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^ bi 72 No. 184
«Pages
isteuf
Wednesday, August 15, 1979
College Station, Texas
USPS 045 360
Phone 845-2611
i?
arter meets with
irominent Texans
WWT
United Press International
WASHINGTON — President Carter
Tuesday with a group of prominent
ns, some of whom said publicly he
ibably could not carry the state if the
Selection were held now, but still has
ince to regain his popularity.
During the session. Carter encountered
position to the windfall profits tax he
sto impose on oil companies.
It. Gov. William Hobby said the 150 to
JTexans — past supporters of Carter —
tut a full day at the White House dis-
sing energy, inflation and SALT II.
iter spoke at the concluding session.
1 thought it was all very conciliatory,”
us Agriculture Commissioner Reagan
said.
Hubert Green, San Antonio lawyer and
1976 Carter campaign worker, said
bite House Chief of Staff Hamilton Jor-
ndrew laughter when he said the ad-
nistration “did not set out with a pro-
mthat was designed to be popular with
Crvone — ‘and proceeded to prove
Former Texas Attorney General John
Hill, unsuccessful 1978 candidate for gov
ernor, said “quite a bit” of opposition was
voiced against his energy policies by oil
and gas representatives, such as Ralph
Spence from Tyler, Texas.
“But we did believe — and do believe
— that his energy policy efforts as they are
representated by his initiatives in Con
gress now are on the right track and we are
going to try to do what we can do to help
pass them,” Hill said.
Hill said Carter was “non-committal
from any official standpoint” about 1980
reelection plans.
“We’ve got our work cut out for us, we
know that. It’s a year away, plus a few
months,” Hill said. “I think his reelection
campaign will be a steady climb upward.”
Asked if Carter could carry Texas if the
election were next week. Hobby said he
“rather doubted Carter could carry the
state over former Texas Gov. John Con-
nally, but would win against former
California Gov. Ronald Reagan.
Green said opposition to how the
windfall profits revenue would be handled
came up at a morning meeting with aides.
Hobby said there were two or three hos
tile questions in that session, but none was
directed toward the president.
“I didn’t see a lot of opposition on
energy or oil and gas questions. I’m sure
there was considerable there, but it did
not surface,” Green said. “Most of the
questions that were most critical dealt
with whether he was doing enough for
minority problems or groups.”
“The nature of the question was about
the excess profits tax and the wisdom of
taking that stream of cash out of the financ
ing of exploration and development,’
Hobby said.
Houston Mayor Jim McConn said Car
ter would not do as well if the election
were held in Texas next week as he did in
1976 when he carried the state.
“He’s going to have to turn some of the
domestic problems of this country
around,” said McConn, who opposes the
windfall profits tax. “He’s going to have to
understand that in Texas, we understand
something about the energy business —
maybe more than they do here.”
Mexican support requested
United Press International
CIUDAD VICTORIA, Mexico — Texas
i. Bill Clements opened a four-stop
r of the capitals of Mexican border
esTuesday, calling for greater coopera-
i among the states and Texas to solve
h problems as drug traffic, un-
[cumented Mexican workers and energy.
lements placed a wreath on the
kmument of the first governor of
Tamaulipas, Gen. Jose Bernardo Gutier
rez de Lara, toured a government housing
project and told the state congress that
Texas and Tamaulipas must be “partners
linked together in a never-ending search
for a better life through cooperation.”
“I am confident that the leaders of the
border states of Mexico and the border
states of the United States of America
meeting together can improve the cooper
ation not just between our two states, but
between our two nations,” Clements said.
He will meet with the governor of
Nuevo Leon in Monterrey Thursday, the
governor of Coahuila in Saltillo Aug. 27
and the governor of Chihuahua in
Chihuahua City Aug. 29.
Clements’ visit to the Tamaulipas capital
was the first for a Texas governor in 15
years.
One last hurdle
hrysler borrows
i230 million from
United Press International
DETROIT — Chrysler Corp. Tuesday
rowed up to $230 million from General
otors finance the wholesale purchase
tars and trucks by Chrysler dealers.
The Chrysler Financial Corp. reached
agreement with General Motors Ac-
ptance Corp., wholly owned by GM,
der which GMAC will underwrite
Wesale car loan contracts on a monthly
sis through January 1980.
The unprecedented arrangement was
Bounced by General Motors in a terse
itement and GM spokesmen declined to
ahorate.
Last Friday, Chrysler Financial reached
agreement for the sale of up to $500 mil
lion in new and used car loan contracts to
Household Finance Corp.
Chrysler Financial’s credit rating has
tumbled as a result of losses by Chrysler
this year which already have amounted to
$260 million and has been unable to raise
money through normal channels.
“This business arrangement,” GM said
in its announcement Tuesday, “will assist
Chrysler Financial Corp. in meeting its
near-term financing requirement.”
Chrysler, which is seeking federal aid,
resumed bargaining Tuesday with United
Auto Workers union for the first time since
the UAW rejected a Chrysler proposal for
a two-year wage freeze.
He told the Tamaulipas congress some
of the issues the U.S. border governors
have discussed require the cooperation of
Mexican governors to be resolved.
^ “We have discussed the issue of citizens
M 1% /■ of your country who come to the United
X. T X ▼ JL States, but find hardship and injustice. We
must and will help these people,” he said
in a prepared speech.
As the second summer session comes to a close,
students add final touches while preparing for fi
nals this week. Maureen Fertitta, a senior in chem
ical engineering.
Academic Building.
studies calculus near the
Battalion photo by Clay Cockrill
May lead to payment balance
“We have discussed the problem of il
legal narcotics, which damage the lives of
millions of people. We can solve this prob
lem together. We have discussed the
negotiations between our governments for
the sale of Mexican oil and gas to the
United States. We must seek to remove
the barriers preventing these transac
tions.”
Clements also suggested in his meeting
with Tamaulipas Gov. Enrique Cardenas
Gonzalez the prospects for industrial de
velopment along the Texas-Mexico bor
der, and possible exchanges of agricultural
products.
Foreign U.S.
not common.
investments
panel reports
United Press International
DALLAS — Americans may not like the
idea of Arabs owning a farm down the
road. West Germans owning a local plant
or Japanese owning a nearby shopping
center, but an American Bar Association
panel concludes all that foreign investing
isn t that common, isn’t necessarily bad
and isn’t going to stop any time soon.
Locals ‘band’ together
Debbie Lard treated Aggies to some
folk tunes Tuesday while Equinox
drummer Carl Barbee (right)
slams out some rock ’n’ roll on Mon
day.
The panel meeting Tuesday as part of
the ABA s annual convention indicated
most Americans had a vague and not very
good notion of what s behind headlines of
foreign investments.
“We have a gut feeling we re losing con
trol of our destiny, said New York attor
ney David A. Richard, a foreign invest
ments expert. “We think that to lose own-
ship of the land is to lose the crops grown
on it. We think the crops are going to be
shipped abroad — but that’s not true.
“And w'e don’t see the other side; the
balance of payments, the American dollars
returning home.”
Stephen E. Roulac, a California lawyer
specializing in helping foreign companies
in U.S. real estate purchases, said Ameri
cans tended to react emotionally to news
of foreign buying.
“We have an image of a rich foreigner
carrying suitcases full of cash and paying
high and wild prices for anything he can
get. What is happening is that foreign
firms are investing in the United States
because the American market compares
favorably to other markets worldwide.”
Roulac said.
The money w r ill continue to come in
until the U.S. market is hid up to the
world price.
Roulac said one reason real estate was
attractive to “petrodollar" investments was
simply that large sums could he moved
into it fairly easily and quickly. He also
said Arahs buying American farm land was
no different than major institutions such as
hanks and insurance companies doing the
same thing.
Roulac said despite the significant pub
licity, his firm calculates foreign interests
own about 1 percent of the total U.S. real
estate. Another panel member. Noel Nel
lis of San Francisco, said however, a re
cent Senate committee study showed that
of land deals in 10 agricultural states from
January 1977 to June 1978, 8 percent in
volved foreign interest.
The panel also discussed legislation
proposed to curb foreign buying, indicat
ing measures such as disclosure of the pur
chaser and a 28 percent capital gains tax
would have little effect.
“Disclosure would not stop the major
foreign firms from investing in the United
States, said panel member Donald Sis
kind of New York. “But forced disclosure
would stop some wealty foreign families,
who might be concerned about pokticia!
stablity in their own country, from invent
ing in this country. Anonymity is impor
tant to some of those individuals.
"The capital gains tax, again, would not
stop the major foreign firms from investing
in the United States. They need to diver
sify and the United States is a good mar
ket. Their only worry is being able to
comply with the complexity of the laws.”
The panel, specifically to help lawyers
whose services are sought by foreign
interest, also said outside buyers fre
quently are drawn to farm land because its
simplicity.
“It is not management intensive, said
Roulac. "Owning property isn’t complex.
Council OKs
new business
degree plan
By ROBIN THOMPSON
Battalion Staff
The Texas A6cM University Academic
Council approved new degree plans for
business majors Tuesday in spite of pro
tests that the degrees do not contain
enough free electives.
The curriculum calls for three hours of
free electives during freshman and
sophomore years. Marketing majors have
no other free electives in the degree plan.
During junior and senior years, account
ing and finance majors have only two
hours of free electives, giving them a total
of five. Management majors have a total of
20 hours free electives.
William Muse, the new dean of the Col
lege of Business, in his first appearance
before the council, defended the degrees,
stating that 40 percent of the courses re
quired are outside of the business field.
He said that most of the electives are
not free , but in catagories, such as sci
ence electives and directed electives. ^
However, John McDermott, head of
philosophy and humanities at Texas AflcM,
said the degree plans are “far too restrie-
tive.~
He said the plans follow- a trend at Texas
AirVI away from allowing students to
choose their electives according to their
own interests.
In other business, the council approved
a recommendation by the graduate council
to permit the Graduate Management Ad
mission Test as an option to the Graduate
Record Examination for students entering
the Master of Public Administration pro
gram.
The council also approved candidates
for graduate and undergraduate degrees to
be aw arded August 18 and Doctor of Vet
erinary M edscene degrees to be awarded
August 24.
The council was to consider a new
Q-drop policy , but the item was post
poned until the next meeting in Sep
tember