( S ( NP-SBJ-2 ( NP ( DT A ) ( JJ long ) ( NN succession ) ) ( PP ( IN of ) ( NP ( JJ Mexican ) ( NNS presidents ) ) ) ) ( VP ( ADVP-MNR ( RB arbitrarily ) ) ( VBD nationalized ) ( SBAR-NOM ( WHNP-1 ( WDT whatever ) ( NN industry ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD took ) ( NP ( DT a ) ( NN fancy ) ) ( PP ( TO to ) ) ) ) ) ( PP ( IN without ) ( S-NOM ( VP ( VBG having ) ( S ( VP ( TO to ) ( VP ( VB answer ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN public ) ) ) ) ) ) ) ) ) ) )

A long succession of Mexican presidents arbitrarily nationalized whatever industry they took a fancy to without having to answer to the public


( S ( S-PRP ( VP ( TO To ) ( VP ( VB guarantee ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( NNP Mexicana ) ( IN de ) ( NNP Aviacion ) ) ( CC and ) ( NP ( JJ other ) ( NNS companies ) ) ) ( VP ( MD will ) ( ADVP ( RB really ) ) ( VP ( VB be ) ( VP ( VBN privatized ) ) ) ) ) ) ) ) ) ( NP-SBJ-3 ( NNP Mexico ) ) ( VP ( VBZ needs ) ( NP ( NP ( DT a ) ( JJ pluri-party ) ( JJ political ) ( NN system ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD will ) ( VP ( VB ensure ) ( NP ( NP ( NN democracy ) ) ( CC and ) ( RB hence ) ( NP ( NN accountability ) ) ) ) ) ) ) ) ) )

To guarantee that Mexicana de Aviacion and other companies will really be privatized Mexico needs a pluri-party political system that will ensure democracy and hence accountability


( NP ( NP ( NNP Daniel ) ( NNP James ) ) ( NP ( NNP President ) ) ( NP ( NNP Mexico-United ) ( NNP States ) ( NNP Institute ) ) )

Daniel James President Mexico-United States Institute


( S ( PP ( IN As ) ( NP ( NP ( DT the ) ( NN sponsor ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NX-TTL ( NNP Older ) ( NNP Americans ) ( NAC ( NNP Freedom ) ( PP ( TO to ) ( NP ( NNP Work ) ) ) ) ( NNP Act ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD would ) ( VP ( VB repeal ) ( NP ( NP ( DT the ) ( NNP Social ) ( NNP Security ) ( NNS earnings ) ( NN limit ) ) ( PP ( IN for ) ( NP ( NP ( NNS people ) ) ( VP ( VBN aged ) ( UCP-CLR ( NP ( CD 65 ) ) ( CC and ) ( ADJP ( JJR older ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBP applaud ) ( NP ( NP ( PRP$ your ) ( JJ strong ) ( NN endorsement ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB repeal ) ( NP ( DT this ) ( JJ Depression-era ) ( NN fossil ) ) ) ) ) ) ) ) )

As the sponsor of the Older Americans Freedom to Work Act which would repeal the Social Security earnings limit for people aged 65 and older I applaud your strong endorsement to repeal this Depression-era fossil


( S ( S ( PP ( IN For ) ( NP ( NP ( DT every ) ( NN dollar ) ) ( VP ( VBN earned ) ) ( PP-LOC ( IN over ) ( NP ( CD 8,880 ) ) ) ) ) ( NP-SBJ ( NNP Social ) ( NNP Security ) ( NNS recipients ) ) ( VP ( VBP lose ) ( NP ( NP ( CD 50 ) ( NNS cents ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NNP Social ) ( NNP Security ) ( NNS benefits ) ) ) ) ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( POS 's ) ( PP-PRD ( IN like ) ( NP ( DT a ) ( ADJP ( CD 50 ) ( NN % ) ) ( JJ marginal ) ( NN tax ) ) ) ) ) )

For every dollar earned over 8,880 Social Security recipients lose 50 cents of their Social Security benefits it 's like a 50 % marginal tax


( S ( CC But ) ( NP-SBJ ( NP ( DT the ) ( VBN compounded ) ( NNS effects ) ) ( PP ( IN of ) ( NP ( NNS seniors ) ( RB only ) ( NNS taxes ) ) ) ) ( VP ( VBP result ) ( PP-CLR ( IN in ) ( NP ( ADJP ( RB truly ) ( JJ catastrophic ) ) ( JJ marginal ) ( NN tax ) ( NNS rates ) ) ) ) )

But the compounded effects of seniors only taxes result in truly catastrophic marginal tax rates


( S ( VP ( VB Imagine ) ( NP ( NP ( DT a ) ( NN widow ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ wants ) ( S ( VP ( TO to ) ( VP ( VB maintain ) ( NP ( NP ( PRP$ her ) ( NN standard ) ) ( PP ( IN of ) ( NP ( NN living ) ) ) ) ( PP-LOC-CLR ( IN at ) ( NP ( NP ( DT the ) ( JJ same ) ( NN level ) ) ( SBAR ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBD had ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ-4 ( PRP she ) ) ( VP ( VBD had ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( NP ( DT the ) ( JJ catastrophic ) ( NN surtax ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Imagine a widow who wants to maintain her standard of living at the same level she had before she had to pay the catastrophic surtax


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( DT this ) ( NN widow ) ) ( VP ( VBZ earns ) ( NP ( QP ( RB only ) ( RB twice ) ) ( DT the ) ( NN minimum ) ( NN wage ) ) ( PP-PRP ( ADVP ( RB largely ) ) ( JJ due ) ( PP ( TO to ) ( NP ( DT the ) ( NNS earnings ) ( NN limit ) ) ) ) ) ) ) ( NP-SBJ-1 ( PRP she ) ) ( VP ( MD would ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB earn ) ( NP ( DT an ) ( JJ additional ) ( CD 4,930 ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB offset ) ( NP ( NP ( PRP$ her ) ( JJ catastrophic ) ( NN surtax ) ) ( PP ( IN of ) ( NP ( CD 496 ) ) ) ) ) ) ) ) ) ) ) ) )

Although this widow earns only twice the minimum wage largely due to the earnings limit she would have to earn an additional 4,930 to offset her catastrophic surtax of 496


( S ( S-NOM-SBJ ( VP ( VBG Eliminating ) ( NP ( DT the ) ( NNS earnings ) ( NN limit ) ) ) ) ( VP ( MD would ) ( VP ( VP ( ADVP-MNR ( RB greatly ) ) ( VB help ) ( NP ( NNS seniors ) ) ) ( CC and ) ( VP ( VB reduce ) ( NP ( DT the ) ( NN deficit ) ) ) ) ) )

Eliminating the earnings limit would greatly help seniors and reduce the deficit


( S ( NP-SBJ ( NN Repeal ) ) ( VP ( MD would ) ( VP ( VB generate ) ( NP ( NP ( JJR more ) ) ( PP-LOC ( IN in ) ( NP ( JJ new ) ( NNS taxes ) ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( MD would ) ( VP ( VB lose ) ( PP-LOC ( IN in ) ( NP ( VBN increased ) ( NNP Social ) ( NNP Security ) ( NN benefit ) ( NNS payments ) ) ) ) ) ) ) ) ) ) )

Repeal would generate more in new taxes than the government would lose in increased Social Security benefit payments


( S ( NP-SBJ-1 ( PRP We ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBP need ) ( NP ( NP ( NN support ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NNS Democrats ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Rules ) ( NNP Committee ) ) ) ) ) ) ( SBAR-PRP ( IN in ) ( NN order ) ( S ( VP ( TO to ) ( VP ( VB include ) ( NP ( JJ earnings-limit ) ( NN reform ) ) ( PP-LOC-CLR ( IN in ) ( NP ( DT the ) ( NNP Reconciliation ) ( NNP Bill ) ) ) ) ) ) ) ) )

We now need support from the Democrats on the Rules Committee in order to include earnings-limit reform in the Reconciliation Bill


( S-CLF ( SBAR-PRP ( IN Since ) ( S ( NP-SBJ ( NP ( QP ( DT all ) ( CD four ) ) ( NNP Republicans ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN committee ) ) ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NNS co-sponsors ) ) ( PP ( IN of ) ( NP ( PRP$ my ) ( NN bill ) ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( NP-PRD ( DT the ) ( NNS Democrats ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN held ) ( S ( ADJP-PRD ( RB fully ) ( JJ accountable ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-3 ( NP ( DT an ) ( NNS earnings ) ( NN test ) ( NN amendment ) ) ) ( VP ( VBZ is ) ( RB not ) ( VP ( VBN allowed ) ( PP-4 ( IN from ) ( NP ( DT the ) ( NN floor ) ) ) ) ) ) ) ) ) ) ) ) ) )

Since all four Republicans on the committee are co-sponsors of my bill it is the Democrats who will be held fully accountable if an earnings test amendment is not allowed from the floor


( S ( NP-SBJ ( NP ( DT The ) ( NN time ) ) ) ( VP ( VBZ is ) ( ADVP-TMP-PRD ( RB now ) ) ( SBAR-2 ( S ( VP ( TO to ) ( VP ( VB lift ) ( NP ( DT the ) ( JJ burdensome ) ( NNP Social ) ( NNP Security ) ( NNS earnings ) ( NN limit ) ) ( PP-DIR ( IN from ) ( NP ( NP ( DT the ) ( NNS backs ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ our ) ( NN nation ) ( POS 's ) ) ( NNS seniors ) ) ) ) ) ) ) ) ) ) )

The time is now to lift the burdensome Social Security earnings limit from the backs of our nation 's seniors


( NP ( NP ( NNP Rep. ) ( NNP J. ) ( NNP Dennis ) ( NNP Hastert ) ) ( PRN ( NP ( NNP R. ) ) ( NP-LOC ( NNP Ill ) ) ) )

Rep. J. Dennis Hastert R. Ill


( S ( NP-SBJ ( NP ( DT A ) ( NN letter ) ) ( PP ( IN from ) ( NP ( NNP Senator ) ( NNP John ) ( NNP Kerry ) ) ) ) ( VP ( VBZ chides ) ( NP-1 ( PRP us ) ) ( NP-TMP ( NN today ) ) ( PP-PRP ( IN for ) ( S-NOM ( VP ( VBG implying ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD had ) ( VP ( JJ flip-flopped ) ( PP-LOC ( IN on ) ( NP ( NNP Manuel ) ( NNP Noriega ) ) ) ) ) ) ) ) ) ) ) )

A letter from Senator John Kerry chides us today for implying that he had flip-flopped on Manuel Noriega


( S ( NP-SBJ ( PRP He ) ) ( VP ( ADVP-MNR ( RB correctly ) ) ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( ADJP-PRD ( IN down ) ( PP ( IN on ) ( NP ( NNP Noriega ) ) ) ) ( PP-TMP ( IN for ) ( NP ( DT some ) ( NN time ) ) ) ( FRAG ( ADVP ( RB hence ) ) ( NP ( NP ( PRP$ his ) ( NN criticism ) ) ( PP ( IN of ) ( NP ( NP ( NN administration ) ( VBG mishandling ) ) ( PP ( IN of ) ( NP ( DT the ) ( VBN attempted ) ( NN coup ) ) ) ) ) ) ) ) ) ) ) ) )

He correctly says he has been down on Noriega for some time hence his criticism of administration mishandling of the attempted coup


( S ( NP-SBJ ( PRP$ Our ) ( NAC-TMP ( NNP October ) ( CD 12 ) ) ( NN editorial ) ) ( VP ( MD should ) ( VP ( VB have ) ( VP ( VBN been ) ( ADJP-PRD ( RBR more ) ( JJ precise ) ) ) ) ) )

Our October 12 editorial should have been more precise


( S ( NP-SBJ-1 ( PRP It ) ) ( VP ( VBD meant ) ( S ( VP ( TO to ) ( VP ( VB convey ) ( NP ( PRP$ our ) ( NN hope ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NP ( DT the ) ( NNP Senator ) ) ( CC and ) ( NP ( NP ( JJ other ) ( NNS members ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ congressional ) ( NN left ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBG broadening ) ( NP ( NP ( PRP$ their ) ( NN dislike ) ) ( PP ( IN of ) ( NP ( NN Noriega ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB include ) ( NP ( JJ other ) ( JJ notorious ) ( NNP Central ) ( NNP American ) ( NN drug ) ( NNS runners ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It meant to convey our hope that the Senator and other members of the congressional left are broadening their dislike of Noriega to include other notorious Central American drug runners


( S ( NP-SBJ ( NP ( DT The ) ( NNP Sandinistas ) ) ( PP ( IN of ) ( NP ( NNP Nicaragua ) ) ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( ADVP ( RB also ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Castro-Medellin ) ( NN cartel ) ( NN nexus ) ) ) ) ) )

The Sandinistas of Nicaragua for example also are part of the Castro-Medellin cartel nexus


( S ( PP-LOC ( PP ( IN In ) ( NP ( PRP$ his ) ( NN letter ) ) ) ( CC and ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN basis ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ his ) ( VBG losing ) ( NN vote ) ) ( NP-TMP ( NNP Tuesday ) ) ( PP ( IN against ) ( NP ( NP ( NNP U.S. ) ( NN aid ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNP Nicaraguan ) ( NN opposition ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Senator ) ( NNP Kerry ) ) ( VP ( VBZ makes ) ( S ( ADJP-PRD ( JJ clear ) ) ( SBAR-SBJ ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ has ) ( RB not ) ( VP ( VBN made ) ( NP ( IN that ) ( JJ intellectual ) ( NN leap ) ) ) ) ) ) ) ) )

In his letter and on the basis of his losing vote Tuesday against U.S. aid for the Nicaraguan opposition Senator Kerry makes clear he has not made that intellectual leap


( S ( NP-SBJ ( PRP We ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ wrong ) ) ) )

We were wrong


( S ( S-TPC-2 ( NP-SBJ-1 ( NNP Lotus ) ( NNP Development ) ( NNP Corp. ) ) ( VP ( VBZ is ) ( PP-LOC-PRD ( IN in ) ( NP ( NNS talks ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB sell ) ( NP ( PRP$ its ) ( NNP Signal ) ( JJ stock-quote ) ( NN service ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NNP Infotechnology ) ( NNP Inc. ) ) ( NP ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NN parent ) ) ( PP ( IN of ) ( NP ( NNP Financial ) ( NNP News ) ( NNP Network ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNS people ) ) ( ADJP ( JJ familiar ) ( PP ( IN with ) ( NP ( DT the ) ( NNS negotiations ) ) ) ) ) ( VP ( VBD said ) ) )

Lotus Development Corp. is in talks to sell its Signal stock-quote service to Infotechnology Inc. the New York parent of Financial News Network people familiar with the negotiations said


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN price ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( QP ( RB around ) ( CD 10 ) ( CD million ) ) ) ) ) ) ) ) )

They said the price would be around 10 million


( S ( NP-SBJ ( NP ( NNP Signal ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VP ( VBZ has ) ( NP ( DT an ) ( VBN estimated ) ( CD 10,000 ) ( NNS subscribers ) ) ) ( CC and ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ profitable ) ) ) ) ) ) ) ( VP ( VBZ provides ) ( NP ( NN stock ) ( NNS quotes ) ) ( PP-LOC ( IN over ) ( NP ( NP ( DT an ) ( NN FM ) ( NN radio ) ( NN band ) ) ( SBAR ( WHNP-3 ( WDT that ) ) ( S ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN received ) ( PP ( IN by ) ( NP-LGS ( ADJP ( RB specially ) ( VBN equipped ) ) ( JJ personal ) ( NNS computers ) ) ) ) ) ) ) ) ) ) ) )

Signal which has an estimated 10,000 subscribers and is profitable provides stock quotes over an FM radio band that can be received by specially equipped personal computers


( S ( NP-SBJ ( DT The ) ( NNS computers ) ) ( VP ( MD will ) ( VP ( VB display ) ( NP ( NP ( NN stock ) ( NNS prices ) ) ( VP ( VBN selected ) ( PP ( IN by ) ( NP-LGS ( NNS users ) ) ) ) ) ) ) )

The computers will display stock prices selected by users


( S ( NP-SBJ-1 ( NP ( NNP Lotus ) ) ( NP-LOC ( NP ( NNP Cambridge ) ) ( NP ( NNP Mass. ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN rumored ) ( S ( VP ( TO to ) ( VP ( VB have ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ four-year-old ) ( NN unit ) ) ) ) ( PP-CLR ( IN under ) ( NP ( NN consideration ) ) ) ( PP-TMP ( IN for ) ( NP ( DT a ) ( NN year ) ) ) ) ) ) ) ) ) )

Lotus Cambridge Mass. has been rumored to have the sale of the four-year-old unit under consideration for a year


( S ( NP-SBJ ( DT The ) ( NN business ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( VBN related ) ( PP ( TO to ) ( NP ( NP ( NP ( NNP Lotus ) ( POS 's ) ) ( JJ main ) ( NNS businesses ) ) ( PP ( IN of ) ( S-NOM ( VP ( VP ( VBG making ) ( NP ( NN computer ) ( NN software ) ) ) ( CC and ) ( VP ( VBG publishing ) ( NP ( NN information ) ) ( PP-CLR ( IN on ) ( NP ( JJ compact ) ( NNS disks ) ) ) ) ) ) ) ) ) ) ) )

The business is n't related to Lotus 's main businesses of making computer software and publishing information on compact disks


( S ( NP-SBJ ( NP ( NP ( NNP Nelson ) ( NNP Bunker ) ( NNP Hunt ) ( POS 's ) ) ( VBN attempted ) ( NN corner ) ) ( PP-LOC ( IN on ) ( NP ( NN silver ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN decade ) ) ( RB ago ) ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB still ) ) ( VP ( VBG haunting ) ( NP ( NP ( DT the ) ( NN market ) ) ( PP-LOC ( IN in ) ( NP ( DT this ) ( NN metal ) ) ) ) ) ) )

Nelson Bunker Hunt 's attempted corner on silver a decade ago is still haunting the market in this metal


( S ( NP-SBJ ( NP ( NN Silver ) ) ( VP ( ADVP-TMP ( RB now ) ) ( VBG trading ) ( NP-LOC ( NP ( QP ( RB around ) ( CD 5 ) ) ) ( NP-ADV ( DT an ) ( NN ounce ) ) ) ) ) ( VP ( VBD surged ) ( PP-DIR ( TO to ) ( NP ( NP ( DT an ) ( JJ all-time ) ( NN peak ) ) ( PP ( IN of ) ( NP ( NP ( CD 50 ) ) ( NP-ADV ( DT an ) ( NN ounce ) ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP January ) ( CD 1980 ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( RB around ) ( CD 9 ) ) ) ( PP-TMP ( IN in ) ( NP ( NN mid-1979 ) ) ) ) ) ) )

Silver now trading around 5 an ounce surged to an all-time peak of 50 an ounce in January 1980 from around 9 in mid-1979


( SINV ( S-TPC-1 ( NP-SBJ-2 ( NP ( NP ( NNP Mr. ) ( NNP Hunt ) ( POS 's ) ) ( NN attempt ) ( S ( VP ( TO to ) ( VP ( VB squeeze ) ( NP ( DT the ) ( NN silver ) ( NN market ) ) ) ) ) ) ( ADVP-TMP ( NP ( CD 10 ) ( NNS years ) ) ( RB ago ) ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB still ) ) ( ADVP-MNR ( RB indirectly ) ) ( S-PRD ( VP ( TO to ) ( VP ( VB blame ) ( PP-PRP ( IN for ) ( NP ( NP ( NN today ) ( POS 's ) ) ( NN market ) ( NN depression ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Lesley ) ( NNP Edgar ) ) ( NP ( NP ( VBG managing ) ( NN director ) ) ( PP ( IN of ) ( NP ( NP ( NNP Sharps ) ( NNP Pixley ) ( NNP Ltd. ) ) ( NP ( NNP London ) ( NN bullion ) ( NNS brokers ) ) ) ) ) ) )

Mr. Hunt 's attempt to squeeze the silver market 10 years ago is still indirectly to blame for today 's market depression says Lesley Edgar managing director of Sharps Pixley Ltd. London bullion brokers


( S ( S-TPC-2 ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( NP ( NP ( QP ( DT some ) ( CD 100 ) ( CD million ) ) ( NNS ounces ) ) ( PP ( IN of ) ( NP ( NN silver ) ) ) ) ( VP ( ADVP-TMP ( RB once ) ) ( VBN held ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Mr. ) ( NNP Hunt ) ) ( CC and ) ( NP ( NNP Middle ) ( NNP Eastern ) ( NNS associates ) ) ) ) ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBG hanging ) ( PP-LOC-CLR ( IN over ) ( NP ( DT the ) ( NN market ) ) ) ( ADVP-TMP ( RB anymore ) ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN price ) ( NN surge ) ) ( PP ( IN of ) ( NP ( CD 1979-80 ) ) ) ) ( VP ( VP ( VBD precipitated ) ( NP ( NP ( DT an ) ( NN expansion ) ) ( PP ( IN of ) ( NP ( NP ( JJ mine ) ( NN production ) ) ( CC and ) ( NP ( NN scrap ) ( NN recovery ) ) ) ) ) ) ( CC and ) ( VP ( VBD encouraged ) ( S ( NP-SBJ ( JJ silver ) ( NNS consumers ) ) ( VP ( TO to ) ( VP ( VB economize ) ( PP-CLR ( IN on ) ( NP ( JJ silver ) ( NN use ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Edgar ) ) ( VP ( VBZ says ) ) )

While some 100 million ounces of silver once held by Mr. Hunt and Middle Eastern associates are n't hanging over the market anymore the price surge of 1979-80 precipitated an expansion of mine production and scrap recovery and encouraged silver consumers to economize on silver use Mr. Edgar says


( S ( NP-SBJ ( JJ Photographic ) ( NNS developers ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( VP ( VBD bought ) ( NP ( NP ( NN equipment ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB recover ) ( NP ( NN silver ) ) ( PP-CLR ( IN from ) ( NP ( JJ spent ) ( NX ( NX ( NNS photographs ) ) ( NX ( NNS negatives ) ) ( CC and ) ( NX ( NN processing ) ( NNS solutions ) ) ) ) ) ) ) ) ) ) ) )

Photographic developers for example bought equipment to recover silver from spent photographs negatives and processing solutions


( S ( ADVP-TMP ( RB Meanwhile ) ) ( NP-SBJ-2 ( NP ( DT the ) ( JJ photographic ) ( NN industry ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ accounts ) ( PP-CLR ( IN for ) ( NP ( NP ( CD 44 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NN silver ) ( NN consumption ) ) ) ) ) ) ) ) ) ( VP ( VBZ continues ) ( S ( VP ( TO to ) ( VP ( VB look ) ( PP-CLR ( IN for ) ( NP ( NNS substitutes ) ) ) ) ) ) ) )

Meanwhile the photographic industry which accounts for 44 % of silver consumption continues to look for substitutes


( S ( S-TPC-3 ( NP-SBJ-2 ( UCP ( JJ Japanese ) ( CC and ) ( NNP U.S. ) ) ( JJ photographic ) ( NNS firms ) ) ( VP ( VBP are ) ( VP ( VBG beginning ) ( S ( VP ( TO to ) ( VP ( VB produce ) ( NP ( NP ( JJ electronic ) ( NNS cameras ) ( CC and ) ( NNS X-rays ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP do ) ( RB n't ) ( VP ( VB require ) ( NP ( NN silver ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS dealers ) ) ( VP ( VBP say ) ) )

Japanese and U.S. photographic firms are beginning to produce electronic cameras and X-rays that do n't require silver dealers say


( S ( S-TPC-1 ( NP-SBJ ( NP ( NP ( NN Silver ) ( POS 's ) ) ( NN history ) ) ( PP ( IN of ) ( NP ( NN volatility ) ) ) ) ( VP ( VBZ is ) ( ADVP ( RB also ) ) ( VP ( VBG discouraging ) ( NP ( NNS investors ) ) ) ) ) ( NP-SBJ ( NNS dealers ) ) ( VP ( VBP say ) ) )

Silver 's history of volatility is also discouraging investors dealers say


( S ( S-TPC-1 ( PP-LOC ( ADVP ( RB Even ) ) ( IN in ) ( NP ( DT the ) ( JJ present ) ( JJ uncertain ) ( NN investment ) ( NN climate ) ) ) ( NP-SBJ ( NNS investors ) ) ( VP ( VBP are ) ( VP ( VBG preferring ) ( NP ( NP ( NN quality ) ( NNS assets ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NNP Treasury ) ( NNS bills ) ) ( CC and ) ( NP ( NNS bonds ) ) ) ) ) ( PP-CLR ( TO to ) ( NP ( NN gold ) ( NN silver ) ( CC and ) ( NN platinum ) ) ) ) ) ) ( NP-SBJ ( NNS dealers ) ) ( VP ( VBP say ) ) )

Even in the present uncertain investment climate investors are preferring quality assets such as Treasury bills and bonds to gold silver and platinum dealers say


( S ( S-TPC-2 ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( NNS prices ) ) ( VP ( VBD rallied ) ( ADVP-MNR ( RB briefly ) ) ( PP-TMP ( VBG following ) ( NP ( NP ( NP ( DT the ) ( NN tumble ) ) ( PP-LOC ( IN on ) ( NP ( NN world ) ( NN stock ) ( NNS markets ) ) ) ( NP-TMP ( RBR earlier ) ( DT this ) ( NN month ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( VBN related ) ( NN decline ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN dollar ) ) ) ) ) ) ) ) ) ( NP-SBJ ( JJ precious ) ( NNS metals ) ) ( VP ( VBP are ) ( PP-LOC-PRD ( RB out ) ( PP ( IN of ) ( NP ( NN favor ) ) ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( NN moment ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( JJ high ) ( NN interest ) ( NNS rates ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN determination ) ) ( PP ( IN by ) ( NP ( JJ industrial ) ( NNS nations ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB curb ) ( NP ( NN inflation ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS dealers ) ) ( VP ( VBP say ) ) )

Although prices rallied briefly following the tumble on world stock markets earlier this month and the related decline of the dollar precious metals are out of favor for the moment because of high interest rates and a determination by industrial nations to curb inflation dealers say


( S ( NP-SBJ ( NN Silver ) ) ( ADVP ( RB however ) ) ( VP ( VBZ is ) ( PP-LOC-PRD ( IN in ) ( NP ( NP ( DT a ) ( JJR deeper ) ( NN slump ) ) ( SBAR ( IN than ) ( SINV ( VP ( VBP are ) ) ( NP-SBJ ( NN gold ) ( CC and ) ( NN platinum ) ) ) ) ) ) ) )

Silver however is in a deeper slump than are gold and platinum


( S ( NP-SBJ ( DT Some ) ( NNS analysts ) ) ( VP ( VBP contend ) ( SBAR ( DT that ) ( S ( NP-SBJ ( NN silver ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ cheap ) ) ( SBAR-PRP ( RB now ) ( IN that ) ( S ( NP-SBJ ( NNS prices ) ) ( VP ( VBP are ) ( VP ( VBG languishing ) ( PP-LOC ( IN at ) ( NP ( NP ( NNS levels ) ) ( VP ( ADVP-TMP ( RB last ) ) ( VBN seen ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NNS mid-1970s ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Some analysts contend that silver is cheap now that prices are languishing at levels last seen in the mid-1970s


( SINV ( S-TPC-1 ( NP-SBJ ( NN Bargain ) ( NNS hunters ) ) ( VP ( VBP believe ) ( SBAR ( DT that ) ( S ( NP-SBJ ( NN silver ) ) ( VP ( VBZ offers ) ( NP ( DT the ) ( JJS best ) ( NN value ) ) ( PP-LOC ( IN amongst ) ( NP ( JJ precious ) ( NNS metals ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Frederick ) ( NNP R. ) ( NNP Demler ) ) ( NP ( NP ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NNP Drexel ) ( NNP Burnham ) ( NNP Lambert ) ( NNP Inc ) ) ) ) ) )

Bargain hunters believe that silver offers the best value amongst precious metals says Frederick R. Demler analyst at Drexel Burnham Lambert Inc


( S ( S-TPC-1 ( NP-SBJ ( NP ( DT A ) ( JJ further ) ( NN decline ) ) ( PP-LOC ( IN in ) ( NP ( NNS prices ) ) ) ) ( VP ( MD will ) ( VP ( VB lead ) ( PP-DIR ( TO to ) ( NP ( NP ( JJ mine ) ( NN production ) ( NNS cuts ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

A further decline in prices will lead to mine production cuts in the U.S. he says


( S ( NP-SBJ ( NN Scrap ) ( NNS merchants ) ) ( VP ( VBP are ) ( VP ( VBG converting ) ( NP ( NP ( JJR smaller ) ( NNS quantities ) ) ( PP ( IN of ) ( NP ( NN metal ) ) ) ) ( PP-CLR ( IN into ) ( NP ( NN silver ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( JJ low ) ( NNS prices ) ) ( VP ( VBP are ) ( VP ( VBG discouraging ) ( NP ( NP ( NNS exports ) ) ( PP ( IN from ) ( NP ( NP ( NNP India ) ) ( CC and ) ( NP ( DT the ) ( NNP Soviet ) ( NNP Union ) ) ) ) ) ) ) ) ) ) ) )

Scrap merchants are converting smaller quantities of metal into silver while low prices are discouraging exports from India and the Soviet Union


( S ( S-TPC-2 ( NP-SBJ-1 ( NN Silver ) ( NNS prices ) ) ( VP ( MD could ) ( ADVP ( RB also ) ) ( VP ( VB be ) ( VP ( VBN boosted ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS strikes ) ) ( PP-LOC ( IN in ) ( NP ( JJ leading ) ( VBG producing ) ( NNS nations ) ( NNP Peru ) ( CC and ) ( NNP Mexico ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Demler ) ) ( VP ( VBZ says ) ) )

Silver prices could also be boosted by strikes in leading producing nations Peru and Mexico Mr. Demler says


( S ( S-TPC-1 ( ADVP-TMP ( RB Meanwhile ) ) ( NP-SBJ ( NP ( JJ total ) ( NN fabrication ) ( NN demand ) ) ( PP ( IN for ) ( NP ( NN silver ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN risen ) ( NP-TMP ( NP ( CD six ) ( NNS years ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN row ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

Meanwhile total fabrication demand for silver has risen six years in a row he says


( S ( S ( NP-SBJ ( JJ Japanese ) ( NN demand ) ) ( VP ( VBD grew ) ( PP-EXT ( IN by ) ( NP ( CD 70 ) ( NN % ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ first ) ( NN half ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN year ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NN nation ) ) ( VP ( VBZ plans ) ( NP ( NP ( DT an ) ( NN issue ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ silver ) ( JJ commemorative ) ( NN coin ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD will ) ( VP ( VB require ) ( NP ( QP ( CD 4.5 ) ( CD million ) ) ( NNS ounces ) ) ) ) ) ) ) ) ) ) ) )

Japanese demand grew by 70 % in the first half of this year and the nation plans an issue of a silver commemorative coin that will require 4.5 million ounces


( S ( S-TPC-1 ( PP ( VBN Compared ) ( PP ( IN with ) ( NP ( NP ( JJ huge ) ( JJ annual ) ( NNS surpluses ) ) ( PP ( IN of ) ( NP ( QP ( RBR more ) ( IN than ) ( CD 100 ) ( CD million ) ) ( NNS ounces ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ first ) ( NN half ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS 1980s ) ) ) ) ) ) ) ) ( NP-SBJ ( NN world ) ( NN silver ) ( NNS supplies ) ( CC and ) ( NN consumption ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB now ) ) ( PP-PRD ( ADVP ( RB nearly ) ) ( IN in ) ( NP ( NN balance ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Demler ) ) ( VP ( VBZ says ) ) )

Compared with huge annual surpluses of more than 100 million ounces in the first half of the 1980s world silver supplies and consumption are now nearly in balance Mr. Demler says


( S ( PP ( IN Despite ) ( NP ( NP ( JJ intermittent ) ( NNS rallies ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ past ) ( JJ few ) ( NNS years ) ) ) ) ) ( NP-SBJ-1 ( NP ( NNS improvements ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ supply-demand ) ( NN balance ) ) ) ) ( VP ( VBP have ) ( RB n't ) ( VP ( VBN managed ) ( S ( VP ( TO to ) ( VP ( VB push ) ( NP ( JJ silver ) ( NNS prices ) ) ( PP-DIR ( IN into ) ( NP ( DT a ) ( JJR higher ) ( NN range ) ) ) ) ) ) ) ) )

Despite intermittent rallies in the past few years improvements in the supply-demand balance have n't managed to push silver prices into a higher range


( SINV ( S-TPC-1 ( NP-SBJ ( EX There ) ) ( VP ( VBZ 's ) ( ADVP ( RB just ) ) ( NP-PRD ( NP ( ADJP ( RB too ) ( JJ much ) ) ( NN silver ) ) ( ADVP-LOC-PRD ( RP around ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Tom ) ( NNP Butler ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Samuel ) ( NNP Montagu ) ( CC & ) ( NNP Co. ) ) ( NP ( DT a ) ( NNP London ) ( NN bullion ) ( NN house ) ) ) ) ) ) )

There 's just too much silver around says Tom Butler an analyst at Samuel Montagu & Co. a London bullion house


( SINV ( S-TPC-1 ( NP-SBJ ( NP ( DT A ) ( JJ huge ) ( NN silver ) ( NN stockpile ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNS exchanges ) ) ( NP ( NNS refiners ) ) ( NP ( NN consuming ) ( NNS industries ) ) ( CC and ) ( NP ( NN government ) ( NNS warehouses ) ) ) ) ( PP ( IN of ) ( NP ( QP ( IN at ) ( JJS least ) ( CD 617 ) ( CD million ) ) ( NNS ounces ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( DT the ) ( NN market ) ( NN depressant ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ( NNP Inc. ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN report ) ) ) )

A huge silver stockpile at exchanges refiners consuming industries and government warehouses of at least 617 million ounces is the market depressant says Shearson Lehman Hutton Inc. in a report


( SINV ( S-TPC-1 ( NP-TMP ( NP ( DT This ) ( NN year ) ) ( ADVP ( RB alone ) ) ) ( NP-SBJ ( NP ( NNS inventories ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NNP Commodity ) ( NNP Exchange ) ) ( PP ( IN of ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ( VP ( VBD jumped ) ( PP-EXT ( IN by ) ( NP ( DT a ) ( JJ staggering ) ( QP ( CD 46 ) ( CD million ) ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 221 ) ( CD million ) ) ( NNS ounces ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( NN producer ) ( NNS deliveries ) ) ( NP ( NP ( NN de-stocking ) ) ( PP ( IN by ) ( NP ( NNS fabricators ) ) ) ) ( CC and ) ( NP ( NP ( NNS sales ) ) ( PP ( IN by ) ( NP ( JJ disenchanted ) ( NNS investors ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Rhona ) ( NNP O'Connell ) ) ( NP ( NP ( JJ London-based ) ( JJ precious ) ( NNS metals ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ) ) ) ) )

This year alone inventories at the Commodity Exchange of New York jumped by a staggering 46 million to 221 million ounces because of producer deliveries de-stocking by fabricators and sales by disenchanted investors says Rhona O'Connell London-based precious metals analyst at Shearson Lehman Hutton


( S ( S-TPC-1 ( NP-SBJ ( JJ Silver ) ( NN production ) ) ( VP ( VBZ is ) ( ADVP ( RB also ) ) ( PP-LOC-PRD ( IN in ) ( NP ( DT an ) ( JJ inexorable ) ( JJ upward ) ( NN trend ) ) ) ) ) ( NP-SBJ ( NNP Ms. ) ( NNP O'Connell ) ) ( VP ( VBZ says ) ) )

Silver production is also in an inexorable upward trend Ms. O'Connell says


( S ( S-TPC-1 ( ADVP ( RB Moreover ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ-2 ( ADJP ( ADJP ( NNP Asian ) ) ( CC and ) ( ADJP ( NNP Middle ) ( NNP Eastern ) ) ) ( NNS investors ) ) ( VP ( VP ( VBP hoard ) ( NP ( NN gold ) ) ) ( CC and ) ( VP ( VBP help ) ( S ( VP ( VB underpin ) ( NP ( PRP$ its ) ( NN price ) ) ) ) ) ) ) ) ( NP-SBJ ( NN silver ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB have ) ( NP ( DT the ) ( JJ same ) ( NN mystique ) ) ) ) ) ( NP-SBJ ( NNS dealers ) ) ( VP ( VBP say ) ) )

Moreover while Asian and Middle Eastern investors hoard gold and help underpin its price silver does n't have the same mystique dealers say


( SINV ( S-TPC-1 ( NP-SBJ-2 ( NNS Investors ) ) ( VP ( VBP have ) ( VP ( VBN gotten ) ( VP ( VBN burned ) ( PP ( IN on ) ( NP ( NN silver ) ) ) ( ADVP-TMP ( ADVP ( RB so ) ( RB often ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( ADJP-PRD ( ADVP ( RB far ) ( JJR more ) ) ( JJ partial ) ( PP ( TO to ) ( NP ( NN gold ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Urs ) ( NNP Seiler ) ) ( NP ( NP ( JJ senior ) ( NN vice ) ( NN president ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Union ) ( NNP Bank ) ) ( PP ( IN of ) ( NP ( NNP Switzerland ) ) ) ) ) ) ) )

Investors have gotten burned on silver so often that they are far more partial to gold says Urs Seiler senior vice president at Union Bank of Switzerland


( S ( S-TPC-1 ( RB Yet ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( JJ gold ) ( NNS prices ) ) ( VP ( VBP improve ) ) ) ) ( NP-SBJ ( JJ silver ) ( NNS prices ) ) ( VP ( MD could ) ( VP ( VB rally ) ( ADVP-MNR ( RB sharply ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

Yet if gold prices improve silver prices could rally sharply he says


( S ( ADVP ( RB However ) ) ( NP-SBJ ( NNS dealers ) ) ( VP ( VBP caution ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT any ) ( NN increase ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( QP ( CD 1 ) ( TO to ) ( CD 2 ) ) ) ( ADVP ( IN at ) ( JJS most ) ) ) ) ) ) ) )

However dealers caution that any increase would be 1 to 2 at most


( S ( VP ( VBG Looking ) ( ADVP-CLR ( RB ahead ) ) ( PP-DIR ( TO to ) ( NP ( NP ( JJ other ) ( NN commodity ) ( NNS markets ) ) ( NP-TMP ( DT this ) ( NN week ) ) ) ) ) )

Looking ahead to other commodity markets this week


( NP-HLN ( NN Livestock ) ( CC and ) ( NNS Meats ) )

Livestock and Meats


( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VBP expect ) ( S ( NP-SBJ ( NP ( DT the ) ( NNS prices ) ) ( PP ( IN of ) ( NP ( JJ live ) ( NNS cattle ) ( NNS futures ) ( NNS contracts ) ) ) ) ( VP ( TO to ) ( VP ( VB rise ) ( PP-TMP ( IN in ) ( NP ( NN trading ) ) ) ( NP-TMP ( NN today ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN wake ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN government ) ( JJ quarterly ) ( NN census ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD found ) ( NP ( JJ fewer-than-expected ) ( NNS cattle ) ) ( PP-LOC ( IN on ) ( NP ( NNS feedlots ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Analysts expect the prices of live cattle futures contracts to rise in trading today in the wake of a government quarterly census that found fewer-than-expected cattle on feedlots


( S ( PP-TMP ( IN After ) ( NP ( NP ( DT the ) ( NN close ) ) ( PP ( IN of ) ( NP ( NN trading ) ) ) ) ) ( NP-TMP ( NNP Friday ) ) ( NP-SBJ ( DT the ) ( NNP Agriculture ) ( NNP Department ) ) ( VP ( VBD reported ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNS feedlots ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( CD 13 ) ( JJS biggest ) ( NN ranch ) ( NNS states ) ) ) ) ( VP ( VBD held ) ( NP ( NP ( QP ( CD 8.06 ) ( CD million ) ) ( NNS cattle ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Oct. ) ( CD 1 ) ) ) ( ADVP-1 ( RB down ) ( NP ( CD 6 ) ( NN % ) ) ( PP ( IN from ) ( NP ( NP ( DT that ) ( NN date ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) ) ) )

After the close of trading Friday the Agriculture Department reported that feedlots in the 13 biggest ranch states held 8.06 million cattle on Oct. 1 down 6 % from that date a year earlier


( S ( NP-SBJ ( JJS Most ) ( NNS analysts ) ) ( VP ( VBD had ) ( VP ( VBN expected ) ( S ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( TO to ) ( VP ( VB report ) ( NP ( DT a ) ( ADJP ( CD 4 ) ( NN % ) ) ( NN decline ) ) ) ) ) ) ) )

Most analysts had expected the government to report a 4 % decline


( S ( S ( NP-SBJ ( NNS Feedlots ) ) ( VP ( VBP fatten ) ( NP ( JJ young ) ( NNS cattle ) ) ( PP-PRP ( IN for ) ( NP ( NN slaughter ) ) ) ) ) ( IN so ) ( S ( NP-SBJ ( DT a ) ( NN decline ) ) ( VP ( VBZ signals ) ( NP ( NP ( DT a ) ( VBG tightening ) ( NN supply ) ) ( PP ( IN of ) ( NP ( NN beef ) ) ) ) ) ) )

Feedlots fatten young cattle for slaughter so a decline signals a tightening supply of beef


( S ( NP-SBJ ( DT The ) ( NN government ) ) ( VP ( VBD reported ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NP ( DT the ) ( NN number ) ) ( PP ( IN of ) ( NP ( JJ young ) ( NNS cattle ) ) ) ) ( VP ( VBN placed ) ( PP-LOC-CLR ( IN on ) ( NP ( NNS feedlots ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN quarter ) ) ) ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 5 ) ( NN % ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( DT the ) ( JJ year-earlier ) ( NN quarter ) ) ) ) ) ) ) ) )

The government reported that the number of young cattle placed on feedlots during the quarter dropped 5 % compared with the year-earlier quarter


( S ( NP-SBJ ( JJ Many ) ( NN industry ) ( NNS analysts ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBG projecting ) ( NP ( NP ( DT a ) ( ADJP ( CD 3 ) ( NN % ) ) ( NN decline ) ) ( PP-LOC ( IN in ) ( NP ( NNS placements ) ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN quarter ) ) ) ) ) ) )

Many industry analysts had been projecting a 3 % decline in placements for the quarter


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( CD 1988 ) ( NN quarter ) ) ) ( NP-SBJ-1 ( JJ many ) ( NNS farmers ) ) ( VP ( VBD were ) ( VP ( VBN forced ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( PRP$ their ) ( NNS cattle ) ) ( PP-DTV ( TO to ) ( NP ( NN feedlot ) ( NNS operators ) ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( DT the ) ( NN drought ) ) ( VP ( VBD dried ) ( PRT ( RP out ) ) ( NP ( NP ( DT the ) ( NN pasture ) ) ( PP-LOC ( IN on ) ( NP ( PRP$ their ) ( NNS ranches ) ) ) ) ) ) ) ) ) )

In the 1988 quarter many farmers were forced to sell their cattle to feedlot operators because the drought dried out the pasture on their ranches


( S ( NP-SBJ ( NP ( NP ( DT The ) ( NN number ) ) ( PP ( IN of ) ( NP ( NNS cattle ) ) ) ) ( VP ( VBG moving ) ( PP-DIR ( IN onto ) ( NP ( NNS feedlots ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ recent ) ( NN quarter ) ) ) ) ) ( VP ( VBD was ) ( ADVP ( RB also ) ) ( ADJP-PRD ( JJR lower ) ) ( SBAR-PRP ( IN because ) ( S ( S-NOM-SBJ ( VP ( NN fattening ) ( NP ( NNS cattle ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RBR less ) ( JJ profitable ) ) ) ) ) ) )

The number of cattle moving onto feedlots in the recent quarter was also lower because fattening cattle is less profitable


( S ( NP-SBJ ( NP ( DT A ) ( NN shortage ) ) ( PP ( IN of ) ( NP ( JJ young ) ( NNS cattle ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN made ) ( S ( NP-SBJ ( PRP them ) ) ( ADJP-PRD ( RBR more ) ( JJ expensive ) ( SBAR ( IN for ) ( S ( NP-SBJ ( NN feedlot ) ( NNS operators ) ) ( VP ( TO to ) ( VP ( VB buy ) ) ) ) ) ) ) ) ) )

A shortage of young cattle has made them more expensive for feedlot operators to buy


( S ( NP-SBJ ( DT The ) ( NNP Agriculture ) ( NNP Department ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN number ) ) ( PP ( IN of ) ( NP ( NP ( VBN fattened ) ( NNS cattle ) ) ( VP ( VBN slaughtered ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN quarter ) ) ) ) ) ) ) ( VP ( VBD dropped ) ( PP-EXT ( IN by ) ( NP ( CD 5 ) ( NN % ) ) ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( CD 1988 ) ( NN quarter ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD was ) ( PP-PRD ( IN in ) ( NP ( NP ( NN line ) ) ( PP ( IN with ) ( NP ( NP ( NNS projections ) ) ( PP ( IN by ) ( NP ( NNS analysts ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Agriculture Department also said that the number of fattened cattle slaughtered in the quarter dropped by 5 % from the 1988 quarter which was in line with projections by analysts


Energy


( S ( NP-SBJ ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( JJ 44-cent-a-barrel ) ( NN price ) ( NN drop ) ) ( PP ( TO to ) ( NP ( CD 19.98 ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( VBG expiring ) ( NNP November ) ( NN contract ) ) ( PP ( IN for ) ( NP ( NNP West ) ( NNP Texas ) ( NNP Intermediate ) ( NN crude ) ) ) ) ) ) ( VP ( MD may ) ( ADVP-CLR ( RB well ) ) ( VP ( VB set ) ( NP ( DT the ) ( NN tone ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NN trading ) ) ( NP-TMP ( DT this ) ( NN week ) ) ( PP-LOC ( IN in ) ( NP ( NN petroleum ) ( NNS futures ) ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Mercantile ) ( NNP Exchange ) ) ) ) ) ) ) )

Friday 's 44-cent-a-barrel price drop to 19.98 in the expiring November contract for West Texas Intermediate crude may well set the tone for trading this week in petroleum futures on the New York Mercantile Exchange


( S ( NP-SBJ ( JJS Most ) ( NNS traders ) ( CC and ) ( NNS analysts ) ) ( VP ( VBD attributed ) ( NP ( DT the ) ( NN decline ) ) ( PP-CLR ( TO to ) ( NP ( NP ( JJ technical ) ( NNS factors ) ) ( VP ( VBN associated ) ( PP-CLR ( IN with ) ( S-NOM ( NP-SBJ ( DT the ) ( NN contract ) ( POS 's ) ) ( VP ( VBG going ) ( PP-DIR ( RB off ) ( NP ( DT the ) ( NN board ) ) ) ) ) ) ) ) ) ) )

Most traders and analysts attributed the decline to technical factors associated with the contract 's going off the board


( S ( NP-SBJ ( NNS Others ) ) ( VP ( VBD said ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN drop ) ) ( VP ( VBD continued ) ( NP ( NP ( DT the ) ( JJ downward ) ( NN correction ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ 's ) ( VP ( VBN been ) ( ADJP-PRD ( JJ due ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN petroleum ) ( NNS pits ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PDT such ) ( DT a ) ( NN trend ) ) ( VP ( MD could ) ( ADVP-CLR ( RB well ) ) ( VP ( VB continue ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ next ) ( JJ several ) ( NN trading ) ( NNS sessions ) ) ) ) ) ) ) ) ) )

Others said that the drop continued the downward correction that 's been due in the petroleum pits and that such a trend could well continue in the next several trading sessions


( S ( PP ( VBG Barring ) ( NP ( DT any ) ( JJ petroleum-related ) ( NN news ) ( NNS events ) ) ) ( NP-SBJ ( NP ( NN trading ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NNS days ) ) ( ADVP ( RB ahead ) ) ) ) ) ( VP ( MD should ) ( ADVP-MNR ( RB further ) ) ( VP ( VB test ) ( NP ( NP ( JJ recent ) ( NNS projections ) ) ( PP ( IN by ) ( NP ( NP ( NN oil ) ( NNS economists ) ) ( CC and ) ( NP ( JJ other ) ( NN market ) ( NNS watchers ) ) ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( JJ strong ) ( JJ fourth-quarter ) ( NN demand ) ) ( VP ( MD will ) ( VP ( VB keep ) ( S ( NP-SBJ ( NNS prices ) ) ( ADJP-PRD ( JJ firm ) ) ) ) ) ) ) ) ) ) )

Barring any petroleum-related news events trading in the days ahead should further test recent projections by oil economists and other market watchers that strong fourth-quarter demand will keep prices firm


Copper


( S ( NP-SBJ ( NN Copper ) ( NNS prices ) ) ( VP ( VBD fell ) ( ADVP-MNR ( RB sharply ) ) ( NP-TMP ( NNP Friday ) ( NN afternoon ) ) ) )

Copper prices fell sharply Friday afternoon


( S ( PP ( IN For ) ( NP ( NN example ) ) ) ( NP-SBJ ( NP ( NN copper ) ) ( PP ( IN for ) ( NP ( NNP December ) ( NN delivery ) ) ) ) ( VP ( VBD settled ) ( ADVP-CLR ( NP ( CD 4.5 ) ( NNS cents ) ) ( RBR lower ) ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 1.2345 ) ) ( NP-ADV ( DT a ) ( NN pound ) ) ) ) ) )

For example copper for December delivery settled 4.5 cents lower at 1.2345 a pound


( S ( NP-SBJ ( NN Pressure ) ) ( VP ( VBD came ) ( PP-DIR ( IN from ) ( NP ( NP ( JJ several ) ( NNS developments ) ) ( PP ( VBG including ) ( NP ( NP ( DT the ) ( NN settlement ) ) ( PP ( IN of ) ( NP ( CD two ) ( JJ long-term ) ( NNS strikes ) ) ) ) ) ) ) ) )

Pressure came from several developments including the settlement of two long-term strikes


( S-1 ( PP-TMP ( IN On ) ( NP ( NNP Friday ) ) ) ( PRN ( S ( NP-SBJ ( CD one ) ( NN analyst ) ) ( VP ( VBD said ) ) ) ) ( NP-SBJ ( JJ rank-and-file ) ( NNS workers ) ) ( VP ( VBD ratified ) ( NP ( NP ( DT a ) ( JJ new ) ( NN labor ) ( NN agreement ) ) ( VP ( VBG ending ) ( NP ( NP ( DT a ) ( JJ three-month ) ( NN strike ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NNP Highland ) ( NNP Valley ) ( NN mine ) ) ( PP-LOC ( IN in ) ( NP ( NNP British ) ( NNP Columbia ) ) ) ) ) ) ) ) ) )

On Friday one analyst said rank-and-file workers ratified a new labor agreement ending a three-month strike at the Highland Valley mine in British Columbia


( S ( PP-LOC ( IN In ) ( NP ( NNP Mexico ) ) ) ( PRN ( S ( NP-SBJ ( DT the ) ( NN analyst ) ) ( VP ( VBD added ) ) ) ) ( NP-SBJ ( NP ( NNS employees ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NNP Cananea ) ( NN mine ) ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBP have ) ( VP ( VBN been ) ( PP-PRD ( IN out ) ( PP ( IN of ) ( NP ( NN work ) ) ) ) ( PP-TMP ( IN since ) ( NP ( NP ( JJ late ) ( NNP August ) ) ( SBAR ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ-1 ( DT the ) ( NN mine ) ) ( VP ( VBD was ) ( VP ( VBN declared ) ( S ( ADJP-PRD ( JJ bankrupt ) ) ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN government ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD accepted ) ( NP ( NP ( DT a ) ( ADJP ( CD 35 ) ( NN % ) ) ( NN cut ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ 3,800-man ) ( NN work ) ( NN force ) ) ) ) ) )

In Mexico the analyst added employees at the Cananea mine who have been out of work since late August when the mine was declared bankrupt by the government accepted a 35 % cut in the 3,800-man work force


( S ( NP-SBJ-1 ( DT The ) ( NN mine ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB return ) ( PP-DIR ( TO to ) ( NP ( NN production ) ) ) ( PP-TMP ( IN in ) ( NP ( RB about ) ( DT a ) ( NN week ) ) ) ) ) ) ) ) )

The mine is expected to return to production in about a week


( S ( PP-TMP ( IN On ) ( NP ( NNP Friday ) ) ) ( NP-SBJ ( NN selling ) ) ( VP ( VBD dominated ) ( NP ( NP ( DT the ) ( NN afternoon ) ( NN curb ) ( NN session ) ) ( PP-LOC ( IN in ) ( NP ( NNP London ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ takes ) ( NP ( NN place ) ) ( PP-TMP ( IN at ) ( NP ( NN noon ) ( NNP EDT ) ) ) ) ) ) ) ) )

On Friday selling dominated the afternoon curb session in London which takes place at noon EDT


( S ( NP-SBJ ( NP ( DT The ) ( NN premium ) ) ( PP ( IN of ) ( NP ( NN cash ) ( NN copper ) ) ) ( PP ( TO to ) ( NP ( DT the ) ( JJ three-month ) ( JJ forward ) ( NNS offerings ) ) ) ) ( VP ( VBD narrowed ) ( S-ADV ( VP ( VBG indicating ) ( NP ( NP ( JJR weaker ) ( NN demand ) ) ( PP ( IN for ) ( NP ( NN cash ) ( NN copper ) ) ) ) ) ) ) )

The premium of cash copper to the three-month forward offerings narrowed indicating weaker demand for cash copper


( S ( NP-SBJ-1 ( NP ( JJ Long-term ) ( NN support ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNP December ) ( NN contract ) ) ) ) ( VP ( VBD was ) ( VP ( VBN believed ) ( S ( VP ( TO to ) ( VP ( VB be ) ( PP-LOC-PRD ( IN at ) ( NP ( NP ( CD 1.25 ) ) ( NP-ADV ( DT a ) ( NN pound ) ) ) ) ) ) ) ) ) )

Long-term support for the December contract was believed to be at 1.25 a pound


( S ( NP-SBJ ( DT A ) ( JJ technical ) ( NN analyst ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( DT a ) ( NN number ) ) ( PP ( IN of ) ( NP ( JJ stop-loss ) ( NNS orders ) ) ) ( PP-LOC ( IN under ) ( NP ( DT that ) ( NN level ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD were ) ( VP ( VBN touched ) ( PRT ( RP off ) ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( NP ( DT the ) ( NN contract ) ( POS 's ) ) ( NN price ) ) ( VP ( VBD fell ) ( PP-DIR ( IN below ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

A technical analyst said there were a number of stop-loss orders under that level that were touched off when the contract 's price fell below it


( S ( NP-SBJ ( IN That ) ) ( VP ( VBN brought ) ( ADVP-CLR ( RB in ) ) ( NP ( NP ( JJ considerable ) ( NN fund ) ( NN selling ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD continued ) ( PP-TMP ( IN until ) ( NP ( NP ( DT the ) ( NN close ) ) ( PP ( IN of ) ( NP ( NN trading ) ) ) ) ) ) ) ) ) ) )

That brought in considerable fund selling which continued until the close of trading


( SINV ( S-TPC-1 ( PP ( IN In ) ( NP ( JJ general ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( NP-PRD ( DT a ) ( JJ bearish ) ( NN close ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Ben ) ( NNP Hanauer ) ) ( NP ( NP ( DT a ) ( NN copper ) ( NN trader ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Rudolph ) ( NNP Wolff ) ( CC & ) ( NNP Co. ) ) ( NP ( DT a ) ( JJ major ) ( NNS commodities ) ( NN trading ) ( CC and ) ( NN brokerage ) ( NN firm ) ) ) ) ) ) )

In general it was a bearish close said Ben Hanauer a copper trader at Rudolph Wolff & Co. a major commodities trading and brokerage firm


( S-2 ( CC But ) ( SBAR-ADV ( IN whether ) ( S ( NP-SBJ ( DT this ) ( NN price ) ( NN break ) ) ( VP ( VBZ has ) ( NP ( NP ( NNS implications ) ) ( PP ( IN for ) ( NP ( DT this ) ( NN week ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) ) ) ( NP-SBJ ( PRP we ) ) ( VP ( MD will ) ( VP ( VB know ) ( NP ( RBR more ) ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ-1 ( DT the ) ( NNP London ) ( NNP Metal ) ( NNP Exchange ) ( NN copper ) ( NN stock ) ( NNS levels ) ) ( VP ( VBP are ) ( VP ( VBN released ) ( NP-TMP ( NNP Monday ) ( NN morning ) ) ) ) ) ) ) ) )

But whether this price break has implications for this week he said we will know more when the London Metal Exchange copper stock levels are released Monday morning


( S ( NP-SBJ ( DT Another ) ( NN analyst ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD expected ) ( S ( NP-SBJ ( NNP LME ) ( NNS inventories ) ) ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( RB down ) ( PP ( IN by ) ( NP ( RB about ) ( CD 15,000 ) ( NNS tons ) ) ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ-1 ( DT the ) ( JJ weekly ) ( NN report ) ) ( VP ( VBZ is ) ( VP ( VBN issued ) ) ) ) ) ) ) ) ) ) ) ) )

Another analyst said he expected LME inventories to be down by about 15,000 tons when the weekly report is issued


( S ( NP-SBJ ( NP ( NNP Bernard ) ( NNP Savaiko ) ) ( NP ( NP ( JJ senior ) ( NNS commodities ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NNP PaineWebber ) ( NNP Inc. ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NNS traders ) ) ( VP ( VBD saw ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBD was ) ( RB n't ) ( VP ( VBG reacting ) ( ADVP-MNR ( RB positively ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NNS forecasts ) ) ( PP ( IN of ) ( NP ( JJR lower ) ( NNP LME ) ( NNS stocks ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBD perceived ) ( NP ( DT a ) ( JJ bearish ) ( NN sign ) ) ) ) ) ) )

Bernard Savaiko senior commodities analyst at PaineWebber Inc. said that when traders saw the market was n't reacting positively to the forecasts of lower LME stocks they perceived a bearish sign


( S ( NP-SBJ ( PRP He ) ) ( ADVP ( RB also ) ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NNS Japanese ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBG buying ) ( PP ( IN at ) ( NP ( NP ( NNS prices ) ) ( PP-LOC ( ADVP ( RB just ) ) ( IN above ) ( NP ( DT the ) ( ADJP ( CD 1.25 ) ) ( NN level ) ) ) ) ) ) ) ) ) ) ) ( ADVP ( RB apparently ) ) ( VP ( VBD pulled ) ( ADVP-CLR ( RB back ) ( PP ( IN from ) ( NP ( DT the ) ( NN market ) ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Friday ) ) ) ) ) ) ) )

He also noted that the Japanese who had been buying at prices just above the 1.25 level apparently pulled back from the market on Friday


( S ( NP-SBJ ( NNP Mr. ) ( NNP Savaiko ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ sees ) ( NP ( NP ( DT a ) ( NN possibility ) ) ( PP ( IN of ) ( S-NOM ( NP-SBJ ( DT the ) ( NNP December ) ( NN contract ) ) ( VP ( VBG dropping ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 1.05 ) ) ( NP-ADV ( DT a ) ( NN pound ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Savaiko said he sees a possibility of the December contract dropping to 1.05 a pound


( S ( NP-SBJ-1 ( NP ( DT This ) ( NN maker ) ) ( PP ( IN of ) ( NP ( JJ electronic ) ( NN measuring ) ( NNS devices ) ) ) ) ( VP ( VBD named ) ( NP ( CD two ) ( JJ new ) ( NNS directors ) ) ( S-ADV ( VP ( VBG increasing ) ( NP ( NN board ) ( NN membership ) ) ( PP-DIR ( TO to ) ( NP ( CD nine ) ) ) ) ) ) )

This maker of electronic measuring devices named two new directors increasing board membership to nine


( S ( NP-SBJ ( DT The ) ( JJ new ) ( NNS directors ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NP ( NNP Gordon ) ( NNP M. ) ( NNP Sprenger ) ) ( NP ( NP ( NP ( NN president ) ) ( CC and ) ( NP ( JJ chief ) ( JJ executive ) ( NN officer ) ) ) ( PP ( IN of ) ( NP ( NNP LifeSpan ) ( NNP Inc. ) ) ) ) ) ( CC and ) ( NP ( NP ( NNP Peter ) ( NNP S. ) ( NNP Willmott ) ) ( NP ( NP ( NP ( NN chairman ) ) ( CC and ) ( NP ( JJ chief ) ( JJ executive ) ( NN officer ) ) ) ( PP ( IN of ) ( NP ( NNP Willmott ) ( NNP Services ) ( NNP Inc ) ) ) ) ) ) ) )

The new directors are Gordon M. Sprenger president and chief executive officer of LifeSpan Inc. and Peter S. Willmott chairman and chief executive officer of Willmott Services Inc


( S ( NP-SBJ-1 ( NP ( NNP David ) ( NNP H. ) ( NNP Eisenberg ) ) ( ADJP ( NP ( CD 53 ) ( NNS years ) ) ( JJ old ) ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( S ( NP-PRD ( NP ( NP ( NN president ) ) ( CC and ) ( NP ( JJ chief ) ( VBG operating ) ( NN officer ) ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Imasco ) ( POS 's ) ) ( JJ 500-store ) ( NNP Peoples ) ( NNP Drug ) ( NNP Stores ) ( NNP Inc. ) ( NN unit ) ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( NNP Alexandria ) ) ( NP-LOC ( NNP Va ) ) ) ) ) ) ) ) ) ) ) )

David H. Eisenberg 53 years old was named president and chief operating officer of Imasco 's 500-store Peoples Drug Stores Inc. unit based in Alexandria Va


( S ( NP-SBJ ( NNP Mr. ) ( NNP Eisenberg ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( JJ senior ) ( JJ executive ) ( NN vice ) ( NN president ) ) ( CC and ) ( NP ( JJ chief ) ( VBG operating ) ( NN officer ) ) ) ) )

Mr. Eisenberg was senior executive vice president and chief operating officer


( S ( NP-SBJ ( NNP Imasco ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( NN tobacco ) ( NN retailing ) ( NN restaurant ) ( CC and ) ( JJ financial ) ( NNS services ) ( NN concern ) ) ) )

Imasco is a tobacco retailing restaurant and financial services concern


( S ( NP-SBJ-1 ( NP ( NNP USX ) ( NNP Corp. ) ) ( CC and ) ( NP ( NP ( PRP$ its ) ( NNP Japanese ) ( NN partner ) ) ( NP ( NNP Kobe ) ( NNP Steel ) ( NNP Ltd. ) ) ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB form ) ( NP ( DT a ) ( JJ joint ) ( NN venture ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB build ) ( NP ( NP ( DT a ) ( JJ new ) ( NN plant ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB produce ) ( NP ( JJ hot-dipped ) ( JJ galvanized ) ( NN sheet ) ( NNS products ) ) ( PP-PRP ( ADVP ( RB mainly ) ) ( IN for ) ( NP ( DT the ) ( JJ automotive ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

USX Corp. and its Japanese partner Kobe Steel Ltd. agreed to form a joint venture to build a new plant to produce hot-dipped galvanized sheet products mainly for the automotive market


( S ( NP-SBJ-2 ( NP ( NNS Terms ) ) ) ( VP ( VBD were ) ( RB n't ) ( VP ( VBN disclosed ) ( PP-3 ( IN for ) ( NP ( NP ( DT the ) ( NN plant ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD will ) ( VP ( VB have ) ( NP ( NP ( JJ annual ) ( NN capacity ) ) ( PP ( IN of ) ( NP ( CD 600,000 ) ( NNS tons ) ) ) ) ) ) ) ) ) ) ) ) )

Terms were n't disclosed for the plant which will have annual capacity of 600,000 tons


( S ( NP-SBJ ( NP ( DT The ) ( NN move ) ) ( PP ( IN by ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( JJS largest ) ( NN steelmaker ) ) ) ) ( VP ( VBZ follows ) ( NP ( NP ( DT a ) ( NN string ) ) ( PP ( IN of ) ( NP ( NP ( JJR earlier ) ( NNS announcements ) ) ( PP ( IN by ) ( NP ( JJ other ) ( JJ major ) ( NN steel ) ( NNS companies ) ) ) ) ) ) ) )

The move by the nation 's largest steelmaker follows a string of earlier announcements by other major steel companies


( S ( NP-SBJ ( NP ( NNP Bethlehem ) ( NNP Steel ) ( NNP Corp. ) ) ( NP ( NNP LTV ) ( NNP Corp. ) ) ( CC and ) ( NP ( NNP Armco ) ( NNP Inc. ) ) ) ( DT all ) ( VP ( VB have ) ( NP ( NNS plans ) ( S ( VP ( TO to ) ( VP ( VB build ) ( NP ( NP ( JJ additional ) ( NNS lines ) ) ( PP ( IN for ) ( NP ( JJ such ) ( JJ coated ) ( JJ corrosion-resistant ) ( NN steel ) ) ) ) ) ) ) ) ) )

Bethlehem Steel Corp. LTV Corp. and Armco Inc. all have plans to build additional lines for such coated corrosion-resistant steel


( S-1 ( NP-SBJ ( NP ( DT The ) ( NN surge ) ) ( PP-LOC ( IN in ) ( NP ( NN production ) ) ) ) ( PRN ( S ( NP-SBJ ( NNS analysts ) ) ( VP ( VB say ) ) ) ) ( VP ( VBZ raises ) ( NP ( NP ( NNS questions ) ) ( PP ( IN about ) ( S-NOM ( NP-SBJ ( NN capacity ) ) ( VP ( VBG outpacing ) ( NP ( NN demand ) ) ) ) ) ) ) )

The surge in production analysts say raises questions about capacity outpacing demand


( S ( NP-SBJ ( PRP They ) ) ( VP ( VB note ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ new ) ( NNS plants ) ) ) ) ( VP ( MD will ) ( VP ( VB come ) ( PP-PRD ( IN on ) ( NP ( NN line ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( CD 1992 ) ) ( SBAR ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( JJ current ) ( NN import ) ( NN trade ) ( NN restraint ) ( NN program ) ) ( VP ( NNS ends ) ) ) ) ) ) ( SBAR-ADV ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD could ) ( VP ( VB result ) ( PP-CLR ( IN in ) ( NP ( JJR more ) ( NNS imports ) ) ) ) ) ) ) ) ) ) ) ) )

They note that most of the new plants will come on line in 1992 when the current import trade restraint program ends which could result in more imports


( SINV ( S-TPC-1 ( NP-SBJ ( EX There ) ) ( VP ( VBZ 's ) ( NP-PRD ( ADJP ( RB too ) ( JJ much ) ) ( NN capacity ) ) ) ) ( VP ( VBD contended ) ) ( NP-SBJ ( NP ( NNP Charles ) ( NNP Bradford ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP ( IN with ) ( NP ( NNP Merrill ) ( NNP Lynch ) ( NNP Capital ) ( NNP Markets ) ) ) ) ) )

There 's too much capacity contended Charles Bradford an analyst with Merrill Lynch Capital Markets


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB think ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( NN anyone ) ) ( VP ( RB not ) ( VBG building ) ( NP ( CD one ) ) ) ) ) ) ) ) ) )

I do n't think there 's anyone not building one


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ does ) ( VP ( VB add ) ( ADVP ( RB however ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( VBN transplanted ) ( NNP Japanese ) ( NN car ) ( NNS makers ) ) ( VP ( VBP are ) ( VP ( VBG boosting ) ( NP ( NP ( DT the ) ( NNS levels ) ) ( PP ( IN of ) ( NP ( JJ U.S.-made ) ( NN steel ) ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ their ) ( NNS autos ) ) ) ) ( PP ( RB instead ) ( IN of ) ( S-NOM ( VP ( VBG relying ) ( ADVP-MNR ( RB heavily ) ) ( PP-CLR ( IN on ) ( NP ( VBN imported ) ( NN steel ) ) ) ) ) ) ) ) ) ) ) ) )

He does add however that transplanted Japanese car makers are boosting the levels of U.S.-made steel in their autos instead of relying heavily on imported steel


( S ( NP-SBJ ( DT That ) ( NN trend ) ) ( VP ( MD could ) ( VP ( VB increase ) ( NP ( NP ( VB demand ) ) ( PP ( IN for ) ( NP ( JJ hot-dipped ) ( JJ galvanized ) ( NN sheet ) ) ) ) ) ) )

That trend could increase demand for hot-dipped galvanized sheet


( S ( NP-SBJ-1 ( DT The ) ( JJ hot-dipped ) ( JJ galvanized ) ( NN segment ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( ADJP ( ADJP ( JJ fastest-growing ) ) ( CC and ) ( ADJP ( RBS most ) ( JJ profitable ) ) ) ( NNS segments ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN steel ) ( NN market ) ) ) ) ) ) ( S-ADV ( VP ( VBN coveted ) ( PP ( IN by ) ( NP-LGS ( NP ( DT all ) ( JJ major ) ( VBN integrated ) ( NNS steelmakers ) ) ( VP ( VBG wanting ) ( S ( VP ( TO to ) ( VP ( VB maintain ) ( NP ( NP ( DT an ) ( NN edge ) ) ( PP ( IN over ) ( NP ( NP ( NP ( JJR smaller ) ( NNS minimills ) ) ( CC and ) ( NP ( JJ reconstructed ) ( NNS mills ) ) ) ( NP ( NP ( DT those ) ) ( VP ( VBD spun ) ( PRT ( RP off ) ) ( PP-CLR ( TO to ) ( NP ( NNS employees ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The hot-dipped galvanized segment is one of the fastest-growing and most profitable segments of the steel market coveted by all major integrated steelmakers wanting to maintain an edge over smaller minimills and reconstructed mills those spun off to employees


( S ( ADVP ( RB Indeed ) ) ( NP-SBJ ( NNP USX ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ ( NP ( DT the ) ( NN market ) ) ( PP ( IN for ) ( NP ( JJ coated ) ( NN sheet ) ( NN steel ) ) ) ) ( VP ( TO to ) ( VP ( VB reach ) ( NP ( NP ( QP ( CD 12 ) ( CD million ) ) ( NNS tons ) ) ( ADVP-TMP ( RB annually ) ) ) ( PP-TMP ( IN by ) ( NP ( CD 1992 ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( QP ( CD 10.2 ) ( CD million ) ) ( NNS tons ) ) ( VP ( VBN shipped ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ) ) ) ) ) ) ) ) ) ) )

Indeed USX said it expects the market for coated sheet steel to reach 12 million tons annually by 1992 compared with 10.2 million tons shipped in 1988


( S ( PP ( IN For ) ( NP ( NP ( DT the ) ( JJ first ) ( CD eight ) ( NNS months ) ) ( PP ( IN of ) ( NP ( CD 1989 ) ) ) ) ) ( NP-SBJ ( NNS analysts ) ) ( VP ( VB say ) ( SBAR ( S ( NP-SBJ ( NP ( NNS shipments ) ) ( PP ( IN of ) ( NP ( JJ hot-dipped ) ( JJ galvanized ) ( NN steel ) ) ) ) ( VP ( VBN increased ) ( NP-EXT ( QP ( RB about ) ( CD 8 ) ) ( NN % ) ) ( PP-DIR ( IN from ) ( ADVP ( NP ( DT a ) ( NN year ) ) ( RB earlier ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( JJ overall ) ( NN steel ) ( NNS shipments ) ) ( VP ( VBD were ) ( ADVP-PRD ( IN up ) ( NP ( QP ( RB only ) ( CD 2.4 ) ) ( NN % ) ) ) ) ) ) ) ) ) ) )

For the first eight months of 1989 analysts say shipments of hot-dipped galvanized steel increased about 8 % from a year earlier while overall steel shipments were up only 2.4 %


( S ( NP-SBJ-1 ( NP ( NNP USX ) ) ( CC and ) ( NP ( NNP Kobe ) ( NNP Steel ) ) ) ( VP ( VB hope ) ( S ( VP ( TO to ) ( VP ( VB reach ) ( NP ( NP ( DT a ) ( JJ definitive ) ( NN agreement ) ) ( VP ( VBG establishing ) ( NP ( DT the ) ( CD 50-50 ) ( NN partnership ) ) ) ) ( PP-TMP ( IN by ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN year ) ) ) ) ) ) ) ) ( PP ( IN with ) ( NP ( NP ( NP ( NN construction ) ) ( VP ( ADVP-MNR ( RB tentatively ) ) ( VBN slated ) ( PP-CLR ( IN for ) ( NP ( NP ( DT the ) ( NN spring ) ) ( PP ( IN of ) ( NP ( CD 1990 ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NN production ) ) ( PP-TMP ( IN by ) ( NP ( CD 1992 ) ) ) ) ) ) ) )

USX and Kobe Steel hope to reach a definitive agreement establishing the 50-50 partnership by the end of the year with construction tentatively slated for the spring of 1990 and production by 1992


( S ( S ( NP-SBJ ( NNP USX ) ) ( ADVP-TMP ( RB already ) ) ( VP ( VBZ has ) ( NP ( NP ( CD six ) ( NNS lines ) ) ( PP-LOC ( IN in ) ( NP ( VBG existing ) ( NNS plants ) ) ) ( VP ( VBG producing ) ( NP ( JJ hot-dipped ) ( JJ galvanized ) ( NN steel ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT this ) ) ( VP ( VBZ marks ) ( NP ( NP ( DT the ) ( JJ first ) ( NN so-called ) ( NN greenfield ) ( NN plant ) ) ( PP ( IN for ) ( NP ( JJ such ) ( NN production ) ) ) ) ) ) )

USX already has six lines in existing plants producing hot-dipped galvanized steel but this marks the first so-called greenfield plant for such production


( S ( ADVP ( RB Moreover ) ) ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB boost ) ( PP-EXT ( IN by ) ( NP ( CD 50 ) ( NN % ) ) ) ( NP ( NP ( NP ( NNP USX ) ( POS 's ) ) ( JJ current ) ( JJ hot-dipped ) ( NN capacity ) ) ( PP ( IN of ) ( NP ( CD 1,275,000 ) ( NNS tons ) ) ) ) ) ) )

Moreover it will boost by 50 % USX 's current hot-dipped capacity of 1,275,000 tons


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB expect ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ new ) ( NN line ) ( POS 's ) ) ( NN capacity ) ) ( VP ( TO to ) ( VP ( ADVP-MNR ( RB adversely ) ) ( VB affect ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( VBG existing ) ( JJ hot-dipped ) ( VBG galvanizing ) ( NNS lines ) ) ) ) ) ) ) ) ) ) )

The company said it does n't expect the new line 's capacity to adversely affect the company 's existing hot-dipped galvanizing lines


( S ( NP-SBJ ( NNS Steelmakers ) ) ( VP ( VB have ) ( ADVP ( RB also ) ) ( VP ( VBN been ) ( VP ( VBG adding ) ( NP ( NP ( NN capacity ) ) ( PP ( IN of ) ( NP ( NP ( JJ so-called ) ( VBN electrogalvanized ) ( NN steel ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( NP-PRD ( NP ( DT another ) ( NN way ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( JJ coated ) ( JJ corrosion-resistant ) ( NN steel ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Steelmakers have also been adding capacity of so-called electrogalvanized steel which is another way to make coated corrosion-resistant steel


( S ( NP-SBJ ( NP ( CD One ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS advantages ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ hot-dipped ) ( NN process ) ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ allows ) ( S ( NP-SBJ-1 ( DT the ) ( NN steel ) ) ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN covered ) ( PP-CLR ( IN with ) ( NP ( NP ( DT a ) ( JJR thicker ) ( NN coat ) ) ( PP ( IN of ) ( NP ( NN zinc ) ) ) ) ) ( ADVP-MNR ( RBR more ) ( RB quickly ) ) ) ) ) ) ) ) ) ) )

One of the advantages of the hot-dipped process is that it allows the steel to be covered with a thicker coat of zinc more quickly


PAPERS


( S ( NP-SBJ-1 ( NP ( NN Management ) ( CC and ) ( NNS unions ) ) ( VP ( VBG representing ) ( NP ( NP ( CD 2,400 ) ( NNS employees ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Torstar ) ( NNP Corp. ) ( POS 's ) ) ( NNP Toronto ) ( NNP Star ) ) ) ) ) ) ( VP ( VBD reached ) ( NP ( DT a ) ( JJ tentative ) ( NN contract ) ( NN agreement ) ) ( NP-TMP ( NNP Friday ) ) ( S-ADV ( VP ( VBG averting ) ( NP ( NP ( DT a ) ( NN strike ) ) ( PP ( IN by ) ( NP ( NP ( JJS most ) ( NNS employees ) ) ( PP ( IN of ) ( NP ( NP ( NNP Canada ) ( POS 's ) ) ( JJS largest ) ( JJ daily ) ( NN newspaper ) ) ) ) ) ) ) ) ) )

Management and unions representing 2,400 employees at Torstar Corp. 's Toronto Star reached a tentative contract agreement Friday averting a strike by most employees of Canada 's largest daily newspaper


( S ( NP-SBJ ( NP ( NNS Members ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJS largest ) ( NN union ) ) ( VP ( VBG representing ) ( NP ( CD 1,700 ) ( NNS workers ) ) ) ) ) ) ( VP ( VBD voted ) ( PP-MNR ( IN in ) ( NP ( NP ( NN favor ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN pact ) ) ) ) ) ( NP-TMP ( NN yesterday ) ) ) )

Members of the largest union representing 1,700 workers voted in favor of the pact yesterday


( S ( S ( NP-SBJ-1 ( CD Four ) ( JJ other ) ( NNS unions ) ) ( VP ( VBP have ) ( ADVP-TMP ( RB yet ) ) ( S ( VP ( TO to ) ( VP ( VB vote ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP$ their ) ( NN leadership ) ) ( ADVP ( RB also ) ) ( VP ( VBD recommended ) ( NP ( NN approval ) ) ) ) )

Four other unions have yet to vote but their leadership also recommended approval


( S ( NP-SBJ ( DT The ) ( NN pact ) ) ( VP ( VBZ proposes ) ( NP ( NP ( DT a ) ( ADJP ( CD 2 ) ( JJ 1\/2-year ) ) ( NN contract ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( NN raise ) ) ( PP ( IN of ) ( NP ( NP ( NP ( CD 8 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ first ) ( NN year ) ) ) ) ( NP ( NP ( CD 7 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ second ) ) ) ) ( CC and ) ( NP ( NP ( CD 4 ) ( NN % ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( JJ final ) ( CD six ) ( NNS months ) ) ) ) ) ) ) ) ) ) )

The pact proposes a 2 1\/2-year contract with a raise of 8 % in the first year 7 % in the second and 4 % for the final six months


( S ( NP-SBJ ( NNP Bob ) ( NNP Stone ) ) ( VP ( VBD stewed ) ( PP-CLR ( IN over ) ( NP ( NP ( DT a ) ( NN letter ) ) ( PP ( IN from ) ( NP ( PRP$ his ) ( NN manager ) ) ) ( VP ( VBG putting ) ( S ( NP-SBJ ( PRP him ) ) ( PP-PRD ( IN on ) ( NP ( NN probation ) ) ) ) ( PP-PRP ( IN for ) ( NP ( NN insubordination ) ) ) ) ) ) ) )

Bob Stone stewed over a letter from his manager putting him on probation for insubordination


( S ( S ( NP-SBJ ( NNP Mr. ) ( NNP Stone ) ) ( VP ( VBD thought ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN discipline ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ unfair ) ) ) ) ) ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD believed ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP$ his ) ( NN manager ) ) ( VP ( VBD wanted ) ( S ( VP ( TO to ) ( VP ( VB get ) ( ADJP-PRD ( JJ rid ) ( PP ( IN of ) ( NP ( PRP him ) ) ) ) ) ) ) ( PP-PRP ( IN for ) ( NP ( JJ personal ) ( NNS reasons ) ) ) ) ) ) ) ) )

Mr. Stone thought the discipline was unfair he believed that his manager wanted to get rid of him for personal reasons


( S ( S-ADV ( ADJP-PRD ( JJ Unable ) ( S ( VP ( TO to ) ( VP ( VB persuade ) ( NP-3 ( DT the ) ( NN manager ) ) ( S ( VP ( TO to ) ( VP ( VB change ) ( NP ( PRP$ his ) ( NN decision ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBD went ) ( PP-DIR ( TO to ) ( NP ( DT a ) ( NN company ) ( NN court ) ) ) ( PP-PRP ( IN for ) ( NP ( DT a ) ( NN hearing ) ) ) ) )

Unable to persuade the manager to change his decision he went to a company court for a hearing


( S ( PP-TMP ( IN At ) ( NP ( DT the ) ( VBN scheduled ) ( NN time ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Stone ) ) ( VP ( VBD entered ) ( NP ( NP ( DT a ) ( NN conference ) ( NN room ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN building ) ) ( PP-LOC ( IN near ) ( SBAR-LOC ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD worked ) ) ) ) ) ) ) ) ) )

At the scheduled time Mr. Stone entered a conference room in a building near where he worked


( S ( SBAR-TMP ( IN After ) ( S ( NP-SBJ ( NP ( DT the ) ( CD three ) ( NNS members ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN court ) ) ) ) ( VP ( VBN introduced ) ( NP ( PRP themselves ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN chairman ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN panel ) ) ) ) ( VP ( VBD said ) ( S ( VP ( VP ( VB Go ) ( ADVP-CLR ( RB ahead ) ) ) ( CC and ) ( VP ( VB tell ) ( NP ( PRP us ) ) ( SBAR ( WHNP-1 ( WP what ) ) ( S ( VP ( VBD happened ) ) ) ) ) ) ) ) )

After the three members of the court introduced themselves the chairman of the panel said Go ahead and tell us what happened


( S ( S ( NP-SBJ ( PRP We ) ) ( VP ( MD may ) ( VP ( VB ask ) ( NP ( NNS questions ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP go ) ( PRT ( RP along ) ) ) ) ) ) ) ) ( CC or ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( MD may ) ( VP ( VB wait ) ( PP-TMP ( IN until ) ( NP ( DT the ) ( NN end ) ) ) ) ) ) )

We may ask questions as you go along or we may wait until the end


( S ( NP-SBJ ( DT No ) ( NX ( NX ( NNS lawyers ) ) ( CC or ) ( NX ( NN tape ) ( NNS recorders ) ) ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ present ) ) ) )

No lawyers or tape recorders were present


( S ( NP-SBJ ( DT The ) ( JJ only ) ( JJ extra ) ( NNS people ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( DT a ) ( NN couple ) ) ( PP ( IN of ) ( NP ( NNS personnel ) ( NNS specialists ) ) ) ( SBAR ( WHNP-1 ( CD one ) ( WHPP ( IN of ) ( WHNP ( WP whom ) ) ) ) ( S ( VP ( VP ( VBD knew ) ( NP ( NP ( NNP Mr. ) ( NNP Stone ) ( POS 's ) ) ( NN case ) ) ( ADVP-MNR ( RB intimately ) ) ) ( CC and ) ( VP ( MD would ) ( VP ( VB help ) ( S ( VP ( VB fill ) ( PRT ( RP in ) ) ( NP ( NP ( DT any ) ( NNS facts ) ) ( VP ( VBD needed ) ( S-CLR ( VP ( TO to ) ( VP ( VB give ) ( NP ( DT the ) ( NN court ) ) ( NP ( DT the ) ( JJ full ) ( NN picture ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The only extra people were a couple of personnel specialists one of whom knew Mr. Stone 's case intimately and would help fill in any facts needed to give the court the full picture


( S ( PP ( IN Over ) ( NP ( NP ( DT a ) ( NN cup ) ) ( PP ( IN of ) ( NP ( NN coffee ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Stone ) ) ( VP ( VBD told ) ( NP ( PRP$ his ) ( NN story ) ) ) )

Over a cup of coffee Mr. Stone told his story


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD talked ) ( NP-TMP ( QP ( RB about ) ( CD 20 ) ) ( NNS minutes ) ) ) )

He talked about 20 minutes


( S ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ through ) ) ) ) ) ( S ( NP-SBJ ( DT the ) ( NN court ) ( NNS members ) ) ( VP ( VBD asked ) ( NP ( JJ many ) ( NNS questions ) ) ) ) ( ADVP-TMP ( RB then ) ) ( S ( NP-SBJ ( DT the ) ( NN chairman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( PRP they ) ) ( VP ( MD would ) ( VP ( VB like ) ( S ( VP ( TO to ) ( VP ( VP ( VB hear ) ( NP ( NP ( PRP$ his ) ( NN manager ) ( POS 's ) ) ( NN side ) ) ) ( CC and ) ( VP ( VB talk ) ( PP-CLR ( TO to ) ( NP ( NNS witnesses ) ) ) ) ) ) ) ) ) ) ) ) ) )

When he was through the court members asked many questions then the chairman said they would like to hear his manager 's side and talk to witnesses


( S ( NP-SBJ ( DT The ) ( NN chairman ) ) ( VP ( VBD promised ) ( NP ( NNP Mr. ) ( NNP Stone ) ) ( NP ( NP ( DT a ) ( NN decision ) ) ( PP-TMP ( IN within ) ( NP ( CD two ) ( NNS weeks ) ) ) ) ) )

The chairman promised Mr. Stone a decision within two weeks


( S ( NP-SBJ ( NNP Bob ) ( NNP Stone ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( JJ fictional ) ( NN name ) ) ) ( CC but ) ( S ( NP-SBJ ( NP ( DT the ) ( NN incident ) ) ( VP ( VBN described ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ real ) ) ) ) )

Bob Stone is a fictional name but the incident described is real


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD happened ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Northrop ) ( NNP Corp. ) ) ( PP-LOC ( IN in ) ( NP ( NNP Los ) ( NNP Angeles ) ) ) ) ) ) )

It happened at Northrop Corp. in Los Angeles


( S ( S ( NP-SBJ-1 ( DT The ) ( NN court ) ) ( VP ( VBZ is ) ( VP ( VBN called ) ( S ( NP-PRD ( NP ( DT the ) ( NNP Management ) ( NNP Appeals ) ( NNP Committee ) ) ( CC or ) ( NP ( RB just ) ( NX-TTL ( NNP MAC ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB hear ) ( NP ( NP ( QP ( DT a ) ( NN couple ) ( IN of ) ( NN dozen ) ) ( NNS cases ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ) ) ) ) ) ) )

The court is called the Management Appeals Committee or just MAC and it is likely to hear a couple of dozen cases a year


( S ( S ( VP ( VB Alter ) ( NP ( NP ( DT some ) ( NNS details ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN example ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBG taking ) ( NP ( NN place ) ) ( ADVP-TMP ( NN today ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NP ( NNP Federal ) ( NNP Express ) ) ( PP-LOC ( IN in ) ( NP ( NNP Memphis ) ) ) ) ( NP ( NP ( DT the ) ( NNP Defense ) ( CC and ) ( NNP Underseas ) ( NNP Systems ) ( NNS divisions ) ) ( PP ( IN of ) ( NP ( NNP Honeywell ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Minneapolis ) ) ) ) ( NP ( NP ( DT a ) ( NNP General ) ( NNP Electric ) ( NN plant ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Columbia ) ) ( NP ( NNP Md. ) ) ) ) ) ( CC or ) ( NP ( NP ( DT a ) ( NN number ) ) ( PP ( IN of ) ( NP ( JJ other ) ( NNS companies ) ) ) ) ) ) ) ) ) ) )

Alter some details of this example and it could be taking place today at Federal Express in Memphis the Defense and Underseas Systems divisions of Honeywell in Minneapolis a General Electric plant in Columbia Md. or a number of other companies


( S ( NP-SBJ ( DT These ) ( NNS firms ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NNS pioneers ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NP ( DT a ) ( JJ significant ) ( JJ new ) ( NN trend ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ corporate ) ( NN world ) ) ) ) ( NP ( NP ( DT the ) ( NN rise ) ) ( PP ( IN of ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP call ) ( S ( NP-PRD ( JJ corporate ) ( JJ due ) ( NN process ) ) ) ) ) ) ) ) ) ) ) ) )

These firms are pioneers in a significant new trend in the corporate world the rise of what I call corporate due process


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ-1 ( JJ corporate ) ( JJ due ) ( NN process ) ) ( VP ( VBZ is ) ( VP ( VBN practiced ) ( NP-TMP ( NN today ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ few ) ( NNS companies ) ) ( PRN ( ADVP ( RB perhaps ) ) ( NP ( QP ( CD 40 ) ( TO to ) ( CD 60 ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJS fastest ) ( VBG developing ) ( NNS trends ) ) ( PP-LOC ( IN in ) ( NP ( NN industry ) ) ) ) ) ) ) )

Although corporate due process is practiced today in few companies perhaps 40 to 60 it is one of the fastest developing trends in industry


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( JJ coming ) ( NN decade ) ) ) ( NP-SBJ-1 ( NP ( DT a ) ( NN majority ) ) ( PP ( IN of ) ( NP ( JJ people-oriented ) ( NNS companies ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB adopt ) ( NP ( PRP it ) ) ) ) ) ) ) )

In the coming decade a majority of people-oriented companies are likely to adopt it


( S ( NP-SBJ ( JJ Corporate ) ( JJ due ) ( NN process ) ) ( VP ( NNS appeals ) ( PP-CLR ( TO to ) ( NP ( NN management ) ) ) ( PP-PRP ( IN for ) ( NP ( NP ( DT a ) ( NN variety ) ) ( PP ( IN of ) ( NP ( NNS reasons ) ) ) ) ) ) )

Corporate due process appeals to management for a variety of reasons


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ reduces ) ( NP ( NP ( NNS lawsuits ) ) ( PP ( IN from ) ( NP ( VBN disgruntled ) ( NNS employees ) ( CC and ) ( NNS ex-employees ) ) ) ) ( PP ( IN with ) ( NP ( NP ( DT all ) ) ( SBAR ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ means ) ( PP ( IN for ) ( NP ( NP ( VBN reduced ) ( JJ legal ) ( NNS costs ) ) ( CC and ) ( NP ( JJR better ) ( JJ public ) ( NNS relations ) ) ) ) ) ) ) ) ) ) )

It reduces lawsuits from disgruntled employees and ex-employees with all that means for reduced legal costs and better public relations


( S ( NP-SBJ-1 ( PRP It ) ) ( VP ( VBZ helps ) ( S ( VP ( TO to ) ( VP ( VB keep ) ( PRT ( RP out ) ) ( NP ( NNS unions ) ) ) ) ) ) )

It helps to keep out unions


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ increases ) ( NP ( NP ( NN employee ) ( NN commitment ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN company ) ) ) ) ( PP ( IN with ) ( NP ( NP ( DT all ) ) ( SBAR ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ means ) ( PP ( IN for ) ( NP ( NP ( NN efficiency ) ) ( CC and ) ( NP ( NN quality ) ( NN control ) ) ) ) ) ) ) ) ) ) )

It increases employee commitment to the company with all that means for efficiency and quality control


( SBARQ ( WHNP-1 ( WP What ) ) ( SQ ( MD must ) ( NP-SBJ-2 ( PRP$ your ) ( NN management ) ( NN team ) ) ( VP ( VB do ) ( S-PRP ( VP ( TO to ) ( VP ( VB establish ) ( NP ( JJ corporate ) ( JJ due ) ( NN process ) ) ) ) ) ) ) )

What must your management team do to establish corporate due process


( SINV ( ADVP-LOC-PRD-TPC-1 ( RB Here ) ) ( VP ( VBP are ) ) ( NP-SBJ ( CD four ) ( JJ key ) ( NNS steps ) ) )

Here are four key steps


( S ( LST ( LS 1 ) ) ( VP ( VB Make ) ( ADJP ( JJ sure ) ( SBAR ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP have ) ( NP ( DT a ) ( JJ strong ) ( NNS personnel ) ( NN department ) ) ) ) ) ) ) )

1 Make sure you have a strong personnel department


( S ( S ( NP-SBJ-3 ( PRP It ) ) ( VP ( MD must ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB handle ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS complaints ) ) ( SBAR ( WHNP-4 ( WDT that ) ) ( S ( VP ( MD can ) ( RB not ) ( VP ( VB be ) ( VP ( VBN solved ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNS trenches ) ) ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS managers ) ) ( CC and ) ( NP ( PRP$ their ) ( NNS subordinates ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( ADVP ( RB else ) ) ( S ( NP-SBJ-2 ( DT the ) ( NN company ) ( NN court ) ( CC or ) ( NNS adjudicators ) ) ( VP ( MD will ) ) ( VP ( VB be ) ( VP ( VBN inundated ) ( PP ( IN with ) ( NP ( NNS cases ) ) ) ) ) ) )

It must be able to handle most of the complaints that can not be solved in the trenches by managers and their subordinates else the company court or adjudicators will be inundated with cases


( S ( PP-LOC ( IN At ) ( NP ( NNP Polaroid ) ) ) ( S ( NP-SBJ ( DT the ) ( NNP Personnel ) ( NNP Policy ) ( NNP Planning ) ( NNP Committee ) ) ( VP ( MD may ) ( VP ( VB hear ) ( NP ( NP ( QP ( RB only ) ( RB about ) ( CD 20 ) ) ( NNS cases ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ) ) ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN rest ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ many ) ( NNS hundreds ) ) ( PP ( IN of ) ( NP ( NNS complaints ) ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBN resolved ) ( PP-TMP ( IN at ) ( NP ( JJR earlier ) ( NNS stages ) ) ) ) ) ) )

At Polaroid the Personnel Policy Planning Committee may hear only about 20 cases a year the rest of the many hundreds of complaints are resolved at earlier stages


( S ( PP-LOC ( IN At ) ( NP ( NNP TWA ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNP System ) ( NNP Board ) ) ( PP ( IN of ) ( NP ( NNP Adjustment ) ) ) ) ( VP ( VBZ hears ) ( NP ( NP ( NP ( QP ( CD 50 ) ( TO to ) ( CD 75 ) ) ( NNS cases ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ( NP ( NP ( RB only ) ( DT a ) ( NN fraction ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS complaints ) ) ( VP ( VBN brought ) ( PP-DIR ( TO to ) ( NP ( NNS personnel ) ( NNS specialists ) ) ) ) ) ) ) ) ) )

At TWA the System Board of Adjustment hears 50 to 75 cases a year only a fraction of the complaints brought to personnel specialists


( S ( PP-LOC ( IN At ) ( NP ( NNP Citicorp ) ) ) ( NP-SBJ ( DT the ) ( NNP Problem ) ( NNP Review ) ( NNP Board ) ) ( VP ( MD may ) ( VP ( VB hear ) ( NP ( QP ( RB only ) ( CD 12 ) ( CC or ) ( RB so ) ) ( NNS cases ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( NP ( NNS personnel ) ( POS 's ) ) ( NN skill ) ) ( PP ( IN in ) ( NP ( NN complaint-resolution ) ) ) ) ) ) ) )

At Citicorp the Problem Review Board may hear only 12 or so cases because of personnel 's skill in complaint-resolution


( S ( PP-TMP ( IN In ) ( NP ( DT a ) ( JJ typical ) ( NN year ) ) ) ( NP-SBJ ( NP ( QP ( IN up ) ( TO to ) ( CD 20 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN work ) ( NN force ) ) ) ) ( VP ( VBZ goes ) ( PP-DIR ( TO to ) ( NP ( NNS personnel ) ( NNS specialists ) ) ) ( PP ( IN with ) ( NP ( NP ( NNS complaints ) ) ( PP ( IN of ) ( NP ( JJ unfair ) ( NN treatment ) ) ) ) ) ) )

In a typical year up to 20 % of the work force goes to personnel specialists with complaints of unfair treatment


( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( JJ large ) ( NN company ) ) ) ( NP-SBJ ( DT that ) ) ( VP ( VBZ means ) ( NP ( NP ( JJ many ) ( NNS hundreds ) ) ( PP ( IN of ) ( NP ( NP ( NNS complaints ) ) ( PP ( IN for ) ( NP ( NP ( NNS personnel ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB handle ) ) ) ) ) ) ) ) ) ) ) )

In a large company that means many hundreds of complaints for personnel to handle


( S ( LST ( LS 2 ) ) ( ADVP ( RB Formally ) ( CC or ) ( RB informally ) ) ( VP ( VB train ) ( NP ( DT all ) ( PRP$ your ) ( NNS managers ) ( CC and ) ( NNS supervisors ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN due-process ) ( NN approach ) ) ) ) )

2 Formally or informally train all your managers and supervisors in the company 's due-process approach


( S ( S ( VP ( VB See ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP know ) ( NP ( NN company ) ( NNS personnel ) ( NN policy ) ) ( ADVP-MNR ( RB backwards ) ( CC and ) ( RB forwards ) ) ) ) ) ) ) ( IN for ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN law ) ) ( VP ( VBG governing ) ( NP ( NN company ) ( NNS courts ) ( CC and ) ( NNS adjudicators ) ) ) ) ) ) )

See that they know company personnel policy backwards and forwards for it is the law governing company courts and adjudicators


( S ( VP ( VB Coach ) ( NP ( PRP them ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG handling ) ( NP ( NNS complaints ) ) ) ) ) ( SBAR-PRP ( RB so ) ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD can ) ( VP ( VB resolve ) ( NP ( NNS problems ) ) ( ADVP-TMP ( RB immediately ) ) ) ) ) ) ) )

Coach them in handling complaints so that they can resolve problems immediately


( S ( SBAR-TMP ( IN In ) ( NN case ) ( S ( S ( NP-SBJ ( NP ( NNS managers ) ) ( CC and ) ( NP ( NNS personnel ) ( NNS specialists ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ unsuccessful ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNS subordinates ) ) ( VP ( VBP take ) ( NP ( PRP$ their ) ( NNS complaints ) ) ( PP-DIR ( TO to ) ( NP ( DT a ) ( NN company ) ( NN court ) ( CC or ) ( NN adjudicator ) ) ) ) ) ) ) ( S ( VP ( VB teach ) ( NP-1 ( NNS managers ) ) ( S ( VP ( TO to ) ( VP ( VB accept ) ( NP ( NNS reversals ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( NN fact ) ) ( PP ( IN of ) ( NP ( NN business ) ( NN life ) ) ) ) ) ) ) ) ) ) ( IN for ) ( S ( PP-LOC ( IN in ) ( NP ( DT a ) ( JJ good ) ( NN due-process ) ( NN system ) ) ) ( NP-SBJ-2 ( PRP they ) ) ( VP ( VBP are ) ( VP ( VBN bound ) ( S ( VP ( TO to ) ( VP ( VB happen ) ) ) ) ) ) ) )

In case managers and personnel specialists are unsuccessful and subordinates take their complaints to a company court or adjudicator teach managers to accept reversals as a fact of business life for in a good due-process system they are bound to happen


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT the ) ( CD 15 ) ( NNS companies ) ) ( SBAR ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD studied ) ) ) ) ) ) ( NP-SBJ ( NN reversal ) ( NNS rates ) ) ( VP ( VBP range ) ( PP ( IN on ) ( NP ( DT the ) ( NN average ) ) ) ( PP-DIR ( PP ( IN from ) ( NP ( CD 20 ) ( NN % ) ) ) ( PP ( TO to ) ( NP ( CD 40 ) ( NN % ) ) ) ) ) )

In the 15 companies I studied reversal rates range on the average from 20 % to 40 %


( S ( LST ( LS 3 ) ) ( VP ( VB Decide ) ( SBAR ( CC whether ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP want ) ( NP ( NP ( DT a ) ( NN panel ) ( NN system ) ) ( CC or ) ( NP ( DT a ) ( JJ single ) ( NN adjudicator ) ) ) ) ) ) ) )

3 Decide whether you want a panel system or a single adjudicator


( S ( NP-SBJ ( NP ( DT A ) ( NN panel ) ( NN system ) ) ( PP ( IN like ) ( NP ( NP ( DT that ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Bob ) ( NNP Stone ) ( NN example ) ) ) ) ) ) ( VP ( VBZ enjoys ) ( NP ( NP ( JJ such ) ( NNS advantages ) ) ( PP ( IN as ) ( NP ( NP ( JJ high ) ( NN credibility ) ) ( CC and ) ( PP ( IN for ) ( NP ( DT the ) ( NNS panelists ) ) ) ( NP ( JJ mutual ) ( NN support ) ) ) ) ) ) )

A panel system like that in the Bob Stone example enjoys such advantages as high credibility and for the panelists mutual support


( S ( NP-SBJ ( NP ( DT An ) ( NN adjudicator ) ( NN system ) ) ( PRN ( INTJ ( DT that ) ( VBZ is ) ) ( NP ( NP ( DT an ) ( NN investigator ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VP ( VBZ acts ) ( ADVP ( RB first ) ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( NN fact-finder ) ) ) ) ( CC and ) ( RB then ) ( VP ( VP ( VBZ switches ) ( NP ( NNS hats ) ) ) ( CC and ) ( VP ( VBZ arbitrates ) ( NP ( DT the ) ( NNS facts ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ has ) ( NP ( NP ( JJ such ) ( NNS advantages ) ) ( PP ( IN as ) ( NP ( NP ( NN speed ) ) ( NP ( NN flexibility ) ) ( CC and ) ( NP ( NN maximum ) ( NN privacy ) ) ) ) ) ) )

An adjudicator system that is an investigator who acts first as a fact-finder and then switches hats and arbitrates the facts has such advantages as speed flexibility and maximum privacy


( S ( NP-SBJ ( NP ( NNP International ) ( NNP Business ) ( NNP Machines ) ) ( CC and ) ( NP ( NP ( NNP Bank ) ) ( PP ( IN of ) ( NP ( NNP America ) ) ) ) ) ( VP ( VBP are ) ( PP-LOC-PRD ( IN among ) ( NP ( NP ( DT the ) ( NNS companies ) ) ( VP ( VBG using ) ( NP ( DT the ) ( JJ single-adjudicator ) ( NN approach ) ) ) ) ) ) )

International Business Machines and Bank of America are among the companies using the single-adjudicator approach


( S ( LST ( LS 4 ) ) ( VP ( VB Make ) ( S ( NP-SBJ ( PRP$ your ) ( NN due-process ) ( NN system ) ) ( ADJP-PRD ( JJ visible ) ) ) ) )

4 Make your due-process system visible


( S ( NP-SBJ ( PRP It ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB do ) ( NP ( DT any ) ( JJ good ) ) ( PP-PRP ( IN for ) ( NP ( NN anybody ) ) ) ( SBAR-ADV ( IN unless ) ( S ( NP-SBJ ( NNS employees ) ) ( VP ( VBP know ) ( PP-CLR ( IN about ) ( NP ( PRP it ) ) ) ) ) ) ) ) )

It wo n't do any good for anybody unless employees know about it


( S ( NP-SBJ-1 ( JJS Most ) ( NNS managements ) ) ( VP ( VBP hesitate ) ( S ( VP ( TO to ) ( VP ( VB go ) ( ADVP-CLR ( DT all ) ( RP out ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG advertising ) ( NP ( PRP$ their ) ( NN due-process ) ( NNS systems ) ) ) ) ) ) ) ) ( PP-PRP ( IN for ) ( NP ( NP ( NN fear ) ) ( PP ( IN of ) ( S-NOM ( VP ( JJ encouraging ) ( S ( NP-SBJ ( NP ( NNS cranks ) ) ( CC and ) ( NP ( NN chronic ) ( NNS soreheads ) ) ) ( VP ( TO to ) ( VP ( VB file ) ( NP ( NNS complaints ) ) ) ) ) ) ) ) ) ) ) )

Most managements hesitate to go all out in advertising their due-process systems for fear of encouraging cranks and chronic soreheads to file complaints


( S ( PP ( IN On ) ( NP ( DT the ) ( JJ other ) ( NN hand ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP make ) ( ADJP-CLR ( RB sure ) ) ( PP ( IN at ) ( NP ( DT a ) ( NN minimum ) ) ) ( SBAR-CLR ( IN that ) ( S ( NP-SBJ-1 ( PRP$ their ) ( NNS systems ) ) ( VP ( VBP are ) ( VP ( VP ( VBN described ) ( PP-LOC ( IN in ) ( NP ( PRP$ their ) ( NN employee ) ( NNS handbooks ) ) ) ) ( CC and ) ( VP ( VBD talked ) ( PRT ( RP up ) ) ( PP ( IN by ) ( NP-LGS ( NNS personnel ) ( NNS specialists ) ) ) ) ) ) ) ) ) )

On the other hand they make sure at a minimum that their systems are described in their employee handbooks and talked up by personnel specialists


( S ( NP-SBJ ( NNP Smith-Kline ) ( NNP Beecham ) ) ( VP ( VP ( VBZ goes ) ( ADVP-CLR ( RBR further ) ) ) ( CC and ) ( VP ( ADVP-TMP ( RB sometimes ) ) ( VBZ features ) ( NP ( PRP$ its ) ( NN grievance ) ( NN procedure ) ) ( PP-LOC ( IN in ) ( NP ( JJ closed-circuit ) ( NN TV ) ( NNS programs ) ) ) ) ) )

Smith-Kline Beecham goes further and sometimes features its grievance procedure in closed-circuit TV programs


( S ( ADVP ( RB Naturally ) ) ( NP-SBJ ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJS best ) ( NNS ways ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB guarantee ) ( NP ( NN visibility ) ) ( PP ( IN for ) ( NP ( PRP$ your ) ( NN due-process ) ( NN system ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN for ) ( S ( NP-SBJ ( JJ top ) ( NN management ) ) ( VP ( TO to ) ( VP ( VB support ) ( NP ( PRP it ) ) ) ) ) ) ) )

Naturally one of the best ways to guarantee visibility for your due-process system is for top management to support it


( S ( PP-LOC ( IN At ) ( NP ( NNP IBM ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NNP Open ) ( NNP Door ) ( NN system ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB sometimes ) ) ( NP-PRD ( NP ( DT the ) ( NN subject ) ) ( PP ( IN of ) ( NP ( NP ( NNS memorandums ) ) ( PP ( IN from ) ( NP ( DT the ) ( JJ chief ) ( NN executive ) ) ) ) ) ) ) )

At IBM the company 's Open Door system is sometimes the subject of memorandums from the chief executive


( S ( NP-SBJ ( NNP Federal ) ( NNP Express ) ) ( VP ( VBZ goes ) ( ADVP ( ADVP ( RBR further ) ) ) ( PP-LOC ( IN in ) ( NP ( DT this ) ( NN respect ) ) ) ( PP-1 ( IN than ) ( NP ( NP ( DT any ) ( NN company ) ) ( SBAR ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP know ) ( PP-CLR ( IN of ) ) ) ) ) ) ) ( PP ( IN with ) ( S-NOM ( NP-SBJ-3 ( NP ( DT both ) ( NP ( NNP Frederick ) ( NNP Smith ) ) ( CC and ) ( NP ( NNP James ) ( NNP Barksdale ) ) ) ( NP ( NP ( NP ( JJ chief ) ( NN executive ) ) ( CC and ) ( NP ( NN chief ) ( NN operating ) ( NN officer ) ) ) ( ADVP ( RB respectively ) ) ) ) ( VP ( VBG sitting ) ( PRT ( RP in ) ) ( PP-LOC-CLR ( IN on ) ( NP ( DT the ) ( NNP Appeals ) ( NNP Board ) ) ) ( NP-TMP ( ADJP ( RB almost ) ( DT every ) ) ( NNP Tuesday ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB decide ) ( NP ( NNS cases ) ) ) ) ) ) ) ) ) )

Federal Express goes further in this respect than any company I know of with both Frederick Smith and James Barksdale chief executive and chief operating officer respectively sitting in on the Appeals Board almost every Tuesday to decide cases


( S ( NP-SBJ ( NNP Mr. ) ( NNP Ewing ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NP ( DT a ) ( NN consultant ) ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( NNP Winchester ) ) ( NP ( NNP Mass. ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NN author ) ) ( PP ( IN of ) ( NP ( NP-TTL ( NP ( NP ( NNP Justice ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Job ) ) ) ) ( S-NOM ( VP ( NNP Resolving ) ( NP ( NNP Grievances ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Nonunion ) ( NNP Workplace ) ) ) ) ) ) ( PRN ( NP ( NNP Harvard ) ( NNP Business ) ( NNP School ) ( NNP Press ) ) ( NP-TMP ( CD 1989 ) ) ) ) ) ) ) ) )

Mr. Ewing is a consultant based in Winchester Mass. and author of Justice on the Job Resolving Grievances in the Nonunion Workplace Harvard Business School Press 1989


( S ( SBAR-TMP ( WHADVP-1 ( WRB WHEN ) ) ( S ( NP-SBJ ( NNP JAMES ) ( NNP SCHWARTZ ) ) ( VP ( VBD was ) ( NP-PRD ( RB just ) ( DT a ) ( NN lad ) ) ) ) ) ( NP-SBJ ( PRP$ his ) ( NN father ) ) ( VP ( VBD gave ) ( NP ( PRP him ) ) ( NP ( NP ( DT a ) ( NN piece ) ) ( PP ( IN of ) ( NP ( NN career ) ( NN advice ) ) ) ) ) )

WHEN JAMES SCHWARTZ was just a lad his father gave him a piece of career advice


( SINV ( S-TPC-1 ( NP-SBJ ( PRP He ) ) ( VP ( VBD told ) ( NP-2 ( PRP me ) ) ( S ( VP ( TO to ) ( VP ( VB choose ) ( NP ( NP ( DT an ) ( NN area ) ) ( SBAR ( WHADVP-4 ( WRB where ) ) ( S ( PP-MNR ( ADVP ( RB just ) ) ( IN by ) ( S-NOM ( VP ( VBG being ) ( ADJP-PRD ( JJ mediocre ) ) ) ) ) ( NP-SBJ-3 ( PRP I ) ) ( VP ( MD could ) ( VP ( VB be ) ( ADJP-PRD ( JJ great ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ recalls ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Schwartz ) ) ( ADVP-TMP ( RB now ) ) ( NP ( CD 40 ) ) ) )

He told me to choose an area where just by being mediocre I could be great recalls Mr. Schwartz now 40


( S ( NP-SBJ ( PRP He ) ) ( VP ( VP ( VBD tried ) ( NP ( NN management ) ( NN consulting ) ) ) ( VP ( VBD traded ) ( PP-LOC-CLR ( IN in ) ( NP ( NN turquoise ) ) ) ( PP-TMP ( IN for ) ( NP ( DT a ) ( NN while ) ) ) ) ( CC and ) ( ADVP ( RB even ) ) ( VP ( VBD managed ) ( NP ( JJ professional ) ( NNS wrestlers ) ) ) ) )

He tried management consulting traded in turquoise for a while and even managed professional wrestlers


( S ( ADVP-TMP ( RB Now ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ has ) ( VP ( VBN settled ) ( PP-DIR ( IN into ) ( NP ( NP ( DT a ) ( NN career ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ fits ) ( NP ( DT the ) ( NN bill ) ) ) ) ) ( NP ( JJ financial ) ( NN planning ) ) ) ) ) ) )

Now he has settled into a career that fits the bill financial planning


( S ( NP-SBJ-1 ( NP ( PRP It ) ) ) ( VP ( MD should ) ( VP ( VB be ) ( VP ( VBN noted ) ( SBAR-4 ( IN that ) ( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Schwartz ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBZ operates ) ( ADVP-LOC ( RP out ) ( PP ( IN of ) ( NP ( NP ( NNP Englewood ) ) ( NP ( NNP Colo. ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ puckish ) ( NN sort ) ) ( SBAR ( WHNP-3 ( WP who ) ) ( S ( VP ( VBZ likes ) ( S ( VP ( TO to ) ( VP ( VB give ) ( NP ( PRP$ his ) ( NNS colleagues ) ) ( NP ( DT the ) ( NN needle ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It should be noted that Mr. Schwartz who operates out of Englewood Colo. is a puckish sort who likes to give his colleagues the needle


( S ( CC But ) ( PP-LOC ( IN in ) ( NP ( DT this ) ( NN case ) ) ) ( NP-SBJ ( DT the ) ( NN needle ) ) ( VP ( VBZ has ) ( NP ( DT a ) ( ADJP ( RB very ) ( JJ sharp ) ) ( NN point ) ) ) )

But in this case the needle has a very sharp point


( S ( SBAR-ADV ( IN Though ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ 's ) ( ADVP ( RB probably ) ) ( ADJP-PRD ( JJ safe ) ) ( S-2 ( VP ( TO to ) ( VP ( VB assume ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN majority ) ) ( PP ( IN of ) ( NP ( JJ financial ) ( NNS planners ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( ADJP ( JJ honest ) ) ( CC and ) ( RB even ) ( ADJP ( RB reasonably ) ( JJ competent ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN fact ) ) ( VP ( VBZ remains ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( CD one ) ( NN wag ) ) ( VP ( VBZ puts ) ( NP ( PRP it ) ) ) ) ) ( NP-SBJ ( NP ( NN anybody ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( MD can ) ( VP ( VB fog ) ( NP ( DT a ) ( NN mirror ) ) ) ) ) ) ) ( VP ( MD can ) ( VP ( VB call ) ( S ( NP-SBJ ( PRP himself ) ) ( NP-PRD ( DT a ) ( JJ financial ) ( NN planner ) ) ) ) ) ) ) ) )

Though it 's probably safe to assume that the majority of financial planners are honest and even reasonably competent the fact remains that as one wag puts it anybody who can fog a mirror can call himself a financial planner


( S ( S ( NP-SBJ ( NNS Planners ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBP influence ) ( NP ( NP ( DT the ) ( NN investment ) ) ( PP ( IN of ) ( NP ( QP ( JJ several ) ( CD hundred ) ( CD billion ) ) ( NNS dollars ) ) ) ) ) ) ( CC but ) ( S ( PP ( IN in ) ( NP ( NN effect ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP operate ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN dark ) ) ) ) ) )

Planners now influence the investment of several hundred billion dollars but in effect they operate in the dark


( S ( NP-SBJ ( EX There ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NP ( DT no ) ( JJ effective ) ( NN regulation ) ) ( PP ( IN of ) ( NP ( NNS planners ) ) ) ) ( NP ( NP ( DT no ) ( VBN accepted ) ( NN standard ) ) ( PP ( IN for ) ( NP ( NP ( NN admission ) ) ( PP ( IN into ) ( NP ( PRP$ their ) ( NNS ranks ) ) ) ) ) ( PRN ( S ( NP-SBJ ( DT a ) ( NN dog ) ) ( VP ( VBD got ) ( PP-DIR ( IN into ) ( NP ( CD one ) ( NN trade ) ( NN group ) ) ) ) ) ) ) ( NP ( NP ( DT no ) ( NN way ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB assess ) ( NP ( PRP$ their ) ( NN performance ) ) ) ) ) ) ) ( NP ( NP ( DT no ) ( NN way ) ) ( RB even ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB know ) ( SBAR-NOM ( WHNP-2 ( NP ( WRB how ) ( JJ many ) ) ( PP ( IN of ) ( NP ( PRP them ) ) ) ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( PRN ( S ( NP-SBJ ( NNS estimates ) ) ( VP ( VBP range ) ( PP-DIR ( PP ( IN from ) ( NP ( CD 60,000 ) ) ) ( PP ( TO to ) ( NP ( CD 450,000 ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

There is no effective regulation of planners no accepted standard for admission into their ranks a dog got into one trade group no way to assess their performance no way even to know how many of them there are estimates range from 60,000 to 450,000


( S ( NP-SBJ ( NP ( DT All ) ) ( SBAR ( S ( NP-SBJ ( NN anyone ) ) ( VP ( MD need ) ( VP ( VB do ) ) ) ) ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( VP ( VB hang ) ( PRT ( RP up ) ) ( NP ( DT a ) ( NN shingle ) ) ) ( CC and ) ( VP ( VB start ) ( S ( VP ( VBG planning ) ) ) ) ) ) ) )

All anyone need do is hang up a shingle and start planning


( S ( RB So ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( MD should ) ( VP ( VB come ) ( PP-CLR ( IN as ) ( NP ( DT no ) ( NN shock ) ) ) ( SBAR-2 ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN profession ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ 's ) ( SBAR-NOM-PRD ( WHNP-3 ( WP what ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN attracted ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NP ( NNS people ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( JJ principal ) ( NNS talents ) ) ( S ( VP ( VBP seem ) ( S ( VP ( TO to ) ( VP ( VB be ) ( S-NOM-PRD ( VP ( VP ( VBG frittering ) ( PRT ( RP away ) ) ) ( CC or ) ( VP ( ADVP-MNR ( JJ flat-out ) ) ( VBG stealing ) ) ( NP-5 ( NP ( PRP$ their ) ( NNS clients ) ( POS ' ) ) ( NN money ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

So it should come as no shock that the profession if that 's what it is has attracted a lot of people whose principal talents seem to be frittering away or flat-out stealing their clients ' money


( S ( S-ADV ( ADJP-PRD ( VBN Alarmed ) ) ) ( NP-SBJ-1 ( UCP ( NN state ) ( CC and ) ( JJ federal ) ) ( NNS authorities ) ) ( VP ( VBP are ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB devise ) ( NP ( NP ( NNS ways ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB certify ) ( CC and ) ( VB regulate ) ( NP ( NNS planners ) ) ) ) ) ) ) ) ) ) ) ) )

Alarmed state and federal authorities are trying to devise ways to certify and regulate planners


( S ( S ( NP-SBJ ( NP ( NN Industry ) ( NNS groups ) ) ( CC and ) ( NP ( NP ( JJ reputable ) ( NNS planners ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP are ) ( NP-PRD ( NP ( NNS members ) ) ( PP ( IN of ) ( NP ( PRP them ) ) ) ) ) ) ) ) ) ( VP ( VBP want ) ( NP ( JJ comprehensive ) ( NNS standards ) ) ( ADVP ( RB too ) ) ) ) ( S ( NP-SBJ-2 ( PRP they ) ) ( VP ( VBP 're ) ( ADJP-PRD ( VBN tired ) ( PP ( IN of ) ( S-NOM ( VP ( VBG seeing ) ( S ( NP-SBJ-3 ( NNS practitioners ) ) ( VP ( VBN depicted ) ( ADVP-MNR ( RB collectively ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN business ) ( NN press ) ) ) ( PP-CLR ( RB as ) ( ADJP ( ADJP ( ADJP ( JJR dumber ) ) ( PP ( IN than ) ( NP ( NNS chimpanzees ) ) ) ) ( CC and ) ( ADJP ( ADJP ( JJR greedier ) ) ( PP ( IN than ) ( NP ( NP ( DT a ) ( NN herd ) ) ( PP ( IN of ) ( NP ( NNS swine ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Industry groups and reputable planners who are members of them want comprehensive standards too they 're tired of seeing practitioners depicted collectively in the business press as dumber than chimpanzees and greedier than a herd of swine


( S ( CC But ) ( NP-SBJ ( NN reform ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN taken ) ( NP ( NN hold ) ) ( ADVP-TMP ( RB yet ) ) ) ) )

But reform has n't taken hold yet