The Battalion. (College Station, Tex.) 1893-current, February 18, 1980, Image 10

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Page 10 THE BATTALION MONDAY, FEBRUARY 18, 1980 Home loans to end? business spo United Press International WASHINGTON — Homebuil ders and financial thrift institutions say the Federal Reserve Board’s latest decision to boost sharply in terest rates may mean an end to home loans and home building. The action stunned the nation’s homebuilders and thrift institutions. “We are surprised and dismayed by the Federal Reserve Board’s ac tion,” said Merrill Butler, president of the National Association of Home Builders. January producer prices surged ahead at the fastest pace in five years, and the Federal Reserve Board reacted to that inflation signal Friday by boosting interest rates in a re newed effort to restrict borrowing. Federal reserve losing members Kg He urged Congress to release low- interest mortgage money and lift res traints on tax-exempt mortgage bonds in order “to counter what may become the deepest housing reces sion in 30 years.” Sun Theatres 333 University 846-! The only movie in town Double-Feature Every Week lO a.m.-2 a.m. Sun.-Thurs. lO a.m.-3 p.m. Fri.-Sat. No one under 18 Ladies Discount With This Coupon BOOK STORE & 250 PEEP SHOWS 846-9808 United Press International NEW YORK — The defection of two big Pennsylvania banks from the Federal Reserve System under scores a problem that has existed since the Fed was founded in 1913. Fed Chairman Paul Volcker made an eloquent appeal to Congress early this month for legislative action, without which he said “the stream of member banks withdrawing will reach flood proportions.” In the last quarter of 1979 and ear- I JTORAGE U - LOCK - IT 10 x 20 - $25 693-2339 i STUDENT DISCOUNT at l-HOP Internal ionaJ House of Pancakes jJBBj (ij TEXAS A&M Student present I.Df and receive a 10% discount throughout 1980 Spring Semester! THIS WEEK’S SPECIALS WED. NIGHT — MIDNIGHT MADNESS All the Pancakes you can Eat! THURS. NIGHT — SPAGHETTI All You Can Eat! FRI. NIGHT — FISH NIGHT Fish Dinner w/Salad or Soup (Discount does not apply to Specials) 49 H 69 H 99 Reg 2 5 ly January, Volcker said, 69 banks with about $7 billion in deposits gave notice of withdrawal from Fed mem bership. This takes in the period fol lowing the Fed’s “Saturday night massacre” of Oct. 6, 1979, when a policy change imposed stringent re serve requirements on member banks. Pittsburgh’s Equibank and Na tional Central Bank of Lancaster, Pa., with assets of more than $3 bil lion between them, withdrew from the system in January, citing the high costs of membership. Volcker called the withdrawal — the largest ever — “especially signi ficant” in that it shows large institu tions are prepared to take what is by any reckoning a significant step in switching from a national to a state charter. At the end of 1979, there were 5,459 banks in the Fed System rep resenting about 70 percent of de posits in the nation’s 14,000-plus commercial banks. Volcker said 670 banks with more than $71 billion in deposits are con sidering withdrawal. The primary concept behind the Federal Reserve Act of 1913 was con trol over the monetary aggregates to prevent the “boom and bust” cycles that characterized the economy dur ing the last century and early 1900s. Perhaps because of American fear of a European-style central bank the Fed was formed as a sort of “banker’s bank, ” nominally owned by its mem bers for which it provides services and to which it pays dividends. Membership in the Fed, manda tory for banks with a national charter and voluntary for state-chartered in stitutions, confers check-clearing, currency services and access to the discount window for loans. Many small banks obtain these through large correspondent banks. Professor George J. Benst(n| University of Rochester wro study of Fed membership j Great Depression of the ] an exception to this state of j [n By M Almost from its earliest days, the Fed claimed that the membership concept hampers it in performance of duties that Volcker said it is “prop erly held accountable for progress in dealing with inflation and other eco nomic problems that beset us.” “A relatively greater nui nonmember bank failuresresi a proportionate increase inti ber and deposits of member Benston said. Membership in 1951 when it included 49 of all commercial banks. Farmers get in it or Step Study in France! Earn up to 36 hours for 1 year at the University of Strasbourg. Open to majors in all fields, junior stand ing. Sophomore French or equiva lent. Inquire: Unlv. of Houston French Dept. Houston Tx. 77004 (713) 749-3480 NEW YORK — Large farms that run big herds of dairy or beef cattle can cut energy bills at least in half by converting manure into methane gas to run diesel generators. The conver sion isn’t easy but it pays off big. A Chicago engineering firm has developed a system that extracts methane gas from manure and leaves a rich liquid crop fertilizer that can be sprayed on the farmer’s fields. Sheaffer & Roland, Inc., which specializes in solar energy and ener gy waste resources, has installed three such systems, two on dairy farms at Gettysburg, Pa., and Rice Lake, Wis., and one on a beef cattle ranch at Custer, Mich. Mason Dixon Farms at Gettys burg, which has been owned and run by the Waybright family since 1750, is using the system to virtually re claim its original self-sufficiency. Mason Dixon, which derives its name from the famous line which crosses the farm, runs 1,700 head of dairy cows and produces 4,000 gal lons of milk a day. The Waybrights utilize every possible advancement of technology to increase productiv ity and lower costs. The methane conversion system A coupb jmer to t bilie Whi id: “Bea ;ie Co] exas l ons sa ought th Ide up o ' The Agg Emory o msted the flay to keep |in the race Mwn. Nol . Rched b' •‘ r 3-29, hac jrns so e Copelai ’ayettevill td a chart uses fresh manure dissolved he final bi ter, which is recycled and rJ|e throw About 13,000 gallons ofthis|ctory an manure is delivered daily to«i. tank with a big plastic bubble “It was j fbouncin When heated to 100 degrees Agg liquid gives off methane gas,uKd. “ n ” then fed in a dual fuel mixtunl modified standard General! diesel engine. Groups veto Congress, lobbyists’ report says INTRODUCING THE NEW ioobro for the women athlete l.orkrr Koont SPORTSMOES UNLIMITED 822 VILLA MARIA RD ACROSS FROM MANOR LAST MALL 779 948a United Press International WASHINGTON — The U S. Chamber of Commerce and the Business Roundtable are able to ex ercise a sort of veto power over Con gress through outright power and subtle influence, a study by Ralph Nader’s lobbyists charged Saturday. The chamber has 80,000 mem bers, 1,200 employees and a budget of $30 million while the Roundtable Battalion Classifieds Call 845-2611 The ing the Wemon nd the A; tit break; plead at i ■They w ||ving me Hi Smith pn the fl eally goo< Wng the ■Vernor is composed of chief executi on He g ers of 192 companies withJlMrn,” M lion in assets. HheAgs “Both share a corporatecat jjf and 59 that uncritically regards big r.jonghorns as good and regulation for corle game, protection as had,’ said the Jeir proh which was conducted over tv ing ] 0 of The report listed members ffOur gi Roundtable, something it ^tn! you s not been done before. Togt ick up th said, they control collectivegrrory . We venues equal to one-half the see throw try ’s Gross National Produr The Lor represent 27 of the top 30 Faeir last si 500 companies. Be give: It alleged that 52 percent fggies. Bi companies represented haveiujter Sa charged with regulatory lav hompsor tions during the past seven ytiive the 1 ian a mir With tf McDonalds DRIVE-THRU WINDOW MCDONALD’S INTRAMURAL HIGHLIGHTS N\ ^McDonald's sOB Uni rkansa kedly DRIVE-THRU SERVICE At University Drive At Manor East Mall Arkans; jht and jrday % Wild Bunch Douses Wild Bunch II The Wild Bunch overwhelmed Wild Bunch II nTanjntracate battle in CoRec AB slow pitch>Jn the top of the first inning the Wild Bunch scored three (3) when TiuHiiy Thompson hit a home run, ing in Bretehen Goetz fr<; base and Kathy Me A pop fly to center ibv | iltHardy put WB II up to bat. WBH jemwffffrhfe inniWjg with 2 ^f)bjTflf?stck k'ft field and a runner out bn first.?.' Tfte second inning was hard on the Wild Bunch with a consecutive pop to left field, a runner out at first to Hughes Hall’s Christi Niemeyer, a freshman microbiology major, attempts to beat out a throw at first base during the Hughes- Kruegar dorms I.M. softball game. ut Mary Pettit on nding the flies,j oe c Entries Opening: Soccer Frishee Fast Pitch Softball Racquetball Singles Entries Closing: Tennis Wrestling Weigh-in Monday, February IS Monday, February 18 Monday, February 18 Monday, February 18 Official’s Clinics: Soccer Tuesday, February 19 Monday, February 25 9:10:30 p.m. Men’s Locker Room GRVV Fast Pitch Thursday, February 2£ 5:15 p.m.. Rudder Theater Special Events: Basketball Team Captain’s Meeting In the Swimming Pool: Pool hours through March 1 are posted as follows: Outdoor Pool - Mon. through Friday 12 noon - 1:30 p.m. Indoor Pool - Mondays tk Wednesdays 6 p.m. - 7 p.m. Tuesdays & Thursdays 6 p.m. - 10 p.m. Saturdays & Sundays 1 p.m. - 3 p.m. Tuesday, February 19 7 p.m., G.R.W. 267 Sunday, February 24 11 a.m., Penherthy Intramural Complex Spotlight Sports^JI L on tri on si inping with three i 3 -^^td ccntor And tl C WB’s RobXvbiivon NlOTfl A outfield for the bottom of the to raise the si^re taA-O. WBII got “•©pugl'Dedeckcr oti Second and nanijgecl a ■ ’njftrtfSeSv his teaWWmffPthe third the Riddle: Why is March Magic Month? It is because of the Penherthy Celebration of Sports which will be held March 21-23 at the Pen- berthy Intramural Complex. Entries open March 3,(Monday) tj and close March 18 (Tuesday). Divisions are men’s, women’s, and co-rcc. Entry fee is $35 per team. Awards will be given to members of the top two teams in each division. Call the Intra mural office at 845-7826 for more information. The bottom of the fourth saw the games’ first walk as Linda Welsh of WBII took base. The fifth inning followed the previous patterns. In the bottom of the sixth WBII’s Rus- / Russel hit a homer, rounded the ases and was called out for not ching third base. WBII got on the s move and using singles and double hits scored three legitimate runs as Ron Pettit, Linda Welsh, and Jim Pennington crossed the home plate. WBII had a man on first and third when Mary Tyler Johnson hit a pop fly to center. Not to be\undone the Wild Bunch geardd up its batting machine and went completely through its batting roster to score 8 runs, including: 2 home runs by Bobbie Cochranjand Rick Chamb- lin. Other scorers were Steve Robinson, Gretqhen Goetz, Kathy Melliner, Tommy Thompson, Paula Gortz, and Todd Lott. WBII could hot come back and ended the garpe in the bottom of the seventh Acknowledgments This ad is sponsored by your local McDonald Restaurants at Univer sity Drive and Manor East Mall. Stories by Michelle Wolstein, Pic tures by Gary Reyes. Sports Shorts iston, 12-2 es left s whi lainst la ■■ ;ht and uston C Hie thre njenfs 1 ithe w l|) and tors on lylor 1, rt adva & deci Rainouts: If your game of slowpitch softball is rained out, contact thelMol after 2:00 p.m. the next day. As many games as possible willk rescheduled. This is important because the rescheduled gamemayk that next night. Keep up with your play schedules. Weigh-in: Entries for wrestling will be taken Monday, February 25 at tl weigh-ins in the Men’s Locker Room in G. Rollie White from W 10:30 p.m. This is the only time entries will be taken. Teams mi)* weigh-in together as a team. Soccer: Look, Ma, no hands! It’s IM soccer - the fancy footwork, hands^ team sport. Entries open today, February 18, and close Tuesdai February 26. So get moving and find your teammates. There’ll benK** fancy stepping than at a jitterbug marathon. Frishee: Ags do, tea-sips do it, guys and gals and dogs do it. They al frishee! The annual IM frishee contest will be March 1. Compete will include maximum time aloft; throw, run, and catch; distal throw; golf frishee and free style. Enter today, February 18, oron’l before Tuesday, February 26. More information available in tkW office, De Ware Fieldhouse. Fast Pitch: If you like baseball and a fast pace, then IM fast pitch is' and find a pitcher to beat all other pitchers before sign-ups. Entrif open today, February 18 and close Tuesday, February 26. Play beg® Saturday, March 1. Racquetball: Racquetball singles opens for entries today, February 18 and"' close February 26, Tuesday. Schedules will be posted Thursda' February 28 and play begins March 3. Games are to 21 points, match? to two games with an 11 point tie breaker. So warm-up your racq® and come out swinging! rday Fri. Sat. Sun. Ron Bottoms, an Industrial Distribution major, pitches a horseshoe toward the stake during an opening match of I.M. horseshoes. Ron may come by the I.M. office for a “Be our Guest” card, good for free food at McDonalds. 21 22 23 Reserved for Super Event Slifi v er a 5 be 4 . a V be fe J L e pp