: Page 10/The Battalion/Wednesday, November 2, 1983
''Stock values surge dramatically
Lubbock to absorb TI layoffs
United Press International
LUBBOCK — The immedi
ate impact of 1,000 layoffs at the
Texas Instruments home com
puter plant was a dramatic surge
in stock value, but business lead
ers said Tuesday the latest
assault on the West Texas eco
nomy would have few long-term
effects.
The electronics giant Mon
day furloughed one out of every
three workers at its Lubbock
plant, after announcing Friday
computer business that contri
buted to a $110.8 million third
quarter loss.
The news sent its stock soar
ing $22.75 from its Friday clos
ing price to a Monday close of
$124.50 a share on 1,898,700
shares traded, placing it second
on the active list.
That represented a 22.4 p
cent increase in the value of
shares.
But in Lubbock, the state em
ployment office was bracing for
er-
TI
it was getting out of the home a busy week trying to place 1,000
semi-skilled workers in addition
to those who lost their jobs in last
week’s Final shutdown of a Lit
ton electronics plant.
“TI has worked with us and
has scheduled interviews
alphabetically beginning
Wednesday and continuing
through Friday,” said Velma
Burkham, Texas Employment
Commission office manager.
“We have jobs, but the em
ployment may not be in areas
that some of these people want,”
she said.
The Litton plant closing was a
phased shutdown over the past
five months that put 400 to 450
people out of work, the last 115
layoffs i
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layoffs occurred last Friday, she
said.
Jim Cummings, vice presi
dent of the First National Bank,
said Lubbock’s economy was di
verse enough — based on agri
culture, manufacturing and
energy — to weather the shock.
“I think we have enough con
fidence in TI and their commit
ment to West Texas to take at
face value their announce
ment,” Cummings said. “They’ll
have the plant back up to full
employment.”
That phasing in of other lines
could take up to a year, Cum-
said, TI workers had been
through furloughs before and
most would have figured the
prospect into their personal
budgets.
“Even in the recession of the
past 18 months our mortgage
rate has been significantly lower
than the national average,” he
said.
“And housing out here, dol
lar for dollar, is still a good buy.
You don’t have the $1,200 a
month payments you have else
where in the state. Still, on the
personal level, for the family
who’s counting on this income, it
could be a disaster.”
Texas Instruments stock lost
tilings said. In the meantime, he $50.75 a share on June 6 and 7
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Two Cheese and
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Patio Style Pinto Beans
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One Corn Bread and Butter
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U.S. grain releasg
urged by senatoi
United Press International
WASHINGTON — Sen.
Lloyd Bentsen, D-Texas,
Tuesday urged a Senate com
mittee to investigate con
tinuing discrepancies in the
quality of government-owned
grain stored in a Plainview ele
vator.
“On one hand, you have
the Department of Agricul
ture saying they have less than
1 percent of corn of the lowest
quality and then you have the
Texas Department of Agri
culture saying 53 percent,”
Bentsen said in a news confer
ence.
“That’s a big discrepancy.”
d he requested a
Ct
Bentsen sai
Senate Agriculture Commit
tee investigation in identical
letters to Chairman Jesse
Helms, R-N.C., and ranking
member Walter Huddleston,
D-Ky.
Corn stored in Texas and
other states since the Russian
grain embargo at a taxpayer
cost of millions has been the
object of a struggle between
the USDA and Texas officials
who want it released to
drought-stricken farmers and
ranchers forced to slaughter
livestock because of a lack of
affordable feed.
Texas officials filed suit
Tuesday to force the Agricul
ture Secretary John Block to
release the corn.
“That shows the increasing
concern of all parties con
cerned,’’ said Bentsen.
“Hopefully, we can move for
ward on the legislative process
quickly as well. But one way or
another, we’re going to see
that farmers get some grain to
feed their cattle. They need
feed, not another bank note.”
Bentsen, who pushed
through an amendment re
quiring Block to release the
corn, said chances are “excel
lent” the House will pass simi
lar legislation and a final ver
sion will be accepted by Con
gress before the expected
Nov. 18 adjournment.
Grain Storage Elevaii
Plainview.
While Bentsen wash
a news conference c
grain issue, Block’s let
rived at the senator’s
but Bentsen did notseeii]
afterward.
“It doesn’t respond
of course, to concerdj
the disparity betweenw.
USDA inventories andi.
tions reveal,” said Be
aide Jack DeVoreJ
attempts to dispute the
ings of Commissioner,
Hightower by contrasiji
with an inspection of the
vator done by emptom
Block’s two-page lead
unofficial inspections^
vator employees showed
matically different” fin
the amount of damaged
He also said a March 19
speclion by government
cials indicated no great]
terioration since the!
1982 check.
Bentsen, however,!
been stressing the diso
cies found in (hequality
government-owned cor
ing USDA inspectio
January 1981 and
1982.
He said the 1981 in
tion showed only 9 m
bushels of top-quality,
when the inventory cafe
13.5 million bushels,ant ,,.'
4 million bushels of lowf; l
corn when the inventor ~
led for only 733,000 bua \j
"The elevator at that; £
was also short by
bushels on its total invrT 11
of government-owned# /-I
he said.
Block said the dry
cracked between the tid|
was acquired in others
and its shipment to Plan
for storage, but its nutrit^
quality had not chaqUe
Bentsen said he found" 11
F
“very hard to believe.’
>A1
Bentsen last month asked
Agriculture Secretary John
Block to look into the appa
rent sharp decline in the quali
ty of the 22.6 million bushels
of corn stored at the P.L.B.
Bentsen said the
1982 USDA inspct 75 ,
showed only 6.4 milv" 1
bushels of top-qualiu j”’
when the inventory siillJlSL
for 13.5 million bushels. >UK
there were 3.6 million buy 11
of low-grade corn when c ^
10,000 such bushels wtrT 0
the total USDA inventor
MSC TOWN HALL
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Wednesday, Nov. 2- 8pm
G. Rollie White
Tickets 8.50, 9.50, 10.00
N<
WITH
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nor