16 Nov 1991
Page 1
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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Nov 16, 1991
Page
1
The Cleveland Indians shipped righty Greg Swindell to Cincinnati for three pitchers led by Jack Armstrong and Scott Scudder and included minor leaguer Joe Turek. Details in Saturday Sports.
A regional cease-fire is announced amid ongoing Yugoslav clashes. The development comes as international observers monitor the fragile truce, with concerns over compliance and potential continued hostilities.
Knight Ridder reports a Friday plunge in the Dow Jones industrial average by 120.31 points, erasing $132.5 billion in value in late trading and reviving 1987 fears. Traders split on Monday’s outlook as biotechnology-led selling spread, aided by computer assisted trading and rising panic.
Brokers report no panic in streets after Friday 120 point Dow drop. Elyria brokers note busy day from investor calls but expect no steep fall on Monday. Dow ends at 2943.20 down 3.9 percent. week loss 102.42. Experts cite recession and confidence issues as drivers. dividend stocks seen steadier while low or no dividend shares may suffer.
In Lorain Ohio a former Pruitt Grace paint and striping plant on West 15th Street is being cleaned as a Superfund hazardous waste site. EPA crews test drums of solvent and paint waste, with cleanup costs up to eighty thousand dollars and a ten day site stay to determine disposal.
Elyria residents debate possible U S military action after the Pan Am Flight 103 destruction over Lockerbie. Some urge restraint citing civilian harm, others support targeted measures against Libyan officials, while many stress ensuring the right suspects and avoiding escalation.
President Bush signed a 5.3 billion unemployment benefits bill that could add 13 to 20 weeks of aid for about 2.8 million unemployed Americans, with Senate approval 91-2 and House consideration expected next week. Critics noted delays and allocation disputes while praising the expanded safety net.
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