THE BATTALION
THURSDAY, NOVEMBER 8, 1979
Pages
—
?, Winds may push oil toward shore
UH defrauders get probation
United Press International
J GALVESTON— A. predicted sViift
l tviijds Wednesday threatened to
low ashore another black tide of oil
lilled from a burning, collision-
3 Young' amaged tanker that firefighting tug-
30 ' oats hoped to douse with chemical
er it's a p. am
idividuald Attempts to extinguish the blaze
aid. Itkfljjjd Tuesday when firefighters ran
le. Its hisl^t of foam and the latest in a series
• owner fexplosions occurred. Firefighters
lity ofthet^ednesday re-cooled the wreck
dge ofe ith water.
did acbx Autumn winds blowing from the
id that is\i ortli had helped keep the spill
of art fori
offshore until winds shifted to the
southeast Sunday and Monday.
Coast Guard spokesman Ray Baker
said Wednesday. “The winds are out
of the east now about 15 knots and
are expected to shift out of the south
east between 10 and 15 knots.”
Baker said there had been no re
ports or wash-ups on Texas beaches
since early Tuesday, and he said
most of the oil was parallel to the
coast and staying six miles offshore.
The currents flowing to the south
west had carried the spill past the
entrance to Matagorda Bay, halfway
to Corpus Christi where beaches
already were stained by the five-
month-old Ixtoc I well blowout in
Mexico’s Bay of Campeche.
Dutch and American firefighters
using specially equipped boats
fought a holding action with water
until Tuesday, when they decided
the vessel was cool enough to pour
on thousands of gallons of chemical
foam to kill the blaze.
“Before they could completely ex
tinguish the fire, they ran out of
foam, and the fire flared,” Baker
said. “They came back in and loaded
back up with foam. When they’re
going to attempt it again, we don’t
know. ”
Meanwhile, Coast Guard and pri
vate contractors cleaned up oil from
public beaches and monitored
threats to wildlife-nurturing bays,
where they had gathered 10,000 feet
of floating fence and six skimming
machines.
“Right now, there are no plans to
completely encircle the vessel (with
floating spill barriers), but they do
plan to put some more of this heavy
duty barrier just downwind of the
vessel within a few hundred feet
ofthe ship,” Coast Guard spokesman
Richard Griggs said.
Thirty of the tanker’s 36 compart
ments had been loaded with 16.8
million gallons of crude, five times as
much as the 3 million gallons esti
mated to have lain on South Texas
beaches during the height of the
Mexican oil spill.
Three compartments were dam
aged initially, but the relentless fire
and a series of explosions since Fri
day had damaged and possibly
opened as many as nine more tanks.
United Press Internationa]
HOUSTON — Two men con
victed of helping a fired University of
Houston official use school funds to
make investment profits have been
placed on probation for six years.
Mel Covington and Roger Knox
were sentenced Tuesday after their
convictions Monday on charges they
helped former UH financial analyst
Sam Harwell and Harwell’s half
brother, Pat Sullivan, defraud the
university.
UH officials have said the exact
losses resulting from the scheme to
use short term UH funds for private
investments would be impossible to
calculate, but officials made a $14.6
million downward “adjustment” in
UH books.
State District Judge Wallace
Moore scheduled a hearing Nov. 16
to discuss what roles Covington and
Knox might play in repaying the uni
versity.
Harwell and Sullivan pleaded
guilty to related charges and are
serving four-year federal prison
sentences.
Battalion Classifieds
Call 845-2611
t Louis fcij
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Texas mortgage
Activity declining
>ut Spied#
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United Press International
AUSTIN — A representative of the Texas Savings and Loan League
■Wednesday told the Senate Interim Committee on Financial Institu-
Tjons the pace of mortgage lending activity in Texas had dropped
rastically even before last month’s sharp increase in interest rates.
of the fl P at Malone said mortgage loans closed by Texas savings and loan
30 to l^Ifcsociations during the first eight months of 1979 were 24 percent
gelow the same period last year, while the decline nationally was only
ameda 6 percent. He said single-family mortgage loans granted in Texas fell
d benair ^ P ercent » while the national decline was 4 percent. ,
Malone also said savings and loan associatons allocated $4 billion on
Mortgage loans during the same period this year, while the first eight
ponths of 1978 had turned up a $5.2 billion business.
The decline of $1.2 billion represents 28 percent of the total
bationwide decline of $4.4 billion,’ he said.
Malone said Texas savings and loan associations have sold large
volumes of mortgage loans to lenders in other states, thereby bringing
|ut-of-state funds to Texas to meet the demand for mortgage credit,
lie said in 1978 Texas sold $1 billion of mortgages out-of-state. This
[ear only $610 million of loans have been sold.
“The sharp increase in interest rates generally has forced Texas
ivings and loans out of the secondary mortgage market because
arket interest rates are now above the Texas interest rate ceiling,”
lalone said.
L. DeWitt Hale, a representative of the Texas Association of Home
fuilders, said home builders in the state were faced with two dilem-
as; a need for an ample supply of money for interim financing and an
tuple supply of money for home buyers.
He said, however, that money to finance home construction was not
[s critical as money to purchase homes.
But we need an ample supply for the home buyer,” Hale said,
ere’s where the real crisis is. ”
10
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