Sulphur Springs News-Telegram (Sulphur Springs, Tex.), Vol. 111, No. 44, Ed. 1 Tuesday, February 21, 1989 Page: 4 of 12
twelve pages : ill. ; page 23 x 14 in. Digitized from 35 mm. microfilm.View a full description of this newspaper.
Extracted Text
The following text was automatically extracted from the image on this page using optical character recognition software:
/
A-4—THE NEWS-TELEGRAM, Sulphur Spring*, Texas, TUaaday, February 21,1989.
Weather
For the Record
Sulphur Springs for February 21,1989
Yesterday
High -rrm.............
.....58
Low...................
.....39
Rainfall...............
... 0.00
Yesterday
Today T’morrow
Normal High 64
60
58
Normal Low 38
39
38
Last Year High 52
71
71
Last Year Low 36
36
38
Record High 85
79
84
Set In 1980
1982
1982
Record Low 12
16
16
< Set In 1978
1963
1963
Month 4.52
Year
8.07
Month 3.01
Year
5.65
Rainfall to date.
Normal rainfall:
Local February History
Average mean temperature, 48.0 degrees: warmest February
(mean), 53.0 in 1976; coldest February (mean), 32.1 in 1978; average
daily high, 60; average overnight low. 36; extremes recorded. 85 in
1976 and 1980 and 2 in 198S;-highcst rainfall, 7.4S inches in 1965;
lowest rainfall, .67 of an inch in 1972; average number of rainy days,
7.
Texas weather
A warming trend was expected to begin across Texas Wednesday
as the cloud cover that has kept Texas cool and soggy begins to move
away from the state.
Forecasts are calling for mostly clear skies tonight and Wednesday.
Lows tonight will be mostly in the 30s, ranging from the lower 20s
in the Panhandle to the mid 40s in the Lower Rio Grande Valley.
Highs Wednesday will be mostly in the 50s across West Texas,
ranging from the 40s in northern portions to the mid 60s in extreme
West Texas and the Big Bend area, in the 50s across North Texas and
in the 50s and 60s across most of South Texas, ranging upward to the
70s in extreme southern portions.
A weak cold front moved southward across South Texas early
today and brought cooler, but drier air into the state.
ACROSS
1___Brute
5 Aggregate
8 Mist Kelt of
the comic*
12 Protection
13 At far__
know
14-Cupid
15 Split
16 Fleur de _
17 Fashionable
beach retort
18 Work placet
20 Make fun of
21 _de plume
22 _Paulo
23 Person of
prominent t
26 Be more vocal
than
30 Tel_
31 Small tword
32 Clote relative
33 _Francitco
34 _War
11899 1902)
35 Alleviate
36 Loter
38 Mental slip
39 Crime
40 Retted in chaw
41 Slow (mut (
44 Geometrical fig
ure
48 Pertaining to
an age
49 Shinto temple
50 Skeleton part
51 Diminutive tuf
Ns
52 Actor Alattaw
j 53 Oodlet
54 Fortuneteller
I 55 Upper surface
; 56 Aten •
3 Slight quarrel
4 Actor Peter
5 City m Oregon
6 Information
agey
7 Wrong (pref |
8 Fith trap
9 Three
muttetant
10 Commotion
11 From (2 wdt I
19 Male twan
20 Fill
22 Ptamtift
23 Space agey
24 Relating to
grandparents
25 Hoppers
26 Frank
27 Pronto labbr |
28 Accounting
term
29 _bend
31 Pertammg to
dawn
34 Vivacity
35 Edible
Answer to Previous Puzzle
37 Groom
38 Map
abbreviation
40 Rogue
41 Dregs
42 Art deco
illustrator
43 Short for
Nathan
44 Buckeye State
45 Continue (2
wds )
46 Aware of (2
wds)
47 Loch_
monster
49 Swift aircraft
labbr I
1
2
3
12
1ft
1ft
DOWN
Oil promoter
sees sunshine
Daily Crossword
DALLAS (AP) — In 1983, Ar-
thur L. Smith was a contrarian on
Wall Street.
Featured in Barron’s under a
headline. Big Bear On CHI.”
Smith said the price of oil could
fall below $20 a barrel. His views
were scoffed at because in 1983, oil
prices were already considered
depressed at $29 a barrel. At the
time, the consensus forecast was
for prices to continue rising at a
modest rate, sure to reach $40 a
barrel.
The optimism that produced high
oil-price forecasts in the late 1970s
and early 1980s, has been replaced
since the 1986 oil price crash with
a just-as-vehement pessimism.
And qnce again. Smith — presi-
dent of John S. Herald Inc., an oil
and gas investment information
firm based in Greenwich, Conn. —
is a contrarian, bucking the “herd
mentality.”
“Today, many of the same crowd
that were looking for $100 oil in
1988 are among the most bearish
current market observers," Smith
said. "The ‘oil bears’ have been out
in full force.”
In a recent survey of 700 oil and
gas industry executives by the ac-
counting firm of Arthur Andersen
A Co., a large majority said low oil
prices will prevail for at least five
years. Only 28 percent believed oil
prices would exceed $25 a barrel
five years from now. That is signifi-
cant because 70 percent of the
responsclents said oil prices must
exceed $25 a barrel to increase the
domestic oil reserve base.
Several companies have been
sold or plan to sell their domestic
oil and gas producing properties
based on their beliefs that prices
will remain depressed.
Today’s widespread pessimism
may be as unwarranted as the ex-
treme optimism several years ago.
Smith said. “The oil industry
psychology has become exces-
sively pessimistic. Now the con-
trarian view is that oil prices will
stage a meaningful rebound during
the next five years.”
Psychology has a major role in
oil markets, exemplified by the
volatile trading in crude futures on
the New York Merchantile Ex-
change. And much of the bearish
mentality stems from OPEC’s ac-
tions or inactions.
“It is our opinion at Herold that
analysts and investors devote ex-
cessive attention to OPEC and at-
tempts to divine the cartel's next
chess move,” Silh said. Instead.
Smith said, OPEC can only in-
fluence the world oil markets tem-
porarily.
“Long run, the world crude oil
price is established by the intrinsic
economic value of the commodity
it industry and trade,” he said.
Smith is sticking to his 1988 year-
end forecast far West Ifexas inter
mediate crude oil to average $19.50
a barrel this year, well above die
$14.50 average for 1988.
Industry price pessimism
reached a high in late 1988 as
widespread cheating among Or-
ganization of Petroleum Exporting
Countries pushed prices below $13
a barrel. Hopes were thin that the
cartel could pull itself together in
the name of stable oil prices
Since the start of this year.
OPEC’s appearance of cooperation
has propelled prices by as much as
$5 a barrel, with West Texas inter-
mediate staying within the S16-S17
a barrel range. And some optimism
has returned for the short-term out
look, although most companies are
not banking on oil prices moving
much higher as they undertake five-
year business plans
Just as many bad business deci-
sions were based on the extremely
optimistic forecasts in the early
1980s, the reverse may be going on
today within the industry. Smith
and others said.
“This time around, the pes-
simism has created an inability 10
look over the valley and continue
investments in conservation and
keeping people in the industry,”
Smith said. ''If there is a modest
upturn in the industry it will create
labor shortages."
William Randol, international oil
analyst for First Boston Corp.. said
that when the industry must retool
itself, it will discover “we don’t
have an independent oil industry
any more, and the same could be
said about oilfield services.”
Jack Morris, a partner specializ-
ing in the oil and gas industryfor
the Arthur Young A Co. accounting
firm in Dallas, said the pessimism
creates a Catch-22 situation.
“The negative repercussion of
the extreme pessimism is that com-
panies arc limiting their expen-
ditures for development and we
aren't replacing our domestic
reserves,” Morris said. “I can un-
derstand the natural reluctance to
pull hack, hut by not making in-
vestments we become more de-
pendent on foreign oil”
In the past few weeks, some op-
timism for early 1990 oil prices has
returned following evidence that
wot Id demand for crude oil is high-
er that many analysts estimated last
year.
First Boston's Randol is revising
his world oil demand and price
forecast upward. He estimate*
demand far oil will rise 2 percent
or more annually, leading to a West
Texas intermediate once in the
mid-S20 range by 1993.
AMERICA'S
NUMBER 1
CHOICE!
EPSON
LQ-500
“wiT/cSS, EPSON*
Far Authorised An4 Service Of EPSON FrWwN CwNit
Computer Management and Supplies
......T
ASTRO •GRAPH
Bernice Bede Oaol
Feb. 22, 1888
In the year ahead you should experi-
ence a nottceab s improvement m both
your malarial and social drcumttanoao
It might ba .tha typa of yaar for which
you ve baan hoping
PISCES (Fab. 88 March 88) Important
strides can ba mada at this lima If you
canlar your aflorti on tha advancamanl
of a new interest with promising poten-
tial that has captivated you. Pieces
treat yourself to a birthday gift Sand tor
your Astro-Graph prediction* for the
year ahead by mailing $1 to Astro-
Graph c/o this newspaper. P.O. Box
91428. Cleveland. OH 44101-3428 Ba
sura to state your zodiac sign.
AMCB (March 21-April 18) Regardless
of how you try to avoid It. the focu# wt*
be on you today Don't gat stage fright,
because tha audience wR ba packed
full of friends and admirers
TAURUS (April 20-May 30) Ideas. Is-
sues or positions in which you truly be-
lieve will also find favor with others to-
day. even though they might not
understand them as welt as you do
Your endorsement makes tha
dtftoranea
GEMINI (May 21-June 20) Sudden de-
velopments could change a critical ca-
reer situation today from something
negative into something positive How-
ever. you might have to move fast to
capitalize on the new shift
CANCER (June 21 July 22) In negotiat-
ing agreements today you can enhance
your position by Showing a willingness
to compromise Mutual concessions
could result it you ere sharing rather
than demanding
LEO (July 23-Aug 22) There s a possi-
bility you might taka it upon yourself to-
day to champion a lost causa that oth-
ers teal is a dead issue Under your
guidance it can be revitalized and
brought back to Ms
VIRGO (Aug 23-Sept 28) Members of
tha opposite gander may find you even
more appealing than usual today In
fad. someone you thought never no-
ticed you might ba among your bevy of
admirers
LMRA (Sept. 23-Oct 23) Thera should
be a vast improvement concerning the
final results of a dubious matter Luck
and chance are two factors that will
come Into play.
SCORPIO (Oct. 24-Nov. 82) Your
warmth and sincerity, coupled with your
natural charm, are your moat valuabla
aaaets today Whan you put them Into
play, it could causa even tha hardest
hearts to malt
SAGiTTARIUS (Nov 23-Oec 21) Often
H’s necessary to prime the pump tn or-
der to start tha water flowing. Your pos-
sibilities lor gains today could be great-
ly enhanced It you're willing to spend a
little in hopes of making more
CAPRICORN (Dec. 28-Jan 10) Wel-
come and appreciate that which le new
in your life now. because it's the bell-
wether of things to come Trends are
r> turning in a direction that should up-
grade your expectations and hopes
AQUARIUS (Jan. 20-Feb. 10) People
with whom you'll hay Bnanrtai Involve-
ments today wR appreciate the way you
handle matters This mutual trust wR
have s positive Influence on your
C)bs» wKwwura
ASTRO-GRAPH
BERNICE
BEDE OSOL
SUBSCRIBE TO
Country if orld
The Rural Newspajper For East Texas
AND GET,.
F ana Dews * Tbe lad Fart*
*0s Tbs I
la Tbs Ik
*****
□ 12
I
SUBSCRIBE TODAY I
... *12.10 □ 24
... *20.00
QNtON RINGS
CALL IN
ORDERS
WELCOME
885-2909!
c
1114 S. Broadwai
Upcoming Pages
Here’s what’s next.
Search Inside
This issue can be searched. Note: Results may vary based on the legibility of text within the document.
Tools / Downloads
Get a copy of this page or view the extracted text.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Newspaper.
Keys, Clarke. Sulphur Springs News-Telegram (Sulphur Springs, Tex.), Vol. 111, No. 44, Ed. 1 Tuesday, February 21, 1989, newspaper, February 21, 1989; Sulphur Springs, Texas. (https://texashistory.unt.edu/ark:/67531/metapth816707/m1/4/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Hopkins County Genealogical Society.