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Altoona Mirror Newspaper Archive: September 18, 2001 - Page 1

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Location: Altoona, Pennsylvania

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   Altoona Mirror (Newspaper) - September 18, 2001, Altoona, Pennsylvania                                INSIDE TODAY Region's history, autumn's hues highlight heritage tour FRE1 SPORTS: It's back to business on the nation's baseball diamonds Bl LIFE: Experts offer advice on purchasing life, car and home insurance Dl Aitmma mirror Copyright 2001 TUESDAY, SEPTEMBER 18, 2001 500 newsstand Stocks plunge as trading resumes Dow Jones registers a record, drop; analysts say it could've been worse NEW YORK (AP) In the smoky shadow of the World Trade Center, stock prices plummeted but stopped short of collapse Monday in an emo- tional, flag-waving reopening of Wall Street. -The Dow Jones industrial aver- age lost 684.81 points and ended the day at a record one-day point drop and the first close below since Dec. The previous record loss was 617.78 April 14, 2000. Volume on the New York Stock Exchange was a record 2.33 billion shares, surpassing the previous mark of 2.13 billion Jan. 4. The Nasdaq index fell more than 115 points to like the Dow, US Airways to cut thousands of jobs, PAGE AS down 7 percent. The broader Poor's 500 index was down 53.77 at The sell-off was expected as trad- ing resumed after a four-day hiatus its longest shutdown since the Depression and some analysts had predicted worse. The loss was less than a third of the 22-percent plunge when the Dow lost 508 points in the 1987 crash. Just hearing the opening and closing bell was a victory for some. Please see A7 Attacks provided fuel for an already declining market, local experts say The Associated Press The famous statue of the Wall Street Bull is decorated with American flags Monday as the National Guard patrols the neighborhood. BY CRAIG WILLIAMS Staff Writer With more than a year of steady loss, investors and advisers were not all that shocked when the Dow Jones industrial average dropped about 7 percent Monday when Wall Street reopened after nearly a week- long hiatus. "As far as I'm concerned, ever since a year ago April, everything has been going down said Kathy Babiak of Emeigh, who trusts her investment company. Last week, her relatives were advising her to get put of the European market, as it also lost around 6 percent. "They said to sell the stocks and buy Babiak said. Local financial advisers exhibited their typical reserve even after the Dow hit a record for a one-day point below the mark. "It was expected because of the fear of the said James A. Calvert, financial planner for Lutheran Brotherhood in Holli daysburg. Jitters in the Middle East, insur- ance company liabilities and the enormous cost to the airline indus- try were enough to cause a sell-off on normal trading days, let alone the pressure of war. Please see A7 Bush says U.S. wants bin Laden 'dead or alive' Mirror photo by Jason Sfpes Pennsylvania State Police troopers salute as buses filled with family members of the passengers of United Airlines Flight 93 make their way to Indian Lake for a memorial service Monday. First lady Laura Bush and Gov. Tom Ridge were among the dig- nitaries at the service honoring the victims of last week's plane crash in Shanksville. Please see story. Page A6. BY TOM RAUM The A ssocia'fed Press WASHINGTON President Bush said Monday that the United States wants terrorism suspect Osama bin Laden "dead or alive." The Federal Reserve cut key interest rates, but nervous invest- ors sent Dow Jones industrial stocks plunging to their largest point loss ever. Faced with a faltering economy, Bush met with top domestic policy advisers late Monday to consider legislation to bail out hard-hit U.S. airlines. And aides said he is weighing a new economic stimu- lus package that might include new tax cuts. "I've got great faith in the econo- my. I understand it's tough right Bush said. "Transportation business is hurting." He suggested that stock markets, closed since the Sept. 11 attacks, had been "correcting prior to this crisis." Even though the Federal Reserve slashed its benchmark federal funds and discount interest rates by half a percentage point, stocks plummeted as markets opened for the first time since the devastating attack in the heart of New York's financial district. Airline, insurance and enter- tainment stocks were hit particu- More PAGES A3, A6, A7, A8.C1, C2 larly hard. The Dow Jones indus- trials suffered their biggest one- day point drop, 684.81, to dropping below for the first time since December 1998. v Bush balanced attending to the weakening economy with prepar- ing the military and the nation for possibly prolonged conflict in the battle against international terrorism. "We will win the war, and there will be Bush said during a visit to the Pentagon, badly dam- aged when hit by one of the hijacked airliners. "The U.S. military is ready to defend freedom at any he said as the Defense Department readied call-up orders for an esti- mated reservists. The FBI, meanwhile, said it had detained 49 people for questioning in the jetliner attacks that left or .more dead at the destroyed World Trade Center in New York and the Pentagon. Attorney General John Ashcroft announced that numerous federal agents would fly on commercial airliners to provide safety and urged Congress to act quickly on anti-terrorism legislation. Please see A7 Enrollment in PACE program drops as costs continue to rise Mirror staff anil win reports HARRISBURG Enrollment in the state's prescription drug pro- gram for low-income seniors has dropped precipitously in the last dozen years even as its costs have more than doubled. Enrollment in the Pharmaceu- tical Assistance Contract for the Elderly, which features pre- scriptions and no deductible, declined from in 1988 to in June. Last year, enrollees lost their eligibility. Some seniors exceed the income limit by a small amount, while others have been bumped off the rolls by small Social Security cost- of-living increases. PACE was created in 1984 as one of the nation's most generous pre- scription programs. It relies on a 17 percent dis- count from drug manufacturers, a co-payment and Lottery Fund revenue. "PACE was the gold standard when it was set Senate Demo- cratic Whip Michael O'Pake said. Please see A10 Support group forms to back Blair County judge's retention BY PHIL RAY Writer HOLLIDAYSBURG A commit- tee led by former Altoona Mayor Ray Voltz is fighting for retention of Judge Norman D. Callan.. Papers filed with the Blair County director of elections list Voltz as committee chairman and Guy J. Lanclolfi, a cer- tified public accoun- tant and financial planner, as treasurer. "I feel the judge is an honorable person a person of integrity, and he does a good job on the said Voltz, who has known Callan for Callan about 15 years. Landolfi credits Callan for clear- ing a huge backlog of criminal cases that greeted him when he took office almost 10 years ago. "I think he's doing a great said Landolfi, who has known Callan for 20 years. Please see AID Subscription or home delivery questions: 948-7480 or (800) 287-4480 6 Lottery numbers, A2 Partly sunny, Forecast, A2 The'Area's Very Best Award Winning Fine Dining! ITALIAN VILLA !J3 Business Classifieds C4 WORLD grand Islamic council in should decide fate of Osama bin Comics I Community the Taliban's supreme leader said. PAGE C1 Local   

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