Friday, September 26, 1986/The Battalion/Page 7
NORTHGATE
846-3768 Fast, Fret; Delivery
TEXAS AVE.
696-0234
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Count rises
as 19th bank
fails in Texas
RICHARDSON (AP) — The U.S.
Comptroller of the Currency on
Thursday declared Heritage Na
tional Bank in Richardson insolvent
and appointed the Federal Deposit
Insurance Corp. as receiver.
The bank will reopen Friday as
Brookhollow National Bank, and its
depositors will automatically become
depositors of the new bank, subject
to approval by the appropriate
court, said Julie Amberson,
spokeswoman for the FDIC in
Washington.
It was the 19th bank failure in
Texas and the 104th in the nation
this year.
Dale Underwood, spokesman for
the comptroller’s office, said the
bank’s failure was primarily the re
sult of inadequate supervision by the
board of directors and speculative
lending practices.
Brookhollow National will assume
about $30.1 milion in 3,500 deposit
accounts and has agreed to pay the
FDIC a purchase premium of
$290,000, Amberson said. It also will
buy some of the failed bank’s loans
and other assets for $16.2 milllion.
$19.50
FOR A 20” SPECIALTY PIZZA
Expires 31 Dec 1986
SALES TAX NOT INCLUDED
AT PARTICIPATING CHANELLO S ONLY
NOT VALID WITH ANY OTHER SPECIAL OFFER
Plan to move
inmates OK’d
by officials
TYLER (AP) — State officials
have given Smith County permis
sion to proceed with a plan to
house minimum-security prison
ers at an alternate site to ease
overcrowding in the county jail.
The Texas Commission of Jail
Standards unanimously ap
proved a resolution Wednesday
that was adopted by the commis
sioner’s court last Friday.
The fifth floor of the court
house will be used as an interim
minimum-security site, with a
limited capacity of 47 prisoners,
and a permanent structure will be
built on the top floor of the Smith
County office building’s parking
garage, according to the resolu
tion.
Officials said the new $11 mil
lion county jail has been crowded
since it opened in January, and
some minimum-security prison
ers were given deferred terms.
U.S. oil equipment industry
feels crunch, looks abroad
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HOUSTON (AP) — The sharp
decline in domestic drilling has
forced U.S. oil-field equipment man
ufacturers to look overseas as they
struggle to stay afloat in a declining
market.
Earlier this year, USX’s Oilwell
Supply International negotiated a li
censing agreement with an Indone
sian company to manufacture
pumping units. Hughes Tool Co.
decided to consolidate the produc
tion of rig tools at a plant in the Ne
therlands after closing a facility in
North Houston.
And Weatherford International
relocated its operating headquarters
to Hanover, West Germany.
The reason for the increased in
terest in the international market is
simple: Exploration overseas has
held up much better than in the
United States since oil prices
plunged about 60 percent in the first
half of the year.
The domestic rig count tumbled
62 percent between January and
July, but drilling activity in the rest
of the world declined only 35 per
cent in the same period, according to
Hughes Tool Co.
“The large equipment maker has
to look abroad,” says Hughes
spokesman Don King.
Drilling outside the United States
has held up better because much
overseas production is controlled by
government-owned companies
rather than by for-profit companies.
Their funds are committed years in
advance. Developing nations may
need to maintain drilling programs
to provide jobs and get oil produc
tion going to bring in revenues.
Meanwhile, many domestic pro
ducers have said the low prices make
many ventures unattractive, and
complain that volatility makes it dif
ficult to plan for the future.
Historically, more rigs operated in
the United States than in the rest of
the world.
In 1982, an average of 3,105 rigs
operated in the United States, com
pared with 1,667 in the rest of the
world, and the oil-field equipment
giants looked to U.S. drillers for the
bulk of their sales.
By last February that equation had
reversed: The U.S. rig count fell to
1,444 while there were 1,678 rigs op
erating in the rest of the world.
With the action shifting abroad,
the equipment makers are scram
bling to establish, or reinforce, the
overseas presence. Many fear the
United States will lose its edge as the
leader in oil-field technology.
America may be dominant, but
not like it was in the past, says Eu
gene L. Butler, the president and
chief executive officer of Weather
ford.
Companies, of course, are taking
many tacks to make inroads abroad,
or strengthen their presence.
Some companies are trying to un
load surplus equipment at low
prices. Others are consolidating
manufacturing capacity in foreign
nations.
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CHARLES C. SCHROEPPEL, O.D.,P.C.
DOCTOR OF OPTOMETRY
707 SOUTH TEXAS AVE-SUITE 101D
COLLEGE STATION, TEXAS 77840
MSC Cepheid Variable
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