Waco Tribune-Herald from Waco, Texas • 8

-4 4 i ribune-Herald rt 8A THURSDAY Jan. 7, 1988 BRIEFING From Associated Pma and staff reports LOCAL The sale pf KXXV-TV, Channel 25, to Shameck Itrviriitlsg lac, of Los Angeles hu been completed, according to Robert liana, the sUttoni former owner. Shamrock Broadcasting is owned by Roy E. Disney, who also is vice chairman of Disney Productions and involved tn other Walt Disney opera-ttonsLSKXXV-TV began -broadcast operations in 1965l on Haw thww hi the future at a tSb Speculators widespread betting apdnst the dollar had been one actor contributing to its By COTTEN TIMBERUUCE The Associated Frees LONDON Bearish speculators who bet heavily that the dollar would continue to slide got caught in a painful squeese this week when the dollar jumped (flowing unexpected intervention hy centra the when the heavy sdttog Central markets hy dollar wasnt A federal study of Texas' troubled savings and iaaa ladartij is behind schedule and may not be completed until the end of January, regulators said. 1L Danny Wail, chairman of the Federal Home Loan Bank Board, said in November that officials wanted to complete the study, as well as several government-assisted buyouts, by the end of 1187.

Regulators, however, have only completed one small assisted acquisition of. a Texas thrift. David Osman, aenior international economist at the London investment firm James. Cud and Co, sailIt already looks ttkelhtf' central hanks are frying tqpush the dollar back op instead of Just izrt The coordinated move hy the UA. Federal Reserve, the Bank of Japan, and other central banks to buy bfiUons of doDan on Monday and Tuesday sent the speculators scrambling to buy doflan to mini-jniae the damage.

The stakes are huge, with estimated $108 button of trading worldwide each day, and the -speculator Josses could run into millions of "Most people ran ter cover, said Peter J. Beckett, chief dealer at Canadian Imperial Bank of Commerce In Imuon. The Ftaaactal Tbneg Britains leading butnera daily, said: "The -of the UR. Federal Ra NATION Rad Adair's offlccls filled wttti aouvanirs ha has collected In 50 year of capping oil wail Mowouta around the world. tempo- smoothing its tan, dace Tuesday's intervention occurred when the dollar was already recovering.

For the speculators, the con-. carted intervention onlfonday and Tuesday was what they can a bear squeese it aquerees them out as the dollarh value to pudwd up. What the speculators had to decide wu whdher to hold out ter a lower rate or bafl oat on the bdief that the dollar would not drop further for the time being. Hanging In for a lower rate means rising paper losses that could grow if the dollar dimbs. Baling out, or buying dollars that prerioqsy had been aoM, en-lails taking on immediate tosses, any oT then Many of the speculators, who osives A federal; rry a nrepraed merger ef Oweu4m-aav lac.

and norida-baaed Brock- way Inc, for up to alx weeks. The Federal Trade Commission had, argued, that the propoaed merger, might violate federal antitrust laws. Toledo, Ohtobeaed O-I has glass plant in Waco, Massachusetts computer companies have decided to drop out of the bidding race for a lucrative Air Force computer contract, Maiming the $15 bUUon deal unfairly favors American Telephone and Telegraph Ca Digital Eqaip-t Carpi Maynard and Wang ART TAGGART By STEW ThTAaeod after-month until capped, Adair said. Year markets should at least restore a healthy fear of central banka in exchange markets. The newspaper said: By allowing bear raids to develop some enthusiasm, and Intervening tafiy when the speculative part of the market was short, they wqe able to impose painful losses." Gotaganort is the selling of dollars, expecting to be ableto repur in--dude mniHMtfaiMi corporations and institutional investors, lost their nerve and opted out.

They moved quickly to cover their short positions, or to fulfill their agrafe- meats to sell doQara. oilfields when things went wrong on a rig. I dont know, maybe a valve blew that we was working on, he sail "Everybody else run but me, and I stayed np there and put the valve back on and almost got fined." The exploit brought him to the attention of Myron Kinley, then the deu. of oil well nHigmng, who hired Adair. When Kinley retired in 1KI, Adair started his own Truck saleB set record in 87; total sales down, but healthy HOUSTON Even at age 72 and gray at the temples, oil well firefighter Paid N- (Bed) Adair is fidgety sitting behind a desk in a suit and tie.

Istffl he aakL one ear sound of buter office, erally come by Red Adair Ca Inc. By )ris own count, Adair hu fought more than 2JM0 oil well blowouts since that first one in Oklahoma fat 1938, most by a combination. of mu4 guts explosives. The day 1 get afraid of three things, Ill quit, Adair Whatever, is frightening is whatever scares you. Casting a study gam over a red-carpeted office full of souvenirs, Adair admitted he hant mastered ill the secrets of keeping the modern world's fossil genie in its geological bottle! Each job is different, he said.

"They are all a challenge." Shooting skyward at supersonic speed and often afire, oil and gu escaping from runaway wells can-be lost at the rate of $L000 per minute, day-after-day, month- Having awell blow out, getting away fromyou, thats like writing a blank check, Adair sail The quicker you get them under control, the better. In business where a wrong move or bad luck ban blow a man to bits or incinerate Wm in flame, Adair scores success by five-mu cadre never hu summed a fatality. Queried about hta legendary status hi oil circles for capping some of the biggest blowouts in history, Adair, in a characteristic understatement couched in Texu drawl, waxed humble. 1 I dont call it celebrity, I call it doing your Job and having a lot of good friends; he said. It makes yon feel good.

In his career, Adair has been the guest of kings, queens, movie stars and sheiks. But he said the greatest thrill was having actor John. Wayne portray him in the 1M8 film Hellfighlers. That's one of the best honors in the to have the Duke play you in the movies, Adair, sail We got to he awful good friends. first came for in 1538.

He was laboring for SO cents hour in the Oklahoma The Associated Prase DETROIT Estimated light truck rales readied record 4.7 million in 1987, but.total 1987 UR. Laborataries lae. far Lowell have notified the Air Force that they no longer will participate in the bidding forthe five-year contract Oticerpi North American investment banking unit will lay off 408 of its 2J00 employees because Of uncertainties mat arose the October stock market crash. The partnership led by oilman T. Boone Pickens has agreed to help provide financing for investor Paul BUserlanl $LM bUUon takeover of Stager Co.

The agreement by Picked Mesa VMtag Lifted Partnership to provide up to $150 wrfiHnn far Junior subordinated fl-nandng for the $504-share buyout offer completes commitments for the fimuidug needed to complete the deal. CALENDAR The Centex chapter of the Sed-ety af Real Estate Appraisers win sponsor a Professional Practice seminar Jan. 15 at the Bell County Expo Center in Belton. Registration for the seminar is $1001 yean later, Adair capped one of the moat spectacular ofi wen fires in history, the ao-caDed Devils Cigarette lighter" in the Sahara desert The blowout Shot flames so Ugh that astronaut John Glenn saw them from apace; Among hta other well-known efforts were Jtalptag cap a huge Noth Sea Mowoutm 1877, and the 1979 IXTOC 1 blowout in the Gulf of Mexica ln between have been other Jobs large end small, ranging from the jungles of Sumatra to the deserts of Iran. It scares you An the noise, the rattling, the shaking," he arid, describing the scene of a blowout But the.

look on everybodys face when youre finished and picking, its the best smile in the world; and theres nobody hurt, and the well's under control. Chryder Wednesday night unit it would not report sales until Thursday, ao all figures include estimates ter the Na I automakers sales. It was an excellent track year, and the total market waanT bed. It wu a fairly decent car year, aid Onto Cedergren, industry analyst with J.D. Power A Associates tn Westlake Village, CattL The year also wu marked by a dramatic, flve-percentagepoint drop in General Motors Coras share of the domestic car market.

The industry leader held 552 percent of total domesticor sales at the end of By the end of 1967, GMs share wu 5U percent the 18 million record set in 1988; automakers reported Wednesday. Domestic and foreign automakers add an estimated 14J million cars and light trucks in the United States in 1987, down 7.1 percent from the 1980 record. -Dealers raid 1J percent more light trucks in 1167 than tn 1900, when sales readied 4J7 million, Theykbld an estimated 10J million cars; down 10L7 percent from 11A mUtton in 19801 warranty imrerin the United States: OMEINTH WYE with SPECIAL SAVINGS VA On Beautiful Office Space! 9 Location convenient to both Woodway and North Waco Beautiful landscaped wooded environment Convenient and ample parking Square footage to suit your needs Janitorial end maintenance provided Forest Pork Center 7t11 Bosque Boulevard CALL TODAY 0 riftinA. iaHaNL nnHnA. rmHnSL narnV aaHa.

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John Youngs columns are now running in the Sunday's Tribune-Herald, aa well Tuesday and Thurwlay. Sometimes Sometime hard to label and categorize. John Young takes the time to look at life and put it down on paper. See if agree. Only in the i' i HMN America's Biggest and Best Waifantytnsiirance Program 1 8 4 4-.