Frederick News-Post (Newspaper) - October 20, 1987, Frederick, Maryland Good Nearly all our disasters corne of a few fools having the age of their Coventry Patmore 1987, The Great Southern Printing and Manufacturing Company Vol. 77-No. 265 Maryland 21701 October 4 Sections Press RUE Today Post News Market plunge rivals crash NEW YORK The stock market plunged out of control Monday in a selling panic that rivaled the Great Crash of 1929, pushing the Do Jones average down more than 500 today was a financial meltdown or I wouldn't want to be around for one worse than said John chairman of the New York Stock The Dow's plunge to left it 22.6 percent below Friday's a one- day loss far larger than the 12.8 percent drop on Oct. 28, 1929, known as Black or Oct. when it fell an additional 11.7 The Dow worst percentage decline ever was on Dec. early in World War when it lost 24.4 percent of its The market fed on itself in wave after wave of selling in the busiest trading day ever on the New York Stock Ex- The Dow industrials fell 508.32 points to according to a preliminary a loss of nearly points since the market's peak Aug. 25. The latest decline left the Dow trial average about 36 percent below its peak of on Aug. 25 and at its lowest point since April 1986. The collapse of prices caused term damage to the health of stock exchanges and probably destroyed some of the confidence that underpins the growth of the world having extreme panic in the It's like said Alfred E. director of market analysis for A.G. Edwards Sons in St. Analysts were reluctant to compare Monday's plunge with the stock market crash that helped set off the Depression of the 1930s, but they said there were fears in the market that a possible recession in the United States could snowball into a worldwide a this thing could go There's a domino effect said Leonard executive vice president of Corp. in New is a dangerous day to say the and we are not alarmists Grimaldi Earlier Monday panic selling gripped stock exchanges in Hong Amsterdam and other financial with records set for one-day In the stock index futures also had their biggest one-day decline as Standard 500 dropped 80.75 The Wall Street rout was all the mere shinning because there did not seem to be any major news event that caused it A selling trend that picked up speed in the middle of last week simply gained unstoppable momentum and turned into a Underlying the market's decline were continued fears over rising interest rates and a weakening The United States is the world's largest debtor and has made slow progress in reducing its trade The volume of trading soared to 604.33 million dwarfing the record of about 330 million shares set Shares that lost in value outnumbered gainers by 48 to 1. President Reagan discussed the market fall with and the on Page Farm accident kills local man JEFFERSON A Frederick County man was killed Monday afternoon in a farm accident on Sigler Road near Robert Keith 20, of 3208-A Sigler was pronounced dead at the Stotler was apparently using a shovel to free manure from the spreader when he got caught in the auger and pulled into the reports Stotler was found by his Robert who went to look for him when he failed to return Stotler had hauled several loads of manure earlier in the Rescue personnel from Jefferson and Brunswick Volunteer Ambulance worked to extricate him from the A graduate of Brunswick High Mr. Stotler also mowed lawns in addition to was a helluva nice recalled one local resident Mr. Stotler and his wife had recently moved into a new home on the His is expecting their first child in is just said a was so VE i-j r Y iii s s 5 W sis x OHO Cutting the cloth Staff photo by Susan C. Nicol Deva company's cutting room operation will be moved to the Burkittsville Community following an approval by the Burkittsville Board of Appeals Monday Martin Deva cuts a See the story on page Iran says attack on platforms beginning of Bahrain U.S. warships destroyed two Iranian oil platforms in the Persian Gulf on Monday and Navy commandos raided a Iran said the Americans had begun a to which it promised crushing President Reagan called the 85- minute attack prudent yet restrained to Friday's missile strike on tanker off The missile was believed launched from the nearby Faw which Iran has conquered in its 7-year-old war with The Pentagon said no Americans were injured in Monday's Tehran said the attack wounded some Iranian but did not mention The White House said gunfire wiped out two platforms at one location and U.S. Defense Secretary Caspar Weinberger said the battle area was the Rostam oil After some initial Tehran said the two platforms hit were at the or field 75 miles east of Qatar and 60 miles from the Iranian and Rostam are about 20 miles The discrepancy between the Iranian and U.S. reports could not be On all except very detailed maps of the the two fields appear to be very The oil which have an underwater pipeline running to Iran's coastal Lavan are among many permanent drilling rigs in the central Iran is known to have used some for helicopter and armed speedboat attacks on commercial Before darkness salvage tugs and other craft reported columns of smoke rising from the offshore U.S. warships were warning other craft away from the shipping tives in the gulf At the four destroyers moved to within about yards of the two said Fred S. the Pentagon's chief Ten minutes later they broadcast a This is the U.S. We will commence firing on your position at 1400 You have 20 minutes to Iranians on the platforms were then seen scrambling into a small boat and sailing sway from the Weinberger An 85-minute barrage of rounds of 5-inch gunfire destroyed the Guli radio monitors said they over- heard an Iranian voice U.S. let me evacuate the injured before you shoot The attack caused Iranian personnel to abandon another platform about five mOes away from the site of the first this platform was U.S. Navy men went looked destroyed some radar and communications equipment and then on Page School board votes as one not to hoid classes on Martin Luther King's birthday By LINDA JOY Staff The Frederick Board of Education voted unanimously Monday to close schools for Martin Luther Bong a move long sought by local black The school board had decided in February 1987 to leave schools open on the late civil rights leader's School will still stay open on King's birthday in January 1988, but will close on the third Monday in January in 1989. Several other school districts in Maryland observe King's by giving students a day off. The federal government also shuts down on the third Monday in January for bis King's birthday is Jan. 15. Mary Ellen human relations specialist for the school system asked board members for a decision on the matter so a planning committee could prepare a calendar for the next academic Lord president of the erick County chapter of the and attorney Willie Mahone had also pushed the school board to reconsider its position on closing schools for King's birthday earlier this Mr. Mahone also lobbied for schools to be closed on King's birthday early this School board member Edgar Larson happy to make the motion close in line with my vote a year School board president Susan Rovin usually don't bat I would like to vote in favor of In February former school super- intendent Stuart Berger had proposed giving students a holiday on the civil rights leader's Mr. Larson was the only board member to vote in favor of the suggestion Other board members had said would prefer to see students study King in school on his They had argued that children would learn more about him hi than if they took the day off and slept late or went The school board members agreed to reconsider the matter after Mr. Nickens and Mr. Mahone asked them to do so early in New school board members should have tlie chance to express their Mrs. Rovin One new board Anthony that the school board should also consider not giving students a day off to go to the Frederick Fair every He would welcome public opinion on that he said The board also voted to close schools on the third Monday in another federal to honor George Washington and Abraham Hood College now ranks fifth among small comprehensive colleges By LINDA JOY Staff Hood College ranks fifth in the nation among small comprehensive according to a U.S. News and World Report survey of college Hood's move from a regional ranking in 1985 to a national list in the most recent survey has delighted college Hood was ranked first in the rating of small comprehensive East coast schools two years means our reputation has moved Hood College president Martha Church said is a good bit of joy Now that we've used fireworks to celebrate the field hockey how do you celebrate this she Hood students recently broke a world record for the longest field hockey U.S. News and World Report ranked 120 schools in nine categories based on a survey of college Three of its lists are national rankings and six others list schools in the midwest and Hood is ranked nationally with nine other small comprehensive A small comprehensive college is one that enrolls between and students and offers a wide variety of professional and liberal arts according to the The magazine also defined colleges as those awarding more than half of their bachelor's degrees in two or more Hood is the highest ranked women's college on the list and is the only college on the East Coast ranked in the category for small comprehensive Hood had moved from seventh to first on the list for eastern schools before making the jump to fifth on the national list Competition is stiffer for a national ranking since more colleges are con- Dr. Church strength is in matching their she looking at the four colleges ranking above got a telegram Saturday morning saying we'd been ranked she College officials are meeting this morning to make plans for a pus she The news had not been announced to students late yesterday but Student Government Association president Colon heard about it in the student affairs are number five in the nation and the first women's I'm sure that once the news hits the campus it's going to be such a boost to campus not that we need she proud to be a Hood student and I'm sure that's how the will feel when they hear the It's pretty exciting Miss Colon She was about to call home and tell her parents to buy the magazine she The Oct 26 issue of the magazine is SMALLER COMPREHENSIVE Rank 1 Berea College 2 College 3 Whittier College 4 Augustana College 5 Hood College William College 23.1 7 Saint Mary's College 8 Millikin University Otterbein Ratings are of naming of Illinois at Rankings based on a 68.8 response presidents surveyed ths 170 contains a 27-page feature on American higher Issues of the zine went on sale It notes that one fifth of Hood's 1.146 undergraduates are 25 or and says their presence on campus boosts academic spirit Berea College in the Cumberland Mountains of Kentucky tops the ings of small comprehensive It accepts bright students from poor backgrounds and charges no All students are required to participate in a the magazine Gustavus Adolphus College in Minnesota was rated Whitier College in California snd College in Illinois were third and fourth William Jewell College in Missouri is tied for fifth with Hood St. Mary's College in the on Pase Stock market For reactions from President Reagan and the Washington cal in addition to the impact the U.S. crash is having on foreign Weather Chance of showers partly cloudy highs in 60s, lows 40s. Western Maryland map On the inside Classified TV stockbrokers react to market plunge By ED WATERS JR. Business Editor When the Dow Jones industrial considered the prime barometer of the stock fell 100 points last most investors snd brokers were fairy sure the worst was one was prepared for today There may have been panic but it was a crash said Robert partner with Baker Watts Co. in Mr. Hooper brokers in the area Monday who were reeling from the shock of a 500 point drop in the more than 22 percent of the market's The historic crash cf October 1929. which pushed the nation into economic was only 12 percent Even though Frederick investors are noted for their conservative some gave in to the pressure of the fall and sold in their stocks in a would say 90 percent of my clients are holding but there were some who simply sold in a said Philip resident vice president for Legg The rather than putting the funds into other investments such as simply asking for the said Mr. never seen anything like this in my 12 years in Mr. Hooper noted that several factors led to the fall in the market which had reached new heights earlier this have double digit interest rates some Wail firms are having there is the threat of more trouble in the Persian Gulf and you have a lack of political leadership in as well as restrictive regulations on corporate mergers and some proposals in Congress on taxes that would hart the thought of hitting on the Dow is those days are But if you bay bine chip stocks while prices are you have a good chance of getting a fine said Mr. James resident manager for Merrill said his firm has always focused on investments on quality and most of his clients are long-term willing to ride out the market for long-term is the time to buy those stocks that were too high in cost before for the average said Mr. That advice was echoed by his peers in other brokerage houses around the Deborah a financial added that her clients tended to be term have had some phone calls from clients who wanted to know what was going but definitely no panic The in stock was expected by most said Robert Armstrong of Wheat First bat not to the extent of more than 500 were and selling is a major but I don't think anyone expected said Mr. Institutional such as insurance companies and sion now own about SO percent of the stocks on the when they buy or sell thousands of stocks per the impact can be devastating on the and especially on the individual Bat Mr. Hooper remains could get a in a short though what happended to today be felt for a long I z Jot of people haven't even reacted On a more negative Mr. Hooper noted that we gained in the market this year so far 34 percent up from last has been wiped out in two most of ii in one If the market would keep going at this rate points per it only take three days to pat us at though 1 certainly think that As a word of Mr Keeper said people think about if they to get the stock they go up a bit and get Much of happens the can economy may cr. the average person reacts te the according to Joseph at Hood the crashed 1S23 it downward rut much the overall problem icss of confidence in the nation's economy by the average sate associate professor economics con t sear mat ot from They are in what's to the but so negative he Mr. aiso cited a trend toward short-term as 2 factor in the s was a bandwagon effect that people sort of got on in hopes of making money in a short They pushes the market and users got market is as art not a added Mr. on people's minds is what is going to happen tomorrow and the next The large investor can ride this bat small investor is the one getting
