Gainesville Daily Register (Gainesville, Tex.), Vol. 98, No. 111, Ed. 1 Friday, January 8, 1988 Page: 3 of 14
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Fri.,Jan.8,1988—3
Editorial
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Washington Today
Lots of sizzle, not much steak
Where to write
Berry's World
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Robert Wagman
SEC has difficult job in finding, charging inside traders
Eight years, Soviet troops
rumbled into Afghanistan.
The result has been 5 million
Afghan refugees, 1 million Af-
ghan casualties and 30,000 So-
viet casualties. Mikhail Gor-
bachev has described Afghan-
istan as “a bleeding wound.”
With an estimated 115,000
troops in Afghanistan, the So-
viets are spending at least $6
billion a year to wage what
seems to be a no-win war.
And now, amid talk of Soviet
withdrawals and diplomatic
maneuvering in Geneva, the
killing goes on.
Just recently, the Soviet-
backed Afghan government
said its troops killed 1,603
guerrillas in a battle to re-
open the road leading to the
beseiged city of Khost. Insur-
gents’ denied the report and
said up to 1,500 Soviet para-
troopers who landed in Khost
were trapped there, along
with 20,000 troops. Both fig-
ures are probably exaggerat-
ed, though independent ob-
servers report heavy casual-
ties on both sides.
In Geneva, U.N. officials
trying to negotiate an end to
the war insist that the Soviets
want out of Afghanistan.
They suggest that the heavy
fighting around Khost may be
a Soviet effort to avoid “a
Dien Bien Phu,” the defeat
that drove the French out of
Indochina in 1954. Progress
toward a negotiated end to
the fighting, the negotiators
say, can be measured in the
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SLN82/#5B678
Gainesville Daily Register
Donald W. Reynolds,
Chairman of the Board
Warren G. Flowers,
General Manager
Eric Williams, Managing Editor
David Scott, Advertising Manager
Floyd Ferguson, Circulation Manager _
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I
THIS MAN HAS BEEN
STRICKEN BY AIDS!
QUICK! IS THERE
AN ACLU LAWYER
IN THE HOUSE?
'Wound' still bleeds
I
OPINIONS
— Gainesville Daily Register—
1
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gili1
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—
LOCALLY OPERATED MEMBER
□ONREY MEDIA GROUP
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Mama
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fact that the two sides began
by talking about a four-year
time frame for Soviet with-
drawal; now they’re talking
about 12 months or less. The
negotiators are working to
set up an interim coalition
government.
Much now depends on su-
perpower politics. The Sovi-
ets seem willing to replace
the current government, but
they must persuade Afghan
hardliners within that gov-
ernment to accept rebel par-
ticipation. The United States,
and the insurgents we support
with Stinger missiles and
other material aid, must ac-
cept the fact that a coalition
government will include com-
munist participation; Moslem
fundamentalists within the in-
surgency are not easy to per-
suade. Both sides must work
to prevent a bloodbath — if,
or when, the Soviets pull out.
American supporters of the
Afghan resistance also must
accept the possibility that
this bloody conflict may not
have a happy ending. The So-
viets may withdraw their
troops, the insurgents may
eventually take over, and we
may find that the “freedom
fighters,” however fearless,
are Khomeini-style fanatics.
They may harbor rather pe-
culiar notions of freedom for
the long-suffering Afghan
people. Still, it’s the Afghans
who should decide — not the
superpowers.
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© 1988 by NEA. Inc. i2-E
***
Gainesville and Cooke
County citizens who have
visited Mexico in recent years
and who have been interested
in completion of the Inter-
American Highway (also
called the Pan American y
Highway) will be pleased to
learn that more than 3,000
miles of it from Laredo to Pan-
ama City is expected to be
ready for the adventurous
traveler by 1960 or 1961. Pre-
ntice Julian, newly appointed
division engineer for the Pan-
ama section of the highway the
United States is helping to
build, announced on a visit this
week that the road will be in
shape for “controlled traffic”
by May of 1959.
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been focused on Iowa’s Feb 8 cau- As the numbers now stand, the
cuses, which for the Republicans New Hampshire delegation will
could be a case of all sizzle and no rank 45th among the 56 states and
steak. territories represented at the
Two days earlier, Kansas Repub- Democratic National Convention.
licans plan to begin handing over Among Republicans, New Ham-
most, if not all, of the state’s 34 pshire ranks 38th.
delegates to favorite .son Bob Dole. A week after New Hampshire,
And Pennsylvania’s GOP leaders Minnesota Democrats and Repub-
will meet to pick 18 of their 96 dele- licans hold precinct caucuses,
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30 years ago
The creation of a three-man
Planning Commission for the
City of Gainesville received
final approval of the City Coun-
cil at a meeting last night.
Named to the commission were
County Attorney L.V. Henry,
Dave Tupman, local lumber
company manager, and real
estate man J.G. Whisnand.
***
William Lewie has been re-
elected chief of the Gainesville
Fire Department, it was an-
nounced today. Also re-elected'
were Clyde Bohis, first
assistant, and Pete Brazile,
second assistant.
***
Register photo: Carroll F.
Sullivant, former Kiwanis
lieutenant-governor and a
member of the local club, con-
gratulates Dan Flint Jr. Tues-
day after the latter’s
installation as 1958 club presi-
dent. Others are Leo M. Kuehn
Jr., new second vice president,
Roland B. Wilson, who was re-
cently elected lieutenant-
governor of Division VII,. and
Joe B. Waiter, first vice presi-
dent of the club for 1958.
***
Thrifty values at Tom
Thumb: ranch-style beans, 10
cents a can; chili, 39 cents a
can; peach halves, 19 cents a
can; tuna, 25 cents a can;
crackers, 23 cents a box; cab-
bage, 3 cents a pound; yams,
two pounds for 25 cents.
***
District 37-B opened with a
flourish Thursday night and all
of the favorites came through
as expected in the basketball
curtain raisers. Powerful San-
ger, with Belcher personally
scoring 34 points, crushed Val-
ley View 63-44 while Alvord dis-
played muscle with a
convincing 73-19 romp over
weak Muenster and Saint Jo
downed Callisburg 59-44.
***
Rad Ware’s powerful eagers
thundered to a 42-17 rout over
the host Muenster quintet Mon-
day night in a junior high con-
ference opener for both squads.
The Rad Ware triumph, coup-
led with a similar romp by Cal-
lisburg over Gainesville, set
the stage for a momentous
meeting between Red Ware
and Callisburg next Monday
night.
_ 'z
WASHINGTON (NEA) — The hit devices to mask their identities. Giuliani was tacitly admitting that nothing. The study concludes that ups were early “foothold” buying by way the authors put it.
movie “Wall Street” has perpetuated But despite all this high-tech sur- if individuals like Boesky do not give “price rises are of little value as mea- the company about to launch the bid, But, they said, the combination, of
something of a myth. It suggests that veillance, more evidence is needed to information on others also involved, sures of illegal insider trading.” resultant press speculation, and le- foothold buying, press speculation
Securities and Exchange Commission make insider trading cases stick, as prosecutors will have a much more The study was prepared for the gitimate research by market and early buying of stock “supports
investigators can monitor major U.S. Attorney Rudolph Giuliani has difficult time uncovering illegal SEC’s Office of Chief Economist by analysts. the existence of a legitimate mar-
stock exchanges to detect insider pointed out. activities. economists Gregg Jarrell and An- In the 172 tender offers studied, the ket for information ... and suggests
trading. Recently, when fallen arbitrager This point is driven home by the re- nette Poulsen. It found that stock average price run-up in takeover at- that significant pre-bid market activi-
However, .a newly released SEC Ivan Boesky was sentenced to three cently released, but little-noticed SEC prices of takeover targets began ris- tempts with pre-announcement press ty is consistent with having little ille-
study of stock activity surrounding years in jail, Giuliani sought to justify study. ing an average of 17 days before pub- speculation was 50.3 percent. In take- gal insider trading.”
takeover bids points up just how dif f i- what many considered a light it had been assumed that unusual lie announcement of the takeover at- over attempts with significant pre- The purpose of the study was to al-
cult it is to uncover insider trading. sentence: trading activities before a takeover tempt. Every takeover target studied announcement foothold buying, the lay investor worries that the stock
Using powerful computers, the “Without the help of persons like bid is announced are often the mark experienced a rise in its stock price, run-up was 47.7 percent. Even inhos- market was being fueled by insider
SEC’s watchdogs track trading on all Boesky, it will be difficult, if not im- of insider trading. Thus, the theory The increase averaged almost 39 tile takeovers, which are usually con- trading activities. Ironically, when
major U.S. exchanges. In addition, the possible, .to make insider trading goes, all the SEC need do is to trace percent. ducted quickly and in great secrecy, coupled with comments by Giuliani
exchanges themselves — the New cases. If he (Boesky) had received an back trades made in the weeks or The two economists studied 172 target stock prices had an average and other prosecutors, it does just the
York Stock Exchange, the American unusually harsh sentence it would months before a takeover bid is tender offers between 1981 and 1985. run-up of 35 percent. opposite. It points up the difficulty of
and the over-the-counter NASDAQ — have sent a message to others that we announced. Stock prices for the companies in- uncovering insider trading.
maintain surveillance units that fol- do not want their cooperation. Boesky But the SEC’s study of stock trans- volved were tracked for 20 days be- The authors did admit that insider The SEC would like the public to be-
low computer trades. has been, and continues to be, of ma- actions surrounding 172 takeover bids fore and 10 days after the first public trading might have been a factor in lieve that there is a foolproof system
Authorities can quickly identify jor assistance to us. In light of that co- over a four-year period found that a takeover announcement was made. some of the pre-announcement trad- for uncovering, illegal activities. But
buyers and sellers even when they are operation I believe his sentence was sudden rise in stock prices before an- Jarrell and Poulsen concluded that ing. “We are unable to explain a great the prosecutors’ statements, and the
hidden by street accounts and other fitting.” nouncement of a takeover bid proves the principal reasons for price run- deal of the pre-bid trading,” was the SEC’s own study, suggest otherwise.
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By RICHARD L. VERNACI
Associated Press Writer
WASHINGTON — In the next few
weeks, the presidential contenders
hope to make big impressions at
little events where they stand to
gain few, if any, of the delegates
they need to win their parties’
nominations.
. At stake is momentum for the
bigger battles to come. In the gates. neither of which may yield much in
coming early contests, candidates Iowa Republicans will conduct a the way of delegate numbers.
can brag about how their campaign presidential straw poll, which will In neighboring South Dakota, the
is picking up steam, or how they’re allow at least one candidate to Republicans will decide in their
doing better than expected — but claim victory and give the news Feb. 23 primary how their 18 dele-
not about how many delegates they media some numbers to report; But gates should be divided among the
won. in terms of national convention candidates. The Democrats’ pri-
Between now and Super Tuesday, delegates, it means nothing. They mary will be a non-binding “beauty
March 8, the Democrats will hold won’t be picked until June. contest.”
primaries and caucuses in which Iowa’s Democrats will decide Republicans in Maine are to wrap
184 delegates are at stake. That’s who will get 52 of their national con- up their town caucuses on Feb. 28,
only about 4 percent of the 4,160 vention delegates on Feb. 8, but the as are the state’s Democrats. The
delegates who will attend the mathematical formulas needed to GOP events will yield no immediate
national convention in July. arrive at that number consumed delegate totals, while the Demo-
During that same time, the Re- eight pages in a helpful instruction crats will allocate 23 delegates,
publicans will be deciding how to booklet issued by the state party. All but overlooked among the
allocate 219 delegates, or less than And the number could change by early states is Hawaii, where Re-
10 percent of the 2,277 delegates to the time the delegates finally are publicans hold precinct caucuses on
their convention in August. picked in June. Jan. 27.
Michigan, which chooses its 77 Eight days after the dust settles (EDITOR’S NOTE: Richard L.
national convention delegates on on Iowa, voters in New Hampshire Vernaci, based in Washington,
Jan. 29 and 30, is the Republicans’ go to the polls to decide how the keeps track of the national con-
leadoff event. state’s 18 Democratic and 23 Repub- vention delegates for The
Much of the early attention has lican delegates will be divided. Associated Press.)
4
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ruder from prison. White House from Bethesda Naval
In 1976, Chou En-lai, premier of Hospital, where he’d undergone
China since the communists took prostate surgery. Kay Orr was
power in 1949, died of cancer in sworn in as the first woman gov-
Peking at age 78. ernor of Nebraska.
i
■
U.S. Rep. Dick Armey, 514 Can- office: r.U. bOX 12068, Austin,
non Office Building, Washington, Texas 78711, District office:
D.C. 20514. Drawer SP, Wichita Falls, .Texas
State Rep. Richard F. Wil- 76307.
liamson, P.O. Box 2910, Austin, U.S. Rep. Charles Stenholm, 17th
Texas, 78769. District, 1232 Longworth House Of-
fice Building, Washington, D.C.
U.S. Senator Phil Gramm, 1230 20515.
Longworth HOB, Washington, D.C. U.S. Senate Lloyd Bentsen, Room
20515. 240, Russell Senate Office Building,
State Senator Ray Farabee, State Washington, D.C. 20510.
---------History today—---——
By The Associated Press in 1982, American Telephone & Today’s Birthdays: Actress But-
Today is Friday, Jan. 8, the eighth Telegraph Co. settled the Justice terfly McQueen is 77. Actor-director
day of 1988. There are 358 days left Department’s antitrust lawsuit Jose Ferrer is 76. Actor-comedian
in the year. against it by agreeing to divest it- Larry Storch is 65. Actor Ron Mo-
Today’s Highlight in History: self of the 22 Bell System com- ody is 64. Comedian Soupy Sales is
On Jan. 8,1935, rock ’n’ roll legend panies. 62. ABC newsman Sander Vanocur
Elvis Presley was born in Tupelo, Ten years ago: Israel’s Cabinet is 60. CBS newsman Charles Osgood
Miss. voted to “strengthen” existing is 55. Singer Shirley Bassey is 51.
On this date: settlements in the occupied Sinai Actress Yvette Mimieux is 49. Rock
in 1959, Charles de Gaulle was Peninsula, but decided not to build singer David Bowie is 41.
inaugurated as president of new ones, a move that Israeli offi- Thought for Today: “The meek
France’s Fifth Republic. cials said was in line with a peace shall inherit the earth—if that’s all
In 1964, President Lyndon B. plan offered by Prime Minister right with you.”—Anonymous.
Johnson declared a “War on Pov- Menachem Begin.
erty." . Five years ago: Margaret
In 1965, the Star of India and other Thatcher flew to the disputed Fal-
stolen gems were returned to the kland Islands, becoming the first
American Museum of Natural His- British prime minister to visit the
tory in New York City. South Atlantic colony. The trip
In 1973, secret peace talks be- came almost seven months after
tween the United States and North the end of a war with Argentina over
Vietnam resumed near Paris. possession of the islands.
In 1975, Judge John J. Sirica One year ago: For the first time,
ordered the release of Watergate the Dow Jones industrial average
figures John W. Dean III, Herbert surpassed 2,000, closing at 2,002.25.
W. Kalmbach and Jeb Stuart Mag- President Reagan returned to the
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Williams, Eric. Gainesville Daily Register (Gainesville, Tex.), Vol. 98, No. 111, Ed. 1 Friday, January 8, 1988, newspaper, January 8, 1988; (https://texashistory.unt.edu/ark:/67531/metapth1569627/m1/3/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting Cooke County Library.