The Galveston Daily News from Galveston, Texas • Page 9

10-A (Salueston BatlQ Tuesday Morning, May 31,1983 Bluebonnet plans postponed due to appeals By BETSY WEBBER News Business Writer A 0 Bluebonnet Broadcasting to. has been notified that appeals have been filed with Jhe Federal Communications Commission in Washington, D.C., concerning the agency's decision to grant Bluebonnet's for a new television station here. Bluebonnet's plans for starting Channel 48 have been postponed, subject to action by the FCC, to Paul Quintero. Tdirector and stockholder of -Bluebonnet, said. Quintero will host, produce and direct a weekly two-hour Spanish language program of live entertainment and syndicated movies for the station when operations begin.

He said he hoped a decision will be reached and a license issued for the station within the next six months. "We feel we are way ahead of the others because we are Galveston people and will have local programming. We have been trying for four years to get the license and will issue stock as soon as we can get the channel in operation." He said Bluebonnet's attorneys have been given the "green light" to start things rolling as soon as the decision is announced. The appeal was filed jointly by the Old Time Religion Hour and Alden Communications of Texas Inc. after the FCC decided in favor of Bluebonnet.

All three stations made applications separately to operate the station in Galveston. One of the objections raised by FCC administrative law judge Joseph P. Gonzalez is that the OTRH had failed to show in its application good cause for waiver of the requirement that the main studio of a television station be located within the city of license. OTRH proposes to operate from a studio in Friendswood which it received as a donation. An 84 percent integration of ownership into management proposed by Bluebonnet compared to percent proposed by pTRH and none by Alden is another factor' in the judge's decision in favor of Bluebonnet.

Bluebonnet is a Texas corporation, the decision states and its officers, directors and shareholders are Raymond G. Schindler, president, director and 80 percent stockholder; Frank W. Head, vice president, assistant secretary, director and 10 percent stockholder; Jo Edgell Blaskowsky, secretary treasurer, director and four percent stockholder; Quintero, director and two percent stockholder; Jewell Earles Banks, director and two percent stockholder; Pedro Enriquez, director and one percent Exotic trading vehicles sprout like weeds By CHET CURRIER AP Business Writer NEW YORK Exotic products are popping like weeds in a jungle at yhe nation's investment these days. Futures on interest rates have been followed by options on stock indexes, op- tions on interest rates, futures on stock indexes, options on futures. Some flourish, some fade, but the progression seems to be limitless.

A bewildered onlooker might take some comfort in the fact that even some Wall Street officials think it is all happening too fast. Indeed, COTTON STATEMENT TfclsDiy RECEIPTS Britain France Continent Alrica So. America Middle East Orient Total By Container By Rail By Truck TOTAL EXPORTS This Season 378.448 FOREIGN EXPORTS 100 17.048 8,605 87.731 113.484 DOMESTIC SHIPMENTS 254,543 17.692 JQ 435,538 1,107.295 1.356 6.455 4,068 536.171 548,050 385,330 33,285 77.785 1,044.450 a committee of the Securities Industry Association, a Wall Street trade group, called last week for a moratorium on introduction of new options products until at least the end of the year. "We believe these are valuable and important products," Howard Brenner of Drexel Burnham Lambert, who is chairman of the committee, wrote in a letter to the Chicago Board Options Exchange. But he added, "the operational and sales capacities of the firms are being taxed" in their effort to keep up with every new twist.

Amid the confusion, however, technical stock- market analysts, who are always on the lookout for new gauges of investor sentiment, believe they may have found one in the behavior of the market for stock-index futures. These contracts resemble traditional futures for such commodities as copper, soybeans and pork bellies except that in the case of stock-index futures, the "commodity" involved is a hypothetical basket of common shares that make up one of the major stock market indexes. The buyer of a futures contract on Standard Poor's 500-stock index, for example, agrees to purchase a specified amount of stock, represented by the index, from the seller by a given future date. The buyer is, in effect, betting on a rise in the stock market; the seller on a decline in stock prices. In more complicated strategies, cither one maybe using the contract to hedge other investments.

With all the fireworks that have been taking place in stocks, some stock-index futures have found a ready market, showing dramatic growth in their first year of existence. Anthony Tabell at the Princeton, firm of Delafield, Harvey, Tabpll, compared the ups and downs of selected futures on the 500 with the course traced by the index itself, and reported finding signs of a pattern. When the stock market itself hit a short-term peak and was headed for a pullback, he found, the index futures tended to sell at relatively high "premiums" amounts over and above where the actual index stood. At market low points, the best time to be buying them, they tended to sell at low premiums or "discounts" below the level of the index. "Index-future prices seem to behave as a sentiment indicator and, apparently, as an indicator of uninformed sentiment," Tabell reported.

Last summer, he said, just before the start of the stock market's historic rally, "index-future premiums moved to discounts and continued to remain at generally low values all the way through the steepest part of the rise. Premiums did not become excessive until mid-November, coincident with the first short- term top of any significance in the current bull market." and Richard Marcentel, director. Schindler proposes to work at least 40 hours at the station if Bluebonnet receives a license. He lives in Houston, but plans to move to Galveston. He is a member of the Galveston Historical Foundation and Galveston Chamber of Commerce, as well as the River Oaks Breakfast Club and the 100 Club of Houston.

He has been chairman of the Houston-Harris County TB Association and has been on the board of directors of Southern Methodist University, Dallas, and the Junior College Board of Texas. He is a member of First Methodist Church of Houston and was general manager of station KDOG-TV, Houston, from 1970-1978. Ms. Blaskowsky will serve as full time general manager and general sales manager for the Bluebonnet station. A resident of Houston, she is now an independent advertising and broadcast consultant and has worked as general sales manager for Metromedia Houston, and sales manager for KDOG-TV.

Houston. She was administrative assistant for Gaylord Broadcasting the licensee of KHTV. Houston, from 1968-1971 and was employed in sales at KGBT, Harlingen, from 1953-1959. She is a member of the Houston Chapter of American Women in Radio and Television's board of directors and is a charter member of the Houston Association of Broadcast Executives cf Texas' board. Enrique proposes to devote at least 40 hours a week to his duties as producer- director and host of a daily 30-minute program addressing the current job market.

He will be involved in producing, directing and hosting a Spanish-English program. A resident of Galveston since 1947, Enriquez is cofounder and charter member of the Galveston chapter of LULAC in which he has served as president, vice president, secretary treasurer and chaplain. He was named LULAC Man of the Year in 1966 for the state and in 1976 he was LULAC National Convention chairman. He is a charter member of the Galveston Com- mercintes Unidos, the Mexican-American Chamber of Commerce. He received the Simbolo Award in 1968 for the outstanding American of Mexican extraction for that year.

He is a member of the Men's Ciub of Sacred Heart Roman Catholic Church In Galveston and has served on the board of Galveston Community Action Council, the Galve'ston Parks and Recreation Commission board and was administrator for on-the-job training for the federal CETA program. He occasionally substitutes for Quintero as a disc jockey for a nightly Spanish language program on KGBC-AM, Galveston, and formerly co-hosted a Sppanish language talent show with Quintero that was produced for a local cable television system." Ms. Banks does not propose to be involved in the managerial aspects of the station, but intends to write, produce and direct a children's program aimed at pre-school and elementary grade students. The program will initially be broadcast once a week, and ultimately, daily. Born on the island, she is a lifelong resident.

She is principal of L.A. Morgan Elementary and has been principal of Goliad Elementary in Galveston. She is a life member of the Texas State Teachers Association and a member of several other educational organizations. Ptrmjntnl FREUDENBURC INS. AGENCY, INC.

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LET US HELP YOU CALL 762-7301 625 UNIVERSITY GALVESTON NAUTICAL WEAR Now at the Occidental Trading Co, Staff Photo by Betsy Webber Kulinary Kitchen Ben and Idela Saltz, assisted by their employees and members of the Galveston Chamber of Commerce Honor Guard, cut the ribbon opening the new Kulinary Kitchen, 6007 Sterwart Road in the Safeway shopping center, May 24. Take a leisurely stroll along the Strand and visit the most unique and complete brass shop in Texas. We offer a large collection of nautical antiques to delight any sailor. And now a new addition. Nautical wear that will compliment any war- drobe.

Come see us soon! 'Providing truly unique merchandise since 1977" Phone 1-409-762-7400 Galveston Island, Texas 21 in Striind OPEN 7 DAYS A WEEK SUf Photo by Betsy Webber KKXSS rivri w.s nix cm i i ssomi.s IK run is Distiiii tHIM lui ihi- spin Kid's Korner Dr. Ben and Dr. Sharon Raimer, pediatricians, and their children, Lauren, 18 months, David, 4, and Anna, 5, are aided by their employees and members of the Galveston Chamber of Commerce Honor Guard as they prepare on May 3 to cut the ribbon opening their new business at 532 Tremont..