tenants ) ) ) ) ) ) ) ) )

New York real estate brokerage Edward S. Gordon Co. will have the difficult task of finding new tenants


( S ( ADVP ( RB Even ) ) ( PP ( IN with ) ( NP ( NP ( PRP$ its ) ( JJ striking ) ( NNS views ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NN harbor ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN building ) ) ( VP ( VBZ is ) ( VP ( VBN considered ) ( S ( ADJP-PRD ( JJ antiquated ) ( PP ( IN by ) ( NP ( JJ modern ) ( NN office ) ( NNS standards ) ) ) ) ) ) ) )

Even with its striking views of the New York harbor the building is considered antiquated by modern office standards


( S ( CC And ) ( NP-SBJ-1 ( NNP Chase ) ) ( VP ( MD will ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB spend ) ( NP ( QP ( RB approximately ) ( CD 50 ) ( CD million ) ) ) ( S ( VP ( TO to ) ( VP ( VB remove ) ( NP ( NN asbestos ) ) ( PP-DIR ( IN from ) ( NP ( DT the ) ( NNS premises ) ) ) ) ) ) ) ) ) ) ) )

And Chase will have to spend approximately 50 million to remove asbestos from the premises


( S ( NP-SBJ ( NP ( DT The ) ( NNS prices ) ) ( PP ( IN of ) ( NP ( NN corn ) ( NNS futures ) ( NNS contracts ) ) ) ) ( VP ( VBD jumped ) ( PP-LOC ( IN amid ) ( NP ( NNS rumors ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP Soviet ) ( NNP Union ) ) ( VP ( VBZ is ) ( VP ( VBG keeping ) ( PRT ( RP up ) ) ( NP ( NP ( PRP$ its ) ( JJ dizzying ) ( NNP October ) ( NN buying ) ( NN binge ) ) ( PP ( IN of ) ( NP ( NNP U.S. ) ( NN corn ) ) ) ) ) ) ) ) ) ) ) )

The prices of corn futures contracts jumped amid rumors that the Soviet Union is keeping up its dizzying October buying binge of U.S. corn


( S ( NP-SBJ-1 ( DT Those ) ( NNS rumors ) ) ( VP ( VBD were ) ( VP ( VBN confirmed ) ( PP-TMP ( IN after ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( NN trading ) ) ) ) ) ( NP-TMP ( NN yesterday ) ) ( SBAR ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ( NNP Agriculture ) ( NNP Department ) ) ( VP ( VBD announced ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNS Soviets ) ) ( VP ( VBD had ) ( VP ( VBN bought ) ( NP ( NP ( QP ( CD 1.2 ) ( CD million ) ) ( JJ metric ) ( NNS tons ) ) ( PP ( IN of ) ( NP ( NNP U.S. ) ( NN corn ) ) ) ) ( S-ADV ( VP ( VBG bringing ) ( NP ( NP ( PRP$ their ) ( NNP U.S. ) ( NN corn ) ( NNS purchases ) ) ( VP ( VBN confirmed ) ( ADVP-TMP ( RB so ) ( RB far ) ) ( NP-TMP ( DT this ) ( NN month ) ) ) ) ( PP-CLR ( TO to ) ( NP ( QP ( RB about ) ( CD five ) ( CD million ) ) ( JJ metric ) ( NNS tons ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Those rumors were confirmed after the end of trading yesterday when the U.S. Agriculture Department announced that the Soviets had bought 1.2 million metric tons of U.S. corn bringing their U.S. corn purchases confirmed so far this month to about five million metric tons


( S ( PP-LOC ( IN In ) ( NP ( NP ( NN trading ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NNP Chicago ) ( NNP Board ) ) ( PP ( IN of ) ( NP ( NNP Trade ) ) ) ) ) ) ) ( NP-SBJ-1 ( NP ( DT the ) ( NN corn ) ( NN contract ) ) ( PP ( IN for ) ( NP ( NNP December ) ( NN delivery ) ) ) ) ( VP ( VBD jumped ) ( NP-EXT ( NP ( CD 5.75 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN bushel ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB settle ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 2.44 ) ) ( NP-ADV ( DT a ) ( NN bushel ) ) ) ) ) ) ) ) )

In trading at the Chicago Board of Trade the corn contract for December delivery jumped 5.75 cents a bushel to settle at 2.44 a bushel


( S ( NP-SBJ-1 ( DT The ) ( JJ Soviet ) ( NNS purchases ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ close ) ( PP ( TO to ) ( S-NOM ( VP ( VBG exceeding ) ( SBAR ( WHNP-2 ( WP what ) ) ( S ( NP-SBJ ( DT some ) ( NNS analysts ) ) ( VP ( VBD had ) ( VP ( VBN expected ) ( S ( NP-SBJ ( DT the ) ( NNP Soviet ) ( NNP Union ) ) ( VP ( TO to ) ( VP ( VB buy ) ( NP-TMP ( NP ( DT this ) ( NN fall ) ) ( NP ( NP ( DT the ) ( NN season ) ) ( SBAR ( WHPP-3 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( PRP it ) ) ( ADVP-TMP ( RB usually ) ) ( VP ( VBZ buys ) ( NP ( NP ( JJ much ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN corn ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ imports ) ( PP-DIR ( IN from ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Soviet purchases are close to exceeding what some analysts had expected the Soviet Union to buy this fall the season in which it usually buys much of the corn it imports from the U.S.


( S ( NP-SBJ ( DT That ) ( NN pace ) ) ( VP ( VBZ is ) ( VP ( VBG causing ) ( S ( NP-SBJ ( DT some ) ( NNS analysts ) ) ( VP ( TO to ) ( VP ( VB speculate ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP Soviet ) ( NNP Union ) ) ( VP ( MD might ) ( ADVP-TMP ( RB soon ) ) ( VP ( VB purchase ) ( NP ( NP ( RB as ) ( JJ much ) ) ( PP ( IN as ) ( NP ( DT another ) ( QP ( CD two ) ( CD million ) ) ( JJ metric ) ( NNS tons ) ) ) ) ) ) ) ) ) ) ) ) ) )

That pace is causing some analysts to speculate that the Soviet Union might soon purchase as much as another two million metric tons


( S ( NP-SBJ ( CD One ) ( NN sign ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJR more ) ( JJ Soviet ) ( NNS purchases ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ possible ) ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( DT that ) ( S ( NP-SBJ ( NNP U.S. ) ( NN grain ) ( NNS companies ) ) ( NP-TMP ( NN yesterday ) ) ( VP ( VBD bought ) ( NP ( NP ( DT an ) ( ADJP ( RB unusually ) ( JJ large ) ) ( NN amount ) ) ( PP ( IN of ) ( NP ( NN corn ) ( NNS futures ) ( NNS contracts ) ) ) ) ) ) ) ) )

One sign that more Soviet purchases are possible is that U.S. grain companies yesterday bought an unusually large amount of corn futures contracts


( S ( NP-SBJ ( DT That ) ) ( ADVP-TMP ( RB sometimes ) ) ( VP ( VBZ signals ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( VP ( VBG laying ) ( NP ( NNS plans ) ( S ( VP ( TO to ) ( VP ( VB export ) ( NP ( NN corn ) ) ) ) ) ) ) ) ) ) ) )

That sometimes signals that they are laying plans to export corn


( S ( PP ( IN By ) ( NP ( DT some ) ( NNS estimates ) ) ) ( NP-SBJ ( NP ( JJ several ) ( NN grain ) ( NNS companies ) ) ( VP ( VBN combined ) ) ) ( VP ( VBD bought ) ( NP ( NP ( NNS contracts ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN possession ) ) ( PP ( IN of ) ( NP ( NP ( QP ( RB roughly ) ( CD one ) ( CD million ) ) ( JJ metric ) ( NNS tons ) ) ( PP ( IN of ) ( NP ( NN corn ) ) ) ) ) ) ) ) ) )

By some estimates several grain companies combined bought contracts for the possession of roughly one million metric tons of corn


( S ( PP-MNR ( IN By ) ( S-NOM ( VP ( VBG buying ) ( NP ( NNS futures ) ( NNS contracts ) ) ) ) ) ( NP-SBJ-1 ( DT these ) ( NNS companies ) ) ( VP ( VBP attempt ) ( S ( VP ( TO to ) ( VP ( VB protect ) ( NP ( PRP themselves ) ) ( PP-CLR ( IN from ) ( NP ( NP ( NNS swings ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN price ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN corn ) ) ( SBAR ( WHNP-2 ( IN that ) ) ( S ( NP-SBJ-3 ( PRP they ) ) ( VP ( VBP are ) ( VP ( VBN obligated ) ( S ( VP ( TO to ) ( VP ( VB deliver ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

By buying futures contracts these companies attempt to protect themselves from swings in the price of the corn that they are obligated to deliver


( S ( NP-SBJ ( NP ( NNP Rumors ) ) ( PP ( IN of ) ( NP ( JJ Soviet ) ( NN interest ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBD pushed ) ( ADVP-DIR ( RB up ) ) ( NP ( NP ( DT the ) ( NNS prices ) ) ( PP ( IN of ) ( NP ( NN soybean ) ( NNS futures ) ( NNS contracts ) ) ) ) ) )

Rumors of Soviet interest also pushed up the prices of soybean futures contracts


( S ( PP ( IN Among ) ( NP ( JJ other ) ( NNS things ) ) ) ( NP-SBJ-1 ( DT the ) ( NNP Agriculture ) ( NNP Department ) ) ( VP ( VBZ is ) ( ADVP ( RB widely ) ) ( VP ( VBN thought ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBG mulling ) ( SBAR ( IN whether ) ( S ( VP ( TO to ) ( VP ( VB subsidize ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NN soybean ) ( NN oil ) ) ) ( PP ( TO to ) ( NP ( DT the ) ( NNP Soviet ) ( NNP Union ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Among other things the Agriculture Department is widely thought to be mulling whether to subsidize the sale of soybean oil to the Soviet Union


( S ( PP ( IN On ) ( NP ( NP ( NN top ) ) ( PP ( IN of ) ( NP ( DT all ) ( DT this ) ) ) ) ) ( NP-SBJ ( NN corn ) ( CC and ) ( NN soybean ) ( NNS prices ) ) ( VP ( VBD rose ) ( PP ( IN on ) ( NP ( NNS reports ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NNP Midwest ) ( NN harvest ) ) ( VP ( VBD was ) ( VP ( VBN disrupted ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( ADJP ( RB freakishly ) ( JJ early ) ) ( NN snow ) ( NN storm ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD dumped ) ( NP ( JJ several ) ( NNS inches ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS parts ) ) ( PP ( IN of ) ( NP ( NNP Indiana ) ( CC and ) ( NNP Ohio ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

On top of all this corn and soybean prices rose on reports that the Midwest harvest was disrupted by a freakishly early snow storm that dumped several inches in parts of Indiana and Ohio


( S ( NP-SBJ-1 ( DT The ) ( NN harvest ) ( VBZ delays ) ) ( ADVP ( RB however ) ) ( VP ( VBP are ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ temporary ) ) ) ) ) ) ) )

The harvest delays however are expected to be temporary


( SINV ( S-TPC-2 ( NP-SBJ-1 ( JJ Balmy ) ( NNS temperatures ) ) ( VP ( VBP are ) ( VP ( VBN forecast ) ( PP-CLR ( IN for ) ( NP ( JJ next ) ( NN week ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Robert ) ( NNP Lekberg ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Farmers ) ( NNP Grain ) ( CC & ) ( NNP Livestock ) ( NNP Corp. ) ) ( NP ( NNP Chicago ) ) ) ) ) ) )

Balmy temperatures are forecast for next week said Robert Lekberg an analyst at Farmers Grain & Livestock Corp. Chicago


( S ( NP-SBJ-1 ( JJ Many ) ( NNS farmers ) ) ( VP ( VBD used ) ( NP ( NP ( DT the ) ( NN jump ) ) ( PP-LOC ( IN in ) ( NP ( NNS prices ) ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB sell ) ( NP ( PRP$ their ) ( ADJP ( RB recently ) ( VBN harvested ) ) ( NN crop ) ) ( PP-DTV ( TO to ) ( NP ( NN grain ) ( NN elevator ) ( NNS companies ) ) ) ) ) ) ) )

Many farmers used the jump in prices to sell their recently harvested crop to grain elevator companies


( S ( NP-SBJ-1 ( NP ( DT The ) ( JJ heavy ) ( NN selling ) ) ( PP ( IN by ) ( NP ( NNS farmers ) ) ) ) ( VP ( VBD helped ) ( S ( VP ( TO to ) ( VP ( VB damp ) ( NP ( DT the ) ( NN price ) ( NN rally ) ) ) ) ) ) )

The heavy selling by farmers helped to damp the price rally


( S ( NP-SBJ ( NN Wheat ) ( NNS futures ) ( NNS prices ) ) ( VP ( VBD rose ) ( ADVP-EXT ( RB slightly ) ) ) )

Wheat futures prices rose slightly


( PP-LOC-HLN ( IN In ) ( NP ( JJ other ) ( NN commodity ) ( NNS markets ) ( NN yesterday ) ) )

In other commodity markets yesterday


( NP-HLN ( JJ PRECIOUS ) ( NNS METALS ) )

PRECIOUS METALS


( S ( NP-SBJ ( NNS Futures ) ( NNS prices ) ) ( VP ( VBD declined ) ) )

Futures prices declined


( S ( NP-SBJ-1 ( NP ( DT A ) ( NN number ) ) ( PP ( IN of ) ( NP ( NNS developments ) ) ) ) ( VP ( VBD were ) ( ADVP-MNR ( RB negatively ) ) ( VP ( VBN interpreted ) ( PP ( IN by ) ( NP-LGS ( NNS traders ) ) ) ) ) )

A number of developments were negatively interpreted by traders


( S ( NP-SBJ ( NNP December ) ( NN delivery ) ( NN gold ) ) ( VP ( VBD fell ) ( NP-EXT ( NP ( CD 1.80 ) ) ( NP-ADV ( DT an ) ( NN ounce ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 370.60 ) ) ) ) )

December delivery gold fell 1.80 an ounce to 370.60


( S ( NP-SBJ ( NNP December ) ( NN silver ) ) ( VP ( VBD eased ) ( NP-ADV ( NP ( CD 2.7 ) ( NNS cents ) ) ( NP ( DT an ) ( NN ounce ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 5.133 ) ) ) ) )

December silver eased 2.7 cents an ounce to 5.133


( S ( NP-SBJ ( NNP January ) ( NN platinum ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB down ) ( NP ( NP ( CD 3.60 ) ) ( NP-ADV ( DT an ) ( NN ounce ) ) ) ) ( PP ( IN at ) ( NP ( CD 491.10 ) ) ) ) )

January platinum was down 3.60 an ounce at 491.10


( S ( S-TPC-1 ( NP-SBJ ( CD One ) ( JJ price-depressing ) ( NN development ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( JJ lower-than-expected ) ( NN increase ) ) ( PP ( IN of ) ( NP ( QP ( JJ only ) ( CD 0.2 ) ) ( NN % ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN consumer ) ( NN price ) ( NN index ) ) ( PP ( IN for ) ( NP ( NNP September ) ) ) ) ) ) ) ) ( NP-SBJ ( DT an ) ( NN analyst ) ) ( VP ( VBD said ) ) )

One price-depressing development was the lower-than-expected increase of only 0.2 % in the consumer price index for September an analyst said


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN core ) ( NN inflation ) ( NN rate ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ excludes ) ( NP ( NN food ) ( CC and ) ( NN energy ) ) ) ) ) ) ( VP ( VBD was ) ( ADVP ( RB also ) ) ( ADJP-PRD ( JJ low ) ) ( PP-CLR ( IN at ) ( NP ( CD 0.2 ) ( NN % ) ) ) ) ) ) ) )

He noted that the core inflation rate which excludes food and energy was also low at 0.2 %


( NP ( NP ( NP ( JJ Other ) ( NN news ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD weighed ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ( S ( S ( NP-SBJ ( JJ Initial ) ( NN unemployment ) ( NNS claims ) ) ( VP ( VBD rose ) ( PP-EXT ( IN by ) ( NP ( CD 62,000 ) ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ) ) ( S ( NP-SBJ ( NNP American ) ( NNP Telephone ) ( CC & ) ( NNP Telegraph ) ( NNP Co. ) ) ( VP ( MD will ) ( VP ( VB reduce ) ( NP ( PRP$ its ) ( JJ managerial ) ( NN staff ) ) ( PP-EXT ( IN by ) ( NP ( CD 15,000 ) ) ) ( PP-MNR ( IN through ) ( NP ( NN attrition ) ) ) ) ) ) ( S ( NP-SBJ ( DT the ) ( NN oil ) ( NN market ) ) ( VP ( VBD turned ) ( ADJP-PRD ( JJR weaker ) ) ) ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBD was ) ( RB n't ) ( NP-PRD ( NP ( DT any ) ( NN investor ) ( NN demand ) ) ( PP ( IN for ) ( NP ( NN bullion ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NN dollar ) ) ( VP ( VBD strengthened ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN day ) ) ) ( S-ADV ( VP ( VBG putting ) ( NP ( NN pressure ) ) ( PP-PUT ( IN on ) ( NP ( NN gold ) ) ) ) ) ) ) ) )

Other news that weighed on the market Initial unemployment claims rose by 62,000 last week American Telephone & Telegraph Co. will reduce its managerial staff by 15,000 through attrition the oil market turned weaker there was n't any investor demand for bullion and the dollar strengthened during the day putting pressure on gold


( S-1 ( ADVP ( RB Also ) ) ( PRN ( S ( NP-SBJ ( DT the ) ( NN analyst ) ) ( VP ( VBD said ) ) ) ) ( NP-SBJ ( JJ economic ) ( NNS circumstances ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ such ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NP ( DT both ) ( NP ( NNP South ) ( NNP Africa ) ) ( CC and ) ( NP ( DT the ) ( NNP Soviet ) ( NNP Union ) ) ) ( NP ( DT the ) ( JJ principal ) ( NN gold ) ( CC and ) ( NN platinum ) ( NNS producers ) ) ) ( VP ( VBP are ) ( VP ( VBG being ) ( VP ( VBN forced ) ( S ( VP ( TO to ) ( VP ( VB continue ) ( S ( VP ( VBG selling ) ( NP ( DT the ) ( NNS metals ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Also the analyst said economic circumstances are such that both South Africa and the Soviet Union the principal gold and platinum producers are being forced to continue selling the metals


( S ( S-TPC-1 ( S ( NP-SBJ ( DT Both ) ) ( VP ( VBP are ) ( PP-PRD ( IN in ) ( NP ( NP ( JJ great ) ( NN need ) ) ( PP ( IN of ) ( NP ( JJ foreign ) ( NN exchange ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP South ) ( NNP Africa ) ) ( VP ( VBZ is ) ( ADVP ( RB also ) ) ( PP-PRD ( IN under ) ( NP ( NN pressure ) ( S ( VP ( TO to ) ( VP ( VB meet ) ( NP ( JJ foreign ) ( NN loan ) ( NNS commitments ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

Both are in great need of foreign exchange and South Africa is also under pressure to meet foreign loan commitments he said


( S ( S-TPC-2 ( S-ADV ( VP ( VBG Putting ) ( NP ( NP ( PRP it ) ) ( NP ( DT all ) ) ) ( ADVP-PUT ( RB together ) ) ) ) ( NP-SBJ ( PRP we ) ) ( VP ( VBP have ) ( NP ( NP ( DT a ) ( JJ negative ) ( NN scenario ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ does ) ( RB n't ) ( VP ( VB look ) ( SBAR ( IN like ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB improve ) ( ADVP-TMP ( RB overnight ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

Putting it all together we have a negative scenario that does n't look like it will improve overnight he said


COPPER


( S ( NP-SBJ ( NNS Futures ) ( NNS prices ) ) ( VP ( VBD recovered ) ( PP-LOC ( IN in ) ( NP ( JJ quiet ) ( NN trading ) ) ) ) )

Futures prices recovered in quiet trading


( S ( NP-SBJ ( DT The ) ( NNP December ) ( NN contract ) ) ( VP ( VBD rose ) ( NP-EXT ( NP ( CD 1.50 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN pound ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 1.2795 ) ) ) ) )

The December contract rose 1.50 cents a pound to 1.2795


( S ( NP-SBJ ( DT That ) ( NN contract ) ) ( VP ( VP ( VBD fell ) ( NP ( NP ( DT a ) ( NN total ) ) ( PP ( IN of ) ( NP ( CD 5.75 ) ( NNS cents ) ) ) ) ( PP-TMP ( IN during ) ( NP ( NP ( DT the ) ( JJ first ) ( CD three ) ( NNS days ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN week ) ) ) ) ) ( ADVP ( RB mostly ) ) ( PP ( IN in ) ( NP ( NP ( NN reaction ) ) ( PP ( TO to ) ( NP ( NP ( NP ( VB last ) ( NNP Friday ) ( POS 's ) ) ( NN stock ) ( NN market ) ( NN plunge ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD prompted ) ( NP ( NN concern ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD might ) ( VP ( VB signal ) ( NP ( NP ( DT a ) ( JJ similar ) ( JJ sharp ) ( NN slowing ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP U.S. ) ( NN economy ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( ADVP ( RB thus ) ) ( VP ( VBN reduced ) ( NP ( NP ( NN demand ) ) ( PP ( IN for ) ( NP ( NP ( NN copper ) ) ( NP ( DT a ) ( VBG leading ) ( JJ industrial ) ( NN metal ) ) ) ) ) ) ) )

That contract fell a total of 5.75 cents during the first three days of this week mostly in reaction to last Friday 's stock market plunge which prompted concern that it might signal a similar sharp slowing of the U.S. economy and thus reduced demand for copper a leading industrial metal


( S ( S-TPC-1 ( PP-TMP ( IN In ) ( NP ( JJ recent ) ( NNS days ) ) ) ( ADVP ( RB however ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( NP-PRD ( NP ( VBN increased ) ( VBG purchasing ) ) ( PP ( IN of ) ( NP ( NN copper ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP London ) ) ) ) ) ) ) ( NP-SBJ ( DT an ) ( NN analyst ) ) ( VP ( VBD said ) ) )

In recent days however there has been increased purchasing of copper in London an analyst said


( S ( NP-SBJ ( NP ( DT Some ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN buying ) ) ) ) ( VP ( VBD was ) ( PP-PRD ( IN by ) ( NP ( NP ( NNP Japan ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( VP ( VBD had ) ( S ( NP-SBJ-3 ( PRP$ its ) ( NNS supplies ) ) ( ADVP-MNR ( RB sharply ) ) ( VP ( VBN reduced ) ( PP ( IN by ) ( NP-LGS ( NP ( JJ long ) ( NN production ) ( NNS stoppages ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NP ( NP ( DT the ) ( NNP Bougainville ) ( NN mine ) ) ( PP-LOC ( IN in ) ( NP ( NNP Papua ) ( NNP New ) ( NNP Guinea ) ) ) ) ( NP ( NP ( NNP Highland ) ( NNP Valley ) ( NN mine ) ) ( PP-LOC ( IN in ) ( NP ( NNP British ) ( NNP Columbia ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NNP Cananea ) ( NN mine ) ) ( PP-LOC ( IN in ) ( NP ( NNP Mexico ) ) ) ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBP are ) ( NP-PRD ( NP ( JJ major ) ( NNS shippers ) ) ( PP ( TO to ) ( NP ( NNP Japan ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Some of this buying was by Japan which has had its supplies sharply reduced by long production stoppages at the Bougainville mine in Papua New Guinea Highland Valley mine in British Columbia and the Cananea mine in Mexico which are major shippers to Japan


( S ( S-TPC-2 ( S ( NP-SBJ ( DT The ) ( VBG increasing ) ( NN likelihood ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP Cananea ) ) ( CC and ) ( NP ( NNP Highland ) ( NNP Valley ) ) ) ( VP ( MD will ) ( ADVP-TMP ( RB soon ) ) ( VP ( VB return ) ( PP-CLR ( TO to ) ( NP ( NN production ) ) ) ) ) ) ) ) ( VP ( MD may ) ( VP ( VB have ) ( VP ( VBN cut ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( DT that ) ( NN purchasing ) ) ) ) ) ) ) ) ( CC but ) ( S ( SBAR-ADV ( RB even ) ( IN if ) ( S ( NP-SBJ-1 ( NP ( DT any ) ) ( PP ( IN of ) ( NP ( DT these ) ( NNS mines ) ) ) ) ( VP ( VBP begin ) ( S ( VP ( VBG operating ) ( ADVP-TMP ( RB soon ) ) ) ) ) ) ) ( NP-SBJ ( PRP$ their ) ( NN output ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB be ) ( ADJP-PRD ( JJ significant ) ) ( PP-TMP ( IN until ) ( NP ( NP ( ADVP ( IN at ) ( JJS least ) ) ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN year ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS analysts ) ) ( VP ( VBP note ) ) )

The increasing likelihood that Cananea and Highland Valley will soon return to production may have cut some of that purchasing but even if any of these mines begin operating soon their output wo n't be significant until at least the end of the year analysts note


( S ( ADVP ( RB So ) ) ( NP-SBJ ( CD one ) ( NN analyst ) ) ( VP ( VBD said ) ) ( S ( SBAR-ADV ( RB even ) ( IN though ) ( S ( NP-SBJ ( DT the ) ( JJ long-term ) ( NN production ) ( NNS problems ) ) ( VP ( MD may ) ( VP ( VB be ) ( VP ( VBG easing ) ) ) ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( MD will ) ( ADVP ( RB still ) ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( JJ significant ) ( NN need ) ) ( PP ( IN for ) ( NP ( NN copper ) ) ) ) ( PP-TMP ( IN over ) ( NP ( NP ( DT the ) ( JJ next ) ( CD three ) ( NNS months ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NNS inventories ) ) ( VP ( MD will ) ( VP ( VB remain ) ( ADJP-PRD ( RB relatively ) ( JJ low ) ) ) ) ) ) ) ) ) ) ) )

So one analyst said even though the long-term production problems may be easing there will still be a significant need for copper over the next three months when inventories will remain relatively low


ENERGY


( S ( NP-SBJ ( NN Crude ) ( NN oil ) ( NNS prices ) ) ( VP ( VBD ended ) ( ADJP-CLR ( VBN mixed ) ) ) )

Crude oil prices ended mixed


( S ( NP-SBJ ( NP ( NNP West ) ( NNP Texas ) ( NNP Intermediate ) ) ( PP ( IN for ) ( NP ( NNP November ) ( NN delivery ) ) ) ) ( VP ( VBD fell ) ( NP-EXT ( NP ( CD 14 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN barrel ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 20.42 ) ) ) ) )

West Texas Intermediate for November delivery fell 14 cents a barrel to 20.42


( S ( CC But ) ( NP-SBJ ( JJ so-called ) ( JJ outer ) ( NN month ) ( NNS contracts ) ) ( VP ( VBD finished ) ( ADVP-CLR ( RBR higher ) ) ) )

But so-called outer month contracts finished higher


( S ( PP ( IN For ) ( NP ( NN instance ) ) ) ( NP-SBJ ( NP ( NNP December ) ( NNS contracts ) ) ( PP ( IN for ) ( NP ( NNP WTI ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 17 ) ( NNS cents ) ) ( PP-DIR ( TO to ) ( NP ( CD 20.42 ) ) ) ) )

For instance December contracts for WTI rose 17 cents to 20.42


( S ( NP-SBJ ( JJS Most ) ( NN energy ) ( NNS futures ) ) ( VP ( VBD opened ) ( ADVP-CLR ( RBR lower ) ) ( PP-TMP ( VBG following ) ( NP ( NP ( NNP Wednesday ) ( POS 's ) ) ( NN market ) ( NN downturn ) ) ) ) )

Most energy futures opened lower following Wednesday 's market downturn


( S ( CC But ) ( NP-SBJ ( NP ( DT a ) ( NN flurry ) ) ( PP ( IN of ) ( NP ( JJ late ) ( NN trading ) ) ) ( NP-TMP ( NN yesterday ) ) ) ( VP ( VBD beefed ) ( PRT ( RP up ) ) ( NP ( NNS prices ) ) ) )

But a flurry of late trading yesterday beefed up prices


( S ( NP-SBJ ( NN Heating ) ( NN oil ) ( CC and ) ( NN gasoline ) ( NNS futures ) ) ( VP ( VBD ended ) ( ADVP-CLR ( RBR higher ) ) ( ADVP ( IN as ) ( RB well ) ) ) )

Heating oil and gasoline futures ended higher as well


( S ( NP-SBJ-1 ( NP ( JJ Former ) ( JJ Democratic ) ( NN fund-raiser ) ( NNP Thomas ) ( NNP M. ) ( NNP Gaubert ) ) ( SBAR ( WHNP-3 ( WP$ whose ) ( NNS savings ) ( CC and ) ( NN loan ) ) ( S ( VP ( VBD was ) ( VP ( VBN wrested ) ( PP-CLR ( IN from ) ( NP ( PRP$ his ) ( NN control ) ) ) ( PP ( IN by ) ( NP-LGS ( JJ federal ) ( NN thrift ) ( NNS regulators ) ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN granted ) ( NP ( NN court ) ( NN permission ) ( S ( VP ( TO to ) ( VP ( VB sue ) ( NP ( DT the ) ( NNS regulators ) ) ) ) ) ) ) ) ) )

Former Democratic fund-raiser Thomas M. Gaubert whose savings and loan was wrested from his control by federal thrift regulators has been granted court permission to sue the regulators


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT a ) ( NN ruling ) ) ( PP ( IN by ) ( NP ( NP ( DT the ) ( NNP Fifth ) ( NNP U.S. ) ( NNP Circuit ) ( NNP Court ) ) ( PP ( IN of ) ( NP ( NNP Appeals ) ) ) ( PP ( IN in ) ( NP ( NNP New ) ( NNP Orleans ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Gaubert ) ) ( VP ( VBD received ) ( NP ( DT the ) ( NN go-ahead ) ( S ( VP ( TO to ) ( VP ( VB pursue ) ( NP ( NP ( DT a ) ( NN claim ) ) ( PP ( IN against ) ( NP ( NP ( DT the ) ( NNP Federal ) ( NNP Home ) ( NNP Loan ) ( NNP Bank ) ( NNP Board ) ) ( CC and ) ( NP ( NP ( DT the ) ( NNP Federal ) ( NNP Home ) ( NNP Loan ) ( NNP Bank ) ) ( PP ( IN of ) ( NP ( NNP Dallas ) ) ) ) ) ) ( PP ( IN for ) ( NP ( NP ( NNS losses ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD suffered ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NNP Bank ) ( NNP Board ) ) ( VP ( VBD closed ) ( NP ( NP ( DT the ) ( NNP Independent ) ( NNP American ) ( NNP Savings ) ( NNP Association ) ) ( PP ( IN of ) ( NP ( NP ( NNP Irving ) ) ( NP ( NNP Texas ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In a ruling by the Fifth U.S. Circuit Court of Appeals in New Orleans Mr. Gaubert received the go-ahead to pursue a claim against the Federal Home Loan Bank Board and the Federal Home Loan Bank of Dallas for losses he suffered when the Bank Board closed the Independent American Savings Association of Irving Texas


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Gaubert ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD was ) ( NP-PRD ( NP ( NN chairman ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN majority ) ( NN stockholder ) ) ( PP ( IN of ) ( NP ( NNP Independent ) ( NNP American ) ) ) ) ) ) ) ) ) ( VP ( VBD had ) ( VP ( VBN relinquished ) ( NP ( PRP$ his ) ( NN control ) ) ( PP ( IN in ) ( NP ( NP ( NN exchange ) ) ( PP ( IN for ) ( NP ( NP ( JJ federal ) ( NNS regulators ) ( POS ' ) ) ( NN agreement ) ( S ( VP ( TO to ) ( VP ( VB drop ) ( NP ( NP ( PRP$ their ) ( NN inquiry ) ) ( PP ( IN into ) ( NP ( NP ( PRP$ his ) ( NNS activities ) ) ( PP-LOC ( IN at ) ( NP ( DT another ) ( NN savings ) ( CC and ) ( NN loan ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Gaubert who was chairman and the majority stockholder of Independent American had relinquished his control in exchange for federal regulators ' agreement to drop their inquiry into his activities at another savings and loan


( S ( PP ( IN As ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN agreement ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Gaubert ) ) ( VP ( VBD contributed ) ( NP ( NP ( JJ real ) ( NN estate ) ) ( VP ( VBN valued ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 25 ) ( CD million ) ) ) ) ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NNS assets ) ) ( PP ( IN of ) ( NP ( NNP Independent ) ( NNP American ) ) ) ) ) ) )

As part of the agreement Mr. Gaubert contributed real estate valued at 25 million to the assets of Independent American


( S ( SBAR-TMP ( IN While ) ( S ( PP-PRD ( IN under ) ( NP ( NP ( DT the ) ( NN control ) ) ( PP ( IN of ) ( NP ( JJ federal ) ( NNS regulators ) ) ) ) ) ) ) ( NP-SBJ-1 ( NP ( NNP Independent ) ( NNP American ) ( POS 's ) ) ( JJ net ) ( NN worth ) ) ( VP ( VBN dropped ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 75 ) ( CD million ) ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( DT a ) ( JJ negative ) ( CD 400 ) ( CD million ) ) ) ) ( S-ADV ( VP ( VBG wiping ) ( PRT ( RP out ) ) ( NP ( NP ( NP ( DT the ) ( NN value ) ) ( PP ( IN of ) ( NP ( NP ( NNP Mr. ) ( NNP Gaubert ) ( POS 's ) ) ( JJ real ) ( NN estate ) ( NN contribution ) ) ) ) ( CC and ) ( NP ( NP ( PRP$ his ) ( NN stock ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN institution ) ) ) ) ) ) ) ) )

While under the control of federal regulators Independent American 's net worth dropped from 75 million to a negative 400 million wiping out the value of Mr. Gaubert 's real estate contribution and his stock in the institution


( S ( NP-SBJ-1 ( NP ( NNP Mr. ) ( NNP Gaubert ) ( POS 's ) ) ( NN suit ) ( S ( VP ( TO to ) ( VP ( VB recover ) ( NP ( PRP$ his ) ( NNS damages ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN dismissed ) ( NP-TMP ( JJ last ) ( NN year ) ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP U.S. ) ( NNP District ) ( NNP Judge ) ( NNP Robert ) ( NNP Maloney ) ) ( PP ( IN of ) ( NP ( NNP Dallas ) ) ) ) ) ( PP-LOC ( IN under ) ( NP ( NP ( DT the ) ( NNP Federal ) ( NNP Tort ) ( NNP Claims ) ( NNP Act ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ offers ) ( NP ( NP ( JJ broad ) ( NN protection ) ) ( PP ( IN for ) ( NP ( NP ( NNS actions ) ) ( PP ( IN by ) ( NP ( JJ federal ) ( NNS agencies ) ( CC and ) ( NNS employees ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Gaubert 's suit to recover his damages was dismissed last year by U.S. District Judge Robert Maloney of Dallas under the Federal Tort Claims Act which offers broad protection for actions by federal agencies and employees


( S ( NP-TMP ( RBR Earlier ) ( DT this ) ( NN week ) ) ( NP-SBJ ( DT a ) ( NNP Fifth ) ( NNP Circuit ) ( JJ appellate ) ( NN panel ) ) ( VP ( VP ( VBD upheld ) ( NP ( NP ( NP ( NNP Judge ) ( NNP Maloney ) ( POS 's ) ) ( NN dismissal ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Mr. ) ( NNP Gaubert ) ( POS 's ) ) ( NN claim ) ) ( PP ( IN as ) ( NP ( DT a ) ( NN shareholder ) ) ) ) ) ) ) ( CC but ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN judge ) ) ( VP ( MD should ) ( VP ( VB reconsider ) ( NP ( NP ( NP ( NNP Mr. ) ( NNP Gaubert ) ( POS 's ) ) ( NN claim ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN loss ) ) ( PP ( IN of ) ( NP ( PRP$ his ) ( NN property ) ) ) ) ) ) ) ) ) ) ) ) )

Earlier this week a Fifth Circuit appellate panel upheld Judge Maloney 's dismissal of Mr. Gaubert 's claim as a shareholder but said the judge should reconsider Mr. Gaubert 's claim for the loss of his property


( S ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( MD may ) ( VP ( VB depend ) ( PP-CLR ( IN on ) ( SBAR ( CC whether ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBD was ) ( NP-PRD ( DT an ) ( ADJP ( JJ express ) ( CC or ) ( VBN implied ) ) ( NN promise ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ federal ) ( NNS officials ) ) ( VP ( MD would ) ( RB not ) ( ADVP-MNR ( RB negligently ) ) ( VP ( VB cause ) ( NP ( NP ( DT the ) ( NN deterioration ) ) ( PP ( IN of ) ( NP ( NNP Independent ) ( NNP American ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN court ) ) ( VP ( VBD wrote ) ) )

It may depend on whether there was an express or implied promise that the federal officials would not negligently cause the deterioration of Independent American the court wrote


( S ( NP-SBJ ( NP ( NP ( NNP Mr. ) ( NNP Gaubert ) ( POS 's ) ) ( NN lawyer ) ) ( NP ( NP ( NNP Abbe ) ( NNP David ) ( NNP Lowell ) ) ( PP ( IN of ) ( NP ( NP ( NNP Washington ) ) ( NP ( NNP D.C. ) ) ) ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN impact ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN ruling ) ) ) ( PP ( IN on ) ( NP ( NP ( JJ other ) ( NNS cases ) ) ( VP ( VBG involving ) ( NP ( NN thrift ) ( NNS takeovers ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB depend ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( NN degree ) ) ( PP ( IN of ) ( NP ( NP ( NN similarity ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNS facts ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Gaubert 's lawyer Abbe David Lowell of Washington D.C. says the impact of the ruling on other cases involving thrift takeovers will depend on the degree of similarity in the facts


( S ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB know ) ( SBAR ( IN if ) ( S ( NP-SBJ ( DT this ) ) ( VP ( MD will ) ( VP ( VB affect ) ( NP ( NP ( CD one ) ( NN institution ) ) ( CC or ) ( NP ( QP ( DT a ) ( CD hundred ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Lowell ) ) ( VP ( VBZ says ) ) )

I do n't know if this will affect one institution or a hundred Mr. Lowell says


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ does ) ( VP ( VB establish ) ( NP ( NP ( DT a ) ( RB very ) ( JJ clear ) ( NN precedent ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG suing ) ( NP ( DT the ) ( NNP FHLBB ) ) ) ) ) ) ( SBAR-LOC ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBD was ) ( NP-PRD ( NN none ) ) ( ADVP-TMP ( RB before ) ) ) ) ) ) ) )

It does establish a very clear precedent for suing the FHLBB where there was none before


( S-HLN ( NP-SBJ ( NNP MAITRE'D ) ) ( VP ( VBZ CLAIMS ) ( PP-LOC ( IN in ) ( NP ( NN suit ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NN restaurant ) ) ( VP ( VBD fired ) ( NP ( PRP her ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ pregnant ) ) ) ) ) ) ) ) ) )

MAITRE'D CLAIMS in suit that restaurant fired her because she was pregnant


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT a ) ( NN suit ) ) ( VP ( VBN filed ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( NN state ) ( NN court ) ) ( PP-LOC ( IN in ) ( NP ( NNP Manhattan ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP American ) ( NNP Civil ) ( NNP Liberties ) ( NNP Union ) ) ( VP ( VBZ is ) ( VP ( VBG representing ) ( NP ( NP ( DT the ) ( JJ former ) ( NNP maitre ) ( NNP 'd ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ chic ) ( NNP Odeon ) ( NN restaurant ) ) ) ) ) ) )

In a suit filed in state court in Manhattan the American Civil Liberties Union is representing the former maitre 'd of the chic Odeon restaurant


( S ( NP-SBJ ( NP ( DT The ) ( NN suit ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ seeks ) ( NP ( NP ( ADJP ( JJ compensatory ) ( CC and ) ( JJ punitive ) ) ( NNS damages ) ) ( PP ( IN of ) ( NP ( QP ( CD 1 ) ( CD million ) ) ) ) ) ) ) ) ) ( VP ( VBZ alleges ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN firing ) ) ( PP ( IN of ) ( NP ( NNP Marcia ) ( NNP Trees ) ( NNP Levine ) ) ) ) ( VP ( VBD violated ) ( NP ( NP ( NNP New ) ( NNP York ) ( NN state ) ( POS 's ) ) ( JJ human-rights ) ( NN law ) ) ) ) ) ) )

The suit which seeks compensatory and punitive damages of 1 million alleges that the firing of Marcia Trees Levine violated New York state 's human-rights law


( S ( PP ( IN Among ) ( NP ( JJ other ) ( NNS things ) ) ) ( NP-SBJ ( DT the ) ( NN law ) ) ( VP ( VBZ prohibits ) ( NP ( NP ( NN discrimination ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN basis ) ) ( PP ( IN of ) ( NP ( NN sex ) ( CC and ) ( NN pregnancy ) ) ) ) ) ) ) )

Among other things the law prohibits discrimination on the basis of sex and pregnancy


( S ( NP-SBJ ( DT The ) ( NN suit ) ) ( VP ( VBZ alleges ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNP Ms. ) ( NNP Levine ) ) ( VP ( VBD was ) ( VP ( VBN fired ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ-2 ( PRP she ) ) ( VP ( VBD refused ) ( S ( VP ( TO to ) ( VP ( VB accept ) ( NP ( DT a ) ( ADJP ( JJR lower ) ( VBG paying ) ) ( ADJP ( RBR less ) ( JJ visible ) ) ( NN job ) ) ( PP-TMP ( IN upon ) ( S-NOM ( VP ( VBG reaching ) ( NP ( NP ( PRP her ) ( JJ sixth ) ( NN month ) ) ( PP ( IN of ) ( NP ( NN pregnancy ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The suit alleges that Ms. Levine was fired after she refused to accept a lower paying less visible job upon reaching her sixth month of pregnancy


( S ( S ( NP-SBJ ( NNP Ms. ) ( NNP Levine ) ) ( VP ( VBD told ) ( NP ( PRP$ her ) ( NN employer ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ pregnant ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP February ) ) ) ) ) ( S-2 ( ADVP-TMP ( NP ( DT a ) ( NN month ) ) ( RBR later ) ) ( PRN ( S ( NP-SBJ ( DT the ) ( NN suit ) ) ( VP ( VBZ says ) ) ) ) ( NP-SBJ ( DT the ) ( NN restaurant ) ( NN manager ) ) ( VP ( VBD told ) ( NP ( NNP Ms. ) ( NNP Levine ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP she ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN demoted ) ( PP-CLR ( TO to ) ( NP ( PRP$ his ) ( NN assistant ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD felt ) ( SBAR ( S ( NP-SBJ ( NNS customers ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ uncomfortable ) ( PP ( IN with ) ( NP ( DT a ) ( JJ pregnant ) ( NNP maitre ) ( NNP 'd ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Ms. Levine told her employer that she was pregnant in February a month later the suit says the restaurant manager told Ms. Levine that she would be demoted to his assistant because he felt customers would be uncomfortable with a pregnant maitre 'd


( S ( NP-SBJ ( NP ( NNP Kary ) ( NNP Moss ) ) ( NP ( NP ( DT an ) ( NN attorney ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NNP ACLU ) ( POS 's ) ) ( NP ( NNS Women ) ( POS 's ) ) ( NNP Rights ) ( NNP Project ) ) ) ) ) ( VP ( VBD said ) ( S ( S ( NP-SBJ ( PRP They ) ) ( VP ( VBD wanted ) ( NP ( DT a ) ( JJ svelte-looking ) ( NN woman ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT a ) ( JJ pregnant ) ( NN woman ) ) ( VP ( VBZ is ) ( RB not ) ( ADJP-PRD ( JJ svelte ) ) ) ) ) ) )

Kary Moss an attorney with the ACLU 's Women 's Rights Project said They wanted a svelte-looking woman and a pregnant woman is not svelte


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBD told ) ( NP ( PRP her ) ) ( S ( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB hire ) ( NP ( JJ fat ) ( NNS people ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB hire ) ( NP ( NNS cripples ) ) ) ) ) ) ) )

They told her We do n't hire fat people and we do n't hire cripples


( S ( CC And ) ( NP-SBJ ( JJ pregnant ) ( NNS women ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ fat ) ) ) )

And pregnant women are fat


( S ( NP-SBJ ( NNP Ms. ) ( NNP Moss ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Ms. ) ( NNP Levine ) ) ( ADVP-MNR ( RB secretly ) ) ( VP ( VBD taped ) ( NP ( NP ( JJ many ) ( NNS conversations ) ) ( PP ( IN with ) ( NP ( NP ( PRP$ her ) ( NNS bosses ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NNP Odeon ) ) ) ) ) ( SBAR ( WHPP-1 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD told ) ( NP ( PRP her ) ) ( SBAR ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBD was ) ( VP ( VBG being ) ( VP ( VBD fired ) ( PP-CLR ( IN as ) ( NP ( NNP maitre ) ( NNP 'd ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ pregnant ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Ms. Moss said Ms. Levine secretly taped many conversations with her bosses at the Odeon in which they told her she was being fired as maitre 'd because she was pregnant


( S ( NP-SBJ ( NP ( NNP Paul ) ( NNP H. ) ( NNP Aloe ) ) ( NP ( NP ( DT an ) ( NN attorney ) ) ( PP ( IN for ) ( NP ( NNP Odeon ) ( NN owner ) ( NNP Keith ) ( NNP McNally ) ) ) ) ) ( VP ( VBD denied ) ( NP ( DT the ) ( NNS allegations ) ) ) )

Paul H. Aloe an attorney for Odeon owner Keith McNally denied the allegations


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NNP Ms. ) ( NNP Levine ) ) ( VP ( VBD had ) ( ADVP-TMP ( RB never ) ) ( VP ( VBN been ) ( VP ( VBN fired ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ-2 ( PRP she ) ) ( VP ( VBD had ) ( VP ( VBN stopped ) ( S ( VP ( VBG working ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NN restaurant ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He said Ms. Levine had never been fired although she had stopped working at the restaurant


( S ( S-TPC-2 ( NP-SBJ ( DT The ) ( NNP Odeon ) ) ( VP ( VBD made ) ( NP ( DT a ) ( VBN written ) ( NN offer ) ) ( PP-DTV ( TO to ) ( NP ( NNP Marcia ) ( NNP Levine ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP July ) ( CD 10 ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB return ) ( PP-DIR ( TO to ) ( NP ( VB work ) ) ) ( PP-MNR ( IN as ) ( NP ( DT the ) ( NNP maitre ) ( NNP 'd ) ) ) ( PP-MNR ( PP ( IN at ) ( NP ( DT the ) ( NX ( NX ( JJ same ) ( NN pay ) ) ( NX ( JJ same ) ( NNS hours ) ) ) ) ) ( CC and ) ( PP ( IN with ) ( NP ( NP ( JJ back ) ( NN pay ) ) ( VP ( VBN accrued ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

The Odeon made a written offer to Marcia Levine on July 10 to return to work as the maitre 'd at the same pay same hours and with back pay accrued he said


( S ( NP-SBJ ( NNP Mr. ) ( NNP Aloe ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNP Odeon ) ) ( VP ( VBZ has ) ( NP ( NP ( DT no ) ( NN policy ) ) ( PP ( IN against ) ( S-NOM ( VP ( VBG hiring ) ( NP ( JJ pregnant ) ( NNS people ) ) ) ) ) ) ) ) ) ) )

Mr. Aloe said the Odeon has no policy against hiring pregnant people


( S-HLN ( NP-SBJ ( NP ( NNP LAWYERS ) ) ( PP-LOC ( IN IN ) ( NP ( NP ( NNP Texas ) ( POS 's ) ) ( JJS biggest ) ( JJ bank-fraud ) ( NN case ) ) ) ) ( VP ( VBP want ) ( ADVP-LOC-CLR ( RP out ) ) ( PP ( IN in ) ( NP ( NP ( NN face ) ) ( PP ( IN of ) ( NP ( NN retrial ) ) ) ) ) ) )

LAWYERS IN Texas 's biggest bank-fraud case want out in face of retrial


( S ( NP-SBJ ( NP ( NNS Lawyers ) ) ( VP ( VBG representing ) ( NP ( NP ( CD five ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( CD seven ) ( NNS defendants ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN case ) ) ) ) ) ) ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( PRP$ their ) ( NNS clients ) ) ( VP ( MD can ) ( ADVP-TMP ( RB no ) ( RBR longer ) ) ( VP ( VB afford ) ( NP ( PRP$ their ) ( NNS services ) ) ) ) ) ) ) )

Lawyers representing five of the seven defendants in the case say their clients can no longer afford their services


( S ( NP-SBJ ( NP ( DT The ) ( NN trial ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN case ) ) ) ) ( VP ( VP ( VBD lasted ) ( NP-TMP-CLR ( CD seven ) ( NNS months ) ) ) ( CC and ) ( VP ( VBD ended ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ( PP-MNR ( IN with ) ( NP ( DT a ) ( VBN hung ) ( NN jury ) ) ) ) ) )

The trial of the case lasted seven months and ended in September with a hung jury


( S ( NP-SBJ-1 ( DT The ) ( NNS defendants ) ) ( VP ( VBD were ) ( VP ( VBN indicted ) ( ADVP-TMP ( NP ( CD two ) ( NNS years ) ) ( RB ago ) ) ( PP-CLR ( IN on ) ( NP ( NNS charges ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( PRP they ) ) ( VP ( VBD conspired ) ( S ( VP ( TO to ) ( VP ( VB defraud ) ( NP ( CD five ) ( NNS thrifts ) ) ( PP-CLR ( IN of ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 130 ) ( CD million ) ) ) ) ( PP-MNR ( IN through ) ( NP ( DT a ) ( VBN complicated ) ( NN scheme ) ( S ( VP ( TO to ) ( VP ( VB inflate ) ( NP ( NP ( DT the ) ( NN price ) ) ( PP ( IN of ) ( NP ( NP ( NN land ) ( CC and ) ( NN condominium ) ( NN construction ) ) ( PP-LOC ( IN along ) ( NP ( NP ( NNP Interstate ) ( CD 30 ) ) ( ADVP-LOC ( JJ east ) ( PP ( IN of ) ( NP ( NNP Dallas ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The defendants were indicted two years ago on charges that they conspired to defraud five thrifts of more than 130 million through a complicated scheme to inflate the price of land and condominium construction along Interstate 30 east of Dallas


( S ( NP-SBJ ( NP ( DT The ) ( NN defense ) ( NNS lawyers ) ) ( SBAR ( WHNP-1 ( WHNP ( CD three ) ) ( WHPP ( IN of ) ( WHNP ( WP whom ) ) ) ) ( S ( VP ( VBP are ) ( NP-PRD ( NN solo ) ( NNS practitioners ) ) ) ) ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-2 ( PRP they ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB afford ) ( S ( VP ( TO to ) ( VP ( VB put ) ( NP ( PRP$ their ) ( NN law ) ( NNS practices ) ) ( PP-PUT ( IN on ) ( NP ( NN hold ) ) ) ( PP-TMP ( IN for ) ( NP ( DT another ) ( JJ seven-month ) ( NN trial ) ) ) ) ) ) ) ) ) ) ) )

The defense lawyers three of whom are solo practitioners say they ca n't afford to put their law practices on hold for another seven-month trial


( S ( NP-SBJ ( NP ( DT Some ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS lawyers ) ) ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( MD would ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB represent ) ( NP ( PRP$ their ) ( NNS clients ) ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( VBZ pays ) ( NP ( PRP$ their ) ( NN tab ) ) ( PP-MNR ( IN as ) ( NP ( JJ court-appointed ) ( NNS lawyers ) ) ) ) ) ) ) ) ) ) ) )

Some of the lawyers say they would continue to represent their clients if the government pays their tab as court-appointed lawyers