Lincoln Journal Star from Lincoln, Nebraska • 1

Couple's livelihood is buggies mum Jpntai cdage1E License examiner: More than a job, it's an adventure Page 1B Christmas shopping brings out credit cards Page4C $1 CITY 1987 Journal-Star Printing Lincoln Neb. Serving Nebraska for 120 years mi.ju.WM muu 111 Hi ii mi jpn urn i i Analysts react to budget accord uiry still out ft, oia economy WASHINGTON (AP) A long-awaited White House-congressional deal to trim the budget deficit finally has been struck, but economists say the jury is still out on where the U.S. economy goes from here. President Reagan's endorsement on Friday of a package to trim the budget shortfall by $76 billion over the next two years should provide at least short-term positives for financial markets starved for good news, analysts suggested That should help stabilize gyrating stock and currency prices. But whether the llth-hour accord can help avert an election-year recession remains up in the air.

Mixed views Economists have mixed views on the subject However, they generally agree that chances of slipping into a recession are less now, even if slightly so, than if the budget accord had not been reached But they are near unanimous in their warnings that collapse of the agreement, which must still be ratified by both the House and the Senate, could be catastrophic to the economy. A continued decline in stock prices could seriously undermine Americans' confidence in the economy, leading to a '1 Oklahoma Sooners Coach Barry Switzer, his team having beaten Nebraska 17-7, was all smiles as he Sooners ransack Our Colorado deposits frozen in industrials sharp slowdown in consumer spending. At the same time, a freefaH of the dollar against other major currencies would erode Americans' purchasing power and drive up interest rates, increasing recessionary pressures. But if financial markets stabilize at this point, economists contend, it could help prevent the stock market plunge from spilling over into other segments of the economy. The nation's massive budget deficit, and the difficulty national leaders have had in finding ways to trim it, has become a symbol around the world of the inability of the United States to get its own financial house in.

order, analysts suggest The deficit has forced up interest rates throughout the U.S. economy, compelled the United States to depend on foreign investments to finance its red-ink spending and intensified the U.S. trade deficit Currency debased It has led to a debasement of the nation's currency and many analysts claim it will lower living standards for future generations of Americans. See BUDGET on page 9A to be unable to meet a deadline for getting federal insurance. $40 million frozen More than $40 million in deposits have been frozen indefinitely while the state and bankers wrangle over a rescue plan.

In economic terms, it is a mere drop in the bucket There are 89 industrial banks in Colorado most of' them federally insured and their deposits total more than $514 million. But in human terms, the impact could be devastating: house payments, car loans, life savings, college tuitions, Christmas funds, retirement nest eggs, emergency cash, mad money. Untouchable and, for some, perhaps irretrievable. John and Anita Nielsen sank their life savings in the Presidents Mortgage Industrial Bank of Golden, See BANK on page 9A poration to work for changing or repealing the constitutional amendment which forbids non-family farm corporations to own or operate farmland He has said the Taggares company qualifies as a family farm corporation. Quaker Oats representative Ron Bo-trell said Friday that neither Initiative 300 nor the Taggares lawsuits were major factors in the decision to suspend negotiations.

He said Quaker Oats still is interested in the potato processing project "It may very well be that well pick it up again," he said Three days after the companies made their August announcement about their plans, P.J. Taggares Co. filed suit against Kathleen Deanna Taggares, a minority shareholder, for allegedly trying to disrupt the Quaker Oats transaction. The suit, filed in U.S. District Court at Spokane, demanded that Ms.

Taggares immediately pay a $670,000 promissory note to the company. In a counterclaim filed on Sept 4, Ms. Taggares alleged that she was fired as general manager of the Chef-Reddy YMCA Men's Basketball Leagues, Register Now! 475-9622-Adv. By Tamara Jones 1 987 Los Angeles Times GOLDEN, Colo. When the telfr phone rings in the nearly deserted Presidents Industrial Bank, head teller Mary Bonner picks it up with a certain trepidation.

She has come to expect the panicky voices on the other end, the anger and the frustration of customers so loyal they know her by name. "I've never been in this situation before," Bonner explains. "I didn't know how to tell people they couldn't have their money. "Now I do." As the stock market churned in the wake of Black Monday, another less-noticed financial catastrophe was engulfing thousands of people far from the pinstriped panic of Wall Street One after the other, the state of Colorado seized 13 industrial banks in a number of small towns when they By Mike Babcock "Our House." Trashed again. But good The final score, 177, didn't convey what happened to the top-ranked Nebraska football team in its own house, Memorial Stadium, Saturday.

How often does the No. in the nation get pushed around the way No. 2-ranked Oklahoma pushed around the Cornhusk-ers? On their own turf, no less. "It was one of those old-time, rear-end shots, a butt kicking," Nebraska defensive coordinator Charlie McBnde said "Oklahoma gave us a legitimate beating. It wasn't a fluke.

That's as good as we've been handled as far as consistency, just tearing us up." And the largest crowd in Memorial Stadium history, 76,663, watched It was embarrassing. "I would say that of the losses I've been associated with, this was the most disappointing. I feel halfway apologetic, but I dont know what to apologize for," said Cornhusker Coach Tom Osborne. fffas RANDY HAMPTONSUNDAY JOURNAL-STAR left Memorial Stadium Saturday. Hoese9 ing people out of there.

We didn't slow 'em down. I guess their offensive line is what they say it McBnde said So is the Sooners' defense. At least it seemed that way on Saturday. Nebraska was ranked No. 1 in the nation in total offense and No.

2 in both rushing offense and scoring offense, "I couldn't come up with a solution," said Osborne, "It was probably just individual people not getting blocked" -The Cornhuskers finished with 235 yards, 144 of them on two drives, the just of which led to their only The drive covered 84 yards, the last 25 on a touchdown run by Keith Jones. Chns Drennan added the extra-point kick, and with 1:28 remaining in the first quarter, Nebraska led 7-0. The Cornhuskers didn't sustain another drive until the game's final 1:40, when quarterback Steve Taylor directed them from their own 20-yard line to the Oklahoma 14. The game ended on an incomplete pass in the Sooner end zone. See HUSKERS on page 4A Fans had plenty of opinions on what went wrong.

Nebraska should have passed more, especially on first downs, Zajicek said "The offense was a little too predictable and Oklahoma is too great a team to be predictable agreed his friend Ed Thomas. The Oklahoma defense was quick and the team's offense deliberately ran plays to the opposite side of NU defensive end Broderick Thomas, Zajicek said "They ran away from Broderick and we couldn't stop them," he said Don Hall of Elkhorn preferred to be positive about the loss. "How can you be disappointed when you are less than two touchdowns away from the best team in the country," he said "We would love to have a win, but their only loss of the season has been to a very good team." "I just wanted (coach Tom) Osborne to get a win," said Hall's wife, Agnes. "He works so hard It would See FANS on page 4A Quaker Oats sale an issue Taggares owners suing each other pleased philosophical Huskers 1D. eat words.

Page NU to Fiesta Bowl. Page 6D. Patrick Collins, who scored Oklahoma's final touchdown on a 65-yard run with 1:39 remaining in the third quarter, led all rushers with 131 yards. Sure, Anderson lost two fumbles. The Sooners lost three of eight in alL Thompson also threw an interception.

"We stopped (tight end) Keith Jackson. We shut down their passing. We got the turnovers we expected But I guess we didn't stop those other three," said Nebraska defensive end Jeff Jamrog. "Who'd ever think you'd see the day this defense would give up 400 yards?" What some people forgot or ignored, was the knee injuries that sidelined Holieway and Carr didn't affect an Oklahoma offensive line considered one of the best in the school's history. "They really did a good job of knock- ByEdRussoand Al J.

Laukaitis Nebraska fans were philosophical in defeat Oklahoma fans pleased but generally gracious in victory as the crowd of 76,663 left Memorial Stadium early Saturday evening. "I think the better team won, and I've been a die-hard Nebraska fan since I was six years old," said Don Cloyd of Omaha. "Oklahoma's defense was much better than we expected" Roger Zajicek of Lincoln agreed "I thought maybe we had a better team this year, but Oklahoma has a tremendous football team," he said "They have a great defense. "Sure I'm disappointed," Zajicek said "What a letdown. I was here last year and left the stadium stunned They just beat us hands down this year." Cloyd's wife, Shirley, said the 17-7 loss was disheartening.

"Every other year I have had my doubts, but I thought that if we were going to win, it would be this year," she said Ufans NU The nationally televised game, a battle of unbeatens, was billed as The Game of the Century II. But like many events followed by Roman numerals the Super Bowl, for example, and movie sequels, "Jaws II," "Rocky II," "House II," etc. -the hype may have exceeded the reality. Game of the Century? What century? "It really wasnt that great" Nebraska comerback Lorenzo Hicks said "I think we gave a poor effort" Even with quarterback Jamelle Holieway on crutches and fullback Ly-dell Carr in street clothes, Oklahoma ran for 419 yards against Nebraska's No. 2-ranked rushing defense.

Oklahoma's total was nearly six times what the Cornhuskers had allowed, on the average, through rune games. The Sooners didn't need Holieway and Carr on Saturday. Charles Thompson and Rotnei Anderson did fine. Thompson rushed for 126 yards, and Anderson ran for 119. Taylor had wasted corporate assets worth at least $10 million.

Items cited She said they did so by buying items such as a Citation II jet, a helicopter, yachts, an island, a marina and a hunting lodge; by paying themselves excessive compensation; by making and forgiving loans to various people, including Taylor; and in other ways. Ms. Taggares alleged that Chef-Reddy had attracted several purchase offers within the last year but the directors had rejected the offers, allegedly without giving them proper consideration or telling shareholders about them. After rejecting an offer from Quaker Oats to buy the entire Chef-Reddy division for $100 million, PJ. Taggares Co.

sold its shares in Chef-Reddy Minnesota for $8 million, she said The company then continued to negotiate with Quaker Oats, the suit said, and agreed to sell the remaining Chef-Reddy operation for these terms: $30 million; an investment contract based on the profitability of the business after the sale; the proceeds of a potato output, contract between Chef-Reddy and PJ. Taggares Quaker Oats' promise to See TAGGARES on page 4A oneration after she met with Quaker Oats officials on July 6 to express her -reservations about the proposed acquisition. Injunction asked Among other things, she asked for an injunction to prevent completion of the Quaker Oats transaction until it could be evaluated by an independent investment banker. She also asked for $10 million in compensatory damages or for liquidation of PJ. Taggares Co.

and its subsidiaries and distribution of the proceeds to shareholders. Her attorney, Lou Delorie, declined to comment on the case. Dave Taylor, an officer of PJ. Taggares could not be reached The counterclaim filed by Ms. Taggares said Chef-Reddy had operated at a substantial profit since 1981, when she became general manager, but that PJ.

Taggares Co. as a whole had operated at a loss for the past several years and had had substantial cash-flow problems. She alleged that PJ. Taggares Co. and Taggares Farms had been placed under credit restrictions by their prime lender, Seattle-First National Bank.

She alleged that the three directors -PJ. Taggares Sr, PJ. Taggares Jr. and By Kathleen Rutledge Shareholders in P.J. Taggares Co.

of Othello, are suing each other over the proposed sale of the company's potato processing business to Quaker Oats Co. of Chicago. The two companies announced on Aug. 18 that Quaker Oats would build a $50 million potato processing plant near Bassett in north central Nebraska and that the Taggares company would grow potatoes for it but only after negotiations for its purchase of the Taggares Chef-Reddy division were complete. In early November, the firms announced that negotiations had been suspended but would not say why.

Although lobbyist John DeCamp said Initiative 300 was partly to blame, a leading supporter of the state limit on corporate fanning said Friday that he has no doubt that the Taggares lawsuits caused the negotiations to break down. Marty Strange of the Center for Rural Affairs in Walthill said DeCamp has a vendetta against Initiative 300 and "his fingerprints are on every weapon that's used to attack it" DeCamp has set up a non-profit cor- Old Towne Ltd. Open Today 1pm to 5pm-Adv. INDEX 144 Pages Lifestyle Hospices at Tabitha and St. Elizabeth Community Health Center offer care and comfort to terminally ill patients and their families.

Page ie. Nation Sees. Nebraska People 2A Religion 7E Sports Section TV-Cable World Secs.A.2F Want ads Action Line 9E 4-9C Deaths 14D Editorials HomeGarden 19-17D Lifestyle Section Lincoln Sees. 3F Editorial In fashioning a two-year federal budget reduction compromise pack age, national leaders in Washington demonstrate they still have a capacity to govern. Page 2C.

Sports Underdog Southern Cat rallies to beat crosstown rival UCLA 17-13 and earn a berth in the Rose Bowl against Big Ten champion Michigan State. Page 2D. Weather Considerable cloudiness Sunday, 20 percent chance of showers, high around 50. Partly cloudy Sunday night, low in mid- to upper 20s. PageUD..