Aiken Standard (Newspaper) - October 17, 1989, Aiken, South Carolina
Rams Fall Short In Buffalo
A Quick Read
Americans Taking To English Bowler
LONDON (AP) — The bowler hat, enduring symbol of the Englishman, is catching the fancy of Americans.
Although it has been disappearing from London’s financial district where it once was common, exports of bowlers are growing, particularly to the United States, experts say.
“There’s been a marked increase in the number being sold to Americans,” said Richard Stephenson, managing director of the Picadilly hatters James Lock and Co.
There is also demand from France, where gray bowlers are worn to the horse races, and from Australia and Africa.
In Britain today, however, bowler-wearers are viewed by some as mildly eccentric.
Judge Gunned Down On Colombian Street
BOGOTA, Colombia (AP) - A federal judge waiting on a street corner for a ride to work was shot and killed this morning, apparently by drug traffickers, the Colombian radio chain Caracol said.
Judge Hector Jimenez Rodriguez was killed by a passenger on a motorcycle as he waited with another judge, the radio chain said.
Tile gunman got off the motorcycle, walked up to Jimenez and shot him, Caracol quoted witnesses as saying in a report from the scene.
Ticket Faked For Jackpot Nobody Won
BRAINTREE, Mass. (AP) - A man who tried to collect a $28 million lottery jackpot with a forged ticket was arrested by officials who noted the fake was pretty easy to spot: The computer drawing didn’t produce a winner.
Ralph Brunner, 25, of Newtonsville, was charged Monday with forging a ticket for the Mass Millions lottery, said state Trooper Ken Halloran.
The fact that no winning number was drawn Friday night was widely publicized, said David Ellis, spokesman for the lottery commission.
“The world knew no one had won it,” he said.
Skies will be mostly cloudy tonight with a 50 percent chance of rain and a low in the upper 60s. Tomorrow will be mostly cloudy with a 50 percent chance of rain and a high in the mid 70s. Please see Page 12A for details.Deaths
John B. Byars, Aiken Steve Davis, Evans, Ga.
Robert H. Dietz, Aiken Carole M. Grealish, Grovetown, Ga. Margaret Morden, Toronto Nathaleen P. Shore, North Augusta
B. Marion Smith Jr., Columbia
C.F. Strom, Graniteville Please see Page 5A for details.Inside Today
Local Front .........................1B
Thorny Issues Hold Up Deficit Bill
Buffalo Owners Want Suit Dropped
*IK*N COUNTY PU
Tuesday, October 17, 1989
Aiken, South Carolina
Vol. 122 No. 258
Council Takes Power Injunction To Supreme Court
By PHILLIP LORD Staff Writer The City of Aiken will challenge a court injunction in South Carolina Supreme Court on Wednesday that blocked the city council from taking action Monday night on a controversial power supply ordinance.
“The council is aware of the events narrarated last week,” city attorney James M. Holly told the council. “Since that time, I have filed appropriate paperwork with the state Supreme Court to request that it overturn the temporary
Holly added that the court has scheduled a hearing on the request for Wednesday at 2 p.m. in Columbia.
“We still do not have a written order from Judge Waller (Judge John H. Waller Jr.) yet as to what you are expressly adjoined from doing or permitted to do,” he told the council.
“Because of that, and most importantly because of our respect for the state Supreme Court, and the sanctity of its proceedings, I would recommend that the council take no action on the pending or
dinance, which has been given first reading,” Holly said.
Tile council unanimously passed a motion to delay action on the proposed ordinance until a meeting can be held after the court’s ruling.
“The issue now is not so much what choice these elected officials might make as it is now the issue is the sanctity of legislative proceedings,” Holly said.
“You understand our concern is to the significant impact that such a ruling would have, not only for Aiken, but for every local legislative body in this state.”
The proposed ordinance became the target of litigation after the Aiken Electric Cooperative filed suit over teh city council’s apparent intentions to make South Carolina Electric and Gas Co. the primary power supplier for newly annexed areas.
An Oct. 2 meeting of the council, which was to feature a public hearing and second reading of the ordinance, was disrupted in the final hours when the co-op obtained a restraining order that stalled
(Please See COUNCIL, Page 12A)
J Analysts See No Reason For Panic
TRADER ACTION: Thonpas Bradley, American Airlines stock specialist yells orders on the floor the New York Stock Exchange.
Expectations Run High For 'Rolls Ro vee' Of Spacecraft
By HOWARD BENEDICT AP Aerospace Writer
CAPE CANAVERAL, Fla. - Hundreds of armed security guards patrolled against anti-nuclear trespassers as the shuttle Atlantis was fueled for this afternoon’s launch with its plutonium-powered Galileo probe for Jupiter.
The $1.5 billion Galileo is the most expensive and sophisticated unmanned spacecraft ever built, and should give the best look yet at the mysteries of another planet.
“It is the Rolls-Royce of spacecraft,” said Clayne Yeates, one of the mission managers.
The space shuttle and its five astronauts were scheduled to lift off at 12:57 p.m. It is only the sixth time in 31 shuttle missions that a launch had been sched
uled after noon. Liftoff was scheduled for last Thursday, but one of the shuttle’s engine computers malfunctioned and had to be replaced.
The countdown progressed normally as the launch team began pumping more than half a million gallons of liquid oxygen and hydrogen into Atlantis’ external tanks at 4:07 a.m.
The mission commander is astronaut Donald Williams. The others aboard are Mike McCaulley, the pilot, and mission specialists Ellen Baker, Franklin Chang-Diaz and Shannon Lucid.
More than 200 guards on foot, in helicopters and boats patrolled the Kennedy Space Center for activists who have said they might try to stop the launch by infiltrating a launch danger zone. The zone
(Please See EXPECTATIONS, Page 12A)
By CHET CURRIER AP Business Writer
NEW YORK - When the results of the past few tumultuous days on Wall Street are eventually added up, they will mean more pluses than minuses for American consumers and businesses, according to many analysts.
Monday’s 88.12-point rally in the Dow Jones industrial average, to 2,657.38, went a long way toward calming fears that the stock market was headed for a replay of the Crash of 1987.
In addition, the rebound seemed to buttress the view that Friday the 13th’s 190-point drop stemmed mainly from concerns about a single question — the fading boom in corporate buyouts financed with borrowed money.
Stocks of two airline holding companies, UAL Corp. and AMR Corp., plunged Monday, responding to news that takeover proposals had run into snags or been withdrawn.
But in marked contrast to Friday, the shares of many blue-chip companies not involved in takeover news or rumors staged a strong advance.
If takeover speculation is indeed on the wane, observers say, it would take away one of the prime forces that carried the stock market to record highs as recently as a week ago Monday.
However, they argue, it also could reduce the perils of credit risk in the economy.
“The unwinding of excesses in leveraged buyouts and junk bonds is very healthy,” said Edward Yardeni, economist at Prudential-Bache Securities.
Since the collapse of stock prices two years ago, economy-watchers have come to see sudden swings in the financial market in a new light.
Unlike many past debacles, the Crash of 1987 neither foreshadowed nor caused a recession. In fact, many analysts contend, it may have helped Keep the economy healthy, in part by prompting the Federal Reserve to relax its credit policy.
Similarly, the jolt of Friday’s selloff “is likely to shake the Fed into a more accommodative stance than it would have
otherwise pursued,” said David Resler, economist at Nomura Securities International in New York.
“If we do see a recession in 1990,1 don’t think it would be a result of this market drop.”
If anything troubled observers about the stock market’s recent behavior, strange as it may sound, it was not so much Friday’s slump as it was the abrupt rebound on Monday.
The comeback seemed to presage complacency, and perhaps an all-too-eager readiness to dismiss the scare as a harmless “correction.”
Yardeni, for one, suggested that the optimists might be overlooking a developing downward trend in corporate profits and other vital signs of the pace of business activity. “There is some genuine softness in the economy,” he said.
But as the market closed Monday afternoon, few observers claimed they would have been preferred to go through another full-blown crash.
As for investors in stocks, mutual funds and other securities, the markets’ wild gyrations seemed to make a new and compelling case for taking a long-term perspective.
The volatile hour-by-hour atmosphere was full of potential pitfalls for anyone who tried to anticipate or react to shortterm price fluctuations. For those who chose instead to ride out the storm, the Dow Jones industrials’ Monday close left it less than 2 points from where it stood three weeks earlier, at 2,659.19 on Sept. 25.
Trade Deficit Widens During August
By JOHN D. MCCLAIN Associated Press Writer
WASHINGTON - The U.S. trade deficit, after falling for two consecutive months to its lowest level in nearly five years, increased to $10.77 billion in August, the government reported today.
The Commerce Department said the August shortfall represented a 30.77 percent increase from a revised July deficit of $8.24 billion.
The widening gap resulted from a 0.2
percent decline in exports to $30.4 billion and a 6.4 percent increase in imports to $41.2 billion.
The August deficit was the first increase since May.
Economists had been watching to see what effect the rising value of the dollar would have on the trade imbalance. A stronger dollar tends to widen the trade gap by making U.S. goods more expensive overseas while lowering the price of imports to American consumers.
Rising imports tend to curb demand for
U.S.-produced goods, thus dampening production and threatening the loss of jobs.
Exports, on the other hand, strengthen demand on domestic production and help create more jobs.
Preliminary estimates had put the deficit in August at about $9 billion.
The nation’s foreign oil bill increased 0.4 percent to $4.3 billion in August. The amount of imported oil rose to 8.67 mil-
(Please See TRADE, Page 12A)Merchandise Trade Deficit
Billions of dollars, seasonally adjusted; import figures exdude shipping and Insurance.
Sour co: US Dept. of Commerce
Operating Costs Could Double Under SRS Restart
From Wire And Staff Reports
Basic monthly operating costs for the Savannah River Site reactors will almost double by the time Westinghouse Corp. restarts them because of more reactor personnel and additional training programs, according to published reports.
The site is the nation’s sole production source of weapons-grade nuclear materials used in atomic weapons.
All three SRS reactors there have been shut down for more than a year to undergo safety upgrades and maintenance and are to be restarted in late 1990 and early
The published report details a restart
Blan submitted by Westinghouse to the f.S. Department of Energy for the plant near Aiken.
The report said the plant’s increase is estimated to reach almost $10 million extra each month over previous operating years.
Operating the SRS reactors had cost $12.9 million monthly in the past, Westinghouse said, but the newspaper reported that salary and routine maintenance costs are expected to raise the monthly bill to $22.8 million when the reactors are
“The reason for the higher baseload (routine monthly costs) is new tasks defined in restart that will become part of day-to-day operations,” the plan says.
More than $1,664 billion over the next four fiscal years will be needed to restart SRS reactors, Westinghouse says. This includes $349 million for fiscal 1989, $465 million for fiscal 1990, $445 million for fiscal 1991 and $395 million for fiscal 1992.
Westinghouse spokeswoman Becky Apter said the increase is due mainly to 1,300 additional reactor personnel and additional training to keep the company in
pace with its competitors.
The plan says major changes also involve additional fire protection systems and upgrading seismic protection.
Monthly power costs differ for the three reactors depending on use of different on-site powerhouses, power company contracts and the reactor’s location. K-Reactor costs about $3.4 million monthly; P-Reactor, about $912,500; and L-Reac-tor, about $1.2 million.
The original plan also included ultrasonic testing of P- and L-Reactors before
(Please See OPERATING, Page 12A)