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.”
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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-
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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
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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
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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 foryou.fi'
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
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4 . a V be
fe
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