( S ( NP-SBJ ( NP ( DT The ) ( NN poll ) ) ( VP ( VBN conducted ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP Roper ) ( NNP Organization ) ) ) ) ) ( VP ( VBD interviewed ) ( NP ( NP ( CD 2,002 ) ( NNS adults ) ) ( UCP ( ADJP ( NP ( NN age ) ( CD 18 ) ) ( CC and ) ( ADJP ( JJR older ) ) ) ) ) ( PP-TMP ( PP ( IN from ) ( NP ( NNP July ) ( CD 7 ) ) ) ( PP ( TO to ) ( NP ( NNP July ) ( CD 15 ) ( CD 1989 ) ) ) ) ) )

The poll conducted by the Roper Organization interviewed 2,002 adults age 18 and older from July 7 to July 15 1989


( S ( NP-SBJ-1 ( NNS Responses ) ) ( VP ( VBD were ) ( VP ( VBN weighted ) ( PP-MNR ( IN on ) ( NP ( NP ( DT the ) ( NN basis ) ) ( PP ( IN of ) ( NP ( NN age ) ( CC and ) ( NN gender ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB conform ) ( PP-CLR ( IN with ) ( NP ( NNP U.S. ) ( NNP Census ) ( NNS data ) ) ) ) ) ) ) ) )

Responses were weighted on the basis of age and gender to conform with U.S. Census data


( S ( PP ( IN For ) ( NP ( DT each ) ( NN poll ) ) ) ( NP-SBJ ( DT the ) ( NNS odds ) ) ( VP ( VBP are ) ( NP-PRD ( QP ( CD 19 ) ( IN out ) ( IN of ) ( CD 20 ) ) ) ( SBAR-1 ( DT that ) ( S ( SBAR ( IN if ) ( S ( NP-SBJ-2 ( NNS pollsters ) ) ( VP ( VBD had ) ( VP ( VBN sought ) ( S ( VP ( TO to ) ( VP ( VB survey ) ( NP ( NP ( DT every ) ( NN household ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ( S-MNR ( VP ( VBG using ) ( NP ( DT the ) ( JJ same ) ( NN questionnaire ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNS findings ) ) ( VP ( MD would ) ( VP ( VB differ ) ( PP-CLR ( IN from ) ( NP ( DT these ) ( JJ poll ) ( NNS results ) ) ) ( PP-MNR ( IN by ) ( NP ( NP ( QP ( DT no ) ( RBR more ) ( IN than ) ( CD 2 ) ( CD 1\/2 ) ) ( NN percentage ) ( NNS points ) ) ( PP-LOC ( IN in ) ( NP ( DT either ) ( NN direction ) ) ) ) ) ) ) ) ) ) )

For each poll the odds are 19 out of 20 that if pollsters had sought to survey every household in the U.S. using the same questionnaire the findings would differ from these poll results by no more than 2 1\/2 percentage points in either direction


( S ( NP-SBJ ( NP ( DT The ) ( NN margin ) ) ( PP ( IN of ) ( NP ( NN error ) ) ) ( PP ( IN for ) ( NP ( NP ( NNS subgroups ) ) ( PRN ( PP ( IN for ) ( NP ( NN example ) ) ) ( NP ( NP ( VBN married ) ( NNS women ) ) ( PP ( IN with ) ( NP ( NP ( NNS children ) ) ( PP-LOC ( IN at ) ( NP ( NN home ) ) ) ) ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJR larger ) ) ) ) )

The margin of error for subgroups for example married women with children at home would be larger


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( PP-LOC ( IN in ) ( NP ( DT any ) ( NN survey ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB always ) ) ( NP-PRD ( DT the ) ( NN chance ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( JJ other ) ( NNS factors ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NN question ) ( NN wording ) ) ) ) ( VP ( MD could ) ( VP ( VB introduce ) ( NP ( NNS errors ) ) ( PP-CLR ( IN into ) ( NP ( DT the ) ( NNS findings ) ) ) ) ) ) ) ) ) )

In addition in any survey there is always the chance that other factors such as question wording could introduce errors into the findings


( S ( VP ( VB See ) ( NP ( NP ( VBN related ) ( NN story ) ) ( NP-TTL ( NP ( NP ( NNP The ) ( NNP American ) ( NNP Way ) ) ( PP ( IN of ) ( NP ( NNP Buying ) ) ) ) ( SQ ( VBZ Is ) ( S-NOM-SBJ ( VP ( VBG Buying ) ( NP ( DT a ) ( NN Car ) ) ) ) ( NP-PRD ( NP ( DT a ) ( NN Choice ) ) ( CC or ) ( NP ( DT a ) ( NN Chore ) ) ) ) ) ) ) )

See related story The American Way of Buying Is Buying a Car a Choice or a Chore


( S ( S-TPC-1 ( NP-SBJ ( NP ( NN Raw-steel ) ( NN production ) ) ( PP ( IN by ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( NNS mills ) ) ) ) ( VP ( VBD decreased ) ( NP-EXT ( CD 0.7 ) ( NN % ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ( PP-DIR ( TO to ) ( NP ( CD 1,816,000 ) ( NNS tons ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 1,828,000 ) ( NNS tons ) ) ( NP-TMP ( DT the ) ( JJ previous ) ( NN week ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP American ) ( NNP Iron ) ( CC and ) ( NNP Steel ) ( NNP Institute ) ) ( VP ( VBD said ) ) )

Raw-steel production by the nation 's mills decreased 0.7 % last week to 1,816,000 tons from 1,828,000 tons the previous week the American Iron and Steel Institute said


( S ( NP-SBJ ( NP ( JJ Last ) ( NN week ) ( POS 's ) ) ( NN output ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 1.7 ) ( NN % ) ) ( PP-DIR ( IN from ) ( NP ( NP ( DT the ) ( CD 1,848,000 ) ( NNS tons ) ) ( VP ( VBD produced ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) )

Last week 's output fell 1.7 % from the 1,848,000 tons produced a year earlier


( S ( NP-SBJ ( DT The ) ( NN industry ) ) ( VP ( VBD used ) ( NP ( NP ( CD 81.6 ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN capability ) ) ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( NP ( CD 82.2 ) ( NN % ) ) ( NP-TMP ( DT the ) ( JJ previous ) ( NN week ) ) ) ( CC and ) ( NP ( NP ( CD 86.2 ) ( NN % ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( IN ago ) ) ) ) ) ) ) )

The industry used 81.6 % of its capability last week compared with 82.2 % the previous week and 86.2 % a year ago


( S ( NP-SBJ ( DT The ) ( NNP American ) ( NNP Iron ) ( CC and ) ( NNP Steel ) ( NNP Institute ) ) ( VP ( VBD reported ) ( SBAR ( S ( NP-SBJ ( DT The ) ( NN capability ) ( NN utilization ) ( NN rate ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN calculation ) ) ( VP ( VBN designed ) ( S-PRP ( VP ( TO to ) ( VP ( VB indicate ) ( SBAR ( WHPP-1 ( IN at ) ( WHNP ( WHNP ( WDT what ) ( NN percent ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN production ) ( NN capability ) ) ) ) ) ( S ( NP-SBJ ( DT the ) ( NN industry ) ) ( VP ( VBZ is ) ( VP ( VBG operating ) ( PP-TMP ( IN in ) ( NP ( DT a ) ( VBN given ) ( NN week ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The American Iron and Steel Institute reported The capability utilization rate is a calculation designed to indicate at what percent of its production capability the industry is operating in a given week


( S ( NP-SBJ ( NNP Union ) ( NNP Carbide ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ third-quarter ) ( NN net ) ( NN income ) ) ( VP ( VBD plunged ) ( NP-EXT ( CD 35 ) ( NN % ) ) ( PP-TMP ( IN from ) ( NP ( DT a ) ( NN year ) ( RBR earlier ) ) ) ( PP ( IN on ) ( NP ( NP ( NN weakness ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN mainstay ) ( NNS chemicals ) ( CC and ) ( NNS plastics ) ( NN business ) ) ) ) ) ) ) ) ) )

Union Carbide Corp. said third-quarter net income plunged 35 % from a year earlier on weakness in the company 's mainstay chemicals and plastics business


( S ( NP-SBJ ( NN Net ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( QP ( CD 139 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 98 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( NN quarter ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( QP ( CD 213 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.56 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( IN ago ) ) ) ) ) ) )

Net was 139 million or 98 cents a share for the quarter compared with 213 million or 1.56 a share a year ago


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD were ) ( NP-PRD ( QP ( CD 2.14 ) ( CD billion ) ) ) ( ADVP ( IN up ) ( NP ( CD 1.6 ) ( NN % ) ) ( PP ( IN from ) ( NP ( QP ( CD 2.11 ) ( CD billion ) ) ) ( NP-TMP ( DT the ) ( JJ previous ) ( NN year ) ) ) ) ) )

Sales were 2.14 billion up 1.6 % from 2.11 billion the previous year


( S ( NP-SBJ-1 ( NNP Carbide ) ) ( PP ( IN like ) ( NP ( NP ( JJ other ) ( NNS companies ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( JJ heavy ) ( NN reliance ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( JJ so-called ) ( NN commodity ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS chemicals ) ( NN industry ) ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB post ) ( NP ( NP ( NNS earnings ) ) ( ADJP ( ADJP ( RB sharply ) ( JJR lower ) ) ( PP ( IN than ) ( PP-TMP ( IN in ) ( NP ( DT an ) ( ADJP ( RB exceptionally ) ( JJ strong ) ) ( CD 1988 ) ( JJ third ) ( NN quarter ) ) ) ) ) ) ) ) ) ) ) )

Carbide like other companies with a heavy reliance on the so-called commodity end of the chemicals industry was expected to post earnings sharply lower than in an exceptionally strong 1988 third quarter


( S ( CC But ) ( NP-SBJ ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJS latest ) ( NN quarter ) ) ( VP ( VBD was ) ( ADJP-PRD ( ADJP ( NP-ADV ( NP ( DT a ) ( JJ few ) ( NNS pennies ) ) ( NP-SBJ ( DT a ) ( NN share ) ) ) ( JJR lower ) ) ( PP ( IN than ) ( NP ( NP ( DT the ) ( ADJP ( RBR more ) ( JJ pessimistic ) ) ( NNS projections ) ) ( PP-LOC ( IN on ) ( NP ( NNP Wall ) ( NNP Street ) ) ) ) ) ) ) )

But the company 's latest quarter was a few pennies a share lower than the more pessimistic projections on Wall Street


( SINV ( S-TPC-1 ( S ( NP-SBJ ( PRP It ) ) ( ADVP ( RB certainly ) ) ( VP ( VBD was ) ( RB n't ) ( NP-PRD ( DT a ) ( NN disaster ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ does ) ( VP ( VB show ) ( NP ( NP ( NN weakness ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN chief ) ( NNS markets ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP George ) ( NNP Krug ) ) ( NP ( NP ( DT a ) ( NN chemicals-industry ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NNP Oppenheimer ) ( CC & ) ( NNP Co ) ) ) ) ) )

It certainly was n't a disaster but it does show weakness in some of the company 's chief markets said George Krug a chemicals-industry analyst at Oppenheimer & Co


( S ( PP-LOC ( IN In ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ( NP-SBJ ( NNP Carbide ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 24.50 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP ( IN down ) ( NP ( CD 50 ) ( NNS cents ) ) ) ) )

In New York Stock Exchange composite trading Carbide closed at 24.50 a share down 50 cents


( S ( S ( NP-SBJ-1 ( NP ( NNS Prices ) ) ( PP ( IN for ) ( NP ( NP ( NN polyethylene ) ) ( NP ( NP ( DT a ) ( JJ common ) ( NN plastic ) ) ( CC and ) ( NP ( DT an ) ( JJ important ) ( NNP Carbide ) ( NN product ) ) ) ) ) ) ( VP ( VBD started ) ( S ( VP ( TO to ) ( VP ( VB fall ) ( ADVP-TMP ( RB early ) ( NP ( DT this ) ( NN year ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( DT the ) ( NN slide ) ) ( VP ( VBD accelerated ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ-2 ( NNS buyers ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB trim ) ( NP ( NNS inventories ) ) ) ) ) ) ) ) ) ) )

Prices for polyethylene a common plastic and an important Carbide product started to fall early this year the slide accelerated in the third quarter as buyers continued to trim inventories


( S ( NP-SBJ ( NP ( NNS Prices ) ) ) ( ADVP ( RB also ) ) ( VP ( VBD fell ) ( PP-1 ( IN for ) ( NP ( NP ( NP ( NN ethylene ) ( NN oxide ) ) ( CC and ) ( NP ( NNS glycols ) ) ) ( NP ( NP ( NNS products ) ) ( VP ( VBN used ) ( PP-CLR ( IN in ) ( S-NOM ( VP ( VBG making ) ( NP ( NN antifreeze ) ) ) ) ) ) ) ) ) ) )

Prices also fell for ethylene oxide and glycols products used in making antifreeze


( S ( NP-SBJ-1 ( NP ( DT Some ) ( NNS producers ) ) ( PP ( IN of ) ( NP ( NN polyethylene ) ) ) ) ( S-ADV ( VP ( VBG figuring ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN inventory ) ( NNS reductions ) ) ( VP ( VBP are ) ( PP-LOC-PRD ( IN near ) ( NP ( DT an ) ( NN end ) ) ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN announced ) ( NP ( NN price ) ( NNS boosts ) ) ) ) )

Some producers of polyethylene figuring the inventory reductions are near an end have announced price boosts


( S ( NP-SBJ ( NP ( DT The ) ( JJ first ) ( JJ real ) ( NN test ) ) ( PP ( IN of ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( NNS prices ) ) ( VP ( VBP have ) ( VP ( VBN hit ) ( NP ( NN bottom ) ) ) ) ) ) ) ) ( VP ( MD may ) ( VP ( VB come ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ next ) ( JJ several ) ( NNS weeks ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( JJ new ) ( NNS prices ) ) ( VP ( VBP become ) ( ADJP-PRD ( JJ effective ) ) ) ) ) ) ) ) ) )

The first real test of whether prices have hit bottom may come in the next several weeks when the new prices become effective


( S ( NP-SBJ ( DT A ) ( NNP Carbide ) ( NN spokesman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNS conditions ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ right ) ) ( SBAR-ADV ( IN for ) ( S ( NP-SBJ ( DT the ) ( NN increase ) ) ( VP ( TO to ) ( VP ( VB hold ) ) ) ) ) ) ) ) ) )

A Carbide spokesman said the conditions are right for the increase to hold


( S ( PP-TMP ( IN For ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( NP-SBJ ( NP ( NN operating ) ( NN profit ) ) ( PP ( IN from ) ( NP ( NP ( NNP Carbide ) ( POS 's ) ) ( NNS chemicals ) ( CC and ) ( NNS plastics ) ( NN business ) ) ) ) ( VP ( VBD fell ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 238 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 352 ) ( CD million ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( IN ago ) ) ) ( PP-TMP ( IN before ) ( S-NOM ( VP ( VBG accounting ) ( PP-CLR ( IN for ) ( NP ( NP ( NNS taxes ) ) ( CC and ) ( NP ( NN interest ) ( NN expense ) ) ) ) ) ) ) ) )

For the third quarter operating profit from Carbide 's chemicals and plastics business fell to 238 million from 352 million a year ago before accounting for taxes and interest expense


( S ( NP-SBJ ( NP ( NN Operating ) ( NN profit ) ) ( PP ( IN from ) ( NP ( NP ( NN carbon ) ( NNS products ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NN graphite ) ( NNS electrodes ) ) ) ) ) ) ( VP ( ADVP ( RB also ) ) ( VBD declined ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 6 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 20 ) ( CD million ) ) ) ) ) )

Operating profit from carbon products such as graphite electrodes also declined to 6 million from 20 million


( S ( PP-LOC ( IN In ) ( NP ( DT the ) ( JJ industrial-gases ) ( NN segment ) ) ) ( NP-SBJ ( NN operating ) ( NN profit ) ) ( VP ( VBD climbed ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 87 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 58 ) ( CD million ) ) ) ) ) )

In the industrial-gases segment operating profit climbed to 87 million from 58 million


( S ( NP-SBJ ( DT The ) ( JJS latest ) ( NN quarter ) ) ( VP ( VBD included ) ( NP ( NP ( DT a ) ( NN gain ) ) ( PP ( IN of ) ( NP ( QP ( IN about ) ( CD 62 ) ( CD million ) ) ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN urethane ) ( NNS polyols ) ( CC and ) ( NN propylene ) ( NNS glycols ) ( NNS businesses ) ) ) ) ) ) ) )

The latest quarter included a gain of about 62 million on the sale of the company 's urethane polyols and propylene glycols businesses


( S ( S ( NP-SBJ-1 ( NN Propylene ) ( NNS glycols ) ) ( VP ( VBP are ) ( VP ( VBN used ) ( PP-CLR ( IN in ) ( S-NOM ( VP ( VBG making ) ( NP ( NP ( JJ personal-care ) ( NNS products ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NN shampoo ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( NN urethane ) ( NNS polyols ) ) ( VP ( VBP are ) ( VP ( VBN used ) ( PP-CLR ( IN in ) ( S-NOM ( VP ( VBG making ) ( NP ( NP ( DT the ) ( NN polyurethane ) ( NN foam ) ) ( VP ( VBN found ) ( PP-LOC ( IN in ) ( NP ( NP ( NN furniture ) ( NN cushioning ) ) ( CC and ) ( NP ( JJ other ) ( NNS products ) ) ) ) ) ) ) ) ) ) ) ) )

Propylene glycols are used in making personal-care products such as shampoo and urethane polyols are used in making the polyurethane foam found in furniture cushioning and other products


( S ( NP-SBJ-1 ( DT That ) ( NN gain ) ) ( VP ( VBD was ) ( VP ( ADVP ( RB mostly ) ) ( VBN offset ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( NN loss ) ) ( PP ( IN of ) ( NP ( QP ( IN about ) ( CD 55 ) ( CD million ) ) ) ) ( PP ( IN from ) ( NP ( NP ( DT a ) ( NN write-down ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( NN polysilicon ) ( NN business ) ) ) ) ) ) ) ) ) )

That gain was mostly offset by a loss of about 55 million from a write-down in its polysilicon business


( S ( NP-SBJ-1 ( NN Polysilicon ) ) ( VP ( VBZ is ) ( VP ( VBN used ) ( PP-CLR ( IN in ) ( S-NOM ( VP ( VBG making ) ( NP ( VBN integrated ) ( NNS circuits ) ) ) ) ) ) ) )

Polysilicon is used in making integrated circuits


( S ( PP-TMP ( IN For ) ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ) ( NP-SBJ ( NN net ) ) ( VP ( VBD totaled ) ( NP ( NP ( QP ( CD 526 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 3.74 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP ( IN up ) ( NP ( CD 5 ) ( NN % ) ) ( PP ( IN from ) ( NP ( NP ( QP ( CD 501 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 3.71 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( IN ago ) ) ) ) ) )

For the nine months net totaled 526 million or 3.74 a share up 5 % from 501 million or 3.71 a share a year ago


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 7.7 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 6.66 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 6.19 ) ( CD billion ) ) ) ) ) )

Sales rose 7.7 % to 6.66 billion from 6.19 billion


( S ( NP-SBJ ( NNP Times ) ( NNP Mirror ) ( NNP Co. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ third-quarter ) ( NN net ) ( NN income ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 13 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( NP ( QP ( CD 70.1 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 54 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( JJ net ) ( NN income ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 81 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 62 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) ) ) ) ) )

Times Mirror Co. said third-quarter net income fell 13 % to 70.1 million or 54 cents a share compared with net income of 81 million or 62 cents a share a year earlier


( S ( NP-SBJ ( DT The ) ( NNP Los ) ( NNP Angeles ) ( NNS media ) ( NN concern ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ year-ago ) ( NN period ) ) ( VP ( VBD included ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 26.5 ) ( CD million ) ) ) ( NN gain ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( NNS assets ) ) ( NP ( RB primarily ) ( NNS timberlands ) ) ) ) ) ) ) ) ) ) ) )

The Los Angeles media concern said that the year-ago period included a 26.5 million gain from the sale of assets primarily timberlands


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD was ) ( NP-PRD ( QP ( CD 873.9 ) ( CD million ) ) ) ( ADVP-CLR ( RB up ) ( NP ( CD 7.3 ) ( NN % ) ) ( PP ( IN from ) ( NP ( QP ( CD 814.8 ) ( CD million ) ) ) ) ) ) )

Revenue was 873.9 million up 7.3 % from 814.8 million


( S ( S-TPC-1 ( NP-SBJ ( NP ( NP ( JJR Stronger ) ( NNS results ) ) ( PP ( IN from ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN broadcast ) ( CC and ) ( NN cable ) ( NN television ) ( NNS units ) ) ( CC and ) ( NP ( JJ professional ) ( CC and ) ( NN textbook ) ( NN publishing ) ( NNS divisions ) ) ) ) ) ( CC plus ) ( NP ( NP ( VBD increased ) ( NN advertising ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJS largest ) ( NN newspaper ) ) ( NP ( DT the ) ( NNP Los ) ( NNP Angeles ) ( NNP Times ) ) ) ) ) ) ( VP ( VBD offset ) ( NP ( NP ( NN advertising ) ( NNS declines ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NNS newspapers ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Eastern ) ( NNP U.S. ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ) )

Stronger results from the company 's broadcast and cable television units and professional and textbook publishing divisions plus increased advertising at the company 's largest newspaper the Los Angeles Times offset advertising declines in the company 's newspapers in the Eastern U.S. the company said


( SINV ( S-TPC-1 ( S-ADV ( VP ( VBG Looking ) ( ADVP ( RB ahead ) ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( JJ fourth ) ( NN quarter ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN outlook ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN newspaper ) ( NN group ) ) ) ) ( VP ( VBZ remains ) ( ADJP-PRD ( VBN guarded ) ) ( PP ( IN with ) ( NP ( NP ( DT no ) ( NN improvement ) ) ( VP ( ADVP ( RB yet ) ) ( VBN seen ) ( PP-LOC ( IN in ) ( NP ( NP ( VBG operating ) ( NNS trends ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ our ) ( NNP Eastern ) ( NNS markets ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Robert ) ( NNP F. ) ( NNP Erburu ) ) ( NP ( NP ( NNP Times ) ( NNP Mirror ) ( POS 's ) ) ( NN chairman ) ( CC and ) ( NN chief ) ( NN executive ) ) ) )

Looking ahead to the fourth quarter the outlook for the newspaper group remains guarded with no improvement yet seen in operating trends in our Eastern markets said Robert F. Erburu Times Mirror 's chairman and chief executive


( S ( NP-SBJ ( NP ( JJ Disappointing ) ( NNS earnings ) ( NN news ) ) ( PP ( IN from ) ( NP ( DT some ) ( NN technology ) ( NNS companies ) ) ) ) ( VP ( JJ unnerved ) ( NP ( NP ( NNS investors ) ) ( PP ( IN in ) ( NP ( DT the ) ( JJ over-the-counter ) ( NN market ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD sold ) ( NP ( NP ( NNS shares ) ) ( PP ( IN of ) ( NP ( NP ( NNP Apple ) ( NNP Computer ) ) ( NP ( NNP Intel ) ) ( CC and ) ( NP ( JJ many ) ( JJ other ) ( JJ computer-related ) ( NNS concerns ) ) ) ) ) ) ) ) ) ) )

Disappointing earnings news from some technology companies unnerved investors in the over-the-counter market who sold shares of Apple Computer Intel and many other computer-related concerns


( S ( NP-SBJ ( NP ( DT The ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( DT those ) ( CC and ) ( JJ other ) ( NN technology ) ( NNS stocks ) ) ) ) ( VP ( VBD contributed ) ( PP-CLR ( TO to ) ( NP ( NP ( DT an ) ( ADJP ( CD 0.7 ) ( NN % ) ) ( NN slide ) ) ( PP ( IN by ) ( NP ( DT the ) ( NNP Nasdaq ) ( JJ composite ) ( NN index ) ) ) ) ) ) )

The drop in those and other technology stocks contributed to an 0.7 % slide by the Nasdaq composite index


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD finished ) ( PP-CLR ( IN at ) ( NP ( CD 467.22 ) ) ) ( ADVP ( IN down ) ( NP ( CD 3.45 ) ) ) ) )

It finished at 467.22 down 3.45


( S ( NP-SBJ ( NP ( DT The ) ( NN nervousness ) ) ( PP ( IN about ) ( NP ( DT the ) ( NN technology ) ( NN stock ) ( NN outlook ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBD hurt ) ( NP ( NP ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD slipped ) ( NP-EXT ( QP ( IN about ) ( CD 1 ) ) ( NN % ) ) ) ) ) ) ) )

The nervousness about the technology stock outlook also hurt the Dow Jones Industrial Average which slipped about 1 %


( S ( PP-PRP ( ADVP ( RB Mostly ) ) ( IN because ) ( IN of ) ( NP ( NP ( DT the ) ( NN sell-off ) ) ( PP-LOC ( IN in ) ( NP ( NN technology ) ( NNS stocks ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNP Nasdaq ) ( CD 100 ) ( NNP Index ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP OTC ) ( POS 's ) ) ( JJS largest ) ( JJ non-financial ) ( NNS issues ) ) ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 4.58 ) ) ( PP-DIR ( TO to ) ( NP ( CD 457.52 ) ) ) ) )

Mostly because of the sell-off in technology stocks the Nasdaq 100 Index of the OTC 's largest non-financial issues dropped 4.58 to 457.52


( S ( NP-SBJ ( NP ( DT The ) ( NNP Nasdaq ) ( NNP Financial ) ( NNP Index ) ) ( PP ( IN of ) ( NP ( JJ giant ) ( NN insurance ) ( CC and ) ( NN banking ) ( NNS issues ) ) ) ) ( VP ( VBD lost ) ( NP ( CD 2.38 ) ) ( PP-DIR ( TO to ) ( NP ( CD 458.32 ) ) ) ) )

The Nasdaq Financial Index of giant insurance and banking issues lost 2.38 to 458.32


( S ( NP-SBJ ( DT Some ) ( NNS traders ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN sell-off ) ) ( PP ( IN of ) ( NP ( NN technology ) ( NNS stocks ) ) ) ( PP ( IN on ) ( NP ( JJ low ) ( NN volume ) ) ) ) ( VP ( VBD reflected ) ( NP ( NP ( DT a ) ( NN lack ) ) ( PP ( IN of ) ( NP ( NP ( NN conviction ) ) ( PP ( IN by ) ( NP ( NNS investors ) ) ) ) ) ) ) ) ) ) )

Some traders said the sell-off of technology stocks on low volume reflected a lack of conviction by investors


( S ( CC But ) ( NP-SBJ ( NP ( NNP Charlie ) ( NNP Howley ) ) ( NP ( NP ( NN vice ) ( NN president ) ) ( PP ( IN in ) ( NP ( NP ( NN charge ) ) ( PP ( IN of ) ( NP ( NP ( NNP OTC ) ( NN trading ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP SoundView ) ( NNP Financial ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Stamford ) ) ( NP ( NNP Conn. ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN selling ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ orderly ) ) ) ) ) ) )

But Charlie Howley vice president in charge of OTC trading at SoundView Financial in Stamford Conn. said the selling was orderly


( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT a ) ( JJ quiet ) ( NN retreat ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Howley ) ) )

It 's a quiet retreat said Mr. Howley


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( NN nothing ) ( JJ dramatic ) ) ( NP ( RB just ) ( DT a ) ( JJ routine ) ( NN sell-off ) ) ) ) )

It 's nothing dramatic just a routine sell-off


( S ( S-TPC-1 ( NP-SBJ ( NP ( DT Some ) ) ( PP ( IN of ) ( NP ( PRP it ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ due ) ( PP ( TO to ) ( NP ( NP ( JJ lower-than-expected ) ( NNS earnings ) ) ( PP ( IN from ) ( NP ( VBG leading ) ( NNS companies ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

Some of it was due to lower-than-expected earnings from leading companies he said


( S ( CC But ) ( NP-SBJ ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( PRP it ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBD represented ) ( NP ( NP ( NN profit-taking ) ) ( PP ( IN by ) ( NP ( NP ( NNS investors ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP have ) ( VP ( VBN made ) ( NP ( NP ( JJ big ) ( NNS gains ) ) ( PP-LOC ( IN in ) ( NP ( DT some ) ( NNS issues ) ) ) ) ) ) ) ) ) ) ) ) )

But some of it also represented profit-taking by investors who have made big gains in some issues


( S ( NP-SBJ ( NP ( NP ( NN Yesterday ) ( POS 's ) ) ( NN volume ) ) ( PP ( IN of ) ( NP ( QP ( CD 117.2 ) ( CD million ) ) ( NNS shares ) ) ) ) ( VP ( VBD was ) ( PP-PRD ( ADVP ( RB far ) ) ( IN below ) ( NP ( NP ( NP ( JJ last ) ( NN week ) ( POS 's ) ) ( VBG sizzling ) ( NN average ) ) ( PP ( IN of ) ( NP ( QP ( RB nearly ) ( CD 177 ) ( CD million ) ) ) ) ) ) ) )

Yesterday 's volume of 117.2 million shares was far below last week 's sizzling average of nearly 177 million


( S ( PP-TMP ( IN For ) ( NP ( NNP October ) ) ) ( ADVP ( RB so ) ( RB far ) ) ( NP-SBJ ( JJ daily ) ( NN volume ) ) ( VP ( VBZ is ) ( VP ( VBG averaging ) ( NP ( QP ( CD 150.3 ) ( CD million ) ) ) ( S-ADV ( VP ( VBG putting ) ( NP ( PRP it ) ) ( PP-PUT ( IN on ) ( NP ( NP ( NN track ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( NN year ) ( POS 's ) ) ( JJS busiest ) ( NN month ) ) ) ) ) ) ) ) ) ) ) ) )

For October so far daily volume is averaging 150.3 million putting it on track to be the year 's busiest month


( S ( NP-SBJ ( NP ( NNP Apple ) ( NNP Computer ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD reported ) ( NP ( NN lackluster ) ( NNS earnings ) ) ( NP-TMP ( NNP Friday ) ) ) ) ) ) ( VP ( VBD lost ) ( NP ( CD 1 ) ( CD 1\/4 ) ) ( PP-DIR ( TO to ) ( NP ( CD 46 ) ( CD 3\/4 ) ) ) ( PP ( IN on ) ( NP ( QP ( CD 1.1 ) ( CD million ) ) ( NNS shares ) ) ) ) )

Apple Computer which reported lackluster earnings Friday lost 1 1\/4 to 46 3\/4 on 1.1 million shares


( S ( NP-SBJ ( NP ( NNP Stratus ) ( NNP Computer ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD reported ) ( NP ( NP ( NNS earnings ) ) ( NP-TMP ( JJ late ) ( NNP Friday ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD were ) ( PP-PRD ( IN in ) ( NP ( NP ( NN line ) ) ( PP ( IN with ) ( NP ( DT a ) ( JJ disappointing ) ( NN forecast ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD eased ) ( NP-EXT ( CD 3\/4 ) ) ( PP-DIR ( TO to ) ( NP ( CD 24 ) ) ) ( PP ( IN on ) ( NP ( CD 816,000 ) ( NNS shares ) ) ) ) )

Stratus Computer which reported earnings late Friday that were in line with a disappointing forecast eased 3\/4 to 24 on 816,000 shares


( S ( NP-SBJ ( NNS Investors ) ) ( ADVP ( RB apparently ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( IN like ) ( NP ( NP ( DT the ) ( NN news ) ) ( PP ( IN from ) ( NP ( NNP Rainbow ) ( NNPS Technologies ) ) ) ) ( ADVP ( RB either ) ) ) ) )

Investors apparently did n't like the news from Rainbow Technologies either


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ net ) ( NN income ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( CD 17 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( CD 16 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) ) ) )

It said net income was 17 cents a share in the third quarter compared with 16 cents a share a year earlier


( S ( NP-SBJ ( NP ( NNP Rainbow ) ( POS 's ) ) ( NN stock ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 2 ) ) ( PP-DIR ( TO to ) ( NP ( CD 14 ) ( CD 1\/4 ) ) ) ) )

Rainbow 's stock dropped 2 to 14 1\/4


( S ( NP-SBJ ( NP ( JJ Other ) ( NN technology ) ( NNS stocks ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD were ) ( ADJP-PRD ( JJR weaker ) ) ) ) ) ) ( VP ( VBD included ) ( NP ( NP ( NP ( NNP Intel ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD fell ) ( NP-EXT ( CD 1 ) ( CD 1\/4 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 33 ) ( CD 1\/2 ) ) ) ) ( PP ( IN on ) ( NP ( QP ( CD 1.9 ) ( CD million ) ) ( NNS shares ) ) ) ) ) ) ) ( NP ( NP ( NNP Mentor ) ( NNP Graphics ) ) ( ADVP ( IN down ) ( NP ( CD 3\/4 ) ) ( PP ( TO to ) ( NP ( QP ( CD 16 ) ( CD 1\/4 ) ) ) ) ( PP ( IN on ) ( NP ( QP ( CD 1.6 ) ( CD million ) ) ( NNS shares ) ) ) ) ) ( NP ( NP ( NNP Sun ) ( NNPS Microsystems ) ) ( SBAR ( WHNP-3 ( WDT which ) ) ( S ( VP ( VBD slipped ) ( NP-EXT ( CD 3\/8 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 18 ) ( CD 1\/4 ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NNP MCI ) ( NNPS Communications ) ) ( ADVP ( IN down ) ( NP ( CD 1 ) ) ( PP ( TO to ) ( NP ( QP ( CD 42 ) ( CD 3\/4 ) ) ) ) ) ) ) ) )

Other technology stocks that were weaker included Intel which fell 1 1\/4 to 33 1\/2 on 1.9 million shares Mentor Graphics down 3\/4 to 16 1\/4 on 1.6 million shares Sun Microsystems which slipped 3\/8 to 18 1\/4 and MCI Communications down 1 to 42 3\/4


( S ( NP-SBJ ( NP ( NNP Microsoft ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-TMP ( JJ last ) ( NN week ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( DT a ) ( NN record ) ) ) ) ) ) ) ( VP ( VBD fell ) ( NP ( NN victim ) ) ( PP-CLR ( TO to ) ( NP ( NN profit-taking ) ) ) ( PRN ( S ( NP-SBJ ( NNS traders ) ) ( VP ( VBD said ) ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD declined ) ( NP-EXT ( QP ( CD 2 ) ( CD 1\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 83 ) ( CD 1\/8 ) ) ) ) ) ) ) ) )

Microsoft which last week rose to a record fell victim to profit-taking traders said as it declined 2 1\/8 to 83 1\/8


( S ( NP-SBJ ( NNP Conner ) ( NNPS Peripherals ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ unchanged ) ( PP-LOC ( IN at ) ( NP ( CD 15 ) ) ) ) ) )

Conner Peripherals was unchanged at 15


( S ( PP-LOC ( IN Among ) ( NP ( NN takeover ) ( NNS stocks ) ) ) ( NP-SBJ ( NNP Jefferson ) ( NNP Smurfit ) ) ( VP ( VBD jumped ) ( NP-EXT ( QP ( CD 1 ) ( CD 1\/4 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 42 ) ( CD 1\/2 ) ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( NNP SIBV-MS ) ( NNP Holdings ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN price ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN paid ) ( PP-DTV ( TO to ) ( NP ( NP ( NNP Jefferson ) ( NNP Smurfit ) ( POS 's ) ) ( NN minority ) ( NNS holders ) ) ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN raised ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 43 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) ) ) ) ) )

Among takeover stocks Jefferson Smurfit jumped 1 1\/4 to 42 1\/2 after SIBV-MS Holdings said the price to be paid to Jefferson Smurfit 's minority holders has been raised to 43 a share


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN increase ) ) ( PP ( IN of ) ( NP ( NP ( CD 1.25 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG being ) ( VP ( VBN made ) ( S-PRP ( VP ( TO to ) ( VP ( VB settle ) ( NP ( NP ( NN shareholder ) ( NN litigation ) ) ( VP ( VBG relating ) ( PP-CLR ( TO to ) ( NP ( NP ( NNP SIBV-MS ) ( POS 's ) ) ( NN tender ) ( NN offer ) ) ) ) ) ) ) ) ) ) ) )

The increase of 1.25 a share is being made to settle shareholder litigation relating to SIBV-MS 's tender offer


( S ( NP-SBJ ( NNP SIBV-MS ) ( NNP Holdings ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ new ) ( NN company ) ) ( VP ( ADVP-MNR ( RB jointly ) ) ( VBN owned ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( DT an ) ( NN affiliate ) ) ( PP ( IN of ) ( NP ( NNP Jefferson ) ( NNP Smurfit ) ) ) ) ( CC and ) ( NP ( DT a ) ( NNP Morgan ) ( NNP Stanley ) ( JJ limited ) ( NN partnership ) ) ) ) ) ) ) )

SIBV-MS Holdings is a new company jointly owned by an affiliate of Jefferson Smurfit and a Morgan Stanley limited partnership


( S ( NP-SBJ ( NP ( DT The ) ( NNP Jefferson ) ( NNP Smurfit ) ( NN affiliate ) ) ( NP ( NNP Smurfit ) ( NNP International ) ( NNP B.V. ) ) ) ( VP ( VBZ holds ) ( NP ( NP ( QP ( IN about ) ( CD 78 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) )

The Jefferson Smurfit affiliate Smurfit International B.V. holds about 78 % of the shares outstanding


( S ( NP-SBJ-1 ( DT These ) ( NNS shares ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN bought ) ( PP ( IN by ) ( NP-LGS ( NNP SIBV-MS ) ( NNP Holdings ) ) ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 41.75 ) ) ( NP-ADV ( DT each ) ) ) ) ( PP-TMP ( IN after ) ( NP ( NP ( DT the ) ( NN acquisition ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN minority ) ( NNS shares ) ) ) ) ) ) ) ) )

These shares will be bought by SIBV-MS Holdings at 41.75 each after the acquisition of the minority shares


( S ( NP-SBJ ( NP ( DT Another ) ( NN takeover ) ( NN target ) ) ( NP ( NNP LIN ) ( NNP Broadcasting ) ) ) ( VP ( VBD eased ) ( NP-EXT ( CD 1\/2 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 110 ) ( CD 1\/8 ) ) ) ) ( PP ( IN on ) ( NP ( CD 313,800 ) ( NNS shares ) ) ) ) )

Another takeover target LIN Broadcasting eased 1\/2 to 110 1\/8 on 313,800 shares


( S ( NP-SBJ ( NP ( NP ( NNP LIN ) ( POS 's ) ) ( NN suitor ) ) ( NP ( NNP McCaw ) ( NNP Cellular ) ( NNP Communications ) ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 1 ) ) ( PP-DIR ( TO to ) ( NP ( CD 40 ) ) ) ( PP ( IN on ) ( NP ( QP ( RB almost ) ( CD 350,000 ) ) ( NNS shares ) ) ) ) )

LIN 's suitor McCaw Cellular Communications dropped 1 to 40 on almost 350,000 shares


( S ( NP-SBJ ( DT Some ) ( NNS analysts ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-1 ( NNS investors ) ) ( VP ( MD will ) ( VP ( VB begin ) ( S ( VP ( VBG paying ) ( NP ( JJR more ) ( NN attention ) ) ( PP-CLR ( TO to ) ( NP ( NNS earnings ) ) ) ) ) ( PP-PRP ( ADVP ( RB partly ) ) ( IN in ) ( NP ( NP ( NN response ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( JJS latest ) ( NN round ) ) ( PP ( IN of ) ( NP ( NNS disappointments ) ) ) ) ) ) ) ) ) ) ) ) )

Some analysts say investors will begin paying more attention to earnings partly in response to the latest round of disappointments


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NNS investors ) ) ( VP ( MD will ) ( VP ( VB favor ) ( NP ( NP ( NNS companies ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( ADVP ( RB historically ) ) ( VP ( VBP have ) ( VP ( VBN posted ) ( NP ( NP ( JJ annual ) ( NNS earnings ) ( NN growth ) ) ( PP ( IN of ) ( NP ( QP ( CD 15 ) ( NN % ) ( TO to ) ( CD 20 ) ) ( NN % ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

They say investors will favor companies that historically have posted annual earnings growth of 15 % to 20 %


( S-2 ( NP-SBJ ( DT That ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( NP ( JJ good ) ( NN news ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNP OTC ) ( NN market ) ) ) ) ( PRN ( S ( NP-SBJ ( DT some ) ( NNS analysts ) ) ( VP ( VBP say ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-1 ( JJ many ) ( JJ small ) ( NN growth ) ( NNS stocks ) ) ( VP ( VBP are ) ( VP ( VBN traded ) ( ADVP-LOC ( RB there ) ) ) ) ) ) ) ) )

That would be good news for the OTC market some analysts say because many small growth stocks are traded there


( S ( NP-SBJ ( NP ( NNP Michael ) ( NNP R. ) ( NNP Weisberg ) ) ( NP ( NP ( NN partner ) ) ( PP ( IN in ) ( NP ( NP ( NN charge ) ) ( PP ( IN of ) ( NP ( NN research ) ) ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Robertson ) ( NNP Stephens ) ( CC & ) ( NNP Co. ) ) ( PP-LOC ( IN in ) ( NP ( NNP San ) ( NNP Francisco ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT some ) ( NNS investors ) ) ( VP ( VBP have ) ( ADVP ( RB already ) ) ( VP ( VBN made ) ( NP ( DT the ) ( NN switch ) ) ) ) ) ) ) )

Michael R. Weisberg partner in charge of research at Robertson Stephens & Co. in San Francisco said some investors have already made the switch


( S ( NP-SBJ ( NP ( DT The ) ( NNP Robertson ) ( NNP Stephens ) ( NNP Index ) ) ( PP ( IN of ) ( NP ( CD 340 ) ( VBG emerging ) ( NN growth ) ( NNS stocks ) ) ) ) ( VP ( VBZ is ) ( ADVP-PRD ( IN up ) ( NP ( CD 23.1 ) ( NN % ) ) ) ( PP-TMP ( IN for ) ( NP ( NP ( DT the ) ( NN year ) ) ( PP-TMP ( IN through ) ( NP ( NNP Friday ) ) ) ) ) ) )

The Robertson Stephens Index of 340 emerging growth stocks is up 23.1 % for the year through Friday


( S ( NP-SBJ ( DT The ) ( NN rise ) ) ( VP ( VBZ matches ) ( NP ( NP ( IN that ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNS industrials ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) )

The rise matches that of the Dow Jones industrials this year


( S ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( VP ( VBN been ) ( NP-PRD ( NP ( DT a ) ( JJ spectacular ) ( NN year ) ) ( PP ( IN for ) ( NP ( DT the ) ( VBG emerging ) ( NN growth ) ( NN stock ) ( NN investor ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Weisberg ) ) ( VP ( VBD said ) ) )

It 's been a spectacular year for the emerging growth stock investor Mr. Weisberg said


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD predicted ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( ADJP ( RBS most ) ( JJ popular ) ) ( NN growth ) ( NNS companies ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( NP ( DT those ) ) ( PP ( IN with ) ( NP ( NP ( NP ( DT some ) ( NN kind ) ) ( PP ( IN of ) ( NP ( JJ unique ) ( NN product ) ( CC or ) ( NN franchise ) ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ makes ) ( S ( NP-SBJ-2 ( PRP them ) ) ( VP ( VB appear ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB sustain ) ( NP ( PRP$ their ) ( NN momentum ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He predicted that the most popular growth companies will be those with some kind of unique product or franchise that makes them appear able to sustain their momentum


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ puts ) ( NP ( NP ( DT the ) ( NNP OTC ) ( NN market ) ( POS 's ) ) ( NNP Nellcor ) ( NNP Office ) ( NNP Club ) ( CC and ) ( NNP BizMart ) ) ( PP-PUT ( IN on ) ( NP ( DT the ) ( NN list ) ) ) ) )

He puts the OTC market 's Nellcor Office Club and BizMart on the list


( S ( NP-SBJ ( NP ( NNP Nellcor ) ) ( NP ( NP ( DT a ) ( NN maker ) ) ( PP ( IN of ) ( NP ( JJ electronic ) ( NN patient ) ( NN monitoring ) ( NNS systems ) ) ) ) ) ( VP ( VBD was ) ( ADVP-PRD ( IN up ) ( NP ( CD 3\/4 ) ) ( PP ( TO to ) ( NP ( QP ( CD 16 ) ( CD 7\/8 ) ) ) ) ( PP ( IN on ) ( NP ( CD 258,000 ) ( NNS shares ) ) ) ) ( NP-TMP ( NN yesterday ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( VBG retailing ) ( NN issue ) ( NNP Office ) ( NNP Club ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ unchanged ) ( PP ( IN at ) ( NP ( CD 10 ) ( CD 3\/4 ) ) ) ( PP ( IN on ) ( NP ( CD 65,200 ) ( NNS shares ) ) ) ) ) ) ) ) )

Nellcor a maker of electronic patient monitoring systems was up 3\/4 to 16 7\/8 on 258,000 shares yesterday while retailing issue Office Club was unchanged at 10 3\/4 on 65,200 shares


( S ( NP-SBJ ( NP ( NNP BizMart ) ) ( NP ( DT another ) ( VBG retailing ) ( NN stock ) ) ) ( VP ( VBD was ) ( ADVP-PRD ( IN off ) ( NP ( NP ( QP ( CD 3\/8 ) ( TO to ) ( CD 8 ) ( CD 1\/4 ) ) ) ( PP ( IN on ) ( NP ( NP ( RB nearly ) ( CD 80,000 ) ) ( NNS shares ) ) ) ) ) ) )

BizMart another retailing stock was off 3\/8 to 8 1\/4 on nearly 80,000 shares


( S ( NP-SBJ ( NP ( JJ Other ) ( NNS favorites ) ) ( PP ( IN of ) ( NP ( NP ( JJ growth-stock ) ( NNS analysts ) ) ( CC and ) ( NP ( NN money ) ( NNS managers ) ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBD had ) ( NP ( DT a ) ( VBN mixed ) ( NN session ) ) ) )

Other favorites of growth-stock analysts and money managers also had a mixed session


( S ( S ( NP-SBJ ( NP ( NNP Payco ) ( NNP American ) ) ( NP ( DT a ) ( NN credit ) ( NN collection ) ( NN concern ) ) ) ( VP ( VBD jumped ) ( NP ( QP ( CD 1 ) ( CD 3\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 20 ) ( CD 5\/8 ) ) ) ) ( PP ( IN on ) ( NP ( NP ( NN volume ) ) ( PP ( IN of ) ( NP ( CD 93,000 ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( NNP Mail ) ( NNPS Boxes ) ( NNP Etc. ) ) ( NP ( DT a ) ( JJ private ) ( JJ postal ) ( NNS services ) ( NN company ) ) ) ( VP ( VBD advanced ) ( NP-EXT ( CD 1\/2 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 23 ) ( CD 1\/2 ) ) ) ) ( PP ( IN on ) ( NP ( NP ( NN volume ) ) ( PP ( IN of ) ( NP ( CD 64,000 ) ) ) ) ) ) ) )

Payco American a credit collection concern jumped 1 3\/8 to 20 5\/8 on volume of 93,000 and Mail Boxes Etc. a private postal services company advanced 1\/2 to 23 1\/2 on volume of 64,000


( S ( CC But ) ( NP-SBJ ( NP ( NNP Legent ) ) ( NP ( DT a ) ( NNS systems ) ( NN software ) ( NN stock ) ) ) ( VP ( VBD was ) ( ADVP-PRD ( IN down ) ( NP ( CD 1\/2 ) ) ( PP ( TO to ) ( NP ( QP ( CD 29 ) ( CD 3\/4 ) ) ) ) ( PP ( IN on ) ( NP ( CD 39,300 ) ( NNS shares ) ) ) ) ) )

But Legent a systems software stock was down 1\/2 to 29 3\/4 on 39,300 shares


( S ( NP-SBJ ( NP ( NNP Novell ) ) ( NP ( DT a ) ( NN computer ) ( VBG networking ) ( NN concern ) ) ) ( VP ( VBD fell ) ( NP-EXT ( QP ( CD 1 ) ( CD 1\/2 ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 30 ) ) ) ( PP ( IN on ) ( NP ( CD 152,000 ) ( NNS shares ) ) ) ) )

Novell a computer networking concern fell 1 1\/2 to 30 on 152,000 shares


( S ( ADVP-LOC ( RB Elsewhere ) ) ( NP-SBJ-1 ( NNP Valley ) ( NNP National ) ) ( VP ( VBD continued ) ( NP ( PRP$ its ) ( NN slide ) ) ( S-ADV ( VP ( VBG dropping ) ( NP-EXT ( QP ( CD 2 ) ( CD 1\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 15 ) ) ) ( PP ( IN on ) ( NP ( QP ( CD 1.7 ) ( CD million ) ) ( NNS shares ) ) ) ) ) ) )

Elsewhere Valley National continued its slide dropping 2 1\/8 to 15 on 1.7 million shares


( S ( NP-SBJ ( DT The ) ( NNP Arizona ) ( NN banking ) ( NN concern ) ) ( VP ( VBZ is ) ( VP ( VBG facing ) ( NP ( NP ( NNS difficulties ) ) ( VP ( VBN related ) ( PP-CLR ( TO to ) ( NP ( NP ( NN weakness ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJ real ) ( NN estate ) ( NN market ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN state ) ) ) ) ) ) ) ) ) ) ) )

The Arizona banking concern is facing difficulties related to weakness in the real estate market in the state


( S ( NP-SBJ ( JJR Higher ) ( NNS earnings ) ) ( VP ( VBD helped ) ( NP ( DT some ) ( NNS issues ) ) ) )

Higher earnings helped some issues


( S ( S ( NP-SBJ ( NNP Amgen ) ) ( VP ( VBD rose ) ( NP-EXT ( QP ( CD 2 ) ( CD 1\/4 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 54 ) ( CD 3\/4 ) ) ) ) ( PP ( IN on ) ( NP ( QP ( RB almost ) ( CD 800,000 ) ) ( NNS shares ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP CVB ) ( NNP Financial ) ) ( VP ( VBD jumped ) ( NP-EXT ( CD 4 ) ) ( PP-DIR ( TO to ) ( NP ( CD 41 ) ) ) ( PP ( IN on ) ( NP ( QP ( RB only ) ( CD 1,000 ) ) ( NNS shares ) ) ) ) ) )

Amgen rose 2 1\/4 to 54 3\/4 on almost 800,000 shares and CVB Financial jumped 4 to 41 on only 1,000 shares


( S ( NP-SBJ ( NNP EAST ) ( NNP GERMANY'S ) ( NNP KRENZ ) ) ( VP ( VBD WARNED ) ( PP-CLR ( IN against ) ( NP ( JJ further ) ( JJ pro-democracy ) ( NNS protests ) ) ) ) )

EAST GERMANY'S KRENZ WARNED against further pro-democracy protests


( S ( SBAR-TMP ( IN After ) ( S ( NP-SBJ ( DT the ) ( NN legislature ) ) ( VP ( VBD confirmed ) ( NP ( PRP him ) ) ( PP-CLR ( IN as ) ( NP ( DT the ) ( NNP Communist ) ( NNP Party ) ( NN leader ) ) ) ) ) ) ( NP-SBJ ( NNP Krenz ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNS demonstrations ) ( S ( VP ( TO to ) ( VP ( VB demand ) ( NP ( JJ democratic ) ( NNS freedoms ) ) ) ) ) ) ( VP ( MD could ) ( VP ( VB cause ) ( NP ( NP ( NP ( DT a ) ( VBG worsening ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN situation ) ) ) ) ( CC or ) ( NP ( NN confrontation ) ) ) ) ) ) ) ) )

After the legislature confirmed him as the Communist Party leader Krenz said demonstrations to demand democratic freedoms could cause a worsening of the situation or confrontation


( S ( NP-SBJ ( PRP He ) ) ( ADVP ( RB also ) ) ( VP ( VBD reaffirmed ) ( NP ( NP ( NP ( NNP East ) ( NNP Germany ) ( POS 's ) ) ( NN allegiance ) ) ( PP ( TO to ) ( NP ( NNP Communist ) ( NN orthodoxy ) ) ) ) ) )

He also reaffirmed East Germany 's allegiance to Communist orthodoxy


( S ( CC But ) ( NP-SBJ-1 ( QP ( RB as ) ( JJ many ) ( IN as ) ( CD 12,000 ) ) ( NNS people ) ) ( VP ( VBD marched ) ( PP-LOC ( IN in ) ( NP ( NNP East ) ( NNP Berlin ) ) ) ( PP-TMP ( IN after ) ( NP ( DT the ) ( NN speech ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB protest ) ( NP ( PRP$ his ) ( NN election ) ) ) ) ) ) )

But as many as 12,000 people marched in East Berlin after the speech to protest his election


( S ( PP-TMP ( IN During ) ( NP ( DT the ) ( NN balloting ) ) ) ( NP-SBJ ( NP ( CD 26 ) ( NNS members ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ 500-seat ) ( NNP Parliament ) ) ) ) ( VP ( VP ( VBD voted ) ( PP-CLR ( IN against ) ( NP ( NNP Krenz ) ) ) ) ( NP ( NP ( DT a ) ( NN move ) ) ( VP ( VBN considered ) ( S ( ADJP-PRD ( JJ unprecedented ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NN country ) ( POS 's ) ) ( JJ 40-year ) ( NN history ) ) ) ) ) ) ) )

During the balloting 26 members of the 500-seat Parliament voted against Krenz a move considered unprecedented in the country 's 40-year history


( S ( NP-SBJ-1 ( NP ( NNS Officials ) ) ( PP-LOC ( IN in ) ( NP ( NNP East ) ( NNP Berlin ) ) ) ) ( S-ADV ( VP ( VBG responding ) ( PP-CLR ( TO to ) ( NP ( NP ( NNS complaints ) ) ( PP ( IN from ) ( NP ( NN opposition ) ( NNS groups ) ) ) ) ) ) ) ( VP ( VBD admitted ) ( SBAR ( S ( NP-SBJ-2 ( NNS police ) ) ( VP ( VBD used ) ( NP ( JJ excessive ) ( NN force ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG dispersing ) ( NP ( NNS protesters ) ) ( NP-TMP ( DT this ) ( NN month ) ) ) ) ) ) ) ) ) )

Officials in East Berlin responding to complaints from opposition groups admitted police used excessive force in dispersing protesters this month


( S ( NP-SBJ-1 ( DT The ) ( NNP Iran-Contra ) ( NN judge ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB allow ) ( S ( NP-SBJ ( NNP Poindexter ) ) ( VP ( TO to ) ( VP ( VB subpoena ) ( NP ( NP ( DT the ) ( JJ personal ) ( NNS papers ) ) ( PP ( IN of ) ( NP ( NNP ex-President ) ( NNP Reagan ) ) ) ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG ruling ) ( SBAR ( IN that ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBD was ) ( NP-PRD ( JJ sufficient ) ( NN evidence ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNS data ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ important ) ( PP ( TO to ) ( NP ( DT the ) ( NN defense ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Iran-Contra judge agreed to allow Poindexter to subpoena the personal papers of ex-President Reagan ruling that there was sufficient evidence that the data would be important to the defense


( S ( CC But ) ( NP-SBJ ( DT the ) ( NN judge ) ) ( VP ( VBD denied ) ( NP ( NP ( DT a ) ( NN request ) ) ( PP ( IN by ) ( NP ( NP ( DT the ) ( JJ former ) ( JJ national ) ( NN security ) ( NN adviser ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ faces ) ( NP ( CD five ) ( JJ criminal ) ( NNS charges ) ) ) ) ) ) ) ( S-2 ( VP ( TO to ) ( VP ( VB seek ) ( NP ( NNS documents ) ) ( PP ( IN from ) ( NP ( NNP Bush ) ) ) ) ) ) ) ) )

But the judge denied a request by the former national security adviser who faces five criminal charges to seek documents from Bush


( S ( NP-SBJ ( NNP San ) ( NNP Francisco ) ( NNP Bay ) ( NN area ) ( NNS officials ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( CD nine ) ( NNS people ) ) ( VP ( VBP remain ) ( ADJP-PRD ( VBG missing ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN aftermath ) ) ( PP ( IN of ) ( NP ( NP ( JJ last ) ( NN week ) ( POS 's ) ) ( NN earthquake ) ) ) ) ) ) ) ) ) )

San Francisco Bay area officials said nine people remain missing in the aftermath of last week 's earthquake


( S ( NP-SBJ ( DT The ) ( NN death ) ( NN toll ) ) ( VP ( VBD rose ) ( PP ( TO to ) ( NP ( CD 63 ) ) ) ) )

The death toll rose to 63


( S ( NP-SBJ ( DT The ) ( NNP House ) ) ( ADVP ( RB meanwhile ) ) ( VP ( VBD approved ) ( NP ( NP ( QP ( CD 2.85 ) ( CD billion ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB aid ) ( PP-CLR ( IN in ) ( NP ( NP ( DT the ) ( NN recovery ) ) ( PP ( PP ( IN from ) ( NP ( DT the ) ( NN temblor ) ) ) ( CC and ) ( PP ( IN from ) ( NP ( NNP Hurricane ) ( NNP Hugo ) ) ) ) ) ) ) ) ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NN state ) ( NNS legislators ) ) ( VP ( VBD moved ) ( PP-DIR ( IN toward ) ( NP ( DT a ) ( JJ temporary ) ( JJ sales-tax ) ( NN increase ) ) ) ) ) ) ) )

The House meanwhile approved 2.85 billion to aid in the recovery from the temblor and from Hurricane Hugo as state legislators moved toward a temporary sales-tax increase


( S ( NP-SBJ ( NNP U.S. ) ( NNS officials ) ) ( VP ( VBD expressed ) ( NP ( NP ( NN skepticism ) ) ( PP ( IN over ) ( NP ( DT an ) ( NNP Israeli ) ( NN effort ) ( S ( VP ( TO to ) ( VP ( VB show ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NNP PLO ) ) ( VP ( VBZ continues ) ( S ( VP ( TO to ) ( VP ( VB practice ) ( NP ( NN terrorism ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

U.S. officials expressed skepticism over an Israeli effort to show the PLO continues to practice terrorism


( S ( S ( NP-SBJ ( NNP Israel ) ) ( VP ( VBD provided ) ( NP ( DT the ) ( NNP State ) ( NNP Department ) ) ( PP-CLR ( IN with ) ( NP ( NP ( DT a ) ( NN list ) ) ( PP ( IN of ) ( NP ( NP ( JJ recent ) ( VBN alleged ) ( JJ terrorist ) ( NNS incidents ) ) ( VP ( VBN attributed ) ( PP-CLR ( TO to ) ( NP ( NP ( NNS forces ) ) ( VP ( VBN controlled ) ( PP ( IN by ) ( NP-LGS ( NNP Arafat ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( RB n't ) ( ADJP-PRD ( VBN satisfied ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNS incidents ) ) ( VP ( VBD constituted ) ( NP ( NN terrorism ) ) ) ) ) ) ) ) ) ) ) )

Israel provided the State Department with a list of recent alleged terrorist incidents attributed to forces controlled by Arafat but the U.S. said it was n't satisfied that the incidents constituted terrorism


( S ( NP-SBJ-1 ( NN TV ) ( NN evangelist ) ( NNP Jim ) ( NNP Bakker ) ) ( VP ( VBD was ) ( VP ( VP ( VBN sentenced ) ( PP-CLR ( TO to ) ( NP ( NP ( CD 45 ) ( NNS years ) ) ( PP-LOC ( IN in ) ( NP ( NN prison ) ) ) ) ) ) ( CC and ) ( VP ( VBN fined ) ( NP ( CD 500,000 ) ) ) ( PP-PRP ( IN for ) ( S-NOM ( VP ( VBG defrauding ) ( NP ( NP ( NNS followers ) ) ( PP ( IN of ) ( NP ( PRP$ his ) ( NNP PTL ) ( NN ministry ) ) ) ) ) ) ) ) ) )

TV evangelist Jim Bakker was sentenced to 45 years in prison and fined 500,000 for defrauding followers of his PTL ministry


( S ( NP-SBJ-1 ( NP ( NNP Bakker ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD was ) ( ADVP-TMP ( RB immediately ) ) ( VP ( VBN taken ) ( PP-CLR ( IN into ) ( NP ( NN custody ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN convicted ) ( NP-TMP ( NNP Oct. ) ( CD 5 ) ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( JJ federal ) ( NN court ) ( NN jury ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Charlotte ) ) ( NP ( NNP N.C. ) ) ) ) ) ) ( PP-CLR ( IN of ) ( NP ( NN fraud ) ( CC and ) ( NN conspiracy ) ) ) ( PP-PRP ( IN for ) ( S-NOM ( VP ( VBG diverting ) ( NP ( NP ( QP ( RBR more ) ( IN than ) ( CD 3.7 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NN ministry ) ( NNS funds ) ) ) ) ( PP-PRP ( IN for ) ( NP ( JJ personal ) ( NN use ) ) ) ) ) ) ) ) )

Bakker who was immediately taken into custody was convicted Oct. 5 by a federal court jury in Charlotte N.C. of fraud and conspiracy for diverting more than 3.7 million of ministry funds for personal use


( S ( NP-SBJ-1 ( NP ( NNS Lawmakers ) ) ( PP-LOC ( IN in ) ( NP ( NNP Moscow ) ) ) ) ( VP ( VBD voted ) ( S ( VP ( TO to ) ( VP ( VB deny ) ( NP ( DT the ) ( NNP Communist ) ( NNP Party ) ) ( NP ( NP ( PRP$ its ) ( CD 100 ) ( VBN guaranteed ) ( NNS seats ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Soviet ) ( NNP Congress ) ) ) ) ) ) ) ( S-ADV ( VP ( NN meaning ) ( SBAR ( S ( NP-SBJ-2 ( NP ( NNP Gorbachev ) ) ( CC and ) ( NP ( JJ other ) ( NNS aides ) ) ) ( VP ( MD might ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB face ) ( NP ( NNS voters ) ) ) ) ) ) ) ) ) ) ) ) )

Lawmakers in Moscow voted to deny the Communist Party its 100 guaranteed seats in the Soviet Congress meaning Gorbachev and other aides might have to face voters


( S ( PP-LOC ( IN In ) ( NP ( NNP Warsaw ) ) ) ( NP-SBJ-1 ( NNP Shevardnadze ) ) ( VP ( VP ( VBD held ) ( NP ( NP ( PRP$ his ) ( JJ first ) ( NNS talks ) ) ( PP ( IN with ) ( NP ( DT the ) ( JJ Solidarity-led ) ( NN government ) ) ) ) ) ( CC and ) ( VP ( VBD vowed ) ( S ( VP ( TO to ) ( VP ( VB maintain ) ( NP ( NN fuel ) ( NNS supplies ) ) ) ) ) ) ) )

In Warsaw Shevardnadze held his first talks with the Solidarity-led government and vowed to maintain fuel supplies


( S ( NP-SBJ-1 ( NP ( NNP Poland ) ( POS 's ) ) ( NN premier ) ) ( VP ( VBZ is ) ( S ( VP ( TO to ) ( VP ( VB visit ) ( NP ( NNP Moscow ) ) ( NP-TMP ( JJ next ) ( NN month ) ) ) ) ) ) )

Poland 's premier is to visit Moscow next month


( S ( NP-SBJ ( DT The ) ( NNP Arab ) ( NNP League ) ) ( VP ( VBD pledged ) ( NP ( NP ( DT an ) ( NN accord ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( JJ complete ) ( JJ Syrian ) ( NN troop ) ( NN pullout ) ) ( PP ( IN from ) ( NP ( NP ( NNP Lebanon ) ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ-1 ( QP ( IN about ) ( CD 70,000 ) ) ( NNS people ) ) ( VP ( VBD marched ) ( PP-DIR ( TO to ) ( NP ( NP ( DT the ) ( NN headquarters ) ) ( PP ( IN of ) ( NP ( NNP Christian ) ( NN leader ) ( NNP Aoun ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB support ) ( NP ( NP ( PRP$ his ) ( NN rejection ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN peace ) ( NN plan ) ) ( VP ( VBN approved ) ( NP-TMP ( NNP Sunday ) ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Lebanon ) ( POS 's ) ) ( NN legislature ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Arab League pledged an accord for a complete Syrian troop pullout from Lebanon where about 70,000 people marched to the headquarters of Christian leader Aoun to support his rejection of a peace plan approved Sunday by Lebanon 's legislature


( S ( NP-SBJ ( DT The ) ( NN plan ) ) ( VP ( VBD lacked ) ( NP ( DT a ) ( NN withdrawal ) ( NN timetable ) ) ) )

The plan lacked a withdrawal timetable


( S ( NP-SBJ ( NNP Pro-Iranian ) ( NNS kidnappers ) ) ( VP ( VBD renewed ) ( NP ( DT an ) ( NN offer ) ( S ( VP ( TO to ) ( VP ( VB trade ) ( NP ( NP ( PRP$ their ) ( NNS captives ) ) ( PP-LOC ( IN in ) ( NP ( NNP Lebanon ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( IN at ) ( JJS least ) ( CD 15 ) ) ( NNP Shiite ) ( NNP Moslem ) ( NNS comrades ) ) ( VP ( VBN jailed ) ( PP-LOC ( IN in ) ( NP ( NNP Kuwait ) ) ) ) ) ) ) ) ) ) ) )

Pro-Iranian kidnappers renewed an offer to trade their captives in Lebanon for at least 15 Shiite Moslem comrades jailed in Kuwait


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN statement ) ) ( PP ( IN by ) ( NP ( NP ( NNP Islamic ) ( NNP Jihad ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ holds ) ( NP ( QP ( IN at ) ( JJS least ) ( CD two ) ) ( NNP U.S. ) ( NNS hostages ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN accompanied ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( NN photograph ) ) ( PP ( IN of ) ( NP ( NP ( NNP Associated ) ( NNP Press ) ( NN correspondent ) ( NNP Terry ) ( NNP Anderson ) ) ( VP ( ADVP ( JJS longest ) ) ( VBN held ) ( PP ( IN of ) ( NP ( CD 18 ) ( JJ Western ) ( NNS hostages ) ) ) ) ) ) ) ) ) ) )

The statement by Islamic Jihad which holds at least two U.S. hostages was accompanied by a photograph of Associated Press correspondent Terry Anderson longest held of 18 Western hostages


( S ( NP-SBJ ( DT The ) ( NNP Treasury ) ( NNP Department ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP S&Ls ) ) ( VP ( VBP reject ) ( NP ( NNS blacks ) ) ( PP-CLR ( IN for ) ( NP ( NN mortgage ) ( NNS loans ) ) ) ( ADVP-TMP ( RB twice ) ( RB as ) ( RB often ) ( SBAR ( IN as ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP reject ) ( NP ( NNS whites ) ) ) ) ) ) ) ) ) ) )

The Treasury Department said S&Ls reject blacks for mortgage loans twice as often as they reject whites


( S ( NP-SBJ ( NP ( DT The ) ( NN department ) ( POS 's ) ) ( NP ( NNP Office ) ) ( PP ( IN of ) ( NP ( NNP Thrift ) ( NNP Supervision ) ) ) ) ( VP ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ does ) ( RB n't ) ( ADVP ( RB necessarily ) ) ( VP ( VB mean ) ( SBAR ( S ( NP-SBJ-1 ( NNS thrifts ) ) ( VP ( VBP are ) ( VP ( VBN biased ) ) ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBD conceded ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB have ) ( NP ( NP ( NNS data ) ) ( PP ( IN about ) ( NP ( NNS applicants ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB determine ) ( SBAR ( WHADVP-4 ( WRB why ) ) ( S ( NP-SBJ-2 ( NNS blacks ) ) ( VP ( VBP are ) ( VP ( VBN rejected ) ( ADVP-TMP ( RBR more ) ( RB often ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The department 's Office of Thrift Supervision said that does n't necessarily mean thrifts are biased but conceded that it does n't have data about applicants to determine why blacks are rejected more often


( S ( NP-SBJ ( NN Emergency ) ( NNS crews ) ) ( VP ( VBD searched ) ( PP-LOC ( IN through ) ( NP ( NP ( DT the ) ( VBN charred ) ( NN rubble ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NNP Phillips ) ( NNP Petroleum ) ( NNP Co. ) ( NNS plastics ) ( NN plant ) ) ( PP-LOC ( IN near ) ( NP ( NP ( NNP Pasadena ) ) ( NP ( NNP Texas ) ) ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( NP ( DT a ) ( NN series ) ) ( PP ( IN of ) ( NP ( NNS explosions ) ) ) ( NP-TMP ( NNP Monday ) ) ) ( VP ( VP ( VBD killed ) ( NP ( QP ( IN at ) ( JJS least ) ( CD two ) ) ( NNS people ) ) ) ( CC and ) ( VP ( VBD injured ) ( NP ( CD 124 ) ) ) ) ) ) ) ) ) ) ) )

Emergency crews searched through the charred rubble of a Phillips Petroleum Co. plastics plant near Pasadena Texas where a series of explosions Monday killed at least two people and injured 124


( S ( NP-SBJ ( NN Company ) ( NNS officials ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( CD 22 ) ( NNS workers ) ) ( VP ( VBD were ) ( VP ( VP ( VBG missing ) ) ( CC and ) ( VP ( VBN presumed ) ( S ( ADJP-PRD ( JJ dead ) ) ) ) ) ) ) ) ) )

Company officials said 22 workers were missing and presumed dead


( S ( NP-SBJ ( NN Safety ) ( NNS authorities ) ) ( VP ( VBD did ) ( RB n't ) ( ADVP-TMP ( RB immediately ) ) ( VP ( VB know ) ( NP ( NP ( DT the ) ( NN cause ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS blasts ) ) ) ) ) ) )

Safety authorities did n't immediately know the cause of the blasts


( S ( NP-SBJ ( NNP NATO ) ( NN defense ) ( NNS ministers ) ) ( VP ( VBD opened ) ( NP ( NP ( DT a ) ( JJ two-day ) ( NN meeting ) ) ( PP-LOC ( IN in ) ( NP ( NNP Portugal ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB assess ) ( NP ( NP ( DT the ) ( NN alliance ) ( POS 's ) ) ( JJ nuclear-weapons ) ( NNS needs ) ) ( PP-LOC ( IN amid ) ( NP ( VBN reduced ) ( NNP East-West ) ( NNS tensions ) ) ) ) ) ) ) ) ) )

NATO defense ministers opened a two-day meeting in Portugal to assess the alliance 's nuclear-weapons needs amid reduced East-West tensions


( S ( NP-SBJ ( DT The ) ( NNS ministers ) ) ( VP ( VBD ordered ) ( NP ( NP ( DT a ) ( NN study ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( JJ strategic ) ( NN role ) ) ( PP ( IN of ) ( NP ( NP ( JJ nuclear ) ( NNS arms ) ) ( PP-LOC ( IN in ) ( NP ( NNP Western ) ( NNP Europe ) ) ) ) ) ( SBAR-TMP ( IN once ) ( S ( NP-SBJ-1 ( NNP Soviet ) ( JJ conventional ) ( NNS weapons ) ) ( VP ( VBP are ) ( VP ( VBN reduced ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP East ) ( NN bloc ) ) ) ) ) ) ) ) ) ) ) )

The ministers ordered a study on the strategic role of nuclear arms in Western Europe once Soviet conventional weapons are reduced in the East bloc


( S ( NP-SBJ-1 ( DT The ) ( NNP Justice ) ( NNP Department ) ) ( VP ( VBD scrambled ) ( S ( VP ( TO to ) ( VP ( VB play ) ( PRT ( RP down ) ) ( NP ( NP ( DT the ) ( NN significance ) ) ( PP ( IN of ) ( NP ( NP ( VBN revised ) ( NNS guidelines ) ) ( VP ( VBG concerning ) ( NP ( NP ( NNS prosecutions ) ) ( PP-LOC ( IN under ) ( NP ( DT the ) ( JJ federal ) ( NN racketeering ) ( NN law ) ) ) ) ) ) ) ) ) ) ) ) )

The Justice Department scrambled to play down the significance of revised guidelines concerning prosecutions under the federal racketeering law


( S ( NP-SBJ-1 ( NP ( DT The ) ( NNS guidelines ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBP discourage ) ( NP-3 ( NNS prosecutors ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG seeking ) ( NP ( NP ( NN court ) ( NNS orders ) ) ( VP ( VBG seizing ) ( NP ( NP ( DT the ) ( NNS assets ) ) ( PP ( IN of ) ( NP ( JJ certain ) ( NN racketeering ) ( NNS defendants ) ) ) ) ( ADVP-TMP ( RB prior ) ( PP ( TO to ) ( NP ( NN trial ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD were ) ( VP ( ADVP ( RB first ) ) ( VBN disclosed ) ( NP-TMP ( DT this ) ( NN week ) ) ) ) )

The guidelines which discourage prosecutors from seeking court orders seizing the assets of certain racketeering defendants prior to trial were first disclosed this week


( FRAG ( VP ( VBD Died ) ) ( NP ( NP ( NNP S. ) ( NNP Clark ) ( NNP Beise ) ) ( NP ( CD 91 ) ) ( NP ( NP ( NP ( NN ex-president ) ) ( CC and ) ( NP ( NN chief ) ( JJ executive ) ( NN officer ) ) ) ( PP ( IN of ) ( NP ( NP ( NNP Bank ) ) ( PP ( IN of ) ( NP ( NNP America ) ( NNP NT&SA ) ) ) ) ) ) ) ( NP-TMP ( NNP Saturday ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Hillsboro ) ) ( NP ( NNP Calif ) ) ) ) )

Died S. Clark Beise 91 ex-president and chief executive officer of Bank of America NT&SA Saturday in Hillsboro Calif


( S ( NP-SBJ ( NNP MCA ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP$ its ) ( JJ toy-making ) ( NN unit ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NP ( NNP Buddy ) ( NNP L ) ( NNP Corp. ) ) ( NP ( NP ( NN producer ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN line ) ) ( PP ( IN of ) ( NP ( NP ( NN toy ) ( NNS vehicles ) ) ( CC and ) ( NP ( JJ preschool ) ( NNS products ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

MCA Inc. said its toy-making unit agreed to buy Buddy L Corp. producer of a line of toy vehicles and preschool products


( S ( S ( NP-SBJ-1 ( DT The ) ( NN price ) ) ( VP ( VBD was ) ( RB n't ) ( VP ( VBD disclosed ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NP ( DT an ) ( NN executive ) ) ( PP ( IN of ) ( NP ( NP ( NNP LJN ) ( NNPS Toys ) ( NNP Ltd. ) ) ( NP ( DT the ) ( NNP MCA ) ( NN unit ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( ADJP ( RB closely ) ( VBN held ) ) ( NNP Buddy ) ( NNP L ) ) ( VP ( VBD had ) ( NP ( NP ( JJ annual ) ( NNS sales ) ) ( PP ( IN in ) ( NP ( NP ( NN excess ) ) ( PP ( IN of ) ( NP ( QP ( CD 20 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) )

The price was n't disclosed but an executive of LJN Toys Ltd. the MCA unit said the closely held Buddy L had annual sales in excess of 20 million


( S ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( JJ 40-year-old ) ( NNP Buddy ) ( NNP L ) ( NN concern ) ) ( VP ( VBN based ) ( PP-CLR-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ( VP ( VBZ designs ) ( CC and ) ( VBZ develops ) ( NP ( NNS toys ) ) ( PP-MNR ( IN under ) ( NP ( NP ( DT the ) ( NNS names ) ) ( NP ( NP ( NNP Buddy ) ( NNP L ) ) ( CC and ) ( NP ( NNP My ) ( NNP First ) ( NNP Buddy ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

The 40-year-old Buddy L concern based in New York designs and develops toys under the names Buddy L and My First Buddy he said


( S ( NP-SBJ ( NNP MCA ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ-2 ( DT the ) ( VBN proposed ) ( NN transaction ) ) ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN completed ) ( ADVP-TMP ( RB no ) ( RB later ) ( PP ( IN than ) ( NP ( NNP Nov. ) ( CD 10 ) ) ) ) ) ) ) ) ) ) ) ) )

MCA said it expects the proposed transaction to be completed no later than Nov. 10


( S ( NP-SBJ-1 ( NNP David ) ( NNP W. ) ( NNP Lodge ) ) ( VP ( VBD was ) ( VP ( VBN elected ) ( S ( NP-PRD ( NP ( NP ( NN vice ) ( NN president ) ) ( CC and ) ( NP ( NN chief ) ( JJ financial ) ( NN officer ) ) ) ( ADJP ( JJ effective ) ( NP-TMP ( NNP Nov. ) ( CD 1 ) ) ) ) ) ) ) )

David W. Lodge was elected vice president and chief financial officer effective Nov. 1


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Lodge ) ) ( ADJP ( NP ( CD 48 ) ( NNS years ) ) ( JJ old ) ) ( NP ( NP ( DT a ) ( JJ former ) ( NN finance ) ( NN executive ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Singer ) ( NNP Sewing ) ( NNP Machine ) ( NNP Co. ) ) ( CC and ) ( NP ( NNP Celanese ) ( NNP Corp. ) ) ) ) ) ) ( VP ( VBZ succeeds ) ( NP ( NP ( NNP Francis ) ( NNP L. ) ( NNP Brophy ) ) ( NP ( CD 64 ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB retire ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NN company ) ) ) ( NP-TMP ( IN next ) ( NN year ) ) ) ) ) ) ) ) ) ) )

Mr. Lodge 48 years old a former finance executive at Singer Sewing Machine Co. and Celanese Corp. succeeds Francis L. Brophy 64 who plans to retire from the company next year


( S ( NP-SBJ ( NP ( NP ( DT The ) ( NNS estimates ) ) ( PP ( IN of ) ( NP ( JJ real ) ( JJ gross ) ( JJ national ) ( NN product ) ) ) ) ( VP ( VBN prepared ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( DT the ) ( NNP Bureau ) ) ( PP ( IN of ) ( NP ( NNP Economic ) ( NNP Analysis ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNP Department ) ) ( PP ( IN of ) ( NP ( NNP Commerce ) ) ) ) ) ) ) ) ) ( VP ( ADVP-MNR ( RB significantly ) ) ( VBP understate ) ( NP ( NP ( DT the ) ( NN rate ) ) ( PP ( IN of ) ( NP ( JJ economic ) ( NN growth ) ) ) ) ) )

The estimates of real gross national product prepared by the Bureau of Economic Analysis in the Department of Commerce significantly understate the rate of economic growth


( S ( SBAR-PRP ( IN Since ) ( S ( NP-SBJ ( NP ( NP ( DT the ) ( NN bureau ) ( POS 's ) ) ( NNS estimates ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN business ) ( NN sector ) ) ) ) ( VP ( VBP provide ) ( NP ( NP ( DT the ) ( NN numerator ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN productivity ) ( NNS ratios ) ) ( VP ( VBN calculated ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NNP Department ) ) ( PP ( IN of ) ( NP ( NNP Labor ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( VBN underestimated ) ( NN growth ) ( NNS rates ) ) ( VP ( ADVP-MNR ( RB artificially ) ) ( VBP depress ) ( NP ( JJ official ) ( NN productivity ) ( NNS statistics ) ) ) )

Since the bureau 's estimates for the business sector provide the numerator for the productivity ratios calculated by the Department of Labor underestimated growth rates artificially depress official productivity statistics


( S ( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( DT this ) ( NN thesis ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ correct ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( NP ( NP ( JJ important ) ( NNS implications ) ) ( PP ( IN for ) ( NP ( JJ macroeconomic ) ( NNS policies ) ) ) ) ) ) ( S ( NP-SBJ ( PRP It ) ) ( VP ( MD may ) ( VP ( VB lower ) ( NP ( NP ( DT the ) ( NN sense ) ) ( PP ( IN of ) ( NP ( NN urgency ) ) ) ( PP-LOC ( IN behind ) ( NP ( NP ( NP ( NNS efforts ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB enact ) ( NP ( NN tax ) ( NNS incentives ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( JJ other ) ( NNS measures ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB increase ) ( NP ( NP ( NP ( DT the ) ( NN rate ) ) ( PP ( IN of ) ( NP ( NP ( NN growth ) ) ( PP ( IN in ) ( NP ( NN productivity ) ) ) ) ) ) ( CC and ) ( NP ( JJ real ) ( NNP GNP ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

If this thesis is correct it has important implications for macroeconomic policies It may lower the sense of urgency behind efforts to enact tax incentives and other measures to increase the rate of growth in productivity and real GNP


( S ( NP-SBJ ( PRP It ) ) ( VP ( MD would ) ( ADVP ( RB also ) ) ( VP ( VB affect ) ( NP ( NP ( DT the ) ( NNS perceptions ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NN board ) ) ( PP ( IN of ) ( NP ( NNS governors ) ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Federal ) ( NNP Reserve ) ( NNP System ) ) ) ) ( CC and ) ( NP ( DT the ) ( VBN informed ) ( NN public ) ( RB generally ) ) ) ) ( PP ( IN as ) ( PP ( TO to ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( VP ( VBZ constitutes ) ( NP ( NP ( DT a ) ( JJ reasonable ) ( NN degree ) ) ( PP ( IN of ) ( NP ( NN price ) ( NN stability ) ) ) ) ) ) ) ) ) ) ) ) )

It would also affect the perceptions of the board of governors of the Federal Reserve System and the informed public generally as to what constitutes a reasonable degree of price stability


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( JJ early ) ( CD 1980s ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBD predicted ) ( NP ( NP ( DT a ) ( JJ significant ) ( NN acceleration ) ) ( PP ( IN in ) ( NP ( NN productivity ) ( NN growth ) ) ) ( PP-TMP ( IN over ) ( NP ( NP ( DT the ) ( NN rest ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN decade ) ) ) ) ) ) ) )

In the early 1980s I predicted a significant acceleration in productivity growth over the rest of the decade


( S ( NP-SBJ-1 ( DT This ) ( NN forecast ) ) ( VP ( VBD was ) ( VP ( VBN based ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( JJ apparent ) ( NN reversal ) ) ( PP ( IN of ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( JJ negative ) ( NNS forces ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( JJ demographic ) ( NNS changes ) ) ( NP ( DT the ) ( NN oil ) ( NN shock ) ) ( CC and ) ( NP ( VBG accelerating ) ( NN inflation ) ) ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD had ) ( VP ( VBN reduced ) ( NP ( NN productivity ) ( NNS gains ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( CD 1970s ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

This forecast was based on the apparent reversal of most of the negative forces such as demographic changes the oil shock and accelerating inflation that had reduced productivity gains in the 1970s


( S ( NP-SBJ ( EX There ) ) ( VP ( VBZ has ) ( ADVP ( RB indeed ) ) ( VP ( VBN been ) ( NP-PRD ( NP ( JJR more ) ) ( PP ( IN than ) ( NP ( NP ( DT a ) ( ADJP ( CD one ) ( NN percentage ) ( NN point ) ) ( NN improvement ) ) ( PP-LOC ( IN in ) ( NP ( NN productivity ) ( NN growth ) ) ) ) ) ) ( PP-TMP ( IN since ) ( NP ( CD 1981 ) ) ) ) ) )

There has indeed been more than a one percentage point improvement in productivity growth since 1981


( S ( CC But ) ( NP-SBJ ( PRP I ) ) ( VP ( VP ( VBD had ) ( VP ( VBN expected ) ( NP ( RBR more ) ) ) ) ( SBAR-ADV ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( NP-PRD ( NP ( CD one ) ( NN reason ) ) ( SBAR ( S ( NP-SBJ-2 ( PRP I ) ) ( VP ( VBD began ) ( S ( VP ( VBG looking ) ( PP-CLR ( IN at ) ( NP ( NP ( NN evidence ) ) ( VP ( VBG suggesting ) ( NP ( NP ( NNS defects ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ official ) ( NN output ) ( NNS estimates ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But I had expected more which is one reason I began looking at evidence suggesting defects in the official output estimates


( S ( S ( NP-SBJ ( DT The ) ( NN evidence ) ) ( VP ( VBZ does ) ( RB not ) ( VP ( ADVP-MNR ( RB clearly ) ) ( VB support ) ( NP ( DT the ) ( NN view ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ downward ) ( NN bias ) ) ( PP-LOC ( IN in ) ( NP ( NN output ) ( NN growth ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN become ) ( ADJP-PRD ( JJR greater ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( CD 1948-89 ) ( NN period ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NP ( DT all ) ) ( SBAR ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP am ) ( VP ( VBG claiming ) ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ-90 ( DT the ) ( NN growth ) ( NN trend ) ) ( VP ( VBZ is ) ( VP ( VBN understated ) ) ) ) ) ) ) )

The evidence does not clearly support the view that the downward bias in output growth has become greater during the 1948-89 period but all I am claiming is that the growth trend is understated


( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ is ) ( ADVP ( RB however ) ) ( ADJP-PRD ( JJ possible ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( JJ further ) ( NN study ) ) ( VP ( MD will ) ( VP ( VB reveal ) ( NP ( VBG increasing ) ( NN bias ) ) ) ) ) ) ) )

It is however possible that further study will reveal increasing bias


( S ( NP-SBJ ( DT This ) ( NN bias ) ) ( VP ( VBZ is ) ( PP ( IN in ) ( NP ( DT no ) ( NN way ) ) ) ( ADJP-PRD ( JJ deliberate ) ) ) )

This bias is in no way deliberate


( S ( NP-SBJ ( NP ( DT The ) ( NN understatement ) ) ( PP ( IN of ) ( NP ( NN growth ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ due ) ( ADVP ( RB largely ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( JJ conservative ) ( NNS expedients ) ) ( VP ( VBN adopted ) ( S-PRP ( VP ( TO to ) ( VP ( VB deal ) ( PP-CLR ( IN with ) ( NP ( NP ( NNS deficiencies ) ) ( PP-LOC ( IN in ) ( NP ( JJ basic ) ( JJ economic ) ( NNS data ) ) ) ) ) ) ) ) ) ) ) ) ) )

The understatement of growth is due largely to the conservative expedients adopted to deal with deficiencies in basic economic data


( S ( NP-SBJ ( NP ( DT The ) ( JJ first ) ) ( PP ( IN of ) ( NP ( NP ( CD three ) ( JJ major ) ( NNS sources ) ) ( PP ( IN of ) ( NP ( NN error ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN use ) ) ( PP ( IN of ) ( NP ( NP ( NN labor ) ( NN input ) ( NNS estimates ) ) ( PRN ( NP ( RB mainly ) ( NN employment ) ( CC or ) ( NNS hours ) ) ) ) ) ( PP ( RB instead ) ( IN of ) ( NP ( NP ( NN output ) ( NNS estimates ) ) ( PP ( IN for ) ( NP ( NP ( NP ( DT those ) ( NNS sectors ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NNS governments ) ) ( NP ( VBN paid ) ( NN household ) ( NNS services ) ) ( CC and ) ( NP ( JJ private ) ( JJ non-profit ) ( NNS institutions ) ) ) ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NNS difficulties ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG assembling ) ( NP ( NN output ) ( NNS data ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The first of three major sources of error is the use of labor input estimates mainly employment or hours instead of output estimates for those sectors such as governments paid household services and private non-profit institutions where there are difficulties in assembling output data


( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ means ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT no ) ( NN allowance ) ) ( VP ( VBZ is ) ( VP ( VBN made ) ( PP-CLR ( IN for ) ( NP ( NP ( JJ possible ) ( NNS increases ) ) ( PP ( IN in ) ( NP ( NN output ) ) ) ( PP ( IN per ) ( NP ( NP ( NN unit ) ) ( PP ( IN of ) ( NP ( NN labor ) ) ) ) ) ) ) ) ) ) ) ) )

This means that no allowance is made for possible increases in output per unit of labor


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT an ) ( JJ unrelated ) ( NN program ) ) ( SBAR ( WHPP-1 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( DT the ) ( NNP Labor ) ( NNP Department ) ) ( VP ( VBZ does ) ( VP ( VB estimate ) ( NP ( NP ( NN output ) ) ( PP ( IN per ) ( NP ( NN employee ) ) ) ) ( PP ( IN for ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( NNS two-thirds ) ) ) ( PP ( IN of ) ( NP ( JJ federal ) ( JJ civilian ) ( NNS employees ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD found ) ( NP ( NP ( DT an ) ( JJ average ) ( JJ annual ) ( NN rate ) ) ( PP ( IN of ) ( NP ( NP ( NN productivity ) ( NN improvement ) ) ( PP ( IN of ) ( NP ( CD 1.7 ) ( NN % ) ) ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( CD 1980s ) ) ) ) ) )

In an unrelated program in which the Labor Department does estimate output per employee for more than two-thirds of federal civilian employees it found an average annual rate of productivity improvement of 1.7 % during the 1980s


( S ( SBAR-ADV ( RB Even ) ( IN if ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBN assumed ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NN productivity ) ) ( VP ( VBD rose ) ( ADVP-MNR ( ADVP ( RB no ) ( RBR more ) ) ( PP ( IN than ) ( ADVP ( DT half ) ( RB as ) ( RB quickly ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NN rest ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN nonbusiness ) ( NN sector ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT this ) ( NNP Labor ) ( NNP Department ) ( NN estimate ) ) ( VP ( VBZ indicates ) ( NP ( NP ( DT a ) ( JJ downward ) ( NN bias ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJ real ) ( NNP GNP ) ( NNS estimates ) ) ( PP ( IN of ) ( NP ( NP ( CD 0.2 ) ( NN percentage ) ( NN point ) ) ( NP-ADV ( DT a ) ( NN year ) ) ( PP ( IN on ) ( NP ( NN average ) ) ) ) ) ) ) ) ) )

Even if it is assumed that productivity rose no more than half as quickly in the rest of the nonbusiness sector this Labor Department estimate indicates a downward bias in the real GNP estimates of 0.2 percentage point a year on average


( S ( NP-SBJ ( DT The ) ( JJ federal ) ( NN productivity ) ( NNS estimators ) ) ( VP ( VBP use ) ( NP ( NN labor ) ( NN input ) ( PRN ( PP ( RB rather ) ( IN than ) ( NP ( NN output ) ) ) ) ( NNS data ) ) ( PP-CLR ( IN for ) ( NP ( NP ( PRP$ their ) ( NNS calculations ) ) ( PP ( IN of ) ( NP ( NP ( DT half ) ) ( PP ( IN of ) ( NP ( JJ private ) ( UCP ( JJ financial ) ( CC and ) ( NN service ) ) ( NNS industries ) ) ) ) ) ) ) ( ADVP ( RB as ) ( RB well ) ) ) )

The federal productivity estimators use labor input rather than output data for their calculations of half of private financial and service industries as well


( S ( NP-SBJ ( NP ( NP ( JJ Independent ) ( NNS estimates ) ) ( PP ( IN of ) ( NP ( NP ( NN output ) ) ( PP-LOC ( IN in ) ( NP ( DT those ) ( NNS industries ) ) ) ) ) ) ( PP ( VBG including ) ( NP ( NP ( CD one ) ) ( PP ( IN by ) ( NP ( NP ( DT the ) ( NNP Department ) ) ( PP ( IN of ) ( NP ( NNP Labor ) ) ) ) ) ( PP ( IN for ) ( NP ( NN banking ) ) ) ) ) ) ( VP ( VBZ suggests ) ( SBAR ( DT that ) ( S ( NP-SBJ-1 ( NP ( NN productivity ) ) ( PP-LOC ( IN in ) ( NP ( NN finance ) ( CC and ) ( NNS services ) ) ) ) ( VP ( VBZ appears ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VBN risen ) ( PP-EXT ( IN by ) ( NP ( NP ( DT an ) ( NN average ) ) ( PP ( IN of ) ( NP ( NP ( ADVP ( IN at ) ( JJS least ) ) ( CD 1.5 ) ( NN % ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ) ) ) ( PP-TMP ( IN between ) ( NP ( CD 1948 ) ( CC and ) ( CD 1988 ) ) ) ) ) ) ) ) ) ) ) )

Independent estimates of output in those industries including one by the Department of Labor for banking suggests that productivity in finance and services appears to have risen by an average of at least 1.5 % a year between 1948 and 1988


( S ( SBAR-PRP ( IN Because ) ( S ( NP-SBJ ( NN finance ) ( CC and ) ( NNS services ) ) ( VP ( VBP contribute ) ( NP ( CD 10 ) ( NN % ) ) ( PP-CLR ( TO to ) ( NP ( JJ final ) ( NN business ) ( NN product ) ) ) ) ) ) ( S-NOM-SBJ ( VP ( VBG missing ) ( NP ( DT these ) ( NN productivity ) ( NNS improvements ) ) ) ) ( VP ( VBZ depresses ) ( NP ( DT the ) ( JJ overall ) ( NN growth ) ( NN rate ) ) ( PP-EXT ( IN by ) ( NP ( NP ( CD 0.15 ) ( NN % ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ) ) )

Because finance and services contribute 10 % to final business product missing these productivity improvements depresses the overall growth rate by 0.15 % a year


( S ( NP-SBJ ( NP ( DT The ) ( JJ second ) ( NN source ) ) ( PP ( IN of ) ( NP ( NP ( NN error ) ) ( PP-LOC ( IN in ) ( NP ( NN growth ) ( NNS statistics ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN use ) ) ( PP ( IN of ) ( NP ( JJ inappropriate ) ( NNS deflators ) ) ) ( SBAR-PRP ( S ( VP ( TO to ) ( VP ( VB adjust ) ( PP ( IN for ) ( NP ( NN price ) ( NNS changes ) ) ) ) ) ) ) ) ) )

The second source of error in growth statistics is the use of inappropriate deflators to adjust for price changes


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP estimate ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT these ) ( NNS mismeasurements ) ) ( SBAR ( IN as ) ( S ( VP ( VBN detailed ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Martin ) ( NNP N. ) ( NNP Baily ) ) ( CC and ) ( NP ( NNP Robert ) ( NNP J. ) ( NNP Gordon ) ) ) ) ) ) ) ) ( VP ( VB add ) ( NP ( DT a ) ( QP ( JJ further ) ( CD 0.12 ) ) ( NN percentage ) ( NN point ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( JJ downward ) ( NN bias ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN growth ) ( NN rate ) ) ( PP ( IN of ) ( NP ( JJ real ) ( NN business ) ( NN product ) ) ) ) ) ) ) ) ) ) ) )

I estimate that these mismeasurements as detailed by Martin N. Baily and Robert J. Gordon add a further 0.12 percentage point to the downward bias in the growth rate of real business product


( S ( ADVP ( RB Finally ) ) ( NP-SBJ ( DT the ) ( JJ official ) ( NNS estimates ) ) ( VP ( VBP understate ) ( NP ( NN growth ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP make ) ( NP ( JJ inadequate ) ( NN allowance ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NNS improvements ) ) ( PP ( IN in ) ( NP ( NP ( NN quality ) ) ( PP ( IN of ) ( NP ( NNS goods ) ( CC and ) ( NNS services ) ) ) ) ) ) ) ) ) ) ) )

Finally the official estimates understate growth because they make inadequate allowance for improvements in quality of goods and services


( S ( S ( PP-TMP ( IN In ) ( NP ( CD 1985 ) ) ) ( NP-SBJ-1 ( NP ( DT a ) ( JJ new ) ( NN price ) ( NN index ) ) ( PP ( IN for ) ( NP ( NNS computers ) ) ) ( VP ( VBN adjusted ) ( PP-CLR ( IN for ) ( NP ( NP ( NNS changes ) ) ( PP-LOC ( IN in ) ( NP ( NN performance ) ( NNS characteristics ) ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN introduced ) ) ) ) ( CC and ) ( S ( NP-SBJ ( WDT that ) ) ( VP ( VBD resulted ) ( PP-CLR ( IN in ) ( NP ( NP ( DT a ) ( ADJP ( RB significantly ) ( JJR larger ) ) ( NN increase ) ) ( PP ( IN in ) ( NP ( NP ( JJ real ) ( NNS outlays ) ) ( PP ( IN for ) ( NP ( JJ durable ) ( NNS goods ) ) ) ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( DT the ) ( JJR earlier ) ( NNS estimates ) ) ( VP ( VBD had ) ( VP ( VBN showed ) ) ) ) ) ) ) ) ) )

In 1985 a new price index for computers adjusted for changes in performance characteristics was introduced and that resulted in a significantly larger increase in real outlays for durable goods than the earlier estimates had showed


( S ( PP-TMP ( IN Since ) ( NP ( RB then ) ) ) ( NP-SBJ ( JJ further ) ( NN research ) ) ( VP ( VBZ argues ) ( SBAR ( DT that ) ( S ( NP-SBJ ( NN failure ) ( S ( VP ( TO to ) ( VP ( VB take ) ( NP-CLR ( NN account ) ) ( PP-CLR ( IN of ) ( NP ( NN quality ) ( NNS improvements ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN contributed ) ( NP ( NP ( DT a ) ( NN total ) ) ( PP ( IN of ) ( NP ( QP ( ADVP ( IN at ) ( JJS least ) ) ( CD 0.26 ) ) ( NN percentage ) ( NN point ) ) ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( JJ downward ) ( NN bias ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN growth ) ( NN rate ) ) ) ) ) ) ) ) ) ) )

Since then further research argues that failure to take account of quality improvements has contributed a total of at least 0.26 percentage point to the downward bias in the growth rate


( S ( PP ( IN In ) ( NP ( NN sum ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNS biases ) ) ( VP ( VBD ennumerated ) ( ADVP-LOC ( IN above ) ) ) ) ( VP ( VBP indicate ) ( NP ( NP ( DT a ) ( ADJP ( CD 0.7 ) ( NN percentage ) ( NN point ) ) ( NN understatement ) ) ( PP ( IN in ) ( NP ( NP ( NN growth ) ) ( PP ( IN of ) ( NP ( JJ total ) ( JJ real ) ( NNP GNP ) ) ) ) ) ) ) )

In sum the biases ennumerated above indicate a 0.7 percentage point understatement in growth of total real GNP


( S ( PP ( IN For ) ( NP ( DT the ) ( JJ private ) ( JJ domestic ) ( NN business ) ( NN economy ) ) ) ( NP-SBJ ( DT the ) ( NN bias ) ) ( VP ( VBD was ) ( NP-PRD ( QP ( DT a ) ( NN bit ) ( IN over ) ( CD 0.5 ) ) ( NN percentage ) ( NN point ) ) ) )

For the private domestic business economy the bias was a bit over 0.5 percentage point


( S ( PP ( IN In ) ( NP ( JJ other ) ( NNS words ) ) ) ( NP-SBJ-1 ( NP ( DT the ) ( NN growth ) ( NNS rates ) ) ( PP ( IN of ) ( NP ( DT both ) ( NP ( NN total ) ( NNP GNP ) ) ( CC and ) ( NP ( NP ( JJ real ) ( JJ private ) ( NN business ) ( NN product ) ) ( PP ( IN per ) ( NP ( NN labor ) ( NN hour ) ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN underestimated ) ( PP-EXT ( IN by ) ( NP ( QP ( IN about ) ( CD 20 ) ) ( NN % ) ) ) ) ) ) )

In other words the growth rates of both total GNP and real private business product per labor hour have been underestimated by about 20 %


( S ( NP-SBJ ( NNP Mr. ) ( NNP Kendrick ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN professor ) ( NN emeritus ) ) ( PP ( IN of ) ( NP ( NNS economics ) ) ) ( PP-LOC ( IN at ) ( NP ( NNP George ) ( NNP Washington ) ( NNP University ) ) ) ) ) )

Mr. Kendrick is professor emeritus of economics at George Washington University


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN co-author ) ) ( PP ( IN of ) ( NP ( NP-TTL ( NP ( NNP Personal ) ( NNP Productivity ) ) ( SBAR ( WHADVP-1 ( WRB How ) ) ( S ( VP ( TO to ) ( VP ( VB Increase ) ( NP ( NP ( PRP$ Your ) ( NN Satisfaction ) ) ( PP ( IN in ) ( NP ( VBG Living ) ) ) ) ) ) ) ) ) ( PRN ( NP ( NNP M.E. ) ( NNP Sharp ) ) ( NP ( CD 1988 ) ) ) ) ) ) ) )

He is co-author of Personal Productivity How to Increase Your Satisfaction in Living M.E. Sharp 1988


( S ( NP-SBJ-1 ( NP ( NNP Timothy ) ( NNP C. ) ( NNP Brown ) ) ( NP ( DT a ) ( NN vice ) ( NN president ) ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( S ( NP-PRD ( NP ( NP ( JJ executive ) ( NN vice ) ( NN president ) ) ( CC and ) ( NP ( DT a ) ( NN director ) ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN lighting ) ( CC and ) ( NN specialty ) ( NNS products ) ( NN concern ) ) ) ) ) ) ) )

Timothy C. Brown a vice president was named executive vice president and a director of this lighting and specialty products concern


( S ( PP-LOC ( IN In ) ( NP ( DT the ) ( NN director ) ( NN post ) ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Brown ) ) ( ADJP ( NP ( CD 38 ) ( NNS years ) ) ( JJ old ) ) ) ( VP ( VBZ succeeds ) ( NP ( NP ( NNP Joseph ) ( NNP W. ) ( NNP Hibben ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD retired ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NN board ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ) ) ) ) )

In the director post Mr. Brown 38 years old succeeds Joseph W. Hibben who retired from the board in August


( S ( NP-SBJ-1 ( NP ( NNP C. ) ( NNP Barr ) ( NNP Schuler ) ) ( NP ( CD 49 ) ) ( NP ( NP ( NN vice ) ( NN president ) ) ( CC and ) ( NP ( NN chief ) ( JJ financial ) ( NN officer ) ) ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( S ( NP-PRD ( NP ( NP ( JJ senior ) ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( JJ corporate ) ( NN development ) ( CC and ) ( NNS acquisitions ) ) ) ) ( NP ( DT a ) ( JJ new ) ( NN post ) ) ) ) ) ) )

C. Barr Schuler 49 vice president and chief financial officer was named senior vice president of corporate development and acquisitions a new post


( S ( NP-SBJ-1 ( NP ( NNP Phillip ) ( NNP J. ) ( NNP Stuecker ) ) ( NP ( CD 37 ) ) ( NP ( NP ( NN vice ) ( NN president ) ) ( NP ( NN secretary ) ) ( CC and ) ( NP ( NN treasurer ) ) ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( S ( NP-PRD ( NP ( NP ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( NN finance ) ) ) ) ( CC and ) ( NP ( NN chief ) ( JJ financial ) ( NN officer ) ) ) ) ) ) )

Phillip J. Stuecker 37 vice president secretary and treasurer was named vice president of finance and chief financial officer


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ remains ) ( NP-PRD ( NN secretary ) ) ) )

He remains secretary


( S ( NP-SBJ ( NNPS Consumers ) ( NNP Power ) ( NNP Co. ) ) ( VP ( VBD filed ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NNP Michigan ) ( NNP Public ) ( NNP Service ) ( NNP Commission ) ) ) ( NP ( DT a ) ( NN contract ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NN power ) ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NNP Palisades ) ( JJ nuclear ) ( NN plant ) ) ) ( PP-LOC ( IN under ) ( NP ( NP ( DT a ) ( VBN proposed ) ( JJ new ) ( NN ownership ) ( NN arrangement ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN plant ) ) ) ) ) ) ) ) ) ) )

Consumers Power Co. filed with the Michigan Public Service Commission a contract to buy power from the Palisades nuclear plant under a proposed new ownership arrangement for the plant


( S ( NP-SBJ ( NP ( NNPS Consumers ) ( NNP Power ) ) ( CC and ) ( NP ( NNP Bechtel ) ( NNP Power ) ( NNP Corp. ) ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ( VP ( VBD announced ) ( NP ( DT a ) ( JJ joint ) ( NN venture ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NP ( DT the ) ( NN plant ) ) ( VP ( ADVP-TMP ( RB currently ) ) ( VBN owned ) ( ADVP-MNR ( RB completely ) ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN utility ) ) ) ) ) ) ) ) ) ) )

Consumers Power and Bechtel Power Corp. last year announced a joint venture to buy the plant currently owned completely by the utility


( S ( NP-SBJ ( DT The ) ( NN government ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VB streamline ) ( NP ( NP ( PRP$ its ) ( ADJP ( JJ enormous ) ( CC and ) ( JJ often-criticized ) ) ( NN food ) ( NN marketing ) ( CC and ) ( NN distribution ) ( NN network ) ) ( NP ( NP ( NP ( NNP Compania ) ( NNP Nacional ) ) ( PP ( IN de ) ( NP ( NNP Subsistencias ) ( NNP Populares ) ) ) ) ( CC or ) ( NP ( NNP Conasupo ) ) ) ) ) ) ) ) ) )

The government said it would streamline its enormous and often-criticized food marketing and distribution network Compania Nacional de Subsistencias Populares or Conasupo


( S ( NP-SBJ ( NNP Conasupo ) ( NNP Director ) ( NNP Ignacio ) ( NNP Ovalle ) ( NNP Fernandez ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN agency ) ) ( VP ( MD will ) ( VP ( VB sell ) ( NP ( NP ( CD 589 ) ( JJ midsized ) ( NNS supermarkets ) ) ( CC and ) ( NP ( JJ several ) ( NN food-production ) ( NX ( NX ( NNS plants ) ) ( CC and ) ( NX ( NNS warehouses ) ) ) ) ) ( S-ADV ( VP ( VBG beginning ) ( ADVP-TMP ( JJ early ) ( NP ( JJ next ) ( NN year ) ) ) ) ) ) ) ) ) ) )

Conasupo Director Ignacio Ovalle Fernandez said the agency will sell 589 midsized supermarkets and several food-production plants and warehouses beginning early next year


( S ( NP-SBJ-1 ( DT The ) ( NN agency ) ) ( VP ( MD will ) ( VP ( VB withdraw ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( NN production ) ) ( PP ( IN of ) ( NP ( CD nine ) ( NN food ) ( NNS products ) ) ) ) ) ( S-ADV ( VP ( VBG maintaining ) ( NP ( NP ( NN production ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( CD two ) ( ADJP ( RBS most ) ( JJ important ) ) ( NNS ones ) ) ( NP ( NN corn ) ( CC and ) ( NN milk ) ) ) ) ) ) ) ) ) )

The agency will withdraw from the production of nine food products maintaining production of the two most important ones corn and milk


( S ( NP-SBJ ( NNP Mr. ) ( NNP Ovalle ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Conasupo ) ) ( VP ( MD will ) ( VP ( VP ( VB cut ) ( PRT ( JJ back ) ) ( NP ( NP ( NNS subsidies ) ) ( PP ( TO to ) ( NP ( NP ( NNS producers ) ) ( PP ( IN of ) ( NP ( JJ nonessential ) ( NN farm ) ( NNS products ) ) ) ) ) ) ) ( CC and ) ( VP ( VB close ) ( NP ( JJ retail ) ( NNS outlets ) ) ( PP-LOC ( IN in ) ( NP ( JJ wealthy ) ( NNS neighborhoods ) ) ) ) ) ) ) ) ) )

Mr. Ovalle also said Conasupo will cut back subsidies to producers of nonessential farm products and close retail outlets in wealthy neighborhoods


( S ( NP-SBJ-1 ( NP ( NP ( DT The ) ( NN agency ) ( POS 's ) ) ( NNS workers ) ) ( CC and ) ( NP ( JJ private ) ( NNS companies ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN allowed ) ( S ( VP ( TO to ) ( VP ( VB bid ) ( PP-CLR ( IN for ) ( NP ( NP ( DT the ) ( NNS assets ) ) ( ADJP ( IN up ) ( PP ( IN for ) ( NP ( NN sale ) ) ) ) ) ) ) ) ) ) ) ) )

The agency 's workers and private companies would be allowed to bid for the assets up for sale


( S ( NP-SBJ ( NNP Conasupo ) ) ( VP ( VP ( VBZ controls ) ( NP ( NP ( NNS prices ) ) ( PP ( IN on ) ( NP ( JJ agricultural ) ( NNS goods ) ) ) ) ) ( CC and ) ( VP ( VBZ operates ) ( NP ( NP ( JJ retail ) ( NNS outlets ) ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ-1 ( JJ basic ) ( NN consumer ) ( NNS items ) ) ( VP ( VBP are ) ( VP ( VBN sold ) ( PP-CLR ( IN at ) ( NP ( JJ state-subsidized ) ( NNS prices ) ) ) ) ) ) ) ) ) ) )

Conasupo controls prices on agricultural goods and operates retail outlets where basic consumer items are sold at state-subsidized prices


( S ( NP-SBJ ( NN Business ) ( NNS leaders ) ) ( VP ( VBP have ) ( VP ( ADVP ( RB long ) ) ( VBN criticized ) ( NP ( DT the ) ( NN agency ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( VBG leading ) ( NN example ) ) ( PP ( IN of ) ( NP ( JJ bureacratic ) ( NN waste ) ) ) ) ) ) ) )

Business leaders have long criticized the agency as a leading example of bureacratic waste


( S ( NP-SBJ ( JJ Private-sector ) ( NNS leaders ) ) ( VP ( VBD praised ) ( NP ( DT the ) ( NNP Conasupo ) ( NN restructuring ) ) ) )

Private-sector leaders praised the Conasupo restructuring


( S ( CC But ) ( NP-SBJ ( JJS most ) ( NNS economists ) ) ( VP ( VBP doubt ) ( SBAR ( S ( NP-SBJ ( DT the ) ( VBG streamlining ) ) ( VP ( MD would ) ( VP ( VB cut ) ( ADVP-MNR ( RB deeply ) ) ( PP-CLR ( IN into ) ( NP ( NP ( NNP Conasupo ) ( NN government ) ( NN subsidy ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( ADVP ( RB largely ) ) ( VBZ goes ) ( S ( VP ( TO to ) ( VP ( VB reduce ) ( NP ( NP ( NN consumer ) ( NNS prices ) ) ( PP ( IN for ) ( NP ( NN corn ) ( CC and ) ( NN milk ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But most economists doubt the streamlining would cut deeply into Conasupo government subsidy which largely goes to reduce consumer prices for corn and milk


( S ( NP-SBJ ( NNP Time ) ( NNP Warner ) ( NNP Inc. ) ) ( VP ( VBD reported ) ( NP ( NP ( DT a ) ( JJ third-quarter ) ( JJ net ) ( NN loss ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 176 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 2.88 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( VP ( VBG reflecting ) ( NP ( NP ( NP ( NN acquisition ) ( NNS costs ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( ADJP ( CD 59.3 ) ( NN % ) ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( NNP Warner ) ( NNPS Communications ) ( NNP Inc. ) ) ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN purchase ) ( NN method ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG accounting ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( NN transaction ) ) ) ) ) ) ) ) ) ) ) )

Time Warner Inc. reported a third-quarter net loss of 176 million or 2.88 cents a share reflecting acquisition costs for a 59.3 % stake in Warner Communications Inc. and the purchase method of accounting for the transaction


( S ( ADVP ( RB Separately ) ) ( NP-SBJ ( NNP Warner ) ) ( VP ( VBD reported ) ( NP ( NP ( DT a ) ( JJ net ) ( NN loss ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 106 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 56 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP ( VBG including ) ( NP ( NP ( NP ( NN merger ) ( NNS expenses ) ) ( PP ( IN of ) ( NP ( QP ( CD 100 ) ( CD million ) ) ) ) ) ( CC and ) ( NP ( NP ( QP ( CD 120 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NP ( NNS charges ) ) ( VP ( VBN associated ) ( PP-CLR ( IN with ) ( NP ( JJ stock-appreciation-based ) ( NN compensation ) ( NNS plans ) ) ) ) ) ) ) ) ) ) ) )

Separately Warner reported a net loss of 106 million or 56 cents a share including merger expenses of 100 million and 120 million in charges associated with stock-appreciation-based compensation plans


( S ( NP-SBJ ( NNP Time ) ( NNP Warner ) ) ( VP ( VBZ is ) ( PP-PRD ( IN in ) ( NP ( NP ( DT the ) ( NN process ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG completing ) ( NP ( NP ( PRP$ its ) ( NN acquisition ) ) ( PP ( IN of ) ( NP ( DT the ) ( VBG remaining ) ( NNP Warner ) ( NNS shares ) ) ) ) ) ) ) ) ) ) )

Time Warner is in the process of completing its acquisition of the remaining Warner shares


( S ( NP-SBJ ( NNP Time ) ( NNP Warner ) ) ( VP ( VBD emphasized ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN news ) ( NN release ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( MD should ) ( VP ( VB be ) ( VP ( VBN evaluated ) ( PP-MNR ( VBN based ) ( PP ( IN on ) ( NP ( NP ( PRP$ its ) ( NN cash ) ( NN flow ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD defined ) ( PP-CLR ( IN as ) ( NP ( NP ( NNS earnings ) ) ( PP ( IN before ) ( NP ( NN interest ) ( NNS taxes ) ( NN depreciation ) ( CC and ) ( NN amortization ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Time Warner emphasized in a news release that it should be evaluated based on its cash flow which the company defined as earnings before interest taxes depreciation and amortization


( S ( PP ( IN On ) ( NP ( DT a ) ( FW pro-forma ) ( NN basis ) ) ) ( S-ADV ( VP ( VBG assuming ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN merger ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ effective ) ( NP-TMP ( NNP Jan ) ( CD 1 ) ( CD 1988 ) ) ) ) ) ) ) ) ( PP ( VBG including ) ( NP ( NP ( DT the ) ( NNS results ) ) ( PP ( IN from ) ( NP ( DT both ) ( NP ( NNP Time ) ( NNP Inc. ) ) ( CC and ) ( NP ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( NNP Warner ) ) ) ) ) ) ) ) ( NP-SBJ ( IN that ) ( NN cash ) ( NN flow ) ( NN figure ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( NP ( NP ( QP ( CD 526 ) ( CD million ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJS latest ) ( NN quarter ) ) ) ) ( NP ( NP ( NP ( QP ( RBR more ) ( IN than ) ( VB double ) ) ( DT the ) ( JJ comparable ) ( NN figure ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( IN ago ) ) ) ( CC or ) ( NP ( QP ( CD 242 ) ( CD million ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NNP Time ) ( NNP Warner ) ) ) ) ) ) )

On a pro-forma basis assuming the merger was effective Jan 1 1988 including the results from both Time Inc. and all of Warner that cash flow figure would be 526 million for the latest quarter more than double the comparable figure a year ago or 242 million according to Time Warner


( S ( NP-SBJ-1 ( NP ( DT Some ) ( NNS analysts ) ) ( ADVP ( IN at ) ( JJS least ) ) ) ( VP ( VP ( VBP are ) ( VP ( VBG buying ) ( NP ( DT that ) ( NN argument ) ) ) ) ( CC and ) ( VP ( VBD were ) ( RB n't ) ( VP ( VBN alarmed ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNS losses ) ) ) ) ) ) )

Some analysts at least are buying that argument and were n't alarmed by the losses


( SINV ( S-TPC-2 ( S ( SBAR-NOM-SBJ ( WHNP-1 ( WP What ) ) ( S ( VP ( ADVP ( RB really ) ) ( VBZ matters ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( VBG operating ) ( NN income ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS divisions ) ) ) ) ) ) ( S ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP look ) ( PP-CLR ( IN at ) ( NP ( DT these ) ( NNS numbers ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP say ) ( S ( NP-SBJ ( DT these ) ( NNS businesses ) ) ( VP ( VBP are ) ( VP ( VBG doing ) ( ADVP-MNR ( RB well ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Mark ) ( NNP Manson ) ) ( NP ( NP ( DT a ) ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( NNP Donaldson ) ( NNP Lufkin ) ( CC & ) ( NNP Jenrette ) ( NNPS Securities ) ( NNP Corp ) ) ) ) ) )

What really matters is the operating income of the divisions I look at these numbers and I say these businesses are doing well said Mark Manson a vice president of Donaldson Lufkin & Jenrette Securities Corp


( S ( PP ( IN For ) ( NP ( NN example ) ) ) ( NP-SBJ ( NNP Warner ) ) ( VP ( VBD made ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 100 ) ( CD million ) ) ) ( PP-MNR ( IN from ) ( NP ( VBN filmed ) ( NN entertainment ) ) ) ( PP-TMP ( IN in ) ( NP ( CD three ) ( NNS months ) ) ) ) )

For example Warner made more than 100 million from filmed entertainment in three months