Word: patches
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Originally scheduled to take place on the new North House terrace, the party was relocated to a patch of grass at the southern end of the Quad, because the terrace is under construction and off-limits to students. The rest of the lawn is still a giant mud hole and mountain...
...from the suburbs of Nashville. Look at Rembrandt and Saskia in their parlor, life-size and shining with booze! Hop into a New York City subway car left over from the pre-graffiti '60s, full of drunks, hippies, nervous housewives and one ultra- Orthodox Jew, all looking like Cabbage Patch dolls that grew up and went to seed! Walk through the big arch into the City of Chicago! Go down Wall Street and ride the Staten Island Ferry, with its twin funnels emitting scarves of metal smoke! Visit the Texas rodeo, a whole roomful of giant Celotex steers, horses...
...happened is a typical tale of oil-patch woe. When petroleum prices were high in the late 1970s, First City lent extensively to oil-rig builders and small supply firms. When prices later plunged, loan defaults skyrocketed. First City then boosted its presence in real estate loans -- and that market softened. As foreclosures mounted, First City's management offered Arabian horses, Porsches or 40-ft. yachts to new customers who maintained accounts of $100,000 and up. The gimmicks did not lure enough high rollers to stanch First City's losses, and talk of a takeover, bailout or shutdown mounted...
...course, a hard-edged manager may be just what First City needs. Despite a partial recovery in petroleum prices this year, the Texas economy is still stagnant and oil-patch lending remains a risky business. The FDIC has already rescued eleven Texas banks, while 38 others went belly up. Last week, as Abboud set up temporary quarters in a First City Tower conference room, he said he will aggressively seek new business, and predicted that First City will be profitable "very shortly" after the influx of FDIC and private funds. "As this bank emerges, it's going to be formidable...
...Conn., northeast of Manhattan, the average cost has skyrocketed incredibly, from $467,500 to $1.2 million since the summer of 1986. Prices are not rising that fast in heartland suburbs, but almost every region of the U.S. has a strong luxury-housing market, with the exception of depressed oil-patch states like Texas and Oklahoma...