( S ( PP-LOC ( IN In ) ( NP ( NP ( NNP Michigan ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ-2 ( DT the ) ( NN state ) ( NNP Senate ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB approve ) ( NP ( JJ parental-consent ) ( NN legislation ) ) ( PP-TMP ( IN by ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( JJ next ) ( NN week ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Gov. ) ( NNP Blanchard ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJ principal ) ( NN obstacle ) ) ( PP ( IN for ) ( NP ( NNS anti-abortionists ) ) ) ) ) )

In Michigan where the state Senate is expected to approve parental-consent legislation by the end of next week Gov. Blanchard is the principal obstacle for anti-abortionists


( S ( NP-SBJ ( NP ( NNP Susan ) ( NNP Rogin ) ) ( NP ( NP ( DT a ) ( NN consultant ) ) ( PP ( TO to ) ( NP ( NP ( NNS abortion-rights ) ( NNS activists ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN state ) ) ) ) ) ) ) ( VP ( VBZ takes ) ( NP ( NN comfort ) ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NN fact ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NP ( DT the ) ( NN state ) ( POS 's ) ) ( NNP House ) ( NN abortion ) ( NNS opponents ) ) ( VP ( VBP have ) ( RB n't ) ( VP ( VBN been ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB muster ) ( NP ( NP ( DT the ) ( NNS votes ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB overturn ) ( NP ( NP ( DT a ) ( NN veto ) ) ( PP ( IN on ) ( NP ( NN abortion ) ) ) ) ) ) ) ) ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 16 ) ( NNS years ) ) ) ) ) ) ) ) ) ) )

Susan Rogin a consultant to abortion-rights activists in the state takes comfort from the fact that the state 's House abortion opponents have n't been able to muster the votes to overturn a veto on abortion in 16 years


( S ( CC But ) ( NP-SBJ ( NNS proponents ) ) ( VP ( VBP believe ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( MD may ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB shake ) ( S ( NP-SBJ ( JJ enough ) ( NNS votes ) ) ( ADJP-PRD ( JJ loose ) ) ( S-2 ( VP ( TO to ) ( VP ( VB override ) ( NP ( DT the ) ( NN veto ) ) ) ) ) ) ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-3 ( PRP they ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ successful ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG portraying ) ( NP ( DT the ) ( NN legislation ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( NN matter ) ) ( PP ( IN of ) ( NP ( NP ( NNS parents ) ( POS ' ) ) ( NNS rights ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But proponents believe they may be able to shake enough votes loose to override the veto if they are successful in portraying the legislation as a matter of parents ' rights


( S ( PP-LOC ( IN In ) ( NP ( NNP Illinois ) ) ) ( NP-SBJ ( NNS lawmakers ) ) ( VP ( MD will ) ( VP ( VB vote ) ( PP-TMP ( IN before ) ( NP ( JJ next ) ( NN spring ) ) ) ( PP-CLR ( IN on ) ( NP ( NP ( NP ( NN legislation ) ) ( VP ( VBG requiring ) ( S ( NP-SBJ-1 ( NNS physicians ) ) ( VP ( TO to ) ( VP ( VB perform ) ( NP ( NNS tests ) ) ( PP-CLR ( IN on ) ( NP ( NNS fetuses ) ) ) ( PP-TMP ( IN at ) ( NP ( CD 20 ) ( NNS weeks ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB determine ) ( NP ( PRP$ their ) ( JJ gestational ) ( NX ( NX ( NN age ) ) ( NX ( NN weight ) ) ( CC and ) ( NX ( NN lung ) ( NN maturity ) ) ) ) ) ) ) ) ) ) ) ) ( ADVP ( IN along ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( NN provision ) ) ( VP ( VBG requiring ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NNS fetuses ) ) ( VP ( VBP survive ) ( NP ( DT an ) ( NN abortion ) ) ) ) ) ( NP-SBJ-2 ( DT a ) ( JJ second ) ( NN doctor ) ) ( VP ( MD must ) ( VP ( VB be ) ( PP-LOC-PRD ( IN on ) ( NP ( NN hand ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB help ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VB survive ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In Illinois lawmakers will vote before next spring on legislation requiring physicians to perform tests on fetuses at 20 weeks to determine their gestational age weight and lung maturity along with a provision requiring that if fetuses survive an abortion a second doctor must be on hand to help it survive


( S ( S ( NP-SBJ-1 ( DT The ) ( NN legislation ) ) ( VP ( VBD failed ) ( PP-EXT ( IN by ) ( NP ( CD one ) ( NN vote ) ) ) ( S ( VP ( TO to ) ( VP ( VB clear ) ( NP ( DT the ) ( NNP House ) ( NNPS Rules ) ( NNP Committee ) ) ) ) ) ( NP-TMP ( NNP Tuesday ) ) ) ) ( CC but ) ( S ( NP-SBJ-2 ( NNS anti-abortionists ) ) ( ADVP-TMP ( RB still ) ) ( VP ( MD may ) ( VP ( VB succeed ) ( PP ( IN in ) ( S-NOM ( VP ( VBG bringing ) ( NP ( DT the ) ( NN measure ) ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( NN floor ) ) ) ( NP-TMP ( DT this ) ( NN fall ) ) ) ) ) ) ) ) )

The legislation failed by one vote to clear the House Rules Committee Tuesday but anti-abortionists still may succeed in bringing the measure to the floor this fall


( S ( NP-SBJ ( NP ( NNP Pamela ) ( NNP Sutherland ) ) ( NP ( NP ( JJ executive ) ( NN director ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Illinois ) ( NNP Planned ) ( NNP Parenthood ) ( NNP Council ) ) ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NP ( PRP she ) ) ( CC and ) ( NP ( PRP$ her ) ( NNS allies ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB cautiously ) ( JJ optimistic ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD can ) ( VP ( VB defeat ) ( NP ( PRP it ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ comes ) ( PP-CLR ( TO to ) ( NP ( DT a ) ( NN floor ) ( NN vote ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Pamela Sutherland executive director of the Illinois Planned Parenthood Council says she and her allies are cautiously optimistic they can defeat it if it comes to a floor vote


( S ( NP-SBJ-2 ( NP ( NN Abortion ) ( NNS foes ) ) ( PP-LOC ( IN in ) ( NP ( NNP Wisconsin ) ) ) ) ( ADVP-TMP ( RB meanwhile ) ) ( VP ( VP ( VBP expect ) ( S ( NP-SBJ-1 ( DT a ) ( JJ parental-consent ) ( NN bill ) ) ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN sent ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( NN state ) ( NN assembly ) ( NN floor ) ) ) ( PP-TMP ( IN by ) ( NP ( JJ early ) ( NNP November ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBP are ) ( ADJP-PRD ( JJ hopeful ) ( PP ( IN of ) ( S-NOM ( VP ( VBG prevailing ) ( PP-LOC ( IN in ) ( NP ( DT both ) ( NNS houses ) ) ) ( PP-TMP ( IN by ) ( NP ( JJ next ) ( NNP March ) ) ) ) ) ) ) ) ) )

Abortion foes in Wisconsin meanwhile expect a parental-consent bill to be sent to the state assembly floor by early November and are hopeful of prevailing in both houses by next March


( S ( PP-LOC ( IN In ) ( NP ( NNP Texas ) ) ) ( NP-SBJ-1 ( NN abortion ) ( NNS opponents ) ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB pass ) ( NP ( NP ( JJ parental-consent ) ( NN legislation ) ) ( PP ( IN along ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( JJ statewide ) ( NN ban ) ) ( PP ( IN on ) ( NP ( NP ( NP ( DT the ) ( NN use ) ) ( PP ( IN of ) ( NP ( JJ public ) ( NNS funds ) ( NNS personnel ) ( CC and ) ( NNS facilities ) ) ) ( PP-PRP ( IN for ) ( NP ( NN abortion ) ) ) ) ( CC and ) ( NP ( NP ( NN viability ) ( NNS tests ) ) ( PP ( IN for ) ( NP ( NP ( NNS fetuses ) ) ( UCP ( NP ( CD 19 ) ( NNS weeks ) ) ( CC and ) ( ADJP ( JJR older ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In Texas abortion opponents want to pass parental-consent legislation along with a statewide ban on the use of public funds personnel and facilities for abortion and viability tests for fetuses 19 weeks and older


( S ( NP-SBJ ( DT The ) ( NNS anti-abortionists ) ) ( VP ( VBP are ) ( VP ( VBG urging ) ( NP-1 ( NNP GOP ) ( NNP Gov. ) ( NNP Bill ) ( NNP Clements ) ) ( S ( VP ( TO to ) ( VP ( VB press ) ( NP ( DT the ) ( NNS issues ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( JJ special ) ( NN session ) ) ( VP ( VBN scheduled ) ( S ( VP ( TO to ) ( VP ( VB run ) ( NP-TMP ( NP ( NNP Nov. ) ( CD 14 ) ) ( TO to ) ( NP ( NNP Dec. ) ( CD 13 ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The anti-abortionists are urging GOP Gov. Bill Clements to press the issues in a special session scheduled to run Nov. 14 to Dec. 13


( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN prognosis ) ) ( VP ( VBZ is ) ( ADVP ( RB only ) ) ( ADJP-PRD ( JJ fair ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Kathie ) ( NNP Roberts ) ) ( NP ( NP ( JJ administrative ) ( NN director ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Texas ) ( NAC ( NNP Right ) ( PP ( TO to ) ( NP ( NNP Life ) ) ) ) ( NNP Committee ) ) ) ) ) )

The prognosis is only fair says Kathie Roberts administrative director of the Texas Right to Life Committee


( S ( S ( NP-SBJ ( JJ Next ) ( NN year ) ) ( VP ( VBZ is ) ( NP-PRD ( DT an ) ( NN election ) ( NN year ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( DT the ) ( NNS legislators ) ) ( ADVP ( RB just ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB want ) ( S ( VP ( TO to ) ( VP ( VB do ) ( NP ( NP ( NN anything ) ) ( PP ( IN about ) ( NP ( DT this ) ) ) ) ( ADVP-TMP ( RB now ) ) ) ) ) ) ) ) )

Next year is an election year and the legislators just do n't want to do anything about this now


( S ( NP-SBJ ( DT This ) ( JJ legislative ) ( NN activity ) ) ( VP ( VBZ comes ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( DT both ) ( NNS sides ) ) ( VP ( VBP are ) ( VP ( VP ( VBG undertaking ) ( NP ( JJ new ) ( NN mobilization ) ( NNS efforts ) ) ) ( VP ( VBG plunging ) ( PP-DIR ( IN into ) ( NP ( NP ( JJ gubernatorial ) ( NNS races ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Virginia ) ) ( CC and ) ( NP ( NNP New ) ( NNP Jersey ) ) ) ) ) ) ) ( CC and ) ( VP ( VBG girding ) ( PP-CLR ( IN for ) ( NP ( NP ( JJ next ) ( NN autumn ) ( POS 's ) ) ( NN state ) ( NNS elections ) ) ) ) ) ) ) ) ) )

This legislative activity comes as both sides are undertaking new mobilization efforts plunging into gubernatorial races in Virginia and New Jersey and girding for next autumn 's state elections


( S ( PP-TMP ( IN At ) ( NP ( DT the ) ( JJ same ) ( NN time ) ) ) ( NP-SBJ-3 ( NN abortion ) ( NNS foes ) ) ( VP ( VBP have ) ( VP ( VBN developed ) ( NP ( DT a ) ( JJ national ) ( JJ legislative ) ( NN strategy ) ) ( S-ADV ( VP ( VBG deciding ) ( S ( VP ( TO to ) ( VP ( VB move ) ( PP ( IN on ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( NP ( NNP Jacki ) ( NNP Ragan ) ) ( NP ( NP ( DT the ) ( NP ( NAC ( NNP National ) ( NNP Right ) ( PP ( TO to ) ( NP ( NNP Life ) ) ) ) ( NNP Committee ) ( POS 's ) ) ( NN director ) ) ( PP ( IN of ) ( NP ( NN state ) ( JJ organizational ) ( NN development ) ) ) ) ) ( VP ( VBZ calls ) ( S ( NP-PRD ( NP ( JJ reasonable ) ( NNS measures ) ) ( SBAR ( WHNP-2 ( IN that ) ) ( S ( NP-SBJ ( NP ( DT an ) ( JJ overwhelming ) ( NN mainstream ) ( NN majority ) ) ( PP ( IN of ) ( NP ( NNPS Americans ) ) ) ) ( VP ( VBP support ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

At the same time abortion foes have developed a national legislative strategy deciding to move on what Jacki Ragan the National Right to Life Committee 's director of state organizational development calls reasonable measures that an overwhelming mainstream majority of Americans support


( S ( NP-SBJ ( DT These ) ) ( VP ( VBP include ) ( NP ( NP ( NP ( NNS bans ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN use ) ) ( PP ( IN of ) ( NP ( NN abortion ) ) ) ( PP-PRP ( IN for ) ( NP ( NP ( NN birth ) ( NN control ) ) ( CC and ) ( NP ( NN sex ) ( NN selection ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN public ) ( NN funding ) ) ( PP ( IN of ) ( NP ( NP ( NNS alternatives ) ) ( PP ( IN for ) ( NP ( NN abortion ) ) ) ) ) ) ) ) )

These include bans on the use of abortion for birth control and sex selection and the public funding of alternatives for abortion


( SINV ( S-TPC-3 ( NP-SBJ ( NP ( DT Those ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP are ) ( PP-LOC-PRD ( IN on ) ( NP ( DT the ) ( JJ other ) ( NN side ) ) ) ) ) ) ) ( VP ( MD can ) ( ADVP ( RB hardly ) ) ( VP ( VB oppose ) ( NP ( NN alternative ) ( NN funding ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-2 ( PRP they ) ) ( VP ( VBP continue ) ( S ( VP ( TO to ) ( VP ( VB insist ) ( PP-CLR ( IN on ) ( S-NOM ( VP ( VBG calling ) ( S ( NP-SBJ ( PRP themselves ) ) ( ADJP-PRD ( JJ pro-choice ) ( PP ( RB rather ) ( IN than ) ( ADJP ( JJ pro-abortion ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Mary ) ( NNP Spaulding ) ) ( NP ( NP ( DT the ) ( NN group ) ( POS 's ) ) ( JJ associate ) ( NN state ) ( JJ legislative ) ( NN coordinator ) ) ) )

Those who are on the other side can hardly oppose alternative funding if they continue to insist on calling themselves pro-choice rather than pro-abortion says Mary Spaulding the group 's associate state legislative coordinator


( S ( PP-TMP ( IN Over ) ( NP ( DT the ) ( NN weekend ) ) ) ( NP-SBJ ( DT the ) ( NNP National ) ( NNP Abortion ) ( NNPS Rights ) ( NNP Action ) ( NNP League ) ) ( VP ( VP ( VBD singled ) ( PRT ( RP out ) ) ( NP ( NP ( CD eight ) ( NNS politicians ) ) ( PP ( VBG including ) ( NP ( NP ( NNP Pennsylvania ) ( POS 's ) ) ( NNP Mr. ) ( NNP Freind ) ) ) ) ( PP-CLR ( IN as ) ( NP ( CD 1990 ) ( NNS targets ) ) ) ) ( CC and ) ( VP ( VBD held ) ( NP ( NP ( DT a ) ( NNP Washington ) ( NN seminar ) ) ( VP ( VBN designed ) ( S ( VP ( TO to ) ( VP ( VB train ) ( NP ( PRP$ its ) ( NNS leaders ) ) ( PP ( IN in ) ( NP ( NP ( JJ political ) ( NNS techniques ) ) ( PP ( VBG including ) ( SBAR ( WHADVP-1 ( WRB how ) ) ( S ( VP ( TO to ) ( VP ( VB put ) ( NP ( DT the ) ( NNS anti-abortionists ) ) ( PP-PUT ( IN on ) ( NP ( DT the ) ( NN defensive ) ) ) ( PP-LOC ( IN in ) ( NP ( NN state ) ( NNS legislatures ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Over the weekend the National Abortion Rights Action League singled out eight politicians including Pennsylvania 's Mr. Freind as 1990 targets and held a Washington seminar designed to train its leaders in political techniques including how to put the anti-abortionists on the defensive in state legislatures


( SINV ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBP see ) ( S ( NP-SBJ ( JJ pro-choice ) ( NNS legislators ) ) ( VP ( VBG going ) ( PP-PRD ( IN on ) ( NP ( DT the ) ( NN offensive ) ) ) ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( JJ first ) ( NN time ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Kate ) ( NNP Michelman ) ) ( NP ( NP ( JJ executive ) ( NN director ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN group ) ) ) ) ) )

We now see pro-choice legislators going on the offensive for the first time says Kate Michelman executive director of the group


( S ( NP-SBJ ( NNP H&R ) ( NNP Block ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ great ) ( NN success ) ( NNS stories ) ) ( PP ( IN of ) ( NP ( NNP U.S. ) ( NN business ) ) ) ) ) ) ) )

H&R Block is one of the great success stories of U.S. business


( S ( ADVP ( RB Oddly ) ( RB enough ) ) ( NP-SBJ ( DT this ) ) ( VP ( VBZ presents ) ( NP ( DT a ) ( NN problem ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN stock ) ) ) ) )

Oddly enough this presents a problem for the stock


( S ( NP-SBJ-1 ( DT Some ) ( NN money ) ( NNS managers ) ) ( VP ( VBP are ) ( VP ( VBN disenchanted ) ( PP ( IN with ) ( NP ( NNP H&R ) ( NNP Block ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP suspect ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN glory ) ( NNS days ) ) ( VP ( VBP are ) ( UCP-PRD ( ADJP ( JJ past ) ) ( CC or ) ( VP ( ADVP ( IN at ) ( JJS least ) ) ( NN passing ) ) ) ) ) ) ) ) ) ) ) )

Some money managers are disenchanted with H&R Block because they suspect the company 's glory days are past or at least passing


( S-1 ( S ( NP-SBJ ( NP ( NNP Block ) ( POS 's ) ) ( NN tax-preparation ) ( NN business ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ mature ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP say ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS diversifications ) ) ) ) ( VP ( VBP are ) ( VP ( VBG facing ) ( NP ( JJ tough ) ( NN competition ) ) ) ) ) )

Block 's tax-preparation business is mature they say and some of its diversifications are facing tough competition


( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ 's ) ( NP-PRD ( RB no ) ( JJ secret ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( NNP Block ) ) ( VP ( VBZ dominates ) ( NP ( DT the ) ( JJ mass-market ) ( NN tax-preparation ) ( NN business ) ) ) ) ) ) )

It 's no secret that Block dominates the mass-market tax-preparation business


( S ( NP-SBJ ( DT The ) ( NNP Street ) ) ( VP ( VBZ knows ) ( PP-CLR ( DT all ) ( IN about ) ( NP ( NP ( DT the ) ( NN predictability ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( NNS earnings ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBP are ) ( VP ( VBN headed ) ( PP-DIR ( IN for ) ( NP ( DT a ) ( JJ ninth ) ( JJ consecutive ) ( JJ yearly ) ( NN increase ) ) ) ) ) ) ) ) ) ) ) ) )

The Street knows all about the predictability of its earnings which are headed for a ninth consecutive yearly increase


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBZ has ) ( VP ( ADVP-MNR ( RB consistently ) ) ( VBN earned ) ( NP ( NP ( RBR more ) ) ( PP ( IN than ) ( NP ( DT a ) ( ADJP ( CD 20 ) ( NN % ) ) ( JJ annual ) ( NN return ) ) ) ) ( PP ( IN on ) ( NP ( PRP$ its ) ( JJ net ) ( NN worth ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( JJ many ) ( NNS companies ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ happy ) ) ( PP ( IN with ) ( NP ( CD 15 ) ( NN % ) ) ) ) ) ) ) ) ) )

The company has consistently earned more than a 20 % annual return on its net worth while many companies would be happy with 15 %


( SINV ( S-TPC-3 ( CC But ) ( NP-SBJ ( DT the ) ( NN tax-preparation ) ( NN business ) ) ( ADVP ( RB simply ) ) ( VP ( VBZ has ) ( NP ( NP ( DT no ) ( JJR more ) ( NN room ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB grow ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Mark ) ( NNP Cremonie ) ) ( NP ( NP ( NN director ) ) ( PP ( IN of ) ( NP ( NN research ) ) ) ( PP ( IN for ) ( NP ( NP ( NNP Capital ) ( NNPS Supervisors ) ( NNP Inc. ) ) ( NP ( NP ( DT a ) ( NNP Chicago ) ( NN firm ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ manages ) ( NP ( QP ( CD 6.5 ) ( CD billion ) ) ) ) ) ) ) ) ) ) ) )

But the tax-preparation business simply has no more room to grow says Mark Cremonie director of research for Capital Supervisors Inc. a Chicago firm that manages 6.5 billion


( S ( S ( NP-SBJ ( PRP You ) ) ( VP ( VBP go ) ( PP-DIR ( TO to ) ( NP ( NP ( DT any ) ( JJ medium-sized ) ( NN town ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( PRP you ) ) ( VP ( VBP 're ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB see ) ( NP ( NNP H&R ) ( NNP Block ) ( NN tax ) ( NNS services ) ) ) ) ) ) ) ) )

You go to any medium-sized town in the U.S. and you 're going to see H&R Block tax services


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Cremonie ) ( POS 's ) ) ( NN firm ) ) ( ADVP-TMP ( RB once ) ) ( VP ( VBD held ) ( NP ( NP ( QP ( IN about ) ( CD 4.8 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNP H&R ) ( NNP Block ) ) ) ) ) )

Mr. Cremonie 's firm once held about 4.8 % of H&R Block


( S ( NP-SBJ ( DT That ) ) ( VP ( VBD was ) ( SBAR-TMP-PRD ( IN before ) ( S ( NP-SBJ ( DT the ) ( CD 1986 ) ( NN tax ) ( NN reform ) ) ( VP ( VBN made ) ( S ( NP-SBJ ( NNS taxes ) ) ( ADJP-PRD ( ADJP ( RBR more ) ( JJ complex ) ) ( PP ( IN than ) ( NP ( RB ever ) ) ) ) ) ) ) ) ) )

That was before the 1986 tax reform made taxes more complex than ever


( S-2 ( NP-SBJ ( NP ( CD One ) ( NN thing ) ) ( SBAR ( S ( NP-SBJ ( PRP you ) ) ( VP ( MD can ) ( VP ( VB bet ) ( PP-CLR ( IN on ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( NNP Congress ) ) ( VP ( MD will ) ( VP ( VB do ) ( NP ( JJ stupid ) ( NNS things ) ) ( PP ( IN with ) ( NP ( DT the ) ( NNP Tax ) ( NNP Code ) ) ) ) ) ) ) ) )

One thing you can bet on he says is that Congress will do stupid things with the Tax Code


( S ( CC But ) ( NP-SBJ ( NNP Capital ) ( NNPS Supervisors ) ) ( VP ( VBD sold ) ( NP ( NP ( DT the ) ( JJ last ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNP H&R ) ( NNP Block ) ( NNS holdings ) ) ) ) ( NP-TMP ( RBR earlier ) ( DT this ) ( NN year ) ) ) )

But Capital Supervisors sold the last of its H&R Block holdings earlier this year


( S ( S-TPC-1 ( NP-SBJ ( PRP They ) ) ( VP ( VBP 're ) ( VP ( VBG thrashing ) ( ADVP-CLR ( RB around ) ) ( PP-CLR ( IN for ) ( NP ( NN diversification ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

They 're thrashing around for diversification he says


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NNS businesses ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB just ) ( JJ so-so ) ) ) ) ) ) )

I think a lot of their businesses are just so-so


( S ( NP-TMP ( JJ Last ) ( NN week ) ) ( NP-SBJ-1 ( DT the ) ( NN stock ) ) ( VP ( VBD hit ) ( NP ( NP ( DT an ) ( JJ all-time ) ( NN high ) ) ( PP ( IN of ) ( NP ( QP ( CD 37 ) ( CD 1\/4 ) ) ) ) ) ( PP-TMP ( IN before ) ( S-NOM ( VP ( VBG getting ) ( VP ( VBD roughed ) ( PRT ( RP up ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ Friday-the-13th ) ( NN minicrash ) ) ) ) ) ) ) ) )

Last week the stock hit an all-time high of 37 1\/4 before getting roughed up in the Friday-the-13th minicrash


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD closed ) ( NP-TMP ( NN yesterday ) ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 34 ) ( CD 3\/4 ) ) ) ) ) )

It closed yesterday at 34 3\/4


( S ( S-ADV ( VP ( TO To ) ( VP ( VB be ) ( ADJP-PRD ( JJ sure ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN stock ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NNS fans ) ) ) ) ) )

To be sure the stock still has a lot of fans


( SINV ( S-TPC-1 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBD invested ) ( NP ( CD 10,000 ) ) ( PP-CLR ( IN in ) ( NP ( DT the ) ( JJ initial ) ( JJ public ) ( NN offering ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1962 ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ worth ) ( NP ( QP ( RB well ) ( IN over ) ( CD 5 ) ( CD million ) ) ) ) ( NP-TMP ( NN today ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Fredric ) ( NNP E. ) ( NNP Russell ) ) ( NP ( DT a ) ( NAC-LOC ( NNP Tulsa ) ( NNP Okla. ) ) ( NN money ) ( NN manager ) ) ) )

If you invested 10,000 in the initial public offering in 1962 it would be worth well over 5 million today says Fredric E. Russell a Tulsa Okla. money manager


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB know ) ( SBAR-NOM ( WHNP-2 ( WP what ) ) ( S ( NP-SBJ ( NP ( DT the ) ( NN risk ) ) ) ( VP ( VBZ is ) ( PRN ( PP-1 ( IN of ) ( S-NOM ( VP ( VBG holding ) ( NP ( DT the ) ( NN stock ) ) ) ) ) ) ) ) ) ) ) )

I do n't know what the risk is of holding the stock


( S ( NP-SBJ ( NNS Taxes ) ) ( VP ( VBP are ) ( RB not ) ( VP ( VBG going ) ( ADJP-PRD ( IN out ) ( PP ( IN of ) ( NP ( NN business ) ) ) ) ) ) )

Taxes are not going out of business


( S ( NP-SBJ ( NP ( JJ Many ) ) ( PP ( IN of ) ( NP ( PRP$ his ) ( NNS peers ) ) ) ) ( VP ( VBP feel ) ( NP-PRD ( DT the ) ( JJ same ) ( NN way ) ) ) )

Many of his peers feel the same way


( S ( NP-SBJ ( NP ( DT The ) ( NN number ) ) ( PP ( IN of ) ( NP ( NP ( JJ big ) ( NNS institutions ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( VP ( JJ own ) ( NP ( NNP H&R ) ( NNP Block ) ( NNS shares ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( UCP-PRD ( NP ( CD 207 ) ) ( CC and ) ( VP ( VBG growing ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( NN midyear ) ( NN tally ) ) ( PP ( IN by ) ( NP ( NNP CDA ) ( NNP Investment ) ( NNPS Technologies ) ) ) ) ) ) ) )

The number of big institutions that own H&R Block shares is 207 and growing according to a midyear tally by CDA Investment Technologies


( S ( NP-SBJ ( NN Brokerage ) ( NNS houses ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ sweet ) ( PP ( IN on ) ( NP ( NNP H&R ) ( NNP Block ) ) ) ) ( ADVP ( RB too ) ) ) )

Brokerage houses are sweet on H&R Block too


( S ( NP-SBJ ( NNP Zacks ) ( NNP Investment ) ( NNP Research ) ) ( VP ( VBZ counts ) ( NP ( NP ( NP ( CD five ) ( NN brokerage ) ( NNS houses ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP consider ) ( S ( NP-SBJ ( DT the ) ( NN stock ) ) ( NP-PRD ( DT a ) ( NN buy ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( CD four ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBP call ) ( S ( NP-SBJ ( PRP it ) ) ( NP-PRD ( DT a ) ( NN hold ) ) ) ) ) ) ) ) ) )

Zacks Investment Research counts five brokerage houses that consider the stock a buy and four that call it a hold


( S ( NP-SBJ-1 ( NN None ) ) ( VP ( MD dare ) ( S ( VP ( VB say ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) )

None dare say to sell it


( S ( CC But ) ( NP-SBJ ( DT some ) ( NN money ) ( NNS managers ) ) ( VP ( VBP are ) ( VP ( VBG doing ) ( NP ( RB just ) ( DT that ) ) ) ) )

But some money managers are doing just that


( S ( NP-SBJ ( NP ( NNP Eugene ) ( NNP Sit ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NNP Sit ) ( NNP Investment ) ( NNPS Associates ) ) ( PP-LOC ( IN in ) ( NP ( NNP Minneapolis ) ) ) ) ) ) ) ( VP ( VBZ says ) ( S ( SBAR-TMP ( WHADVP-2 ( WRB When ) ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBD bought ) ( NP ( PRP it ) ) ) ) ) ( NP-SBJ ( PRP we ) ) ( VP ( VBD thought ) ( SBAR ( S ( NP-SBJ-3 ( DT the ) ( NN growth ) ( NN rate ) ) ( VP ( VBD was ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB accelerate ) ) ) ) ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( JJ computerized ) ( NN tax ) ( VBG filing ) ) ( CC and ) ( NP ( NP ( NN instant ) ( NNS refunds ) ) ( PRN ( S ( NP-SBJ ( DT the ) ( NN customer ) ) ( VP ( VP ( VBZ gets ) ( NP ( DT a ) ( NN refund ) ) ( ADVP-TMP ( RB immediately ) ) ) ( CC but ) ( VP ( VBZ pays ) ( NP ( JJ extra ) ) ( PP-DTV ( TO to ) ( NP ( NP ( DT the ) ( NN tax ) ( NN preparer ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ waits ) ( PP-CLR ( IN for ) ( NP ( NP ( NNP Uncle ) ( NNP Sam ) ( POS 's ) ) ( NN check ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Eugene Sit president of Sit Investment Associates in Minneapolis says When we bought it we thought the growth rate was going to accelerate because of computerized tax filing and instant refunds the customer gets a refund immediately but pays extra to the tax preparer which waits for Uncle Sam 's check


( S ( S-TPC-1 ( CC But ) ( NP-SBJ ( NP ( DT neither ) ) ( PP ( IN of ) ( NP ( DT those ) ( NNS developments ) ) ) ) ( VP ( VBD did ) ( NP ( NP ( RB much ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( NN juice ) ( PRT ( RP up ) ) ( NP ( NN growth ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Sit ) ) ( VP ( VBZ says ) ) )

But neither of those developments did much to juice up growth Mr. Sit says


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ figures ) ( SBAR ( S ( NP-SBJ ( NNP Block ) ( NNS earnings ) ) ( VP ( VP ( VBP are ) ( ADVP-TMP ( RB now ) ) ( VP ( VBG growing ) ( PP ( IN at ) ( NP ( NP ( IN about ) ( DT a ) ( ADJP ( CD 10 ) ( NN % ) ) ( JJ annual ) ( NN rate ) ) ( PRN ( ADVP ( IN down ) ( PP ( IN from ) ( NP ( QP ( IN about ) ( CD 14 ) ) ( NN % ) ) ( NP-TMP ( DT the ) ( JJ past ) ( CD five ) ( NNS years ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( MD will ) ( VP ( VB grow ) ( PP ( IN at ) ( NP ( DT an ) ( ADJP ( CD 8%-10 ) ( NN % ) ) ( NN rate ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN future ) ) ) ) ) ) ) ) ) )

He figures Block earnings are now growing at about a 10 % annual rate down from about 14 % the past five years and will grow at an 8%-10 % rate in the future


( S-1 ( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( RB not ) ( JJ bad ) ) ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Sit ) ) ( VP ( VBZ says ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP it ) ) ( ADVP ( RB sure ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB justify ) ( S ( NP-SBJ-2 ( NNP Block ) ( NNS shares ) ) ( VP ( VBG being ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( NP ( QP ( CD 15 ) ( TO to ) ( CD 16 ) ( NNS times ) ) ( VBD estimated ) ( NNS earnings ) ) ( PP-TMP ( IN for ) ( NP ( JJ fiscal ) ( CD 1990 ) ) ) ) ) ) ) ) ) ) ) )

That 's not bad Mr. Sit says but it sure does n't justify Block shares being priced at 15 to 16 times estimated earnings for fiscal 1990


( S ( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ wants ) ( NP ( NP ( NNS stocks ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( NNS price\/earnings ) ( NN ratio ) ) ( S ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( JJR less ) ) ( PP ( IN than ) ( NP ( PRP$ their ) ( NN growth ) ( NN rate ) ) ) ) ) ) ) ) ) ) ( S ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ figures ) ( NP ( PRP it ) ) ) ) ) ( NP-SBJ ( NNP H&R ) ( NNP Block ) ) ( VP ( VBZ does ) ( RB n't ) ( ADVP ( RB even ) ) ( VP ( VB come ) ( ADVP-CLR ( RB close ) ) ) ) ) )

He wants stocks whose price\/earnings ratio is less than their growth rate as he figures it H&R Block does n't even come close


( S ( NP-SBJ-3 ( CD Two ) ( JJ other ) ( NN money ) ( NNS managers ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG explaining ) ( SBAR-NOM ( WHADVP-2 ( WRB why ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP have ) ( VP ( VBN sold ) ( NP ( NP ( JJ large ) ( NNS amounts ) ) ( PP ( IN of ) ( NP ( NNP H&R ) ( NNP Block ) ( NN stock ) ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ) ) ) ) ( VP ( VBD spoke ) ( PP ( IN on ) ( NP ( DT the ) ( NN condition ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( RB not ) ( VP ( VB be ) ( VP ( VBN named ) ) ) ) ) ) ) ) )

Two other money managers in explaining why they have sold large amounts of H&R Block stock this year spoke on the condition they not be named


( SINV ( S-TPC-1 ( S ( S ( NP-SBJ ( DT The ) ( NN stock ) ) ( VP ( VBD was ) ( VP ( VBG going ) ( NP-DIR ( DT no ) ( NN place ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NNS earnings ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ so-so ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( CD one ) ) )

The stock was going no place and the earnings were so-so said one


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( JJ past ) ( CD two ) ( NNS years ) ) ) ( NP-SBJ ( DT the ) ( NN stock ) ) ( ADVP ( RB almost ) ) ( VP ( VBD stalled ) ( PRT ( IN out ) ) ) )

In the past two years the stock almost stalled out


( S ( NP-SBJ-2 ( PRP It ) ) ( VP ( VP ( VBD was ) ( PP-LOC-PRD ( IN above ) ( NP ( CD 33 ) ) ) ( PRN ( S-ADV ( VP ( VBN adjusted ) ( PP-CLR ( IN for ) ( NP ( DT a ) ( JJ subsequent ) ( NN split ) ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1987 ) ) ) ) ( CC and ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN gotten ) ( ADJP-PRD ( RB much ) ( JJR higher ) ) ( ADVP-TMP ( IN since ) ) ) ) ) )

It was above 33 adjusted for a subsequent split in 1987 and has n't gotten much higher since


( S ( S-TPC-1 ( NP-SBJ ( EX There ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT no ) ( JJR more ) ( NN growth ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN tax ) ( NN business ) ) ) ( PP ( PRN ( IN except ) ) ( IN for ) ( NP ( VBG increasing ) ( NNS prices ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN money ) ( NN manager ) ) ( VP ( VBD added ) ) )

There 's no more growth in the tax business except for increasing prices the money manager added


( S-3 ( S ( NP-SBJ ( NP ( DT The ) ( NNP CompuServe ) ( NN subsidiary ) ) ( PRN ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ provides ) ( NP ( NN information ) ) ( PP-DTV ( TO to ) ( NP ( NN home-computer ) ( NNS users ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-NOM-PRD ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ ( DT the ) ( NN growth ) ) ( VP ( VBZ is ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP$ its ) ( NN format ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB still ) ) ( ADJP-PRD ( RB too ) ( VBN complicated ) ) ) ) )

The CompuServe subsidiary which provides information to home-computer users is where the growth is he said but its format is still too complicated


( S ( NP-SBJ ( NNP CompuServe ) ) ( VP ( VBZ provides ) ( NP ( NP ( QP ( IN about ) ( CD 20 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT both ) ( NNS sales ) ( CC and ) ( NNS earnings ) ) ) ) ) )

CompuServe provides about 20 % of both sales and earnings


( S ( NP-SBJ ( DT The ) ( NN tax ) ( NN business ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VBZ provides ) ( NP ( NP ( QP ( IN about ) ( CD 70 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNS earnings ) ) ) ) ( PP ( IN on ) ( NP ( NP ( QP ( IN about ) ( CD 50 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNS sales ) ) ) ) ) ) )

The tax business still provides about 70 % of earnings on about 50 % of sales


( S ( NP-SBJ ( NP ( NNP Personnel ) ( NNP Pool ) ) ( PRN ( NP ( NP ( JJ temporary ) ( NNS workers ) ) ( PP-LOC ( RB mostly ) ( IN in ) ( NP ( DT the ) ( JJ health-care ) ( NN area ) ) ) ) ) ) ( VP ( NNS chips ) ( PRT ( RP in ) ) ( NP ( NP ( NP ( QP ( NN close ) ( TO to ) ( CD 25 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNS sales ) ) ) ) ( CC but ) ( NP ( NP ( QP ( RB only ) ( IN about ) ( CD 9 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNS earnings ) ) ) ) ) ) )

Personnel Pool temporary workers mostly in the health-care area chips in close to 25 % of sales but only about 9 % of earnings


( SINV ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( NN shortage ) ) ( PP ( IN of ) ( NP ( NNS nurses ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG crimping ) ( NP ( NN profit ) ) ( PP-LOC ( IN at ) ( NP ( NNP Personnel ) ( NNP Pool ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( DT the ) ( JJ second ) ( NN money ) ( NN manager ) ) )

The shortage of nurses is crimping profit at Personnel Pool said the second money manager


( S ( NP-SBJ ( PRP He ) ) ( VP ( VP ( VBZ concedes ) ( SBAR ( S ( NP-SBJ ( NNP H&R ) ( NNP Block ) ) ( VP ( VBZ is ) ( UCP-PRD ( ADJP ( JJ well-entrenched ) ) ( CC and ) ( NP ( DT a ) ( JJ great ) ( NN company ) ) ) ) ) ) ) ( CC but ) ( VP ( VBZ says ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB grow ) ( ADVP-MNR ( RB fast ) ( RB enough ) ) ( PP ( IN for ) ( NP ( PRP us ) ) ) ) ) ) ) ) )

He concedes H&R Block is well-entrenched and a great company but says it does n't grow fast enough for us


( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP 're ) ( VP ( VBG looking ) ( PP-CLR ( IN for ) ( NP ( NP ( NN something ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VP ( VBZ grows ) ( ADVP-MNR ( RBR faster ) ) ) ( CC and ) ( VP ( VBZ sells ) ( PP-CLR ( IN at ) ( NP ( DT a ) ( JJ comparable ) ( PRN ( NNS price-earnings ) ) ( JJ multiple ) ) ) ) ) ) ) ) ) ) ) )

We 're looking for something that grows faster and sells at a comparable price-earnings multiple


( S ( NP-SBJ ( NP ( NNP Thomas ) ( NNP M. ) ( NNP Bloch ) ) ( NP ( NP ( NN president ) ) ( CC and ) ( NP ( NN chief ) ( VBG operating ) ( NN officer ) ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP I ) ) ( VP ( MD would ) ( VP ( VB disagree ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN tax ) ( NN business ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ mature ) ) ) ) ) ) ) ) ) ) )

Thomas M. Bloch president and chief operating officer says I would disagree that the tax business is mature


( S-3 ( PP ( IN For ) ( NP ( NN example ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( NP-SBJ-2 ( DT the ) ( NN company ) ) ( VP ( VBZ is ) ( VP ( VBG planning ) ( S ( VP ( TO to ) ( VP ( VB go ) ( ADJP-PRD ( JJ nationwide ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( JJ new ) ( NN service ) ) ( VP ( VBN tested ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS parts ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN country ) ) ) ) ) ) ( VP ( VBN aimed ) ( PP-CLR ( IN at ) ( NP ( NP ( NNS taxpayers ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP want ) ( NP ( NNS refunds ) ) ( PP ( IN in ) ( NP ( DT a ) ( NN hurry ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

For example he says the company is planning to go nationwide with a new service tested in parts of the country aimed at taxpayers who want refunds in a hurry


( S ( NP-SBJ ( NNP Mr. ) ( NNP Bloch ) ) ( VP ( VBZ concedes ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT a ) ( JJ recent ) ( NN diversification ) ( NN attempt ) ) ( VP ( VBD fell ) ( PRT ( IN through ) ) ) ) ) ) )

Mr. Bloch concedes that a recent diversification attempt fell through


( S-1 ( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP 're ) ( ADVP-TMP ( RB still ) ) ( ADJP-PRD ( VBN interested ) ( PRN ( PP ( IN in ) ( NP ( VBG diversifying ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( CC but ) ( S ( NP-SBJ-2 ( PRP we ) ) ( VP ( MD 'd ) ( ADVP ( RB rather ) ) ( VP ( VB be ) ( ADJP-PRD ( ADJP ( JJ prudent ) ) ( SBAR ( IN than ) ( S ( VP ( VB make ) ( NP ( DT a ) ( NN mistake ) ) ) ) ) ) ) ) ) )

We 're still interested in diversifying he says but we 'd rather be prudent than make a mistake


( S ( NP-SBJ ( PRP He ) ) ( ADVP ( RB also ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-1 ( NP ( NNP CompuServe ) ( POS 's ) ) ( NNS earnings ) ) ( VP ( VBP continue ) ( S ( VP ( TO to ) ( VP ( VB grow ) ( NP-EXT ( NP ( NP ( CD 20 ) ( NN % ) ) ( TO to ) ( NP ( CD 30 ) ( NN % ) ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ) ) ) ( PP ( IN in ) ( NP ( NP ( NN spite ) ) ( PP ( IN of ) ( NP ( NP ( JJ tough ) ( NN competition ) ) ( PP ( IN from ) ( NP ( NP ( NNS giants ) ) ( PP ( IN like ) ( NP ( NNP Sears ) ( CC and ) ( NNP IBM ) ) ) ) ) ) ) ) ) ) ) ) ) )

He also says CompuServe 's earnings continue to grow 20 % to 30 % a year in spite of tough competition from giants like Sears and IBM


( S ( CC And ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NP ( NNP Block ) ( POS 's ) ) ( JJ other ) ( NNS businesses ) ) ( VP ( VBP are ) ( VP ( VBG growing ) ( SBAR-ADV ( IN although ) ( FRAG ( ADVP-MNR ( RBR less ) ( RB consistently ) ) ) ) ) ) ) ) ) )

And he says Block 's other businesses are growing although less consistently


( NP ( NP ( NNP H&R ) ( NNP Block ) ) ( PRN ( NP ( NP ( NNP NYSE ) ) ( NP ( NNP Symbol:HRB ) ) ) ) )

H&R Block NYSE Symbol:HRB


( NP ( NP ( NN Business ) ) ( NP ( NNP Tax ) ( NNP Preparation ) ) )

Business Tax Preparation


( NP ( NP ( NN Year ) ) ( VP ( VBD ended ) ( NP-TMP ( NNP April ) ( CD 30 ) ( CD 1989 ) ) ) )

Year ended April 30 1989


( NP ( NP ( NN Revenue ) ) ( NP ( QP ( CD 899.6 ) ( CD million ) ) ) )

Revenue 899.6 million


( NP ( NP ( JJ Net ) ( NN loss ) ) ( NP ( NP ( QP ( CD 100.2 ) ( CD million ) ) ) ( NP ( NP ( CD 1.90 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) )

Net loss 100.2 million 1.90 a share


( NP ( NP ( JJ First ) ( NN quarter ) ) ( NP ( NNP July ) ( CD 31 ) ( CD 1989 ) ) )

First quarter July 31 1989


( NP ( NP ( JJ Per-share ) ( NNS earnings ) ) ( NP ( NP ( NP ( NN Loss ) ) ( PP ( IN of ) ( NP ( CD 8 ) ( NNS cents ) ) ) ) ( CC vs. ) ( NP ( NP ( NN loss ) ) ( PP ( IN of ) ( NP ( CD 9 ) ( NNS cents ) ) ) ) ) )

Per-share earnings Loss of 8 cents vs. loss of 9 cents


( NP ( NP ( JJ Average ) ( JJ daily ) ( NN trading ) ( NN volume ) ) ( NP ( CD 145,954 ) ( NNS shares ) ) )

Average daily trading volume 145,954 shares


( S ( NP-SBJ ( NP ( NP ( NNP TransAtlantic ) ( NNPS Holdings ) ( NNP PLC ) ) ( NP ( DT a ) ( JJ British-based ) ( NNP South ) ( JJ African-controlled ) ( JJ financial ) ( NNS services ) ( NN investment ) ( NN group ) ) ) ( CC and ) ( NP ( NP ( NNP France ) ( POS 's ) ) ( NNP Societe ) ( NNP Centrale ) ( NNP Union ) ( NNP des ) ( NNP Assurances ) ( IN de ) ( NNP Paris ) ) ) ( VP ( VBD reached ) ( NP ( NP ( DT an ) ( NN accord ) ) ( VP ( ADVP ( RB effectively ) ) ( VBG reducing ) ( NP ( NP ( NNS chances ) ) ( PP ( IN of ) ( NP ( NP ( DT an ) ( JJ unfriendly ) ( NN takeover ) ) ( PP ( IN for ) ( NP ( NNP Sun ) ( NNP Life ) ( NNP Assurance ) ( NNP Society ) ( NNP PLC ) ) ) ) ) ) ) ) ) )

TransAtlantic Holdings PLC a British-based South African-controlled financial services investment group and France 's Societe Centrale Union des Assurances de Paris reached an accord effectively reducing chances of an unfriendly takeover for Sun Life Assurance Society PLC


( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( JJ joint ) ( NN statement ) ) ) ( NP-SBJ ( NP ( DT the ) ( CD two ) ( NNS companies ) ) ( SBAR ( WHNP-2 ( WP$ whose ) ( VBN combined ) ( NNS holdings ) ) ( S ( VP ( JJ equal ) ( NP ( NP ( CD 52.7 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NNP Sun ) ( NNP Life ) ( POS 's ) ) ( JJ ordinary ) ( NNS shares ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP$ their ) ( NN agreement ) ) ( VP ( VBZ is ) ( VP ( VBN aimed ) ( PP-CLR ( IN at ) ( S-NOM ( VP ( VBG reducing ) ( NP ( NP ( DT the ) ( NN uncertainty ) ( CC and ) ( NN instability ) ) ( PP ( IN for ) ( NP ( NNP Sun ) ( NNP Life ) ) ) ( SBAR ( WHNP-3 ( WDT that ) ) ( S ( VP ( VBZ has ) ( VP ( VBN resulted ) ( PP-CLR ( IN from ) ( S-NOM ( NP-SBJ ( CD two ) ( JJ major ) ( NNS shareholders ) ) ( VP ( VBG owning ) ( NP ( NP ( DT a ) ( VBG controlling ) ( NN interest ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In a joint statement the two companies whose combined holdings equal 52.7 % of Sun Life 's ordinary shares said their agreement is aimed at reducing the uncertainty and instability for Sun Life that has resulted from two major shareholders owning a controlling interest in the company


( S ( NP-SBJ-2 ( NP ( NNP TransAtlantic ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( NNP Transol ) ( NNPS Investments ) ( NNP Ltd. ) ( NN unit ) ) ( S ( VP ( VBZ owns ) ( NP ( NP ( DT the ) ( JJS largest ) ( NN minority ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( NNP Sun ) ( NNP Life ) ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN agreed ) ( S ( RB not ) ( VP ( TO to ) ( VP ( VB make ) ( NP ( NP ( DT a ) ( NN takeover ) ( NN bid ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ British ) ( NN life ) ( NN insurer ) ) ) ) ( PP ( IN without ) ( NP ( NP ( DT the ) ( JJ prior ) ( NN consent ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ French ) ( NN company ) ) ( VP ( VBN known ) ( PP-CLR ( IN as ) ( NP ( NNP UAP ) ) ) ) ) ) ) ) ) ) ) ) ) )

TransAtlantic whose Transol Investments Ltd. unit owns the largest minority stake in Sun Life has agreed not to make a takeover bid for the British life insurer without the prior consent of the French company known as UAP


( S ( PP ( IN In ) ( NP ( NN return ) ) ) ( NP-SBJ ( DT the ) ( NN agreement ) ) ( VP ( MD would ) ( VP ( VB force ) ( S ( NP-SBJ ( NNP UAP ) ) ( VP ( TO to ) ( VP ( VP ( VB buy ) ( NP ( NP ( NP ( NNP TransAtlantic ) ( POS 's ) ) ( ADJP ( CD 29.8 ) ( NN % ) ) ( NN holding ) ) ( PP-LOC ( IN in ) ( NP ( NNP Sun ) ( NNP Life ) ) ) ) ) ( CC or ) ( VP ( VB sell ) ( NP ( PRP$ its ) ( ADJP ( CD 22.9 ) ( NN % ) ) ( NN stake ) ) ( PP-DTV ( TO to ) ( NP ( NNP TransAtlantic ) ) ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( NN price ) ) ( VP ( VBN set ) ( PP ( IN by ) ( NP-LGS ( NNP Transatlantic ) ) ) ) ) ) ) ) ) ) ) ) )

In return the agreement would force UAP to buy TransAtlantic 's 29.8 % holding in Sun Life or sell its 22.9 % stake to TransAtlantic at a price set by Transatlantic


( S ( NP-SBJ ( NNP Golden ) ( NNP Nugget ) ( NNP Inc. ) ) ( VP ( VBD reported ) ( NP ( NP ( DT a ) ( JJ third-quarter ) ( JJ net ) ( NN loss ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 13.1 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 76 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP ( VBN based ) ( PP ( IN on ) ( NP ( QP ( CD 17.2 ) ( CD million ) ) ( NX ( NX ( JJ common ) ( NNS shares ) ) ( CC and ) ( NX ( NX ( JJ dilutive ) ( NNS equivalents ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) ) ) ) )

Golden Nugget Inc. reported a third-quarter net loss of 13.1 million or 76 cents a share based on 17.2 million common shares and dilutive equivalents outstanding


( S ( NP-SBJ ( DT The ) ( NNS results ) ) ( VP ( VBP compare ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( JJ year-earlier ) ( JJ net ) ( NN loss ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 1.5 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD seven ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP ( VBN based ) ( PP ( IN on ) ( NP ( QP ( CD 20.3 ) ( CD million ) ) ( NX ( NX ( JJ common ) ) ( CC and ) ( NX ( NX ( JJ dilutive ) ( NNS equivalents ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) ) ) ) ) )

The results compare with a year-earlier net loss of 1.5 million or seven cents a share based on 20.3 million common and dilutive equivalents outstanding


( S ( NP-SBJ ( VBG Operating ) ( NN revenue ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 25 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 52.1 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 41.8 ) ( CD million ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( IN ago ) ) ) ) )

Operating revenue rose 25 % to 52.1 million from 41.8 million a year ago


( S ( NP-SBJ ( NP ( NNS Results ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJS latest ) ( NN quarter ) ) ) ) ( VP ( VBP include ) ( NP ( NP ( VBG nonoperating ) ( NNS items ) ) ( PP ( IN of ) ( NP ( NP ( CD 23.9 ) ( CD million ) ) ( CC versus ) ( NP ( NP ( CD 8.4 ) ( CD million ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) )

Results for the latest quarter include nonoperating items of 23.9 million versus 8.4 million a year earlier


( S ( NP-SBJ ( NP ( JJS Most ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS expenses ) ) ) ) ( VP ( VBP stem ) ( PP-CLR ( IN from ) ( NP ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ huge ) ( NNP Mirage ) ( NN resort-casino ) ) ( VP ( VBN scheduled ) ( S ( VP ( TO to ) ( VP ( VB open ) ( NP-TMP ( JJ next ) ( NN month ) ) ( PP-LOC ( IN along ) ( NP ( DT the ) ( NNP Strip ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( DT an ) ( NNP April ) ( CD 1989 ) ( NN financing ) ) ( PP ( IN by ) ( NP ( NP ( NNS units ) ) ( VP ( VBG operating ) ( NP ( DT the ) ( NN downtown ) ( NNP Golden ) ( NNP Nugget ) ( NN property ) ) ) ) ) ) ) ) ) )

Most of the expenses stem from the company 's huge Mirage resort-casino scheduled to open next month along the Strip and an April 1989 financing by units operating the downtown Golden Nugget property


( S ( PP-TMP ( IN For ) ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ) ( NP-SBJ ( NNP Golden ) ( NNP Nugget ) ) ( VP ( VBD reported ) ( NP ( NP ( DT a ) ( JJ net ) ( NN loss ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 11.4 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 69 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP ( VBN based ) ( PP ( IN on ) ( NP ( QP ( CD 16.6 ) ( CD million ) ) ( NX ( NX ( JJ common ) ) ( CC and ) ( NX ( NX ( JJ dilutive ) ( NNS equivalents ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) ) ) ) )

For the nine months Golden Nugget reported a net loss of 11.4 million or 69 cents a share based on 16.6 million common and dilutive equivalents outstanding


( S ( ADVP-TMP ( NP ( DT The ) ( NN year ) ) ( RBR earlier ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD had ) ( NP ( NP ( DT a ) ( JJ net ) ( NN loss ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 4.3 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 20 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP ( VBN based ) ( PP ( IN on ) ( NP ( QP ( CD 21 ) ( CD million ) ) ( NX ( NX ( JJ common ) ( NNS shares ) ) ( CC and ) ( NX ( NX ( JJ dilutive ) ( NNS equivalents ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) ) ) ) )

The year earlier the company had a net loss of 4.3 million or 20 cents a share based on 21 million common shares and dilutive equivalents outstanding


( S ( NP-SBJ ( DT The ) ( CD 1988 ) ( NNS results ) ) ( VP ( VBP include ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 10.7 ) ( CD million ) ) ) ( NN charge ) ) ( VP ( VBG stemming ) ( PP-CLR ( IN from ) ( NP ( DT a ) ( NN litigation ) ( NN judgment ) ) ) ) ) ) )

The 1988 results include a 10.7 million charge stemming from a litigation judgment


( S ( ADVP ( RB Separately ) ) ( NP-SBJ ( DT the ) ( NN casino ) ( NN operator ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( NN board ) ) ( VP ( VBD approved ) ( NP ( DT a ) ( NN plan ) ( S ( VP ( TO to ) ( VP ( VB buy-back ) ( NP ( QP ( RB as ) ( JJ many ) ( IN as ) ( CD three ) ( CD million ) ) ( JJ common ) ( NNS shares ) ) ( PP-TMP ( PP ( IN from ) ( NP ( NN time ) ) ) ( PP ( TO to ) ( NP ( NN time ) ) ) ) ( PP ( CC either ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ open ) ( NN market ) ) ) ( CC or ) ( PP ( IN through ) ( NP ( JJ private ) ( NNS transactions ) ) ) ) ) ) ) ) ) ) ) ) )

Separately the casino operator said its board approved a plan to buy-back as many as three million common shares from time to time either in the open market or through private transactions


( S ( NP-SBJ-1 ( DT An ) ( JJ additional ) ( CD 299,000 ) ( NNS shares ) ) ( VP ( VBP are ) ( VP ( VBN authorized ) ( PP-CLR ( IN for ) ( NP ( NN repurchase ) ) ) ( PP-LOC ( IN under ) ( NP ( DT an ) ( JJR earlier ) ( NN stock ) ( NN buy-back ) ( NN program ) ) ) ) ) )

An additional 299,000 shares are authorized for repurchase under an earlier stock buy-back program


( S ( NP-SBJ ( NP ( NNP John ) ( NNP Uphoff ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP ( IN with ) ( NP ( NNP Raymond ) ( NNP James ) ( CC & ) ( NNPS Associates ) ) ) ) ) ( VP ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNS results ) ) ( VP ( VBD were ) ( RB n't ) ( ADJP-PRD ( JJ surprising ) ) ) ) ) ) ( CC and ) ( VP ( VBD attributed ) ( NP ( DT the ) ( NN buy-back ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NP ( NN management ) ( POS 's ) ) ( NN confidence ) ) ( PP ( IN in ) ( NP ( NP ( NP ( DT the ) ( NNP Mirage ) ( POS 's ) ) ( NN ability ) ( S ( VP ( TO to ) ( VP ( VB generate ) ( NP ( JJ strong ) ( NN cash ) ( NN flow ) ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1990 ) ) ) ) ) ) ) ) ) )

John Uphoff an analyst with Raymond James & Associates said the results were n't surprising and attributed the buy-back to management 's confidence in the Mirage 's ability to generate strong cash flow in 1990


( S ( NP-TMP ( NN Yesterday ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ( NP-SBJ ( NNP Golden ) ( NNP Nugget ) ( NN common ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 28.25 ) ) ) ( ADVP ( IN up ) ( NP ( CD 2 ) ) ) ) )

Yesterday in New York Stock Exchange composite trading Golden Nugget common closed at 28.25 up 2


( S ( NP-SBJ ( NP ( NNP EMPIRE ) ( NNP PENCIL ) ) ( VP ( ADVP-TMP ( RB later ) ) ( VBN called ) ( S ( NP-PRD ( NNP Empire-Berol ) ) ) ) ) ( VP ( VBD developed ) ( NP ( DT the ) ( JJ plastic ) ( NN pencil ) ) ( PP-TMP ( IN in ) ( NP ( CD 1973 ) ) ) ) )

EMPIRE PENCIL later called Empire-Berol developed the plastic pencil in 1973


( S ( NP-SBJ ( NP ( NN Yesterday ) ( POS 's ) ) ( NNP Centennial ) ( NNP Journal ) ) ( VP ( VBD misstated ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN name ) ) ) )

Yesterday 's Centennial Journal misstated the company 's name


( S ( NP-SBJ ( DT The ) ( NNP House ) ( NNP Public ) ( NNP Works ) ( CC and ) ( NNP Transportation ) ( NNP Committee ) ) ( VP ( VBD approved ) ( NP ( NP ( DT a ) ( NN bill ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB give ) ( NP ( DT the ) ( NNP Transportation ) ( NNP Department ) ) ( NP ( NN power ) ( S ( VP ( TO to ) ( VP ( VB block ) ( NP ( NN airline ) ( JJ leveraged ) ( NNS buy-outs ) ) ) ) ) ) ) ) ) ) ) ( PP ( IN despite ) ( NP ( NP ( DT a ) ( JJ clear ) ( NN veto ) ( NN threat ) ) ( PP ( IN from ) ( NP ( DT the ) ( NNP Bush ) ( NN administration ) ) ) ) ) ) )

The House Public Works and Transportation Committee approved a bill that would give the Transportation Department power to block airline leveraged buy-outs despite a clear veto threat from the Bush administration


( S ( NP-SBJ ( DT The ) ( CD 23-5 ) ( NN vote ) ) ( VP ( VBZ clears ) ( NP ( NP ( DT the ) ( NN way ) ) ( PP ( IN for ) ( NP ( NP ( NN consideration ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP House ) ( NN floor ) ) ) ( NP-TMP ( NP ( IN next ) ( NN week ) ) ( CC or ) ( NP ( NP ( DT the ) ( NN week ) ) ( ADJP ( IN after ) ) ) ) ) ) ) ) )

The 23-5 vote clears the way for consideration on the House floor next week or the week after


( S ( NP-SBJ ( NNP Transportation ) ( NNP Secretary ) ( NNP Samuel ) ( NNP Skinner ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN letter ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN committee ) ) ) ) ) ( VP ( VBD warned ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD would ) ( VP ( VB urge ) ( NP-1 ( NNP President ) ( NNP Bush ) ) ( S ( VP ( TO to ) ( VP ( VB veto ) ( NP ( DT the ) ( NN legislation ) ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD passed ) ( NP ( NNP Congress ) ) ) ) ) ) ) ) ) ) )

Transportation Secretary Samuel Skinner in a letter to the committee warned that he would urge President Bush to veto the legislation if it passed Congress


( S ( NP-SBJ ( DT The ) ( NNP Senate ) ( NNP Commerce ) ( NNP Committee ) ) ( ADVP-TMP ( RB already ) ) ( VP ( VBZ has ) ( VP ( VBN approved ) ( NP ( JJ similar ) ( NN legislation ) ) ) ) )

The Senate Commerce Committee already has approved similar legislation


( S ( PP-TMP ( IN On ) ( NP ( NNP Monday ) ) ) ( NP-SBJ ( NP ( DT a ) ( NN letter ) ) ( PP ( IN from ) ( NP ( NP ( NP ( NNP Mr. ) ( NNP Skinner ) ( POS 's ) ) ( NN deputy ) ) ( NP ( NNP Elaine ) ( NNP Chao ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN administration ) ) ( VP ( VBD opposed ) ( NP ( NP ( DT the ) ( NN legislation ) ) ( PP ( IN in ) ( NP ( PRP$ its ) ( JJ present ) ( NN form ) ) ) ) ) ) ) ) )

On Monday a letter from Mr. Skinner 's deputy Elaine Chao said the administration opposed the legislation in its present form


( S ( NP-SBJ ( NP ( DT Some ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN bill ) ( POS 's ) ) ( NNS supporters ) ) ) ) ( VP ( VBD had ) ( VP ( VBN taken ) ( NP ( NN heart ) ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NN fact ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NN letter ) ) ( VP ( VBD was ) ( RB n't ) ( VP ( VBN signed ) ( PP ( IN by ) ( NP-LGS ( NNP Mr. ) ( NNP Skinner ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB contain ) ( NP ( DT a ) ( NN veto ) ( NN threat ) ) ) ) ) ) ) ) ) ) ) )

Some of the bill 's supporters had taken heart from the fact that the letter was n't signed by Mr. Skinner and that it did n't contain a veto threat


( S ( NP-SBJ ( DT The ) ( JJ stepped-up ) ( NN administration ) ( NNS warnings ) ) ( VP ( VBD annoyed ) ( NP ( NP ( DT some ) ( NNS lawmakers ) ) ( NP ( NP ( RB especially ) ( JJ senior ) ( NNPS Republicans ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD supported ) ( NP ( DT the ) ( NN bill ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD thought ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNP Transportation ) ( NNP Department ) ) ( VP ( VBD favored ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The stepped-up administration warnings annoyed some lawmakers especially senior Republicans who supported the bill because they thought the Transportation Department favored it


( S-2 ( S ( NP-SBJ ( PRP We ) ) ( VP ( VBD backed ) ( NP ( DT this ) ( NN bill ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBD thought ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VB help ) ( NP ( NNP Skinner ) ) ) ) ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( CD one ) ( NNP Republican ) ) ( VP ( VBD said ) ) ) ) ( CC and ) ( S ( ADVP-TMP ( RB now ) ) ( NP-SBJ-1 ( PRP we ) ) ( VP ( VBP 're ) ( ADVP-LOC-PRD ( IN out ) ( RB there ) ) ( S-ADV ( VP ( VBG dangling ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN wind ) ) ) ) ) ) ) )

We backed this bill because we thought it would help Skinner one Republican said and now we 're out there dangling in the wind


( S ( ADVP-TMP ( NP ( DT A ) ( JJ few ) ( NNS weeks ) ) ( IN ago ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Skinner ) ) ( VP ( VBD testified ) ( PP-LOC ( IN before ) ( NP ( NNP Congress ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( ADJP ( JJR cleaner ) ) ( ADJP ( RBR more ) ( JJ efficient ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD had ) ( NP ( NN authority ) ( S ( VP ( TO to ) ( VP ( VB block ) ( NP ( NNS buy-outs ) ) ( PP-TMP ( IN in ) ( NP ( NN advance ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

A few weeks ago Mr. Skinner testified before Congress that it would be cleaner more efficient if he had authority to block buy-outs in advance


( S ( CC But ) ( NP-SBJ ( PRP he ) ) ( VP ( VP ( ADVP-TMP ( RB never ) ) ( VBD took ) ( NP ( NP ( DT an ) ( JJ official ) ( NN position ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN bill ) ) ) ) ) ( CC and ) ( VP ( VBZ has ) ( VP ( ADVP-MNR ( RB steadfastly ) ) ( VBN maintained ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( ADVP-TMP ( RB already ) ) ( VP ( VBZ has ) ( NP ( JJ enough ) ( NN authority ) ( S ( VP ( TO to ) ( VP ( VB deal ) ( PP-CLR ( IN with ) ( NP ( NNS buy-outs ) ) ) ) ) ) ) ) ) ) ) ) ) )

But he never took an official position on the bill and has steadfastly maintained that he already has enough authority to deal with buy-outs


( S ( PP-LOC ( IN Under ) ( NP ( DT the ) ( NN committee ) ( NN bill ) ) ) ( NP-SBJ-1 ( DT the ) ( NN Transportation ) ( NN secretary ) ) ( VP ( MD would ) ( VP ( VB have ) ( NP ( NP ( CD 30 ) ( NNS days ) ) ( CC and ) ( NP ( NP ( DT an ) ( JJ additional ) ( CD 20 ) ( NNS days ) ) ( SBAR ( IN if ) ( S ( VP ( VBN needed ) ) ) ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB review ) ( NP ( NP ( DT any ) ( VBN proposed ) ( NN purchase ) ) ( PP ( IN of ) ( NP ( NP ( CD 15 ) ( NN % ) ( QP ( CC or ) ( JJR more ) ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ major ) ( NNP U.S. ) ( NN airline ) ( POS 's ) ) ( NN voting ) ( NN stock ) ) ) ) ) ) ) ) ) ) ) )

Under the committee bill the Transportation secretary would have 30 days and an additional 20 days if needed to review any proposed purchase of 15 % or more of a major U.S. airline 's voting stock


( S ( NP-SBJ-1 ( DT The ) ( NN secretary ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN required ) ( S ( VP ( TO to ) ( VP ( VB block ) ( NP ( DT an ) ( NN acquisition ) ) ) ) ) ( SBAR-ADV ( SBAR ( IN if ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD concluded ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( ADVP ( RB so ) ) ( VB weaken ) ( NP ( DT an ) ( NN airline ) ) ( ADVP-MNR ( RB financially ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VP ( VB hurt ) ( NP ( NN safety ) ) ) ( CC or ) ( VP ( VB reduce ) ( NP ( NP ( DT the ) ( NN carrier ) ( POS 's ) ) ( NN ability ) ( S ( VP ( TO to ) ( VP ( VB compete ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC or ) ( SBAR ( IN if ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD gave ) ( NP ( NN control ) ) ( PP-DTV ( TO to ) ( NP ( DT a ) ( JJ foreign ) ( NN interest ) ) ) ) ) ) ) ) ) ) )

The secretary would be required to block an acquisition if he concluded that it would so weaken an airline financially that it would hurt safety or reduce the carrier 's ability to compete or if it gave control to a foreign interest


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( DT the ) ( NN legislation ) ) ( VP ( MD would ) ( VP ( VB apply ) ( PP-CLR ( TO to ) ( NP ( NP ( DT any ) ( NN acquisition ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ major ) ( NN airline ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBN aimed ) ( PP-CLR ( IN at ) ( NP ( NP ( NNS transactions ) ) ( VP ( VBN financed ) ( PP ( IN by ) ( NP-LGS ( NP ( JJ large ) ( NNS amounts ) ) ( PP ( IN of ) ( NP ( NN debt ) ) ) ) ) ) ) ) ) ) )

Although the legislation would apply to any acquisition of a major airline it is aimed at transactions financed by large amounts of debt


( S ( NP-SBJ ( NP ( NNS Supporters ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN bill ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( VBN concerned ) ( SBAR ( S ( NP-SBJ-1 ( DT an ) ( NN airline ) ) ( VP ( MD might ) ( VP ( VB sacrifice ) ( NP ( JJ costly ) ( NN safety ) ( NNS measures ) ) ( SBAR-PRP ( IN in ) ( NN order ) ( S ( VP ( TO to ) ( VP ( VB repay ) ( NP ( NN debt ) ) ) ) ) ) ) ) ) ) ) ) )

Supporters of the bill are concerned an airline might sacrifice costly safety measures in order to repay debt


( S ( NP-SBJ ( NP ( DT The ) ( NN panel ) ( POS 's ) ) ( NN action ) ) ( VP ( VBZ occurs ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( ADJP ( RB politically ) ( VBN charged ) ) ( NN atmosphere ) ) ( VP ( VBG surrounding ) ( NP ( NP ( JJ recent ) ( NN buy-out ) ( NNS proposals ) ) ( NP ( PRP$ their ) ( JJ apparent ) ( NN collapse ) ) ( CC and ) ( NP ( NP ( DT the ) ( JJ volatile ) ( NNS conditions ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ) ) ) ) ) ) ) )

The panel 's action occurs in a politically charged atmosphere surrounding recent buy-out proposals their apparent collapse and the volatile conditions in the stock market


( S ( S-TPC-2 ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBD became ) ( ADJP-PRD ( JJ apparent ) ) ( PP-LOC ( IN in ) ( NP ( NNS hearings ) ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( EX there ) ) ( VP ( MD ought ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( NN regulation ) ) ( PP ( IN of ) ( NP ( JJ leveraged ) ( NNS buy-outs ) ) ) ( PP ( IN of ) ( NP ( DT some ) ( NN sort ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP Rep. ) ( NNP James ) ( NNP Oberstar ) ) ( PRN ( NP ( NP ( NNP D. ) ) ( NP-LOC ( NNP Minn. ) ) ) ) ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP House ) ( NNP Aviation ) ( NNP Subcommittee ) ) ) ) ) ( VP ( VBD said ) ( PP-TMP ( IN during ) ( NP ( NP ( DT the ) ( NN panel ) ( POS 's ) ) ( NNS deliberations ) ) ) ) )

It became apparent in hearings that there ought to be regulation of leveraged buy-outs of some sort Rep. James Oberstar D. Minn. chairman of the House Aviation Subcommittee said during the panel 's deliberations


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB believe ) ( SBAR ( S ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN airline ) ( NN business ) ) ) ( NP-SBJ ( PRP you ) ) ( VP ( MD can ) ( VP ( VB be ) ( ADJP-PRD ( RB totally ) ( FW laissez-faire ) ) ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( DT the ) ( JJ high ) ( NN degree ) ) ( PP ( IN of ) ( NP ( JJ public ) ( NN interest ) ) ) ( PP ( IN at ) ( NP ( NN stake ) ) ) ) ) ) ) )

I do n't believe in the airline business you can be totally laissez-faire because of the high degree of public interest at stake


( S ( CC But ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Skinner ) ) ( VP ( VBD disagreed ) ( S-ADV ( VP ( VBG calling ) ( S ( NP-SBJ ( DT the ) ( NN legislation ) ) ( NP-PRD ( NP ( DT a ) ( NN retreat ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NN policy ) ) ( PP ( IN of ) ( NP ( NP ( NN deregulaton ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN airline ) ( NN industry ) ) ) ) ) ) ) ) ) ) ) ) )

But Mr. Skinner disagreed calling the legislation a retreat from the policy of deregulaton of the airline industry


( S ( PP-LOC ( IN In ) ( NP ( NP ( PRP$ his ) ( NN letter ) ) ( PP ( TO to ) ( NP ( NP ( NNP Committee ) ( NNP Chairman ) ( NNP Glenn ) ( NNP Anderson ) ) ( PRN ( NP ( NP ( NNP D. ) ) ( NP-LOC ( NNP Calif. ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN secretary ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN bill ) ) ( VP ( MD would ) ( VP ( VB be ) ( PP-PRD ( IN at ) ( NP ( NP ( NNS odds ) ) ( PP ( IN with ) ( NP ( NP ( NP ( DT the ) ( NN administration ) ( POS 's ) ) ( NNS policies ) ) ( VP ( VBG welcoming ) ( NP ( NP ( JJ open ) ( JJ foreign ) ( NN investment ) ) ( CC and ) ( NP ( NP ( NN market ) ( NN allocation ) ) ( PP ( IN of ) ( NP ( NNS resources ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In his letter to Committee Chairman Glenn Anderson D. Calif. the secretary also said the bill would be at odds with the administration 's policies welcoming open foreign investment and market allocation of resources


( S ( ADVP-TMP ( RB Currently ) ) ( NP-SBJ ( DT the ) ( NNP Transportation ) ( NNP Department ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB have ) ( NP ( DT the ) ( NN authority ) ( S ( VP ( TO to ) ( VP ( VB block ) ( NP ( DT a ) ( NN takeover ) ) ( PP-TMP ( IN in ) ( NP ( NN advance ) ) ) ) ) ) ) ) ) )

Currently the Transportation Department does n't have the authority to block a takeover in advance


( S ( ADVP ( RB However ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT the ) ( NN secretary ) ) ( VP ( VBZ concludes ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT a ) ( NN transaction ) ) ( VP ( VBZ has ) ( VP ( VBN made ) ( S ( NP-SBJ-1 ( DT a ) ( NN carrier ) ) ( ADJP-PRD ( NN unfit ) ( S ( VP ( TO to ) ( VP ( VB operate ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( DT the ) ( NN department ) ) ( VP ( MD may ) ( VP ( VB revoke ) ( NP ( PRP$ its ) ( NN certificate ) ) ( S-ADV ( VP ( VBG grounding ) ( NP ( DT the ) ( NN airline ) ) ) ) ) ) )

However if the secretary concludes that a transaction has made a carrier unfit to operate the department may revoke its certificate grounding the airline


( SINV ( S-TPC-1 ( NP-SBJ ( JJ Such ) ( NN authority ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( JJR more ) ) ( PP ( IN than ) ( ADJP ( JJ adequate ) ) ) ) ) ) ( VP ( VBP say ) ) ( NP-SBJ ( NP ( NNS opponents ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN legislation ) ) ) ) )

Such authority is more than adequate say opponents of the legislation


( S ( CC But ) ( NP-SBJ ( NNS supporters ) ) ( VP ( VBP argue ) ( SBAR ( IN that ) ( S ( S-NOM-SBJ ( VP ( VBG grounding ) ( NP ( DT an ) ( NN airline ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( RB so ) ( JJ drastic ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NN department ) ) ( VP ( MD would ) ( VP ( VB hesitate ) ( S ( VP ( VBG doing ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) ) ) )

But supporters argue that grounding an airline is so drastic that the department would hesitate doing it


( S ( NP-SBJ ( DT The ) ( NN panel ) ) ( VP ( VBD rejected ) ( NP ( NP ( DT a ) ( NN proposal ) ) ( VP ( VBN pushed ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP AMR ) ( NNP Corp. ) ) ( NP ( NP ( DT the ) ( NN parent ) ) ( PP ( IN of ) ( NP ( NNP American ) ( NNPS Airlines ) ) ) ) ) ) ) ( S-2 ( VP ( TO to ) ( VP ( VB allow ) ( S ( NP-SBJ ( DT the ) ( NN Transportation ) ( NN secretary ) ) ( VP ( TO to ) ( VP ( VB block ) ( NP-3 ( JJ corporate ) ( NNS raiders ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG waging ) ( NP ( NN proxy ) ( NNS fights ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB oust ) ( NP ( NP ( NNS boards ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP oppose ) ( NP ( DT a ) ( JJ leveraged ) ( NN buy-out ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The panel rejected a proposal pushed by AMR Corp. the parent of American Airlines to allow the Transportation secretary to block corporate raiders from waging proxy fights to oust boards that oppose a leveraged buy-out


( S ( NP-SBJ ( PRP It ) ) ( ADVP ( RB also ) ) ( VP ( VBD voted ) ( PRT ( RP down ) ) ( NP ( NNS proposals ) ( S ( VP ( VP ( TO to ) ( VP ( VB give ) ( NP ( DT the ) ( NN secretary ) ) ( NP ( NP ( ADJP ( RB much ) ( JJR more ) ) ( NN discretion ) ) ( PP ( IN on ) ( SBAR ( IN whether ) ( S ( VP ( TO to ) ( VP ( VB block ) ( NP ( DT a ) ( NN buy-out ) ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( TO to ) ( VP ( VB require ) ( S ( NP-SBJ ( DT the ) ( NN department ) ) ( VP ( TO to ) ( VP ( VB consider ) ( NP ( NP ( DT the ) ( NN impact ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN buy-out ) ) ) ( PP ( IN on ) ( NP ( NNS workers ) ) ) ) ) ) ) ) ) ) ) ) ) )

It also voted down proposals to give the secretary much more discretion on whether to block a buy-out and to require the department to consider the impact of a buy-out on workers


( S ( NP-SBJ ( NP ( NNP W.R. ) ( NNP Grace ) ( CC & ) ( NNP Co. ) ) ( NP-LOC ( NNP New ) ( NNP York ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( PRP$ its ) ( NNS earnings ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ) ( VP ( ADVP ( RB nearly ) ) ( VBD doubled ) ( PP-PRP ( IN as ) ( NP ( NP ( DT a ) ( NN result ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 114.4 ) ( CD million ) ) ) ( JJ pre-tax ) ( NN gain ) ) ( PP ( IN from ) ( NP ( S-NOM ( VP ( VBG restructuring ) ( NP ( PRP$ its ) ( NN energy ) ( NNS operations ) ) ) ) ( CC and ) ( NP ( JJ other ) ( NNS adjustments ) ) ) ) ) ) ) ) ) ) ) ) )

W.R. Grace & Co. New York said its earnings for the third quarter nearly doubled as a result of a 114.4 million pre-tax gain from restructuring its energy operations and other adjustments


( S ( NP-SBJ ( JJ Net ) ( NN income ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 97.9 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.15 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 50.5 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 60 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) )

Net income rose to 97.9 million or 1.15 a share from 50.5 million or 60 cents a share a year earlier


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD increased ) ( NP-EXT ( CD 7 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 1.49 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 1.39 ) ( CD billion ) ) ) ) ) )

Sales increased 7 % to 1.49 billion from 1.39 billion


( S ( NP-SBJ ( DT The ) ( NN gain ) ) ( VP ( VBD resulted ) ( PP-CLR ( IN from ) ( NP ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NNP Grace ) ( NNP Equipment ) ( NNP Co. ) ) ) ) ( NP ( NP ( DT the ) ( JJ initial ) ( JJ public ) ( NN offering ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ one-sixth ) ( NN interest ) ) ( PP-LOC ( IN in ) ( NP ( NNP Grace ) ( NNP Energy ) ( NNP Corp. ) ) ) ) ) ) ( CC and ) ( NP ( NP ( DT an ) ( NN adjustment ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( VBG carrying ) ( NN value ) ) ( PP ( IN of ) ( NP ( NP ( JJ certain ) ( JJ natural ) ( NN resource ) ( NNS assets ) ) ( NP ( NP ( RB not ) ( NN part ) ) ( PP ( IN of ) ( NP ( NNP Grace ) ( NNP Energy ) ) ) ) ) ) ) ) ) ) ) ) )

The gain resulted from the sale of Grace Equipment Co. the initial public offering of a one-sixth interest in Grace Energy Corp. and an adjustment in the carrying value of certain natural resource assets not part of Grace Energy


( S ( NP-SBJ-1 ( NP ( DT The ) ( JJ international ) ( NN specialty ) ( NN chemical ) ( NN company ) ( POS 's ) ) ( NNS earnings ) ) ( VP ( VBD were ) ( VP ( VBN hurt ) ( PP ( IN by ) ( NP-LGS ( NP ( DT an ) ( NN accrual ) ) ( PP ( IN for ) ( NP ( NN stock-appreciation ) ( NNS rights ) ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD reflected ) ( NP ( NP ( NP ( DT a ) ( ADJP ( CD 19 ) ( NN % ) ( NN increase ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN stock ) ( NN price ) ) ) ) ( CC and ) ( NP ( JJR higher ) ( NN interest ) ( NNS expenses ) ) ) ) ) ) ) ) ) ) )

The international specialty chemical company 's earnings were hurt by an accrual for stock-appreciation rights that reflected a 19 % increase in the stock price and higher interest expenses


( S ( PP-TMP ( IN During ) ( NP ( PRP$ its ) ( NN centennial ) ( NN year ) ) ) ( NP-SBJ ( DT The ) ( NNP Wall ) ( NNP Street ) ( NNP Journal ) ) ( VP ( MD will ) ( VP ( VB report ) ( NP ( NP ( NNS events ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ past ) ( NN century ) ) ) ( SBAR ( WHNP-1 ( DT that ) ) ( S ( VP ( VBP stand ) ( PP-CLR ( IN as ) ( NP ( NP ( NNS milestones ) ) ( PP ( IN of ) ( NP ( JJ American ) ( NN business ) ( NN history ) ) ) ) ) ) ) ) ) ) ) )

During its centennial year The Wall Street Journal will report events of the past century that stand as milestones of American business history


( S ( NP-SBJ ( NP ( NNPS PUTS ) ( CC AND ) ( NNPS CALLS ) ) ( NP ( NP ( NNP STOCK ) ( NNP MARKET ) ( NNP PATOIS ) ) ( PP ( IN for ) ( NP ( NNS options ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( CC or ) ( VB buy ) ( NP ( NP ( DT a ) ( NN company ) ( POS 's ) ) ( NNS shares ) ) ) ) ) ) ) ) ) ( VP ( VBD were ) ( ADVP-TMP ( RB long ) ) ( NP-PRD ( NP ( DT an ) ( JJ arcane ) ( NNP Wall ) ( NNP Street ) ( NN art ) ) ( VP ( ADVP ( RB best ) ) ( VBN left ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NNS experts ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD used ) ( NP ( PRP them ) ) ( PP-CLR ( CC either ) ( PP ( IN as ) ( NP ( DT a ) ( NN hedge ) ) ) ( CC or ) ( PP ( IN for ) ( NP ( JJ pure ) ( NN speculation ) ) ) ) ) ) ) ) ) ) ) ) )

PUTS AND CALLS STOCK MARKET PATOIS for options to sell or buy a company 's shares were long an arcane Wall Street art best left to the experts who used them either as a hedge or for pure speculation


( S ( NP-SBJ ( NNS Options ) ) ( VP ( VBD lost ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN mystery ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( CD 1973 ) ) ( SBAR ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( NP ( DT the ) ( NNP Chicago ) ( NNP Board ) ) ( PP ( IN of ) ( NP ( NNP Trade ) ) ) ) ( VP ( VBD set ) ( PRT ( RP up ) ) ( NP ( NP ( DT a ) ( JJ special ) ( NN exchange ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB deal ) ( PP-CLR ( IN in ) ( NP ( PRP them ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Options lost some of their mystery in 1973 when the Chicago Board of Trade set up a special exchange to deal in them


( S ( PP-TMP ( IN Until ) ( NP ( RB then ) ) ) ( NP-SBJ-1 ( NNS options ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN traded ) ( PP-LOC ( PP ( RB only ) ( IN in ) ( NP ( NP ( DT the ) ( JJ over-the-counter ) ( NN market ) ) ( PP-LOC ( RB mostly ) ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ( CC and ) ( PP ( IN in ) ( NP ( NP ( DT an ) ( ADJP ( RB almost ) ( JJ invisible ) ) ( JJ secondary ) ( NN market ) ) ( VP ( VBG operating ) ( ADVP ( RB chiefly ) ) ( PP-MNR ( IN by ) ( NP ( NN telephone ) ) ) ) ) ) ) ) ) ) )

Until then options had been traded only in the over-the-counter market mostly in New York and in an almost invisible secondary market operating chiefly by telephone


( S ( NP-SBJ ( NP ( NP ( DT The ) ( NNP Chicago ) ( NNP Board ) ) ( PP ( IN of ) ( NP ( NNP Trade ) ) ) ) ( NP ( DT the ) ( NN No. ) ( CD 1 ) ( NNP U.S. ) ( NN grain ) ( NN market ) ) ) ( VP ( VBD had ) ( ADVP-TMP ( RB long ) ) ( VP ( VBN chafed ) ( PP-LOC ( IN under ) ( NP ( NP ( DT the ) ( NN attention ) ) ( VP ( VBN won ) ( PP ( IN by ) ( NP-LGS ( NP ( PRP$ its ) ( JJ innovative ) ( JJ archrival ) ) ( NP ( DT the ) ( JJ livestock-dealing ) ( NNP Mercantile ) ( NNP Exchange ) ) ) ) ) ) ) ) ) )

The Chicago Board of Trade the No. 1 U.S. grain market had long chafed under the attention won by its innovative archrival the livestock-dealing Mercantile Exchange


( S ( IN So ) ( NP-SBJ ( NP ( DT the ) ( NNS men ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD ran ) ( NP ( DT the ) ( NN grain ) ( NNS pits ) ) ) ) ) ) ( VP ( VBD listened ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( NP ( NNP Joseph ) ( NNP Sullivan ) ) ( NP ( DT a ) ( JJ 35-year-old ) ( JJ former ) ( NNP Wall ) ( NNP Street ) ( NNP Journal ) ( NN newsman ) ) ) ( VP ( VBD offered ) ( NP ( PRP them ) ) ( NP ( NP ( DT the ) ( NN idea ) ) ( PP ( IN of ) ( NP ( JJ all-options ) ( NN trading ) ) ) ) ) ) ) ) )

So the men who ran the grain pits listened when Joseph Sullivan a 35-year-old former Wall Street Journal newsman offered them the idea of all-options trading


( S ( PP-TMP ( IN After ) ( NP ( NP ( NP ( CD four ) ( NN year ) ) ( PP ( IN of ) ( NP ( NN tinkering ) ) ) ) ( CC and ) ( NP ( NP ( QP ( CD 2.4 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NN seed ) ( NN money ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN board ) ) ( VP ( VP ( VBD set ) ( PRT ( RP up ) ) ( NP ( DT the ) ( JJ new ) ( NN marketplace ) ) ) ( VP ( VBD titled ) ( S ( NP-SBJ ( PRP it ) ) ( NP-PRD ( DT the ) ( NNP Chicago ) ( NNP Board ) ( NNPS Options ) ( NNP Exchange ) ) ) ) ( CC and ) ( VP ( VBD named ) ( S ( NP-SBJ ( NNP Sullivan ) ) ( NP-PRD ( PRP$ its ) ( JJ first ) ( NN president ) ) ) ) ) )

After four year of tinkering and 2.4 million in seed money the board set up the new marketplace titled it the Chicago Board Options Exchange and named Sullivan its first president


( S ( NP-SBJ ( DT The ) ( NNS beginnings ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ modest ) ) ) )

The beginnings were modest


( S ( NP-SBJ ( DT The ) ( NNP CBOE ) ) ( VP ( VBD opened ) ( PP-CLR ( IN for ) ( NP ( NN business ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP April ) ( CD 26 ) ( CD 1973 ) ) ) ( PP-LOC ( IN in ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( VP ( VBD had ) ( VP ( VBN been ) ( NP-PRD ( DT a ) ( NAC ( NNP Board ) ( PP ( IN of ) ( NP ( NNP Trade ) ) ) ) ( NN lunchroom ) ) ) ) ) ) ) ) )

The CBOE opened for business on April 26 1973 in what had been a Board of Trade lunchroom


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD listed ) ( NP ( QP ( RB just ) ( CD 16 ) ) ( NNS options ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NP ( DT a ) ( NN pilot ) ( NN list ) ) ( PP ( IN of ) ( NP ( NP ( NNS stocks ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ) ) ) ) ) ) ) ) )

It listed just 16 options to buy a pilot list of stocks on the New York Stock Exchange


( S ( NP-SBJ-1 ( NP ( VBZ Puts ) ) ( CC or ) ( NP ( VB sell ) ( NNS options ) ) ) ( VP ( MD would ) ( RB not ) ( VP ( VB be ) ( VP ( VBN added ) ( PP-TMP ( IN until ) ( NP ( CD 1977 ) ) ) ) ) ) )

Puts or sell options would not be added until 1977


( S ( NP-SBJ ( DT The ) ( CD 282 ) ( NNS members ) ) ( VP ( VBD had ) ( VP ( VBN paid ) ( NP ( CD 10,000 ) ) ( ADVP ( RB apiece ) ) ( PP-CLR ( IN for ) ( NP ( NNS seats ) ) ) ) ) )

The 282 members had paid 10,000 apiece for seats


The 1989 price 250,000


( S ( NP-SBJ ( NP ( DT The ) ( JJ first ) ( NN day ) ( POS 's ) ) ( NN business ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( CD 911 ) ( NNS contracts ) ) ( PRN ( NP ( NP ( DT each ) ) ( PP ( IN for ) ( NP ( NP ( CD 100 ) ( NNS shares ) ) ( PP ( IN of ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( DT the ) ( VBN listed ) ( NNS stocks ) ) ) ) ) ) ) ) ) ) ) )

The first day 's business was 911 contracts each for 100 shares of one of the listed stocks


( S ( PP-TMP ( IN By ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( CD 1973 ) ) ) ) ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN number ) ) ( PP ( IN of ) ( NP ( VBG underlying ) ( NNP Big ) ( NNP Board ) ( NNS stocks ) ) ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN increased ) ( PP-CLR ( TO to ) ( NP ( CD 50 ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NNS options ) ( NN exchange ) ) ( VP ( VBD had ) ( VP ( VBN run ) ( PRT ( RP up ) ) ( NP ( NP ( NN volume ) ) ( PP ( IN of ) ( NP ( QP ( CD 1.1 ) ( CD million ) ) ( NNS contracts ) ) ) ) ) ) ) )

By the end of 1973 the number of underlying Big Board stocks had been increased to 50 and the options exchange had run up volume of 1.1 million contracts


( S ( ADVP-TMP ( NP ( DT A ) ( NN year ) ) ( RB later ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( NP-PRD ( CD 5.7 ) ( CD million ) ) ) )

A year later it was 5.7 million


( S ( NP-TMP ( JJ Last ) ( NN year ) ) ( NP-SBJ ( NP ( QP ( RBR more ) ( IN than ) ( CD 1,800 ) ) ( NNS traders ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP CBOE ) ) ) ) ( VP ( VBD bought ) ( CC and ) ( VBD sold ) ( NP ( NP ( NP ( QP ( CD 112 ) ( CD million ) ) ( NNS contracts ) ) ( PP ( IN on ) ( NP ( CD 178 ) ( VBN listed ) ( NNS stocks ) ) ) ) ( NP ( NP ( CD 60 ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT all ) ( NNP U.S. ) ( VBD listed ) ( NNS options ) ( NN trading ) ) ) ) ) ) )

Last year more than 1,800 traders on the CBOE bought and sold 112 million contracts on 178 listed stocks 60 % of all U.S. listed options trading


( S ( NP-SBJ ( DT The ) ( JJ new ) ( NN exchange ) ) ( VP ( VBD drew ) ( NP ( JJ instant ) ( NN recognition ) ) ( PP-DIR ( IN from ) ( NP ( DT an ) ( JJ unwelcome ) ( NN quarter ) ) ) ) )

The new exchange drew instant recognition from an unwelcome quarter


( S ( NP-SBJ-1 ( DT The ) ( NN government ) ) ( S-ADV ( VP ( VBG campaigning ) ( PP-CLR ( IN against ) ( NP ( VBN fixed ) ( NN brokerage ) ( NNS commissions ) ) ) ) ) ( VP ( ADVP-MNR ( RB promptly ) ) ( VBD sued ) ( NP ( DT the ) ( NNP CBOE ) ) ( PP ( IN over ) ( NP ( PRP$ its ) ( JJ minimum-fee ) ( NN system ) ) ) ) )

The government campaigning against fixed brokerage commissions promptly sued the CBOE over its minimum-fee system


( S ( S-TPC-3 ( NP-SBJ ( NP ( NNP Tuesday ) ( POS 's ) ) ( NN earthquake ) ) ( VP ( MD will ) ( VP ( VP ( VB depress ) ( NP ( JJ local ) ( NN real-estate ) ( NNS values ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ short ) ( NN term ) ) ) ) ( CC and ) ( VP ( VB force ) ( S ( NP-SBJ-1 ( NNS companies ) ) ( VP ( TO to ) ( VP ( VB reconsider ) ( S ( VP ( VP ( VBG expanding ) ( PP-LOC ( IN in ) ) ) ( CC or ) ( VP ( VBG relocating ) ( PP-DIR ( TO to ) ) ) ( NP-2 ( NP ( DT the ) ( NNP Bay ) ( NNP Area ) ) ( CC and ) ( NP ( NNP California ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NN real-estate ) ( CC and ) ( NN relocation ) ( NNS specialists ) ) ( VP ( VBD said ) ) )

Tuesday 's earthquake will depress local real-estate values in the short term and force companies to reconsider expanding in or relocating to the Bay Area and California real-estate and relocation specialists said


( S ( NP-SBJ ( JJ Few ) ( NNS specialists ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP expect ) ( S ( NP-SBJ ( DT the ) ( NN quake ) ) ( VP ( TO to ) ( VP ( VB have ) ( NP ( NP ( RB much ) ) ( PP ( IN of ) ( NP ( NP ( DT an ) ( NN effect ) ) ( PP ( IN on ) ( NP ( JJS most ) ( NNP California ) ( NN property ) ( NNS values ) ) ) ) ) ) ) ) ) ) ) ) ) )

Few specialists said they expect the quake to have much of an effect on most California property values


( S ( CC But ) ( NP-SBJ ( NN real-estate ) ( NNS experts ) ( CC and ) ( NNS brokers ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN quake ) ) ( ADVP ( RB undoubtedly ) ) ( VP ( MD will ) ( VP ( VB drag ) ( PRT ( RP down ) ) ( NP ( NNS prices ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS neighborhoods ) ) ( VP ( VBN built ) ( PP-LOC ( IN on ) ( NP ( ADJP ( JJR less ) ( JJ stable ) ) ( NN ground ) ) ) ) ) ) ( PP-LOC ( RB especially ) ( IN in ) ( NP ( DT the ) ( NNP Bay ) ( NNP Area ) ) ) ) ) ) ) ) )

But real-estate experts and brokers said the quake undoubtedly will drag down prices in neighborhoods built on less stable ground especially in the Bay Area


( S ( NP-SBJ ( NNP California ) ( NNS prices ) ) ( VP ( VBD were ) ( ADVP ( RB already ) ) ( VP ( VBG coming ) ( ADVP-DIR ( IN down ) ) ) ) )

California prices were already coming down


( SINV ( S-TPC-2 ( NP-SBJ-1 ( DT This ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB help ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Kenneth ) ( NNP T. ) ( NNP Rosen ) ) ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Center ) ) ( PP ( IN for ) ( NP ( NNP Real ) ( NNP Estate ) ( CC and ) ( NNP Urban ) ( NNP Economics ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NNP University ) ) ( PP ( IN of ) ( NP ( NNP California ) ) ) ( PP-LOC ( IN at ) ( NP ( NNP Berkeley ) ) ) ) ) ) ) ) ) )

This is n't going to help said Kenneth T. Rosen chairman of the Center for Real Estate and Urban Economics at the University of California at Berkeley


( S ( NP-SBJ ( NP ( NN State ) ( NN housing ) ( NNS prices ) ) ( PP ( IN at ) ( NP ( DT a ) ( NN median ) ( CD 201,028 ) ) ) ) ( VP ( VBP have ) ( VP ( VBN declined ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS months ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( JJ potential ) ( NNS buyers ) ( POS ' ) ) ( NN inability ) ( S ( VP ( TO to ) ( VP ( VB afford ) ( NP ( NNS homes ) ) ) ) ) ) ) ) ) )

State housing prices at a median 201,028 have declined in recent months because of potential buyers ' inability to afford homes


( S ( NP-SBJ ( NNP Mr. ) ( NNP Rosen ) ) ( PP-LOC ( IN among ) ( NP ( NNS others ) ) ) ( VP ( VBD suggested ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN quake ) ) ( NP ( NP ( DT the ) ( JJS strongest ) ) ( PP-TMP ( IN since ) ( NP ( NP ( DT the ) ( CD 1906 ) ( NN temblor ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD struck ) ( NP ( NNP San ) ( NNP Francisco ) ) ) ) ) ) ) ) ) ( VP ( MD will ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ short ) ( NN term ) ) ) ( VP ( VB create ) ( NP ( NP ( DT a ) ( JJ two-tier ) ( NN price ) ( NN system ) ) ( PP ( IN for ) ( NP ( JJ quake-prone ) ( NNS communities ) ) ) ( PP ( IN with ) ( NP ( NP ( NNS dwellings ) ) ( VP ( VBN built ) ( PP-LOC ( IN on ) ( NP ( JJ sturdy ) ( NN ground ) ) ) ) ( ADJP ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB demand ) ( NP ( JJR higher ) ( NNS prices ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Rosen among others suggested that the quake the strongest since the 1906 temblor that struck San Francisco will in the short term create a two-tier price system for quake-prone communities with dwellings built on sturdy ground likely to demand higher prices


( S ( NP-SBJ ( NP ( CD One ) ( NNP San ) ( NNP Francisco ) ( NN neighborhood ) ) ( ADJP ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB test ) ( NP ( NP ( NNP Mr. ) ( NNP Rosen ) ( POS 's ) ) ( NN theory ) ) ( ADVP-TMP ( RB soon ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NP ( DT the ) ( NN city ) ( POS 's ) ) ( JJ fashionable ) ( NNP Marina ) ( NN district ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ boasts ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJS highest ) ( NN home ) ( NNS prices ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN state ) ) ) ) ) ) ) ) ) ) ) )

One San Francisco neighborhood likely to test Mr. Rosen 's theory soon is the city 's fashionable Marina district which boasts some of the highest home prices in the state


( S ( NP-SBJ ( NP ( DT The ) ( NN district ) ) ( VP ( VBN built ) ( PP-CLR ( IN on ) ( NP ( NN landfill ) ) ) ) ) ( VP ( VBN suffered ) ( NP ( NP ( JJ heavy ) ( NN quake ) ( NN damage ) ) ( PP ( VBG including ) ( NP ( VBN collapsed ) ( NNS buildings ) ) ) ) ) )

The district built on landfill suffered heavy quake damage including collapsed buildings


( S ( NP-TMP ( NN Yesterday ) ) ( NP-SBJ ( DT the ) ( NN city ) ) ( VP ( VP ( VBD demolished ) ( NP ( NP ( CD two ) ( NNS dwellings ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN district ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( JJ severe ) ( JJ structural ) ( NN damage ) ) ) ) ( CC and ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( NP ( QP ( RB as ) ( JJ many ) ( IN as ) ( CD 19 ) ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN district ) ( POS 's ) ) ( CD 350 ) ( NNS dwellings ) ) ) ) ( VP ( MD might ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN razed ) ) ) ) ) ) ) ) ) ) ) )

Yesterday the city demolished two dwellings in the district because of severe structural damage and said as many as 19 of the district 's 350 dwellings might have to be razed


( S ( NP-SBJ ( NNS Brokers ) ) ( VP ( VBD agreed ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( JJ two-tier ) ( NN price ) ( NN theory ) ) ) ) )

Brokers agreed with the two-tier price theory


( SINV ( S-TPC-2 ( NP-SBJ ( PRP$ My ) ( NN gut ) ( NN feeling ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NNP Marina ) ( NNS properties ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN affected ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Grace ) ( NNP Perkins ) ) ( NP ( NP ( JJ senior ) ( NN vice ) ( NN president ) ) ( PP-LOC ( IN at ) ( NP ( NNP Grubb ) ( CC & ) ( NNP Ellis ) ( NNP Residential ) ( NNP Brokerage ) ( NNP Inc ) ) ) ) ) )

My gut feeling is that the Marina properties will be affected said Grace Perkins senior vice president at Grubb & Ellis Residential Brokerage Inc


( S ( S ( NP-SBJ ( CC Neither ) ( NP ( PRP she ) ) ( CC nor ) ( NP ( JJ other ) ( NN real-estate ) ( NNS executives ) ( CC and ) ( NNS brokers ) ) ) ( VP ( MD could ) ( VP ( VB project ) ( SBAR-NOM ( WHNP-1 ( WHADJP ( WRB how ) ( JJ much ) ) ( JJR less ) ) ( S ( NP-SBJ ( NNP Marina ) ( NNS properties ) ) ( VP ( MD might ) ( VP ( VB bring ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ two-tier ) ( NN price ) ( NN structure ) ) ( VP ( MD would ) ( VP ( VB affect ) ( NP ( NNS prices ) ) ( PP-TMP ( IN for ) ( NP ( DT a ) ( NN while ) ) ) ) ) ) ) ) ) )

Neither she nor other real-estate executives and brokers could project how much less Marina properties might bring but she said the two-tier price structure would affect prices for a while


( S ( NP-SBJ ( NNP Mr. ) ( NNP Rosen ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN quake ) ) ( VP ( MD will ) ( VP ( VB revive ) ( NP ( NP ( NN consumer ) ( NN interest ) ) ( PP ( IN in ) ( NP ( NP ( DT a ) ( JJ little-publicized ) ( CD 1972 ) ( NN state ) ( NN law ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ requires ) ( S ( NP-SBJ ( NNS brokers ) ) ( VP ( TO to ) ( VP ( VB disclose ) ( PP ( TO to ) ( NP ( JJ potential ) ( NNS buyers ) ) ) ( SBAR-NOM ( WHADVP-2 ( WRB how ) ( JJ close ) ) ( S ( NP-SBJ ( DT a ) ( NN property ) ) ( VP ( VBZ sits ) ( PP-CLR ( TO to ) ( NP ( DT a ) ( NN fault ) ( NN line ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Rosen said the quake will revive consumer interest in a little-publicized 1972 state law that requires brokers to disclose to potential buyers how close a property sits to a fault line


( S ( PP-PRP ( IN Because ) ( IN of ) ( NP ( NP ( DT the ) ( NN size ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP California ) ( NN market ) ) ) ) ) ( NP-SBJ ( JJ few ) ( NN relocation ) ( NNS specialists ) ) ( VP ( VBP expect ) ( NP ( DT a ) ( JJ widespread ) ( JJ corporate ) ( NN flight ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NN quake ) ( POS 's ) ) ( NN aftermath ) ) ) ) )

Because of the size of the California market few relocation specialists expect a widespread corporate flight in the quake 's aftermath


( S ( CC But ) ( NP-SBJ ( PRP they ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN quake ) ) ( VP ( MD will ) ( VP ( VB force ) ( S ( NP-SBJ ( DT some ) ( NNS companies ) ) ( VP ( TO to ) ( VP ( VB relocate ) ( CC or ) ( VB expand ) ( NP ( NP ( NN part ) ( CC or ) ( DT all ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NNS operations ) ) ) ) ( PP-LOC ( IN outside ) ( NP ( DT the ) ( NN state ) ) ) ) ) ) ) ) ) ) ) )

But they said the quake will force some companies to relocate or expand part or all of their operations outside the state


( SINV ( S-TPC-4 ( SBAR-NOM-SBJ ( WHNP-2 ( WP What ) ) ( S ( NP-SBJ-1 ( PRP you ) ) ( VP ( VBP 're ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB get ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( S-TTL ( NP-SBJ-3 ( PRP We ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB want ) ( S ( VP ( TO to ) ( VP ( VB put ) ( NP ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( PRP$ our ) ( NNS eggs ) ) ) ) ( PP-PUT ( IN in ) ( NP ( CD one ) ( NN basket ) ) ) ) ) ) ) ) ) ( NN theory ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP James ) ( NNP H. ) ( NNP Renzas ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NNP Location ) ( NNP Management ) ( NNPS Services ) ( NNP Inc. ) ) ( NP ( DT a ) ( NAC-LOC ( NNP Palo ) ( NNP Alto ) ( NNP Calif. ) ) ( NN relocation ) ( NN concern ) ) ) ) ) ) )

What you 're going to get is We do n't want to put all of our eggs in one basket theory said James H. Renzas president of Location Management Services Inc. a Palo Alto Calif. relocation concern


( S ( NP-SBJ ( NNP Mr. ) ( NNP Renzas ) ) ( PP-LOC ( IN among ) ( NP ( NNS others ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN quake ) ) ( VP ( MD will ) ( VP ( VB prod ) ( S ( NP-SBJ-2 ( NP ( NNS companies ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ certain ) ( NNS industries ) ) ( PP ( IN like ) ( NP ( NNS semiconductors ) ( NNS computers ) ( CC and ) ( NN aerospace ) ) ) ) ) ) ( VP ( TO to ) ( VP ( VB consider ) ( S ( VP ( VBG moving ) ( NP ( NP ( NNS operations ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP involve ) ( NP ( ADJP ( RB particularly ) ( JJ sensitive ) ) ( NN machinery ) ) ) ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( NNS locations ) ) ( PP-LOC ( IN outside ) ( NP ( NNP California ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Renzas among others said the quake will prod companies in certain industries like semiconductors computers and aerospace to consider moving operations that involve particularly sensitive machinery to locations outside California


( S ( S-TPC-2 ( PP-PRP ( IN Because ) ( IN of ) ( NP ( DT the ) ( NN quake ) ( NN threat ) ) ) ( NP-SBJ ( DT some ) ( NNS firms ) ) ( VP ( VBP have ) ( VP ( VP ( VBN evaluated ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( DT the ) ( NN cost ) ) ( VP ( VBZ is ) ( S-3 ( VP ( TO to ) ( VP ( VB shore ) ( PRT ( RP up ) ) ( NP ( PRP$ their ) ( NNS buildings ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBN compared ) ( NP ( PRP it ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN cost ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG building ) ( NP ( PRP it ) ) ( ADVP-LOC ( NN elswehere ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

Because of the quake threat some firms have evaluated what the cost is to shore up their buildings and compared it with the cost of building it elswehere he said


( S ( NP-SBJ ( CD One ) ( NNP Southern ) ( NNP California ) ( NN aerospace ) ( NN firm ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( ADVP-TMP ( NP ( CD two ) ( NNS months ) ) ( IN ago ) ) ( VP ( VBD asked ) ( NP-1 ( NNP Location ) ( NNP Management ) ) ( S ( VP ( TO to ) ( VP ( VB compare ) ( NP ( NP ( DT the ) ( NNS costs ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG reinforcing ) ( NP ( PRP$ its ) ( JJ current ) ( NN building ) ) ( PP-CLR ( IN against ) ( NP ( NNS earthquakes ) ) ) ) ) ) ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( NN cost ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG building ) ( NP ( DT a ) ( JJ new ) ( NN structure ) ) ( ADVP-LOC ( RB elsewhere ) ) ) ) ) ) ) ) ) ) ) )

One Southern California aerospace firm for example two months ago asked Location Management to compare the costs of reinforcing its current building against earthquakes with the cost of building a new structure elsewhere


( S-1 ( NP-SBJ ( DT A ) ( JJ new ) ( NN dwelling ) ) ( VP ( MD would ) ( VP ( VB cost ) ( NP ( QP ( CD 21 ) ( CD million ) ) ) ( PRN ( S ( NP-SBJ ( NNP Location ) ( NNP Management ) ) ( VP ( VBD found ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( S-NOM ( NP-SBJ ( QP ( CD 22 ) ( CD million ) ) ) ( VP ( TO to ) ( VP ( VB make ) ( S ( NP-SBJ ( DT the ) ( JJ present ) ( NN building ) ) ( ADJP-PRD ( JJ earthquake-proof ) ) ) ) ) ) ) ) ) ) )

A new dwelling would cost 21 million Location Management found compared with 22 million to make the present building earthquake-proof


( S-2 ( NP-SBJ ( DT The ) ( NN company ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Renzas ) ) ( VP ( VBD said ) ) ) ) ( VP ( VBZ has ) ( RB n't ) ( ADVP-TMP ( CC yet ) ) ( VP ( VBN determined ) ( SBAR ( WHNP-1 ( WP what ) ) ( S ( VP ( TO to ) ( VP ( VB do ) ) ) ) ) ) ) )

The company Mr. Renzas said has n't yet determined what to do


( S ( NP-SBJ ( NP ( NNP H.F. ) ( NNP Ahmanson ) ( CC & ) ( NNP Co. ) ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( JJS largest ) ( NN thrift ) ( VBG holding ) ( NN company ) ) ) ( VP ( VBD posted ) ( NP ( DT a ) ( ADJP ( CD 12 ) ( NN % ) ) ( NNS earnings ) ( NN decline ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NP ( DT another ) ( JJ large ) ( NNP California ) ( NNS savings ) ( CC and ) ( NN loan ) ) ( NP ( NNP Great ) ( NNP Western ) ( NNP Financial ) ( NNP Corp. ) ) ) ( VP ( VBD reported ) ( NP ( DT a ) ( JJ slight ) ( NNS earnings ) ( NN gain ) ) ) ) ) ) )

H.F. Ahmanson & Co. the nation 's largest thrift holding company posted a 12 % earnings decline for the third quarter while another large California savings and loan Great Western Financial Corp. reported a slight earnings gain


( S ( NP-SBJ ( NP ( NNP H.F. ) ( NNP Ahmanson ) ) ( NP ( NP ( NN parent ) ) ( PP ( IN of ) ( NP ( NP ( NNP Home ) ( NNP Savings ) ) ( PP ( IN of ) ( NP ( NNP America ) ) ) ) ) ) ) ( VP ( VBD reported ) ( NP ( NP ( NN third-quarter ) ( NN net ) ) ( PP ( IN of ) ( NP ( NP ( NP ( QP ( CD 49.2 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 50 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP ( IN down ) ( PP ( IN from ) ( NP ( NP ( QP ( CD 56.1 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 57 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ year-earlier ) ( NN period ) ) ) ) ) ) ) ) ) )

H.F. Ahmanson parent of Home Savings of America reported third-quarter net of 49.2 million or 50 cents a share down from 56.1 million or 57 cents a share in the year-earlier period


( S ( S-TPC-3 ( NP-SBJ ( NP ( JJS Most ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS earnings ) ( NN decline ) ) ) ) ( VP ( VBD reflected ) ( NP ( NP ( DT an ) ( NN increase ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ effective ) ( NN tax ) ( NN rate ) ) ) ( PP ( TO to ) ( NP ( CD 44 ) ( NN % ) ) ) ( PP ( IN from ) ( NP ( CD 37 ) ( NN % ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ year-ago ) ( JJ third ) ( NN quarter ) ) ( SBAR ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ-1 ( VBG nonrecurring ) ( NN tax ) ( NNS credits ) ) ( VP ( VBD were ) ( VP ( VBN recorded ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ) )

Most of the earnings decline reflected an increase in the company 's effective tax rate to 44 % from 37 % in the year-ago third quarter when nonrecurring tax credits were recorded the company said


( S ( NP-SBJ ( NNP Pretax ) ( NNS earnings ) ) ( VP ( VBD declined ) ( NP-EXT ( CD 1.3 ) ( NN % ) ) ) )

Pretax earnings declined 1.3 %


( S ( PP ( IN For ) ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ) ( NP-SBJ ( ADJP ( NNP Los ) ( JJ Angeles-based ) ) ( NNP H.F. ) ( NNP Ahmanson ) ) ( VP ( VBD had ) ( NP ( NP ( NN profit ) ) ( PP ( IN of ) ( NP ( NP ( NP ( QP ( CD 128.1 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.29 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( NP ( NP ( DT a ) ( ADJP ( CD 4.6 ) ( NN % ) ) ( NN decline ) ) ( PP ( IN from ) ( NP ( NP ( NNS earnings ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 134.2 ) ( CD million ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ year-ago ) ( CD nine ) ( NNS months ) ) ) ) ) ) ) ) ) ) ) ) )

For the nine months Los Angeles-based H.F. Ahmanson had profit of 128.1 million or 1.29 a share a 4.6 % decline from earnings of 134.2 million in the year-ago nine months


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN decline ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ attributable ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( ADJP ( CD 79 ) ( NN % ) ) ( NN reduction ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ net ) ( NNS gains ) ) ( PP ( IN on ) ( NP ( NN loan ) ( NNS sales ) ) ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ) ) ) ) )

The company said the decline was attributable to a 79 % reduction in net gains on loan sales this year


( S ( S-TPC-1 ( NP-SBJ ( NN Third-quarter ) ( NNS spreads ) ) ( VP ( VBD widened ) ( PP-DIR ( TO to ) ( NP ( NP ( DT the ) ( JJS highest ) ( NN level ) ) ( PP-TMP ( IN in ) ( NP ( CD two ) ( NNS years ) ) ) ) ) ( SBAR-TMP ( IN as ) ( S ( S ( NP-SBJ ( NN loan ) ( NN portfolio ) ( NNS yields ) ) ( VP ( VBP rose ) ) ) ( CC and ) ( S ( NP-SBJ ( NN money ) ( NNS costs ) ) ( VP ( VBD declined ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ) )

Third-quarter spreads widened to the highest level in two years as loan portfolio yields rose and money costs declined the company said


( S ( NP-SBJ ( NNP Great ) ( NNP Western ) ( NNP Financial ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NN third-quarter ) ( NN profit ) ) ( VP ( VBD rose ) ( ADVP ( RB slightly ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 68.4 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 52 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( NP ( QP ( CD 67.9 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 53 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-TMP ( IN from ) ( ADVP ( NP ( DT a ) ( NN year ) ) ( IN ago ) ) ) ) ) ) ) ) ) )

Great Western Financial said third-quarter profit rose slightly to 68.4 million or 52 cents a share from 67.9 million or 53 cents a share from a year ago


( S ( NP-SBJ ( NP ( NNP Great ) ( NNP Western ) ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( NNP Beverly ) ( NNP Hills ) ) ( NP ( NNP Calif. ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ financial ) ( NNS services ) ( NN firm ) ) ( CC and ) ( NP ( NP ( NN parent ) ) ( PP ( TO to ) ( NP ( NP ( NNP Great ) ( NNP Western ) ( NNP Bank ) ) ( NP ( DT an ) ( NNP S&L ) ) ) ) ) ) ) )

Great Western based in Beverly Hills Calif. is a financial services firm and parent to Great Western Bank an S&L