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Show Stocks Thursday, September 27, 1990 The Daily Herald, Provo, Utah Nation tapping oil stockpile for first time President's son answers questions on S&L crisis DENVER (AP) - AmeriWASHINGTON (AP) can taxpayers have paid $19.4 billion to store oil in six underground salt caverns in Louisiana and Texas. Now they will get their first payback. ' Neil Bush today defended his business dealings with a Denver developer as ethically correct and "a very good deal" for the man. The testimony by the president's son came during the third day of a federal Office of Thrift Supervision hearing on conflict-of-intere- President against Bush while he served as director of the failed Silverado savings and loan. Appearing for the first time at the hearing, Bush said he used what he called "the Smith smell test" evaluate a to in- $150,000 vestment by developer Bill Walters in Bush's oil company, JNB Exploration. The company used the money to finance an venture in Wyoming in the mid-198' that never made a profit. Bush told Administrative Law Judge Daniel J. Davidson that under his "test," he would "automatically, reject" any proposal that he deemed politically motivated. "I gave him (Walters) a very good deal," Bush said. "It was a very strong economic deal for him, and had we been successful, he would have made a lot of money." The OTS has alleged that Bush failed to adequately inform fellow Silverado directors of his business ties with Kenneth Good and Walters, developers who eventually defaulted on more than $132 million in Silverado loans. The Denver S&L collapsed in Neil Bush 1988 at a cost to taxpayers of $1 billion. The case is being heard by an administrative law judge, who will recommend what sanctions, if any, should be taken. Stock surge fizzles as oil goes up Former Silverado Chairman Michael Wise invoked his Fifth Amendment right against 14 times Tuesday about his when questioned of Bush's business Silverado director Florian knowledge dealings. Barth was to testify today after refusing to do so Tuesday. Barth and other Silverado directors have said in written testimony they were not fully informed of Bush's business ties with Good and Walters, both of whom invested in Bush's oil exploration company. Census shows - er - NEW YORK (AP) war, industry analysts said. Congress authorized the petroleum reserve in 1975 and the first drop of oil went into storage areas two years later. Over the years, a series of salt caverns were excavated along the Texas and Louis590 iana coasts to store the oil of as barrels rniluon today. Creation of the reserve has been a massive undertaking. Early oil shipments went into abandoned salt mines. When those were filled, the caverns were carved out of rock-har- d salt through massive injection of water. Oil does not dissolve salt, so the salt created a permanent subterranean enclosure. A typical cavern is 2,500 feet about as high and 246 feet wide wide and more than twice as tall as the World Trade Center in New York City. Creation of the reserve has not been without its problems and controversies. Originally envisioned to cost $6 billion to $7 billion, the price tag is close to $20 billion and rising. Congress recently voted to century." Both liberals and conservatives continued to clamor for a change in the way the Census Bureau figures out who is poor. For the third year in a row, the bureau said the decline in the poverty rate between 1988 and 1989 was so small that it was not statistically significant. The 1988 rate was 13 percent. The bureau said 31.5 million Americans were below the poverty level last year. For a family of four, that level is an annual income of $12,675. In 1988, 31.7 million were below it. "It is time to update our official poverty measure to provide a more accurate reflection of today's economic needs," Hamilton said. midday. Losers outnumbered gaining issues by nearly 3 to 1 with 935 declining, 365 advancing and 547 unchanged. Volume on the Big Board came to 88.56 million shares at noon on Wall Street, against 85.35 million in the previous session. Quotes 4 'a The market got an initial jolt of support from lower energy prices and higher bond prices, triggered by President Bush's announcement Wednesday that he will sell 5 million barrels from the Strategic Petroleum Reserve. crude contract The near-teropened nearly $1 a barrel lower. But as investors digested the news, their enthusiasm waned. No other country has followed Bush's lead in tapping their cwn oil reserves. m Texaco 624 4 Vt NEW YORK 's closing New York Stock Exchange selected prices: Stock Last Chg AMR 42 4 Albtsn s 30'e Vt 2014 Aqan AldSgnl 29- v- i4 vs Alcoa 624 Aniax 22 H AinHes 5141' Va ACvan 44'i Va AElPw26L4 ve AHome s 48v8 Amrtch 5934 Va AIntGr s 604-- lv, AT&T 31 '- 2Amoco 57l4 '4 Va Anheus 37' '4 Armco 5'' AtlRich 137 -- 1'. Vs Atlas 13 Avon 25l4 'a ', BakrHu 29'2-- BnkAm 20- Bearng 1734 ll4 -4 - BellAtl s 46 lt BellSo 51V- 8- v, ve Boeing s 40' BoiseC 25l- 4Borden s 30'4 h '4 BrMySq 57 'j BritPt Ith-I- H 'A Brnwk 7"s BurlNth 28 "t CascNG 17la CastlCk 28' 41 v'2 Caterp - Chmpln Chevrn Chiquta 25l4 76 Va I'e V 24 Gdrich 30 1- 4- Va Goodyr 174 a4 Grace 21 a H GreyhD 25a Ve Halbtn 53v9 la HeclaM 10. .. HewlPk 304- -1 Hmstke 2234l Honwell 835 ITT Cp 465a 105V- !'a IntPap JRiver 19"- a- 4 "a K mart 214 Litton 804 4 Lockhd 26 4 Ixews 864 IjiStar 84 254 V MartM 4 4 Va -a- 38 25"46v- a McDonl 4 ,- H McDnD McKes 31- 4- 4 Merck 74' a -- 1 MMM 78 -- - "a Mobil 65"- .- s4 Monsan s 40 4 MonPws 1734 NCR 55a-- m Nil 13 4 NtSemi 4"- a- v, Navistr 2ss Va NflkSo 378 Nortrp 152- 4- 'a Norwst 154 Ve Nynex 694 Va OcciPet 20'a 4 Va Olin 33fe OutbdM 114 36-4 PacEnt PSvCol Eaton 4- 4 PugetP Quantm 11 "a 35 Questar RalsPur 95- 44 ReyMtl 61". Comsat v, Ve v. v, 29va ConEd Contel 30H v8 CtData 10 CurtW n 29M DanaCp 24 2 Deere 45Va vB 3a H Digital 51 1 Disney 904 DowChm 37i Dresr s 22l4 F ordM H 22 -32- 4- H 1 FrptMc36U GTE s 26'- ,- ' Gannett 30l- jGenCrp GnDyn GenEl U't 55 20- 4- v. 183- 447 F.xxon 49'a KMC 334 FIntste 4 - GnMills 81H a 14 v M "a GnMotr364 GMEs 32'- t- 4 va GaPac 34 i Gillete 49- a- Va UAL Cp 92 3 USX 315 y. PC Compatible Computer With Compact Design Pac. Pwr. Works Wash. 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Wolwth s 23 'A Xerox 325i 4 ZenithE 54 Vt H IdahoP 24 INCO 27'- a- "4 IBM l'a lVa V, PacGE 21 PacTel 43- 4- V, Va Pacifc s 19H Pan Am 15 42 Penney PepsiC s 22 Pfizer 693- 4-l PhelpD 53 -1- 4 PhilMr 44- H- 4 PhilPet 27- 4- 3t Polaroid 29- 4- v. a PopeTal 144 PortGC 15"- a- 4 PoUtch 28- i- 'a Primca 214 Va ProctG s 72"a-- Ha 9"n s 3834 58l4 Chryslr TriCon 28 21 Ve Ve WUnion 41-3- 2 4 vjTodSh 4 4 Univar s 14 Unocal s 32Va Varian 31 WarnL s 594 TexliiSt 265 Transm Va 105 106 24 24 11 12V 10 11 18 19 25 25 16 16v8 20 20 11 10 20 20 9 10 25 26 -n- it" VHS VCR With Remote HALF i'SaiBf :',''::,::" HX With Color Monitor As crude prices climbed back above $39 a barrel, the stock market's decline gathered momentum. The financial sector continued to take a severe beating and served as a drag on the rest of the market. Several big bank issues hit lows in the previous session and tumbled even further today. Among them, Citicorp was down 1 at 13v8; NCNB plunged 3 to 19; J.P. Morgan was down at 30; Chase Manhattan was down 59 at 10 and Continental Bank was off at 7Yt. Intl. Bus. Mach. Knss Gas & Electric Fred Meyer Marriott Merrill Lynch ' Unisys USWst s 33 Tehnco 4834 Textron 20'a Timken 27'e v. 7 purchases for the reserve altogeth TANDY' 1000 Zo0-Das- 4 over how much oil to put into the reserve. In 1984, the administration sought to again halt purchases, arguing that petroleum was too expensive and the purchases were a drain on the budget. Congress disagreed. Today, the reserve holds 590 million barrels of oil, enough to supply the country for 73 days should there be a total cutoff of oil imports. The government must buy oil on the open market for the reseive. Much of it has come from Mexico and British fields in the North Sea. Only 6.6 percent is domestically produced. The salt caverns are connected by a maze of pipelines that can be directly connected to commercial refinery distribution systems. Officials said it would take 16 days for the Energy Department to award oil contracts under an auction UUAJTTIVno a--, Tektrnx 13 Teldyn s 17vB administration repeatedly sparred with Congress The stock The Dow Jones average of 30 industrials, which spurted more than 20 points higher at the opening, was off 24.50 at 2,435.15 at likely to start rising again," Greenstein said. "That means an already high poverty rate is likely to climb higher and if the recession is a deep one it could reach poverty levels not seen for a quarter ot a UCarb 144 UnElec 254 UnPac68'e Carter administration suspended er. The Reagan MMERICa'S TECHNOLOGY STORE oil prices. rich-po- or Syntex 514 TRW 3- 7- enlarge the reserve from a maximum of 750 million barrels to 1 billion barrels by the end of the decade. There have been huge cost overruns and delays. Originally the reserve was scheduled to have been full by this year; instead, it is about 150 million barrels short of the goal. Over the years there have been charges of fraud and mismanagement, millions of dollars of equipment missing, allegations that inferior oil even toxic waste was being put into the salt caverns. The government was accused of paying inflated prices for oil-- . When oil was cheap briefly in the late 1970s, the government wanted to speed up filling the reserve but couldn't build new caverns fast enough to take advantage of the low price. And when the second oil shock hit in 1979 with the fall of the shah in Iran, prices soared and the market declined today as an early surge fizzled along with a rise in gap wider, lawmaker says New WASHINGTON (AP) Census Bureau figures show that the gap between the rich and the poor is widening, says the chairman of the congressional Joint Economic Committee. "Those at the top of the scale share are receiving an ever-largof the pie," Rep. Lee Hamilton, said Wednesday after the bureau released its annual report on income and poverty. "Meanwhile, families in the middle and' at the bottom are barely keeping ahead of inflation," Hamilton said. "The gap between the rich and the poor is widening when it should be shrinking." Robert Greenstein, executive director of a liberal research group, the Center on Budget and Policy Priorities, said the 12.8 percent poverty rate reported by the bureau is a bad sign. "With the economy running out of steam and a new recession threatening, the poverty rate is decision Bush's Wednesday to tap the Strategic Petroleum Reserve for 5 million barrels of oil in hopes of calming soaring prices, is the first time the country's petroleum safety net has been put to use. The reserve has a rocky history and its existence stems from this country's first major oil shock the Arab oil embargo in 1973-7- 4 that first brought home to millions of Americans the dangers of relying too heavily on foreign oil. It is the first use of the oil reserve as an economic weapon, although the government tapped it for 1 million barrels of crude in 1985 to test the system. A year later, the Reagan administration used the threat of a drawdown to curtail a price spiral that was occurring because of the Iran-Ira- q allegations st As 4 0 Check Your Phone Book for the Radio Shack Store or Dealer Nearest You Radw Shark VatuePlus' revoking craoii Ptyinam may vary deoendtng on ycur purchases Ba;te.'y-powere- d PRICES APPLY equipment excludes batteries except where noted. AT PARTICIPATING STORES AND DEALERS Most Major Credit Cards Welcome |