( SINV ( S-TPC-1 ( NP-SBJ ( PRP He ) ) ( VP ( VBD wanted ) ( NP ( PRP$ your ) ( JJ own ) ( JJ unbiased ) ( JJ virgin ) ( NN opinion ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Johnson ) ) ( RRC ( ADVP-TMP ( RB now ) ) ( NP ( NP ( VBG managing ) ( NN director ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Georgeson ) ( CC & ) ( NNP Co. ) ) ( NP ( DT a ) ( JJ proxy-solicitation ) ( CC and ) ( JJ investor-relations ) ( NN firm ) ) ) ) ) ) ) )

He wanted your own unbiased virgin opinion says Mr. Johnson now managing director at Georgeson & Co. a proxy-solicitation and investor-relations firm


( S ( S-ADV ( ADVP-TMP ( RB Ever ) ) ( NP-PRD ( DT the ) ( NN pragmatist ) ) ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Corry ) ) ( VP ( VBD said ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD realized ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP USX ) ) ( VP ( VBZ is ) ( PP-PRD ( IN on ) ( NP ( NP ( NN acquisition ) ( NNS screens ) ) ( PP-LOC ( ADVP ( DT all ) ) ( IN over ) ( NP ( DT the ) ( NN country ) ) ) ) ) ) ) ) ) ) ) ) )

Ever the pragmatist Mr. Corry said in August that he realized that USX is on acquisition screens all over the country


( S ( S-TPC-1 ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ capitalistic ) ( NN market ) ( NN system ) ) ) ) ( SBAR-5 ( DT that ) ( S ( S ( NP-SBJ-6 ( NN equity ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN bought ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-7 ( NN equity ) ) ( VP ( VBZ is ) ( VP ( VBN bought ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

It 's part of the capitalistic market system that equity can be bought and equity is bought he said


( S-2 ( NP-SBJ-1 ( NNP USX ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD noted ) ) ) ) ( VP ( VBD was ) ( VP ( VBN formed ) ( ADVP-TMP ( NP ( CD 88 ) ( NNS years ) ) ( RB ago ) ) ( PP-MNR ( IN by ) ( S-NOM ( PP ( IN in ) ( NP ( NN effect ) ) ) ( VP ( VBG buying ) ( PRT ( RP out ) ) ( NP ( NP ( DT a ) ( NN bunch ) ) ( PP ( IN of ) ( NP ( JJ other ) ( NNS companies ) ) ) ) ) ) ) ) ) )

USX he noted was formed 88 years ago by in effect buying out a bunch of other companies


( S ( NP-SBJ ( NNS People ) ) ( VP ( VBD got ) ( ADJP-PRD ( JJ rich ) ) ( PP-MNR ( IN through ) ( NP ( NNS takeovers ) ) ) ( PP-TMP ( IN in ) ( NP ( DT those ) ( NNS days ) ) ) ( SBAR-MNR ( IN as ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP do ) ( NP-TMP ( NN today ) ) ) ) ) ) )

People got rich through takeovers in those days as they do today


( S ( NP-SBJ ( NNP Thomas ) ( NNP F. ) ( NNP O'Boyle ) ) ( VP ( VBD contributed ) ( PP-CLR ( TO to ) ( NP ( DT this ) ( NN article ) ) ) ) )

Thomas F. O'Boyle contributed to this article


( S ( NP-SBJ ( NP ( NNP Comprehensive ) ( NNP Care ) ( NNP Corp. ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ has ) ( VP ( VBN agreed ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN acquired ) ( PP ( IN by ) ( NP-LGS ( ADJP ( RB closely ) ( VBN held ) ) ( NNP First ) ( NNP Hospital ) ( NNP Corp. ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VP ( VBD reported ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 4.7 ) ( CD million ) ) ) ( NN loss ) ) ( PP ( IN for ) ( NP ( PRP$ its ) ( NNP Aug. ) ( CD 31 ) ( JJ first ) ( NN quarter ) ) ) ) ) ( CC and ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBG negotiating ) ( NP ( NP ( DT an ) ( NN extension ) ) ( PP ( IN of ) ( NP ( JJ senior ) ( NN bank ) ( NN debt ) ) ) ( PP ( IN past ) ( NP ( PRP$ its ) ( NNP Oct. ) ( CD 18 ) ( JJ due ) ( NN date ) ) ) ) ) ) ) ) ) ) )

Comprehensive Care Corp. which has agreed to be acquired by closely held First Hospital Corp. reported a 4.7 million loss for its Aug. 31 first quarter and said it is negotiating an extension of senior bank debt past its Oct. 18 due date


( S ( PP-LOC ( IN In ) ( NP ( NP ( JJ composite ) ( NN trading ) ) ( NP-TMP ( NN yesterday ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ) ) ( NP-SBJ-1 ( NNP Comprehensive ) ( NNP Care ) ( NNS shares ) ) ( VP ( VBD plunged ) ( NP-EXT ( CD 3.625 ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB close ) ( PP-CLR ( IN at ) ( NP ( CD 4.75 ) ) ) ( PP ( IN on ) ( NP ( NP ( NN volume ) ) ( PP ( IN of ) ( NP ( CD 1,177,000 ) ( NNS shares ) ) ) ) ) ) ) ) ) )

In composite trading yesterday on the New York Stock Exchange Comprehensive Care shares plunged 3.625 to close at 4.75 on volume of 1,177,000 shares


( S ( NP-SBJ ( NP ( DT The ) ( NN loss ) ) ( PP-TMP ( IN in ) ( NP ( NP ( NNP Comprehensive ) ( NNP Care ) ( POS 's ) ) ( JJS latest ) ( NN quarter ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ equal ) ( PP ( TO to ) ( NP ( NP ( CD 46 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) )

The loss in Comprehensive Care 's latest quarter is equal to 46 cents a share


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( JJ year-earlier ) ( NN quarter ) ) ) ( NP-SBJ ( NNP Comprehensive ) ( NNP Care ) ) ( VP ( VBD earned ) ( NP ( NP ( QP ( CD 1.6 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 18 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) )

In the year-earlier quarter Comprehensive Care earned 1.6 million or 18 cents a share


( S-1 ( NP-SBJ ( NP ( NN Revenue ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJS latest ) ( NN quarter ) ) ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 17 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 44 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 53.2 ) ( CD million ) ) ) ) ( PRN ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ) ) ) ( S-ADV ( VP ( VBG reflecting ) ( NP ( NP ( NP ( JJ poor ) ( NN utilization ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NNS facilities ) ) ) ) ( CC and ) ( NP ( PRP$ its ) ( JJ behavioral ) ( NN medicine ) ( NNS contracts ) ) ) ) ) ) )

Revenue in the latest quarter fell 17 % to 44 million from 53.2 million the company said reflecting poor utilization of the company 's facilities and its behavioral medicine contracts


( S ( NP-SBJ ( NNP Comprehensive ) ( NNP Care ) ( NNS shareholders ) ) ( VP ( VBP have ) ( VP ( VBN approved ) ( NP ( NP ( NN acquisition ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN developer ) ( CC and ) ( NN operator ) ) ( PP ( IN of ) ( NP ( NNP Care-Unit ) ( UCP ( NN chemical ) ( NN dependency ) ( CC and ) ( JJ psychiatric ) ) ( NNS programs ) ) ) ) ) ( PP ( IN for ) ( NP ( NP ( QP ( IN about ) ( CD 58 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NP ( NN cash ) ) ( NP ( NNS notes ) ) ( CC and ) ( NP ( NP ( NN stock ) ) ( PP ( IN of ) ( NP ( NP ( NNP First ) ( NNP Hospital ) ) ( NP-LOC ( NNP Norfolk ) ( NNP Va ) ) ) ) ) ) ) ) ) ) ) ) )

Comprehensive Care shareholders have approved acquisition of the developer and operator of Care-Unit chemical dependency and psychiatric programs for about 58 million in cash notes and stock of First Hospital Norfolk Va


( S ( NP-SBJ-1 ( DT The ) ( NN price ) ) ( VP ( VBD was ) ( VP ( VBN reduced ) ( NP-TMP ( JJ last ) ( NNP August ) ) ( PP-CLR ( IN from ) ( NP ( NP ( DT an ) ( VBN indicated ) ( NN value ) ) ( PP ( IN of ) ( NP ( QP ( CD 76 ) ( CD million ) ) ) ) ) ) ) ) )

The price was reduced last August from an indicated value of 76 million


( S ( NP-SBJ ( NNP Comprehensive ) ( NNP Care ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP First ) ( NNP Hospital ) ) ( VP ( VBD had ) ( VP ( VBN advised ) ( NP ( PRP it ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT both ) ( NP ( NN bank ) ( NN debt ) ) ( CC and ) ( NP ( JJ senior ) ( NNS notes ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN repaid ) ( PP-TMP ( IN after ) ( NP ( DT the ) ( NN acquisition ) ) ) ) ) ) ) ) ) ) ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( VBN assured ) ( SBAR ( S ( NP-SBJ-2 ( DT the ) ( NN acquisition ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN completed ) ) ) ) ) ) ) ) ) ) ) )

Comprehensive Care said First Hospital had advised it that both bank debt and senior notes would be repaid after the acquisition although it is n't assured the acquisition will be completed


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( VBN completed ) ) ) ) ) ( NP-SBJ ( NNP Comprehensive ) ( NNP Care ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN required ) ( S ( VP ( TO to ) ( ADVP-TMP ( RB promptly ) ) ( VP ( VB restructure ) ( NP ( PRP$ its ) ( NN debt ) ) ) ) ) ) ) ) ) ) ) )

If it is n't completed Comprehensive Care said it would be required to promptly restructure its debt


( S ( NP-SBJ ( NNP First ) ( NNP Hospital ) ) ( VP ( VBD advised ) ( NP ( NNP Comprehensive ) ( NNP Care ) ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT an ) ( NN agent ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ financial ) ( NNS institutions ) ) ( VP ( VBG providing ) ( NP ( NP ( NN financing ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN acquisition ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN scheduled ) ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( DT a ) ( JJ final ) ( NN credit ) ( NN determination ) ) ( NP-TMP ( NN tomorrow ) ) ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT a ) ( JJ favorable ) ( NN determination ) ) ( VP ( MD could ) ( VP ( VB result ) ( PP-CLR ( IN in ) ( NP ( NP ( DT a ) ( NN reorganization ) ) ( PP-LOC ( IN at ) ( NP ( NNP Comprehensive ) ( NNP Care ) ) ) ( PP-TMP ( IN by ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( NNP October ) ) ) ) ) ) ) ) ) ) ) ) ) )

First Hospital advised Comprehensive Care that an agent for the financial institutions providing financing of its acquisition is scheduled to make a final credit determination tomorrow and that a favorable determination could result in a reorganization at Comprehensive Care by the end of October


( S ( S-TPC-1 ( NP-SBJ ( NN Failure ) ( S ( VP ( TO to ) ( VP ( VB win ) ( NP ( JJ such ) ( DT a ) ( NN determination ) ) ) ) ) ) ( ADVP ( RB however ) ) ( VP ( MD would ) ( VP ( VB lead ) ( S ( NP-SBJ ( NNP Comprehensive ) ( NNP Care ) ( NNS directors ) ) ( VP ( TO to ) ( VP ( VB consider ) ( NP ( JJ various ) ( NNS alternatives ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( NNP Comprehensive ) ( NNP Care ) ) ( VP ( VBD said ) ( PP ( IN without ) ( S-NOM ( VP ( VBG elaborating ) ) ) ) ) )

Failure to win such a determination however would lead Comprehensive Care directors to consider various alternatives Comprehensive Care said without elaborating


( S ( ADVP ( RB Separately ) ) ( NP-SBJ ( NNP First ) ( NNP Hospital ) ) ( VP ( VBD reported ) ( NP ( NP ( DT a ) ( ADJP ( CD 1.6 ) ( NN % ) ) ( NN rise ) ) ( PP-LOC ( IN in ) ( NP ( JJ net ) ( NN income ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 6.1 ) ( CD million ) ) ) ) ( PP-TMP ( IN for ) ( NP ( NP ( PRP$ its ) ( NN year ) ) ( VP ( VBN ended ) ( NP-TMP-CLR ( NNP June ) ( CD 30 ) ) ) ) ) ( PP ( IN on ) ( NP ( NP ( DT a ) ( ADJP ( CD 27 ) ( NN % ) ) ( NN increase ) ) ( PP-LOC ( IN in ) ( NP ( NN revenue ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 110.6 ) ( CD million ) ) ) ) ) ) ) ) )

Separately First Hospital reported a 1.6 % rise in net income to 6.1 million for its year ended June 30 on a 27 % increase in revenue to 110.6 million


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD said ) ( ADVP ( RB however ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( JJ net ) ( NN income ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ two-month ) ( NN period ) ) ( VP ( VBN ended ) ( NP-TMP-CLR ( NNP Aug. ) ( CD 31 ) ) ) ) ) ) ( VP ( VBD plunged ) ( PP-DIR ( TO to ) ( NP ( CD 150,000 ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 851,000 ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ prior ) ( NN year ) ) ) ( PP ( IN on ) ( NP ( NP ( DT a ) ( ADJP ( CD 33 ) ( NN % ) ) ( NN rise ) ) ( PP-LOC ( IN in ) ( NP ( NN revenue ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 21.4 ) ( CD million ) ) ) ) ) ) ) ) ) ) )

It said however that net income for the two-month period ended Aug. 31 plunged to 150,000 from 851,000 in the prior year on a 33 % rise in revenue to 21.4 million


( S ( NP-SBJ-1 ( DT The ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB launch ) ( NP ( PRP$ its ) ( JJ own ) ( NN program ) ( NN trading ) ( NN vehicle ) ) ( NP-TMP ( NN today ) ) ) ) ) ( SBAR-TMP ( RB just ) ( IN as ) ( S ( NP-SBJ ( NP ( NN controversy ) ) ( PP ( IN over ) ( NP ( DT this ) ( NN trading ) ( NN strategy ) ) ) ) ( VP ( VBZ heats ) ( PRT ( RB up ) ) ) ) ) ) ) )

The New York Stock Exchange is expected to launch its own program trading vehicle today just as controversy over this trading strategy heats up


( S ( NP-SBJ-1 ( DT The ) ( NNP Big ) ( NNP Board ) ) ( NP-TMP ( DT this ) ( NN morning ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB begin ) ( S ( VP ( VBG trading ) ( NP ( NP ( PRP$ its ) ( NNP Exchange ) ( NNP Stock ) ( NNP Portfolio ) ( NN basket ) ( NN product ) ) ( NP ( NP ( DT the ) ( JJ first ) ( NN program-trading ) ( NN vehicle ) ) ( VP ( VBG carrying ) ( NP ( NP ( NP ( DT the ) ( NN exchange ) ( POS 's ) ) ( NN seal ) ) ( PP ( IN of ) ( NP ( NN approval ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Big Board this morning plans to begin trading its Exchange Stock Portfolio basket product the first program-trading vehicle carrying the exchange 's seal of approval


( S ( NP-SBJ ( NNPS ESPs ) ) ( VP ( MD will ) ( VP ( VB allow ) ( S ( NP-SBJ ( JJ institutional ) ( NNS investors ) ) ( VP ( TO to ) ( VP ( VB buy ) ( CC or ) ( VB sell ) ( NP ( NP ( DT all ) ( CD 500 ) ( NNS stocks ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Standard ) ( CC & ) ( NNP Poor ) ( POS 's ) ) ( NN index ) ) ) ) ( PP-MNR ( IN in ) ( NP ( NP ( DT a ) ( JJ single ) ( NN trade ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN minimum ) ) ( PP ( IN of ) ( NP ( QP ( CD 5 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) ) )

ESPs will allow institutional investors to buy or sell all 500 stocks in Standard & Poor 's index in a single trade of a minimum of 5 million


( S ( NP-SBJ ( NP ( JJ Customized ) ( NNS baskets ) ) ( PP ( IN of ) ( NP ( JJR fewer ) ( NNS stocks ) ) ) ) ( VP ( MD will ) ( ADVP ( RB also ) ) ( VP ( VB be ) ( ADJP-PRD ( JJ available ) ) ) ) )

Customized baskets of fewer stocks will also be available


( S ( NP-SBJ ( DT The ) ( NNPS Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ) ( VP ( VBD gave ) ( NP ( JJ provisional ) ( JJ six-month ) ( NN approval ) ) ( PP-DTV ( TO to ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ( NN basket ) ) ) ( PP-LOC ( IN at ) ( NP ( DT a ) ( NN meeting ) ) ) ( NP-TMP ( JJ late ) ( NN yesterday ) ) ) )

The Securities and Exchange Commission gave provisional six-month approval to the Big Board basket at a meeting late yesterday


( S ( NP-SBJ ( DT The ) ( NNP SEC ) ) ( PP-TMP ( IN at ) ( NP ( DT the ) ( JJ same ) ( NN time ) ) ) ( VP ( VBD approved ) ( NP ( NP ( DT a ) ( ADJP ( JJ similar ) ( CC but ) ( JJR smaller ) ) ( NN basket ) ( NN product ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NNP Chicago ) ( NNP Board ) ( NNPS Options ) ( NNP Exchange ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( DT the ) ( NN minimum ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( QP ( CD 1.7 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) )

The SEC at the same time approved a similar but smaller basket product on the Chicago Board Options Exchange where the minimum will be 1.7 million


( SINV ( VP-TPC-1 ( ADVP ( RB Also ) ) ( VBN approved ) ) ( VP ( VBD was ) ) ( NP-SBJ ( DT a ) ( NN plan ) ( S ( VP ( TO to ) ( VP ( VB trade ) ( NP ( NN stock ) ( NNS portfolios ) ) ( PP-MNR ( IN by ) ( NP ( NN computer ) ) ) ( PP-TMP ( IN after ) ( NP ( JJ regular ) ( NNS hours ) ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Midwest ) ( NNP Stock ) ( NNP Exchange ) ) ) ) ) ) ) )

Also approved was a plan to trade stock portfolios by computer after regular hours on the Midwest Stock Exchange


( SINV ( S-TPC-2 ( NP-SBJ ( DT The ) ( NN basket ) ( NNS products ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT an ) ( JJ evolutionary ) ( NN step ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG solving ) ( NP ( NP ( NNS problems ) ) ( PP ( IN in ) ( S-NOM ( VP ( NN trading ) ( NP ( NP ( JJ big ) ( NNS blocks ) ) ( PP ( IN of ) ( NP ( NN stock ) ) ) ) ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD came ) ( PP-CLR ( TO to ) ( NP ( NN light ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( CD 1987 ) ( NN market ) ( NN crash ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NNP SEC ) ( NNP Commissioner ) ( NNP Joseph ) ( NNP Grundfest ) ) )

The basket products are an evolutionary step in solving problems in trading big blocks of stock that came to light in the 1987 market crash said SEC Commissioner Joseph Grundfest


( S ( NP-SBJ-1 ( JJ New ) ( NNP SEC ) ( NNP Chairman ) ( NNP Richard ) ( NNP Breeden ) ) ( S-ADV ( VP ( VBG overseeing ) ( NP ( PRP$ his ) ( JJ first ) ( JJ public ) ( NN meeting ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( NP-PRD ( NNS concerns ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ( POS 's ) ) ( NN basket ) ) ( VP ( MD could ) ( VP ( VB attract ) ( NP ( NP ( NNS investors ) ) ( PP ( IN with ) ( NP ( DT a ) ( JJ short-term ) ( NN perspective ) ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( MD would ) ( ADVP-MNR ( RB rapidly ) ) ( VP ( VB turn ) ( PRT ( RP over ) ) ( NP ( DT the ) ( NN product ) ) ( ADVP ( RB thus ) ) ( S-ADV ( VP ( VBG increasing ) ( NP ( NN volatility ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

New SEC Chairman Richard Breeden overseeing his first public meeting said there have been concerns that the Big Board 's basket could attract investors with a short-term perspective who would rapidly turn over the product thus increasing volatility


( S ( CC But ) ( NP-SBJ ( NP ( NNP Richard ) ( NNP Ketchum ) ) ( NP ( NP ( DT the ) ( NNP SEC ) ( POS 's ) ) ( NN market ) ( NN regulation ) ( NN chief ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB believe ) ( SBAR ( S ( NP-SBJ ( DT this ) ) ( VP ( MD will ) ( VP ( VB spawn ) ( NP ( NP ( JJ dramatic ) ( JJ new ) ( NN program-trading ) ( NNS strategies ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJ destabilizing ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But Richard Ketchum the SEC 's market regulation chief said he did n't believe this will spawn dramatic new program-trading strategies that will be destabilizing


( S ( NP-SBJ ( NP ( NP ( DT The ) ( NNS baskets ) ) ( PP ( IN on ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ( CC and ) ( NNP CBOE ) ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP involve ) ( NP ( NP ( NP ( DT the ) ( JJ actual ) ( NNP S&P ) ( NNS stocks ) ) ( PRN ( PP ( IN unlike ) ( NP ( NP ( DT the ) ( NN stock-index ) ( NNS contracts ) ) ( VP ( ADVP ( RB currently ) ) ( VBN traded ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Chicago ) ( NNS futures ) ( NNS markets ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NN index ) ( NNS options ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP CBOE ) ) ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB begin ) ( NP ( NN trading ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NNS critics ) ) ( VP ( VBP step ) ( PRT ( RP up ) ) ( NP ( NP ( PRP$ their ) ( NNS attacks ) ) ( PP ( IN on ) ( NP ( NP ( NN program ) ( NN trading ) ) ( CC and ) ( NP ( NP ( PRP$ its ) ( NNS contributions ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN stock ) ( NN market ) ( POS 's ) ) ( JJ wild ) ( NN price ) ( NNS swings ) ) ) ) ) ) ) ) ) ) ) ) )

The baskets on the Big Board and CBOE which involve the actual S&P stocks unlike the stock-index contracts currently traded on the Chicago futures markets and index options on the CBOE will begin trading as critics step up their attacks on program trading and its contributions to the stock market 's wild price swings


( S ( NP-SBJ ( DT The ) ( NNP Big ) ( NNP Board ) ) ( VP ( VBZ argues ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP$ its ) ( JJ new ) ( NN product ) ) ( VP ( MD will ) ( VP ( VP ( VB help ) ) ( CONJP ( RB rather ) ( IN than ) ) ( VP ( VB hurt ) ) ( NP ( DT the ) ( NN situation ) ) ( PP-MNR ( IN by ) ( S-NOM ( ADVP ( RB possibly ) ) ( VP ( VBG drawing ) ( NP ( NN business ) ) ( PP-DIR ( IN from ) ( NP ( NP ( JJR more-volatile ) ( NNS forms ) ) ( PP ( IN of ) ( NP ( NN program ) ( NN trading ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Big Board argues that its new product will help rather than hurt the situation by possibly drawing business from more-volatile forms of program trading


( S ( NP-SBJ ( NNS ESPs ) ) ( VP ( VBP are ) ( ADVP ( RB also ) ) ( NP-PRD ( NP ( DT an ) ( NN attempt ) ) ( PP ( IN by ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB head ) ( PRT ( RP off ) ) ( NP ( NP ( DT the ) ( NN exodus ) ) ( PP ( IN of ) ( NP ( NN program ) ( NN trading ) ( NN business ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( JJ overseas ) ( NNS markets ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNP London ) ) ) ) ) ) ) ) ) ) ) )

ESPs are also an attempt by the Big Board to head off the exodus of program trading business to overseas markets such as London


( S ( NP-SBJ ( NNP Big ) ( NNP Board ) ( NNS officials ) ) ( ADVP ( RB also ) ) ( VP ( VBP hope ) ( SBAR ( S ( NP-SBJ ( JJ Japanese ) ( NNS investors ) ) ( VP ( MD will ) ( VP ( VB become ) ( ADJP-PRD ( JJ interested ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN exchange ) ( POS 's ) ) ( NN product ) ) ) ) ) ) ) ) ) )

Big Board officials also hope Japanese investors will become interested in the exchange 's product


( S ( ADVP ( RB Already ) ) ( NP-SBJ ( NP ( JJ many ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ( POS 's ) ) ( JJ own ) ( NN floor ) ( NNS traders ) ) ) ) ( VP ( VBP are ) ( VP ( VBG warning ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP ESP ) ( NNS baskets ) ) ( VP ( VBP are ) ( UCP-PRD ( ADJP ( JJ risky ) ) ( CC and ) ( PP ( RB not ) ( IN in ) ( NP ( NP ( DT the ) ( JJS best ) ( NNS interests ) ) ( PP ( IN of ) ( NP ( DT the ) ( VBG investing ) ( NN public ) ) ) ) ) ) ) ) ) ) ) )

Already many of the Big Board 's own floor traders are warning that the ESP baskets are risky and not in the best interests of the investing public


( S ( NP-SBJ ( NP ( DT The ) ( JJ 400-member ) ( NNP Alliance ) ) ( PP ( IN of ) ( NP ( NNP Floor ) ( NNPS Brokers ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ new ) ( NN product ) ) ( PP ( IN with ) ( NP ( DT the ) ( ADJP ( QP ( CD 5 ) ( CD million ) ) ) ( NN minimum ) ) ) ( VP ( VP ( MD will ) ( VP ( VB benefit ) ( ADVP ( JJ only ) ) ( NP ( JJ big ) ( JJ institutional ) ( NNS investors ) ) ) ) ( CC and ) ( VP ( MD could ) ( VP ( VB lead ) ( PP-DIR ( TO to ) ( NP ( NP ( JJ wild ) ( NNS spasms ) ) ( PP ( IN of ) ( NP ( NN volatility ) ) ) ) ) ) ) ) ) ) ) )

The 400-member Alliance of Floor Brokers said the new product with the 5 million minimum will benefit only big institutional investors and could lead to wild spasms of volatility


( S ( NP-SBJ ( NP ( NNS Stockbrokers ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP cater ) ( PP-CLR ( TO to ) ( NP ( JJ individual ) ( NNS investors ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ( POS 's ) ) ( JJ new ) ( NN product ) ) ( VP ( VBZ confirms ) ( SBAR ( S ( NP-SBJ-2 ( DT the ) ( NN exchange ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB want ) ( S ( VP ( TO to ) ( VP ( VB curtail ) ( NP ( NP ( NN program ) ( NN trading ) ) ( SBAR ( WHNP-3 ( WDT which ) ) ( S ( NP-TMP ( JJ last ) ( NN month ) ) ( VP ( VBD accounted ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( NN record ) ( CD 13.8 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN exchange ) ( POS 's ) ) ( JJ average ) ( JJ daily ) ( NN volume ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Stockbrokers who cater to individual investors said the Big Board 's new product confirms the exchange does n't want to curtail program trading which last month accounted for a record 13.8 % of the exchange 's average daily volume


( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ( VP ( VBZ is ) ( VP ( VBG losing ) ( NP ( PRP$ its ) ( NN cool ) ) ( ADVP-LOC ( RB here ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP James ) ( NNP Andrews ) ) ( NP ( NP ( NN head ) ) ( PP ( IN of ) ( NP ( NP ( JJ institutional ) ( NN trading ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Janney ) ( NNP Montgomery ) ( NNP Scott ) ( NNP Inc. ) ) ( PP-LOC ( IN in ) ( NP ( NNP Philadelphia ) ) ) ) ) ) ) ) ) )

The New York Stock Exchange is losing its cool here said James Andrews head of institutional trading at Janney Montgomery Scott Inc. in Philadelphia


( S ( NP-SBJ-3 ( DT The ) ( JJ new ) ( NN stock ) ( NNS baskets ) ) ( VP ( VBP are ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB make ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( ADJP-PRD ( RBR easier ) ) ( SBAR-1 ( IN for ) ( S ( NP-SBJ-2 ( NN program ) ( NN trading ) ) ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN done ) ) ) ) ) ) ) ) ) ) ) ) )

The new stock baskets are going to make it easier for program trading to be done


( S ( CC And ) ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBZ 's ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN done ) ( ADVP-TMP ( RBR more ) ( RB frequently ) ) ) ) ) ) ( PP-PRP ( IN as ) ( NP ( NP ( DT the ) ( NN result ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG having ) ( NP ( NP ( JJR more ) ( NN access ) ) ( PP ( TO to ) ( NP ( PRP it ) ) ) ) ( PP-LOC ( IN at ) ( NP ( JJ different ) ( NNS places ) ) ) ) ) ) ) ) ) ) )

And it 's going to be done more frequently as the result of having more access to it at different places


( S ( NP-SBJ-1 ( DT Both ) ( NP ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ( POS 's ) ) ( NNP Exchange ) ( NNP Stock ) ( NNP Portfolio ) ) ( CC and ) ( NP ( NP ( DT the ) ( NNP Chicago ) ( NN exchange ) ( POS 's ) ) ( NNP Market ) ( NNP Basket ) ) ) ( VP ( VBP are ) ( VP ( VBN designed ) ( PP-PRP ( IN for ) ( NP ( JJ institutional ) ( NNS investors ) ) ) ) ) )

Both the Big Board 's Exchange Stock Portfolio and the Chicago exchange 's Market Basket are designed for institutional investors


( S ( NP-SBJ ( DT The ) ( NNP Big ) ( NNP Board ) ) ( VP ( VBZ lists ) ( NP ( PRP$ its ) ( NNS targets ) ) ( PP-CLR ( IN as ) ( NP ( NP ( NN pension ) ( NNS plans ) ) ( NP ( JJ mutual ) ( NN fund ) ( NNS managers ) ) ( CC and ) ( NP ( NN index-arbitrage ) ( NNS traders ) ) ) ) ) )

The Big Board lists its targets as pension plans mutual fund managers and index-arbitrage traders


( S ( PP-LOC ( IN In ) ( NP ( NN index ) ( NN arbitrage ) ) ) ( NP-SBJ-1 ( NN program ) ( NNS traders ) ) ( VP ( VBP buy ) ( CC and ) ( VBP sell ) ( NP ( NP ( NNS stocks ) ) ( CC and ) ( NP ( NN stock-index ) ( NNS futures ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB profit ) ( PP-CLR ( IN from ) ( NP ( NP ( JJ small ) ( NN price ) ( NNS discrepancies ) ) ( PP ( IN between ) ( NP ( DT the ) ( NNS markets ) ) ) ) ) ) ) ) ) )

In index arbitrage program traders buy and sell stocks and stock-index futures to profit from small price discrepancies between the markets


( S ( PP-TMP ( IN At ) ( NP ( DT the ) ( JJ same ) ( NN time ) ) ) ( NP-SBJ-1 ( RB only ) ( CD four ) ( NNS securities ) ( NNS firms ) ) ( VP ( VP ( VBP have ) ( VP ( VBN signed ) ( PRT ( RP up ) ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB buy ) ( CC and ) ( VB sell ) ( NP ( NNPS ESPs ) ) ( PP-CLR ( IN as ) ( NP ( NN market ) ( NNS makers ) ) ) ) ) ) ) ) ( NP-ADV ( DT an ) ( JJ unenthusiastic ) ( NN response ) ) ) )

At the same time only four securities firms have signed up with the Big Board to buy and sell ESPs as market makers an unenthusiastic response


( S ( NP-SBJ ( DT The ) ( NN market ) ( NNS makers ) ) ( ADVP-TMP ( RB so ) ( RB far ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NP ( NNP CS ) ( NNP First ) ( NNP Boston ) ( NNP Group ) ( POS 's ) ) ( NNP First ) ( NNP Boston ) ( NNP Corp. ) ( NN unit ) ) ( NP ( NNP Morgan ) ( NNP Stanley ) ( CC & ) ( NNP Co. ) ) ( NP ( NNP PaineWebber ) ( NNP Group ) ( NNP Inc. ) ) ( CC and ) ( NP ( NP ( NNP Salomon ) ( NNP Inc. ) ( POS 's ) ) ( NNP Salomon ) ( NNPS Brothers ) ( NNP Inc. ) ( NN unit ) ) ) ) )

The market makers so far are CS First Boston Group 's First Boston Corp. unit Morgan Stanley & Co. PaineWebber Group Inc. and Salomon Inc. 's Salomon Brothers Inc. unit


( S ( NP-SBJ ( NP ( NNP Kidder ) ( NNP Peabody ) ( CC & ) ( NNP Co. ) ) ( NP ( NP ( DT a ) ( NNP General ) ( NNP Electric ) ( NNP Co. ) ( NN unit ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ has ) ( VP ( VBN become ) ( NP-PRD ( NP ( DT the ) ( JJS biggest ) ( NN program ) ( NN trader ) ) ( PP ( IN along ) ( PP ( IN with ) ( NP ( NNP Morgan ) ( NNP Stanley ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( DT a ) ( NN market ) ( NN maker ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ ( DT the ) ( NNP Big ) ( NNP Board ) ) ( VP ( VBZ hopes ) ( SBAR ( S ( NP-SBJ ( WDT that ) ) ( VP ( MD will ) ( VP ( VB change ) ) ) ) ) ) ) ) ) )

Kidder Peabody & Co. a General Electric Co. unit that has become the biggest program trader along with Morgan Stanley is n't a market maker although the Big Board hopes that will change


( S ( ADVP ( RB Similarly ) ) ( NP-SBJ-1 ( DT the ) ( NNP Big ) ( NNP Board ) ) ( VP ( VBZ hopes ) ( S ( VP ( TO to ) ( VP ( VB entice ) ( NP ( NNP Merrill ) ( NNP Lynch ) ( CC & ) ( NNP Co ) ) ) ) ) ) )

Similarly the Big Board hopes to entice Merrill Lynch & Co


( S ( NP-SBJ ( DT Neither ) ) ( VP ( VBZ has ) ( NP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( NN market ) ( NN maker ) ) ) ) ) ) ( PP-TMP ( IN for ) ( ADVP ( RB now ) ) ) ) )

Neither has plans to be a market maker for now


( S ( NP-SBJ ( NNS Traders ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( JJ major ) ( NNS securities ) ( NNS firms ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ reluctant ) ( S ( VP ( TO to ) ( VP ( VB become ) ( NP-PRD ( NN market ) ( NNS makers ) ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP fear ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNS baskets ) ) ( VP ( MD may ) ( VP ( VB attract ) ( NP ( RB only ) ( JJ limited ) ( NN trading ) ) ) ) ) ) ) ) ) ) ) ) ) )

Traders said major securities firms are reluctant to become market makers because they fear the baskets may attract only limited trading


( S ( NP-SBJ ( NNP Big ) ( NNP Board ) ( NNS officials ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NP ( NP ( RB only ) ( CD 25 ) ( NNS contracts ) ) ( NP-ADV ( DT a ) ( NN day ) ) ) ) ( VP ( MD may ) ( VP ( VB trade ) ( PP-TMP ( IN at ) ( ADJP ( RB first ) ) ) ( ADJP-1 ( JJ equivalent ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( NN day ) ( POS 's ) ) ( NN action ) ( PP-LOC ( IN at ) ( NP ( DT a ) ( JJ small ) ( JJ regional ) ( NN exchange ) ) ) ) ) ) ) ) ) ) ) )

Big Board officials say only 25 contracts a day may trade at first equivalent to a day 's action at a small regional exchange


( S ( SBAR-ADV ( RB Even ) ( IN though ) ( S ( NP-SBJ ( DT the ) ( NNP Big ) ( NNP Board ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( NN product ) ) ( VP ( VBZ represents ) ( NP ( DT a ) ( JJ post-crash ) ( NN reform ) ) ) ) ) ) ) ) ( NP-SBJ ( DT some ) ( NNS traders ) ) ( VP ( VBP suggest ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT the ) ( JJ new ) ( NN basket ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBG trading ) ( PP-TMP ( IN during ) ( NP ( NP ( DT this ) ( NN month ) ( POS 's ) ) ( NAC ( NNP Friday ) ( DT the ) ( JJ 13th ) ) ( NN market ) ( NN plunge ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ( VP ( MD might ) ( VP ( VB have ) ( VP ( VBD dropped ) ( NP-ADV ( NP ( JJR more ) ) ( PP ( IN than ) ( NP ( NP ( DT the ) ( CD 190 ) ( NNS points ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD did ) ) ) ) ) ) ) ) ) ) ) ) ) )

Even though the Big Board says its product represents a post-crash reform some traders suggest that if the new basket had been trading during this month 's Friday the 13th market plunge the Dow Jones Industrial Average might have dropped more than the 190 points it did


( S ( S-TPC-1 ( SBAR-ADV ( IN With ) ( S ( S ( NP-SBJ ( DT the ) ( NNS futures ) ) ( VP ( VBN locked ) ( PP-CLR ( IN into ) ( NP ( DT a ) ( NN trading ) ( NN halt ) ) ) ( NP-TMP ( NNP Oct. ) ( CD 13 ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( NN trading ) ) ( PP-LOC ( IN in ) ( NP ( DT some ) ( JJ individual ) ( NN stock ) ) ) ) ( ADJP-PRD ( JJ difficult ) ) ) ) ) ( NP-SBJ ( NN program ) ( NNS traders ) ) ( VP ( MD would ) ( VP ( VB have ) ( ADVP ( RB undoubtedly ) ) ( VP ( VBN fled ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( NN basket ) ( NN system ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNS traders ) ) ( VP ( VBP say ) ) )

With the futures locked into a trading halt Oct. 13 and trading in some individual stock difficult program traders would have undoubtedly fled to the basket system the traders say


( S ( S-TPC-1 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBD had ) ( NP ( DT the ) ( NNS baskets ) ) ) ) ) ( NP-SBJ ( PRP we ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBG leaving ) ( PP-MNR ( IN in ) ( NP ( NNS caskets ) ) ) ) ) ) ) ( NP-SBJ ( CD one ) ( NN trader ) ) ( VP ( VBD said ) ) )

If we had the baskets we would be leaving in caskets one trader said


( S ( NP-SBJ ( NP ( DT The ) ( NNP SEC ) ( POS 's ) ) ( NNP Mr. ) ( NNP Breeden ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-3 ( NP ( DT the ) ( JJ after-hours ) ( NN trading ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Midwest ) ( NN exchange ) ) ) ) ( VP ( MD would ) ( S ( VP ( VB help ) ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ) ( VP ( VB win ) ( PRT|ADVP ( NN back ) ) ( NP ( NP ( NN business ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ has ) ( VP ( VBN moved ) ( ADVP-DIR ( RB overseas ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB conduct ) ( NP ( JJ after-hours ) ( NNS trades ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The SEC 's Mr. Breeden said the after-hours trading on the Midwest exchange would help the U.S. win back business that has moved overseas to conduct after-hours trades


( S ( NP-SBJ ( NP ( NNP Bethlehem ) ( NNP Steel ) ( NNP Corp. ) ) ( VP ( VBN hammered ) ( PP ( IN by ) ( NP-LGS ( NP ( JJR higher ) ( NNS costs ) ) ( CC and ) ( NP ( NP ( JJR lower ) ( NNS shipments ) ) ( PP ( TO to ) ( NP ( VB key ) ( JJ automotive ) ( CC and ) ( NN service-center ) ( NNS customers ) ) ) ) ) ) ) ) ( VP ( VBD posted ) ( NP ( NP ( DT a ) ( ADJP ( CD 54 ) ( NN % ) ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( JJ third-quarter ) ( NN profit ) ) ) ) ) )

Bethlehem Steel Corp. hammered by higher costs and lower shipments to key automotive and service-center customers posted a 54 % drop in third-quarter profit


( S ( ADVP ( RB Separately ) ) ( NP-SBJ ( NP ( NP ( CD two ) ( JJR more ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( JJ top ) ( NNS steelmakers ) ) ) ) ( NP ( NP ( NNP Armco ) ( NNP Inc. ) ) ( CC and ) ( NP ( NNP National ) ( NNP Intergroup ) ( NNP Inc. ) ) ) ) ( VP ( VBD reported ) ( NP ( NP ( JJR lower ) ( NN operating ) ( NNS earnings ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ their ) ( NN steel ) ( NNS businesses ) ) ) ) ( S-ADV ( VP ( VBG marking ) ( SBAR ( WHNP-1 ( WP what ) ) ( S ( VP ( VBZ is ) ( ADVP ( RB generally ) ) ( VP ( VBN believed ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ two-year ) ( NN boom ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN industry ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Separately two more of the nation 's top steelmakers Armco Inc. and National Intergroup Inc. reported lower operating earnings in their steel businesses marking what is generally believed to be the end of a two-year boom in the industry


( S ( NP-SBJ ( NNP Wall ) ( NNP Street ) ( NNS analysts ) ) ( VP ( VBP expect ) ( S ( NP-SBJ ( DT the ) ( JJ disappointing ) ( NN trend ) ) ( VP ( TO to ) ( VP ( VB continue ) ( PP-TMP ( PP ( IN into ) ( NP ( DT the ) ( JJ fourth ) ( NN quarter ) ) ) ( CC and ) ( PP ( IN through ) ( NP ( NP ( ADVP ( IN at ) ( JJS least ) ) ( DT the ) ( JJ first ) ( CD two ) ( NNS quarters ) ) ( PP ( IN of ) ( NP ( CD 1990 ) ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NN industry ) ) ( VP ( MD will ) ( ADVP ( RB increasingly ) ) ( VP ( VB see ) ( NP ( NP ( DT the ) ( NN effect ) ) ( PP ( IN of ) ( NP ( NP ( NN price ) ( NN erosion ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ major ) ( NN product ) ( NNS lines ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( JJ rolled ) ( NN sheet ) ) ( VP ( VBN used ) ( PP-CLR ( IN for ) ( NP ( NP ( NNS cars ) ) ( NP ( NNS appliances ) ) ( CC and ) ( NP ( NN construction ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Wall Street analysts expect the disappointing trend to continue into the fourth quarter and through at least the first two quarters of 1990 when the industry will increasingly see the effect of price erosion in major product lines such as rolled sheet used for cars appliances and construction


( SINV ( S-TPC-2 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB bode ) ( ADVP-CLR ( RB well ) ) ( PP-CLR ( IN for ) ( NP ( VBG coming ) ( NNS quarters ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP John ) ( NNP Jacobson ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ follows ) ( NP ( DT the ) ( NN steel ) ( NN industry ) ) ( PP ( IN for ) ( NP ( NNP AUS ) ( NNPS Consultants ) ) ) ) ) ) ) )

It does n't bode well for coming quarters said John Jacobson who follows the steel industry for AUS Consultants


( S ( PP ( IN In ) ( NP ( NN fact ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ thinks ) ( SBAR ( S ( NP-SBJ ( JJ several ) ( NNS steelmakers ) ) ( VP ( MD will ) ( VP ( VB report ) ( NP ( JJ actual ) ( NNS losses ) ) ( PP-TMP ( IN through ) ( NP ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ( PP ( IN of ) ( NP ( CD 1990 ) ) ) ) ) ) ) ) ) ) )

In fact he thinks several steelmakers will report actual losses through the third quarter of 1990


( S ( NP-SBJ ( NP ( NNP Bethlehem ) ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( ADJP ( RB second ) ( JJS largest ) ) ( NN steelmaker ) ) ) ( VP ( VBD earned ) ( NP ( NP ( QP ( CD 46.9 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 54 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) )

Bethlehem the nation 's second largest steelmaker earned 46.9 million or 54 cents a share


( S ( NP-SBJ ( DT The ) ( NNS figures ) ) ( VP ( VBP include ) ( NP ( NP ( NP ( QP ( CD 15 ) ( CD million ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS costs ) ) ( VP ( JJ related ) ( PP-CLR ( TO to ) ( NP ( DT a ) ( NN blast ) ( NN furnace ) ( NN outage ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( QP ( CD 8 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NP ( NNS losses ) ) ( PP ( IN from ) ( NP ( NP ( JJ unauthorized ) ( NN work ) ( NNS outages ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN coal ) ( NNS operations ) ) ) ) ) ) ) ) ) ) )

The figures include 15 million in costs related to a blast furnace outage and 8 million in losses from unauthorized work outages at the company 's coal operations


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( JJ year-ago ) ( NN period ) ) ) ( NP-SBJ ( NNP Bethlehem ) ) ( VP ( VBD earned ) ( NP ( NP ( NP ( QP ( CD 101.4 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.27 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP ( VBG including ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 3.8 ) ( CD million ) ) ) ( NN gain ) ) ( PP ( IN from ) ( NP ( NP ( JJ early ) ( NN retirement ) ) ( PP ( IN of ) ( NP ( NN debt ) ) ) ) ) ) ) ) ) )

In the year-ago period Bethlehem earned 101.4 million or 1.27 a share including a 3.8 million gain from early retirement of debt


( S ( NP-SBJ ( JJ Third-quarter ) ( NNS sales ) ) ( VP ( VBD dropped ) ( NP-ADV ( CD 11 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 1.27 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 1.43 ) ( CD billion ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) ) )

Third-quarter sales dropped 11 % to 1.27 billion from 1.43 billion a year ago


( 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 Bethlehem ) ( NNS shares ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 50 ) ( NNS cents ) ) ( PP-DIR ( TO to ) ( NP ( CD 17.375 ) ) ) ) )

In composite trading on the New York Stock Exchange Bethlehem shares rose 50 cents to 17.375


( S ( PP ( IN Of ) ( NP ( PDT all ) ( DT the ) ( JJ major ) ( NNS steelmakers ) ) ) ( NP-SBJ-1 ( NNP Bethlehem ) ) ( VP ( MD would ) ( VP ( VB seem ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ vulnerable ) ) ) ( PP ( TO to ) ( NP ( DT a ) ( NN slowdown ) ) ) ) ) ) ) ) ) )

Of all the major steelmakers Bethlehem would seem to be the most vulnerable to a slowdown


( S ( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN diversified ) ( PP ( IN beyond ) ( NP ( NN steel ) ) ) ) ) ) ( CC nor ) ( SINV ( VBZ has ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD linked ) ( PRT ( RP up ) ) ( PP-CLR ( IN with ) ( NP ( DT a ) ( JJ joint ) ( NN venture ) ( NN partner ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB share ) ( NP ( NNS costs ) ( CC and ) ( NNS risks ) ) ) ) ) ) ) )

It has n't diversified beyond steel nor has it linked up with a joint venture partner to share costs and risks


( SINV ( S-TPC-1 ( ADVP ( RB However ) ) ( PP ( IN in ) ( NP ( NP ( NN spite ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ difficult ) ( JJ industrywide ) ( NN environment ) ) ( PP ( IN of ) ( NP ( NP ( JJ high ) ( NN cost ) ) ( CC and ) ( NP ( JJ low ) ( NN volume ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Bethlehem ) ) ( VP ( VBD had ) ( NP ( ADJP ( RB pretty ) ( JJ good ) ) ( NNS earnings ) ( NNS numbers ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Michelle ) ( NNP Galanter ) ( NNP Applebaum ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP ( IN with ) ( NP ( NNP Salomon ) ( NNPS Brothers ) ( NNP Inc ) ) ) ) ) )

However in spite of the difficult industrywide environment of high cost and low volume Bethlehem had pretty good earnings numbers said Michelle Galanter Applebaum an analyst with Salomon Brothers Inc


( S ( NP-SBJ ( NNP Ms. ) ( NNP Applebaum ) ) ( VP ( VP ( VBD had ) ( NP ( NP ( VBN estimated ) ( JJ third-quarter ) ( NNS earnings ) ) ( PP ( IN of ) ( NP ( NP ( CD 55 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ( CC but ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NNS losses ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ unusual ) ( NNS items ) ) ) ) ( VP ( VBD were ) ( ADJP-PRD ( ADJP ( JJR larger ) ) ( SBAR ( IN than ) ( S ( VP ( VBN expected ) ) ) ) ) ) ) ) ) ) )

Ms. Applebaum had estimated third-quarter earnings of 55 cents a share but said the losses for the unusual items were larger than expected


( S ( ADVP ( RB Still ) ) ( NP-SBJ ( NP ( NNP Bethlehem ) ( POS 's ) ) ( NN core ) ( NN basic ) ( NN steel ) ( NNS operations ) ) ( VP ( VBD experienced ) ( NP ( NP ( DT a ) ( JJ steep ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( NN operating ) ( NN profit ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 58.6 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 186.4 ) ( CD million ) ) ) ( NP-TMP ( ADVP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NN industry ) ) ( VP ( VBD enjoyed ) ( NP ( JJ strong ) ( NN demand ) ( CC and ) ( NN pricing ) ) ) ) ) ) ) ) ) ) )

Still Bethlehem 's core basic steel operations experienced a steep drop in operating profit to 58.6 million from 186.4 million a year ago when the industry enjoyed strong demand and pricing


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( NNS shipments ) ) ( VP ( VBD declined ) ( PP-PRP ( IN as ) ( NP ( NP ( DT a ) ( NN result ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT a ) ( NN reduction ) ) ( PP ( IN in ) ( NP ( NNS inventories ) ) ) ( PP ( IN by ) ( NP ( NN service ) ( NNS centers ) ) ) ) ( NP ( DT a ) ( JJ lackluster ) ( JJ automotive ) ( NN market ) ) ( CC and ) ( NP ( NP ( VBG increasing ) ( JJ competitive ) ( NNS pressures ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN construction ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ) )

The company said its shipments declined as a result of a reduction in inventories by service centers a lackluster automotive market and increasing competitive pressures in the construction market


( S ( PP-TMP ( IN At ) ( NP ( DT the ) ( JJ same ) ( NN time ) ) ) ( NP-SBJ-1 ( NN production ) ( NNS costs ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) ( VP ( VBD were ) ( VP ( VBN boosted ) ( PP ( IN by ) ( NP-LGS ( NP ( JJR higher ) ( JJ raw ) ( NN material ) ( CC and ) ( NN employment ) ( NNS costs ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD resulted ) ( PP-CLR ( IN from ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ new ) ( NN labor ) ( NN pact ) ) ( ADJP ( JJ effective ) ( NP-TMP ( NNP June ) ( CD 1 ) ) ) ) ) ) ) ) ) ) ) ) )

At the same time production costs compared with a year ago were boosted by higher raw material and employment costs which resulted from the company 's new labor pact effective June 1


( SINV ( S-TPC-2 ( NP-SBJ ( PRP We ) ) ( VP ( VBP anticipate ) ( SBAR ( DT that ) ( S ( NP-SBJ ( NN steel ) ( NN market ) ( NNS conditions ) ) ( VP ( MD will ) ( VP ( VB exhibit ) ( NP ( DT a ) ( RB further ) ( JJ moderate ) ( NN decline ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ fourth ) ( NN quarter ) ) ) ) ) ) ) ( SBAR-PRP ( IN as ) ( S ( S ( NP-SBJ ( DT the ) ( JJ automotive ) ( NN sector ) ) ( VP ( VBZ remains ) ( ADJP-PRD ( JJ weak ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( NNS customers ) ) ( VP ( VBP continue ) ( S ( VP ( TO to ) ( VP ( VB adjust ) ( NP ( NNS inventories ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NNP Bethlehem ) ( NNP Chairman ) ( NNP Walter ) ( NNP F. ) ( NNP Williams ) ) )

We anticipate that steel market conditions will exhibit a further moderate decline in the fourth quarter as the automotive sector remains weak and customers continue to adjust inventories said Bethlehem Chairman Walter F. Williams


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD noted ) ( ADVP ( RB however ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN order ) ( NN entry ) ) ( VP ( VBZ has ) ( VP ( VBN increased ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( JJ low ) ( NNS levels ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ early ) ( NN summer ) ) ) ) ) ( PP-TMP ( VBG following ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( NN labor ) ( NNS negotiations ) ) ) ) ) ) ) ) ) ) )

He noted however that the company 's order entry has increased from the low levels of the early summer following the end of labor negotiations


( S ( NP-SBJ ( NP ( NNP Armco ) ) ( VP ( VBN hampered ) ( PP ( IN by ) ( NP-LGS ( NP ( JJR lower ) ( NN volume ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( NN specialty ) ( NN steel ) ( NN business ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ third-quarter ) ( JJ net ) ( NN income ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 8 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 33 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 35 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 36 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 39 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ year-ago ) ( NN quarter ) ) ) ) ) ) ) ) ) )

Armco hampered by lower volume in its specialty steel business said third-quarter net income dropped 8 % to 33 million or 35 cents a share from 36 million or 39 cents a share in the year-ago quarter


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD dropped ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 441.1 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 820.4 ) ( CD million ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( ADVP ( RB no ) ( RB longer ) ) ( VP ( VBZ consolidates ) ( NP ( NP ( PRP$ its ) ( NNP Eastern ) ( NNP Steel ) ( NN division ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( ADVP-TMP ( RB now ) ) ( NP-PRD ( NP ( DT a ) ( JJ joint ) ( NN venture ) ) ( PP ( IN with ) ( NP ( NNP Kawasaki ) ( NNP Steel ) ( NNP Corp ) ) ) ) ) ) ) ) ) ) ) ) )

Sales dropped to 441.1 million from 820.4 million because the company no longer consolidates its Eastern Steel division which is now a joint venture with Kawasaki Steel Corp


( S ( PP ( IN Along ) ( PP ( IN with ) ( NP ( JJ reduced ) ( NN volume ) ) ) ) ( NP-SBJ ( NNS analysts ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( ADJP ( RB fifth ) ( JJS largest ) ) ( NN steelmaker ) ) ( VP ( VBD was ) ( VP ( VBN hurt ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG holding ) ( NP ( JJ higher-cost ) ( NN inventory ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( NP ( JJ raw ) ( NN material ) ( NNS costs ) ) ( PP ( IN of ) ( NP ( NP ( JJ such ) ( JJ key ) ( NNS products ) ) ( PP ( IN as ) ( NP ( NN nickel ) ) ) ) ) ) ( VP ( VBD dropped ) ) ) ) ) ) ) ) ) ) ) ) )

Along with reduced volume analysts said the nation 's fifth largest steelmaker was hurt by holding higher-cost inventory when raw material costs of such key products as nickel dropped


( S ( NP-SBJ ( NN Operating ) ( NN profit ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 46 ) ( NN % ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( NN specialty ) ( JJ flat-rolled ) ( NN steel ) ( NN segment ) ) ) ) )

Operating profit dropped 46 % in its specialty flat-rolled steel segment


( S ( ADVP ( RB Moreover ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( JJR higher ) ( NNS sales ) ( CC and ) ( NNS shipments ) ) ( PP ( TO to ) ( NP ( NN service ) ( NNS centers ) ) ) ( PP ( IN from ) ( NP ( PRP$ its ) ( NNP Armco ) ( NNP Steel ) ( NNP Co. ) ( JJ joint ) ( NN venture ) ) ) ) ( VP ( VBD failed ) ( S ( VP ( TO to ) ( VP ( VB offset ) ( NP ( NP ( NP ( NN weakness ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ automotive ) ( NN market ) ) ) ) ( NP ( JJR higher ) ( NN production ) ( NNS costs ) ) ( CC and ) ( NP ( DT a ) ( JJR poorer ) ( NN product ) ( NN mix ) ) ) ) ) ) ) ) ) ) )

Moreover the company said higher sales and shipments to service centers from its Armco Steel Co. joint venture failed to offset weakness in the automotive market higher production costs and a poorer product mix


( S ( NP-SBJ-1 ( NNP Armco ) ( NNS shares ) ) ( VP ( VBD closed ) ( S-ADV ( ADJP-PRD ( JJ unchanged ) ) ) ( PP-CLR ( IN at ) ( NP ( CD 10.625 ) ) ) ( 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 ) ) ) ) ) ) )

Armco shares closed unchanged at 10.625 in composite trading on the New York Stock Exchange


( S ( NP-SBJ ( NP ( NNP National ) ( NNP Intergroup ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ owns ) ( NP ( NP ( CD 50 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( ADJP ( RB sixth ) ( JJS largest ) ) ( NN steelmaker ) ) ( NP ( NNP National ) ( NNP Steel ) ( NNP Corp. ) ) ) ) ) ) ) ) ) ( VP ( VBD posted ) ( NP ( NP ( JJ net ) ( NN income ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ fiscal ) ( NN second-quarter ) ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 8.6 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 33 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( JJ net ) ( NN loss ) ) ( PP ( IN of ) ( NP ( QP ( CD 50.3 ) ( CD million ) ) ) ) ) ) ) ) )

National Intergroup which owns 50 % of the nation 's sixth largest steelmaker National Steel Corp. posted net income for the fiscal second-quarter of 8.6 million or 33 cents a share compared with a net loss of 50.3 million


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD increased ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NN quarter ) ) ( VP ( VBN ended ) ( NP-TMP-CLR ( NNP Sept. ) ( CD 30 ) ) ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 747.8 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 623.5 ) ( CD million ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) ) )

Sales increased in the quarter ended Sept. 30 to 747.8 million from 623.5 million a year ago


( S ( NP-SBJ ( DT The ) ( JJS latest ) ( NN period ) ) ( VP ( VBZ includes ) ( NP ( NP ( NNS gains ) ) ( PP ( IN of ) ( NP ( QP ( CD 9.1 ) ( CD million ) ) ) ) ( PP ( IN from ) ( NP ( NP ( NP ( JJ early ) ( NN retirement ) ) ( PP ( IN of ) ( NP ( NN debt ) ) ) ) ( CC and ) ( NP ( NN tax ) ( NN loss ) ( NN carry-forward ) ) ) ) ) ) )

The latest period includes gains of 9.1 million from early retirement of debt and tax loss carry-forward


( S ( NP-SBJ-1 ( NP ( JJ Last ) ( NN year ) ( POS 's ) ) ( NNS results ) ) ( VP ( VBD were ) ( VP ( VBN hurt ) ( PP ( IN by ) ( NP-LGS ( NP ( QP ( CD 41.3 ) ( CD million ) ) ) ( PP-LOC ( IN in ) ( NP ( NN restructuring ) ( NNS charges ) ) ) ) ) ) ) )

Last year 's results were hurt by 41.3 million in restructuring charges


( S ( NP-SBJ-1 ( NNP National ) ( NNP Intergroup ) ( NN stock ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 15 ) ) ) ( S-ADV ( ADJP-PRD ( JJ unchanged ) ) ) ( 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 ) ) ) ) ) ) )

National Intergroup stock closed at 15 unchanged in composite trading on the New York Stock Exchange


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD noted ) ( SBAR ( DT that ) ( S ( NP-SBJ ( PRP$ its ) ( NX ( NX ( NNP Fox-Meyer ) ( NNP Drug ) ( NNP Co. ) ) ( NX ( NNP Ben ) ( NNP Franklin ) ( NNPS Stores ) ( NNP Inc. ) ) ( CC and ) ( NX ( NNP Permian ) ( NNP Corp. ) ( NNS operations ) ) ) ) ( VP ( VBD showed ) ( NP ( NNS improvements ) ) ( PP-PRP ( IN as ) ( NP ( NP ( DT a ) ( NN result ) ) ( PP ( IN of ) ( NP ( NN restructuring ) ( NNS moves ) ) ) ) ) ) ) ) ) )

The company noted that its Fox-Meyer Drug Co. Ben Franklin Stores Inc. and Permian Corp. operations showed improvements as a result of restructuring moves


( S ( ADVP ( RB However ) ) ( NP-SBJ ( NP ( PRP$ its ) ( NN equity ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( JJ net ) ( NN income ) ) ( PP ( IN of ) ( NP ( NNP National ) ( NNP Steel ) ) ) ) ) ) ( VP ( VBD declined ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 6.3 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 10.9 ) ( CD million ) ) ) ) ( PP-PRP ( IN as ) ( NP ( NP ( DT a ) ( NN result ) ) ( PP ( IN of ) ( NP ( NP ( NP ( JJR softer ) ( NN demand ) ) ( CC and ) ( NP ( VBN lost ) ( NNS orders ) ) ) ( PP-TMP ( VBG following ) ( NP ( NP ( JJ prolonged ) ( NN labor ) ( NNS talks ) ) ( CC and ) ( NP ( DT a ) ( VBN threatened ) ( NN strike ) ) ) ) ) ) ) ) ) )

However its equity in the net income of National Steel declined to 6.3 million from 10.9 million as a result of softer demand and lost orders following prolonged labor talks and a threatened strike


( S ( NP-SBJ-1 ( NNP National ) ( NNP Intergroup ) ) ( VP ( VBZ is ) ( VP ( VBG negotiating ) ( PP-CLR ( IN for ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( ADJP ( CD 50 ) ( NN % ) ) ( NN interest ) ) ( PP-LOC ( IN in ) ( NP ( NNP National ) ( NNP Steel ) ) ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB concentrate ) ( ADVP ( RBR more ) ( RB fully ) ) ( PP-CLR ( IN on ) ( NP ( NN drug ) ( NN distribution ) ( NNS operations ) ) ) ) ) ) ) ) )

National Intergroup is negotiating for the sale of its 50 % interest in National Steel to concentrate more fully on drug distribution operations


( S ( NP-SBJ ( NP ( DT A ) ( NN group ) ) ( PP ( VBG including ) ( NP ( NNP New ) ( NNP York ) ( NNS investors ) ( NX ( NX ( NNP Douglas ) ( NN A. ) ( NNP Kass ) ) ( CC and ) ( NX ( NNP Anthony ) ( NNP Pedone ) ) ) ) ) ) ( VP ( VBZ holds ) ( NP ( NP ( DT the ) ( NN equivalent ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( ADJP ( CD 12.6 ) ( NN % ) ) ( NN stake ) ) ( PP ( IN in ) ( NP ( NP ( NP ( NNP H.H. ) ( NNP Robertson ) ( NNP Co. ) ( POS 's ) ) ( JJ common ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( NN filing ) ) ( PP ( IN with ) ( NP ( DT the ) ( NNPS Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ) ) ) ) ) ) )

A group including New York investors Douglas A. Kass and Anthony Pedone holds the equivalent of a 12.6 % stake in H.H. Robertson Co. 's common shares outstanding according to a filing with the Securities and Exchange Commission


( S ( NP-SBJ ( NP ( NNS Officials ) ) ( PP ( IN of ) ( NP ( NP ( JJ Pittsburgh-based ) ( NNP H.H. ) ( NNP Robertson ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ makes ) ( NP ( NP ( NN steel ) ( NNS roofs ) ) ( NP ( NN store ) ( NNS fronts ) ) ( CC and ) ( NP ( NN building ) ( NNS parts ) ) ) ) ) ) ) ) ) ( VP ( VBD declined ) ( NP ( NN comment ) ) ) )

Officials of Pittsburgh-based H.H. Robertson which makes steel roofs store fronts and building parts declined comment


( S ( SBAR-ADV ( IN As ) ( S ( VP ( VBN reported ) ( NP-TMP ( JJ last ) ( NN month ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Kass ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ interested ) ( PP ( IN in ) ( S-NOM ( VP ( VBG making ) ( NP ( DT an ) ( NN offer ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NNP H.H. ) ( NNP Robertson ) ) ( PP-CLR ( IN for ) ( NP ( NP ( CD 13 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

As reported last month Mr. Kass said he was interested in making an offer to buy H.H. Robertson for 13 a share


( S ( PP-LOC ( IN In ) ( NP ( DT the ) ( NNP SEC ) ( NN filing ) ) ) ( NP-SBJ ( DT the ) ( NNP Kass-Pedone ) ( NN group ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ intends ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( JJ additional ) ( NNP H.H. ) ( NNP Robertson ) ( NNS shares ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( NN view ) ) ( PP ( IN towards ) ( NP ( NP ( DT a ) ( JJ possible ) ( NN change ) ) ( PP ( IN in ) ( NP ( NP ( NN control ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In the SEC filing the Kass-Pedone group said it intends to acquire additional H.H. Robertson shares with a view towards a possible change in control of the company


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ has ) ( RB not ) ( ADVP ( RB however ) ) ( VP ( VBN made ) ( NP ( DT a ) ( JJ formal ) ( NN proposal ) ) ) ) )

It has not however made a formal proposal


( S ( S-TPC-4 ( S ( NP-SBJ-1 ( DT The ) ( NN group ) ) ( ADVP ( RB also ) ) ( VP ( VBZ is ) ( VP ( VBN engaged ) ( PP-CLR ( IN in ) ( NP ( NP ( NNS talks ) ) ( PP ( IN with ) ( NP ( JJ third ) ( NNS parties ) ) ) ( VP ( VBG regarding ) ( S ( VP ( VBG obtaining ) ( NP ( NP ( NN financing ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( JJR more ) ( NNS shares ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-2 ( DT no ) ( NNS agreements ) ) ( VP ( VBP have ) ( ADVP ( RB yet ) ) ( VP ( VBN been ) ( VP ( VBN reached ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN filing ) ) ( VP ( VBD said ) ) )

The group also is engaged in talks with third parties regarding obtaining financing to buy more shares but no agreements have yet been reached the filing said


( S ( NP-SBJ ( DT The ) ( NN group ) ) ( VP ( VBZ controls ) ( NP ( CD 795,900 ) ( NNP H.H. ) ( NNP Robertson ) ( JJ common ) ( NNS shares ) ) ( S-ADV ( VP ( VBG assuming ) ( NP ( NP ( NN exercise ) ) ( PP ( IN of ) ( NP ( NP ( DT an ) ( NN option ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD acquired ) ( PP-CLR ( IN from ) ( NP ( NNP Executive ) ( NNP Life ) ( NNP Insurance ) ( NNP Co. ) ) ) ) ) ) ( S-2 ( VP ( TO to ) ( VP ( VB buy ) ( NP ( CD 497,400 ) ( NNS shares ) ) ) ) ) ) ) ) ) ) ) )

The group controls 795,900 H.H. Robertson common shares assuming exercise of an option it acquired from Executive Life Insurance Co. to buy 497,400 shares


( S ( NP-SBJ ( PRP$ Its ) ( NN stake ) ) ( VP ( VBZ includes ) ( NP ( NP ( CD 106,100 ) ( NNS shares ) ) ( VP ( VBN bought ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ open ) ( NN market ) ) ) ( PP-TMP ( PP ( IN from ) ( NP ( NNP Aug. ) ( CD 30 ) ) ) ( PP ( TO to ) ( NP ( NNP Oct. ) ( CD 18 ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( CD 10.375 ) ( TO to ) ( CD 12.125 ) ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) )

Its stake includes 106,100 shares bought in the open market from Aug. 30 to Oct. 18 for 10.375 to 12.125 a share


( S ( PP-LOC ( IN In ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ ( NNP H.H. ) ( NNP Robertson ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 11.625 ) ) ) ( ADVP ( RB up ) ( NP ( CD 62.5 ) ( NNS cents ) ) ) ) )

In New York Stock Exchange composite trading yesterday H.H. Robertson closed at 11.625 up 62.5 cents


( S ( NP-SBJ ( NNP Genentech ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ third-quarter ) ( NN profit ) ) ( VP ( ADVP ( RBR more ) ( IN than ) ) ( VBD doubled ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 11.4 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 13 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( DT a ) ( JJ depressed ) ( CD 1988 ) ( JJ third-quarter ) ( NN performance ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 5.3 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD six ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) ) ) )

Genentech Inc. said third-quarter profit more than doubled to 11.4 million or 13 cents a share from a depressed 1988 third-quarter performance of 5.3 million or six cents a share


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 23 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 100 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 81.6 ) ( CD million ) ) ) ) ) )

Revenue rose 23 % to 100 million from 81.6 million


( S ( NP-SBJ ( JJ Net ) ( NN product ) ( NNS sales ) ) ( VP ( VBD accounted ) ( PP-CLR ( IN for ) ( NP ( QP ( CD 76 ) ( CD million ) ) ) ) ( ADVP ( RB up ) ( PP ( IN from ) ( NP ( QP ( CD 57.5 ) ( CD million ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB earlier ) ) ) ) ) )

Net product sales accounted for 76 million up from 57.5 million a year earlier


( S ( NP-SBJ ( NP ( NNS Sales ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN heart ) ( NN drug ) ( NNP TPA ) ) ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( QP ( CD 43.6 ) ( CD million ) ) ) ( ADJP ( JJR better ) ( PP ( IN than ) ( NP ( NP ( NP ( JJ last ) ( NN year ) ( POS 's ) ) ( JJ depressed ) ( JJ third ) ( NN period ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD sold ) ( NP ( NP ( QP ( RB just ) ( CD 29.1 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN drug ) ) ) ) ) ) ) ) ) ) ) ) )

Sales of the heart drug TPA were 43.6 million better than last year 's depressed third period when the company sold just 29.1 million of the drug


( S ( CC But ) ( NP-SBJ ( NNP TPA ) ( NNS sales ) ) ( VP ( VBD fell ) ( PP-DIR ( IN below ) ( NP ( NP ( NNS levels ) ) ( PP ( IN for ) ( NP ( NP ( NP ( DT this ) ( NN year ) ( POS 's ) ) ( ADJP ( JJ first ) ( CC and ) ( JJ second ) ) ( NN quarter ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( QP ( CD 48 ) ( CD million ) ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG cooling ) ( NP ( NNS investors ) ) ) ) ) )

But TPA sales fell below levels for this year 's first and second quarter sales of 48 million cooling investors


( S ( NP-SBJ ( NNP Genentech ) ( NN stock ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 12.5 ) ( NNS cents ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NN trading ) ) ( NP-TMP ( NN yesterday ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 20.125 ) ) ) ) )

Genentech stock fell 12.5 cents in trading yesterday on the New York Stock Exchange to 20.125


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ) ( NP-SBJ ( JJ net ) ( NN income ) ) ( VP ( VBD slid ) ( NP-ADV ( CD 21 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 28.4 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 33 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 36 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 42 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) )

In the nine months net income slid 21 % to 28.4 million or 33 cents a share from 36 million or 42 cents a share


( S ( NP-SBJ ( NNS Revenues ) ) ( VP ( VBD climbed ) ( NP-EXT ( CD 18 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 289 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 245.3 ) ( CD million ) ) ) ) ) )

Revenues climbed 18 % to 289 million from 245.3 million


( SINV ( S-TPC-2 ( NP-SBJ-1 ( PRP We ) ) ( VP ( VBP continue ) ( S ( VP ( TO to ) ( VP ( VB be ) ( PP ( IN on ) ( NP ( NN target ) ) ) ( PP-PRD ( IN for ) ( S-NOM ( VP ( VBG increasing ) ( NP ( NNP TPA ) ( NNS sales ) ) ( NP ( NP ( CD 20 ) ( NN % ) ) ( PP ( TO to ) ( NP ( CD 25 ) ( NN % ) ) ) ) ) ( NP ( DT this ) ( NN year ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NN founder ) ( CC and ) ( NNP Chief ) ( NNP Executive ) ( NNP Officer ) ( NNP Robert ) ( NNP Swanson ) ) )

We continue to be on target for increasing TPA sales 20 % to 25 % this year said founder and Chief Executive Officer Robert Swanson


( S ( CC But ) ( NP-SBJ ( DT some ) ( NNS analysts ) ) ( VP ( VBP remain ) ( ADJP-PRD ( JJ sour ) ( PP ( IN on ) ( NP ( DT the ) ( NN company ) ) ) ) ) )

But some analysts remain sour on the company


( S ( NP-SBJ ( NNP TPA ) ( NNS sales ) ) ( VP ( VBP are ) ( ADVP-PRD ( RB down ) ) ( NP-TMP ( NP ( NN quarter ) ) ( PP ( TO to ) ( NP ( NN quarter ) ) ) ) ) )

TPA sales are down quarter to quarter


( S ( S ( NP-SBJ ( NNS Expenses ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ flat ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT a ) ( JJ good ) ( NN sign ) ) ) ) )

Expenses are flat and that 's a good sign


( S ( NP-SBJ ( EX There ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( NN contract ) ( NN revenue ) ) ( PP ( IN from ) ( NP ( JJ limited ) ( NN research ) ( CC and ) ( NN development ) ( NNS partnerships ) ) ) ) ) )

There 's contract revenue from limited research and development partnerships


( SINV ( S-TPC-1 ( CC But ) ( NP-SBJ ( PRP I ) ) ( ADVP ( RB still ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNS fundamentals ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ poor ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Denise ) ( NNP Gilbert ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP ( IN with ) ( NP ( NP ( NNP Montgomery ) ( NNPS Securities ) ) ( PP-LOC ( IN in ) ( NP ( NNP San ) ( NNP Francisco ) ) ) ) ) ) ) )

But I still think the fundamentals are poor said Denise Gilbert an analyst with Montgomery Securities in San Francisco


( S ( NP-SBJ ( NNP Genentech ) ) ( VP ( VBZ faces ) ( NP ( NP ( NN competition ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ cardiac-drug ) ( NN market ) ) ) ( PP ( IN from ) ( NP ( NP ( NP ( NNP SmithKline ) ( NNP Beecham ) ( NNP PLC ) ( POS 's ) ) ( NN heart ) ( NN drug ) ( NNP Eminase ) ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB receive ) ( NP ( NN market ) ( NN approval ) ) ( ADVP-TMP ( RB shortly ) ) ) ) ) ) ) ) ) ) )

Genentech faces competition in the cardiac-drug market from SmithKline Beecham PLC 's heart drug Eminase expected to receive market approval shortly


( S ( S-TPC-2 ( CC And ) ( NP-SBJ-1 ( NNP Genentech ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB have ) ( S ( NP-SBJ ( DT any ) ( JJ new ) ( NNS products ) ) ( ADJP-PRD ( JJ ready ) ( PP ( IN for ) ( NP ( NN market ) ) ) ) ) ( PP-TMP ( IN until ) ( NP ( ADVP ( IN at ) ( JJS least ) ) ( CD 1992 ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Ms. ) ( NNP Gilbert ) ) ( VP ( VBD added ) ) )

And Genentech is n't likely to have any new products ready for market until at least 1992 Ms. Gilbert added


( S ( S-TPC-1 ( S ( NP-SBJ ( NP ( DT The ) ( NN company ) ( POS 's ) ) ( NN stock ) ) ( VP ( VBZ is ) ( VP ( VBG trading ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 40 ) ( NNS times ) ) ( NP ( JJ next ) ( NN year ) ( POS 's ) ) ( NNS numbers ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( RB too ) ( JJ much ) ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBD said ) ) )

The company 's stock is trading at 40 times next year 's numbers and that 's too much she said


( S ( S-TPC-1 ( PP ( IN On ) ( NP ( DT the ) ( JJ plus ) ( NN side ) ) ) ( NP-SBJ ( NN Genentech ) ) ( VP ( VBZ is ) ( VP ( VBG benefiting ) ( PP-CLR ( IN from ) ( NP ( NP ( NP ( DT a ) ( JJR lower ) ( NN tax ) ( NN rate ) ) ( PP ( JJ due ) ( TO to ) ( NP ( PRP$ its ) ( NN research ) ( NNS outlays ) ) ) ) ( VP ( VBG giving ) ( NP ( DT a ) ( NN boost ) ) ( PP-DTV ( TO to ) ( NP ( NNS earnings ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBD said ) ) )

On the plus side Genentech is benefiting from a lower tax rate due to its research outlays giving a boost to earnings she said


( S ( NP-SBJ ( NNP Bob ) ( NNP Evans ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( NN board ) ) ( VP ( VBD authorized ) ( NP ( NP ( DT the ) ( NN purchase ) ) ( PP ( IN of ) ( NP ( NP ( QP ( RB as ) ( JJ many ) ( IN as ) ( CD 500,000 ) ) ( NNS shares ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ common ) ) ) ) ) ) ) ) ) ) )

Bob Evans Inc. said its board authorized the purchase of as many as 500,000 shares of its common


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN stock ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN purchased ) ( PP-MNR ( PP ( IN on ) ( NP ( DT the ) ( JJ open ) ( NN market ) ) ) ( CC or ) ( PP ( IN through ) ( NP ( ADJP ( RB privately ) ( VBN negotiated ) ) ( NNS transactions ) ) ) ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN held ) ( PP-CLR ( IN as ) ( NP ( NP ( NN treasury ) ( NNS shares ) ) ( PP ( IN for ) ( NP ( NP ( NN stock ) ( NNS options ) ) ( CC or ) ( NP ( JJ other ) ( JJ general ) ( JJ corporate ) ( NNS purposes ) ) ) ) ) ) ) ) ) )

The stock to be purchased on the open market or through privately negotiated transactions will be held as treasury shares for stock options or other general corporate purposes


( S ( NP-SBJ ( DT The ) ( NN program ) ) ( VP ( VBZ expires ) ( NP-TMP ( NNP April ) ( CD 27 ) ) ) )

The program expires April 27


( S ( NP-SBJ ( DT The ) ( NN restaurant ) ( NN operator ) ) ( VP ( VBD had ) ( NP ( NP ( QP ( CD 32.2 ) ( CD million ) ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ( PP-TMP ( IN as ) ( PP ( IN of ) ( NP ( NNP Sept. ) ( CD 29 ) ) ) ) ) )

The restaurant operator had 32.2 million shares outstanding as of Sept. 29


( S ( NP-SBJ ( NNP Businessland ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD purchased ) ( NP ( NP ( DT a ) ( JJ major ) ( JJ regional ) ( NN computer ) ( NN retailer ) ) ( NP ( NP ( NNPS Data ) ( NNPS Systems ) ( NNP Computer ) ( NNP Centre ) ( NNP Inc. ) ) ( NP-LOC ( NP ( NNP Springfield ) ) ( NP ( NNP New ) ( NNP Jersey ) ) ) ) ) ) ) ) ) )

Businessland Inc. said it purchased a major regional computer retailer Data Systems Computer Centre Inc. Springfield New Jersey


( S ( NP-SBJ-1 ( NNS Terms ) ) ( VP ( VBD were ) ( RB n't ) ( VP ( VBN disclosed ) ) ) )

Terms were n't disclosed


( S ( NP-SBJ ( DT The ) ( NN purchase ) ) ( VP ( VBZ strengthens ) ( NP ( NP ( NP ( ADJP ( NNP San ) ( NNP Jose ) ( JJ Calif.-based ) ) ( NNP Businessland ) ( POS 's ) ) ( NNS links ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( JJ large ) ( NNS corporations ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP are ) ( PP-PRD ( IN among ) ( NP ( NP ( DT the ) ( JJS biggest ) ( NNS buyers ) ) ( PP ( IN of ) ( NP ( NNS computers ) ) ) ) ) ) ) ) ) ) ) ) )

The purchase strengthens San Jose Calif.-based Businessland 's links to the large corporations who are among the biggest buyers of computers


( S ( NP-SBJ ( NNPS Data ) ( NNPS Systems ) ) ( VP ( VP ( VBZ has ) ( NP ( CD five ) ( JJ retail ) ( NNS stores ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN northeast ) ) ) ) ( CC but ) ( VP ( VBZ specializes ) ( PP-CLR ( IN in ) ( S-NOM ( VP ( VBG selling ) ( NP ( NP ( JJ personal ) ( NNS computers ) ) ( VP ( VBN made ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP International ) ( NNP Business ) ( NNPS Machines ) ( NNP Corp. ) ) ( CC and ) ( NP ( NNP Apple ) ( NNP Computer ) ( NNP Inc. ) ) ) ) ) ) ( PP-DTV ( TO to ) ( NP ( NP ( NNS banks ) ) ( NP ( NN brokerage ) ( NNS firms ) ) ( CC and ) ( NP ( NP ( JJ other ) ( JJ big ) ( NNS businesses ) ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( JJ metropolitan ) ( NN area ) ) ) ) ) ) ) ) ) ) ) ) )

Data Systems has five retail stores in the northeast but specializes in selling personal computers made by International Business Machines Corp. and Apple Computer Inc. to banks brokerage firms and other big businesses based in the New York metropolitan area


( S ( NP-SBJ ( NP ( NNP John ) ( NNP Fitzsimmons ) ) ( NP ( NP ( JJ chief ) ( NN executive ) ( NN officer ) ) ( PP ( IN of ) ( NP ( NNPS Data ) ( NNPS Systems ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VP ( VBD was ) ( ADJP-PRD ( JJ profitable ) ) ) ( CC and ) ( VP ( VBD expected ) ( NP ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( QP ( RB nearly ) ( CD 100 ) ( CD million ) ) ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ) ) )

John Fitzsimmons chief executive officer of Data Systems said the company was profitable and expected sales of nearly 100 million this year


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( NP ( NNP Businessland ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ operates ) ( NP ( NNS stores ) ) ( PP-LOC ( IN in ) ( NP ( CD 50 ) ( NNP U.S. ) ( JJ metropolitan ) ( NNS areas ) ) ) ) ) ) ) ( VP ( VBD planned ) ( S ( VP ( TO to ) ( VP ( VB absorb ) ( NP ( NP ( PRP$ his ) ( NN firm ) ( POS 's ) ) ( NNS operations ) ) ) ) ) ) ) ) ) )

He said Businessland which operates stores in 50 U.S. metropolitan areas planned to absorb his firm 's operations


( S ( NP-SBJ ( NNP NICHOLS ) ( NNP INSTITUTE ) ) ( VP ( VBD declared ) ( NP ( NP ( DT a ) ( JJ 2-for-1 ) ( NN split ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ common ) ( NN stock ) ) ) ( ADJP ( JJ payable ) ( NP-TMP ( NNP Nov. ) ( CD 27 ) ) ( PP ( TO to ) ( NP ( NP ( VB stock ) ) ( RRC ( PP ( IN of ) ( NP ( NN record ) ) ) ( NP-TMP ( NNP Nov. ) ( CD 10 ) ) ) ) ) ) ) ) )

NICHOLS INSTITUTE declared a 2-for-1 split of its common stock payable Nov. 27 to stock of record Nov. 10


( S ( NP-SBJ-1 ( DT The ) ( JJ clinical ) ( NN testing ) ( NNS services ) ( VBG holding ) ( NN company ) ) ( VP ( VBZ is ) ( VP ( VBN based ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP San ) ( NNP Juan ) ( NNP Capistrano ) ) ( NP ( NNP Calif ) ) ) ) ) ) )

The clinical testing services holding company is based in San Juan Capistrano Calif


( S ( NP-SBJ ( DT The ) ( JJ average ) ( NN interest ) ( NN rate ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( CD 8.337 ) ( NN % ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NP ( NNP Citicorp ) ( POS 's ) ) ( ADJP ( QP ( CD 50 ) ( CD million ) ) ) ( JJ weekly ) ( NN auction ) ) ( PP ( IN of ) ( NP ( NP ( JJ 91-day ) ( JJ commercial ) ( NN paper ) ) ( CC or ) ( NP ( JJ corporate ) ( NNS IOUs ) ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 8.292 ) ( NN % ) ) ( PP-LOC ( IN at ) ( NP ( NP ( JJ last ) ( NN week ) ( POS 's ) ) ( NN sale ) ) ) ) ) )

The average interest rate rose to 8.337 % at Citicorp 's 50 million weekly auction of 91-day commercial paper or corporate IOUs from 8.292 % at last week 's sale


( S ( NP-SBJ-1 ( NP ( NNS Bids ) ) ( VP ( VBG totaling ) ( NP ( QP ( CD 475 ) ( CD million ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBN submitted ) ) ) )

Bids totaling 475 million were submitted


( S ( NP-SBJ ( JJ Accepted ) ( NNS bids ) ) ( VP ( VBN ranged ) ( PP-CLR ( PP ( IN from ) ( NP ( CD 8.328 ) ( NN % ) ) ) ( PP ( TO to ) ( NP ( CD 8.347 ) ( NN % ) ) ) ) ) )

Accepted bids ranged from 8.328 % to 8.347 %


( S ( ADVP ( RB However ) ) ( NP-SBJ ( NNP Citicorp ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ average ) ( NN rate ) ) ( VP ( VBD fell ) ( PP-DIR ( TO to ) ( NP ( CD 7.962 ) ( NN % ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( PRP$ its ) ( ADJP ( QP ( CD 50 ) ( CD million ) ) ) ( NN auction ) ) ( PP ( IN of ) ( NP ( JJ 182-day ) ( JJ commercial ) ( NN paper ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 7.986 ) ( NN % ) ) ( PP-LOC ( IN at ) ( NP ( NP ( JJ last ) ( NN week ) ( POS 's ) ) ( NN sale ) ) ) ) ) ) ) ) )

However Citicorp said that the average rate fell to 7.962 % at its 50 million auction of 182-day commercial paper from 7.986 % at last week 's sale


( S ( NP-SBJ-1 ( NP ( NNS Bids ) ) ( VP ( VBG totaling ) ( NP ( QP ( CD 425 ) ( CD million ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBN submitted ) ) ) )

Bids totaling 425 million were submitted


( S ( NP-SBJ ( JJ Accepted ) ( NNS bids ) ) ( VP ( VBD were ) ( DT all ) ( PP-PRD ( IN at ) ( NP ( CD 7.962 ) ( NN % ) ) ) ) )

Accepted bids were all at 7.962 %


( S ( NP-SBJ ( DT The ) ( NN bank ) ( VBG holding ) ( NN company ) ) ( VP ( MD will ) ( VP ( VB auction ) ( NP ( NP ( DT another ) ( QP ( CD 50 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( DT each ) ( NN maturity ) ) ) ) ( NP-TMP ( IN next ) ( NNP Tuesday ) ) ) ) )

The bank holding company will auction another 50 million in each maturity next Tuesday


( S ( S ( VP ( VB Place ) ( NP ( DT a ) ( NN phone ) ( NN order ) ) ( PP-MNR ( IN through ) ( NP ( JJS most ) ( DT any ) ( NN catalog ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNS chances ) ) ( VP ( VBP are ) ( SBAR-PRD ( S ( NP-SBJ ( NP ( DT the ) ( NN clerk ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ answers ) ) ) ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( RB only ) ( NN one ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN line ) ) ) ) ) ) ) ) ) ) )

Place a phone order through most any catalog and chances are the clerk who answers wo n't be the only one on the line


( S ( NP-SBJ ( NNS Bosses ) ) ( VP ( VBP have ) ( NP ( JJ big ) ( NNS ears ) ) ( NP-TMP ( DT these ) ( NNS days ) ) ) )

Bosses have big ears these days


( S ( CC Or ) ( VP ( VP ( VB open ) ( PRT ( RP up ) ) ( NP ( DT an ) ( NNS electronics ) ( NN magazine ) ) ) ( CC and ) ( VP ( VB peruse ) ( NP ( NP ( DT the ) ( NNS ads ) ) ( PP ( IN for ) ( NP ( NP ( JJ sneaky ) ( NN tape ) ( NNS recorders ) ) ( CC and ) ( NP ( JJ other ) ( VBG snooping ) ( NNS gadgets ) ) ) ) ) ) ) )

Or open up an electronics magazine and peruse the ads for sneaky tape recorders and other snooping gadgets


( S ( NP-SBJ ( DT Some ) ) ( VP ( MD would ) ( VP ( VB make ) ( S ( NP-SBJ ( RB even ) ( NNP James ) ( NNP Bond ) ) ( ADJP-PRD ( JJ green ) ( PP ( IN with ) ( NP ( NN envy ) ) ) ) ) ) ) )

Some would make even James Bond green with envy


( S ( NP-SBJ ( NP ( NN Eavesdropping ) ) ( ADJP ( DT both ) ( ADJP ( JJ corporate ) ) ( CC and ) ( ADJP ( JJ private ) ) ) ) ( VP ( VBZ is ) ( PP-PRD ( IN on ) ( NP ( DT the ) ( NN rise ) ) ) ( NP-ADV ( NP ( NNS thanks ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN proliferation ) ) ( PP ( IN of ) ( NP ( NN surveillance ) ( NNS technologies ) ) ) ) ) ) ) )

Eavesdropping both corporate and private is on the rise thanks to the proliferation of surveillance technologies


( S ( CC And ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NP ( NP ( NNS sellers ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN equipment ) ) ) ) ( CC and ) ( NP ( NP ( NNS companies ) ) ( VP ( VBG monitoring ) ( NP ( NNS employees ) ) ) ) ) ( VP ( VBP have ) ( NP ( JJ few ) ( NNS qualms ) ) ) ) ) ( NP-SBJ ( NP ( JJ right-to-privacy ) ( NNS advocates ) ) ( CC and ) ( NP ( DT some ) ( NNS lawmakers ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ alarmed ) ) ) )

And while sellers of the equipment and companies monitoring employees have few qualms right-to-privacy advocates and some lawmakers are alarmed


( SINV ( S-TPC-3 ( NP-SBJ ( JJ New ) ( NNS technologies ) ) ( VP ( VBP are ) ( VP ( VBG changing ) ( NP ( NP ( NP ( DT the ) ( NN way ) ) ( SBAR ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP deal ) ( PP-CLR ( IN with ) ( NP ( DT each ) ( JJ other ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN way ) ) ( SBAR ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP work ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Janlori ) ( NNP Goldman ) ) ( NP ( NP ( DT a ) ( NN staff ) ( NN attorney ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NNP American ) ( NNP Civil ) ( NNPS Liberties ) ( NNP Union ) ) ) ) ) )

New technologies are changing the way we deal with each other and the way we work says Janlori Goldman a staff attorney at the American Civil Liberties Union


( S ( NP-SBJ-1 ( NP ( PRP$ Our ) ( NN expectation ) ) ( PP ( IN of ) ( NP ( NN confidentiality ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG being ) ( VP ( VBN eroded ) ) ) ) )

Our expectation of confidentiality is being eroded


( S ( PP-LOC ( IN On ) ( NP ( DT the ) ( JJ corporate ) ( NN side ) ) ) ( NP-SBJ ( NNS companies ) ) ( VP ( VBP claim ) ( SBAR ( IN that ) ( S ( S-NOM-SBJ ( VP ( VBG monitoring ) ( NP ( NN employee ) ( NN phone ) ( NNS conversations ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( DT both ) ( ADJP ( JJ legal ) ) ( CC and ) ( ADJP ( JJ necessary ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VP ( VB gauge ) ( NP ( NN productivity ) ) ) ( CC and ) ( VP ( VB ensure ) ( NP ( JJ good ) ( NN service ) ) ) ) ) ) ) ) ) ) )

On the corporate side companies claim that monitoring employee phone conversations is both legal and necessary to gauge productivity and ensure good service


( S ( NP-SBJ ( DT The ) ( NN practice ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ common ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NN catalog ) ( NN insurance ) ( CC and ) ( NN phone ) ( NNS companies ) ) ( NP ( NNS banks ) ) ( CC and ) ( NP ( NNS telemarketers ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NN trade ) ( NNS groups ) ) ( CC and ) ( NP ( NN worker ) ( NNS organizations ) ) ) ) ) ) )

The practice is common at catalog insurance and phone companies banks and telemarketers according to trade groups and worker organizations


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( ADVP ( RB also ) ) ( ADJP-PRD ( JJ widespread ) ) ( PP ( IN for ) ( NP ( NP ( NNS reservations ) ( NNS clerks ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( UCP ( NN airline ) ( JJ car-rental ) ( NN hotel ) ( CC and ) ( NN railroad ) ) ( NNS industries ) ) ) ) ) ) )

It 's also widespread for reservations clerks in the airline car-rental hotel and railroad industries


( S ( NP-SBJ ( NP ( NP ( DT The ) ( NNPS Communications ) ( NNPS Workers ) ) ( PP ( IN of ) ( NP ( NNP America ) ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ opposes ) ( NP ( JJ such ) ( NN monitoring ) ) ) ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NNS supervisors ) ) ( VP ( VBP listen ) ( PRT ( RP in ) ) ( PP-CLR ( IN on ) ( NP ( DT an ) ( VBN estimated ) ( QP ( CD 400 ) ( CD million ) ) ( NNS calls ) ) ) ( NP-TMP ( DT each ) ( NN year ) ) ) ) ) ) )

The Communications Workers of America which opposes such monitoring says supervisors listen in on an estimated 400 million calls each year


( SINV ( PP-LOC-PRD-TPC-1 ( IN Among ) ( NP ( NP ( NNS companies ) ) ( VP ( VBG saying ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP monitor ) ( NP ( NNS employees ) ) ) ) ) ) ) ) ( VP ( VBP are ) ) ( NP-SBJ ( NP ( NNP United ) ( NNPS Airlines ) ) ( NP ( NNP American ) ( NNPS Airlines ) ) ( NP ( NNP United ) ( NNP Parcel ) ( NNP Service ) ) ( NP ( NNP Nynex ) ( NNP Corp. ) ) ( NP ( NNP Spiegel ) ( NNP Inc. ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN circulation ) ( NN department ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN newspaper ) ) ) ) ) )

Among companies saying they monitor employees are United Airlines American Airlines United Parcel Service Nynex Corp. Spiegel Inc. and the circulation department of this newspaper


( S ( NP-SBJ ( DT Some ) ( NNP Wall ) ( NNP Street ) ( NNS firms ) ) ( VP ( VBP monitor ) ( PP-PRP ( IN for ) ( NP ( NN recordkeeping ) ( NNS purposes ) ) ) ) )

Some Wall Street firms monitor for recordkeeping purposes


( S ( NP-SBJ ( NNP Dictaphone ) ( NNP Corp. ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT a ) ( JJ big ) ( NN business ) ( NN demand ) ) ( PP ( IN for ) ( NP ( NP ( PRP$ its ) ( JJ voice-activated ) ( VBG taping ) ( NNS systems ) ) ( NP ( IN whether ) ( NP ( NP ( NP ( DT the ) ( JJ sophisticated ) ( NNP Veritrac ) ( CD 9000 ) ( NN system ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VP ( VBZ costs ) ( NP ( QP ( IN from ) ( CD 10,000 ) ( TO to ) ( CD 120,000 ) ) ) ) ( CC and ) ( VP ( MD can ) ( VP ( VB record ) ( NP ( CD 240 ) ( NNS conversations ) ) ( ADVP-TMP ( RB simultaneously ) ) ) ) ) ) ) ) ) ( CC or ) ( NP ( NP ( JJ simple ) ( JJ handheld ) ( NNS units ) ) ( VP ( VBG selling ) ( PP-CLR ( IN for ) ( NP ( CD 395 ) ) ) ) ) ) ) ) ) ) ) ) ) )

Dictaphone Corp. says there 's a big business demand for its voice-activated taping systems whether the sophisticated Veritrac 9000 system which costs from 10,000 to 120,000 and can record 240 conversations simultaneously or simple handheld units selling for 395


( SINV ( S-TPC-2 ( NP-SBJ-1 ( NNS Businesses ) ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VP ( VB verify ) ( NP ( NN information ) ) ) ( CC and ) ( VP ( VB ensure ) ( NP ( NN accuracy ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP John ) ( NNP Hiltunen ) ) ( NP ( NP ( NP ( NNP Dictaphone ) ( POS 's ) ) ( NN manager ) ) ( PP ( IN of ) ( NP ( NNS media ) ( NNS relations ) ) ) ) ) )

Businesses want to verify information and ensure accuracy says John Hiltunen Dictaphone 's manager of media relations


( S-2 ( NP-SBJ-1 ( NP ( DT The ) ( NN state ) ) ( PP ( IN of ) ( NP ( NNP Alaska ) ) ) ) ( ADVP-TMP ( RB recently ) ) ( VP ( VBD bought ) ( NP ( DT the ) ( NNP Veritrac ) ( NN system ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB monitor ) ( NP ( DT the ) ( NNP Exxon ) ( NN cleanup ) ( NN effort ) ) ) ) ) ) )

The state of Alaska recently bought the Veritrac system he says to monitor the Exxon cleanup effort


( S ( NP-SBJ ( NP ( NNP Merrill ) ( NNP Lynch ) ( CC & ) ( NNP Co. ) ) ( CC and ) ( NP ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ( NNP Inc. ) ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP use ) ( NP ( JJ voice-activated ) ( NNS systems ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB record ) ( CC and ) ( VB verify ) ( NP ( NNS orders ) ) ( PP ( IN between ) ( NP ( NNS salesmen ) ( CC and ) ( NNS traders ) ) ) ) ) ) ) ) ) ) )

Merrill Lynch & Co. and Shearson Lehman Hutton Inc. say they use voice-activated systems to record and verify orders between salesmen and traders


( S ( NP-SBJ ( NNP Shearson ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN taped ) ( NP ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ institutional ) ( NN trading ) ( NNS desks ) ) ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNS commodities ) ( CC and ) ( NNS futures ) ) ) ) ( PP-TMP ( IN for ) ( NP ( IN about ) ( CD four ) ( NNS years ) ) ) ) ) ) ) ) )

Shearson says it has taped some of its institutional trading desks such as commodities and futures for about four years


( S ( NP-SBJ ( DT Both ) ( NNS companies ) ) ( VP ( VBP stress ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS employees ) ) ( VP ( VBP know ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP are ) ( VP ( VBG being ) ( VP ( VBN recorded ) ) ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NN customer ) ( NNS conversations ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBN taped ) ) ) ) ) ) ) )

Both companies stress that employees know they are being recorded and that customer conversations are n't taped


( S ( NP-SBJ ( NNP Kidder ) ( NNP Peabody ) ( CC & ) ( NNP Co. ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ monitors ) ( NP ( NP ( NN bond-trading ) ( NNS conversations ) ) ( PP ( IN between ) ( NP ( NNS brokers ) ( CC and ) ( NNS customers ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB safeguard ) ( NP ( NN order ) ( NN accuracy ) ) ) ) ) ) ) ) ) )

Kidder Peabody & Co. says it monitors bond-trading conversations between brokers and customers to safeguard order accuracy


( S ( NP-SBJ ( NP ( NN Eavesdropping ) ) ( PP ( IN by ) ( NP ( NNS individuals ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJR harder ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB measure ) ) ) ) ) ) ) )

Eavesdropping by individuals is harder to measure


( S ( CC But ) ( NP-SBJ ( NNS devices ) ) ( VP ( VBP are ) ( ADVP-PRD ( RB there ) ( PP ( IN for ) ( NP ( DT the ) ( NN asking ) ) ) ) ( PP-LOC ( IN whether ) ( PP ( IN in ) ( NP ( NNS stores ) ) ) ( CC or ) ( PP ( IN through ) ( NP ( DT the ) ( NN mail ) ) ) ) ) )

But devices are there for the asking whether in stores or through the mail


( S ( NP-SBJ ( NP ( DT The ) ( NNP Counter ) ( NNP Spy ) ( NNP Shop ) ) ( PP-LOC ( IN in ) ( NP ( NNP Washington ) ( NNP D.C. ) ) ) ) ( PP ( IN for ) ( NP ( NN instance ) ) ) ( VP ( VBZ offers ) ( NP ( NP ( DT the ) ( JJ Secret ) ( NN Connection ) ( NN attache ) ( NN case ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD can ) ( ADVP-MNR ( RB surreptitiously ) ) ( VP ( VB record ) ( NP ( NNS conversations ) ) ( PP-TMP ( IN for ) ( NP ( NP ( CD nine ) ( NNS hours ) ) ( PP ( IN at ) ( NP ( DT a ) ( NN stretch ) ) ) ) ) ) ) ) ) ) ) )

The Counter Spy Shop in Washington D.C. for instance offers the Secret Connection attache case which can surreptitiously record conversations for nine hours at a stretch


( S ( S ( NP-SBJ ( NP ( DT That ) ) ( CC and ) ( NP ( JJ other ) ( JJ fancy ) ( NNS gizmos ) ) ) ( VP ( MD may ) ( VP ( VB cost ) ( NP ( NNS thousands ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( JJ simple ) ( JJ voice-activated ) ( NN tape ) ( NNS recorders ) ) ( VP ( VBP sell ) ( PP-CLR ( IN for ) ( ADJP ( ADJP ( RB as ) ( JJ little ) ) ( PP ( IN as ) ( NP ( CD 70 ) ) ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNS electronics ) ( NNS stores ) ) ( PP ( IN like ) ( NP ( NNP Radio ) ( NNP Shack ) ) ) ) ) ) ) )

That and other fancy gizmos may cost thousands but simple voice-activated tape recorders sell for as little as 70 at electronics stores like Radio Shack


( SINV ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( ADJP ( RBS most ) ( JJ common ) ) ( NN use ) ) ( PP ( IN of ) ( NP ( VBG spying ) ( NNS devices ) ) ) ) ( VP ( VBZ is ) ( PP-PRD-LOC ( IN in ) ( NP ( NN divorce ) ( NNS cases ) ) ) ) ) ( VP ( VBP say ) ) ( NP-SBJ ( JJ private ) ( NNS investigators ) ) )

The most common use of spying devices is in divorce cases say private investigators


( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( NP ( NN tape ) ( NNS recordings ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB uncover ) ( INTJ ( VB say ) ) ( NP ( NN infidelity ) ) ) ) ) ) ) ( VP ( VBP are ) ( RB n't ) ( ADJP-PRD ( JJ admissible ) ) ( PP-LOC ( IN in ) ( NP ( NN court ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( MD can ) ( VP ( VB mean ) ( NP ( NN leverage ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN settlement ) ) ) ) ) )

While tape recordings to uncover say infidelity are n't admissible in court they can mean leverage in a settlement


( S ( S-ADV ( VP ( JJ Concerned ) ( PP-CLR ( IN with ) ( NP ( NP ( NP ( DT the ) ( JJ increased ) ( NN availability ) ) ( PP ( IN of ) ( NP ( NN surveillance ) ( NN technology ) ) ) ) ( CC and ) ( NP ( NP ( JJR heavier ) ( NN use ) ) ( PP ( IN of ) ( NP ( PRP it ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( NNS lawmakers ) ) ( VP ( VBP have ) ( VP ( VBN proposed ) ( NP ( NP ( NNS laws ) ) ( VP ( VBG addressing ) ( NP ( DT the ) ( NN issue ) ) ) ) ) ) )

Concerned with the increased availability of surveillance technology and heavier use of it lawmakers have proposed laws addressing the issue


( S ( NP-SBJ ( CD Nine ) ( NNS states ) ) ( VP ( VBP have ) ( VP ( VBN introduced ) ( NP ( NP ( NNS bills ) ) ( VP ( VBG requiring ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNS workers ) ( CC and ) ( NNS customers ) ) ( VP ( VB be ) ( VP ( VBN made ) ( S ( ADJP-PRD ( JJ aware ) ( PP ( IN of ) ( NP ( NN monitoring ) ) ) ) ) ) ) ) ) ) ) ) ) )

Nine states have introduced bills requiring that workers and customers be made aware of monitoring


( S ( CC And ) ( NP-SBJ ( NP ( CD four ) ( NNS states ) ) ( NP ( NP ( NNP California ) ) ( NP ( NNP Florida ) ) ( NP ( NNP Michigan ) ) ( CC and ) ( NP ( NNP Pennsylvania ) ) ) ) ( VP ( VBP have ) ( VP ( VBN adopted ) ( NP ( NNS rules ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT all ) ( NNS parties ) ) ( ADJP ( VBN involved ) ) ) ( VP ( MD must ) ( VP ( VB consent ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ-1 ( NN phone ) ( NNS calls ) ) ( VP ( VBP are ) ( VP ( VBN recorded ) ) ) ) ) ) ) ) ) ) ) ) )

And four states California Florida Michigan and Pennsylvania have adopted rules that all parties involved must consent when phone calls are recorded


( S ( NP-SBJ-1 ( NP ( CD Two ) ( NNS bills ) ) ( PP-LOC ( IN in ) ( NP ( NNP Congress ) ) ) ) ( VP ( VBP hope ) ( S ( VP ( TO to ) ( VP ( VB make ) ( S ( NP-SBJ ( JJ such ) ( NNS restrictions ) ) ( ADJP-PRD ( JJ national ) ) ) ) ) ) ) )

Two bills in Congress hope to make such restrictions national


( S ( PP-TMP ( IN In ) ( NP ( NNP May ) ) ) ( NP-SBJ ( NP ( NNP Rep. ) ( NNP Don ) ( NNP Edwards ) ) ( PRN ( NP ( NP ( NNP D. ) ) ( NP-LOC ( NNP Calif ) ) ) ) ) ( VP ( VBD introduced ) ( NP ( NP ( JJ congressional ) ( NN legislation ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB require ) ( NP ( NP ( DT an ) ( JJ audible ) ( NN beeping ) ) ( PP-TMP ( IN during ) ( NP ( DT any ) ( NN employee ) ( NN monitoring ) ) ) ( VP ( VBG warning ) ( NP ( NNS people ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP are ) ( VP ( VBG being ) ( VP ( VBN heard ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In May Rep. Don Edwards D. Calif introduced congressional legislation that would require an audible beeping during any employee monitoring warning people that they are being heard


( S ( NP-SBJ ( DT The ) ( NN legislation ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ similar ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( CD 1987 ) ( NN beeper ) ( NN bill ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD was ) ( VP ( VBN defeated ) ( PP-TMP ( IN after ) ( NP ( NP ( JJ heavy ) ( NN lobbying ) ) ( PP ( IN by ) ( NP ( DT the ) ( NN telemarketing ) ( NN industry ) ) ) ) ) ) ) ) ) ) ) ) ) )

The legislation is similar to a 1987 beeper bill that was defeated after heavy lobbying by the telemarketing industry


( S ( ADVP ( RB Also ) ) ( NP-TMP ( JJ last ) ( NN spring ) ) ( NP-SBJ ( NP ( NNP Rep. ) ( NNP Ron ) ( NNP Dellums ) ) ( PRN ( NP ( NP ( NNP D. ) ) ( NP-LOC ( NNP Calif. ) ) ) ) ) ( VP ( VBD introduced ) ( NP ( NP ( DT a ) ( NN bill ) ) ( VP ( VBG requiring ) ( NP ( NP ( JJ universal ) ( JJ two-party ) ( NN consent ) ) ( PP ( TO to ) ( NP ( DT any ) ( NNS tapings ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS cases ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP do ) ( RB n't ) ( VP ( VB involve ) ( NP ( NN law ) ( NN enforcement ) ) ) ) ) ) ) ) ) ) ) )

Also last spring Rep. Ron Dellums D. Calif. introduced a bill requiring universal two-party consent to any tapings in cases that do n't involve law enforcement


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ-1 ( NP ( NNS products ) ) ( PP ( JJ such ) ( IN as ) ( NP ( JJ voice-activated ) ( NN tape ) ( NNS recorders ) ) ) ) ( VP ( MD would ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB include ) ( NP ( NP ( NN beep ) ( NNS tones ) ) ( CC and ) ( NP ( NP ( NNS labels ) ) ( VP ( VBG explaining ) ( NP ( NP ( JJ federal ) ( NNS laws ) ) ( PP ( IN on ) ( NP ( NN eavesdropping ) ) ) ) ) ) ) ) ) ) ) ) )

In addition products such as voice-activated tape recorders would have to include beep tones and labels explaining federal laws on eavesdropping


( S ( NP-SBJ ( NP ( DT The ) ( NN outlook ) ) ( PP ( IN on ) ( NP ( DT both ) ( JJ federal ) ( NNS bills ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ uncertain ) ) ( S-ADV ( ADVP ( RB especially ) ) ( VP ( VBG remembering ) ( NP ( DT the ) ( CD 1987 ) ( NN defeat ) ) ) ) ) )

The outlook on both federal bills is uncertain especially remembering the 1987 defeat


( S ( S ( NP-SBJ ( NP ( DT The ) ( NNP ACLU ) ) ( CC and ) ( NP ( NN worker ) ( NNS organizations ) ) ) ( VP ( VBP back ) ( NP ( JJR tighter ) ( NNS laws ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NP ( NNS employers ) ) ( CC and ) ( NP ( NN device ) ( NNS manufacturers ) ) ) ( VP ( VBP object ) ) ) )

The ACLU and worker organizations back tighter laws but employers and device manufacturers object


( SINV ( S-TPC-3 ( NP-SBJ ( PRP I ) ) ( VP ( VBP 'm ) ( ADJP-PRD ( JJ sympathetic ) ( PP ( IN with ) ( NP ( NP ( NNS workers ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP feel ) ( PP-PRD ( IN under ) ( NP ( DT the ) ( NN gun ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Richard ) ( NNP Barton ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NNP Direct ) ( NNP Marketing ) ( NNP Association ) ) ( PP ( IN of ) ( NP ( NNP America ) ) ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ is ) ( VP ( VBG lobbying ) ( ADVP-MNR ( RB strenuously ) ) ( PP-CLR ( IN against ) ( NP ( DT the ) ( NNP Edwards ) ( NN beeper ) ( NN bill ) ) ) ) ) ) ) ) ) ) )

I 'm sympathetic with workers who feel under the gun says Richard Barton of the Direct Marketing Association of America which is lobbying strenuously against the Edwards beeper bill


( S ( CC But ) ( NP-SBJ ( NP ( DT the ) ( JJ only ) ( NN way ) ) ( SBAR ( S ( NP-SBJ ( PRP you ) ) ( VP ( MD can ) ( VP ( VB find ) ( PRT ( RP out ) ) ( SBAR ( WHADVP ( WRB how ) ) ( S ( NP-SBJ ( PRP$ your ) ( NNS people ) ) ( VP ( VBP are ) ( VP ( VBG doing ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( PP-MNR-PRD ( IN by ) ( S-NOM ( VP ( VBG listening ) ) ) ) ) )

But the only way you can find out how your people are doing is by listening


( S ( NP-SBJ ( NP ( DT The ) ( JJ powerful ) ( NN group ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ represents ) ( NP ( NP ( JJ many ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( NNS telemarketers ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ instrumental ) ( PP ( IN in ) ( S-NOM ( VP ( VBG derailing ) ( NP ( DT the ) ( CD 1987 ) ( NN bill ) ) ) ) ) ) ) )

The powerful group which represents many of the nation 's telemarketers was instrumental in derailing the 1987 bill


( S ( NP-SBJ-2 ( NNP Spiegel ) ) ( ADVP ( RB also ) ) ( VP ( VBZ opposes ) ( NP ( DT the ) ( JJR beeper ) ( NN bill ) ) ( S-ADV ( VP ( VBG saying ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN noise ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ requires ) ) ) ) ) ( VP ( MD would ) ( VP ( VB interfere ) ( PP-CLR ( IN with ) ( NP ( NN customer ) ( NNS orders ) ) ) ( S-ADV ( VP ( VBG causing ) ( NP ( NP ( NN irritation ) ) ( CC and ) ( ADVP ( JJ even ) ) ( NP ( NNS errors ) ) ) ) ) ) ) ) ) ) ) ) )

Spiegel also opposes the beeper bill saying the noise it requires would interfere with customer orders causing irritation and even errors


( S ( NP-SBJ ( NP ( NNP Laura ) ( NNP Dale ) ) ( NP ( NP ( NN center ) ( NN manager ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NP ( DT the ) ( NN catalog ) ( NN company ) ( POS 's ) ) ( NN customer ) ( NN order ) ( NN center ) ) ( PP-LOC ( IN in ) ( NP ( NNP Reno ) ( NNP Nev. ) ) ) ) ) ) ) ( VP ( VBZ defends ) ( NP ( NN monitoring ) ) ) )

Laura Dale center manager at the catalog company 's customer order center in Reno Nev. defends monitoring


( SINV ( S-TPC-3 ( NP-SBJ-2 ( PRP We ) ) ( VP ( VBP like ) ( S ( VP ( TO to ) ( VP ( VP ( VB follow ) ( PRT ( RB up ) ) ) ( CC and ) ( VP ( VB make ) ( ADJP ( JJ sure ) ( SBAR ( S ( NP-SBJ ( NNS operators ) ) ( VP ( VBP are ) ( VP ( VBG achieving ) ( NP ( NP ( PRP$ our ) ( NNS standards ) ) ( PP ( IN of ) ( NP ( NN company ) ( NN service ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Ms. ) ( NNP Dale ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ supervises ) ( NP ( CD 350 ) ( NNS operators ) ) ) ) ) ) )

We like to follow up and make sure operators are achieving our standards of company service says Ms. Dale who supervises 350 operators