( S ( NP-SBJ ( NP ( JJ Several ) ( JJ longtime ) ( NNS observers ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS commodities ) ( NN industry ) ) ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT the ) ( NNS fortunes ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Merc ) ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ next ) ( NN decade ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN determined ) ( PP ( TO to ) ( NP ( DT a ) ( JJ large ) ( NN extent ) ) ) ( PP ( IN by ) ( NP-LGS ( SBAR-NOM ( WHADVP-3 ( WRB how ) ( RB well ) ) ( S ( NP-SBJ ( PRP$ its ) ( JJ new ) ( JJ natural ) ( NN gas ) ( NNS futures ) ( NN contract ) ) ( VP ( VBZ does ) ) ) ) ( CC and ) ( SBAR-NOM ( WHADJP-2 ( WRB how ) ( JJ successful ) ) ( S ( NP-SBJ-4 ( PRP$ its ) ( JJ new ) ( NN president ) ) ( VP ( VBZ is ) ( PP ( IN in ) ( S-NOM ( VP ( VBG raising ) ( NP ( NP ( DT the ) ( NN level ) ) ( PP ( IN of ) ( NP ( NP ( NN compliance ) ) ( PP ( IN by ) ( NP ( NN floor ) ( NNS traders ) ) ) ( PP ( IN with ) ( NP ( NN exchange ) ( CC and ) ( NNP Commodity ) ( NNP Futures ) ( NNP Trading ) ( NNP Commission ) ( NNS rules ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Several longtime observers of the commodities industry think the fortunes of the Merc over the next decade will be determined to a large extent by how well its new natural gas futures contract does and how successful its new president is in raising the level of compliance by floor traders with exchange and Commodity Futures Trading Commission rules


( S-1 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( DT the ) ( NN exchange ) ) ( VP ( VBZ falters ) ( PP-LOC ( IN in ) ( NP ( DT these ) ( NNS moves ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP say ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( MD might ) ( ADVP-TMP ( RB once ) ( RB again ) ) ( VP ( VB fall ) ( PP-CLR ( IN behind ) ( NP ( NP ( PRP$ its ) ( JJ chief ) ( NNP New ) ( NNP York ) ( NN competitor ) ) ( NP ( DT the ) ( NNP Commodity ) ( NNP Exchange ) ) ) ) ) ) )

If the exchange falters in these moves they say it might once again fall behind its chief New York competitor the Commodity Exchange


( S ( PP-TMP ( IN On ) ( NP ( NNP Friday ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNP Merc ) ( POS 's ) ) ( NN board ) ) ( VP ( VBD announced ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD had ) ( VP ( VBN approved ) ( NP ( NP ( NP ( NNP Sabine ) ( NNP Pipe ) ( NNP Line ) ( NNP Co. ) ( POS 's ) ) ( NNP Henry ) ( NNP Hub ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Erath ) ) ( NP ( NNP La. ) ) ) ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT the ) ( NN delivery ) ( NN site ) ) ( PP ( IN for ) ( NP ( PRP$ its ) ( JJ long-awaited ) ( JJ natural ) ( NN gas ) ( NNS futures ) ( NN contract ) ) ) ) ) ) ) ) ) ) )

On Friday the Merc 's board announced that it had approved Sabine Pipe Line Co. 's Henry Hub in Erath La. as the delivery site for its long-awaited natural gas futures contract


( S ( NP-SBJ ( PRP It ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( MD would ) ( VP ( VB start ) ( S ( VP ( VBG trading ) ( NP ( DT the ) ( NN contract ) ) ) ) ( ADVP-TMP ( ADVP ( RB as ) ( RB soon ) ) ( SBAR ( IN as ) ( S ( NP-SBJ ( DT the ) ( NNP CFTC ) ) ( VP ( VBD approved ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) )

It also said that it would start trading the contract as soon as the CFTC approved it


( S ( NP-SBJ ( DT The ) ( NNP CFTC ) ) ( VP ( VBZ has ) ( NP ( NP ( CD 90 ) ( NNS days ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB respond ) ( PP-CLR ( TO to ) ( NP ( JJ such ) ( NNS applications ) ) ) ) ) ) ) ) ) )

The CFTC has 90 days to respond to such applications


( S ( NP-SBJ-1 ( DT The ) ( NNP Merc ) ) ( ADVP-TMP ( RB first ) ) ( VP ( VBD started ) ( S ( VP ( VBG working ) ( PP-CLR ( IN on ) ( S-NOM ( VP ( VBG developing ) ( NP ( DT this ) ( NN contract ) ) ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1984 ) ) ) ) )

The Merc first started working on developing this contract in 1984


( S ( ADVP-TMP ( NP ( QP ( RB Only ) ( CD three ) ) ( NNS weeks ) ) ( RBR earlier ) ) ( NP-SBJ ( DT the ) ( NNP Merc ) ) ( VP ( VBD had ) ( VP ( VBN turned ) ( PP-DIR ( TO to ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( JJ own ) ( NNS executives ) ) ( NP ( JJ 40-year-old ) ( NNP R. ) ( NNP Patrick ) ( NNP Thompson ) ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB replace ) ( NP ( NNP Rosemary ) ( NNP T. ) ( NNP McFadden ) ) ( PP-CLR ( IN as ) ( NP ( NN president ) ) ) ) ) ) ) ) )

Only three weeks earlier the Merc had turned to one of its own executives 40-year-old R. Patrick Thompson to replace Rosemary T. McFadden as president


( S ( NP-SBJ-2 ( NNP Mr. ) ( NNP Thompson ) ) ( VP ( VBZ is ) ( VP ( VBN believed ) ( S ( VP ( TO to ) ( VP ( VB have ) ( NP ( NP ( DT a ) ( NN mandate ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NN board ) ) ( PP ( IN of ) ( NP ( NNS directors ) ) ) ) ) ( S-3 ( VP ( TO to ) ( VP ( VB help ) ( S ( VP ( VB improve ) ( NP ( NP ( NP ( DT the ) ( NNP Merc ) ( POS 's ) ) ( JJ tarnished ) ( NN reputation ) ) ( PP ( IN as ) ( NP ( NP ( DT an ) ( NN exchange ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( NN floor ) ( NNS traders ) ) ( S ( VP ( VBP do ) ( RB n't ) ( VP ( VB follow ) ( NP ( DT the ) ( NNS rules ) ) ( ADVP-MNR ( RB very ) ( RB well ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Thompson is believed to have a mandate from the board of directors to help improve the Merc 's tarnished reputation as an exchange whose floor traders do n't follow the rules very well


( S ( NP-SBJ-1 ( NNP Ms. ) ( NNP McFadden ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN forced ) ( PRT ( RP out ) ) ( PP-TMP ( IN in ) ( NP ( NNP July ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( JJ bitter ) ( NN power ) ( NN struggle ) ) ( PP ( IN with ) ( NP ( NP ( NNP Z. ) ( NNP Lou ) ( NNP Guttman ) ) ( NP ( NP ( NN chairman ) ) ( CC and ) ( NP ( NP ( DT a ) ( JJ longtime ) ( NN floor ) ( NN trader ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN exchange ) ) ) ) ) ) ) ) ) ) ) ) )

Ms. McFadden had been forced out in July in a bitter power struggle with Z. Lou Guttman chairman and a longtime floor trader on the exchange


( S ( NP-SBJ ( NNP Mr. ) ( NNP Guttman ) ) ( VP ( VBD told ) ( NP ( NP ( CD one ) ( NN person ) ) ( ADJP ( JJ familiar ) ( PP ( IN with ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNS exchanges ) ) ) ) ) ( PP-TMP ( IN during ) ( NP ( NP ( DT the ) ( NN search ) ) ( PP ( IN for ) ( NP ( DT a ) ( NN replacement ) ) ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD was ) ( VP ( VBG looking ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( NN president ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ responsive ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NNS needs ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN membership ) ) ( CC and ) ( NP ( DT the ) ( NN board ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Guttman told one person familiar with the New York exchanges during the search for a replacement that he was looking for a president who would be responsive to the needs of the membership and the board


( S ( NP-SBJ ( NNP Mr. ) ( NNP Thompson ) ) ( ADVP-TMP ( RB first ) ) ( VP ( VP ( VBD came ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( NN exchange ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1981 ) ) ) ) ( CC and ) ( VP ( VBZ has ) ( VP ( VBN been ) ( NP-PRD ( JJ executive ) ( NN vice ) ( NN president ) ) ( PP-TMP ( IN since ) ( NP ( NNP March ) ( CD 1988 ) ) ) ) ) ) )

Mr. Thompson first came to the exchange in 1981 and has been executive vice president since March 1988


( S ( NP-SBJ ( PRP He ) ) ( ADVP-TMP ( RB previously ) ) ( VP ( VBD held ) ( NP ( NP ( NNS posts ) ) ( PP ( IN of ) ( NP ( NP ( NP ( JJ senior ) ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( NN compliance ) ) ) ) ( CC and ) ( NP ( JJ senior ) ( NN vice ) ( NN president ) ) ( CC and ) ( NP ( JJ general ) ( NN counsel ) ) ) ) ) ) )

He previously held posts of senior vice president of compliance and senior vice president and general counsel


( S ( PP ( IN By ) ( NP ( NN contrast ) ) ) ( NP-SBJ ( DT the ) ( NNP Comex ) ) ( PP-TMP ( IN in ) ( NP ( NNP July ) ) ) ( VP ( VBD imported ) ( NP ( NP ( DT a ) ( ADJP ( RB highly ) ( JJ regarded ) ) ( NN outsider ) ) ( NP ( NNP Arnold ) ( NNP F. ) ( NNP Staloff ) ) ) ( PP-CLR ( IN as ) ( NP ( PRP$ its ) ( NN president ) ) ) ) )

By contrast the Comex in July imported a highly regarded outsider Arnold F. Staloff as its president


( S ( NP-SBJ-1 ( NP ( NNP Mr. ) ( NNP Staloff ) ) ( NP ( CD 44 ) ) ) ( VP ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( JJ senior ) ( NN officer ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Philadelphia ) ( NNP Stock ) ( NNP Exchange ) ) ) ) ) ( CC and ) ( VP ( VBZ is ) ( VP ( VBN considered ) ( S ( NP-PRD ( NP ( DT a ) ( NN specialist ) ) ( PP ( IN in ) ( NP ( JJ new ) ( JJ financial ) ( NNS products ) ) ) ) ) ) ) ) )

Mr. Staloff 44 was a senior officer of the Philadelphia Stock Exchange and is considered a specialist in new financial products


( S ( NP-SBJ ( NNP Mr. ) ( NNP Thompson ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( JJ bereft ) ( PP ( IN of ) ( NP ( NP ( NN experience ) ) ( PP ( IN with ) ( NP ( JJ new ) ( NNS products ) ) ) ) ) ) ( ADVP ( RB however ) ) ) )

Mr. Thompson is n't bereft of experience with new products however


( S-1 ( PP-TMP ( IN For ) ( NP ( DT the ) ( JJ past ) ( CD two ) ( NNS years ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) ) ) ( NP-SBJ-2 ( NP ( PRP he ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN exchange ) ( POS 's ) ) ( NN research ) ( NN department ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG working ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( JJ new ) ( JJ natural ) ( NN gas ) ( NN contract ) ) ) ( S-ADV ( VP ( VP ( VBG seeking ) ( NP ( DT a ) ( JJ good ) ( NN delivery ) ( NN site ) ) ) ( CC and ) ( VP ( VBG studying ) ( NP ( DT the ) ( JJ natural ) ( NN gas ) ( NN market ) ) ) ) ) ) ) ) )

For the past two years he said he and the exchange 's research department have been working on the new natural gas contract seeking a good delivery site and studying the natural gas market


( S ( S-TPC-3 ( NP-SBJ-1 ( PRP$ Our ) ( NNS members ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ eager ) ( S ( VP ( TO to ) ( VP ( VB begin ) ( S ( VP ( VBG trading ) ( NP ( DT this ) ( NN contract ) ) ) ) ) ) ) ) ( SBAR-PRP ( IN so ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP expect ) ( NP ( NP ( DT no ) ( NN difficulty ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG attracting ) ( NP ( NNS locals ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( JJ natural ) ( NN gas ) ( NN pit ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

Our members are eager to begin trading this contract so we expect no difficulty in attracting locals to the natural gas pit he said


( S ( S-TPC-4 ( NP-SBJ-3 ( NP ( DT The ) ( JJ educational ) ( NN effort ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG teaching ) ( NP-5 ( NP ( NNS companies ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ natural ) ( NN gas ) ( NN industry ) ) ) ) ( SBAR ( WHADVP-1 ( WRB how ) ) ( S ( VP ( TO to ) ( VP ( VB use ) ( NP ( DT the ) ( NNS futures ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB hedge ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB continue ) ( PP-TMP ( IN for ) ( NP ( DT another ) ( DT a ) ( NN year ) ( QP ( CC or ) ( CD two ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD added ) ) )

The educational effort of teaching companies in the natural gas industry how to use the futures to hedge would have to continue for another a year or two he added


( S ( NP-SBJ ( NP ( NP ( DT The ) ( NNP Merc ) ( VBZ 's ) ) ( ADJP ( RB extremely ) ( JJ successful ) ) ( NNS contracts ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NN crude ) ( NN oil ) ) ( NP ( NN gasoline ) ) ( CC and ) ( NP ( NN heating ) ( NN oil ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN made ) ( S ( NP-SBJ ( PRP it ) ) ( UCP-PRD ( NP ( NP ( DT the ) ( JJS largest ) ( NNS futures ) ( NN exchange ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ( CC and ) ( ADJP ( JJ third ) ( PP ( IN behind ) ( NP ( NP ( NP ( DT the ) ( NNP Chicago ) ( NNP Board ) ) ( PP ( IN of ) ( NP ( NNP Trade ) ) ) ) ( CC and ) ( NP ( NNP Chicago ) ( NNP Mercantile ) ( NNP Exchange ) ) ) ) ) ) ) ) ) )

The Merc 's extremely successful contracts in crude oil gasoline and heating oil have made it the largest futures exchange in New York and third behind the Chicago Board of Trade and Chicago Mercantile Exchange


( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( JJ recent ) ( NN interview ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Thompson ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( JJS biggest ) ( NN problem ) ) ( VP ( VBG facing ) ( NP ( DT all ) ( NN commodity ) ( NNS exchanges ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NN one ) ) ( PP ( IN of ) ( NP ( NN image ) ) ) ) ) ) ) ) )

In a recent interview Mr. Thompson said the biggest problem facing all commodity exchanges was one of image


( S ( NP-TMP ( RBR Earlier ) ( DT this ) ( NN year ) ) ( NP-SBJ ( DT the ) ( NNP U.S. ) ( NN attorney ) ) ( VP ( VBD indicted ) ( NP ( NP ( NP ( CD 45 ) ( NN floor ) ( NNS traders ) ) ) ( CC and ) ( NP ( NP ( CD one ) ( NN clerk ) ) ) ( PP-LOC-1 ( IN at ) ( NP ( DT the ) ( CD two ) ( JJ big ) ( NNP Chicago ) ( NNS exchanges ) ) ) ) ) )

Earlier this year the U.S. attorney indicted 45 floor traders and one clerk at the two big Chicago exchanges


( S ( NP-SBJ ( NP ( NNP Federal ) ( NNS authorities ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ( VP ( VBD started ) ( VP ( VBG investigating ) ( NP ( NNS exchanges ) ) ( PP-TMP ( IN in ) ( NP ( NNP May ) ) ) ( SBAR-ADV ( IN though ) ( S ( NP-SBJ-1 ( DT no ) ( NNS indictments ) ) ( VP ( VB have ) ( VP ( VBN been ) ( VP ( VBN handed ) ( PRT ( RP down ) ) ( ADVP-LOC ( RB there ) ) ) ) ) ) ) ) ) )

Federal authorities in New York started investigating exchanges in May though no indictments have been handed down there


( S ( ADVP-TMP ( RB So ) ( RB far ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP have ) ( VP ( VBN issued ) ( NP ( NP ( NNS scores ) ) ( PP ( IN of ) ( NP ( NNS subpoenas ) ) ) ( SBAR ( WHNP-1 ( NP ( DT some ) ) ( WHPP ( IN of ) ( WHNP ( WDT which ) ) ) ) ( S ( VP ( VBD went ) ( PP-DIR ( TO to ) ( NP ( NP ( NNS members ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Merc ) ) ) ) ) ) ) ) ) ) ) )

So far they have issued scores of subpoenas some of which went to members of the New York Merc


( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Thompson ) ) ( VP ( MD will ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB face ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS consequences ) ) ( PP ( IN of ) ( NP ( DT those ) ( NNS subpoenas ) ) ) ) ) ) ) ) ) ) ) )

Mr. Thompson will have to face some of the consequences of those subpoenas


( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( JJ recent ) ( NNP General ) ( NNP Accounting ) ( NNP Office ) ( NN study ) ) ) ( NP-SBJ-1 ( DT the ) ( NNP Merc ) ) ( VP ( VBD was ) ( VP ( VBN found ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VBN been ) ( NP-PRD ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ lax ) ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG enforcing ) ( NP ( NN exchange ) ( NNS rules ) ) ) ) ) ) ) ) ) ) ) ) )

In a recent General Accounting Office study the Merc was found to have been the most lax in enforcing exchange rules


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD levied ) ( NP ( NP ( DT the ) ( JJS smallest ) ( NN number ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNS suspensions ) ) ( PP ( IN of ) ( NP ( NNS traders ) ) ) ) ( CC and ) ( NP ( NNS fines ) ) ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( CD four ) ( JJS largest ) ( NN commodity ) ( NNS exchanges ) ) ( VP ( VBN studied ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ past ) ( CD five ) ( NNS years ) ) ) ) ) ) ) ) )

It levied the smallest number of suspensions of traders and fines of the four largest commodity exchanges studied over the past five years


( S ( NP-SBJ ( PRP It ) ) ( ADVP ( RB also ) ) ( VP ( VBD had ) ( NP ( NP ( CC both ) ( DT the ) ( ADJP ( ADJP ( JJS fewest ) ) ( CC and ) ( ADJP ( JJS least ) ( JJ experienced ) ) ) ( NNS investigators ) ) ( PP ( IN per ) ( NP ( NP ( CD million ) ( NNS contracts ) ) ( VP ( VBN traded ) ) ) ) ) ) )

It also had both the fewest and least experienced investigators per million contracts traded


( S ( NP-SBJ ( DT The ) ( NNP Merc ) ) ( VP ( VBD received ) ( NP ( JJ considerable ) ( NN criticism ) ) ( PP-TMP ( IN in ) ( NP ( CD 1987 ) ) ) ( SBAR-TMP ( WHADVP-6 ( WRB when ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBN discovered ) ( SBAR ( IN that ) ( S ( NP-SBJ-3 ( NP ( PRP$ its ) ( NN compliance ) ( NN director ) ) ( NP ( NNP Kevin ) ( NNP P. ) ( NNP Conway ) ) ( SBAR ( WHNP-4 ( WP who ) ) ( S ( ADVP-TMP ( RB then ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ responsible ) ( PP ( IN for ) ( S-NOM ( VP ( VBG policing ) ( NP ( NP ( DT the ) ( NN exchange ) ( POS 's ) ) ( JJ busy ) ( NN oil ) ( CC and ) ( NN metal ) ( NNS pits ) ) ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN engaged ) ( PP-CLR ( IN in ) ( NP ( NP ( JJ other ) ( JJ personal ) ( NN business ) ( NNS activities ) ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Exchange ) ( NN time ) ) ) ( PP-1 ( VBG including ) ( NP ( JJ out-of-state ) ( NNS trips ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( NNP New ) ( NNP York ) ( NNP Merc ) ( NN report ) ) ( VP ( VBN prepared ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Merc received considerable criticism in 1987 when it was discovered that its compliance director Kevin P. Conway who then was responsible for policing the exchange 's busy oil and metal pits was engaged in other personal business activities on Exchange time including out-of-state trips according to a New York Merc report prepared last year


( S ( NP-SBJ ( NNP Mr. ) ( NNP Conway ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB no ) ( RBR longer ) ) ( PP-LOC-PRD ( IN at ) ( NP ( DT the ) ( NN exchange ) ) ) ) )

Mr. Conway is no longer at the exchange


( S ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBD had ) ( NP ( DT a ) ( NN management ) ( NN breakdown ) ) ( PP-TMP ( IN in ) ( NP ( CD 1987 ) ) ) ( PP ( IN in ) ( NP ( NP ( NNS terms ) ) ( PP ( IN of ) ( NP ( NN compliance ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Thompson ) ) ( VP ( VBZ says ) ) )

We had a management breakdown in 1987 in terms of compliance Mr. Thompson says


( S ( NP-SBJ ( PRP We ) ) ( VP ( VP ( VBD recognized ) ( NP ( DT the ) ( NN problem ) ) ) ( CC and ) ( VP ( VBD took ) ( NP-CLR ( NN care ) ) ( PP-CLR ( IN of ) ( NP ( PRP it ) ) ) ) ) )

We recognized the problem and took care of it


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ says ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( RB even ) ( IN if ) ( S ( NP-SBJ ( DT the ) ( JJ natural ) ( NN gas ) ( NN contract ) ) ( VP ( VBZ boosts ) ( NP ( NP ( NN volume ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NN exchange ) ) ) ) ( ADVP-MNR ( RB strongly ) ) ) ) ) ( NP-SBJ ( DT the ) ( CD 1990 ) ( NN business ) ( NN plan ) ) ( VP ( VBZ calls ) ( PP-CLR ( IN for ) ( S-NOM ( VP ( VBG having ) ( NP ( NP ( JJ adequate ) ( NN compliance ) ( NNS people ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB ensure ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NN exchange ) ( NNS rules ) ) ( VP ( VBP are ) ( VP ( VBG being ) ( VP ( VBN followed ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He says that even if the natural gas contract boosts volume at the exchange strongly the 1990 business plan calls for having adequate compliance people to ensure that exchange rules are being followed


( S ( PP-TMP ( IN For ) ( NP ( NNS years ) ) ) ( NP-SBJ ( DT the ) ( CD five ) ( NNP New ) ( NNP York ) ( NNS exchanges ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG talking ) ( PP-CLR ( IN about ) ( S-NOM ( VP ( VBG cooperating ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ various ) ( NNS aspects ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN business ) ) ) ) ) ( SBAR-PRP ( IN in ) ( NN order ) ( S ( VP ( TO to ) ( VP ( VB improve ) ( NP ( NP ( DT the ) ( NN efficiency ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NNS operations ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

For years the five New York exchanges have been talking about cooperating in various aspects of their business in order to improve the efficiency of their operations


( S ( ADVP-TMP ( RB Periodically ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBZ has ) ( ADVP ( RB even ) ) ( VP ( VBN been ) ( NP-PRD ( NP ( NN talk ) ) ( PP ( IN of ) ( NP ( NP ( NNS mergers ) ) ( PP ( IN between ) ( NP ( QP ( CD one ) ( CC or ) ( JJR more ) ) ( NNS exchanges ) ) ) ) ) ) ) ) )

Periodically there has even been talk of mergers between one or more exchanges


( S ( ADVP-TMP ( RB So ) ( RB far ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( JJ little ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB show ) ( PP ( IN for ) ( NP ( JJ such ) ( NNS efforts ) ) ) ) ) ) ) ) ) )

So far there is little to show for such efforts


( S ( NP-SBJ ( NNP Mr. ) ( NNP Thompson ) ) ( VP ( VBZ believes ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN case ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG working ) ( ADVP-MNR ( RB together ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( JJR stronger ) ) ) ( ADVP-TMP ( RB now ) ) ( PP-1 ( IN than ) ( ADVP-TMP ( RB ever ) ) ) ) ) ) ) )

Mr. Thompson believes the case for working together is stronger now than ever


( S ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( NN cost ) ) ( PP ( IN of ) ( NP ( NN competition ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN become ) ( ADJP-PRD ( RB extremely ) ( JJ high ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

The cost of competition has become extremely high he says


( S ( NP-SBJ ( PRP We ) ) ( VP ( MD must ) ( VP ( VB find ) ( NP ( NP ( NNS ways ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB save ) ( NP ( NN money ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NNS futures ) ( NN commission ) ( NNS merchants ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP do ) ( NP ( NN business ) ) ( PP-LOC ( IN on ) ( NP ( PRP$ our ) ( NNS exchanges ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

We must find ways to save money for the futures commission merchants who do business on our exchanges


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ thinks ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( NN progress ) ) ( PP-LOC ( IN in ) ( NP ( NN cooperation ) ) ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN made ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS areas ) ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ ( DT no ) ( JJ vested ) ( NNS interests ) ) ( VP ( VBP have ) ( VP ( VBN built ) ( PRT ( RP up ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He thinks that progress in cooperation can be made in areas where no vested interests have built up


( S ( NP-SBJ ( NP ( CD One ) ) ( PP ( IN of ) ( NP ( DT those ) ( NNS areas ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN development ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ hand-held ) ( JJ electronic ) ( NN device ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB permit ) ( S ( NP-SBJ ( NN floor ) ( NNS traders ) ) ( VP ( TO to ) ( VP ( VB enter ) ( NP ( NNS trades ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP make ) ( NP ( PRP them ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

One of those areas is the development of a hand-held electronic device that would permit floor traders to enter trades as they make them


( S ( NP-SBJ ( DT The ) ( NNP GAO ) ) ( VP ( VBZ has ) ( VP ( VBN recommended ) ( NP ( NP ( DT the ) ( NN creation ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN system ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB record ) ( NP ( NN trade ) ( NNS data ) ) ( SBAR-PRP ( RB so ) ( IN that ) ( S ( NP-SBJ-1 ( DT an ) ( JJ independent ) ( JJ verifiable ) ( NN audit ) ( NN trail ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN established ) ( S-PRP ( VP ( TO to ) ( VP ( VB prevent ) ( NP ( NN customer ) ( NN fraud ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The GAO has recommended the creation of a system to record trade data so that an independent verifiable audit trail can be established to prevent customer fraud


( S ( NP-SBJ ( DT The ) ( NNP Merc ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB now ) ) ( VP ( VBG cooperating ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NNP Comex ) ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG developing ) ( NP ( NP ( PDT such ) ( DT a ) ( NN device ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB provide ) ( NP ( PDT such ) ( DT an ) ( NN audit ) ( NN trail ) ) ) ) ) ) ) ) ) ) ) ) )

The Merc is now cooperating with the Comex in developing such a device to provide such an audit trail


( S ( NP-SBJ ( DT The ) ( NNP Chicago ) ( NNS exchanges ) ) ( ADVP ( RB also ) ) ( VP ( VBP are ) ( VP ( VBG working ) ( PP-CLR ( IN on ) ( NP ( PDT such ) ( DT a ) ( NN device ) ) ) ) ) )

The Chicago exchanges also are working on such a device


( S ( NP-SBJ ( NP ( DT Another ) ( JJ major ) ( NN electronics ) ( NN problem ) ) ) ( VP ( VBZ faces ) ( NP ( NNP Mr. ) ( NNP Thompson ) ) ( NP-2 ( NP ( DT the ) ( NN creation ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ 24-hour ) ( NN trading ) ( NN system ) ) ( SBAR ( WHNP-4 ( WDT that ) ) ( S ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN used ) ( PP-TMP ( IN outside ) ( NP ( JJ normal ) ( NN trading ) ( NNS hours ) ) ) ) ) ) ) ) ) ) ) ) )

Another major electronics problem faces Mr. Thompson the creation of a 24-hour trading system that can be used outside normal trading hours


( S ( PP-TMP ( IN In ) ( NP ( NNP January ) ) ) ( NP-SBJ ( DT the ) ( NNP New ) ( NNP York ) ( NNP Merc ) ) ( VP ( VBD signed ) ( NP ( NP ( DT a ) ( NN letter ) ) ( PP ( IN of ) ( NP ( NN intent ) ) ) ) ( PP ( IN with ) ( NP ( DT the ) ( NNP Chicago ) ( NNP Merc ) ) ) ( PP ( IN as ) ( NP ( NP ( DT a ) ( JJ preliminary ) ( NN step ) ) ( PP ( TO to ) ( S-NOM ( VP ( VBG joining ) ( NP ( NP ( PRP$ their ) ( JJ electronic ) ( NN system ) ) ( SBAR ( S ( VP ( VBD called ) ( S ( NP-PRD ( NNP Globex ) ) ) ) ) ) ) ) ) ) ) ) ) )

In January the New York Merc signed a letter of intent with the Chicago Merc as a preliminary step to joining their electronic system called Globex


( S ( CC But ) ( PP-TMP ( IN in ) ( NP ( NNP May ) ) ) ( S ( NP-SBJ ( DT the ) ( NNP Chicago ) ( NNP Merc ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBG looking ) ( PP-CLR ( IN into ) ( S-NOM ( VP ( VBG creating ) ( NP ( DT a ) ( JJ common ) ( NN system ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NNP Chicago ) ( NNP Board ) ) ( PP ( IN of ) ( NP ( NNP Trade ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD suspended ) ( NP ( NP ( NNS negotiations ) ) ( PP ( IN with ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Merc ) ) ) ) ) ) )

But in May the Chicago Merc said it was looking into creating a common system with the Chicago Board of Trade and it suspended negotiations with the New York Merc


( S ( NP-SBJ ( NNP Mr. ) ( NNP Thompson ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP$ his ) ( NN exchange ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( VBG waiting ) ( PP-CLR ( IN for ) ( NP ( NP ( DT the ) ( NNS results ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Chicago ) ( NNS exchanges ) ( POS ' ) ) ( NN cooperation ) ) ) ) ) ) ) ) ) ) )

Mr. Thompson says his exchange is n't waiting for the results of the Chicago exchanges ' cooperation


( S ( NP-SBJ ( PRP It ) ) ( ADVP-TMP ( RB recently ) ) ( VP ( VBD began ) ( NP ( NP ( DT a ) ( JJ pilot ) ( NN program ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB test ) ( NP ( NP ( DT an ) ( JJ electronic ) ( NN trading ) ( NN system ) ) ( VP ( VBN called ) ( S ( NP-PRD ( NNP ATS\/2 ) ) ) ) ( NP ( NP ( DT the ) ( JJ automated ) ( NN trading ) ( NN system ) ) ( VP ( VBN created ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP International ) ( NNP Commodities ) ( NNP Clearing ) ( NNP House ) ) ) ) ) ) ) ) ) ) ) ) )

It recently began a pilot program to test an electronic trading system called ATS\/2 the automated trading system created by the International Commodities Clearing House


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

Looking ahead to commodity markets this week


Copper


( S ( NP-SBJ ( NP ( NNP Michael ) ( NNP Frawley ) ) ( NP ( NP ( NNS metals ) ( NN trader ) ) ( PP ( IN for ) ( NP ( NP ( NNP PaineWebber ) ( NNP Inc. ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( ADJP ( JJ good ) ( JJ technical ) ) ( NN support ) ) ( PP ( IN between ) ( NP ( NP ( QP ( CD 1.10 ) ( CC and ) ( CD 1.12 ) ) ) ( NP-ADV ( DT a ) ( NN pound ) ) ) ) ( PP ( IN for ) ( NP ( NP ( NNP December ) ( NN copper ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD ended ) ( NP-TMP ( NNP Friday ) ) ( PP-CLR ( IN at ) ( NP ( NP ( NP ( CD 1.1580 ) ) ( NP-ADV ( DT a ) ( NN pound ) ) ) ( ADVP ( RB up ) ( NP ( CD 1.6 ) ( NNS cents ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Michael Frawley metals trader for PaineWebber Inc. in New York said there is good technical support between 1.10 and 1.12 a pound for December copper which ended Friday at 1.1580 a pound up 1.6 cents


( S ( NP-SBJ ( PRP He ) ) ( VP ( VP ( VBZ views ) ( NP ( DT the ) ( ADJP ( QP ( CD 1.10 ) ( TO to ) ( CD 1.12 ) ) ) ( NN range ) ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( NN buying ) ( NN opportunity ) ) ) ) ( CC and ) ( VP ( VBZ considers ) ( S ( NP-SBJ-1 ( DT the ) ( NN market ) ) ( VP ( JJ oversold ) ) ) ) ) )

He views the 1.10 to 1.12 range as a buying opportunity and considers the market oversold


( S ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( MD could ) ( VP ( VB pop ) ( ADVP-DIR ( RP up ) ( PP ( TO to ) ( NP ( DT the ) ( ADJP ( QP ( CD 1.22 ) ( TO to ) ( CD 1.25 ) ) ) ( NN level ) ) ) ) ( PP ( IN without ) ( NP ( ADJP ( RB too ) ( JJ much ) ) ( NN difficulty ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

I think the market could pop up to the 1.22 to 1.25 level without too much difficulty he said


( S ( CC But ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB climb ) ( ADVP-DIR ( RBR further ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( TO to ) ( VP ( VB remain ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN trading ) ( NN range ) ) ( PP ( IN between ) ( NP ( QP ( CD 1.10 ) ( CC and ) ( CD 1.25 ) ) ) ) ) ) ) ) ) ) ) )

But he said it wo n't climb further and he expects it to remain in a trading range between 1.10 and 1.25


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( S ( NP-SBJ ( DT the ) ( NN equity ) ( NNS markets ) ) ( VP ( MD will ) ( VP ( VB set ) ( NP ( DT the ) ( NN tone ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ industrial ) ( NNS metals ) ) ) ( NP-TMP ( DT this ) ( NN week ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNS traders ) ) ( VP ( MD should ) ( VP ( VB keep ) ( NP-CLR ( DT an ) ( NN eye ) ) ( PP-CLR ( IN on ) ( NP ( NNP Wall ) ( NNP Street ) ) ) ) ) ) ) ) ) )

He noted that the equity markets will set the tone for the industrial metals this week and traders should keep an eye on Wall Street


( S ( NP-SBJ ( NP ( NNP William ) ( NNP O'Neill ) ) ( NP ( NP ( NN research ) ( NN director ) ) ( PP ( IN for ) ( NP ( NP ( NNP Elders ) ( NNP Futures ) ( NNP Inc. ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( SBAR-ADV ( IN for ) ( S ( NP-SBJ ( DT a ) ( NN rally ) ) ( VP ( TO to ) ( VP ( VB occur ) ) ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( MD must ) ( VP ( VB be ) ( NP-PRD ( NP ( NN demand ) ) ( PP ( IN from ) ( NP ( DT the ) ( NNP Far ) ( NNP East ) ) ) ) ) ) ) ) ) )

William O'Neill research director for Elders Futures Inc. in New York said for a rally to occur there must be demand from the Far East


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD added ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( NN talk ) ) ( PP ( IN of ) ( NP ( NP ( NN strike ) ( NNS settlements ) ) ( PP-LOC ( IN at ) ( NP ( VBG producing ) ( NNS mines ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( ADVP-MNR ( RB fully ) ) ( VBN discounted ) ) ) ) ) ) ) )

He added that talk of strike settlements at producing mines has been fully discounted


( S ( ADVP ( RB However ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB resume ) ( NP ( DT the ) ( NN bull ) ( NN trend ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NNP Mr. ) ( NNP O'Neill ) ) ) ) ( NP-SBJ-1 ( NN copper ) ) ( VP ( MD would ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB close ) ( PP-LOC ( IN over ) ( NP ( CD 1.19 ) ) ) ) ) ) ) ) )

However to resume the bull trend according to Mr. O'Neill copper would have to close over 1.19


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( CD two ) ( NNS reports ) ) ) ( NP-TMP ( DT this ) ( NN week ) ) ( SBAR-2 ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD might ) ( VP ( VB affect ) ( NP ( NNS prices ) ) ) ) ) ) ( NP-3 ( NP ( NP ( DT the ) ( NN purchasing ) ( NNS managers ) ( NN report ) ) ( PP-TMP ( IN on ) ( NP ( NNP Wednesday ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN unemployment ) ( NN report ) ) ( PP-TMP ( IN on ) ( NP ( NNP Friday ) ) ) ) ) ) ) ) ) )

He said there are two reports this week that might affect prices the purchasing managers report on Wednesday and the unemployment report on Friday


( NP-HLN ( JJ Precious ) ( NNS Metals ) )

Precious Metals


( S ( NP-SBJ ( NP ( NNP Friday ) ( POS 's ) ) ( JJ strong ) ( NN price ) ( NNS gains ) ) ( VP ( VBD confirmed ) ( NP ( NP ( DT a ) ( NN turnaround ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ precious ) ( NNS metals ) ( NNS markets ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NNP PaineWebber ) ( POS 's ) ) ( NP ( NNP Mr. ) ( NNP Frawley ) ) ) ) ) ) )

Friday 's strong price gains confirmed a turnaround in the precious metals markets according to PaineWebber 's Mr. Frawley


( S ( S-TPC-2 ( NP-SBJ-1 ( JJS Most ) ( NNS traders ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBG looking ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( PP ( IN on ) ( NP ( NNS pullbacks ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

Most traders will be looking to buy on pullbacks he said


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD thought ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT the ) ( NNS moves ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNS metals ) ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ) ( VP ( VBD were ) ( VP ( ADVP ( RBS most ) ) ( VBN influenced ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NN uncertainty ) ) ( PP-LOC ( IN in ) ( NP ( UCP ( DT the ) ( NN equity ) ( CC and ) ( JJ other ) ) ( JJ financial ) ( NNS markets ) ) ) ) ) ) ) ) ) ) )

He thought the moves in the metals last week were most influenced by the uncertainty in the equity and other financial markets


( S ( PP ( VBG According ) ( PP ( TO to ) ( NP ( NNP Mr. ) ( NNP Frawley ) ) ) ) ( NP-SBJ ( NN floor ) ( NNS traders ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VP ( VBZ is ) ( NP-PRD ( JJ good ) ( NN support ) ) ( PP-1 ( IN for ) ( NP ( NNP December ) ( NN gold ) ) ) ( PP-LOC-2 ( IN in ) ( NP ( DT the ) ( ADJP ( QP ( CD 374 ) ( TO to ) ( CD 375 ) ) ( PP ( IN per ) ( NP ( NN ounce ) ) ) ) ( NN area ) ) ) ) ( VP ( PP-LOC=2 ( IN around ) ( NP ( NP ( CD 5.20 ) ) ( NP-ADV ( DT an ) ( NN ounce ) ) ) ) ( PP=1 ( IN for ) ( NP ( NNP December ) ( NN silver ) ) ) ) ( CC and ) ( VP ( PP-LOC=2 ( IN in ) ( NP ( DT the ) ( ADJP ( QP ( CD 485 ) ( TO to ) ( CD 490 ) ) ( NP-ADV ( DT an ) ( NN ounce ) ) ) ( NN range ) ) ) ( PP=1 ( IN for ) ( NP ( NNP January ) ( NN platinum ) ) ) ) ) ) ) ) )

According to Mr. Frawley floor traders say there is good support for December gold in the 374 to 375 per ounce area around 5.20 an ounce for December silver and in the 485 to 490 an ounce range for January platinum


( S ( NP-SBJ ( NP ( NNP William ) ( NNP O'Neill ) ) ( NP ( NP ( NN research ) ( NN director ) ) ( PP ( IN for ) ( NP ( NP ( NNP Elders ) ( NNP Futures ) ( NNP Inc. ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN price ) ( NN action ) ) ( PP ( IN for ) ( NP ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( JJ last ) ( NN week ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJS best ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ has ) ( VP ( VBN seen ) ( PP-TMP ( IN on ) ( NP ( DT a ) ( JJ weekly ) ( NN basis ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( RBR more ) ) ( PP ( IN than ) ( NP ( DT a ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

William O'Neill research director for Elders Futures Inc. in New York said the price action for all of last week is the best he has seen on a weekly basis in more than a year


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NP ( JJ last ) ( NN week ) ( POS 's ) ) ( NN activity ) ) ( PP-LOC ( IN in ) ( NP ( NN gold ) ) ) ) ( VP ( MD could ) ( VP ( VB portend ) ( NP ( NP ( DT a ) ( NN move ) ) ( PP ( TO to ) ( NP ( NP ( CD 390 ) ) ( NP-ADV ( DT an ) ( NN ounce ) ) ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNP December ) ( NN contract ) ) ) ) ) ) ) ) )

He said last week 's activity in gold could portend a move to 390 an ounce for the December contract


( S ( NP-SBJ ( PRP He ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNS traders ) ) ( VP ( MD should ) ( VP ( VB keep ) ( NP-CLR ( DT an ) ( NN eye ) ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ) ( SBAR-PRP ( IN because ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT the ) ( NN stock ) ( NN market ) ) ( VP ( VBZ rallies ) ) ) ) ( NP-SBJ ( DT that ) ) ( VP ( MD could ) ( VP ( VB spell ) ( NP-CLR ( NN trouble ) ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( JJ precious ) ( NNS metals ) ) ) ) ) ) ) ) ) ) ) ) )

He also said traders should keep an eye on the stock market because if the stock market rallies that could spell trouble for the precious metals


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNS traders ) ) ( VP ( MD should ) ( VP ( VB be ) ( PP-PRD ( IN on ) ( NP ( DT the ) ( NN lookout ) ) ) ( PP-CLR ( IN for ) ( SBAR-NOM ( WHADVP-1 ( WRB how ) ) ( S ( NP-SBJ ( NNS metals ) ( NNS producers ) ) ( VP ( VBP react ) ( PP-CLR ( TO to ) ( NP ( DT this ) ( NN rally ) ) ) ) ) ) ) ) ) ) ) ) )

He said traders should be on the lookout for how metals producers react to this rally


( S ( S ( NP-SBJ-1 ( PRP I ) ) ( VP ( VBP expect ) ( S ( VP ( TO to ) ( VP ( VB see ) ( NP ( DT some ) ( NN selling ) ) ) ) ) ) ) ( CC but ) ( SQ ( MD will ) ( NP-SBJ-2 ( PRP they ) ) ( VP ( VB kill ) ( NP ( DT this ) ( NN one ) ) ( SBAR-MNR ( IN as ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP have ) ( VP ( NP ( NP ( DT every ) ( NN rally ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ recent ) ( NN past ) ) ) ) ) ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VP ( VBG selling ) ) ( CC and ) ( VP ( VBG locking ) ( PRT ( RP in ) ) ( NP ( NP ( NNS prices ) ) ( PP ( IN for ) ( NP ( PRP$ their ) ( NN production ) ) ) ) ) ) ) ) ) ) )

I expect to see some selling but will they kill this one as they have every rally in the recent past by selling and locking in prices for their production


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( PP-TMP ( IN for ) ( NP ( NP ( DT the ) ( JJ first ) ( NN time ) ) ( PP-TMP ( IN in ) ( NP ( NNS months ) ) ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBD was ) ( NP-PRD ( DT some ) ( JJ light ) ( NN investor ) ( NN interest ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNS metals ) ) ) ) ) ) ) )

He noted that for the first time in months there was some light investor interest in the metals


( NP-HLN ( NNS Grains ) ( CC And ) ( NNS Soybeans ) )

Grains And Soybeans


( S ( NP-SBJ-1 ( NNS Prices ) ) ( NP-TMP ( DT this ) ( NN week ) ) ( VP ( MD will ) ( ADVP ( RB likely ) ) ( VP ( VB be ) ( VP ( VBN dominated ) ( PP ( PP ( IN by ) ( NP-LGS ( NP ( NNS reports ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN progress ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN corn ) ( CC and ) ( NN soybean ) ( NN harvest ) ) ) ) ) ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( PP ( IN by ) ( NP-LGS ( NP ( NN speculation ) ) ( PP ( IN about ) ( NP ( NP ( JJR more ) ( NNS purchases ) ) ( PP ( IN of ) ( NP ( NNP U.S. ) ( NNS crops ) ) ) ( PP ( IN by ) ( NP ( DT the ) ( NNP Soviet ) ( NNP Union ) ) ) ) ) ) ) ) ) ) ) )

Prices this week will likely be dominated by reports on the progress of the corn and soybean harvest as well as by speculation about more purchases of U.S. crops by the Soviet Union


( S ( S ( PP-TMP ( IN In ) ( NP ( JJ recent ) ( NNS weeks ) ) ) ( NP-SBJ ( ADJP ( JJ warm ) ( CC and ) ( JJ dry ) ) ( NN weather ) ) ( VP ( VBZ has ) ( VP ( VBN sped ) ( NP ( DT the ) ( NNP Midwest ) ( NN harvest ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ is ) ( VP ( VBG permitting ) ( S ( NP-SBJ ( NNS farmers ) ) ( VP ( TO to ) ( VP ( VB rebuild ) ( NP ( NP ( DT the ) ( NNS stockpiles ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD were ) ( VP ( VBN cut ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( CD 1988 ) ( NN drought ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In recent weeks warm and dry weather has sped the Midwest harvest and that is permitting farmers to rebuild the stockpiles that were cut by the 1988 drought


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( DT the ) ( NN weather ) ) ( VP ( VBD allowed ) ( S ( NP-SBJ ( NNS farmers ) ) ( VP ( TO to ) ( VP ( VB work ) ( PP-LOC ( IN in ) ( NP ( PRP$ their ) ( NNS fields ) ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( NN weekend ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( JJ many ) ( NNP Midwest ) ( NN grain ) ( NNS elevators ) ) ( VP ( MD will ) ( ADVP ( RB probably ) ) ( VP ( VB sell ) ( NP ( NNS futures ) ( NNS contracts ) ) ( NP-TMP ( NN today ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NNP Chicago ) ( NNP Board ) ) ( PP ( IN of ) ( NP ( NNP Trade ) ) ) ) ) ( SBAR-PRP ( IN in ) ( NN order ) ( S ( VP ( TO to ) ( VP ( VB hedge ) ( NP ( NP ( PRP$ their ) ( NN weekend ) ( NNS purchases ) ) ( PP ( IN from ) ( NP ( NNS farmers ) ) ) ) ) ) ) ) ) ) )

If the weather allowed farmers to work in their fields over the weekend many Midwest grain elevators will probably sell futures contracts today at the Chicago Board of Trade in order to hedge their weekend purchases from farmers


( S ( NP-SBJ ( NP ( DT That ) ( NN selling ) ) ( PP ( IN of ) ( NP ( NNS futures ) ( NNS contracts ) ) ) ( PP ( IN by ) ( NP ( NNS elevators ) ) ) ) ( VP ( VBZ is ) ( SBAR-NOM-PRD ( WHNP-1 ( WP what ) ) ( S ( VP ( VBZ helps ) ( S ( VP ( VB keep ) ( NP ( JJ downward ) ( NN pressure ) ) ( PP-CLR ( IN on ) ( NP ( NN crop ) ( NNS prices ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN harvest ) ) ) ) ) ) ) ) ) )

That selling of futures contracts by elevators is what helps keep downward pressure on crop prices during the harvest


( S ( NP-SBJ ( NNS Traders ) ) ( VP ( MD will ) ( ADVP ( RB also ) ) ( VP ( VB watch ) ( PP-CLR ( IN for ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( DT the ) ( NNP Soviet ) ( NNP Union ) ) ( VP ( VBZ continues ) ( NP ( NP ( PRP$ its ) ( JJ traditional ) ( NN fall ) ( NN buying ) ) ( PP ( IN of ) ( NP ( NNP U.S. ) ( NN grain ) ) ) ) ) ) ) ) ) ) )

Traders will also watch for whether the Soviet Union continues its traditional fall buying of U.S. grain


( S ( ADVP-TMP ( RB So ) ( RB far ) ) ( NP-TMP ( DT this ) ( NN month ) ) ( NP-SBJ ( DT the ) ( NNPS Soviets ) ) ( VP ( VBP have ) ( VP ( VBN bought ) ( NP ( NP ( QP ( RB about ) ( CD 7.2 ) ( CD million ) ) ( JJ metric ) ( NNS tons ) ) ( PP ( IN of ) ( NP ( NNP U.S. ) ( NN corn ) ) ) ) ) ) )

So far this month the Soviets have bought about 7.2 million metric tons of U.S. corn


( S ( NP-SBJ ( EX There ) ) ( VP ( MD may ) ( VP ( VB be ) ( NP-PRD ( DT some ) ( NN activity ) ) ( PP-LOC ( IN in ) ( NP ( NN soybean ) ( NNS prices ) ) ) ( NP-TMP ( DT this ) ( NN week ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ-1 ( NNS investors ) ) ( VP ( VBP try ) ( S ( VP ( TO to ) ( VP ( VB get ) ( ADJP-PRD ( JJ rid ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN contract ) ) ( PP ( IN for ) ( NP ( NNP November ) ( NN delivery ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

There may be some activity in soybean prices this week as investors try to get rid of the contract for November delivery


( S ( NP-SBJ-1 ( NNS Investors ) ) ( ADVP-TMP ( RB usually ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB want ) ( S ( VP ( TO to ) ( VP ( VB take ) ( NP ( NP ( JJ physical ) ( NN delivery ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN contract ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG preferring ) ( ADVP ( RB instead ) ) ( S ( VP ( TO to ) ( VP ( VP ( VB profit ) ( PP-CLR ( IN from ) ( NP ( PRP$ its ) ( NN price ) ( NNS swings ) ) ) ) ( CC and ) ( VP ( ADVP-TMP ( RB then ) ) ( VB end ) ( NP ( DT any ) ( NN obligation ) ( S ( VP ( TO to ) ( VP ( VP ( VB take ) ( NP ( NN delivery ) ) ) ( CC or ) ( VP ( VB make ) ( NP ( NN delivery ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ nears ) ( NP ( NN expiration ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Investors usually do n't want to take physical delivery of a contract preferring instead to profit from its price swings and then end any obligation to take delivery or make delivery as it nears expiration


( S ( NP-SBJ ( NP ( NNP Rally ) ( POS 's ) ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD filed ) ( NP-CLR ( NN suit ) ) ( PP-LOC ( IN in ) ( NP ( NNP U.S. ) ( NNP District ) ( NNP Court ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Delaware ) ) ) ( PP-CLR ( IN against ) ( NP ( NP ( DT a ) ( NN group ) ) ( VP ( VBN led ) ( PP ( IN by ) ( NP-LGS ( NNP Burt ) ( NNP Sugarman ) ) ) ) ) ) ( S-ADV ( VP ( VBG seeking ) ( S ( VP ( TO to ) ( VP ( VB block ) ( NP-3 ( DT the ) ( NNS investors ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG buying ) ( NP ( JJR more ) ( NNS shares ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Rally 's Inc. said it filed suit in U.S. District Court in Delaware against a group led by Burt Sugarman seeking to block the investors from buying more shares


( S ( NP-SBJ ( NP ( NNP Rally ) ( POS 's ) ) ( NP ( DT a ) ( NAC-LOC ( NNP Louisville ) ( NNP Ky. ) ) ( NN fast-food ) ( NN chain ) ) ) ( VP ( VBZ alleges ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( CD three ) ( NNS investors ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP are ) ( NP-PRD ( NP ( NNS directors ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ) ) ( VP ( VBD broke ) ( NP ( NNS securities ) ( NNS laws ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB disclose ) ( NP ( PRP$ their ) ( NNS intentions ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( DT a ) ( JJ big ) ( NP ( NNP Rally ) ( POS 's ) ) ( NN stake ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Rally 's a Louisville Ky. fast-food chain alleges that the three investors who are directors of the company broke securities laws because they did n't disclose their intentions to acquire a big Rally 's stake


( S ( NP-SBJ ( NP ( DT The ) ( NN group ) ) ( VP ( VBN led ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Giant ) ( NNP Group ) ( NNP Ltd. ) ) ( CC and ) ( NP ( NP ( PRP$ its ) ( NN chairman ) ) ( NP ( NNP Mr. ) ( NNP Sugarman ) ) ) ) ) ) ) ( VP ( VBZ owns ) ( NP ( NP ( QP ( RB about ) ( CD 45.2 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNP Rally ) ( POS 's ) ) ) ) ) )

The group led by Giant Group Ltd. and its chairman Mr. Sugarman owns about 45.2 % of Rally 's


( S ( PP-LOC ( IN In ) ( NP ( DT the ) ( NNPS Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ( NNS filings ) ) ) ( NP-SBJ ( DT the ) ( NN group ) ) ( VP ( VBZ has ) ( VP ( VBN said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD may ) ( VP ( VB seek ) ( NP ( NP ( NN control ) ) ( PP ( IN of ) ( NP ( NNP Rally ) ( POS 's ) ) ) ) ) ) ) ) ) ) )

In the Securities and Exchange Commission filings the group has said it may seek control of Rally 's


( S ( NP-SBJ ( NNP Mr. ) ( NNP Sugarman ) ) ( VP ( VP ( VBD called ) ( S ( NP-SBJ ( DT the ) ( NN lawsuit ) ) ( ADJP-PRD ( RB not ) ( JJ nice ) ) ) ) ( CC and ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP$ his ) ( NN group ) ) ( VP ( MD will ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB push ) ( PP-CLR ( IN for ) ( NP ( NP ( NP ( NN control ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN company ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN removal ) ) ( PP ( IN of ) ( NP ( JJ certain ) ( NNS directors ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Sugarman called the lawsuit not nice and said his group will continue to push for control of the company and the removal of certain directors


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ asserts ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT some ) ( NNS directors ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP have ) ( VP ( VBN joined ) ( NP-CLR ( NNS forces ) ) ( PP-CLR ( IN with ) ( NP ( NN company ) ( NN founder ) ( NNP James ) ( NNP Patterson ) ) ) ) ) ) ) ) ( VP ( VB have ) ( NP ( NP ( NNS ties ) ) ( PP ( TO to ) ( NP ( NP ( NNP Wendy ) ( VBZ 's ) ) ( NP ( DT a ) ( JJ competing ) ( NN hamburger ) ( NN chain ) ) ) ) ) ) ) ) ) )

He asserts that some directors who have joined forces with company founder James Patterson have ties to Wendy 's a competing hamburger chain


( S ( NP-SBJ ( NP ( DT The ) ( NNP Patterson ) ( NN group ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ controls ) ( NP ( NP ( QP ( RB about ) ( CD 42 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NN Rally ) ( POS 's ) ) ( NNS shares ) ) ) ) ) ) ) ) ( ADVP ( RB also ) ) ( VP ( MD may ) ( VP ( VB seek ) ( NP ( NN control ) ) ) ) )

The Patterson group which controls about 42 % of Rally 's shares also may seek control


( S ( NP-SBJ ( NNP Rally ) ( POS 's ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD formed ) ( NP ( NP ( NP ( DT a ) ( NN committee ) ) ( PP ( IN of ) ( NP ( NP ( CD three ) ( NNS directors ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP are ) ( RB n't ) ( VP ( VBN associated ) ( PP-CLR ( IN with ) ( NP ( CC either ) ( DT the ) ( NNP Patterson ) ( CC or ) ( NNP Sugarman ) ( NNS groups ) ) ) ) ) ) ) ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB analyze ) ( NP ( DT the ) ( NN situation ) ) ) ) ) ) ) ) ) ) ) )

Rally 's also said it formed a committee of three directors who are n't associated with either the Patterson or Sugarman groups to analyze the situation


( S ( NP-SBJ-1 ( NNP Texas ) ( NNPS Instruments ) ( NNP Inc. ) ) ( S-ADV ( ADVP-TMP ( RB once ) ) ( NP-PRD ( NP ( DT a ) ( NN pioneer ) ) ( PP-LOC ( IN in ) ( NP ( JJ portable ) ( NN computer ) ( NN technology ) ) ) ) ) ( NP-TMP ( NN today ) ) ( VP ( MD will ) ( VP ( VB make ) ( NP ( DT a ) ( NN bid ) ( S ( VP ( TO to ) ( VP ( VB reassert ) ( NP ( PRP itself ) ) ( PP-LOC ( IN in ) ( NP ( DT that ) ( NN business ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG unveiling ) ( NP ( CD three ) ( JJ small ) ( JJ personal ) ( NNS computers ) ) ) ) ) ) ) ) ) ) ) )

Texas Instruments Inc. once a pioneer in portable computer technology today will make a bid to reassert itself in that business by unveiling three small personal computers


( S ( NP-SBJ-3 ( DT The ) ( NNS announcements ) ) ( VP ( VP ( VBP are ) ( VP ( VBN scheduled ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN made ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Temple ) ) ( NP ( NNP Texas ) ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBP include ) ( NP ( NP ( DT a ) ( JJ so-called ) ( NN notebook ) ( NN PC ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VP ( VBZ weighs ) ( NP ( QP ( JJR less ) ( IN than ) ( CD seven ) ) ( NNS pounds ) ) ) ( VP ( VBZ has ) ( NP ( DT a ) ( JJ built-in ) ( JJ hard ) ( NN disk ) ( NN drive ) ) ) ( CC and ) ( VP ( VBZ is ) ( VP ( VBN powered ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Intel ) ( NNP Corp. ) ( POS 's ) ) ( CD 286 ) ( NN microprocessor ) ) ) ) ) ) ) ) ) ) ) )

The announcements are scheduled to be made in Temple Texas and include a so-called notebook PC that weighs less than seven pounds has a built-in hard disk drive and is powered by Intel Corp. 's 286 microprocessor


( S ( NP-SBJ ( DT That ) ( NN introduction ) ) ( VP ( VBZ comes ) ( SBAR-TMP ( NP-ADV ( QP ( RB only ) ( CD two ) ) ( NNS weeks ) ) ( IN after ) ( S ( NP-SBJ-1 ( NNP Compaq ) ( NNP Computer ) ( NNP Corp. ) ) ( S-ADV ( VP ( VBG believing ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD had ) ( NP ( NP ( DT a ) ( NN lead ) ) ( PP ( IN of ) ( NP ( QP ( CD three ) ( TO to ) ( CD six ) ) ( NNS months ) ) ) ( PP ( IN on ) ( NP ( NNS competitors ) ) ) ) ) ) ) ) ) ( VP ( VBD introduced ) ( NP ( NP ( DT the ) ( JJ first ) ( NNP U.S. ) ( NN notebook ) ( NN computer ) ) ( PP ( IN with ) ( NP ( JJ such ) ( NNS features ) ) ) ) ) ) ) ) )

That introduction comes only two weeks after Compaq Computer Corp. believing it had a lead of three to six months on competitors introduced the first U.S. notebook computer with such features


( S ( PP ( IN Despite ) ( NP ( NP ( DT the ) ( JJ inevitable ) ( NN comparison ) ) ( PP ( IN with ) ( NP ( NNP Compaq ) ) ) ) ) ( ADVP ( RB however ) ) ( NP-SBJ ( NP ( NNP Texas ) ( NNP Instruments ) ( POS ' ) ) ( JJ new ) ( NN notebook ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( JJ direct ) ( NN competitor ) ) ) ) )

Despite the inevitable comparison with Compaq however Texas Instruments ' new notebook wo n't be a direct competitor


( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( NNP Compaq ) ) ( VP ( VBZ sells ) ( NP ( PRP$ its ) ( NNS machines ) ) ( PP-DTV ( TO to ) ( NP ( NNS businesses ) ) ) ( PP-MNR ( IN through ) ( NP ( NN computer ) ( NNS retailers ) ) ) ) ) ) ( NP-SBJ ( NNP Texas ) ( NNP Instruments ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBG selling ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS machines ) ) ) ) ( PP-CLR ( PP ( TO to ) ( NP ( DT the ) ( JJ industrial ) ( NN market ) ) ) ( CC and ) ( PP ( TO to ) ( NP ( NP ( JJ value-added ) ( NNS resellers ) ) ( CC and ) ( NP ( JJ original-equipment ) ( NNS manufacturers ) ) ) ) ) ) ) ) )

While Compaq sells its machines to businesses through computer retailers Texas Instruments will be selling most of its machines to the industrial market and to value-added resellers and original-equipment manufacturers


( S ( NP-SBJ ( DT The ) ( NNS introductions ) ) ( ADVP ( RB also ) ) ( VP ( VBP mark ) ( NP ( NP ( NP ( NNP Texas ) ( NNP Instruments ) ( POS ' ) ) ( NN plunge ) ) ( ADVP ( RB back ) ( PP ( IN into ) ( NP ( NP ( DT a ) ( NN technology ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( VP ( ADVP ( RB all ) ( RB but ) ) ( VBN ignored ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( JJ past ) ( JJ several ) ( NNS years ) ) ) ) ) ) ) ) ) ) ) ) )

The introductions also mark Texas Instruments ' plunge back into a technology it has all but ignored for the past several years


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( DT the ) ( JJ Dallas-based ) ( NN computer ) ( NN giant ) ) ( VP ( VP ( VBD introduced ) ( NP-2 ( NP ( DT the ) ( JJ first ) ( JJ portable ) ( NNS data ) ( NN terminal ) ) ) ( PP-TMP-3 ( IN in ) ( NP ( CD 1971 ) ) ) ( PRN ( NP-1 ( DT a ) ( JJ 38-pound ) ( NN monster ) ) ) ) ( CC and ) ( VP ( NP=2 ( NP ( DT the ) ( NN world ) ( POS 's ) ) ( JJ first ) ( JJ microprocessor-based ) ( NN portable ) ) ( PP-TMP=3 ( IN in ) ( NP ( CD 1976 ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( JJ only ) ( JJ portable ) ( NNS machines ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN introduced ) ( PP-TMP ( IN since ) ( NP ( NP ( DT the ) ( JJ first ) ( NN part ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN decade ) ) ) ) ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( NP-PRD ( NP ( JJ dumb ) ( NNS terminals ) ) ( PP ( IN with ) ( NP ( JJ limited ) ( JJ on-board ) ( NN processing ) ( NN ability ) ) ) ) ) ) )

Although the Dallas-based computer giant introduced the first portable data terminal in 1971 a 38-pound monster and the world 's first microprocessor-based portable in 1976 the only portable machines it has introduced since the first part of the decade have been dumb terminals with limited on-board processing ability


( S ( NP-SBJ-1 ( PRP It ) ) ( VP ( VBD stopped ) ( S ( VP ( VBG selling ) ( NP ( DT a ) ( JJ standard ) ( JJ personal ) ( NN computer ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN while ) ) ( RB ago ) ) ) )

It stopped selling a standard personal computer a while ago


( S ( ADVP-TMP ( RB Now ) ) ( NP-SBJ-1 ( DT that ) ) ( VP ( VBZ is ) ( VP ( RB about ) ( S ( VP ( TO to ) ( VP ( VB change ) ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ-2 ( NNP Texas ) ( NNPS Instruments ) ) ( VP ( VBZ begins ) ( S ( VP ( VBG marketing ) ( NP ( NP ( CD two ) ( JJ 14-pound ) ( JJ laptop ) ( NNS PCs ) ) ( PP ( IN with ) ( NP ( CD 20 ) ( NN megabyte ) ( CC and ) ( CD 40 ) ( NN megabyte ) ( JJ hard ) ( NNS drives ) ) ) ) ) ) ) ) ) ) ) )

Now that is about to change as Texas Instruments begins marketing two 14-pound laptop PCs with 20 megabyte and 40 megabyte hard drives


( S ( NP-SBJ ( DT The ) ( NNS laptops ) ) ( VP ( VP ( VBP are ) ( RB not ) ( ADJP-PRD ( JJ revolutionary ) ) ) ( CC and ) ( VP ( ADVP ( RB indeed ) ) ( VBP are ) ( ADJP-PRD ( JJ tardy ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN market ) ) ( VP ( ADVP-TMP ( RB first ) ) ( VBN opened ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP GRiD ) ( NNPS Systems ) ( NNP Corp. ) ) ( ADVP-TMP ( RB now ) ) ( NP ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NNP Tandy ) ( NNP Corp. ) ) ) ) ) ) ( ADVP-TMP ( NP ( QP ( RB almost ) ( CD two ) ) ( NNS years ) ) ( RB ago ) ) ) ) ) ) ) )

The laptops are not revolutionary and indeed are tardy in a market first opened by GRiD Systems Corp. now a unit of Tandy Corp. almost two years ago


( S ( CC But ) ( NP-SBJ ( NP ( DT the ) ( NN notebook ) ) ( PP ( IN with ) ( NP ( DT the ) ( ADJP ( RBR more ) ( JJ advanced ) ) ( NX ( NX ( NN microprocessor ) ) ( CC and ) ( NX ( JJ hard ) ( NN disk ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RBR more ) ( JJ innovative ) ) ) )

But the notebook with the more advanced microprocessor and hard disk is more innovative


( S ( S-ADV ( VP ( VBG Weighing ) ( NP ( CD 6.7 ) ( NNS pounds ) ) ( PP ( IN with ) ( NP ( NN battery ) ) ) ) ) ( NP-SBJ-2 ( DT the ) ( NN notebook ) ) ( VP ( VP ( VBZ measures ) ( NP ( QP ( CD 8.2 ) ( IN by ) ( CD 11.7 ) ) ( NNS inches ) ) ) ( VP ( VBZ has ) ( NP ( DT a ) ( JJ 20-megabyte ) ( JJ hard ) ( NN disk ) ( NN drive ) ) ) ( CC and ) ( VP ( VBZ boasts ) ( NP ( NP ( DT a ) ( JJ backlit ) ( NN screen ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( NP-ADV ( CD 22 ) ( NN % ) ) ( JJR larger ) ) ( PP ( IN than ) ( NP ( NNP Compaq ) ( POS 's ) ) ) ) ) ) ) ) ) ) )

Weighing 6.7 pounds with battery the notebook measures 8.2 by 11.7 inches has a 20-megabyte hard disk drive and boasts a backlit screen that is 22 % larger than Compaq 's


( S ( S ( NP-SBJ ( PRP$ Its ) ( NN keyboard ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NN industry ) ( NNS consultants ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( JJR better ) ) ( PP ( IN than ) ( NP ( NNP Compaq ) ( POS 's ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NP ( PRP$ its ) ( NN battery ) ( NN life ) ) ( PP ( IN of ) ( NP ( QP ( CD two ) ( TO to ) ( CD three ) ) ( NNS hours ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJR shorter ) ) ) ) )

Its keyboard according to industry consultants is better than Compaq 's but its battery life of two to three hours is shorter


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB have ) ( NP ( DT an ) ( JJ internal ) ( JJ floppy ) ( NN disk ) ( NN drive ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ-1 ( DT a ) ( JJ snap-on ) ( NN drive ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN purchased ) ( ADVP-MNR ( RB separately ) ) ) ) ) ) ) ) ) )

It does n't have an internal floppy disk drive although a snap-on drive can be purchased separately


( S ( NP-SBJ ( PRP$ Its ) ( JJS greatest ) ( NN drawback ) ) ( VP ( MD may ) ( VP ( VB be ) ( NP-PRD ( NP ( PRP$ its ) ( JJ 3-inch ) ( NN thickness ) ) ( ADJP ( JJ big ) ( RB enough ) ( SBAR ( IN for ) ( S ( NP-SBJ ( CD one ) ( NN consultant ) ) ( VP ( TO to ) ( VP ( VB describe ) ( NP ( PRP it ) ) ( PP-CLR ( IN as ) ( ADJP ( JJ clunky ) ) ) ) ) ) ) ) ) ) ) )

Its greatest drawback may be its 3-inch thickness big enough for one consultant to describe it as clunky


( S ( NP-SBJ ( NP ( NN List ) ( NNS prices ) ) ( PP ( IN on ) ( NP ( DT the ) ( JJR heavier ) ( NNP Texas ) ( NNP Instrument ) ( NNS laptops ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( NP ( NP ( CD 4,999 ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NNP TI ) ( NNP Model ) ( CD 25 ) ) ( PP ( IN with ) ( NP ( DT a ) ( CD 20 ) ( NN megabyte ) ( NN disk ) ( NN drive ) ) ) ) ) ) ( CC and ) ( NP ( NP ( CD 5,599 ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ 40-megabyte ) ( NNP Model ) ( CD 45 ) ) ) ) ) ) ) )

List prices on the heavier Texas Instrument laptops will be 4,999 for the TI Model 25 with a 20 megabyte disk drive and 5,599 for the 40-megabyte Model 45


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN notebook ) ) ( NP ( DT the ) ( NNP TI ) ( NNP Model ) ( CD 12 ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( CD 4,199 ) ) ) ) ) ) )

The notebook the TI Model 12 will be priced at 4,199


( S ( S-TPC-2 ( NP-SBJ ( NP ( DT The ) ( NN premium ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ elderly ) ) ( VP ( NN pay ) ( PP-CLR ( IN for ) ( NP ( NP ( NN coverage ) ) ( PP ( IN of ) ( NP ( NP ( NN doctor ) ( POS 's ) ) ( NNS bills ) ) ) ) ) ( PP-LOC ( IN under ) ( NP ( NP ( NNP Part ) ( NNP B ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Medicare ) ( NN health ) ( NN insurance ) ( NN plan ) ) ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB rise ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 29 ) ) ( NP-ADV ( DT a ) ( NN month ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1990 ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 27.90 ) ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNP Department ) ) ( PP ( IN of ) ( NP ( NNP Health ) ( CC and ) ( NNP Human ) ( NNP Services ) ) ) ) ( VP ( VBD said ) ) )

The premium the elderly pay for coverage of doctor 's bills under Part B of the Medicare health insurance plan will rise to 29 a month in 1990 from 27.90 the Department of Health and Human Services said


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( NP ( DT a ) ( JJ second ) ( NNP Part ) ( NNP B ) ( NN premium ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB cover ) ( NP ( NP ( DT the ) ( NN cost ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ new ) ( NN program ) ) ( PP ( IN of ) ( NP ( NP ( NN insurance ) ) ( PP ( IN against ) ( NP ( JJ catastrophic ) ( NN illness ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB rise ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 4.90 ) ) ( NP-ADV ( DT a ) ( NN month ) ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 4 ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NNP Congress ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB change ) ( NP ( DT the ) ( NN program ) ) ) ) ) ) ) ) )

In addition a second Part B premium to cover the cost of the new program of insurance against catastrophic illness will rise to 4.90 a month from 4 if Congress does n't change the program


( S ( NP-SBJ-2 ( DT The ) ( NNP House ) ) ( VP ( VBZ has ) ( VP ( VBN voted ) ( S ( VP ( TO to ) ( VP ( VB repeal ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Catastrophic ) ( NNP Coverage ) ( NNP Act ) ) ( PP ( IN of ) ( NP ( CD 1988 ) ) ) ) ) ) ( ADVP ( RB however ) ) ( SBAR-ADV ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD would ) ( VP ( VB end ) ( NP ( NP ( DT the ) ( JJ monthly ) ( NN catastrophic-care ) ( NN premium ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( NP ( NP ( DT an ) ( JJ unpopular ) ( NN income ) ( NN surtax ) ) ( VP ( VBN paid ) ( PP ( IN by ) ( NP-LGS ( NP ( QP ( RB about ) ( CD 40 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJR wealthier ) ( NNP Medicare ) ( NNS beneficiaries ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The House has voted to repeal most of the Catastrophic Coverage Act of 1988 however which would end the monthly catastrophic-care premium as well as an unpopular income surtax paid by about 40 % of the wealthier Medicare beneficiaries


( S ( S ( PP-LOC ( IN Under ) ( NP ( DT a ) ( JJ less-sweeping ) ( NNP Senate ) ( NN plan ) ) ) ( NP-SBJ-2 ( DT the ) ( NN catastrophic-care ) ( JJ monthly ) ( NN premium ) ) ( VP ( MD would ) ( VP ( VB continue ) ( S-ADV ( VP ( VBG rising ) ( PP-DIR ( TO to ) ( NP ( CD 4.90 ) ) ( NP-TMP ( JJ next ) ( NN year ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( DT the ) ( NN surtax ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN abolished ) ) ) ) ) )

Under a less-sweeping Senate plan the catastrophic-care monthly premium would continue rising to 4.90 next year but the surtax would be abolished


( S ( NP-SBJ ( NNP Medicare ) ( NNP Part ) ( NNP B ) ) ( VP ( VBZ pays ) ( NP ( NP ( CD 80 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN beneficiary ) ( POS 's ) ) ( JJ allowable ) ( NP ( NN doctor ) ( POS 's ) ) ( NNS bills ) ) ) ) ( PP-TMP ( IN after ) ( NP ( NP ( DT an ) ( JJ annual ) ( JJ deductible ) ) ( PP ( IN of ) ( NP ( CD 75 ) ) ) ) ) ) )

Medicare Part B pays 80 % of a beneficiary 's allowable doctor 's bills after an annual deductible of 75


( S ( NP-SBJ ( DT The ) ( NNP Catastrophic ) ( NNP Coverage ) ( NNP Act ) ) ( VP ( MD would ) ( VP ( VB add ) ( NP ( NP ( DT a ) ( JJ stop-loss ) ( NN provision ) ) ) ( NP-TMP ( JJ next ) ( NN year ) ) ( SBAR-2 ( S ( VP ( TO to ) ( VP ( VB limit ) ( NP ( NP ( DT the ) ( JJ maximum ) ) ( SBAR ( S ( NP-SBJ ( NNS beneficiaries ) ) ( VP ( MD must ) ( VP ( VB pay ) ( PP-CLR ( IN for ) ( NP ( NNS doctors ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Catastrophic Coverage Act would add a stop-loss provision next year to limit the maximum beneficiaries must pay for doctors


( S ( NP-SBJ ( NP ( CC Both ) ( DT the ) ( NNP House ) ( CC and ) ( NNP Senate ) ( NNS bills ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB reduce ) ( NP ( NP ( DT the ) ( NN cost ) ( CC and ) ( NN coverage ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN catastrophic-care ) ( NN plan ) ) ) ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB eliminate ) ( NP ( NP ( DT the ) ( NN cap ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NN doctor ) ( POS 's ) ) ( NNS bills ) ) ) ) ) ) )

Both the House and Senate bills to reduce the cost and coverage of the catastrophic-care plan would eliminate the cap on doctor 's bills


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( DT the ) ( NNP House ) ) ( VP ( VBZ prevails ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( NNS efforts ) ( S ( VP ( TO to ) ( VP ( VB kill ) ( NP ( DT the ) ( NN catastrophic-care ) ( NN plan ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( JJ monthly ) ( NNP Part ) ( NNP B ) ( NN premium ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( CD 29 ) ) ( NP-TMP ( JJ next ) ( NN year ) ) ) ) )

If the House prevails in its efforts to kill the catastrophic-care plan the monthly Part B premium will be 29 next year


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( DT the ) ( NNP Senate ) ( NN plan ) ) ( VP ( VBZ prevails ) ) ) ) ( NP-SBJ ( DT the ) ( NN premium ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( CD 33.90 ) ) ( PP ( IN with ) ( S-NOM ( NP-SBJ-1 ( DT the ) ( JJ additional ) ( CD 4.90 ) ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( PP-CLR ( IN for ) ( NP ( JJ expanded ) ( NN hospital ) ( NN coverage ) ) ) ( PP-LOC ( IN under ) ( NP ( NP ( NNP Part ) ( NNP A ) ) ( PP ( IN of ) ( NP ( NNP Medicare ) ) ) ) ) ) ) ) ) ) ) ) ) )

If the Senate plan prevails the premium will be 33.90 with the additional 4.90 going to pay for expanded hospital coverage under Part A of Medicare


( S ( NP-SBJ-1 ( NP ( JJS Most ) ) ( PP ( IN of ) ( NP ( NP ( NNP Part ) ( NNP A ) ( POS 's ) ) ( NNS costs ) ) ) ) ( VP ( VBP are ) ( VP ( VBN paid ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( NN payroll ) ( NN tax ) ) ( PP ( IN on ) ( NP ( NNS workers ) ( CC and ) ( NNS employers ) ) ) ) ) ) ) )

Most of Part A 's costs are paid by a payroll tax on workers and employers


( S ( NP-SBJ-1 ( NP ( NP ( NNP QUANTUM ) ( NNP CHEMICAL ) ( NNP Corp. ) ( POS 's ) ) ( NN plant ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Morris ) ) ( NP ( NNP Ill. ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB resume ) ( NP ( NN production ) ) ( PP-TMP ( IN in ) ( NP ( JJ early ) ( CD 1990 ) ) ) ) ) ) ) ) )

QUANTUM CHEMICAL Corp. 's plant in Morris Ill. is expected to resume production in early 1990


( S ( NP-SBJ-1 ( DT The ) ( NN year ) ) ( VP ( VBD was ) ( VP ( VBN misstated ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NNS editions ) ) ) ) ) )

The year was misstated in Friday 's editions


( S ( NP-SBJ ( NNP President ) ( NNP Bush ) ) ( VP ( VBZ insists ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( JJ great ) ( NN tool ) ) ( PP ( IN for ) ( S-NOM ( VP ( VP ( VBG curbing ) ( NP ( DT the ) ( NN budget ) ( NN deficit ) ) ) ( CC and ) ( VP ( VBG slicing ) ( NP ( DT the ) ( NN lard ) ) ( ADVP-CLR ( IN out ) ( PP ( IN of ) ( NP ( NN government ) ( NNS programs ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

President Bush insists it would be a great tool for curbing the budget deficit and slicing the lard out of government programs


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ wants ) ( NP ( PRP it ) ) ( ADVP-TMP ( RB now ) ) ) )

He wants it now


( SINV ( FRAG-TPC-1 ( ADVP-TMP ( RB Not ) ( IN so ) ( RB fast ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Rep. ) ( NNP Mickey ) ( NNP Edwards ) ) ( PP ( IN of ) ( NP ( NNP Oklahoma ) ) ) ( NP ( DT a ) ( JJ fellow ) ( NNP Republican ) ) ) )

Not so fast says Rep. Mickey Edwards of Oklahoma a fellow Republican


( S ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( VBP consider ) ( S ( NP-SBJ ( PRP it ) ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJS stupidest ) ( NNS ideas ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ 20th ) ( NN century ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

I consider it one of the stupidest ideas of the 20th century he says


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT the ) ( JJ line-item ) ( NN veto ) ) ( NP ( NP ( DT a ) ( NN procedure ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB allow ) ( S ( NP-SBJ-2 ( DT the ) ( NN president ) ) ( VP ( TO to ) ( VP ( VB kill ) ( NP ( NP ( JJ individual ) ( NNS items ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( JJ big ) ( NN spending ) ( NN bill ) ) ( VP ( VBN passed ) ( PP ( IN by ) ( NP-LGS ( NNP Congress ) ) ) ) ) ) ) ( PP ( IN without ) ( S-NOM ( VP ( VBG vetoing ) ( NP ( DT the ) ( JJ entire ) ( NN bill ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It 's the line-item veto a procedure that would allow the president to kill individual items in a big spending bill passed by Congress without vetoing the entire bill


( S ( SBAR-ADV ( WHNP-1 ( WDT Whatever ) ) ( S ( NP-SBJ ( PRP one ) ) ( VP ( VBZ thinks ) ( PP-CLR ( IN of ) ( NP ( DT the ) ( NN idea ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( RB far ) ( JJR more ) ) ( PP ( IN than ) ( NP ( NP ( DT the ) ( JJ budgetary ) ( NN gimmick ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD may ) ( VP ( VB seem ) ( PP-TMP ( IN at ) ( NP ( JJ first ) ( NN glance ) ) ) ) ) ) ) ) ) ) ) )

Whatever one thinks of the idea it 's far more than the budgetary gimmick it may seem at first glance


( S ( ADVP ( RB Rather ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT a ) ( NN device ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD could ) ( VP ( VP ( VB send ) ( NP ( NN shock ) ( NNS waves ) ) ( PP-CLR ( IN through ) ( NP ( NP ( NP ( DT the ) ( NN president ) ( POS 's ) ) ( JJ entire ) ( NN relationship ) ) ( PP ( IN with ) ( NP ( NP ( NNPS Democrats ) ( CC and ) ( NNPS Republicans ) ) ( ADVP ( RB alike ) ) ( PP-LOC ( IN in ) ( NP ( NNP Congress ) ) ) ) ) ) ) ) ( VP ( ADVP-MNR ( RB fundamentally ) ) ( VB enhance ) ( NP ( NP ( DT the ) ( NN power ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN presidency ) ) ) ) ) ( CC and ) ( VP ( VB transform ) ( NP ( NP ( DT the ) ( NN way ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( VBZ does ) ( NP ( PRP$ its ) ( NN business ) ) ) ) ) ) ) ) ) ) ) ) ) )

Rather it 's a device that could send shock waves through the president 's entire relationship with Democrats and Republicans alike in Congress fundamentally enhance the power of the presidency and transform the way the government does its business


( S ( NP-SBJ ( NNP President ) ( NNP Bush ) ) ( VP ( VP ( ADVP-MNR ( RB badly ) ) ( VBZ wants ) ( NP ( DT a ) ( JJ line-item ) ( NN veto ) ) ) ( CC and ) ( VP ( VBZ has ) ( ADVP-TMP ( RB long ) ) ( VP ( VBN called ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( NN law ) ) ( VP ( VBG giving ) ( NP ( PRP it ) ) ( PP-DTV ( TO to ) ( NP ( DT the ) ( NN president ) ) ) ) ) ) ) ) ) )

President Bush badly wants a line-item veto and has long called for a law giving it to the president


( S ( ADVP-TMP ( RB Now ) ) ( NP-SBJ ( DT the ) ( NNP White ) ( NNP House ) ) ( VP ( VBZ is ) ( VP ( VBG declaring ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD might ) ( RB not ) ( VP ( VB rely ) ( PP-CLR ( IN on ) ( NP-3 ( NP ( NNP Congress ) ) ( PRN ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN shown ) ( NP ( DT any ) ( NN willingness ) ( S ( VP ( TO to ) ( VP ( VB surrender ) ( NP ( JJ such ) ( NN authority ) ) ) ) ) ) ) ) ) ) ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB pass ) ( NP ( NP ( DT the ) ( JJ line-item ) ( NN veto ) ( NN law ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ seeks ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Now the White House is declaring that he might not rely on Congress which has n't shown any willingness to surrender such authority to pass the line-item veto law he seeks


( S ( NP-SBJ ( NNP White ) ( NNP House ) ( NNS spokesmen ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( NNP Mr. ) ( NNP Bush ) ) ( VP ( VBZ is ) ( VP ( VBG considering ) ( S ( VP ( VP ( ADVP ( RB simply ) ) ( VBG declaring ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP Constitution ) ) ( VP ( VBZ gives ) ( NP ( PRP him ) ) ( NP ( DT the ) ( NN power ) ) ) ) ) ) ( VP ( VBG exercising ) ( NP ( DT a ) ( JJ line-item ) ( NN veto ) ) ) ( CC and ) ( VP ( VBG inviting ) ( NP ( NP ( DT a ) ( NN court ) ( NN challenge ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB decide ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ has ) ( NP ( DT the ) ( NN right ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

White House spokesmen last week said Mr. Bush is considering simply declaring that the Constitution gives him the power exercising a line-item veto and inviting a court challenge to decide whether he has the right


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( DT that ) ) ( VP ( MD may ) ( VP ( VB sound ) ( PP-CLR ( IN like ) ( NP ( NP ( DT an ) ( JJ arcane ) ( NN maneuver ) ) ( PP ( IN of ) ( NP ( JJ little ) ( NN interest ) ) ) ( ADVP-LOC ( IN outside ) ( NP ( NNP Washington ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VB set ) ( PRT ( RP off ) ) ( NP ( DT a ) ( JJ political ) ( NN earthquake ) ) ) ) )

Although that may sound like an arcane maneuver of little interest outside Washington it would set off a political earthquake


( SINV ( S-TPC-2 ( NP-SBJ ( DT The ) ( NNS ramifications ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ enormous ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Rep. ) ( NNP Don ) ( NNP Edwards ) ) ( NP ( NP ( DT a ) ( NNP California ) ( NNP Democrat ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ senior ) ( NN member ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP House ) ( NNP Judiciary ) ( NNP Committee ) ) ) ) ) ) ) ) ) )

The ramifications are enormous says Rep. Don Edwards a California Democrat who is a senior member of the House Judiciary Committee


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT a ) ( JJ real ) ( JJ face-to-face ) ( NN arm ) ( NN wrestling ) ( NN challenge ) ) ( PP ( TO to ) ( NP ( NNP Congress ) ) ) ) ) )

It 's a real face-to-face arm wrestling challenge to Congress


( S ( S ( NP-SBJ ( NNP White ) ( NNP House ) ( NNS aides ) ) ( VP ( VBP know ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT a ) ( NN step ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD ca ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN taken ) ( ADVP-MNR ( RB lightly ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( PP-PRP ( IN for ) ( NP ( DT that ) ( NN reason ) ) ) ( NP-SBJ-3 ( DT the ) ( NN president ) ) ( VP ( MD may ) ( VP ( VB back ) ( PRT ( RP down ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG launching ) ( NP ( DT a ) ( NN test ) ( NN case ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ) ) ) )

White House aides know it 's a step that ca n't be taken lightly and for that reason the president may back down from launching a test case this year


( S ( NP-SBJ ( DT Some ) ( JJ senior ) ( NNS advisers ) ) ( VP ( VBP argue ) ( SBAR ( IN that ) ( S ( PP ( IN with ) ( S-NOM ( NP-SBJ ( NP ( JJ further ) ( NNS fights ) ) ( PP ( IN over ) ( NP ( NP ( DT a ) ( NNS capital-gains ) ( NN tax ) ( NN cut ) ) ( CC and ) ( NP ( DT a ) ( JJ budget-reduction ) ( NN bill ) ) ) ) ) ( VP ( VBG looming ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Bush ) ) ( ADVP-TMP ( RB already ) ) ( VP ( VBZ has ) ( NP ( NP ( JJ enough ) ( JJ pending ) ( NNS confrontations ) ) ( PP ( IN with ) ( NP ( NNP Congress ) ) ) ) ) ) ) ) )

Some senior advisers argue that with further fights over a capital-gains tax cut and a budget-reduction bill looming Mr. Bush already has enough pending confrontations with Congress


( S ( NP-SBJ-1 ( PRP They ) ) ( VP ( VBP prefer ) ( S ( VP ( TO to ) ( VP ( VB put ) ( PRT ( RP off ) ) ( NP ( DT the ) ( JJ line-item ) ( NN veto ) ) ( PP-TMP ( IN until ) ( NP ( ADVP ( IN at ) ( JJS least ) ) ( JJ next ) ( NN year ) ) ) ) ) ) ) )

They prefer to put off the line-item veto until at least next year


( S ( ADVP ( RB Still ) ) ( NP-SBJ-1 ( NP ( NNP Mr. ) ( NNP Bush ) ) ( CC and ) ( NP ( DT some ) ( JJ other ) ( NNS aides ) ) ) ( VP ( VBP are ) ( VP ( ADVP-MNR ( RB strongly ) ) ( VBN drawn ) ( PP-DIR ( TO to ) ( NP ( NP ( DT the ) ( NN idea ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG trying ) ( PRT ( RP out ) ) ( NP ( DT a ) ( JJ line-item ) ( NN veto ) ) ) ) ) ) ) ) ) )

Still Mr. Bush and some other aides are strongly drawn to the idea of trying out a line-item veto


( S ( NP-SBJ ( DT The ) ( NN issue ) ) ( VP ( VBD arose ) ( NP-TMP ( JJ last ) ( NN week ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NNP Vice ) ( NNP President ) ( NNP Dan ) ( NNP Quayle ) ) ( VP ( VBD told ) ( NP ( NP ( DT an ) ( NN audience ) ) ( PP-LOC ( IN in ) ( NP ( NNP Chicago ) ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Bush ) ) ( VP ( VBD was ) ( VP ( VBG looking ) ( PP-CLR ( IN for ) ( NP ( DT a ) ( NN test ) ( NN case ) ) ) ) ) ) ) ) ) ) ) )

The issue arose last week when Vice President Dan Quayle told an audience in Chicago that Mr. Bush was looking for a test case


( S ( NP-SBJ ( NNP White ) ( NNP House ) ( NNP Press ) ( NNP Secretary ) ( NNP Marlin ) ( NNP Fitzwater ) ) ( VP ( VP ( VBD confirmed ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Bush ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ interested ) ( PP ( IN in ) ( NP ( DT the ) ( NN idea ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBD cautioned ) ( SBAR ( IN that ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBD was ) ( RB n't ) ( NP-PRD ( DT a ) ( JJ firm ) ( NN decision ) ( S ( VP ( TO to ) ( VP ( VB try ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) )

White House Press Secretary Marlin Fitzwater confirmed that Mr. Bush was interested in the idea but cautioned that there was n't a firm decision to try it


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Bush ) ) ( NP ( JJ former ) ( NNP President ) ( NNP Reagan ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN host ) ) ( PP ( IN of ) ( NP ( JJ conservative ) ( NNS activists ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG arguing ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT a ) ( JJ line-item ) ( NN veto ) ) ( VP ( MD would ) ( VP ( VB go ) ( NP ( DT a ) ( JJ long ) ( NN way ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG restoring ) ( NP ( NN discipline ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN budget ) ( NN process ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Bush former President Reagan and a host of conservative activists have been arguing that a line-item veto would go a long way in restoring discipline to the budget process


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP maintain ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT a ) ( NN president ) ) ( VP ( VBZ needs ) ( NP ( DT the ) ( NN ability ) ( S ( VP ( TO to ) ( VP ( ADVP-MNR ( RB surgically ) ) ( VB remove ) ( NP ( NP ( JJ pork-barrel ) ( NN spending ) ( NNS projects ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBP are ) ( VP ( VBN attached ) ( PP-CLR ( TO to ) ( NP ( JJ big ) ( JJ omnibus ) ( NN spending ) ( NNS bills ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

They maintain that a president needs the ability to surgically remove pork-barrel spending projects that are attached to big omnibus spending bills


( S ( NP-SBJ-1 ( DT Those ) ( NNS bills ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( ADVP-MNR ( RB easily ) ) ( VB be ) ( VP ( VBN vetoed ) ( PP-CLR ( IN in ) ( NP ( PRP$ their ) ( NN entirety ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-2 ( PRP they ) ) ( ADVP-TMP ( RB often ) ) ( VP ( VBP are ) ( VP ( VBN needed ) ( S-CLR ( VP ( TO to ) ( VP ( VB keep ) ( S ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( VBG operating ) ) ) ) ) ) ) ) ) ) ) ) ) )

Those bills ca n't easily be vetoed in their entirety because they often are needed to keep the government operating


( S ( NP-SBJ ( NNS Conservatives ) ) ( VP ( VBP note ) ( SBAR ( IN that ) ( S ( NP-SBJ ( CD 43 ) ( NNS governors ) ) ( VP ( VBP have ) ( NP ( NP ( DT the ) ( JJ line-item ) ( NN veto ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB use ) ( PP-CLR ( IN on ) ( NP ( NN state ) ( NNS budgets ) ) ) ) ) ) ) ) ) ) ) ) )

Conservatives note that 43 governors have the line-item veto to use on state budgets


( S ( ADVP ( RBR More ) ( RB provocatively ) ) ( NP-SBJ-1 ( DT some ) ( JJ conservative ) ( JJ legal ) ( NNS theorists ) ) ( VP ( VBP have ) ( VP ( VBN begun ) ( S ( VP ( VBG arguing ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NNP Mr. ) ( NNP Bush ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB need ) ( S ( VP ( TO to ) ( VP ( VB wait ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( NN law ) ) ( VP ( VBG giving ) ( NP ( PRP him ) ) ( NP ( DT the ) ( NN veto ) ) ) ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( DT the ) ( NN power ) ) ( ADVP-TMP ( RB already ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ implicit ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Constitution ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

More provocatively some conservative legal theorists have begun arguing that Mr. Bush does n't need to wait for a law giving him the veto because the power already is implicit in the Constitution


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP base ) ( NP ( PRP$ their ) ( NN argument ) ) ( PP-CLR ( IN on ) ( NP ( NP ( DT a ) ( NN clause ) ) ( VP ( VBN buried ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( NNP Article ) ( PRP I ) ( NNP Section ) ( CD 7 ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Constitution ) ) ) ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ states ) ( S ( NP-SBJ-3 ( NP ( DT Every ) ( NN order ) ( NN resolution ) ( CC or ) ( NN vote ) ) ( SBAR ( WHPP-2 ( TO to ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( NP ( DT the ) ( NN concurrence ) ) ( PP ( IN of ) ( NP ( DT the ) ( NX ( NX ( NNP Senate ) ) ( CC and ) ( NX ( NX ( NNP House ) ) ( PP ( IN of ) ( NP ( NNPS Representatives ) ) ) ) ) ) ) ) ( VP ( MD may ) ( VP ( VB be ) ( ADJP-PRD ( JJ necessary ) ) ( PRN ( PP ( IN except ) ( PP ( IN on ) ( NP ( NP ( DT a ) ( NN question ) ) ( PP ( IN of ) ( NP ( NN adjournment ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VP ( MD shall ) ( VP ( VB be ) ( VP ( VBN presented ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NNP President ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP United ) ( NNPS States ) ) ) ) ) ) ) ) ( CC and ) ( VP ( SBAR-TMP ( IN before ) ( S ( NP-SBJ ( DT the ) ( JJ same ) ) ( VP ( MD shall ) ( VP ( VB take ) ( NP ( NN effect ) ) ) ) ) ) ( MD shall ) ( VP ( VB be ) ( VP ( VP ( VBN approved ) ( PP ( IN by ) ( NP-LGS ( PRP him ) ) ) ) ( CC or ) ( VP ( VBN disapproved ) ( PP ( IN by ) ( NP-LGS ( PRP him ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

They base their argument on a clause buried in Article I Section 7 of the Constitution that states Every order resolution or vote to which the concurrence of the Senate and House of Representatives may be necessary except on a question of adjournment shall be presented to the President of the United States and before the same shall take effect shall be approved by him or disapproved by him


( S-1 ( NP-SBJ-2 ( DT This ) ( NN clause ) ) ( PRN ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP argue ) ) ) ) ( VP ( VP ( VBZ is ) ( VP ( VBN designed ) ( S-CLR ( VP ( TO to ) ( VP ( VB go ) ( PP-DIR ( IN beyond ) ( NP ( NP ( DT an ) ( JJR earlier ) ( NN clause ) ) ( VP ( VBG specifying ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN president ) ) ( VP ( MD can ) ( VP ( VB veto ) ( NP ( DT a ) ( NN bill ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ broad ) ( RB enough ) ( S ( VP ( TO to ) ( VP ( VB allow ) ( S ( NP-SBJ ( PRP him ) ) ( VP ( TO to ) ( VP ( VB strike ) ( PRT ( RP out ) ) ( NP ( NP ( NNS items ) ( CC and ) ( NNS riders ) ) ( PP-LOC ( IN within ) ( NP ( NNS bills ) ) ) ) ) ) ) ) ) ) ) ) ) )

This clause they argue is designed to go beyond an earlier clause specifying that the president can veto a bill and is broad enough to allow him to strike out items and riders within bills


( S ( NP-SBJ ( NP ( NNP Senate ) ( NNP Minority ) ( NNP Leader ) ( NNP Robert ) ( NNP Dole ) ) ( PRN ( NP ( NNP R. ) ) ( NP-LOC ( NNP Kan. ) ) ) ) ( PP ( IN for ) ( NP ( CD one ) ) ) ( VP ( VP ( VBZ accepts ) ( NP ( DT this ) ( NN argument ) ) ) ( CC and ) ( VP ( NP-TMP ( RBR earlier ) ( DT this ) ( NN year ) ) ( ADVP-MNR ( RB publicly ) ) ( VBD urged ) ( NP-1 ( NNP Mr. ) ( NNP Bush ) ) ( S ( VP ( TO to ) ( VP ( VP ( VB use ) ( NP ( DT the ) ( JJ line-item ) ( NN veto ) ) ) ( CC and ) ( VP ( VB allow ) ( S ( NP-SBJ ( DT the ) ( NNS courts ) ) ( VP ( TO to ) ( VP ( VB decide ) ( SBAR ( IN whether ) ( CC or ) ( RB not ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ constitutional ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Senate Minority Leader Robert Dole R. Kan. for one accepts this argument and earlier this year publicly urged Mr. Bush to use the line-item veto and allow the courts to decide whether or not it is constitutional


( S ( NP-SBJ ( EX There ) ) ( VP ( POS 's ) ( NP-PRD ( JJ little ) ( NN doubt ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PDT such ) ( DT a ) ( NN move ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADVP-TMP ( RB immediately ) ) ( VP ( VBN challenged ) ( PP-LOC ( IN in ) ( NP ( NN court ) ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( MD would ) ( ADVP-TMP ( RB quickly ) ) ( VP ( VB make ) ( NP-CLR ( PRP$ its ) ( NN way ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NNP Supreme ) ( NNP Court ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB be ) ( ADVP-TMP ( RB ultimately ) ) ( VP ( VBN resolved ) ) ) ) ) ) ) ) ) ) ) ) )

There 's little doubt that such a move would be immediately challenged in court and that it would quickly make its way to the Supreme Court to be ultimately resolved


( SINV ( S-TPC-3 ( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT a ) ( JJ major ) ( NN issue ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( PRP they ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB want ) ( S ( VP ( TO to ) ( VP ( VB leave ) ( NP ( PRP it ) ) ( PP-CLR ( IN at ) ( NP ( DT a ) ( JJR lower ) ( NN level ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Stephen ) ( NNP Glazier ) ) ( NP ( NP ( DT a ) ( NNP New ) ( NNP York ) ( NN attorney ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( NNS writings ) ) ( S ( VP ( VBP have ) ( VP ( VBN been ) ( ADJP-PRD ( JJ instrumental ) ( PP ( IN in ) ( S-NOM ( VP ( VBG pushing ) ( NP ( DT the ) ( NN idea ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT a ) ( NN president ) ) ( ADVP-TMP ( RB already ) ) ( VP ( VBZ has ) ( NP ( DT a ) ( JJ line-item ) ( NN veto ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It 's a major issue and they would n't want to leave it at a lower level says Stephen Glazier a New York attorney whose writings have been instrumental in pushing the idea that a president already has a line-item veto


( S ( NP-SBJ ( NP ( NNP Rep. ) ( NNP Edwards ) ) ( NP ( DT the ) ( NNP California ) ( NNP Democrat ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( CD one ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ pledges ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( PRP he ) ) ( VP ( MD would ) ( ADVP-TMP ( RB immediately ) ) ( VP ( VB challenge ) ( NP ( NNP Mr. ) ( NNP Bush ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNS courts ) ) ) ( S-ADV ( VP ( VBG arguing ) ( SBAR ( S ( NP-SBJ ( DT a ) ( JJ line-item ) ( NN veto ) ) ( VP ( MD would ) ( VP ( VB expand ) ( NP ( NP ( DT a ) ( NN president ) ( POS 's ) ) ( NNS powers ) ) ( PP-CLR ( ADVP ( RB far ) ) ( IN beyond ) ( NP ( NP ( NN anything ) ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NNS framers ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Constitution ) ) ) ) ( VP ( VBD had ) ( PP-CLR ( IN in ) ( NP ( NN mind ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Rep. Edwards the California Democrat is one who pledges that he would immediately challenge Mr. Bush in the courts arguing a line-item veto would expand a president 's powers far beyond anything the framers of the Constitution had in mind


( S ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ puts ) ( NP ( DT this ) ( NN president ) ) ( PP-PUT ( IN in ) ( NP ( DT the ) ( JJ legislative ) ( NN business ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ declares ) ) )

It puts this president in the legislative business he declares


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( RB not ) ( SBAR-NOM-PRD ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( PRP$ our ) ( NNS fathers ) ) ( VP ( VBN had ) ( PP-CLR ( IN in ) ( NP ( NN mind ) ) ) ) ) ) ) )

That 's not what our fathers had in mind


( S-2 ( PP ( IN In ) ( NP ( NP ( NN addition ) ) ( PP ( TO to ) ( S-NOM ( VP ( VBG giving ) ( NP ( DT a ) ( NN president ) ) ( NP ( NNS powers ) ( S ( VP ( TO to ) ( VP ( VB rewrite ) ( NP ( NP ( NN spending ) ( NNS bills ) ) ( VP ( VBN meant ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN written ) ( PP-LOC ( IN in ) ( NP ( NNP Congress ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( NNP Rep. ) ( NNP Edwards ) ) ( VP ( VBZ argues ) ) ) ) ( NP-SBJ-3 ( DT a ) ( JJ line-item ) ( NN veto ) ) ( VP ( MD would ) ( VP ( VB allow ) ( S ( NP-SBJ ( DT the ) ( JJ chief ) ( NN executive ) ) ( VP ( TO to ) ( VP ( VB blackmail ) ( NP ( NNS lawmakers ) ) ) ) ) ) ) )

In addition to giving a president powers to rewrite spending bills meant to be written in Congress Rep. Edwards argues a line-item veto would allow the chief executive to blackmail lawmakers


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ notes ) ( SBAR ( IN that ) ( S ( PP ( IN as ) ( NP ( NP ( DT a ) ( NN lawmaker ) ) ( PP ( IN from ) ( NP ( DT the ) ( NNP San ) ( NNP Francisco ) ( NN area ) ) ) ) ) ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBZ fights ) ( NP-TMP ( DT each ) ( NN year ) ) ( S ( VP ( TO to ) ( VP ( VB preserve ) ( NP ( NP ( JJ federal ) ( NNS funds ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNP Bay ) ( NNP Area ) ( NNP Rapid ) ( NNP Transit ) ( NN system ) ) ) ) ) ) ) ) ) ) ) )

He notes that as a lawmaker from the San Francisco area he fights each year to preserve federal funds for the Bay Area Rapid Transit system


( S-2 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ-1 ( DT a ) ( NN president ) ) ( VP ( VP ( VBD had ) ( NP ( DT a ) ( JJ line-item ) ( NN veto ) ) ) ( CC and ) ( VP ( VBD wanted ) ( S ( VP ( TO to ) ( VP ( VB force ) ( S ( NP-SBJ ( PRP him ) ) ( VP ( TO to ) ( VP ( VB support ) ( NP ( DT a ) ( JJ controversial ) ( NN foreign-policy ) ( NN initiative ) ) ) ) ) ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( NNP Rep. ) ( NNP Edwards ) ) ( VP ( VBZ says ) ) ) ) ( NP-SBJ ( DT the ) ( NN president ) ) ( VP ( MD could ) ( VP ( VP ( VB call ) ) ( CC and ) ( VP ( VB declare ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD would ) ( VP ( ADVP-MNR ( RB single-handedly ) ) ( VB kill ) ( NP ( DT the ) ( NNP BART ) ( NNS funds ) ) ( SBAR-ADV ( IN unless ) ( S ( NP-SBJ ( DT the ) ( NN congressman ) ) ( VP ( VBZ shapes ) ( PRT ( RP up ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN foreign-policy ) ( NN issue ) ) ) ) ) ) ) ) ) ) ) ) ) )

If a president had a line-item veto and wanted to force him to support a controversial foreign-policy initiative Rep. Edwards says the president could call and declare that he would single-handedly kill the BART funds unless the congressman shapes up on the foreign-policy issue


( S ( NP-SBJ ( NNS Proponents ) ) ( VP ( VBP maintain ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT a ) ( NN president ) ) ( VP ( MD would ) ( VP ( VB choose ) ( S ( VP ( TO to ) ( VP ( VB use ) ( NP ( DT a ) ( JJ line-item ) ( NN veto ) ) ( ADVP-MNR ( ADVP ( RBR more ) ( RB judiciously ) ) ( PP ( IN than ) ( NP ( DT that ) ) ) ) ) ) ) ) ) ) ) ) )

Proponents maintain that a president would choose to use a line-item veto more judiciously than that


( S ( CC But ) ( NP-SBJ ( EX there ) ) ( VP ( MD may ) ( VP ( VB be ) ( NP-PRD ( NP ( NP ( DT another ) ( NN problem ) ) ( PP ( IN with ) ( NP ( DT the ) ( NN device ) ) ) ) ( S ( PP ( IN Despite ) ( NP ( NP ( PDT all ) ( DT the ) ( JJ political ) ( NN angst ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VB cause ) ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( MD might ) ( RB n't ) ( VP ( VB be ) ( ADJP-PRD ( JJ effective ) ( PP ( IN in ) ( S-NOM ( VP ( VBG cutting ) ( NP ( DT the ) ( NN deficit ) ) ) ) ) ) ) ) ) ) ) ) )

But there may be another problem with the device Despite all the political angst it would cause it might n't be effective in cutting the deficit


( S ( NP-SBJ-1 ( NP ( JJ Big ) ( NNS chunks ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN government ) ( NN budget ) ) ) ( PP ( IN like ) ( NP ( NP ( DT the ) ( NN entitlement ) ( NNS programs ) ) ( PP ( IN of ) ( NP ( NP ( NNP Social ) ( NNP Security ) ) ( CC and ) ( NP ( NNP Medicare ) ) ) ) ) ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN affected ) ) ) ) )

Big chunks of the government budget like the entitlement programs of Social Security and Medicare would n't be affected


( S ( NP-SBJ ( NNS Governors ) ) ( VP ( VBP have ) ( VP ( VBN found ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP have ) ( S ( VP ( TO to ) ( VP ( VB use ) ( NP ( DT the ) ( NN device ) ) ( ADVP-MNR ( RB sparingly ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB maintain ) ( NP ( JJ political ) ( NN comity ) ) ) ) ) ) ) ) ) ) )

Governors have found that they have to use the device sparingly to maintain political comity


( S ( CC And ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ is ) ( RB n't ) ( ADVP ( RB even ) ) ( ADJP-PRD ( JJ clear ) ) ( SBAR-4 ( IN that ) ( S ( NP-SBJ-1 ( DT some ) ( JJ pork-barrel ) ( NNS projects ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN hit ) ( PP-CLR ( IN with ) ( NP ( DT a ) ( JJ line-item ) ( NN veto ) ) ) ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-3 ( PRP they ) ) ( VP ( VBP tend ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN listed ) ( PP-LOC-CLR ( PP ( IN in ) ( NP ( NP ( JJ informal ) ( NN conference ) ( NNS reports ) ) ( VP ( VBG accompanying ) ( NP ( NN spending ) ( NNS bills ) ) ) ) ) ( RB rather ) ( IN than ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( JJ official ) ( NNS bills ) ) ( NP ( PRP themselves ) ) ) ) ) ) ) ) ) ) ) ) ) )

And it is n't even clear that some pork-barrel projects can be hit with a line-item veto because they tend to be listed in informal conference reports accompanying spending bills rather than in the official bills themselves


( S ( ADVP ( RB Still ) ) ( NP-SBJ ( NNS proponents ) ) ( VP ( VB contend ) ( SBAR ( IN that ) ( S ( NP-SBJ ( VBP the ) ( NN veto ) ) ( VP ( MD would ) ( VP ( VB have ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Glazier ) ) ( VP ( VBZ calls ) ( S ( NP-PRD ( NP ( DT an ) ( JJ important ) ( JJ chilling ) ( NN effect ) ) ( PP ( IN on ) ( NP ( NP ( DT all ) ( NN manner ) ) ( PP ( IN of ) ( NP ( NNS appropriations ) ( NNS bills ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Still proponents contend that the veto would have what Mr. Glazier calls an important chilling effect on all manner of appropriations bills


( S-1 ( NP-SBJ-3 ( NNS Lawmakers ) ) ( PRN ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP say ) ) ) ) ( VP ( MD would ) ( VP ( VB avoid ) ( S ( VP ( VBG putting ) ( NP ( JJ many ) ( NN spending ) ( NNS projects ) ) ( PP-CLR ( IN into ) ( NP ( NN legislation ) ) ) ( PP ( IN in ) ( NP ( DT the ) ( JJ first ) ( NN place ) ) ) ) ) ( PP-PRP ( IN for ) ( NP ( NP ( NN fear ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN embarrassment ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG having ) ( S ( NP-SBJ-2 ( PRP them ) ) ( VP ( VBN singled ) ( PRT ( RP out ) ) ( PP-CLR ( IN for ) ( NP ( DT a ) ( JJ line-item ) ( NN veto ) ) ) ( ADVP-TMP ( RB later ) ) ) ) ) ) ) ) ) ) ) ) ) )

Lawmakers they say would avoid putting many spending projects into legislation in the first place for fear of the embarrassment of having them singled out for a line-item veto later


( SINV ( S-TPC-3 ( SBAR-ADV ( WHNP-4 ( WDT Whatever ) ) ( S ( NP-SBJ ( NP ( DT the ) ( NN outcome ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN test ) ( NN case ) ) ) ) ) ) ( NP-SBJ-2 ( NNP President ) ( NNP Bush ) ) ( VP ( MD would ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB move ) ( ADVP-MNR ( RB cautiously ) ) ) ) ) ( SBAR-PRP ( IN becase ) ( S ( NP-SBJ ( DT the ) ( JJ very ) ( NN attempt ) ) ( VP ( MD would ) ( VP ( VB antagonize ) ( NP ( NP ( RB not ) ( RB just ) ( NNPS Democrats ) ) ( CC but ) ( NP ( NNPS Republicans ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Louis ) ( NNP Fisher ) ) ( NP ( NP ( DT a ) ( NN scholar ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NNP Congressional ) ( NNP Research ) ( NNP Service ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ specializes ) ( PP-CLR ( IN in ) ( NP ( JJ executive-legislative ) ( NNS relations ) ) ) ) ) ) ) ) )

Whatever the outcome of a test case President Bush would have to move cautiously becase the very attempt would antagonize not just Democrats but Republicans says Louis Fisher a scholar at the Congressional Research Service who specializes in executive-legislative relations


( S ( S-TPC-2 ( NP-SBJ ( NNPS Republicans ) ) ( VP ( VBP have ) ( NP ( NP ( RB as ) ( JJ much ) ( NN interest ) ) ( PP ( IN as ) ( NP ( NNPS Democrats ) ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN way ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN system ) ) ( VP ( VBZ works ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ notes ) ) )

Republicans have as much interest as Democrats in the way the system works he notes


( S ( ADVP ( RB Indeed ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ ( NP ( DT a ) ( NN majority ) ) ( PP ( IN of ) ( NP ( JJ Republican ) ( NNS lawmakers ) ) ) ) ( VP ( VBP favor ) ( NP ( DT a ) ( JJ line-item ) ( NN veto ) ) ) ) ) ( NP-SBJ-1 ( DT some ) ) ( S-ADV ( VP ( VBG ranging ) ( PP-DIR ( PP ( IN from ) ( NP ( JJ liberal ) ( NNP Oregon ) ( NNP Sen. ) ( NNP Mark ) ( NNP Hatfield ) ) ) ( PP ( TO to ) ( NP ( JJ conservative ) ( NNP Rep. ) ( NNP Edwards ) ) ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ opposed ) ) ) )

Indeed although a majority of Republican lawmakers favor a line-item veto some ranging from liberal Oregon Sen. Mark Hatfield to conservative Rep. Edwards are opposed


( S ( NP-SBJ ( NNP Rep. ) ( NNP Edwards ) ) ( VP ( VBZ voices ) ( NP ( DT the ) ( JJ traditional ) ( JJ conservative ) ( NN view ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT a ) ( NN mistake ) ) ( S-1 ( VP ( TO to ) ( VP ( VB put ) ( NP ( RB too ) ( JJ much ) ( NP ( NN power ) ) ) ( PP-PUT ( IN in ) ( NP ( NP ( DT the ) ( NNS hands ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ single ) ( NN person ) ) ) ) ) ) ) ) ) ) ) ) ) )

Rep. Edwards voices the traditional conservative view that it 's a mistake to put too much power in the hands of a single person