( S ( NP-SBJ ( NNP Philip ) ( CC and ) ( NNP Linda ) ) ( VP ( VP ( VBP move ) ( PP-DIR ( IN into ) ( NP ( PRP$ her ) ( NN mansion ) ) ) ) ( CC and ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB keep ) ( NP ( PRP$ their ) ( NNS hands ) ) ( PP-LOC-CLR ( IN off ) ( NP ( DT each ) ( JJ other ) ) ) ) ) ( PP-LOC ( ADVP ( RB even ) ) ( IN in ) ( NP ( NP ( NN front ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ Hawaiian\/Japanese ) ( NN houseman ) ) ) ) ) ) )

Philip and Linda move into her mansion and ca n't keep their hands off each other even in front of the Hawaiian\/Japanese houseman


( S ( CC But ) ( NP-SBJ ( DT the ) ( NNS lovebirds ) ) ( VP ( VBP have ) ( NP ( DT a ) ( NN conflict ) ) ) )

But the lovebirds have a conflict


( S ( S ( NP-SBJ-1 ( PRP He ) ) ( VP ( VBZ wants ) ( S ( VP ( TO to ) ( VP ( VB continue ) ( S ( VP ( VBG being ) ( NP-PRD ( DT a ) ( JJ low-paid ) ( JJ private ) ( NN eye ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBZ wants ) ( S ( NP-SBJ ( PRP him ) ) ( VP ( TO to ) ( VP ( VB live ) ( PP-CLR ( RP off ) ( NP ( NP ( DT the ) ( CD million ) ( NNS dollars ) ) ( SBAR ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBZ 's ) ( VP ( VBN settled ) ( PP-CLR ( IN on ) ( NP ( PRP him ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He wants to continue being a low-paid private eye and she wants him to live off the million dollars she 's settled on him


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( NNP Chandler ) ( POS 's ) ) ( NN setup ) ) ) )

That 's Chandler 's setup


( S ( NP-SBJ ( NNP Mr. ) ( NNP Parker ) ) ( VP ( VBZ spins ) ( NP ( PRP it ) ) ( PP-CLR ( IN into ) ( NP ( NP ( DT a ) ( ADJP ( RB pretty ) ( JJ satisfying ) ) ( NN tale ) ) ( VP ( VBG involving ) ( NP ( NP ( NNP Poodle ) ( NNP Springs ) ( JJ high ) ( NN life ) ) ( NP ( NNP Hollywood ) ( JJ low ) ( NN life ) ) ( CC and ) ( NP ( NP ( JJ various ) ( NN folk ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP hang ) ( NP ( PRP$ their ) ( NNS hats ) ) ( PP-LOC ( IN in ) ( NP ( DT both ) ( NNS worlds ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Parker spins it into a pretty satisfying tale involving Poodle Springs high life Hollywood low life and various folk who hang their hats in both worlds


( S ( S ( NP-SBJ ( DT The ) ( JJ supporting ) ( NN lineup ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ solid ) ) ) ) ( S ( NP-SBJ ( DT the ) ( NN patter ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ amusing ) ) ) ) ( CC and ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ 's ) ( ADVP ( RB even ) ) ( NP-PRD ( NP ( DT a ) ( NN cameo ) ) ( PP ( IN by ) ( NP ( NP ( NNP Bernie ) ( NNP Ohls ) ) ( NP ( NP ( DT the ) ( JJ good ) ( NN cop ) ) ( PP ( IN of ) ( NP ( JJ previous ) ( NNP Chandler ) ( NNS books ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( ADVP ( RB still ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB hesitate ) ( S ( VP ( TO to ) ( VP ( VB have ) ( S ( NP-SBJ ( NNP Marlowe ) ) ( VP ( VBN jailed ) ) ) ) ) ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ suits ) ( NP ( PRP$ his ) ( NNS purposes ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The supporting lineup is solid the patter is amusing and there 's even a cameo by Bernie Ohls the good cop of previous Chandler books who still does n't hesitate to have Marlowe jailed when it suits his purposes


( S ( NP-SBJ ( DT The ) ( NN style ) ( IN throughout ) ) ( VP ( VBZ bears ) ( NP ( NP ( DT a ) ( JJ strong ) ( NN resemblance ) ) ( PP ( TO to ) ( NP ( NP ( NP ( NNP Chandler ) ( POS 's ) ) ( NN prose ) ) ( PP ( IN at ) ( NP ( PRP$ its ) ( ADJP ( RBS most ) ( VBN pared ) ( PRT ( RP down ) ) ) ) ) ) ) ) ) )

The style throughout bears a strong resemblance to Chandler 's prose at its most pared down


( S ( S-ADV ( NP-SBJ ( DT All ) ) ( VP ( VBD told ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Parker ) ) ( VP ( VBZ does ) ( NP ( NP ( DT a ) ( JJR better ) ( NN job ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG making ) ( NP ( DT a ) ( NN novel ) ) ( PP-CLR ( IN out ) ( PP ( IN of ) ( NP ( DT this ) ( JJ abandoned ) ( NN fragment ) ) ) ) ) ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( NN anyone ) ) ( VP ( MD might ) ( VP ( VB have ) ( VP ( VBD had ) ( NP ( DT a ) ( NN right ) ( S ( VP ( TO to ) ( VP ( VB expect ) ) ) ) ) ) ) ) ) ) ) ) )

All told Mr. Parker does a better job of making a novel out of this abandoned fragment than anyone might have had a right to expect


( S ( CC But ) ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NNS grounds ) ) ( PP ( IN for ) ( NP ( NN complaint ) ) ) ) ) )

But there are grounds for complaint


( S ( S ( PP-TMP ( IN At ) ( NP ( CD one ) ( NN point ) ) ) ( NP-SBJ ( DT the ) ( NN reader ) ) ( VP ( VBZ is ) ( ADVP-LOC-PRD ( NP ( CD two ) ( NNS steps ) ) ( RB ahead ) ( PP ( IN of ) ( NP ( NNP Marlowe ) ) ) ) ( PP-LOC ( IN in ) ( S-NOM ( VP ( VBG catching ) ( PRT ( RP on ) ) ( PP-CLR ( TO to ) ( NP ( DT a ) ( JJ double ) ( NN identity ) ( NN scam ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( NNP Marlowe ) ) ( VP ( VBZ is ) ( VP ( VBN supposed ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( DT the ) ( NN pro ) ) ) ) ) ) ) ) )

At one point the reader is two steps ahead of Marlowe in catching on to a double identity scam and Marlowe is supposed to be the pro


( S ( ADVP ( RBR More ) ( JJ bothersome ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( NP-PRD ( JJ several ) ( JJ apparent ) ( NNS anachronisms ) ) ) )

More bothersome there are several apparent anachronisms


( S ( NP-SBJ ( NP ( NP ( NN Contact ) ( NNS lenses ) ) ( NP ( NN tank ) ( NNS tops ) ) ( NP ( NP ( NNS prostitutes ) ) ( VP ( ADVP-MNR ( RB openly ) ) ( VBG working ) ( NP ( NP ( DT the ) ( NNS streets ) ) ( PP ( IN of ) ( NP ( NNP Hollywood ) ) ) ) ) ) ( CC and ) ( NP ( DT the ) ( NNP Tequila ) ( NNP Sunrise ) ( NN cocktail ) ) ) ( NP ( DT all ) ) ) ( VP ( VBP seem ) ( PP-PRD ( IN out ) ( PP ( IN of ) ( NP ( NN place ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( CD 1950s ) ) ) ) )

Contact lenses tank tops prostitutes openly working the streets of Hollywood and the Tequila Sunrise cocktail all seem out of place in the 1950s


( S ( NP-SBJ ( NP ( ADJP ( NP-ADV ( DT A ) ( JJ little ) ) ( JJR more ) ) ( NN care ) ) ( PP-LOC ( IN in ) ( S-NOM ( VP ( NN re-creating ) ( NP ( NP ( NNP Marlowe ) ( POS 's ) ) ( NN universe ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN made ) ( S ( NP-SBJ ( DT the ) ( NN book ) ) ( ADJP-PRD ( ADVP ( RB that ) ( RB much ) ) ( RBR more ) ( JJ enjoyable ) ) ) ) ) ) )

A little more care in re-creating Marlowe 's universe would have made the book that much more enjoyable


( S ( NP-SBJ ( NNP Mr. ) ( NNP Nolan ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( VBG contributing ) ( NN editor ) ) ( PP-LOC ( IN at ) ( NP ( NNP Los ) ( NNP Angeles ) ( NNP Magazine ) ) ) ) ) )

Mr. Nolan is a contributing editor at Los Angeles Magazine


( S ( NP-SBJ ( NNS Investors ) ) ( VP ( VBD celebrated ) ( NP ( NP ( DT the ) ( JJ second ) ( NN anniversary ) ) ( PP ( IN of ) ( NP ( NNP Black ) ( NNP Monday ) ) ) ) ( PP-MNR ( IN with ) ( NP ( NP ( DT a ) ( NN buying ) ( NN spree ) ) ( PP-LOC ( IN in ) ( NP ( DT both ) ( NNS stocks ) ( CC and ) ( NNS bonds ) ) ) ) ) ) )

Investors celebrated the second anniversary of Black Monday with a buying spree in both stocks and bonds


( S ( CC But ) ( NP-SBJ ( DT the ) ( NN dollar ) ) ( VP ( VBD was ) ( ADJP-PRD ( VBN mixed ) ) ) )

But the dollar was mixed


( S ( NP-SBJ-1 ( NN Stock ) ( CC and ) ( NN bond ) ( NNS investors ) ) ( VP ( VBD were ) ( VP ( VBN cheered ) ( PP ( IN by ) ( NP-LGS ( NP ( JJ last ) ( NN month ) ( POS 's ) ) ( ADJP ( RB encouragingly ) ( JJ low ) ) ( NN inflation ) ( NN rate ) ) ) ) ) )

Stock and bond investors were cheered by last month 's encouragingly low inflation rate


( S ( NP-SBJ ( DT This ) ( NN news ) ) ( VP ( VBD raised ) ( NP ( NP ( NNS hopes ) ) ( PP ( IN for ) ( NP ( JJ further ) ( JJ interest-rate ) ( NNS cuts ) ) ) ) ) )

This news raised hopes for further interest-rate cuts


( S ( NP-SBJ ( JJ Treasury-bond ) ( NNS prices ) ) ( ADVP-TMP ( RB immediately ) ) ( VP ( VBD rallied ) ( S-ADV ( VP ( VBG setting ) ( S ( NP-SBJ ( DT the ) ( NN stock ) ( NN market ) ) ( VP ( VBG rolling ) ) ) ( PP-TMP ( IN from ) ( NP ( DT the ) ( VBG opening ) ( NN bell ) ) ) ) ) ) )

Treasury-bond prices immediately rallied setting the stock market rolling from the opening bell


( S ( NP-SBJ ( DT The ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ( ADVP ( RB up ) ( NP ( QP ( RB about ) ( CD 60 ) ) ( NNS points ) ) ( PP-TMP ( IN in ) ( NP ( NN mid-afternoon ) ) ) ) ( VP ( VBD finished ) ( PP-CLR ( IN with ) ( NP ( NP ( DT a ) ( NN gain ) ) ( PP ( IN of ) ( NP ( CD 39.55 ) ( NNS points ) ) ) ( PP ( TO to ) ( NP ( CD 2683.20 ) ) ) ) ) ) )

The Dow Jones Industrial Average up about 60 points in mid-afternoon finished with a gain of 39.55 points to 2683.20


( S ( NP-SBJ ( WDT That ) ) ( VP ( VBD brought ) ( NP ( NP ( DT the ) ( NN average ) ( POS 's ) ) ( JJ cumulative ) ( NN gain ) ) ( NP-TMP ( DT this ) ( NN week ) ) ( PP-DIR ( TO to ) ( NP ( QP ( RB about ) ( CD 114 ) ) ( NNS points ) ) ) ) )

That brought the average 's cumulative gain this week to about 114 points


( S ( PP-TMP ( IN Since ) ( NP ( DT the ) ( CD 1987 ) ( NN crash ) ) ) ( S ( NP-SBJ ( DT the ) ( NNS industrials ) ) ( VP ( VBP have ) ( VP ( VBN soared ) ( NP-EXT ( QP ( RBR more ) ( IN than ) ( CD 54 ) ) ( NN % ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( ADJP ( RB widely ) ( VBN watched ) ) ( NN market ) ( NN barometer ) ) ( VP ( VBZ is ) ( PP-LOC-PRD ( NP-ADV ( QP ( RB about ) ( CD 4 ) ) ( NN % ) ) ( IN below ) ( NP ( NP ( PRP$ its ) ( NN record ) ( NN high ) ) ( VP ( VBN set ) ( NP-TMP ( RBR earlier ) ( DT this ) ( NN month ) ) ) ) ) ) ) )

Since the 1987 crash the industrials have soared more than 54 % and the widely watched market barometer is about 4 % below its record high set earlier this month


( S ( NP-SBJ-1 ( DT The ) ( NN stock-market ) ( NN rally ) ) ( VP ( VP ( VBD was ) ( VP ( VBN led ) ( PP ( IN by ) ( NP-LGS ( JJ blue-chip ) ( NNS issues ) ) ) ) ) ( CC but ) ( VP ( PP ( IN unlike ) ( NP ( NP ( NNP Monday ) ( POS 's ) ) ( NN rebound ) ) ) ( VBD was ) ( ADJP-PRD ( RB broadly ) ( VBN based ) ) ) ) )

The stock-market rally was led by blue-chip issues but unlike Monday 's rebound was broadly based


( S ( ADVP ( RB Indeed ) ) ( NP-SBJ ( NP ( JJ over-the-counter ) ( NNS stocks ) ) ( VP ( VBN led ) ( PP ( IN by ) ( NP-LGS ( NN technology ) ( NNS issues ) ) ) ) ) ( VP ( VBD outleaped ) ( NP ( DT the ) ( JJ industrial ) ( NN average ) ) ) )

Indeed over-the-counter stocks led by technology issues outleaped the industrial average


( S ( NP-SBJ ( DT The ) ( NNP Nasdaq ) ( NNP Composite ) ( NNP Index ) ) ( VP ( VP ( VBD soared ) ( NP-EXT ( NP ( CD 7.52 ) ) ( CC or ) ( NP ( CD 1.6 ) ( NN % ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 470.80 ) ) ) ) ( NP ( NP ( PRP$ its ) ( JJS highest ) ( JJ one-day ) ( NN jump ) ) ( PP ( IN in ) ( NP ( NNS points ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) )

The Nasdaq Composite Index soared 7.52 or 1.6 % to 470.80 its highest one-day jump in points this year


( S ( NP-SBJ ( JJ Many ) ( JJ takeover-related ) ( NNS stocks ) ) ( VP ( VBD rose ) ( PP-TMP ( IN after ) ( NP ( NN news ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT a ) ( NN group ) ) ( VP ( VBD obtained ) ( NP ( NP ( VBG financing ) ( NNS commitments ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( VBN proposed ) ( NN buy-out ) ) ( PP ( IN of ) ( NP ( NNP American ) ( NNP Medical ) ( NNP International ) ( NNP Inc ) ) ) ) ) ) ) ) ) ) ) ) )

Many takeover-related stocks rose after news that a group obtained financing commitments for the proposed buy-out of American Medical International Inc


( SINV ( PP-LOC-PRD-TPC-1 ( IN Among ) ( NP ( DT the ) ( JJS biggest ) ( NNS winners ) ) ) ( VP ( VBD were ) ) ( NP-SBJ-2 ( NN brokerage-house ) ( NNS stocks ) ) ( S-ADV ( VP ( VBG responding ) ( PP-CLR ( TO to ) ( NP ( JJ heavy ) ( NN trading ) ( NN volume ) ) ) ) ) )

Among the biggest winners were brokerage-house stocks responding to heavy trading volume


( S ( NP-SBJ ( DT The ) ( NN government ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NN consumer ) ( NNS prices ) ) ( VP ( VBD rose ) ( NP-EXT ( QP ( RB only ) ( CD 0.2 ) ) ( NN % ) ) ( NP-TMP ( JJ last ) ( NN month ) ) ) ) ) ) )

The government said consumer prices rose only 0.2 % last month


( S ( NP-SBJ ( NNS Economists ) ) ( VP ( VBD expected ) ( NP ( QP ( RB twice ) ( RB as ) ( JJ large ) ) ( DT an ) ( NN increase ) ) ) )

Economists expected twice as large an increase


( S ( S-TPC-3 ( NP-SBJ ( NP ( DT That ) ( NN news ) ) ( PP ( IN plus ) ( NP ( NP ( JJ recent ) ( NNS signs ) ) ( PP ( IN of ) ( NP ( JJ economic ) ( NN sluggishness ) ) ) ) ) ) ( ADVP ( RB greatly ) ) ( VP ( VBZ increases ) ( NP ( NP ( NN pressure ) ) ( PP ( IN on ) ( NP ( DT the ) ( NNP Federal ) ( NNP Reserve ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VP ( VB ease ) ( NP ( NN credit ) ) ( ADVP-EXT ( RBR further ) ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( PP ( IN in ) ( NP ( NN turn ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( NP ( JJ good ) ( NN news ) ) ( PP ( IN for ) ( NP ( NNS stocks ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NN investment ) ( NNS managers ) ) ( VP ( VBP say ) ) )

That news plus recent signs of economic sluggishness greatly increases pressure on the Federal Reserve to ease credit further which in turn would be good news for stocks investment managers say


( SINV ( S-TPC-1 ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP see ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NP ( NN evidence ) ) ( VP ( VBG indicating ) ( NP ( DT a ) ( JJR slower ) ( NN economy ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ means ) ( SBAR ( S ( NP-SBJ ( PRP$ my ) ( JJ interest-rate ) ( NN outlook ) ) ( VP ( VBZ has ) ( NP ( DT a ) ( JJ downward ) ( NN tilt ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Garnett ) ( NNP L. ) ( NNP Keith ) ( NNP Jr. ) ) ( NP ( NP ( NN vice ) ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Prudential ) ( NNP Insurance ) ( NNP Co. ) ) ( PP ( IN of ) ( NP ( NNP America ) ) ) ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( JJS largest ) ( JJ institutional ) ( NNS investors ) ) ) ) ) ) ) ) )

I see a lot of evidence indicating a slower economy and that means my interest-rate outlook has a downward tilt said Garnett L. Keith Jr. vice chairman of Prudential Insurance Co. of America one of the nation 's largest institutional investors


( S ( S-TPC-1 ( NP-SBJ ( NNP Fed ) ( NNS officials ) ) ( ADVP ( RB probably ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB drive ) ( ADVP-DIR ( RB down ) ) ( NP ( NNS rates ) ) ( ADVP-TMP ( RB immediately ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Keith ) ) ( VP ( VBD said ) ) )

Fed officials probably wo n't drive down rates immediately Mr. Keith said


( S ( PP ( IN Despite ) ( NP ( DT the ) ( NN inflation ) ( NN news ) ) ) ( NP-SBJ ( JJ several ) ( NNP Fed ) ( NNS officials ) ) ( ADVP ( RB still ) ) ( VP ( VBP fear ) ( SBAR ( S ( NP-SBJ ( JJ consumer-price ) ( NNS pressures ) ) ( VP ( MD will ) ( VP ( VB intensify ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP insist ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN economy ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( JJR stronger ) ) ( SBAR ( IN than ) ( S ( ADVP ( RB generally ) ) ( VP ( VBN believed ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Despite the inflation news several Fed officials still fear consumer-price pressures will intensify because they insist the economy is stronger than generally believed


( S ( CC But ) ( NP-SBJ ( NNP Wall ) ( NNP Street ) ( NNS analysts ) ) ( VP ( VBP expect ) ( NP ( NP ( JJ further ) ( NNS signs ) ) ( PP ( IN of ) ( NP ( JJ economic ) ( NN weakness ) ) ) ( PP-LOC ( IN in ) ( NP ( NN government ) ( NNS reports ) ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( JJ next ) ( JJ few ) ( NNS weeks ) ) ) ) )

But Wall Street analysts expect further signs of economic weakness in government reports during the next few weeks


( S ( SBAR-ADV ( IN If ) ( FRAG ( ADVP ( RB so ) ) ) ) ( NP-SBJ ( DT that ) ) ( VP ( MD will ) ( VP ( VB cinch ) ( NP ( NP ( DT the ) ( NN case ) ) ( PP ( IN for ) ( NP ( NP ( DT another ) ( NN shot ) ) ( PP ( IN of ) ( NP ( NN credit-easing ) ) ) ( PP-TMP ( IN within ) ( NP ( DT a ) ( NN month ) ( CC or ) ( RB so ) ) ) ) ) ) ) ) )

If so that will cinch the case for another shot of credit-easing within a month or so


( S ( NP-SBJ-1 ( DT That ) ) ( PP ( IN in ) ( NP ( NN turn ) ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB persuade ) ( NP-2 ( NNS banks ) ) ( S ( VP ( TO to ) ( VP ( VB cut ) ( NP ( NP ( PRP$ their ) ( JJ prime ) ( NN lending ) ( NN rate ) ) ( NP ( NP ( DT a ) ( NN benchmark ) ( NN rate ) ) ( PP ( IN on ) ( NP ( JJ many ) ( JJ corporate ) ( CC and ) ( NN consumer ) ( NNS loans ) ) ) ) ) ( PP-EXT ( IN by ) ( NP ( PDT half ) ( DT a ) ( NN percentage ) ( NN point ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 10 ) ( NN % ) ) ) ) ) ) ) ) ) ) ) )

That in turn is expected to persuade banks to cut their prime lending rate a benchmark rate on many corporate and consumer loans by half a percentage point to 10 %


( SINV ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBP 're ) ( RB not ) ( PP-PRD ( IN out ) ( PP ( IN of ) ( NP ( DT the ) ( NNS woods ) ) ) ) ( ADVP ( RB yet ) ) ( PP ( IN by ) ( NP ( DT any ) ( NNS means ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP George ) ( NNP R. ) ( NNP Mateyo ) ) ( NP ( NP ( NP ( NN president ) ) ( CC and ) ( NP ( JJ chief ) ( NN executive ) ) ) ( PP ( IN of ) ( NP ( NP ( NNP Carnegie ) ( NNP Capital ) ( NNP Management ) ( NNP Co. ) ) ( NP-LOC ( NNP Cleveland ) ) ) ) ) ) )

We 're not out of the woods yet by any means said George R. Mateyo president and chief executive of Carnegie Capital Management Co. Cleveland


( S ( CC But ) ( NP-SBJ ( DT the ) ( NN economy ) ) ( VP ( VBZ is ) ( VP ( VBG slowing ) ( ADVP ( RB enough ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB give ) ( NP ( DT the ) ( NNP Federal ) ( NNP Reserve ) ) ( NP ( NP ( NN leeway ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB reduce ) ( NP ( NN interest ) ( NNS rates ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But the economy is slowing enough to give the Federal Reserve leeway to reduce interest rates


( S ( CC But ) ( NP-SBJ ( JJ many ) ( JJ individual ) ( NNS investors ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ leery ) ( PP ( IN about ) ( NP ( NNS stocks ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( JJ fresh ) ( NNS signs ) ) ( PP ( IN of ) ( NP ( NP ( NN fragility ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ huge ) ( NN junk-bond ) ( NN market ) ) ) ) ) ) ) ) )

But many individual investors are leery about stocks because of fresh signs of fragility in the huge junk-bond market


( S ( NP-SBJ ( NNS Investors ) ) ( ADVP ( RB also ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ anxious ) ( PP ( IN about ) ( NP ( NP ( NP ( NN today ) ( POS 's ) ) ( NN witching ) ( NN hour ) ) ( NP ( NP ( DT the ) ( JJ monthly ) ( NN expiration ) ) ( PP ( IN of ) ( NP ( NP ( JJ stock-index ) ( NNS futures ) ( CC and ) ( NNS options ) ) ( CC and ) ( NP ( NP ( NNS options ) ) ( PP ( IN on ) ( NP ( JJ individual ) ( NNS stocks ) ) ) ) ) ) ) ) ) ) ) )

Investors also are anxious about today 's witching hour the monthly expiration of stock-index futures and options and options on individual stocks


( S ( NP-SBJ ( DT This ) ( NN phenomenon ) ) ( ADVP-TMP ( RB often ) ) ( VP ( VBZ makes ) ( S ( NP-SBJ ( NN stock ) ( NNS prices ) ) ( VP ( VB swing ) ( ADVP-MNR ( RB wildly ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN trading ) ( NN session ) ) ) ) ) ) ) ) )

This phenomenon often makes stock prices swing wildly at the end of the trading session


( S ( PP-LOC ( IN In ) ( NP ( JJ major ) ( NN market ) ( NN activity ) ) ) ( NP-SBJ ( NNP Stock ) ( NNS prices ) ) ( VP ( VBD surged ) ( PP-LOC ( IN in ) ( NP ( JJ heavy ) ( NN trading ) ) ) ) )

In major market activity Stock prices surged in heavy trading


( S ( NP-SBJ ( NP ( NN Volume ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 198.1 ) ( CD million ) ) ( NNS shares ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 166.9 ) ( CD million ) ) ) ( NP-TMP ( NNP Wednesday ) ) ) ) )

Volume on the New York Stock Exchange rose to 198.1 million shares from 166.9 million Wednesday


( S ( NP-SBJ ( NNP Gaining ) ( NNP Big ) ( NNP Board ) ( NNS issues ) ) ( VP ( VBD outnumbered ) ( NP ( NNS decliners ) ) ( PP-EXT ( IN by ) ( NP ( NP ( CD 1,235 ) ) ( TO to ) ( NP ( CD 355 ) ) ) ) ) )

Gaining Big Board issues outnumbered decliners by 1,235 to 355


( S ( NP-SBJ ( DT The ) ( NN dollar ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ mixed ) ) ) )

The dollar was mixed


( S ( PP-LOC ( IN In ) ( NP ( NNP New ) ( NNP York ) ) ) ( NP-TMP ( JJ late ) ( NN yesterday ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( PP-LOC-PRD ( IN at ) ( NP ( CD 141.70 ) ( NN yen ) ) ) ( ADVP ( IN up ) ( PP ( IN from ) ( NP ( CD 141.45 ) ( NN yen ) ) ( NP-TMP ( JJ late ) ( NNP Wednesday ) ) ) ) ) )

In New York late yesterday it was at 141.70 yen up from 141.45 yen late Wednesday


( S ( CC But ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD fell ) ( PP-DIR ( TO to ) ( NP ( CD 1.8470 ) ( NNS marks ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 1.8485 ) ) ) ) )

But it fell to 1.8470 marks from 1.8485


( S ( S-ADV ( VP ( VBG Watching ) ( S ( NP-SBJ-2 ( NNP Congress ) ) ( VP ( VB sweat ) ( CC and ) ( VB grimace ) ( PP-CLR ( IN through ) ( NP ( PRP$ its ) ( JJ annual ) ( NN budget ) ( NNS labors ) ) ) ( S-ADV ( VP ( VBG fighting ) ( NP ( DT the ) ( NN urge ) ( S ( VP ( TO to ) ( VP ( VB spend ) ( NP ( JJR more ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( PRP we ) ) ( VP ( VBP 're ) ( VP ( VBN reminded ) ( PP-CLR ( IN of ) ( NP ( NP ( DT those ) ( JJ late-night ) ( NNS movies ) ) ( SBAR ( WHPP-3 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( DT the ) ( JJ anguished ) ( JJ serial ) ( NN killer ) ) ( VP ( VP ( VBZ turns ) ( NP-PRD ( PRP himself ) ) ( PRT ( RP in ) ) ( PP-CLR ( TO to ) ( NP ( NN police ) ) ) ) ( CC and ) ( VP ( VBZ says ) ( S ( VP ( VB Stop ) ( NP ( PRP me ) ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP kill ) ( ADVP ( RB again ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Watching Congress sweat and grimace through its annual budget labors fighting the urge to spend more we 're reminded of those late-night movies in which the anguished serial killer turns himself in to police and says Stop me before I kill again


( S ( S ( NP-SBJ ( DT The ) ( NNS Members ) ) ( VP ( VBP know ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP 're ) ( VP ( VBG doing ) ( NP ( JJ wrong ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( MD need ) ( NP ( NN help ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB restrain ) ( NP ( PRP$ their ) ( JJR darker ) ( NNS compulsions ) ) ) ) ) ) ) )

The Members know they 're doing wrong but they need help to restrain their darker compulsions


( S ( S ( NP-SBJ ( NNP Arkansas ) ( NNP Democrat ) ( NNP David ) ( NNP Pryor ) ) ( VP ( VBD spilled ) ( NP ( PRP$ his ) ( NNS guts ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Senate ) ( NN floor ) ) ) ( NP-TMP ( DT the ) ( JJ other ) ( NN day ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD 'd ) ( VP ( VBD joined ) ( NP ( NP ( DT the ) ( NNP Finance ) ( NNP Committee ) ( POS 's ) ) ( JJ early-morning ) ( NN pork-barrel ) ( NNS revels ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( MD must ) ( VP ( VB tell ) ( NP ( PRP you ) ) ) ) ) )

Arkansas Democrat David Pryor spilled his guts on the Senate floor the other day after he 'd joined the Finance Committee 's early-morning pork-barrel revels I must tell you


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP come ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( NN floor ) ) ) ( NP-TMP ( RB tonight ) ) ( PP-MNR ( IN as ) ( NP ( NP ( PRP one ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD ended ) ( PRT ( RP up ) ) ( PP-CLR ( IN with ) ( NP ( NP ( DT a ) ( NN busload ) ) ( PP ( IN of ) ( NP ( JJ extraneous ) ( NN matter ) ) ) ) ) ) ) ) ) ) ) )

I come to the floor tonight as one who ended up with a busload of extraneous matter


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NP ( NN nothing ) ) ( ADJP ( ADJP ( JJR more ) ) ) ) ( CC or ) ( NP ( NP ( NN nothing ) ) ( ADJP ( ADJP ( JJR less ) ) ) ) ( PP-1 ( IN than ) ( NP ( DT a ) ( NN feeding ) ( NN frenzy ) ) ) ) ) )

It was nothing more or nothing less than a feeding frenzy


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD was ) ( VP ( VBG turning ) ( NP-PRD ( PRP himself ) ) ( PRT ( RP in ) ) ) ) )

He was turning himself in


( S ( S-TPC-5 ( ADVP ( RB Frankly ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ-2 ( PRP I ) ) ( VP ( VBD was ) ( VP ( VBG walking ) ( ADVP-DIR ( RB back ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB get ) ( PP-DIR ( IN in ) ( NP ( PRP$ my ) ( NN car ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBD heard ) ( S ( NP-SBJ ( JJ many ) ( JJ many ) ( NNS people ) ) ( VP ( VP ( VBG opening ) ( NP ( NN champagne ) ( NNS bottles ) ) ) ( CC and ) ( VP ( VBG celebrating ) ( NP ( NP ( JJ individual ) ( NNS victories ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ-3 ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( PRP us ) ) ) ) ( VP ( VBD had ) ( VP ( VBN accomplished ) ( PP-LOC ( IN in ) ( S-NOM ( VP ( VP ( VBG getting ) ( NP ( PRP$ our ) ( JJ little ) ( NN deal ) ) ( PP-LOC-CLR ( IN in ) ( NP ( DT the ) ( NN tax ) ( NN bill ) ) ) ) ( CC and ) ( VP ( VBG winking ) ( PP-CLR ( IN at ) ( NP-4 ( DT this ) ( NN person ) ) ) ( PP-CLR ( IN for ) ( S-NOM ( VP ( VBG slipping ) ( NP ( DT this ) ) ( PRT ( RP in ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

Frankly as I was walking back to get in my car I heard many many people opening champagne bottles and celebrating individual victories that some of us had accomplished in getting our little deal in the tax bill and winking at this person for slipping this in he said


( S ( SBAR-TMP ( IN As ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD was ) ( VP ( VBG driving ) ( ADVP-DIR ( NN home ) ) ) ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBD did ) ( RB not ) ( VP ( VB feel ) ( ADJP-PRD ( RB very ) ( JJ good ) ( PP ( IN about ) ( NP ( PRP myself ) ) ) ) ) ) )

As I was driving home I did not feel very good about myself


( S ( NP-SBJ ( PRP We ) ) ( VP ( MD can ) ( VP ( VB applaud ) ( NP ( NP ( NP ( NNP Mr. ) ( NNP Pryor ) ( POS 's ) ) ( NN moment ) ) ( PP ( IN of ) ( NP ( NN epiphany ) ) ) ) ( SBAR-TMP ( RB even ) ( IN as ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP understand ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( PRP he ) ) ( CC and ) ( NP ( PRP$ his ) ( FW confreres ) ) ) ( VP ( VBP need ) ( NP ( NN restraint ) ) ( SBAR-ADV ( IN lest ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP kill ) ( ADVP ( RB again ) ) ) ) ) ) ) ) ) ) ) ) ) )

We can applaud Mr. Pryor 's moment of epiphany even as we understand that he and his confreres need restraint lest they kill again


( S ( NP-SBJ ( NP ( DT A ) ( JJ good ) ( NN place ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB start ) ( NP ( DT the ) ( NN rehabilitation ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ legislative ) ( JJ line-item ) ( NN veto ) ( NN bill ) ) ( VP ( ADVP-TMP ( RB now ) ) ( VBG being ) ( VP ( VBN offered ) ( PP ( IN by ) ( NP-LGS ( NNP Indiana ) ( NNP Senator ) ( NNP Dan ) ( NNP Coats ) ) ) ) ) ) ) )

A good place to start the rehabilitation is a legislative line-item veto bill now being offered by Indiana Senator Dan Coats


( S ( NP-SBJ ( NP ( DT The ) ( NNP Coats ) ( NN bill ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( ADVP ( RB already ) ) ( VP ( VBZ has ) ( NP ( CD 32 ) ( NNP Senate ) ( NNS co-sponsors ) ) ) ) ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( DT a ) ( JJ pure ) ( JJ line-item ) ( NN veto ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VB apply ) ( ADVP ( RB only ) ) ( PP-CLR ( TO to ) ( NP ( NN spending ) ( NNS bills ) ) ) ) ) ) ) ) )

The Coats bill which already has 32 Senate co-sponsors is n't a pure line-item veto because it would apply only to spending bills


( S ( ADVP ( RB Instead ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT a ) ( NN form ) ) ( PP ( IN of ) ( NP ( NP ( JJ enhanced ) ( NN rescission ) ) ( VP ( VBG giving ) ( NP ( DT a ) ( NNP President ) ) ( NP ( DT a ) ( NN chance ) ( S ( VP ( TO to ) ( VP ( VB rescind ) ( CC or ) ( VB strike ) ( NP ( NP ( JJ specific ) ( VBG spending ) ( NNS items ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( ADVP ( RB just ) ) ( VP ( VBP go ) ( ADVP ( RB too ) ( RB far ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Instead it 's a form of enhanced rescission giving a President a chance to rescind or strike specific spending items that just go too far


( FRAG ( S ( PP-LOC ( IN Under ) ( NP ( DT the ) ( NN proposal ) ) ) ( NP-SBJ ( DT a ) ( NNP President ) ) ( VP ( MD would ) ( VP ( VB have ) ( NP ( DT a ) ( NN chance ) ) ( ADVP-TMP ( ADVP ( RB twice ) ) ( NP-ADV ( DT each ) ( NN year ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB return ) ( NP ( NP ( DT a ) ( NN package ) ) ( PP ( IN of ) ( NP ( NNS rescissions ) ) ) ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( NNP Hill ) ) ) ) ) ) ) ) ) ( FRAG ( FRAG ( ADVP ( RB once ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ proposes ) ( NP ( PRP$ his ) ( NN budget ) ) ) ) ) ) ( CC and ) ( FRAG ( ADVP ( RB again ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( NNP Congress ) ) ( VP ( VBZ disposes ) ) ) ) ) ) )

Under the proposal a President would have a chance twice each year to return a package of rescissions to the Hill once when he proposes his budget and again after Congress disposes


( S ( S ( NP-SBJ ( NNP Congress ) ) ( VP ( MD would ) ( VP ( VB have ) ( NP ( NP ( CD 20 ) ( NNS days ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB reject ) ( NP ( DT the ) ( NN package ) ) ( PP-MNR ( IN with ) ( NP ( DT a ) ( ADJP ( CD 50 ) ( NN % ) ) ( NN majority ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( ADVP ( RB then ) ) ( NP-SBJ ( DT a ) ( NNP President ) ) ( VP ( MD could ) ( VP ( VB veto ) ( NP ( DT that ) ( NN rejection ) ) ) ) ) )

Congress would have 20 days to reject the package with a 50 % majority but then a President could veto that rejection


( S ( NP-SBJ ( NNP Congress ) ) ( VP ( MD would ) ( ADVP-TMP ( RB then ) ) ( VP ( VB need ) ( NP ( NP ( DT the ) ( JJ usual ) ( NNS two-thirds ) ( NN majority ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB override ) ( NP ( DT any ) ( NN veto ) ) ) ) ) ) ) ) ) )

Congress would then need the usual two-thirds majority to override any veto


( S ( NP-SBJ ( DT The ) ( NN proposal ) ) ( VP ( MD would ) ( VP ( VB restore ) ( NP ( NP ( DT some ) ( NN discipline ) ) ( VP ( VBN erased ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NN budget ) ( NN process ) ) ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( CD 1974 ) ( NNP Budget ) ( NNP Reform ) ( NNP Act ) ) ) ) ) ) ) )

The proposal would restore some discipline erased from the budget process by the 1974 Budget Reform Act


( S ( PP-TMP ( IN Before ) ( NP ( CD 1974 ) ) ) ( NP-SBJ-1 ( DT a ) ( NNP President ) ) ( VP ( MD could ) ( VP ( VP ( VB impound ) ) ( CC or ) ( VP ( VB refuse ) ( S ( VP ( TO to ) ( VP ( VB spend ) ) ) ) ) ( NP-2 ( NP ( NNS funds ) ) ( VP ( VBN appropriated ) ( PP ( IN by ) ( NP-LGS ( NNP Congress ) ) ) ) ) ) ) )

Before 1974 a President could impound or refuse to spend funds appropriated by Congress


( S ( S ( NP-SBJ ( NNP Presidents ) ( NNP Kennedy ) ( CC and ) ( NNP Johnson ) ) ( VP ( VBD were ) ( DT both ) ( NP-PRD ( NP ( JJ big ) ( NNS users ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN impoundment ) ( NN power ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NNP Congress ) ) ( VP ( VP ( VBD saw ) ( NP ( NP ( PRP$ its ) ( NN chance ) ) ( PP ( IN against ) ( NP ( DT a ) ( VBN weakened ) ( NNP President ) ( NNP Nixon ) ) ) ) ) ( CC and ) ( VP ( VBD stripped ) ( NP ( PRP it ) ) ( PRT ( RB away ) ) ) ) ) )

Presidents Kennedy and Johnson were both big users of the impoundment power but Congress saw its chance against a weakened President Nixon and stripped it away


( S ( NP-TMP ( NN Today ) ) ( S ( NP-SBJ ( DT a ) ( NNP President ) ) ( VP ( MD can ) ( ADVP ( RB still ) ) ( VP ( VB send ) ( PRT ( RP up ) ) ( NP ( NN spending ) ( NNS rescissions ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP 're ) ( ADJP-PRD ( JJ meaningless ) ) ( SBAR-ADV ( IN unless ) ( S ( NP-SBJ ( NNP Congress ) ) ( VP ( VP ( VBZ has ) ( NP ( DT a ) ( JJ guilty ) ( NN conscience ) ) ) ( CC and ) ( VP ( VBZ changes ) ( NP ( PRP$ its ) ( NN mind ) ) ) ) ) ) ) ) )

Today a President can still send up spending rescissions but they 're meaningless unless Congress has a guilty conscience and changes its mind


( S ( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( PP-PRD ( IN like ) ( S-NOM ( VP ( VBG asking ) ( NP-2 ( NNS foxes ) ) ( S ( VP ( TO to ) ( VP ( VB feel ) ( NP-PRD ( NN remorse ) ) ( PP ( IN about ) ( NP ( NNS chickens ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( ADVP ( RB naturally ) ) ( NP-SBJ-1 ( NNS rescissions ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB almost ) ( RB never ) ) ( VP ( VBN approved ) ) ) ) )

This is like asking foxes to feel remorse about chickens and naturally rescissions are almost never approved


( S ( S ( PP-TMP ( IN In ) ( NP ( CD 1987 ) ) ) ( NP-SBJ ( NNP President ) ( NNP Reagan ) ) ( VP ( VBD sent ) ( NP ( CD 73 ) ( NNS rescissions ) ) ( ADVP-DIR ( RB back ) ( PP ( TO to ) ( NP ( DT the ) ( NNP Hill ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( NP ( QP ( RB only ) ( CD 3 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN spending ) ( NN total ) ) ) ) ( VP ( VBD was ) ( VP ( VBN approved ) ( PP ( IN by ) ( NP-LGS ( NNP Congress ) ) ) ) ) ) )

In 1987 President Reagan sent 73 rescissions back to the Hill but only 3 % of the spending total was approved by Congress


( S ( NP-SBJ ( NP ( NNP Senator ) ( NNP Coats ) ( POS 's ) ) ( NN proposal ) ) ( VP ( MD would ) ( VP ( VB let ) ( S ( NP-SBJ ( DT the ) ( VBN proposed ) ( NN spending ) ( NNS cuts ) ) ( VP ( VB take ) ( NP-CLR ( NN place ) ) ( ADVP-MNR ( RB automatically ) ) ( SBAR-ADV ( IN unless ) ( S ( NP-SBJ ( NNP Congress ) ) ( VP ( VBZ acts ) ) ) ) ) ) ) ) )

Senator Coats 's proposal would let the proposed spending cuts take place automatically unless Congress acts


( S ( S ( NP-SBJ-1 ( DT The ) ( NNP Members ) ) ( VP ( MD could ) ( ADVP ( RB still ) ) ( VP ( VB try ) ( S ( VP ( TO to ) ( VP ( VB serve ) ( NP ( PRP$ their ) ( NNS constituents ) ) ( PP-MNR ( IN with ) ( NP ( JJ special-interest ) ( NNS goodies ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NP ( DT the ) ( NN police ) ) ( PRN ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN form ) ) ( PP ( IN of ) ( NP ( DT a ) ( NNP President ) ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADVP-LOC-PRD ( RB there ) ) ( PP ( IN with ) ( NP ( DT a ) ( NN straitjacket ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP they ) ) ( ADVP ( RB really ) ) ( VP ( VBP get ) ( ADJP-PRD ( JJ crazy ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP do ) ( ADVP-TMP ( RB now ) ) ) ) ) ) ) ) ) ) ) )

The Members could still try to serve their constituents with special-interest goodies but the police in the form of a President would be there with a straitjacket if they really get crazy as they do now


( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Coats ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB offer ) ( NP ( PRP$ his ) ( NN proposal ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT an ) ( NN amendment ) ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( NN bill ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB raise ) ( NP ( DT the ) ( JJ federal ) ( NN debt ) ( NN limit ) ) ) ) ) ) ) ) ) ) ( PP-TMP ( IN before ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN month ) ) ) ) ) ) ) ) ) )

Mr. Coats plans to offer his proposal as an amendment to a bill to raise the federal debt limit before the end of the month


( S ( S ( NP-SBJ ( NNP President ) ( NNP Bush ) ) ( VP ( VBZ has ) ( VP ( VBN endorsed ) ( NP ( DT the ) ( NN idea ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( QP ( IN at ) ( JJS least ) ( CD 50 ) ) ( VBG sitting ) ( NNS Senators ) ) ( VP ( VBP have ) ( VP ( VBN voted ) ( S ( VP ( TO to ) ( VP ( VB support ) ( NP ( JJ enhanced ) ( NN rescission ) ( NN authority ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN past ) ) ) ) ) ) )

President Bush has endorsed the idea and at least 50 sitting Senators have voted to support enhanced rescission authority in the past


( S ( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP 're ) ( VP ( VBN told ) ( SBAR ( S ( NP-SBJ ( NNP Senator ) ( NNP Pryor ) ) ( VP ( VBZ is ) ( RB n't ) ( ADVP ( RB yet ) ) ( NP-PRD ( DT a ) ( NN co-sponsor ) ) ) ) ) ) ) ) ( CC but ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-1 ( NP ( PRP he ) ) ( CC and ) ( NP ( PRP$ his ) ( NNS colleagues ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ serious ) ( PP ( IN about ) ( S-NOM ( VP ( VBG kicking ) ( NP ( PRP$ their ) ( NNS compulsions ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( MD 'll ) ( VP ( VB sign ) ( PRT ( RP up ) ) ) ) ) )

We 're told Senator Pryor is n't yet a co-sponsor but if he and his colleagues are serious about kicking their compulsions they 'll sign up


( S ( NP-SBJ ( NP ( NNP Financial ) ( NNP Corp. ) ) ( PP ( IN of ) ( NP ( NNP Santa ) ( NNP Barbara ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD rescheduled ) ( PP-CLR ( TO to ) ( NP ( VB Nov. ) ( CD 29 ) ) ) ( NP ( NP ( DT a ) ( JJ special ) ( NN shareholder ) ( NN meeting ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB vote ) ( PP-CLR ( IN on ) ( NP ( DT a ) ( ADJP ( QP ( CD 75 ) ( CD million ) ) ) ( JJ stock-for-debt ) ( NN exchange ) ) ) ) ) ) ) ) ) ) ) ) )

Financial Corp. of Santa Barbara said it rescheduled to Nov. 29 a special shareholder meeting to vote on a 75 million stock-for-debt exchange


( S ( S ( NP-SBJ-1 ( DT The ) ( NN meeting ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN scheduled ) ( PP-CLR ( IN for ) ( NP ( NNP Nov. ) ( CD 10 ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-2 ( DT the ) ( NN company ) ) ( VP ( VBD delayed ) ( NP ( DT the ) ( NN meeting ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB allow ) ( NP ( NP ( NN time ) ) ( SBAR ( IN for ) ( S ( NP-SBJ ( DT the ) ( NNP Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ) ( VP ( TO to ) ( VP ( VB review ) ( NP ( DT the ) ( NN proposal ) ) ) ) ) ) ) ) ) ) ) ) )

The meeting had been scheduled for Nov. 10 but the company delayed the meeting to allow time for the Securities and Exchange Commission to review the proposal


( S ( PP ( IN As ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( VBG restructuring ) ) ( VP ( VBD announced ) ( NP-TMP ( RBR earlier ) ( DT this ) ( NN year ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN company ) ) ( VP ( VBN proposed ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ( S ( VP ( TO to ) ( VP ( VB exchange ) ( NP ( CD 168 ) ( ADJP ( RB newly ) ( VBN issued ) ) ( JJ common ) ( NNS shares ) ) ( PP-CLR ( IN for ) ( NP ( NP ( DT each ) ( CD 1,000 ) ( NN face ) ( NN value ) ) ( PP ( IN of ) ( NP ( NN debt ) ) ) ) ) ) ) ) ) )

As part of a restructuring announced earlier this year the company proposed in August to exchange 168 newly issued common shares for each 1,000 face value of debt


( S ( S-TPC-2 ( ADVP ( RB However ) ) ( NP-SBJ-1 ( DT that ) ( NN figure ) ) ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN revised ) ) ) ) ) ( NP-SBJ ( NNP Financial ) ( NNP Corp. ) ) ( VP ( VBD said ) ) )

However that figure could be revised Financial Corp. said


( S ( ADVP-TMP ( RB Currently ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBZ has ) ( NP ( NP ( QP ( RB about ) ( CD six ) ( CD million ) ) ( JJ common ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) )

Currently the company has about six million common shares outstanding


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ-1 ( DT all ) ( DT the ) ( NN debt ) ) ( VP ( VBD was ) ( VP ( VBN converted ) ) ) ) ) ( NP-SBJ-2 ( QP ( RB about ) ( CD 13 ) ( CD million ) ) ( JJ new ) ( NNS shares ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN issued ) ) ) ) )

If all the debt was converted about 13 million new shares would be issued


( S ( PP-LOC ( IN In ) ( NP ( JJ composite ) ( NN trading ) ) ) ( NP-TMP ( NNP Wednesday ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ( NP-SBJ ( NNP Financial ) ( NNP Corp. ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 1.125 ) ) ) ( ADJP-CLR ( JJ unchanged ) ) ) )

In composite trading Wednesday on the New York Stock Exchange Financial Corp. closed at 1.125 unchanged


( S ( NP-SBJ ( DT The ) ( NN debt ) ) ( VP ( VBZ consists ) ( PP-CLR ( IN of ) ( NP ( NP ( NP ( QP ( CD 50 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( QP ( CD 13 ) ( CD 3\/8 ) ) ( NN % ) ) ( VBN subordinated ) ( NNS notes ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 1998 ) ) ) ) ) ) ( CC and ) ( NP ( NP ( QP ( CD 25 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( CD 9 ) ( NN % ) ) ( JJ convertible ) ( VBN subordinated ) ( NNS debentures ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 2012 ) ) ) ) ) ) ) ) ) )

The debt consists of 50 million of 13 3\/8 % subordinated notes due 1998 and 25 million of 9 % convertible subordinated debentures due 2012


( S ( NP-SBJ-1 ( NNP Financial ) ( NNP Corp. ) ) ( ADVP ( RB also ) ) ( VP ( VBZ is ) ( VP ( VBG proposing ) ( S ( VP ( TO to ) ( VP ( VB exchange ) ( NP ( NP ( DT each ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( CD 130,000 ) ( JJ outstanding ) ( NNS shares ) ) ( PP ( IN of ) ( NP ( JJ cumulative ) ( NN convertible ) ( VBN preferred ) ( NN series ) ( NNP A ) ( NN stock ) ) ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( CD two ) ( NNS shares ) ) ( PP ( IN of ) ( NP ( NN common ) ) ) ) ) ) ) ) ) ) )

Financial Corp. also is proposing to exchange each of its 130,000 outstanding shares of cumulative convertible preferred series A stock for two shares of common


( S ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( NN television ) ( NNS units ) ) ( PP ( IN of ) ( NP ( NP ( NNP Paramount ) ( NNP Communications ) ( NNP Inc. ) ) ( CC and ) ( NP ( NNP MCA ) ( NNP Inc. ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBG exploring ) ( NP ( NP ( DT the ) ( NN possibility ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG offering ) ( NP ( JJ prime-time ) ( NN programming ) ) ( PP-DTV ( TO to ) ( NP ( JJ independent ) ( NNS stations ) ) ) ( NP-TMP ( NP ( CD two ) ( NNS nights ) ) ( NP-ADV ( DT a ) ( NN week ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NN industry ) ( NNS executives ) ) ( VP ( VBP say ) ) )

The television units of Paramount Communications Inc. and MCA Inc. are exploring the possibility of offering prime-time programming to independent stations two nights a week industry executives say


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( JJ such ) ( DT a ) ( NN venture ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB match ) ( NP ( NP ( DT the ) ( JJ fourth ) ( NN network ) ) ( VP ( VBN created ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP News ) ( NNP Corp. ) ( POS 's ) ) ( NNP Fox ) ( NNP Broadcasting ) ( NNP Co. ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP MCA ) ( CC and ) ( NNP Paramount ) ) ( VP ( MD may ) ( VP ( VB have ) ( NP ( JJ similar ) ( NNS ambitions ) ) ) ) )

Although such a venture would n't match the fourth network created by News Corp. 's Fox Broadcasting Co. MCA and Paramount may have similar ambitions


( S ( NP-SBJ ( NP ( NNP Fox ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( ADVP ( RB also ) ) ( VP ( VBZ owns ) ( NP ( CD six ) ( NN TV ) ( NNS stations ) ) ) ) ) ) ( VP ( VBZ provides ) ( NP ( NNS programs ) ) ( NP-TMP ( NP ( CD three ) ( NNS nights ) ) ( NP-ADV ( DT a ) ( NN week ) ) ) ( PP-CLR ( TO to ) ( NP ( DT those ) ( CC and ) ( JJ other ) ( NNS affiliates ) ) ) ) )

Fox which also owns six TV stations provides programs three nights a week to those and other affiliates


( S ( NP-SBJ ( NP ( NNP Paramount ) ( NNP Domestic ) ( NNP TV ) ) ( CC and ) ( NP ( NNP MCA ) ( NNP TV ) ) ) ( VP ( VBD formed ) ( NP ( NP ( DT a ) ( JJ joint ) ( NN venture ) ) ) ( NP-TMP ( JJ last ) ( NN month ) ) ( VP-1 ( VBN named ) ( S ( NP-PRD ( NNP Premier ) ( NNP Advertiser ) ( NNP Sales ) ) ) ) ( SBAR-4 ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( NN advertising ) ) ( PP ( IN in ) ( NP ( NP ( NNS programs ) ) ( VP ( VBN syndicated ) ( PP ( IN by ) ( NP-LGS ( DT both ) ( NNS companies ) ) ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP-TTL ( NP ( NNP Star ) ( NNP Trek ) ) ( NP ( DT the ) ( JJ Next ) ( NNP Generation ) ) ) ( NP-TTL ( NP ( NNP Charles ) ) ( PP ( IN in ) ( NP ( NNP Charge ) ) ) ) ( CC and ) ( NP-TTL ( NP ( NP ( NNP Friday ) ) ( NP ( DT the ) ( NNP 13th ) ) ) ( NP ( DT the ) ( NNP Series ) ) ) ) ) ) ) ) ) ) ) ) ) )

Paramount Domestic TV and MCA TV formed a joint venture last month named Premier Advertiser Sales to sell advertising in programs syndicated by both companies such as Star Trek the Next Generation Charles in Charge and Friday the 13th the Series


( S ( NP-SBJ ( NP ( DT A ) ( NN spokeswoman ) ) ( PP ( IN for ) ( NP ( NNP Paramount ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB comment ) ( PP-CLR ( IN on ) ( NP ( NN speculation ) ) ) ) ) ) ) ) )

A spokeswoman for Paramount said the company does n't comment on speculation


( S ( NP-SBJ-2 ( NP ( NNS Calls ) ) ( PP ( TO to ) ( NP ( NP ( NNP Shelly ) ( NNP Schwab ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NNP MCA ) ( NNP TV ) ) ) ) ) ) ) ( VP ( VBD were ) ( RB n't ) ( VP ( VBN returned ) ) ) )

Calls to Shelly Schwab president of MCA TV were n't returned


( S ( NP-SBJ ( DT The ) ( CD two ) ( NNS companies ) ) ( PP ( IN like ) ( NP ( NNP Fox ) ) ) ( ADVP ( RB already ) ) ( VP ( VBP have ) ( NP ( PRP$ their ) ( JJ own ) ( NN TV ) ( NNS stations ) ) ) )

The two companies like Fox already have their own TV stations


( S ( S ( NP-SBJ ( NNP MCA ) ) ( VP ( VBZ owns ) ( NP ( NP ( NNP WWOR ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( NNP Paramount ) ) ( NP-TMP ( JJ last ) ( NN month ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB purchase ) ( NP ( NP ( DT a ) ( ADJP ( CD 79 ) ( NN % ) ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP TVX ) ( NNP Broadcast ) ( NNP Group ) ) ) ) ( PP-CLR ( IN from ) ( NP ( NNP Salomon ) ( NNP Inc. ) ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN deal ) ) ( VP ( VBN valued ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 140 ) ( CD million ) ) ) ) ) ) ) ) ) )

MCA owns WWOR in New York and Paramount last month agreed to purchase a 79 % stake in the TVX Broadcast Group from Salomon Inc. in a deal valued at 140 million


( S ( NP-SBJ ( NNP TVX ) ) ( VP ( VBZ owns ) ( NP ( NP ( CD five ) ( NNS stations ) ) ( PP ( VBG including ) ( NP ( NP ( NNP WTXF ) ) ( NP ( DT a ) ( NNP Fox ) ( NN affiliate ) ) ( PP-LOC ( IN in ) ( NP ( NNP Philadelphia ) ) ) ) ) ) ) )

TVX owns five stations including WTXF a Fox affiliate in Philadelphia


( S ( NP-SBJ ( NP ( CD One ) ( NN broadcasting ) ( NN executive ) ) ( ADJP ( JJ familiar ) ( PP ( IN with ) ( NP ( DT the ) ( NN project ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN co-venture ) ) ( VP ( MD would ) ( VP ( VB target ) ( NP ( NP ( NNS stations ) ) ( VP ( VBN affiliated ) ( PP-LOC ( IN with ) ( NP ( NNP Fox ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( NNP Fox ) ) ( VP ( VBZ has ) ( NP ( NP ( DT the ) ( JJ desirable ) ( JJ independent ) ( NNS stations ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ key ) ( NNS cities ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

One broadcasting executive familiar with the project said the co-venture would target stations affiliated with Fox because Fox has the desirable independent stations in most of the key cities


( S ( ADVP-TMP ( NNP Currently ) ) ( NP-SBJ ( NNP Fox ) ) ( VP ( VBZ supplies ) ( NP ( NNS programs ) ) ( PP-TMP ( IN on ) ( NP ( NNP Saturdays ) ( NNP Sundays ) ( CC and ) ( NNP Mondays ) ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ-1 ( DT the ) ( NN company ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB expand ) ( PP-CLR ( TO to ) ( NP ( JJ other ) ( NNS weeknights ) ) ) ) ) ) ) ) ) ) )

Currently Fox supplies programs on Saturdays Sundays and Mondays although the company plans to expand to other weeknights


( S ( NP-SBJ ( NP ( NNP Jamie ) ( NNP Kellner ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NNP Fox ) ( NNP Broadcasting ) ) ) ) ) ( VP ( VBD said ) ( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP believe ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN partnership ) ) ( PP ( IN of ) ( NP ( NP ( NNP Fox ) ) ( NP ( PRP$ its ) ( NNS affiliates ) ) ( CC and ) ( NP ( NNS advertisers ) ) ) ) ) ( VP ( VP ( VBZ is ) ( VP ( VBG succeeding ) ) ) ( CC and ) ( VP ( MD will ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB grow ) ) ) ) ) ) ) ) ) ) ) ) )

Jamie Kellner president of Fox Broadcasting said We believe the partnership of Fox its affiliates and advertisers is succeeding and will continue to grow


( S ( NP-SBJ ( NP ( DT Another ) ( NNP Fox ) ( NN official ) ) ( SBAR ( WHNP-3 ( WP who ) ) ( S ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN identified ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( NNP Fox ) ) ( VP ( VBD was ) ( RB n't ) ( VP ( VBN pleased ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( JJ possible ) ( NNP Paramount-MCA ) ( NN venture ) ) ( PP ( IN into ) ( NP ( JJ prime-time ) ( NN programming ) ) ) ) ) ) ) ) ) ) )

Another Fox official who declined to be identified said Fox was n't pleased by the possible Paramount-MCA venture into prime-time programming


( S ( S-TPC-2 ( S-PRP ( VP ( TO To ) ( VP ( VB make ) ( S ( NP-SBJ ( DT the ) ( NN venture ) ) ( VP ( NN work ) ) ) ) ) ) ( NP-SBJ-1 ( PRP they ) ) ( VP ( MD would ) ( VP ( VB need ) ( NP ( NNP Fox ) ( NNS affiliates ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

To make the venture work they would need Fox affiliates he said


( S ( S-TPC-2 ( NP-SBJ-1 ( PRP We ) ) ( VP ( VBD spent ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NN time ) ( CC and ) ( NN money ) ) ) ) ( PP-LOC ( IN in ) ( S-NOM ( VP ( VBG building ) ( NP ( NP ( PRP$ our ) ( NN group ) ) ( PP ( IN of ) ( NP ( NNS stations ) ) ) ) ) ) ) ) ) ( NP-SBJ-3 ( PRP he ) ) ( VP ( VBD said ) ( S-ADV ( VP ( VBG adding ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Fox ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB appreciate ) ( S ( NP-SBJ-4 ( DT another ) ( NN company ) ) ( VP ( VBG attempting ) ( S ( VP ( TO to ) ( VP ( VB usurp ) ( NP ( PRP$ its ) ( NN station ) ( NN lineup ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

We spent a lot of time and money in building our group of stations he said adding that Fox does n't appreciate another company attempting to usurp its station lineup


( S ( NP-SBJ ( NNP Fox ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB offer ) ( NP ( PRP$ its ) ( NNS stations ) ) ( NP ( NP ( NNS movies ) ) ( NP ( ADJP ( JJ theatrical ) ( CC and ) ( JJ made-for-TV ) ) ( NNS ventures ) ) ) ( PP-TMP ( ADVP ( RB probably ) ) ( IN on ) ( NP ( NNS Wednesdays ) ) ) ( ADVP-TMP ( RB sometime ) ( NP ( JJ next ) ( NN year ) ) ) ) ) ) ) ) ) ) )

Fox said it plans to offer its stations movies theatrical and made-for-TV ventures probably on Wednesdays sometime next year


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( ADVP ( RB also ) ) ( VP ( VBG planning ) ( NP ( NP ( DT another ) ( NN night ) ) ( PP ( IN of ) ( NP ( JJ original ) ( NN series ) ) ) ) ) ) )

It is also planning another night of original series


( S ( NP-SBJ-1 ( NNP Paramount ) ( CC and ) ( NNP MCA ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( DT the ) ( NN broadcasting ) ( NN executive ) ) ) ) ( VP ( VBP plan ) ( S ( VP ( TO to ) ( VP ( VB offer ) ( NP ( NP ( NP ( JJ theatrical ) ( NNS movies ) ) ( VP ( VBN produced ) ( ADVP-MNR ( RB separately ) ) ( PP ( IN by ) ( NP-LGS ( NNP Paramount ) ( CC and ) ( NNP MCA ) ) ) ) ( PP ( IN for ) ( NP ( NNS Wednesdays ) ) ) ) ( CC and ) ( ADVP ( RB perhaps ) ) ( NP ( NP ( DT a ) ( NN block ) ) ( PP ( IN of ) ( NP ( JJ original ) ( NNS shows ) ) ) ( NP-TMP ( NNS Fridays ) ) ) ) ) ) ) ) )

Paramount and MCA according to the broadcasting executive plan to offer theatrical movies produced separately by Paramount and MCA for Wednesdays and perhaps a block of original shows Fridays


( S ( NP-SBJ ( DT The ) ( NN executive ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Paramount ) ( CC and ) ( NNP MCA ) ) ( VP ( VBP have ) ( ADVP ( RB also ) ) ( VP ( VBN held ) ( NP ( NNS discussions ) ) ( PP-CLR ( IN with ) ( NP ( NP ( NP ( NNP Chris-Craft ) ( NNP Industries ) ( POS ' ) ) ( NN broadcasting ) ( NN unit ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ owns ) ( NP ( NP ( CD five ) ( JJ independent ) ( NNS stations ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS cities ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NNP Los ) ( NNP Angeles ) ) ( NP ( NNP San ) ( NNP Francisco ) ) ( CC and ) ( NP ( NP ( NNP Portland ) ) ( NP ( NNP Ore ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The executive said Paramount and MCA have also held discussions with Chris-Craft Industries ' broadcasting unit which owns five independent stations in cities such as Los Angeles San Francisco and Portland Ore


( S ( NP-SBJ ( DT A ) ( NNP Chris-Craft ) ( NN station ) ( NN manager ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( NP-PRD ( RB no ) ( JJ formal ) ( NNS talks ) ) ) ) ) ) ) )

A Chris-Craft station manager said there have been no formal talks


( SINV ( S-TPC-4 ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ 's ) ( PP-PRD ( TO to ) ( NP ( NP ( NNP Fox ) ( POS 's ) ) ( NN advantage ) ) ) ( S-3 ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN associated ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( JJ Paramount-MCA ) ( NN venture ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Michael ) ( NNP Conway ) ) ( NP ( NP ( NN station ) ( NN manager ) ) ( PP ( IN of ) ( NP ( NP ( NNP WTXF ) ) ( NP ( NP ( DT the ) ( NNP TVX ) ( NN station ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( NNP Fox ) ( NN affiliate ) ) ) ) ) ) ) ) ) ) )

I think it 's to Fox 's advantage to be associated with the Paramount-MCA venture said Michael Conway station manager of WTXF the TVX station that is a Fox affiliate


( S ( NP-SBJ ( NNP Mr. ) ( NNP Conway ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT the ) ( NNP Fox ) ( NNS shows ) ) ( VP ( VBG appearing ) ( PP-TMP ( IN on ) ( NP ( NP ( NNS nights ) ) ( SBAR ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ-2 ( JJ Paramount-MCA ) ( NNS shows ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN offered ) ) ) ) ) ) ) ) ) ) ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN promoted ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NNS programs ) ) ( VP ( VBN produced ) ( PP ( IN by ) ( NP-LGS ( NNP Paramount-MCA ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Conway said the Fox shows appearing on nights when Paramount-MCA shows would n't be offered could be promoted on the programs produced by Paramount-MCA


( S ( NP-SBJ ( NP ( NNP Michael ) ( NNP Fisher ) ) ( NP ( NP ( JJ general ) ( NN manager ) ) ( PP ( IN of ) ( NP ( NP ( NNP KTXL ) ) ( NP ( NP ( DT a ) ( NNP Fox ) ( NN affiliate ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Sacramento ) ) ( NP ( NNP Calif. ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( S ( NP-SBJ ( DT The ) ( JJ real ) ( NN question ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN whether ) ( S ( NP-SBJ ( DT the ) ( JJ Paramount-MCA ) ( NN offering ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ practical ) ) ) ) ) ) ) ) )

Michael Fisher general manager of KTXL a Fox affiliate in Sacramento Calif. said The real question is whether the Paramount-MCA offering is practical


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( RB n't ) ) )

It is n't


( SBARQ ( WHADVP-1 ( WRB Why ) ) ( SQ ( MD would ) ( NP-SBJ-2 ( PRP I ) ) ( VP ( VB consider ) ( S ( VP ( VBG giving ) ( PRT ( RP up ) ) ( NP ( NP ( NNP Fox ) ) ( NP ( DT a ) ( VBN proven ) ( NN commodity ) ) ) ( PP-CLR ( IN for ) ( NP ( DT an ) ( JJ unknown ) ( NN venture ) ) ) ) ) ) ) )

Why would I consider giving up Fox a proven commodity for an unknown venture


( S ( NP-SBJ ( NNP Fox ) ) ( VP ( VBZ attracts ) ( NP ( DT a ) ( JJ young ) ( NN audience ) ) ( PP-MNR ( IN with ) ( NP ( NP ( NNS shows ) ) ( PP ( JJ such ) ( IN as ) ( NP ( VP-TTL ( NNP Married ) ( PP ( IN With ) ( NP ( NNP Children ) ) ) ) ( NP ( PRP$ its ) ( ADJP ( RBS most ) ( JJ successful ) ) ( NN series ) ) ) ) ) ) ) )

Fox attracts a young audience with shows such as Married With Children its most successful series


( S ( NP-SBJ ( NP ( NP ( NNP Tuesday ) ( POS 's ) ) ( NN rout ) ) ( PP ( IN of ) ( NP ( DT a ) ( NNP GOP ) ( JJ congressional ) ( NN hopeful ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NNP Mississippi ) ( NN district ) ) ( SBAR ( WHNP-1 ( DT that ) ) ( S ( VP ( VBZ has ) ( RB n't ) ( VP ( VBD backed ) ( NP ( DT a ) ( JJ Democratic ) ( JJ presidential ) ( NN candidate ) ) ( PP-TMP ( IN since ) ( NP ( NNP Adlai ) ( NNP Stevenson ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( DT another ) ( NN reminder ) ( SBAR ( IN that ) ( S ( PP-LOC ( ADVP ( IN at ) ( JJS least ) ) ( IN at ) ( NP ( DT the ) ( JJ federal ) ( NN level ) ) ) ( NP-SBJ ( JJ political ) ( NN ticket ) ( NN splitting ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( PP-PRD ( IN on ) ( NP ( DT the ) ( NN rise ) ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ past ) ( JJ half ) ( NN century ) ) ) ) ) ) ) ) ) )

Tuesday 's rout of a GOP congressional hopeful in a Mississippi district that has n't backed a Democratic presidential candidate since Adlai Stevenson is another reminder that at least at the federal level political ticket splitting has been on the rise over the past half century


( SINV ( PP-LOC ( IN In ) ( NP ( NP ( QP ( RB only ) ( CD one ) ) ( JJ presidential ) ( NN election ) ( NN year ) ) ( ADVP-TMP ( RB prior ) ( PP ( TO to ) ( NP ( CD 1948 ) ) ) ) ) ) ( VBD did ) ( NP-SBJ ( NP ( QP ( JJR more ) ( IN than ) ( CD 20 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( JJ congressional ) ( NNS districts ) ) ) ) ( VP ( VB choose ) ( NP ( NP ( NP ( DT a ) ( JJ different ) ( NN party ) ( POS 's ) ) ( NN candidate ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNP White ) ( NNP House ) ) ) ( PP ( IN than ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NNP House ) ) ( PP ( IN of ) ( NP ( NNP Representatives ) ) ) ) ) ) ) ) )

In only one presidential election year prior to 1948 did more than 20 % of the nation 's congressional districts choose a different party 's candidate for the White House than for the House of Representatives


( S ( ADVP-TMP ( RB Now ) ) ( NP-SBJ ( DT that ) ( NN percentage ) ) ( VP ( VP ( ADVP-TMP ( RB routinely ) ) ( VBZ equals ) ( NP ( DT a ) ( JJ third ) ) ) ( CC and ) ( VP ( ADVP-TMP ( RB twice ) ) ( VBZ has ) ( VP ( VBN been ) ( PP-PRD ( IN above ) ( NP ( CD 40 ) ( NN % ) ) ) ) ) ) )

Now that percentage routinely equals a third and twice has been above 40 %


( S ( SBAR-ADV ( IN As ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP know ) ) ) ) ( NP-SBJ-1 ( NNS voters ) ) ( VP ( VBP tend ) ( S ( VP ( TO to ) ( VP ( VB favor ) ( NP ( NNS Republicans ) ) ( ADVP ( ADVP ( RBR more ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS races ) ) ( PP ( IN for ) ( NP ( NN president ) ) ) ) ) ( PP-2 ( IN than ) ( PP-LOC ( IN in ) ( NP ( NP ( DT those ) ) ( PP ( IN for ) ( NP ( NNP Congress ) ) ) ) ) ) ) ) ) ) )

As we know voters tend to favor Republicans more in races for president than in those for Congress


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT every ) ( JJ presidential ) ( NN election ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ past ) ( JJ half ) ( NN century ) ) ) ( PP ( IN except ) ( PP ( IN for ) ( NP ( DT the ) ( NNP Goldwater ) ( JJ presidential ) ( NN candidacy ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP GOP ) ) ( VP ( VBZ has ) ( VP ( VBN captured ) ( NP ( NP ( DT a ) ( JJR greater ) ( NN percentage ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ major-party ) ( JJ popular ) ( NN vote ) ) ( PP ( IN for ) ( NP ( NN president ) ) ) ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( FRAG ( PP ( IN of ) ( NP ( NP ( JJ congressional ) ( NNS seats ) ) ( CC or ) ( NP ( NP ( DT the ) ( JJ popular ) ( NN vote ) ) ( PP ( IN for ) ( NP ( NNP Congress ) ) ) ) ) ) ) ) ) ) ) ) ) )

In every presidential election over the past half century except for the Goldwater presidential candidacy the GOP has captured a greater percentage of the major-party popular vote for president than it has of congressional seats or the popular vote for Congress


( S ( ADVP-TMP ( RB Prior ) ( PP ( TO to ) ( NP ( CD 1932 ) ) ) ) ( NP-SBJ ( DT the ) ( NN pattern ) ) ( VP ( VBD was ) ( ADVP ( RB nearly ) ) ( NP-PRD ( DT the ) ( NN opposite ) ) ) )

Prior to 1932 the pattern was nearly the opposite


( SBARQ ( WHNP-1 ( WP What ) ) ( SQ ( VP ( VBZ accounts ) ( PP-CLR ( IN for ) ( NP ( NP ( DT the ) ( NNS results ) ) ( PP ( IN of ) ( NP ( JJ recent ) ( NNS decades ) ) ) ) ) ) ) )

What accounts for the results of recent decades


( S ( NP-SBJ ( DT A ) ( JJ simple ) ( JJ economic ) ( NN theory ) ) ( VP ( MD may ) ( VP ( VB provide ) ( NP ( NP ( ADVP ( IN at ) ( JJS least ) ) ( DT a ) ( JJ partial ) ( NN explanation ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ split ) ( NN personality ) ) ( VP ( VBN displayed ) ( PP ( IN by ) ( NP-LGS ( NNS Americans ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN voting ) ( NN booth ) ) ) ) ) ) ) ) ) )

A simple economic theory may provide at least a partial explanation for the split personality displayed by Americans in the voting booth


( S-HLN ( NP-SBJ ( DT The ) ( NN theory ) ) ( VP ( VBZ relies ) ( PP-CLR ( IN on ) ( NP ( CD three ) ( NNS assumptions ) ) ) ) )

The theory relies on three assumptions


( S ( LST ( LS 1 ) ) ( NP-SBJ ( NNS Voters ) ) ( VP ( MD can ) ( VP ( VB buy ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( CD two ) ( NNS brands ) ) ) ) ) ( SBAR-TMP ( WHADVP-4 ( WRB when ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP select ) ( NP ( PRP$ their ) ( JJ political ) ( NNS agents ) ) ) ) ) ( NP-1 ( NP ( NP ( DT a ) ( JJ Republican ) ( NN brand ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ believes ) ( PP-CLR ( PP ( IN in ) ( NP ( DT the ) ( JJ minimalist ) ( NN state ) ) ) ( CC and ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NNS virtues ) ) ( PP ( IN of ) ( NP ( NP ( JJ private ) ( NNS markets ) ) ( PP ( IN over ) ( NP ( NP ( DT the ) ( NNS vices ) ) ( PP ( IN of ) ( NP ( JJ public ) ( NN action ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( JJ Democratic ) ( NN brand ) ) ( SBAR ( WHNP-3 ( WDT that ) ) ( S ( VP ( VBZ believes ) ( PP-CLR ( PP ( IN in ) ( NP ( JJ big ) ( NN government ) ) ) ( CC and ) ( PP ( IN in ) ( NP ( JJ public ) ( NN intervention ) ( S ( VP ( TO to ) ( VP ( VB remedy ) ( NP ( NP ( DT the ) ( NNS excesses ) ) ( ADJP ( JJ attendant ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN pursuit ) ) ( PP ( IN of ) ( NP ( JJ private ) ( NN interest ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

1 Voters can buy one of two brands when they select their political agents a Republican brand that believes in the minimalist state and in the virtues of private markets over the vices of public action and a Democratic brand that believes in big government and in public intervention to remedy the excesses attendant to the pursuit of private interest


( S ( LST ( LS 2 ) ) ( NP-SBJ-1 ( JJ Congressional ) ( NNS representatives ) ) ( VP ( VBP have ) ( NP ( NP ( CD two ) ( JJ basic ) ( NNS responsibilities ) ) ) ( SBAR-TMP ( IN while ) ( S ( VP ( VBG voting ) ( PP-LOC ( IN in ) ( NP ( NN office ) ) ) ) ) ) ( S-NOM-2 ( VP ( VP ( VBG dealing ) ( PP-CLR ( IN with ) ( NP ( NP ( JJ national ) ( NNS issues ) ) ( PRN ( NP ( NP ( JJ programmatic ) ( NNS actions ) ) ( PP ( JJ such ) ( IN as ) ( S-NOM ( VP ( VBG casting ) ( NP ( NP ( NN roll ) ( NN call ) ( NNS votes ) ) ( PP ( IN on ) ( NP ( NP ( NN legislation ) ) ( SBAR ( WHNP-3 ( WDT that ) ) ( S ( VP ( VP ( VBZ imposes ) ( NP ( NNS costs ) ) ) ( CC and\/or ) ( VP ( VBZ confers ) ( NP ( NNS benefits ) ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( NN population ) ) ( PP ( IN at ) ( ADJP ( JJ large ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBG attending ) ( PP-CLR ( TO to ) ( NP ( NP ( JJ local ) ( NNS issues ) ) ( PRN ( NP ( NP ( NN constituency ) ( NN service ) ) ( CC and ) ( NP ( NN pork ) ( NN barrel ) ) ) ) ) ) ) ) ) ) )

2 Congressional representatives have two basic responsibilities while voting in office dealing with national issues programmatic actions such as casting roll call votes on legislation that imposes costs and\/or confers benefits on the population at large and attending to local issues constituency service and pork barrel


( S ( LST ( LS 3 ) ) ( NP-SBJ-1 ( JJ Republican ) ( JJ congressional ) ( NNS representatives ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( PRP$ their ) ( NN belief ) ) ( PP ( IN in ) ( NP ( DT a ) ( JJ minimalist ) ( NN state ) ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( ADJP ( RBR less ) ( JJ willing ) ( S ( VP ( TO to ) ( VP ( VB engage ) ( PP-CLR ( IN in ) ( NP ( JJ local ) ( NN benefit-seeking ) ) ) ) ) ) ) ( SBAR ( IN than ) ( SINV ( VBP are ) ( NP-SBJ ( NP ( JJ Democratic ) ( NNS members ) ) ( PP ( IN of ) ( NP ( NNP Congress ) ) ) ) ) ) ) ) )

3 Republican congressional representatives because of their belief in a minimalist state are less willing to engage in local benefit-seeking than are Democratic members of Congress


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( DT these ) ( NNS assumptions ) ) ( VP ( VBP hold ) ) ) ) ( NP-SBJ ( NP ( NNS voters ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS races ) ) ( PP ( IN for ) ( NP ( NNP Congress ) ) ) ) ) ) ( VP ( VP ( VBP face ) ( SBAR-NOM ( WHNP-2 ( WP what ) ) ( S ( PP-LOC ( IN in ) ( NP ( JJ economic ) ( NN theory ) ) ) ( VP ( VBZ is ) ( VP ( VBN called ) ( S ( NP-PRD ( NP ( DT a ) ( NN prisoner ) ( POS 's ) ) ( NN dilemma ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBP have ) ( NP ( DT an ) ( NN incentive ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NN margin ) ) ) ( S-3 ( VP ( TO to ) ( VP ( VB lean ) ( NP ( JJ Democratic ) ) ) ) ) ) ) )

If these assumptions hold voters in races for Congress face what in economic theory is called a prisoner 's dilemma and have an incentive at the margin to lean Democratic


( UCP ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP put ) ( NP ( DT a ) ( NNP Republican ) ) ( PP-PUT ( IN into ) ( NP ( NN office ) ) ) ) ) ) ( SINV ( CONJP ( RB not ) ( RB only ) ) ( MD will ) ( NP-SBJ ( PRP they ) ) ( VP ( VB acquire ) ( NP ( NP ( JJR less ) ) ( PP ( IN in ) ( NP ( NP ( NNS terms ) ) ( PP ( IN of ) ( NP ( JJ local ) ( NNS benefits ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-2 ( PRP$ their ) ( VBN selected ) ( NN legislator ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( RB relatively ) ( JJ powerless ) ( S ( VP ( TO to ) ( VP ( VB prevent ) ( NP-1 ( JJ other ) ( NNS legislators ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG bringing ) ( ADVP-DIR ( NN home ) ) ( NP ( DT the ) ( NN bacon ) ) ( PP-DIR ( TO to ) ( NP ( PRP$ their ) ( JJ respective ) ( NNS constituencies ) ) ) ) ) ) ) ) ) ) ) ) ) )

If they put a Republican into office not only will they acquire less in terms of local benefits but their selected legislator will be relatively powerless to prevent other legislators from bringing home the bacon to their respective constituencies


( S ( NP-SBJ ( DT Each ) ( NN legislator ) ) ( PP ( IN after ) ( NP ( DT all ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( QP ( RB only ) ( CD one ) ) ) ( PP ( IN out ) ( PP ( IN of ) ( NP ( CD 535 ) ) ) ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ comes ) ( PP-CLR ( TO to ) ( NP ( JJ national ) ( NN policy ) ( NN making ) ) ) ) ) ) ) )

Each legislator after all is only one out of 535 when it comes to national policy making


( S ( PP-LOC ( IN In ) ( NP ( NP ( NNS races ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNP White ) ( NNP House ) ) ) ) ) ( NP-SBJ ( NP ( DT a ) ( NN voter ) ( POS 's ) ) ( NN incentive ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NN margin ) ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( TO to ) ( VP ( VB lean ) ( NP ( NNP Republican ) ) ) ) ) ) )

In races for the White House a voter 's incentive at the margin is to lean Republican


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( DT a ) ( NNP GOP ) ( NN president ) ) ( VP ( MD may ) ( VP ( VB limit ) ( NP ( NP ( JJ local ) ( NNS benefits ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN voter ) ( POS 's ) ) ( JJ particular ) ( NN district\/state ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( JJ such ) ( DT a ) ( NN president ) ) ( VP ( VBZ is ) ( ADVP ( RB also ) ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( RBR more ) ( JJ effective ) ( PP ( IN at ) ( S-NOM ( VP ( VBG preventing ) ( NP-2 ( NP ( JJ other ) ( NNS districts\/states ) ) ( CC and ) ( NP ( PRP$ their ) ( NNS legislators ) ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG bringing ) ( ADVP-DIR ( NN home ) ) ( NP ( DT the ) ( JJ local ) ( NNS benefits ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Although a GOP president may limit local benefits to the voter 's particular district\/state such a president is also likely to be more effective at preventing other districts\/states and their legislators from bringing home the local benefits


( S ( NP-SBJ-1 ( NP ( DT The ) ( JJ individual ) ( NN voter ) ( VBZ 's ) ) ( NN standing ) ) ( ADVP ( RB consequently ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN enhanced ) ( PP-MNR ( IN through ) ( NP ( JJR lower ) ( NNS taxes ) ) ) ) ) ) )

The individual voter 's standing consequently will be enhanced through lower taxes


( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( DT this ) ( NN theory ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB exceedingly ) ( JJ simple ) ) ) ) ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ appears ) ( S ( VP ( TO to ) ( VP ( VB explain ) ( NP ( JJ several ) ( NNS things ) ) ) ) ) ) )

While this theory is exceedingly simple it appears to explain several things


( FRAG ( ADVP ( JJ First ) ) ( SBAR ( WHADVP-2 ( WRB why ) ) ( S ( NP-SBJ ( NN ticket ) ( NN splitting ) ) ( VP ( VBZ has ) ( VP ( VP ( VBN increased ) ) ( CC and ) ( VP ( VBN taken ) ( NP ( NP ( DT the ) ( JJ peculiar ) ( NN pattern ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ) ) ) ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ past ) ( JJ half ) ( NN century ) ) ) ) ) ) ) ( S ( ADVP-TMP ( RB Prior ) ( PP ( TO to ) ( NP ( NP ( NP ( DT the ) ( NN election ) ) ( PP ( IN of ) ( NP ( NNP Franklin ) ( NNP Roosevelt ) ) ) ( PP ( IN as ) ( NP ( NN president ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN advent ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP New ) ( NNP Deal ) ) ) ) ) ) ) ( S ( NP-SBJ ( NN government ) ) ( VP ( VBD occupied ) ( NP ( DT a ) ( ADJP ( RB much ) ( JJR smaller ) ) ( NN role ) ) ( PP-LOC ( IN in ) ( NP ( NN society ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( NP ( DT the ) ( NN prisoner ) ( POS 's ) ) ( NN dilemma ) ( NN problem ) ) ( VP ( VBG confronting ) ( NP ( NNS voters ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS races ) ) ( PP ( IN for ) ( NP ( NNP Congress ) ) ) ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( RB considerably ) ( RBR less ) ( JJ severe ) ) ) ) ) )

First why ticket splitting has increased and taken the peculiar pattern that it has over the past half century Prior to the election of Franklin Roosevelt as president and the advent of the New Deal government occupied a much smaller role in society and the prisoner 's dilemma problem confronting voters in races for Congress was considerably less severe


( S ( S ( ADVP ( JJ Second ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ explains ) ( SBAR ( WHADVP-2 ( WRB why ) ) ( S ( NP-SBJ ( NNS voters ) ) ( VP ( VP ( VBP hold ) ( NP ( NNP Congress ) ) ( PP-CLR ( IN in ) ( NP ( NN disdain ) ) ) ) ( CC but ) ( VP ( ADVP ( RB generally ) ) ( VBP love ) ( NP ( PRP$ their ) ( JJ own ) ( JJ congressional ) ( NNS representatives ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( NP ( DT Any ) ( JJ individual ) ( NN legislator ) ( POS 's ) ) ( NNS constituents ) ) ( VP ( VBP appreciate ) ( NP ( NP ( NP ( DT the ) ( JJ specific ) ( NNS benefits ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( DT the ) ( NN legislator ) ) ( VP ( VBZ wins ) ( PP-BNF ( IN for ) ( NP ( PRP them ) ) ) ) ) ) ) ( CC but ) ( RB not ) ( NP ( NP ( DT the ) ( JJ overall ) ( NN cost ) ) ( VP ( VBN associated ) ( PP-CLR ( IN with ) ( S-NOM ( NP-SBJ ( DT every ) ( JJ other ) ( NN legislator ) ) ( VP ( VBG doing ) ( ADVP-MNR ( RB likewise ) ) ( PP ( IN for ) ( NP ( PRP$ his ) ( JJ own ) ( NN constituency ) ) ) ) ) ) ) ) ) ) ) )

Second it explains why voters hold Congress in disdain but generally love their own congressional representatives Any individual legislator 's constituents appreciate the specific benefits that the legislator wins for them but not the overall cost associated with every other legislator doing likewise for his own constituency


( S ( ADVP ( JJ Third ) ) ( NP-SBJ ( DT the ) ( NN theory ) ) ( VP ( VBZ suggests ) ( SBAR ( WHADVP-2 ( WRB why ) ) ( S ( NP-SBJ ( NP ( NNS legislators ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP pay ) ( NP ( RB too ) ( JJ much ) ( NN attention ) ) ( PP-CLR ( TO to ) ( NP ( JJ national ) ( NN policy ) ( NN making ) ) ) ( ADVP ( JJ relative ) ( PP ( TO to ) ( NP ( JJ local ) ( NN benefit-seeking ) ) ) ) ) ) ) ) ( VP ( VBP have ) ( NP ( JJR lower ) ( NN security ) ) ( PP-LOC ( IN in ) ( NP ( NN office ) ) ) ) ) ) ) )

Third the theory suggests why legislators who pay too much attention to national policy making relative to local benefit-seeking have lower security in office


( S ( PP ( IN For ) ( NP ( NN example ) ) ) ( NP-SBJ ( NP ( NP ( JJ first-term ) ( NNS members ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN House ) ) ) ) ( RRC ( ADVP-TMP ( RB once ) ) ( NP ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ vulnerable ) ) ) ( PP ( IN of ) ( NP ( NNS incumbents ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN become ) ( ADJP-PRD ( RB virtually ) ( JJ immune ) ( PP ( TO to ) ( NP ( VB defeat ) ) ) ) ) ) )

For example first-term members of the House once the most vulnerable of incumbents have become virtually immune to defeat


( S ( NP-SBJ ( NP ( DT The ) ( CD one ) ( NN exception ) ) ( PP ( TO to ) ( NP ( DT this ) ( JJ recent ) ( NN trend ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( NN defeat ) ) ( PP ( IN of ) ( NP ( NP ( CD 13 ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( CD 52 ) ( NN freshman ) ( NNS Republicans ) ) ( VP ( VP ( VBD brought ) ( PP-DIR ( IN into ) ( NP ( NN office ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1980 ) ) ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP Reagan ) ( NN revolution ) ) ) ) ( CC and ) ( VP ( VBG running ) ( PP-CLR ( IN for ) ( NP ( NN re-election ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1982 ) ) ) ) ) ) ) ) ) ) ) )

The one exception to this recent trend was the defeat of 13 of the 52 freshman Republicans brought into office in 1980 by the Reagan revolution and running for re-election in 1982


( S ( SBAR-PRP ( IN Because ) ( S ( NP-SBJ ( DT these ) ( NNS freshmen ) ) ( VP ( VBD placed ) ( NP ( ADJP ( RB far ) ( JJR more ) ) ( NN emphasis ) ) ( PP-CLR ( IN on ) ( NP ( NP ( PRP$ their ) ( JJ partisan ) ( NN role ) ) ( S-NOM ( VP ( VBG spreading ) ( NP ( DT the ) ( NNP Reagan ) ( NN revolution ) ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( JJ national ) ( NN policy ) ( VBG making ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBD were ) ( ADJP-PRD ( RBR more ) ( JJ vulnerable ) ( PP ( TO to ) ( NP ( VB defeat ) ) ) ) ) )

Because these freshmen placed far more emphasis on their partisan role spreading the Reagan revolution in national policy making they were more vulnerable to defeat


( S ( ADVP ( JJ Fourth ) ) ( NP-SBJ ( DT the ) ( NN theory ) ) ( VP ( VBZ indicates ) ( SBAR ( WHADVP-1 ( WRB why ) ) ( S ( NP-SBJ ( DT the ) ( NNP Republican ) ( NNP Party ) ) ( VP ( MD may ) ( VP ( VB have ) ( NP ( NP ( DT a ) ( JJ difficult ) ( NN time ) ) ( S-NOM ( VP ( VBG attracting ) ( NP ( NP ( JJ viable ) ( NNS candidates ) ) ( PP ( IN for ) ( NP ( JJ congressional ) ( NN office ) ) ) ) ) ) ) ) ) ) ) ) )

Fourth the theory indicates why the Republican Party may have a difficult time attracting viable candidates for congressional office


( S ( NP-SBJ-1 ( JJ Potential ) ( NNS candidates ) ) ( VP ( MD may ) ( VP ( VB be ) ( VP ( VBN discouraged ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG running ) ) ) ) ( ADVP ( ADVP ( RBR less ) ) ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( JJ congressional ) ( NN salary ) ) ) ( PP-3 ( IN than ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NN prospect ) ) ( PP ( IN of ) ( NP ( NP ( NN defeat ) ) ( PP ( IN at ) ( NP ( NP ( DT the ) ( NNS hands ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ Democratic ) ( NN opponent ) ) ) ) ) ) ) ) ) ) ) ) ) )

Potential candidates may be discouraged from running less by the congressional salary than by the prospect of defeat at the hands of a Democratic opponent


( S ( PP ( TO To ) ( NP ( DT the ) ( NN extent ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( JJ potential ) ( NNP Republican ) ( NNS candidates ) ) ( CC and ) ( NP ( PRP$ their ) ( JJ financial ) ( NNS backers ) ) ) ( VP ( VBP realize ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ congressional ) ( NN prisoner ) ( POS 's ) ) ( NN dilemma ) ( NN game ) ) ( VP ( VBZ works ) ( PP-MNR ( TO to ) ( NP ( PRP$ their ) ( NN disadvantage ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NNP Republican ) ( NNP Party ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN hindered ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( NNS attempts ) ( S ( VP ( TO to ) ( VP ( VB field ) ( NP ( NP ( DT a ) ( JJ competitive ) ( NN slate ) ) ( PP ( IN of ) ( NP ( JJ congressional ) ( NNS candidates ) ) ) ) ) ) ) ) ) ) ) ) )

To the extent that potential Republican candidates and their financial backers realize that the congressional prisoner 's dilemma game works to their disadvantage the Republican Party will be hindered in its attempts to field a competitive slate of congressional candidates


( S ( ADVP ( JJ Fifth ) ) ( NP-SBJ ( DT the ) ( NN theory ) ) ( VP ( MD may ) ( VP ( VB provide ) ( NP ( NP ( ADVP ( IN at ) ( JJS least ) ) ( DT a ) ( JJ partial ) ( NN reason ) ) ( PP ( IN for ) ( SBAR ( WHADVP-2 ( WRB why ) ) ( S ( NP-SBJ-1 ( NN ticket ) ( NN splitting ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( ADVP ( RB particularly ) ) ( VP ( VBN pronounced ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP South ) ) ) ) ) ) ) ) ) ) ) ) )

Fifth the theory may provide at least a partial reason for why ticket splitting has been particularly pronounced in the South


( S ( PP ( TO To ) ( NP ( DT the ) ( NN extent ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NP ( JJ Democratic ) ( NNS legislators ) ) ( PP-LOC ( IN from ) ( NP ( DT the ) ( NNP South ) ) ) ) ( VP ( VP ( VBP have ) ( VP ( VBN held ) ( NP ( NP ( DT a ) ( JJ disproportionate ) ( NN share ) ) ( PP ( IN of ) ( NP ( NN power ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Congress ) ) ) ( PP-TMP ( IN since ) ( NP ( CD 1932 ) ) ) ) ) ( CC and ) ( VP ( VBP have ) ( VP ( VBN been ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB translate ) ( NP ( JJ such ) ( NN clout ) ) ( PP-CLR ( IN into ) ( NP ( NP ( ADJP ( RB relatively ) ( JJR more ) ) ( JJ local ) ( NNS benefits ) ) ( PP ( IN for ) ( NP ( PRP$ their ) ( JJ respective ) ( NNS constituencies ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNS voters ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP South ) ) ) ) ( VP ( VBP have ) ( VP ( VBD had ) ( NP ( DT an ) ( ADJP ( RB especially ) ( JJ strong ) ) ( NN incentive ) ( S ( VP ( TO to ) ( VP ( VB keep ) ( NP ( JJ such ) ( NNS Democrats ) ) ( PP-LOC-CLR ( IN in ) ( NP ( NN office ) ) ) ) ) ) ) ) ) )

To the extent that Democratic legislators from the South have held a disproportionate share of power in Congress since 1932 and have been able to translate such clout into relatively more local benefits for their respective constituencies voters in the South have had an especially strong incentive to keep such Democrats in office


( S ( ADVP ( RB Finally ) ) ( NP-SBJ ( DT the ) ( NN theory ) ) ( VP ( VBZ suggests ) ( SBAR ( WHADVP-1 ( WRB why ) ) ( S ( NP-SBJ ( NNS Republicans ) ) ( ADVP ( RB generally ) ) ( VP ( VBP have ) ( VP ( VBN fared ) ( ADVP-MNR ( ADVP ( RBR better ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Senate ) ( NNS races ) ) ) ( PP-2 ( IN than ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS campaigns ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNP House ) ) ) ) ) ) ) ) ) ) ) )

Finally the theory suggests why Republicans generally have fared better in Senate races than in campaigns for the House


( S ( SBAR-PRP ( IN Since ) ( S ( S ( NP-SBJ ( JJ local ) ( NN benefit-seeking ) ) ( VP ( VBZ matters ) ( ADVP ( RBR more ) ) ) ) ( CC and ) ( S ( NP-SBJ ( JJ national ) ( NN policy ) ( NN making ) ) ( VP ( VBZ matters ) ( ADVP ( RBR less ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJR lower ) ( NN chamber ) ) ( PP ( IN of ) ( NP ( NNP Congress ) ) ) ) ) ) ) ( NP-SBJ ( DT this ) ) ( VP ( VBZ is ) ( ADVP ( RB precisely ) ) ( NP-PRD ( NP ( DT the ) ( NN pattern ) ) ( SBAR ( S ( NP-SBJ ( PRP one ) ) ( VP ( MD would ) ( VP ( VB expect ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-2 ( NNS Republicans ) ) ( VP ( VBP are ) ( ADJP-PRD ( ADJP ( RBR less ) ( JJ willing ) ( S ( VP ( TO to ) ( VP ( VB engage ) ( PP-CLR ( IN in ) ( NP ( JJ local ) ( NN benefit-seeking ) ) ) ) ) ) ) ( PP ( IN than ) ( NP ( PRP$ their ) ( JJ Democratic ) ( NNS counterparts ) ) ) ) ) ) ) ) ) ) ) ) ) )

Since local benefit-seeking matters more and national policy making matters less in the lower chamber of Congress this is precisely the pattern one would expect if Republicans are less willing to engage in local benefit-seeking than their Democratic counterparts


( SQ ( VBZ Is ) ( NP-SBJ ( EX there ) ) ( NP ( NP ( DT any ) ( JJ empirical ) ( NN support ) ) ( PP ( IN for ) ( NP ( DT this ) ( NN theory ) ) ) ) )

Is there any empirical support for this theory


( S ( NP-SBJ ( NP ( CD Three ) ( NNS pieces ) ) ( PP ( IN of ) ( NP ( NN evidence ) ) ) ) ( VP ( VBP corroborate ) ( NP ( DT the ) ( JJ key ) ( NN assumption ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( JJ Democratic ) ( NNS legislators ) ) ( VP ( VBP are ) ( ADJP-PRD ( ADJP ( RBR more ) ( JJ willing ) ( S ( VP ( TO to ) ( VP ( VB engage ) ( PP-CLR ( IN in ) ( NP ( JJ local ) ( NN benefit-seeking ) ) ) ) ) ) ) ( PP ( IN than ) ( NP ( PRP$ their ) ( JJ Republican ) ( NNS colleagues ) ) ) ) ) ) ) ) ) )

Three pieces of evidence corroborate the key assumption that Democratic legislators are more willing to engage in local benefit-seeking than their Republican colleagues


( S ( ADVP ( JJ First ) ) ( NP-SBJ ( NNS economists ) ( NNP James ) ( NNP Bennett ) ( CC and ) ( NNP Thomas ) ( NNP DiLorenzo ) ) ( VP ( VBP find ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP GOP ) ( NNS senators ) ) ( VP ( VBP turn ) ( PRT ( RP back ) ) ( NP ( NP ( NP-ADV ( QP ( RB roughly ) ( CD 10 ) ) ( NN % ) ) ( JJR more ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( VBN allocated ) ( JJ personal ) ( NN staff ) ( NNS budgets ) ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( NNS Democrats ) ) ( VP ( VBP do ) ) ) ) ) ) ) ) ) )

First economists James Bennett and Thomas DiLorenzo find that GOP senators turn back roughly 10 % more of their allocated personal staff budgets than Democrats do


( S ( PP ( TO To ) ( NP ( DT the ) ( NN extent ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ primary ) ( NN duty ) ) ( PP ( IN of ) ( NP ( JJ personal ) ( NN staff ) ) ) ) ( VP ( VBZ involves ) ( NP ( JJ local ) ( NN benefit-seeking ) ) ) ) ) ) ) ( NP-SBJ ( DT this ) ) ( VP ( VBZ indicates ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ political ) ( NN philosophy ) ) ( VP ( VBZ leads ) ( S ( NP-SBJ ( JJ congressional ) ( NNS Republicans ) ) ( VP ( TO to ) ( VP ( VB pay ) ( NP ( NP ( JJR less ) ( NN attention ) ) ( PP ( TO to ) ( NP ( JJ narrow ) ( NN constituent ) ( NNS concerns ) ) ) ) ) ) ) ) ) ) ) )

To the extent that the primary duty of personal staff involves local benefit-seeking this indicates that political philosophy leads congressional Republicans to pay less attention to narrow constituent concerns


( S ( ADVP ( JJ Second ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT the ) ( JJ key ) ( NN assumption ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ valid ) ) ) ) ) ( NP-SBJ ( NNS Democrats ) ) ( VP ( MD should ) ( VP ( VB have ) ( NP ( NP ( JJR lower ) ( NN attendance ) ( NNS rates ) ) ( PP ( IN on ) ( NP ( NN roll-call ) ( NNS votes ) ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( NNS Republicans ) ) ( VP ( VBP do ) ) ) ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN extent ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ such ) ( NNS votes ) ) ( VP ( VBP reflect ) ( NP ( JJ national ) ( NN policy ) ( NN making ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( S-NOM-SBJ ( VP ( VBG participating ) ( PP-CLR ( IN in ) ( NP ( JJ such ) ( NNS votes ) ) ) ) ) ( VP ( VBZ takes ) ( PRT ( RP away ) ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( NN time ) ) ( SBAR ( S ( NP-SBJ ( DT a ) ( NN legislator ) ) ( VP ( MD could ) ( ADVP ( RB otherwise ) ) ( VP ( VB devote ) ( PP-CLR ( TO to ) ( NP ( JJ local ) ( NN benefit-seeking ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Second if the key assumption is valid Democrats should have lower attendance rates on roll-call votes than Republicans do to the extent that such votes reflect national policy making and that participating in such votes takes away from the time a legislator could otherwise devote to local benefit-seeking


( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( ADVP ( RB indeed ) ) ( SBAR-PRD ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( DT the ) ( NNS data ) ) ( VP ( VBP indicate ) ( PP ( ADVP ( RB particularly ) ) ( IN in ) ( NP ( NP ( DT the ) ( NN case ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP House ) ) ) ) ) ) ) ) ) )

This is indeed what the data indicate particularly in the case of the House


( S ( NP-SBJ ( DT The ) ( JJ Democratic ) ( NNP House ) ( NN attendance ) ( NN rate ) ) ( VP ( VBZ has ) ( RB not ) ( VP ( VBN exceeded ) ( NP ( DT the ) ( JJ Republican ) ( NNP House ) ( NN attendance ) ( NN rate ) ) ( PP-TMP ( IN since ) ( NP ( CD 1959 ) ) ) ) ) )

The Democratic House attendance rate has not exceeded the Republican House attendance rate since 1959


( S ( ADVP ( RB Finally ) ) ( SBAR-ADV ( IN as ) ( S ( VP ( VBN shown ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN table ) ) ) ) ) ) ( NP-SBJ ( NNS Democrats ) ) ( VP ( VBP allocate ) ( NP ( NP ( DT a ) ( JJR higher ) ( NN proportion ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( JJ personal ) ( NNS staffs ) ) ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NN district ) ( NNS offices ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( S ( NP-SBJ ( JJ local ) ( NN benefit-seeking ) ( NNS duties ) ) ( VP ( VBP matter ) ( ADVP ( RBR more ) ) ) ) ( CC and ) ( S ( NP-SBJ ( JJ national ) ( NN policy ) ( NN making ) ( NNS activities ) ) ( VP ( VBP matter ) ( ADVP ( RBR less ) ) ) ) ( ADVP ( JJ relative ) ( PP ( TO to ) ( NP ( NNP Washington ) ( NNS offices ) ) ) ) ) ) ) ) ) )

Finally as shown in the table Democrats allocate a higher proportion of their personal staffs to district offices where local benefit-seeking duties matter more and national policy making activities matter less relative to Washington offices


( S ( NP-SBJ ( NP ( DT An ) ( NN examination ) ) ( PP ( IN of ) ( NP ( NP ( NNS changes ) ) ( PP ( IN in ) ( NP ( JJ personal ) ( NN staffing ) ( NNS decisions ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Senate ) ) ) ( PP-TMP ( IN between ) ( NP ( CD 1986 ) ( CC and ) ( CD 1987 ) ) ) ( PRN ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( NP ( NN control ) ) ( PP ( IN of ) ( NP ( DT that ) ( NN body ) ) ) ) ( VP ( VBD changed ) ( NP ( NN party ) ( NNS hands ) ) ) ) ) ) ) ) ) ( ADVP ( RB moreover ) ) ( VP ( VBZ reveals ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( JJ personal ) ( NN staffing ) ( NNS differences ) ) ( VP ( VBN noted ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN table ) ) ) ) ) ( VP ( MD can ) ( RB not ) ( VP ( VB be ) ( VP ( VBN attributed ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( JJ disproportionate ) ( NN control ) ) ( SBAR ( S ( NP-SBJ ( NNS Democrats ) ) ( VP ( VBP exercise ) ( PP-PRP ( JJ due ) ( TO to ) ( NP ( PRP$ their ) ( JJ majority-party ) ( NN status ) ) ) ( PP-CLR ( IN over ) ( NP ( NP ( JJ other ) ( NNS resources ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NN committee ) ( NN staff ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

An examination of changes in personal staffing decisions in the Senate between 1986 and 1987 when control of that body changed party hands moreover reveals that the personal staffing differences noted in the table can not be attributed to the disproportionate control Democrats exercise due to their majority-party status over other resources such as committee staff


( FRAG ( NP ( NP ( DT An ) ( JJ additional ) ( NN piece ) ) ( PP ( IN of ) ( NP ( NN evidence ) ) ) ( PP ( IN from ) ( NP ( DT the ) ( NNP Senate ) ) ) ) ( S ( S-ADV ( VP ( VBG Holding ) ( S ( NP-SBJ ( NP ( JJ other ) ( NNS factors ) ) ) ( ADJP-PRD ( JJ constant ) ) ) ( PP-1 ( JJ such ) ( IN as ) ( NP ( NP ( NN incumbency ) ( NNS advantages ) ) ( CC and ) ( NP ( JJ regional ) ( NNS factors ) ) ) ) ) ) ( NP-SBJ-2 ( NP ( DT the ) ( NN difference ) ) ( PP ( IN between ) ( NP ( NP ( JJ popular ) ( NNS votes ) ) ( PP ( IN for ) ( NP ( JJ Republican ) ( ADJP ( JJ presidential ) ( CC and ) ( JJ senatorial ) ) ( NNS candidates ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS states ) ) ( VP ( VBG conducting ) ( NP ( DT a ) ( NNP Senate ) ( NN election ) ) ) ) ) ) ( VP ( VBZ turns ) ( PRT ( RP out ) ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( JJ positive ) ( NN function ) ) ( PP ( IN of ) ( SBAR ( WHADJP-3 ( WRB how ) ( JJ onerous ) ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ federal ) ( NN government ) ( POS 's ) ) ( NN tax ) ( NN burden ) ) ( VP ( VBZ is ) ( PP ( IN per ) ( NP ( NN state ) ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( DT a ) ( JJ progressive ) ( NN tax ) ( NN rate ) ) ( VP ( VBZ hits ) ( NP ( JJ higher-income ) ( NNS states ) ) ( ADVP-MNR ( RBR harder ) ) ) ) ) ) ) ) ) ) )

An additional piece of evidence from the Senate Holding other factors constant such as incumbency advantages and regional factors the difference between popular votes for Republican presidential and senatorial candidates in states conducting a Senate election turns out to be a positive function of how onerous the federal government 's tax burden is per state a progressive tax rate hits higher-income states harder


( S ( S-ADV ( VP ( VB Put ) ( ADVP-CLR ( RBR more ) ( JJ simply ) ) ) ) ( NP-SBJ-1 ( NP ( NNP GOP ) ( NNS candidates ) ) ( PP ( IN for ) ( NP ( NN president ) ) ) ) ( VP ( VBP are ) ( VP ( VBN looked ) ( PP-CLR ( IN on ) ) ( ADVP-MNR ( ADVP ( RBR more ) ( RB kindly ) ) ) ( PP ( IN by ) ( NP-LGS ( NNS voters ) ) ) ( PP-3 ( IN than ) ( NP ( NP ( JJ Republican ) ( NNS candidates ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNP Senate ) ) ) ) ) ( SBAR-TMP ( WHADVP-4 ( WRB when ) ) ( S ( NP-SBJ ( NP ( DT the ) ( NN prisoner ) ( POS 's ) ) ( NN dilemma ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RBR more ) ( JJ severe ) ) ) ) ) ) ) )

Put more simply GOP candidates for president are looked on more kindly by voters than Republican candidates for the Senate when the prisoner 's dilemma is more severe


( S ( ADVP ( RB Moreover ) ) ( NP-SBJ-1 ( NN ticket ) ( NN splitting ) ) ( VP ( VBZ appears ) ( S ( VP ( TO to ) ( VP ( VB take ) ( NP ( NP ( DT the ) ( JJ same ) ( JJ peculiar ) ( NN pattern ) ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NN state ) ( NN government ) ( NN level ) ) ) ( SBAR-2 ( IN as ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ does ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( JJ federal ) ( NN level ) ) ) ) ) ) ) ) ) ) )

Moreover ticket splitting appears to take the same peculiar pattern at the state government level as it does at the federal level


( S ( NP-SBJ-1 ( NN State ) ( NN government ) ) ( VP ( VBZ is ) ( ADVP-TMP ( ADVP ( RBR more ) ( RB typically ) ) ) ( VP ( VBN split ) ( PP-MNR ( IN along ) ( NP ( JJ Republican-governor\/Democratic-legislature ) ( NNS lines ) ) ) ( PP-2 ( IN than ) ( NP ( DT the ) ( NN reverse ) ) ) ) ) )

State government is more typically split along Republican-governor\/Democratic-legislature lines than the reverse


( S ( NP-SBJ ( DT A ) ( JJ cross-state ) ( JJ econometric ) ( NN investigation ) ) ( ADVP ( RB furthermore ) ) ( VP ( VBZ reveals ) ( SBAR ( IN that ) ( S ( S-ADV ( VP ( VBG holding ) ( S ( NP-SBJ ( JJ other ) ( NNS factors ) ) ( ADJP-PRD ( JJ constant ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN difference ) ) ( PP ( IN between ) ( NP ( S-NOM ( NP-SBJ ( NP ( DT a ) ( NN state ) ( POS 's ) ) ( JJ major-party ) ( NN vote ) ) ( VP ( VBG going ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( JJ Republican ) ( JJ gubernatorial ) ( NN candidate ) ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( JJ Republican ) ( NN share ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJR lower ) ( NN state ) ( NN house ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ positive ) ( NN function ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN state ) ( NN tax ) ( NN rate ) ) ) ) ) ) ) ) )

A cross-state econometric investigation furthermore reveals that holding other factors constant the difference between a state 's major-party vote going to the Republican gubernatorial candidate and the Republican share of the lower state house is a positive function of the state tax rate


( S ( PP ( IN In ) ( NP ( NN sum ) ) ) ( PP-LOC ( IN at ) ( NP ( DT both ) ( DT the ) ( UCP ( JJ federal ) ( CC and ) ( NN state ) ) ( NN government ) ( NNS levels ) ) ) ( NP-SBJ ( NP ( ADVP ( IN at ) ( JJS least ) ) ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( ADJP ( RB seemingly ) ( JJ irrational ) ) ( NN behavior ) ) ( SBAR ( S ( NP-SBJ ( NNS voters ) ) ( VP ( VBP display ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN voting ) ( NN booth ) ) ) ) ) ) ) ) ) ( VP ( MD may ) ( VP ( VB have ) ( NP ( DT an ) ( ADJP ( RB exceedingly ) ( JJ rational ) ) ( NN explanation ) ) ) ) )

In sum at both the federal and state government levels at least part of the seemingly irrational behavior voters display in the voting booth may have an exceedingly rational explanation


( S ( NP-SBJ ( NNP Mr. ) ( NNP Zupan ) ) ( VP ( VBZ teaches ) ( PP-LOC ( IN at ) ( NP ( NP ( NP ( DT the ) ( NNP University ) ) ( PP ( IN of ) ( NP ( NNP Southern ) ( NNP California ) ) ) ( POS 's ) ) ( NN business ) ( NN school ) ) ) ) )

Mr. Zupan teaches at the University of Southern California 's business school


( S ( NP-SBJ ( NNP B.A.T ) ( NNP Industries ) ( NNP PLC ) ) ( VP ( VBD won ) ( NP ( NP ( JJ overwhelming ) ( NN shareholder ) ( NN approval ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( JJ defensive ) ( NN restructuring ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB fend ) ( PRT ( RP off ) ) ( NP ( NP ( DT a ) ( ADJP ( ADJP ( QP ( CD 13.35 ) ( CD billion ) ) ) ( PRN ( ADJP ( QP ( CD 21.23 ) ( CD billion ) ) ) ) ) ( NN takeover ) ( NN bid ) ) ( PP ( IN from ) ( NP ( NNP Sir ) ( NNP James ) ( NNP Goldsmith ) ) ) ) ) ) ) ) ) ) ) ) )

B.A.T Industries PLC won overwhelming shareholder approval for a defensive restructuring to fend off a 13.35 billion 21.23 billion takeover bid from Sir James Goldsmith


( S ( PP-LOC ( IN At ) ( NP ( NP ( NP ( DT a ) ( NNS shareholders ) ( POS ' ) ) ( NN meeting ) ) ( PP-LOC ( IN in ) ( NP ( NNP London ) ) ) ) ) ( NP-SBJ ( DT the ) ( UCP ( NN tobacco ) ( NNS financial-services ) ( CC and ) ( NN retailing ) ) ( NN giant ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD received ) ( NP ( NP ( CD 99.9 ) ( NN % ) ( NN approval ) ) ( PP ( IN from ) ( NP ( VBG voting ) ( NNS holders ) ) ) ( PP ( IN for ) ( NP ( NNS plans ) ( S ( VP ( TO to ) ( VP ( VB spin ) ( PRT ( RP off ) ) ( NP ( NP ( QP ( RB about ) ( CD 6 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NNS assets ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

At a shareholders ' meeting in London the tobacco financial-services and retailing giant said it received 99.9 % approval from voting holders for plans to spin off about 6 billion in assets


( S ( NP-SBJ-1 ( NNP B.A.T ) ) ( VP ( VBZ aims ) ( S ( VP ( TO to ) ( VP ( VP ( VB sell ) ( NP ( NP ( JJ such ) ( NNP U.S. ) ( NN retailing ) ( NNS units ) ) ( PP ( IN as ) ( NP ( NP ( NNP Marshall ) ( NNP Field ) ) ( CC and ) ( NP ( NNP Saks ) ( NNP Fifth ) ( NNP Avenue ) ) ) ) ) ) ( CC and ) ( VP ( VB float ) ( NP ( PRP$ its ) ( JJ big ) ( NN paper ) ( CC and ) ( NNP British ) ( NN retailing ) ( NNS businesses ) ) ( PP-MNR ( IN via ) ( NP ( NP ( NN share ) ( NNS issues ) ) ( PP ( TO to ) ( NP ( VBG existing ) ( NNS holders ) ) ) ) ) ) ) ) ) ) )

B.A.T aims to sell such U.S. retailing units as Marshall Field and Saks Fifth Avenue and float its big paper and British retailing businesses via share issues to existing holders


( S ( NP-SBJ ( NNS Proceeds ) ) ( VP ( MD will ) ( VP ( VB help ) ( VP ( VB pay ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( VBN planned ) ( NN buy-back ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NP ( CD 10 ) ( NN % ) ) ( CC or ) ( NP ( QP ( RB about ) ( CD 153 ) ( CD million ) ) ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS shares ) ) ) ) ( CC and ) ( NP ( DT a ) ( ADJP ( CD 50 ) ( NN % ) ) ( NN dividend ) ( NN increase ) ) ) ) ) ) ) ) ) )

Proceeds will help pay for a planned buy-back of 10 % or about 153 million of its shares and a 50 % dividend increase


( S ( NP-SBJ ( NNP B.A.T ) ) ( NP-TMP ( NN yesterday ) ) ( VP ( VBD started ) ( NP ( PRP$ its ) ( NN share ) ( NN buy-back ) ) ) )

B.A.T yesterday started its share buy-back


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD acquired ) ( NP ( QP ( CD 2.5 ) ( CD million ) ) ( NNS shares ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NP ( CD 785 ) ( NN pence ) ) ( PRN ( NP ( CD 12.48 ) ) ) ( NP-ADV ( DT each ) ) ) ( CC or ) ( NP ( NP ( DT a ) ( NN total ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 19.6 ) ( CD million ) ) ) ( PRN ( NP ( QP ( CD 31.2 ) ( CD million ) ) ) ) ) ) ) ) ) ( PP ( IN from ) ( NP ( NP ( PRP$ its ) ( NN broker ) ) ( NP ( NNP Barclays ) ( IN de ) ( NNP Zoete ) ( NNP Wedd ) ) ) ) ) ) ) ) )

The company said it acquired 2.5 million shares for 785 pence 12.48 each or a total of 19.6 million 31.2 million from its broker Barclays de Zoete Wedd


( S ( NP-SBJ-1 ( DT The ) ( NN share ) ( JJ buy-back ) ( NN plan ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB underpin ) ( NP ( NP ( NNP B.A.T ) ( POS 's ) ) ( NN share ) ( NN price ) ) ) ) ) ) ) )

The share buy-back plan is likely to underpin B.A.T 's share price


( S ( NP-SBJ ( NNP B.A.T ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VP ( MD may ) ( VP ( VB make ) ( NP ( JJR more ) ( NN equity ) ( NNS purchases ) ) ( PP-TMP ( IN until ) ( NP ( NP ( DT the ) ( NN close ) ) ( PP ( IN of ) ( NP ( NN business ) ) ) ( NP-TMP ( NN today ) ) ) ) ( PP ( VBG depending ) ( PP ( IN on ) ( NP ( NN market ) ( NNS conditions ) ) ) ) ) ) ( CC but ) ( VP ( MD will ) ( VP ( VB cease ) ( NP ( JJ further ) ( NNS purchases ) ) ( PP-TMP ( IN until ) ( NP ( NP ( NNP Nov. ) ( CD 22 ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ releases ) ( NP ( JJ third-quarter ) ( NNS results ) ) ) ) ) ) ) ) ) ) ) ) ) )

B.A.T said it may make more equity purchases until the close of business today depending on market conditions but will cease further purchases until Nov. 22 when it releases third-quarter results


( S ( NP-SBJ ( NNP B.A.T ) ( NNS shares ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 29 ) ( NN pence ) ) ( PP-DIR ( TO to ) ( NP ( CD 783 ) ( NN pence ) ) ) ( PP ( IN on ) ( NP ( NP ( NNP London ) ( POS 's ) ) ( NN stock ) ( NN exchange ) ) ) ( NP-TMP ( NN yesterday ) ) ) )

B.A.T shares rose 29 pence to 783 pence on London 's stock exchange yesterday


( S ( NP-SBJ ( NN Shareholder ) ( NN approval ) ) ( VP ( VBZ sets ) ( NP ( DT the ) ( NN stage ) ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( JJ lengthy ) ( NN process ) ) ( PP ( IN of ) ( NP ( NN restructuring ) ) ) ( SBAR ( WHNP-2 ( DT that ) ) ( S ( VP ( MD might ) ( RB not ) ( VP ( VB be ) ( VP ( VBN completed ) ( PP-TMP ( IN until ) ( NP ( NP ( JJ next ) ( NN year ) ( POS 's ) ) ( JJ second ) ( NN half ) ) ) ) ) ) ) ) ) ) ) )

Shareholder approval sets the stage for a lengthy process of restructuring that might not be completed until next year 's second half