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About The Battalion. (College Station, Tex.) 1893-current | View Entire Issue (July 27, 1984)
Friday, July 27, 1984AThe Battalion/Page 3 Death in the afternoon Photo by Steve Thomas Rugby fans and team members gather under the shady head quarters of last Saturday’s 8th Annual Texas A&M Summer Seven-A-Side Rugby tournament, held at Texas A&M. Teams from all over Texas and Louisiana battled in 100 degree tem perature weather. Fortunately, Hillier Funeral Home loaned a canopy for shade. The Texas A&M team placed third. Drug traces found in signal operator United Press International WASHINGTON — Small traces of cocaine and marijuana were found in the signal operator who was at the switch when two Amtrak trains collided in New York this week, killing one person and injur ing 137 others. Congress was told Thursday. John Riley, head of the Federal Railroad Administration, also dis closed that the operator initially told a dispatcher he had given a north bound train permission to proceed — despite a written order to stop it. Following the accident Monday, which occurred on a viaduct 80 feet above the streets of New York City, the signal operator told the dis patcher he had given no such appro val, Riley told a Senate transporta tion subcommittee. Riley said federal authorities be lieve human error contributed to the accident, the latest in a series of four fatal Amtrak accidents this month. But he said no conclusions have been reached. Riley also stressed that because of the low amount of drugs found in the signal operator, he does not be lieve they played a role in the acci dent. Dallas hotel burns United Press International fire DALLAS — A two-alarm burned a 15th floor room in an unoccupied section of the plush Fairmont Hotel in downtown Dallas Thursday afternoon, but no injuries were reported, officials said. The fire was reported at 5:16 p.m. in one of the hotels two towers that was closed for air conditioning re- E airs, said Fairmont spokeswoman lebbie Cartwright. “We don’t know (the extent of damage) as far as the smoke damage is concerned.The tower was unoccu pied,” she said. “We had a conven tion that just left and another com ing in next weekend, so we were doing some work on the air condi tioning.” She said the fire damage was mi nor. The cause of the fire was under investigation. 1 eventual^ business,! other issi d hot poll ticiansrtfl ; hike, hat Con| ito defaiis her. but appit lat is hefo is, R-Pa. pointed c debate, a he place al spend# financed: ready W eys is, oach we i servkk as reseat s niesare- ds meetc york as of' eevils. ild beef lemicalsi latings ptj weevil, ch has! to get i icipient ; uteunef ncial n^ jt i»t ig chat? as not igit inte r# jwing aaps it ,pporto” r d by ^ Ferraro opposes tuition tax credit United Press International WASHINGTON — Geraldine Ferraro said Thursday that, despite her personal convictions, she will join Walter Mondale in opposing tu ition tax credits for parents who send their children to private schools. “Fritz Mondale and I disagree on the issue of tuition tax credits,” Fer raro said. “But as his vice president, 1 will support whatever position he takes on that particular issue. It is his judgment that that is not the direc tion to go and I would support his position.” It was the first time Ferraro pub licly aired a disagreement with Mon dale since becoming his running mate at the Democratic National Convention last week. Ferraro, whose mother scrimped to pay her tuition at a private Catho lic school, has been a staunch sup porter of President Reagan’s propo sal to give tax breaks to such parents. The three-term congresswoman NO RENT TIL SEPTEMBER WITH A YEAR LEASE MOVE IN TODAY!! STUDIO APTS. VILLA OAKS WEST DUPLEXES APARTMENTS Cal Terry Call Martha 779-6296 779-1136 MSG BOWLING & GAMES Foosball, Billiards, Bowling Table Tennis, Video Games Brunswick “Crown Jewel” Texas A&M Bowling Ball 9 SALE SALE SALE SALE Get Your Own Engraved Ball Now $27.95 (Reg. $44.95) NAME ENGRAVED & DRILLING ARE FREE WITH PURCHASE OF ANY BALL Let Us Take Care of Your Recreational Needs. Federal regulators rescue bank Geraldine Ferraro arranged to leave for her home in New York City at mid-afternoon and spend the weekend in seclusion with family at her beach house just off Long Island. She kicks off the campaign next week, joining Mondale in her home borough of Queens and in visits to Cleveland; Jackson, Miss., and seve ral cities in Texas. She told reporters she expects a mud-slinging campaign. “I have heard some of the most in credible rumors about myself in the past couple of days,” she said, refus ing to elaborate. “I have a feeling that’s what’s going to happen here, especially when we hear Doth Presi dent Reagan and Vice President (George) Bush kind of sidestepping the issue of debates.” She referred to her first campaign for Congress in 1978, as she and her husband John Zaccaro often do, as an ordeal. United Press International WASHINGTON — In the largest bank bailout in U.S. history, federal regulators announced Thursday they will buy up $5.1 billion in trou bled loans held by Continental Illi nois Bank of Chicago and replace its top managers with two proven cap tains of industry. William Isaac, chairman of the Federal Deposit Insurance Corp., said the government stepped in to save Continental — once tne eighth largest bank in the nation — in part because it held deposits from 2,100 smaller institutions. “You would have had scores of small bank failures if Continental Il linois had been handled differently,” he said. The rescue plan devised by the FDIC, the Federal Reserve and the comptroller of the currency gives Continental, which almost founded under billions of dollars in bad loans, a long-term line of credit, freedom from its worst loans and a new management team led by re tired Standard Oil chairman John Swearingen. The multibillion-dollar bailout will be financed with FDIC’s funds — supplied by banks in the form of insurance premiums — and does not involve tax dollars, Isaac said. Continental’s management and shareholders will be treated as if the bank collapsed, he said, and the bank’s assets will be reduced to $30 billion. Under the rescue plan, the FDIC can lay claim to 80 percent of the bank’s stock and it has veto power over new bank directors. In turn, the FDIC will take over $5.1 billion of Continental’s shakiest loans, now actually worth as little as $3.5 billion and assume a $3.5 billion loan the Federal Reserve Board gave Continental when its troubles first came to light. Treasury Secretary Donald Regan did not support the plan, arguing that it involved “an unauthorized and unlegislated expansion of fed eral guarantees.” But after being told by the Justice Department the plan was legal, Regan did not move to block it. Frank Sinatra teams up with president Reagan courts working-class voters United Press International ELIZABETH, NJ. — President Reagan, fighting the Democrats on their own turf, teamed up with Frank Sinatra Thursday to court working-class voters in the ethnic backyard of Democratic vice presi dential nominee Geraldine Ferraro. Wrapping up a three-state cam paign swing punctuated by a call on conservative Democrats to reject the liberalism of the Mondale-Ferraro ticket, Reagan stumped traditional Democratic strongholds where he made deep inroads in 1980. Hours after inviting conservative Southern Democrats to “come walk with me” in November, Reagan took his quest for Democratic votes to New Jersey and began deriding the values cited by Ferraro and others at the Democratic convention last week. Reagan, accompanied by Rep. Matthew Rinaldo, R-N.J., courted Italian-Americans in working-class neighborhoods not unlike the ones represented by Ferraro, the con gresswoman from New York City. His most overt challenge to her nat ural constituency came with a later stop at a church spaghetti dinner in Hoooken, where native son Sinatra was lending a hand. While his Southern strategy hit at the liberalism of the Mondale-Fer raro ticket and accused the Demo crats of abandoning their roots in Dixie, Reagan’s attack in New Jersey focused on issues of peace and pros perity. Slashing away at the legacy of the Carter-Mondale administration, he said: “They think prosperity is an il lusion and they thmk peace through strength is destabilizing.” “Let me tell you what I think: Only if you read the record of their administration backwards does it have a happy ending.” Books & More Parkway Square Texas Avenue & Southwest Parkway Between Kroger and Baskin-Robbins m -BBf Reference $1.00 to S3.00 Paperbacks ki Price Trade Books VS Price Records $1.98 up Tapes $2.98 up A u>c Souvenirs fMon.-Sat. 9am-9pm Sun. noon-6pm gWENSEN'S Summer Dream Sundaes. 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