The Odessa American from Odessa, Texas on March 30, 1980 · 30
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The Odessa American from Odessa, Texas · 30

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Odessa, Texas
Issue Date:
Sunday, March 30, 1980
Page:
30
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14D THE ODESSA AMERICAN Sunday, March 30. 1 980 City construction runs ahead of pace I ast yea r YOUR HOME O BUILD AND IMPROVE By AUGUSTUS SUGUA, Arthiticl A HOUSE THAT CLICKS You Almost Hear The Castanets I il I -J Construction in Odessa dipped to $733,280 this past week, but the tally for the year is still substantially stronger than last year's pace. The municipal Department of Planning and Inspection has issued 476 building permits this year, representing $15.69 million in construction value. That compares with $9.7 million in construction value for the first quarter of last year. P&I issued 40 building permits last week, including: one for $200,000 for a new office building; eight for commercial additions pnced at $186,500; four for new housing estimated at $216,000; five totaling $34,630 for mobile homes; and 22 for residential modification projects costing an estimated $96,150. The only new commercial permit issued this past week went to Jimmy Edwards, $200,000 for construction of a new office building at 125 West Second. One of the biggest of the eight permits buildine oermits issued for commercial AAonahans park to limit Easter Sunday visitations MONAHANS (Staff) - Officials at Monahans Sandhills State Park will limit visitation on Easter Sunday, April 6, to 450 vehicles at a time for comfort, convenience and safety, it has been announced. Park sueprmtendent Mike Watts said some vehicles will be admitted just for a short tour and leave, and then other vehicles will be admitted to bring the total to 450 vehicles. I The park is open from 7 a.m. to 10 p.m., and the Interpretive Center is open from 8 l.m. to 5 p.m. each day, with a $2 entrance fee per vehicles, with bus rates of $6 for 12 to 47 persons and $10 for 48 or more persons. " Fifty cents is charged for walk-ins and bicyclists. Reservations for campsites may be made by contacting the park offices. Fees for campsites include the $2 X : ..:: j::.: :: Youjcan count on our tax preparers :; .. :. .V? v.1' ;-; ; . -i ; . . . ; to N appointment needed. lllnlllll M3uvp!y iiiiiii mm a irtJ '(tllll (111111 fllllltt Kttltltllllll IMIIH M'taill tlfKI ) IIIIIN lllllta ' f f ' I qjijiii m m: ,::;r::; , IL1 f ' . Manager dlfinimilii. " III" llll' I h )r 9- J Llnda McCarthy, an 11- IrlllfllKlllli i a iT & sssssi ''I III, iilll il II! ' ''ll llllli, H V V VJL manager of Sklbell's In II II 11 tl jl j I 1 ' llllll I JSWVV JJmA Winwood Mall The new I II I I I II 1 1 1 1 NC Vfk?sH manager is married and II 11 - has three children. . i i i hi mill; iiiiiii 1 1 rii nti ii t f. CJUnQUUUc) ON I TAP I JvA (SnnnnflQ do I Li LA en OBnoi 1 1 1 I l"i,;ifrilfrl UJI It Pie pontic JdvefOsinj by SivaHs CameifTi ConrnOM. Kannalfi 0 Titfdinf . Chirmjn Stt Lid. Tnannr additions was $20,000 to Ector County Independent. 5ehool District, $20,000 to build a music room and storage area at Lamar elementary school, 610 North Jefferson. A $20,000 permit was issued to D.B. Patel for remodeling at Sahara Motel, 1423 East Second. A $30,000 permit was issued to Betty Fugit for an addition to a building at 200 West University. Phillips Petroleum Co. secured a $90,000 permit for an addition to its garage at 1411 West Second. Hallum Equipment Co., 620 West County Road, applied for a $14,500 permit to build an addition. City Councilman Keith Weddel secured a $2,200 permit to repair a storage building in the 600 block of West County Road that was damaged by fire, Lloyd Delcore applied for a $9,000 permit to build an addition to his business at 500 North Muskingum. vehicle entrance fee, plus $2 for a regular campsite for eight persons or $4 for campsites will electricity. New radio station in city A new FM radio station, KUFO, 98 FM, is now broadcasting in Odessa, radio station officials announced. Owned by Stream Broadcasting of Texas, along with sister station KOYL-AM, KUFO has been operating as a contemporary music station since March 17. Frank Hall is general manager of KUFO, with Jim Gardner, program director, Don King, news director and chief engineer Paul Easter. KUFO is located in Suite 305 of the State National Plaza at 42nd and Grandview. Let us do your taxes. "ft Mli"DnBIP i COOL AIRIS I ( Call 332-5027 ASK ABOUT OUR FREE OFFER MrWiMMMAMMWAUWMWWMMJ And, Manuel Rodriquez secured an $800 permit for an addition to a building at 801 Magnolia. Contractor David Tindle applied for permits to build $60,000 houses at 6553 Opal, 3000 Newell Road, and 6601 Dunbar, all in Devonian Estates. And, Corbett-Higdon-Demskey Builders Inc. secured a $36,000 permit to build a house at 1708 LaCasa Drive, in Hollywood Manor. Permits were issued to set mobile homes at 4003 North Golder, 4830 North Golder, 1108-B North Lee, 922 Laredo, and 1310 Wilson. The biggest of the 22 building permits for residential modifications was issued to Berhand Luekin to enclose the patio at 3005 Windsor, at a cost of $24,000. A $14,000 permit was issued to Robert Wickson, 1413 Pagewood; to install a swimming pool in his back yard. A $13,855 permit was issued to dentist James Fregia, 3824 Brookhaven, for installation of a swimming pool. Robert T. Heflin, 1413 North Meadow, was issued an $8,500 permit for construction of a den. Ron Koonce, 1306 Douglas Drive, applied for an $8,400 permit for a . residential alteration. Carl Ray Duggan, 2901 Ventura, secured a $7,000 permit for construction of a den and dining room. Henry Fischer, 1503 Custer, was issued a $5,000 permit for an addition. George Graybill, 2653 San Andres Drive, applied for a $6,000 permit to build an additional bedroom and den. Fourteen other building permits for residential improvements were issued, too, for amounts ranging from $2,000 to $100. , ' Q0SDD0g;(& r o O 9T oo ao o 8 I6 9 32 m LDDQDlMlDDDg Promoted Charles Ronald Petty, formerly of Odessa, has been named vice president, real estate, for Burger King Corp. He Is responsible for the selection and development of Burger King restaurants throughout the United States, Canada and International areas. . 4flM T U r " ?;E ip, MM I ;(! fflfll M hh ft I j. j . . rfefffc nuust uuiun now: from me ciay me root to the hacienda i , garden beside the garage, this house bears an air of bid Spain. !1W'HOMIBUIlDAN0 IMPROVE b, w. orWsution. oMo.n. iAmj Despite being a four-bedroom home, it is compact, and with the iDencioiniiM soucMor siuaypnntu) houm o.gn no uao i side garage, it can be fitted on a resticted plot. Arched arcade 0Ewli,M"illiim,r,wtoCrtrn N ' opens into a ioyer mat connects oeamea room Master bedroom opens onto sundeck over the garage. HI rxMo' UncumH FAMILY rHBO"-' SQUARE FEET: 895 first floor, 974 second floor, plus garage. 0 caasMJ. I u vtb-K& eA4 -jt PS" i r Justice Department cracks down on commodity options salesmen CHICAGO PaulJenkins was offered a chance that comes once in a lifetime, if at all. For a fee, he could obtain the right to buy 100 ounces of gold at the end of 1980 for $100 an ounce less than the prevailing price in March. If he decided not to buy the gold, he could sell his purchase rights back to the company that mined the metal. Unfortunately, the terms of the contract sounded very much like a commodity options deal, even though that's not how the salesman described it. And commodity options have been illegal in the United States since June 1978. But Jenkins wasn't really interested in the deal of a lifetime, anyway. As an FBI agent assigned to the Chicago office, he was investigating allegations that boiler room sales of commodity options were being made by a New York firm. : Last week, in New York, federal agents raided E.K. Capital Corp., Precious Metals Group. Federal agents allege that E.K. Capital, "also New manager Nancy Cronan has been named city manager of Texas International Airlines' Midland-Odessa station. She will supervise all the airline's operations at the Midland Regional Airport. She has been employed by the company since 1956. AAnrrlc It Iff Ml VIW presented MIAMI (AP) - A Boston columnist, a San Francisco-based feature writer for a Washington newspaper, and a Providence, R.I., news writer are the winners of the second annual Distinguished Writing Awards of the American Society of Newspaper Editors. Ellen Goodman, syndicated columnist for the Boston Globe, won for commentary. Her entry included columns on marriage and rape, adolescence and the trauma of turning 40. Cynthia Gorney of the Washington Post won for feature writing. I I Enciewd s $7 SO for j (Enclia is IJ SO lor il I Enclosed is $7 9S for (ALL j NAME OF NEWSPAPER NAME " " ' STREET CITY CARBARN: It used to be that a carbarn was for trolleys, but here's one that combines a two-floor barn containing a duplex -, apartment or play area with' either one or two garages. Second floor has a full bath. Clapboard sided, the structure feet, 4 inches wide, 23 feet deep and 17 feet high at the edge of roof at center section. trio Kino, Features Syndicate, Inc. doing business as Green Campbell Mine Sales Co. and C.B. Benson Co." was merely offering illegal commodity options with no capacity to deliver. Hundreds of salesmen in dozens of "boiler rooms" offices equipped with banks of telephones allegedly offer unsuspecting investors an opportunity to buy the rights to precious metals in a highly leveraged, minimal risk transaction. A crackdown on such activities by the U.S. attorney's office in Chicago has led to raids on boiler room operations in Miami, Clearwater, Fla., and New York. Last year Raymond Day of Hempstead, L.I., was indicted for allegedly bilking some 250 investors in 41 states out of $2 million via Ar-charay Enterprises, a firm headquartered in New York. Documents filed in federal court in Chicago, New York, and other cities revealed such expert salesmanship that even relatively astute individuals were convinced to wire money to "brokers" immediately rather than possibly miss out on the chance of a lifetime. Jenkins alleged in an affidavit that he spoke with Steve Epstein, a senior account executive at E.K., Capital, during March. Jenkins said he was an interested investor. ,. According to the affidavit, Epstein said E.K. Capital was offering a "deferred delivery" contract allowing a customer to control 100 ounces of gold, at the market price prevailing when the contract was executed, for a period of 2V& months. The cost of . such contract was $7,500. Epstein allegedly told Jenkins that he also was a representative of Green Campbell Mine Sales Co., which was affiliated with C.B. Benson Co. and shared office space with E. K. Capital. Green Campbell Epstein allegedly said, owned a working gold mine at tamily room with living f J J Silver upheaval effects may linger NEW YORK (AP) - The upheaval in financial markets this past week may have widespread and lingering effects. The tailspin centered on problems in the silver market and worries about the fortune of the late Texas billionaire H.L. Hunt's heirs, who amassed huge amounts of silver. But with confidence in the economy already sinking in the face of high inflation and low economic output, some analysts think the silver crisis may go a long way to further erode confidence. Caught in a squeeze of high interest rates and slumping silver prices, Nelson Bunker Hunt and associates were unable to meet a call for more than $100 million additional margin, according to Bache Group Inc., the parent company of the brokerage house which handled the Hunt family's silver trading. The result was a liquidation "in excess of $100 million" of silver futures contracts held by the Hunts and sales of some of their stock holdings, ac Joitn D Bioodgood's "M Most Popular Houw Designs" Augustus Suglia's " Hornet and Home improvements' John o Bioodgood's "150 Home improvement Proiect ideas' PRICES INCLUDE POSTAGE AND HANDLING) - -STATE t IIP. Do nof send casn Make check or money order payable to "Your Home Plans' Allow 4 tweeks for delivery PLEASE PRINT ALL INFORMATION Silver Star City, Mont., producing at least 20,000 ounces of gold per month. Green Campbell also was selling a contract, this one for "forward mine production." For $12,500, Jenkins could buy a contract to control 100 ounces of gold at a purchase price $100 below the then-prevailing price for a period of nine months. The only problem with the Green Campbell contract, Jenkins said, is that the mine appears to be nonexistent. Bill Butterman, a Bureau of Mines representative said a mine producing 20,000 ounces of gold each month would be the second largest gold mine in the nation. And according to Butterman, there is no record of the Green Campbell mine in Bureau of Mines files. Even if the lost Campbell mine is found, however, the contract offer is still illegal. Whether it's called a "deferred delivery contract," "forward mine production," or anything else, the offer is in fact a commodity option, according to Stephen Senderowitz, the assistant U.S. attorney coordinating the probe from Chicago. Abuses of commodity options led the Commodity Futures Trading Commission to outlaw them in June 1978. An option is the right to buy a commodity or security at a later date, but not a promise to do so. An investor might pay a premium to buy an option on a commodity in the future. If the price of the commodity goes up, the investor might exercise the option by buying it. If the price goes down, the option probably won't be exercised. -: Options currently are traded on some securities in the United States, but not on commodities. However, boiler room operators who offer such contracts refer to them by names that mask the true nature of,, such investments, according to federal investigators. cording to Bache. That sent a scare through financial markets in general. . The New York Exchange's Dow Jones industrial average plunged more than 25 points at one point during panicky trading Thursday before recovering almost all of that loss in the final half hour. Silver prices dropped $5 an ounce Thursday to $10.80, which was the lowest close since last August. Gold and commodities, ranging from grain to pork bellies, also dropped. Things calmed down a bif Friday. But as one broker said, "The reverberations will be felt for a long time." "When you see markets falling so , fast, it chills people's thinking about everything," including capital expenditures and business inventories, Albert H. Cox, president of Merrill Lynch Economics, told a reporter.

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