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About The Battalion. (College Station, Tex.) 1893-current | View Entire Issue (March 1, 1972)
les THE BATTALION Wednesday, March 1, 1972 College Station, Texas Page 5 !n t is a pojj sa ><l, andtj M t4siona| Houston men subpoenaed by defense in Mutscher trial HOUSTON <^*) — Five Hous- Weston Conrad, an employe of ther prosecution after entering a to explain why.’ if the ton men, including Mayor Louie ^■Welch, were subpoenaed Tues day by the defense in the Abilene ibery conspiracy trial of House Speaker Gus Mutscher and two associates. Others subpoenaed were golfer Doug Sanders; Dr. W. II. Hin ton, president of Houston Bap tist College; Dr. Charles L. Al len, pastor of the Houston First Methodist Church; and George stock fraud disclosures left him an investor in NBL stock and fraud allegations. ielf Purclijjbri ired by a Warren replied win not ania General Motors’ Buick Division in Houston. All five have figured in news reports involving the National Bankers Life Insurance Co. stock scandal and the collapse of the Sharpstown State Bank in Hous ton. Frank W. Sharp, Houston finn ancier, controlled both the insur ance company and the bank and was granted immunity from fur- guilty plea to federal charges in volving the bank. Welch has acknowledged los ing money in NBL stock. Securi ties and Exchange Commission depositions have listed NBL stock transactions by Sanders and Hinton. Conrad has said he was persuaded to invest in NBL stock by Sharp. Welch, informed he had been subpoenaed, said, “I’m at a loss Welch said he borrowed $235,- 000 in early 1970 to purchase 10,000 shares of NBL stock. The note was later transferred to the now defunct Sharpstown State Bank. The note was still out standing at the time of the bank’s collapse. Welch said at the time he had bought the NBL stock at Sharp’s request because he considered it to be a good investment. The holding worthless NBL stock and seriously in debt, the mayor said. Allen, pastor of the church Sharp attended, had borrowed about $25,000 from the Sharps town Bank, according to the Se curities and Exchange Commis sion records. The purpose of the loan was not disclosed. Sanders, a former golf pro at Sharpstown Country Club, was realized a profit from the in vestments. He has been sued by the Federal Deposit Insur ance Corp., which took over the Sharpstown Bank last year, for an outstanding loan of $170,000 from the bank. Hinton owned stock in the Sharpstown Bank when it went into receivership and NBL when it was placed in conservatorship following the government's stock BANQUET U'Ik'I at* HURRY IN AND STOCK UP DURING ■ OUR FROZEN FOOD /, E ATU RE s\ Lti28 c U.S.D.A. CHOICE FULL CUT ROUNDS LB SLICED BACON RIGHTS RESERVED DECKERS BONELESS FUUY COOKED JANET LEE - OUR OWN QUALITY FIRST GRADE BACON 2 LB. PKG.. ..M” PKG. DELICATESSEN-SNACK BAR BABY SWISS CHEESE Z ;, 79< BAKED HAM °.T: 85 c POTATO SALAD ” 38< COOPER CHEESE ( s „ H r;» 75 c BBQ SPARE RIBS ” . M 59 DELICIOUS APPLES WASHINGTON EXTRA FANCY RED & GOLDEN BONELESS ROUND STEAK u ZXl Bll \, s l 0 ’ RUMP ROAST USDA CHOICE 8UF-B0Nt IN ^ CHARCOAL STEAKS ^choicebeefboneuss iB sp CUBE STEAK UA . N r. N0 . w . A5 . I£ .!!..!!.! m M 39 SLICED CHEESE ALBERTSONS - SINGU WRAPPED hoz.pkg. 89 c BOTTOM ROUND SWISS STEAK BONELESS THICK CUT USDA CHOICE BEEF LB. BROCCOLI ~ «5~*l WHIP TOPPING 1..,., 25' cookies:::::.. 159* X ANGEL FOOD CAKES WiM! SHOP NOW & SAVE / $ LBS. FOR LARGE UNICED PACKED IN t POLY BAG YELLOW ONIONS T»r oN .. .2 ., 25* TANGERINES “ 3&49 c CARROTS =. 2 r 39* CABBAGE ~ ,10* RED POTATOES 10 r 69* TROPHY STRAWS 10 oz. PKG. ERRIES 0 EGG OMELETS 5 FLAVORS TO CHOOSE FROM 12 OZ. STOUFFERS BEEF STEW 0 BAKERY ASSORTED CUP CAKES FOR $ HOT CROSS BUNS D0Z. ( GIAZID ORANGE CAKE DONUTS J FOR HOURS MON. THRU SAT. t A.M.-f P.M. SUNDAY 10 A.M.-7 P.M. UNIVERSITY DR. AT COLLEGE AVE. ADAMS VANILLA EXTRACT 89' 4 OZ. McCORMICK GARLIC POISKI WYROB DILLS SKINNERS CUT TOWIE STUFFED KRAFT BAR-B-QUE KRAFT FRENCH SALT SPECIAL-PICKLES SPAGHETTI OLIVES SAUCE DRESSING 3 V4 OZ. 3 5 32 OZ. 4 9 ^ 12 OZ. OTft PKG. JL # 45* 18 OZ. 4V a 59* AMERICAN BEAUTY ELBORONI 10oz. OA< PKG. Conrad said he was persuaded by sharp to invest in NBL and subsequently lost $20,000. Records filed by the Securities and Exchange Commission in Dallas showed Hinton owned 9,900 shares of the bank’s stock as of Nov. 1, 1969, which he reported he bought for $231,770 and which was then valued at $495,000. Hinton also listed 2,214 shares of the insurance company’s stock, stock which he said he bought at $24,354 or $11 a share and which then was valued at $66,420 or $30 a share. Dates of these transactions were not listed. The FDIC suit against Sand ers alleges he borrowed the money Aug. 24, 1970, promising to pay 9% per cent interest un til maturity and 10 per cent thereafter and to pay the full amount within 90 days. The FDIC said the loan matured on Nov. 22, 1970, but Sanders had not made any repayment. Welch, 52, is serving an un precedented fifth consecutive term as mayor of Houston. He was bom in Lockney, Tex., and is a graduate of Slaton High School and Abilene Christian College. Welch is to become president of the U. S. Conference of May ors in May and become president of the National League of Cities next year. Allen was appointed pastor of the First Methodist Church in 1961, having served 12 years as pastor of the First Methodist Church in Atlanta, Ga. He has preached in churches and spok en to large conventions through out the nation and is the author of several books in the religious field. Hinton assumed duties as pres ident of Houston Baptist College in 1962. He came to the new Houston school from Texarkana College where he was president for two years. Prior to entering the college administration field, Hinton served as the administrator in the Olney Public Schools. Other professional experience includes a position as an instructor at Howard Payne College, a teacher in San Angelo High School, and principal of Lakeview High School in San Angelo. Report says SS Fogg sank within minutes GALVESTON, Tex. <JP) — The tanker V. A. Fogg sank within 2V2 to 3V6 minutes after it was wrecked b yan explosion, accord ing to a study of instruments re covered from the sunken vessel, it was related Tuesday. Evidence of the rapid sinking of the tanker was introduced at the resumption Tuesday of a Coast Guard hearing into the loss of the 572-foot vessel. Thirty-nine men died when the Fogg exploded and sank 50 miles off shore Feb. 1. A letter from Texas Nautical Repair Co. President Leslie J. Swift Jr., read at the hearing, said that his experts had exam ined two chronometers and a clock recovered from the floor of the Gulf of Mexico. A chro nometer is a very accurate time piece. The letter stated that the clock stopped at 3:45 p.m. “due to a violent physical shock.” The chronometers, Swift wrote, stopped at 3:47.5 p.m. The chro nometers were stopped when they were immersed in water, Swift’s letter said. “There was a two and a half minutes’ difference between the clock and the chronometers, the clock stopped from sudden im pact and the chronometers from being submerged in water,” the letter stated. “The clock was most likely running slightly fast which leads one to believe the SS V. A. Fogg could have sunk in 2^4 to 3% minutes,” the letter stated. An expert in the operation of tankers, who asked not to be named, said in an intezwiew at a recess it is “almost impossi ble” for anyone to get off a ves sel that sank that fast after an explosion. The only witness heard dur ing the morning session Tuesday was Donald W. Motes, a former chief engineer on the Fogg. Motes described the operation of an automatic engine firing (oil burning) system and said that it worked much better than the manually operated system which it replaced.