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Newspaper
Ottawa Herald
Location
Ottawa, Kansas, United States of America
Date
Oct 14, 1989
Page
7
The Dow fell 190.58 points to 2569.26, marking the sharpest drop since Black Monday. Trading volume surged with 251.17 million NYSE shares, as high-yield debt concerns and the UAL financing setback depressed markets. IBM, GE, P and G, AT&T, and DuPont led declines amid broad losses. 1,600 stocks fell, 153 rose.
In Winfield Kansas Binney and Smith now part of Hallmark Cards produces about 9 million crayons daily in 72 colors. Diversification into art products includes washable markers paints and erasable colored mechanicals with marketing support from Hallmark.
At the IAPA convention in Monterrey, leaders warn that press freedom is eroding as drug traffickers target journalists. Two El Espectador officials were killed in Medellin amid intensified cartel violence, while Panama is cited as under narco military pressure. Journalists fear wider terror across Ecuador and Bolivia. Panamanian press, led by La Prensa, voices deep concern over Noriega’s crackdown.
Wayne Angell a former Ottawan and Federal Reserve Board governor said on CNN Moneyline that the economy shows stability and equilibrium after Friday's 190 point Dow drop. He praised monetary policy and noted market practitioners guide the market while contrasting this decline with the 1987 crash and its lack of confidence in the dollar.
At Hot Springs Virginia AP report says The Business Council of 100 big firms foresees 1990 growth slowing to 1.8 percent the weakest in eight years with a recession threat unless the Fed lowers rates. Executives see a possible rebound in 1991 if policy eases while inflation remains a concern.
Kansas Attorney General Robert Stephan criticized the Racing Commission after it approved Sunflower Racing Inc taking back a license and returning a $250,000 deposit for a planned $12 million pari mutuel dog track in southeast Kansas. The panel may face a mandamus action to retain the deposit as the nonprofit Sunflower group seeks a new developer within 60 days.
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