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ZEN BUDDHISM
A Lecture By :
American Zen Priest
Shim Wol
’’Just Watch Your Mind”
Thursday, October 22
Rudder Tower Rm. 301
7:00 RM.
Free Admission
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Page 6/The Battalion/Wednesday,October 21,1987
Comptroller says
crash won’t hurt
banking industry
"L
cials stressed Tuesday that the na
tion’s commercial banks remained
sound despite the stock market’s re
cord crash and said there were no
signs of a run on deposits as had
been the case in the 1929 collapse.
“There should be no concern over
the safety of. . . deposits,” Robert L.
Clarke, comptroller of the currency,
told a news conference at the Ameri
can Bankers Association annual con
vention here.
“I think the banking industry is in
general very safe,” Clarke said.
L. William Seidman, chairman of
the Federal Deposit Insurance
Corp., added that his agency was
monitoring closely the banking sys
tem and found no immediate dan
ger of massive deposit withdrawals.
“There also have been no prob
lems with banks’ assets,” Seidman
told reporters at the convention.
The stock market slid a whopping
508 points, or about 22.6 percent.
The drop far exceeded the 12.8
percent decline on Oct. 28, 1929, a
market crash that ushered in the
Great Depression and further
eroded confidence in the banking
system.
But unlike 1929, Clarke noted,
deposit insurance today covers bank
accounts of up to $ 100,000.
Laws in the 1930s also sharply re
duced financial risk by limiting how
much investors can borrow to buy
stocks and separating commercial
banks and brokers.
“Banks ... do not invest in equity
securities,” Clarke said.
“(The crash) should not affect in
vestment portfolios of banks,” he
said.
Raymond Van Houtte, president
of the New York State Bankers Asso
ciation whose membership includes
many of the nation’s major banks,
said today’s bankers are far more
frugal in the way they do business
than 58 years ago.
“The banks that failed (in 1929)
were involved in speculative ventu
res,” Van Houtte said. “They also
bought stocks. A lot of people in
those days put their money under
their pillows."
Clarke said while the market
plunge “is not going to affect the
banking industry broadly ... it will
affect the banks on an individual ba-
What’s up
For instance, he said, credit rat
ings may change among banks’ cus
tomers whose loans are collater
alized by securities.
On the positive side, some banks
could experience an increase in de
posits by investors who have pulled
their money out of the stock market.
ABA President Charles H. Pistor
Jr. said,“I think . . . (investors) will
seek any safe haven.” Pistor is also
chairman of First Republic Bank in
Dallas.
Van Houtte, who is chairman of
Tompkins County Trust Co. in
Ithaca, N.Y., said he expects his
bank “to see a large influx of depos
its” at least temporarily.
Clarke added, “It remains to be
seen whether it (Monday’s crash) will
undermine consumer confidence in
the economy."
A key concern among banking of
ficials attending the ABA conven
tion was that the crash would erode
consumer confidence in the econ
omy and ultimately cause a reces
sion.
That, in turn, would affect the
way individuals and businesses save
or borrow money.
Pistor said, “I don’t see this as a
beginning of a depression.”
Most major bankers at the ABA
convention said they were puzzled
by the market’s collapse given the
current economic conditions, which
include low unemployment, modest
growth and inflation.
Others at the conference, though,
weren’t so sure about the health of
the economy.
Wednesday
RUSSIAN CLUB: will meet at 8 p.m. at the Flying Tomato
STUDENTS AGAINST APARTHEID: will meet at Sj|
p.m. in 604A-B Rudder.
YOUTH FUN DAY III: Tf tere will be a meeting for prod
live coaches and counselors at 5 p.m. in 501 Rudder
CLASS OF ’89: Applications for Class Ball Committee:
available througn Oct. 28 in the Student Programs0!
in the MSC.
GAY STUDENT SERVICES: will meet at 8:30 p.m.in
B Rudder.
T STAFF: applic ations are available until Nov. 13 inf
MSC.
UNITED CAMPUS MINISTRIES: will have an Aggie,
per at 6 p.m. at the A&M Presbyterian Church.
ALVIN HOMETOWN CLUB: will meet at 7 p.m. at
Rita’s.
ECONOMICS SOCIETY: Oct. 22 is the last day to
fees for the field trip.
TENNIS CLUB: will introduce the tennis team at 1
164 Read.
GREEN EARTH SOCIETY: will meet at 8:30 p.m. ini
Rudder.
EUROPE CLUB: will meet at 9:30 p.m. at the Flyinj!
mato.
RESIDENCE HALL ASSOCIATION: will meet at8:3C«
in 601 Rudder.
TEXAS A&M SPORTS CAR CLUB: will meet at / p*
501 Rudder.
DATA PROCESSING MANAGEMENT ASSOCIATE
Chevron will present career information indataproc:
at 7 p.m. at the Ramada Inn penthouse.
COMMITTEE FOR THE AWARENESS OF MEXK
AMERICAN CULTURE: will meet at 7 p.m. inolOIf
der.
ALCOHOLICS ANONYMOUS: will meet at noon, C
5826 for the location of the meeting.
ADULT CHILDREN OF ALCOHOLICS: will meet at‘I
in 145 MSC.
NARCOTICS ANONYMOUS: will meet at 8:30 p.m,
MSC. Jl;
CIRCLE K INTERNATIONAL: will meet at 7 pm
Rudder.
PI SIGMA EPSILON: will have a pledge and geneni
ing at 6 p.m. and 7:15 p.m. in 114 Blocker.
Stud
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Items for What's Up should be submitted to TheBml S 0 " 1
216 Reed McDonald, no less than three workingifcl jpht othei
fore desired publication date. ■> 0llman s
$18.50 will
I William T
g'esident c
Gas Associt
Committee says fraternities contim
hazing at UT despite pledge’s dea
AUSTIN (AP) — Hazing with
paddles, cattle prods and alcohol
continues in University of Texas fra
ternities and student organizations
despite a pledge’s drinking death
last year, a special commission re
ported Tuesday.
John Ratliff, a UT law professor
and commission chairman, said the
school’s reputation for hazing and
excessive drinking at fraternity func
tions is known nationwide as “the
Texas mentality.”
“It’s like prostitution or pornogra
phy,” Ratliff said. “It’s a consensual
activity. That’s one of the things that
makes it extremely difficult to deal
with because normally it doesn’t
come to light until somebody gets
badly hurt.”
He said a “disgusting” devel
opment in hazing is a two-handed
paddle, which he said is used by the
Texas Cowboys and Silver Spurs,
two respected student organizations.
said initiates are told by fraternity
officials to seek care at out-of-town
hospitals because Austin hospitals
report suspected hazing injuries.
Chanse McLeod, president of the
Texas Cowboys, said the commission
report is based on “past events.” He
said the Cowboys and Spurs have
“taken big steps in trying to elimi
nate hazing.”
But McLeod said, “It would be na
ive to say it didn’t go on.
“There’s not group hazing. There
Texas Cowboys and Silver Spurs,
identified as the “oldest honorary
and spirit organizations,” both “con
tinue to permit hazing in some of its
most blatant and of fensive forms in
cluding rides, paddling and use of
electrical shocking devices such as
cattle prods.”
Ratliff said, “I think we were very
upset about the fact that the Cow
boys and Spurs appear to have been
continually representing to Presi
dent Cunningnam that they were
“It’s like prostitution or pornography. It’s a consensual
activity. That’s one of the things that makes.it ex
tremely difficult to deal with because normally it
doesn't come to light until somebody gets badly hurt. ”
—John Ratliff, commission chairman
The commission also]
UT sororities, which fa]
have chosen not to be t]
cam pus organizations. B> ’]
off campus, they do noth]
standard non-discricl
statements.
“There is a perceptior R
status is becauseofapofc]
sion based on race,” Rati®
Evelyn Bennett, direc I
Panhellenic Council, said li
ties became off-campus9
lions in 1968 because oi ;-l
things on the registration]!
didn’t f eel they could ads f
°y . ,
over and then are paddled with it by-
somebody who takes about four or
five running steps and then swings it
as hard as he can,” Ratliff said. “The
report is that that can lift somebody
off his feet. One of the results of this
is swollen and bleeding testicles.”
Ratliff added that victims cannot
sleep on their backs for weeks and
skip classes because of bleeding.
He said one victim was hospital
ized last year after a paddling that
caused bleeding testicles. Ratliff also
might be individual hazing. If some
thing happened to you. It’s that
word ‘tradition,’ no matter how silly
or stupid that tradition may be.”
Dwayne House, an Abilene senior
and Spurs president, said hazing has
l his
stopped in his organization.
The 26-member commission was
appointed last year by UT President
William Cunningham after the Sep
tember 1986 death of Mark See-
berger, a freshman from Richardson
who died after drinking up to 20
ounces of rum in one to two hours at
a fraternity function.
The commission’s report said the
not hazing and, in fact, they were
continuing and, in fact, even inten
sifying it.”
In its recommendations, the com
mission said the two groups should
be barred from representing UT at
football games if they continue
hazing. The Cowboys are in charge
of the cannon that is fired after
Longhorn scores at football games.
The Spurs handle Bevo, the Long
horn mascot.
The report said Cowboy and Spur
officials disclaim responsibility for
the hazing because it occurs at
“places that are not official func
tions” of the organizations.
She said the sororities
non-discrimination staW
lar to the one requiredf®l
tration, but see no tea® I
their status.
“They have been oil4
long in a self-governing?I
have done so well they* 1 ]
to register,” she said, i-
blacks in the sororities®
time but there are otto 5
resented.”
There are two black*
UT, but they are not®
the PanhellenicCouncS'j
The commission’s 21]
dations include theestsl
closer ties betweenthelj
tration and fraternitisj
school-appointed fra® I
tor. The Interfraterniti I
now headed by a fra®j
official.
ANNOUNCING
A $2.00 SAVINGS TO STUDENTS
& FACULTY OFF ANY FRONT OR
BACK PREFERRED SEAT
Tickets on Sale at MSC Box Office
I.D. required
October 27-29
Brazos County Rodeo Arena
Tues., Oct 27
Wed., Oct 28
Thurs., Oct. 29
L For more information
7:30 p.m.
4:30 p.m. & 7:30 p.m.
4:30 & 7:30 p.m.
764-1062 845-1234 ♦
Snow Ski Club
meeting
October 26. 1987
• Ski exercises by Aerofit (wear loose clott
Steep and Deep" Warren Miller's latest
• Mount Aggie T-Shirts
Trip sign-up
® UNBELIEVABLE door prizes
Rudder 701 7 p.m.
/ It out in
The Battalion
Classi