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About The daily Nebraskan. ([Lincoln, Neb.) 1901-current | View Entire Issue (Oct. 27, 1987)
News Digest— By The Associated Press Stocks Dost worst day since recent crash NEW YORK — The Dow Jones industrial average suffered its second largest point loss ever Monday, falling 157 points and wiping out most gains made after last week’s staggering 508-point plunge. The selling followed a record loss on the prime Hong Kong exchange, which lost one-third of its value on the first day of trading in a week. Tokyo, London and other foreign markets also had large losses. Investors appeared to be unmoved by deficit-reduction talks between President Reagan and congressional leaders that were called after last week’s market panic. “It’s a slow fade, sinking in the sunset,” said Dennis Jarrell, a techni cal analyst for the investment firm of Kidder, Peabody & Co. The value of all U.S. stocks Mon day fell $203 billion, or 8.4 percent, to $2.23 trillion, a one-day evaporation of wealth exceeded only by the $503 billion drop one week earlier. The Dow average of 30 industrials fell 156.83 points to 1,793.93. “It was a panic and it’s still in some degree continuing,” said Morton L. Brown Jr., research director for Ed ward D. Jones & Co., a St. Louis based brokerage company that serves small investors in 38 states. Trading volume on the New York Stock Exchange continued at a heavy pace. A total of 308.82 million shares changed hands, which made Monday the sixth busiest session on record. The New York and American stock exchanges, the Chicago Board Op tions Exchange, the Chicago Mercan tile Exchange, the Chicago Board of Trade and the midwest Stock Ex change announced they would close two hours early throughout the week, a policy begun late last week to cope with the heavy trading volume. The market’s decline is proving a blow for small companies that need to raise money for expansion and job creation, analysts said. Nervous in- into bigger ones, which they app. r vestors have been pulling their money ently believe are more stable in a time out of small companies and putting it of trouble._ Brian Barber/Daily Nebraskan Grave tour hits death spots HOLLYWOOD — A silver hearse eased up to the curb in the shadow of the famous Mann’s Chinese Theater and a man stepped out, dressed in a somber three-piece morning suit complete with gray spats and tails. “Are you here for the 12 o’clock tour?” asked W. Miller Maurer. “Yeah,”answered Bob Lampe and Kathy Cody, tourists from "" Dubuque, Iowa, grinning with enthusiasm. The Iowans were each given a complimentary calla lily, the tradi tional “flower of death.” They climbed into the seven-passenger hearse, and Maurer and Greg Smith, the “director of undertakings,” spir ited them away on Grave Line Tours — “a lively look at the deathstyles of the rich and famous.” “The Grave Line tour will show you the house where TV’s Super man was felled not by Kryptonite, but by his own speeding bullet,” their brochure says. “You’ll gawk at the spot where Marilyn Monroe posed for her famous nude calendar. .. You’ll careen around the comer where Montgomery Clift’s near fatal car accident wrecked his career and led to his demise.” The hearse glides daily past some 75 sites throughout Los Angeles and Beverly Hills, including the Chateau m mm Marmont Hotel, where comedian John Belushi died from a drug over dose on March 5,1982. Smith, 27, said he thought of the tour idea while working temporarily in a comedian’s home. He was as tounded at the number of tour vans that passed by, bullhorns blaring and cameras flashing. He bought a 1969 Cadillac hearse for $ 1,000 from a funeral home in Nebraska and had it converted for tourists. “Dead people didn’t bother me, so I figured I should capitalize on it,” Smith said. “When I told my dad my idea, he said he thought it was the ultimate in bad taste — and I knew I was onto something.” Keagan Dans imports trom Iran WASHINGTON — President Reagan moved Monday to banallU.S. imports from Iran, citing “the contin ued and increasingly bellicose behav ior” of the government of Ayatollah Ruhollah Khomeini in the Persian Gulf. Reagan said in a statement that he also was directing actions necessary for a ban “on the export to Iran of 14 broad categoricsof U.S. products with potential military application.” Reagan had been weighing such steps for several days alter a team of advisers in both the national security and economic areas had recom mended them. In asking the Stale Department and Treasury Department to take action “as soon as possible,” Reagan was using authority granted under a sec tion of the International Security and Cooperation Development Act. The punitive economic measures come after the military retaliation Reagan ordered last week against Iran following a Silkworm missile strike against a U.S.-flagged Kuwaiti oil vessel in Kuwaiti waters. In announcing Monday’s moves, Reagan said he had consulted with Congress in advance. In a statement, Reagan said, “The measures 1 am directing are a direct result of the Iranian government’s own actions, including its unprovoked attacks on U.S. forces and U.S. mer chant vessels." The president said the ban on imports will take effect “as soon as possible” and said the additional con trols on exports “will go into effect in a week to 10 days.” NetJrciskan Editor Mike Reilley 472-1766 Managing Editor Jen Deselms Assoc News Editors Jann Nylteler Mike Hooper Editorial Page Editor Jeanne Bourne Wire Editor Linda Hartmann - Copy Desk Chief Joan Rezac Sports Editor Jeff Apel Arts & Entertain ment Editoi Bill Allen . Asst Arts & Entertainment Editor Charles Lieurance Graphics Editor Mark Davis Asst Graphics Editor Tom Lauder Photo Chief Doug Carroll General Manager Daniel Shattil Production Manager Katherine Policky Advertising Manager Marcia Miller Asst Advertising Manager Bob Bates Creative Director MikeLosee Art Director Mark Hine Publications Board Chairman Don Johnson. 472 3611 Professional Adviser Don Walton. 473-7301 The Daily Nebraskan (USPS 144-080) is Rublished 6y the UNL Publications Board _ ebraska Union 34, 1400 R St . Lincoln. Neb 68588-0448, weekdays dui mg academic year (except holidays), weekly during the summer sessions Readers aie encouraged to submit story ideas and comments to The Daily Nebraskan hy phoning 472-1763 between 9 a m and 5 K m Monday through Friday The public also as access to the Publications Board For information, contact Don Johnson, 472-3611 Subscription price is $35 for one year Postmaster Send address changes to the Daily Nebraskan Nebraska Union 34, 1400 R St., Lincoln, Neb 68588 0448 Second-class postage paid at Lincoln. NE ALL MATERIAL COPYRIGHT 1907 DAILY NEBRASKAN Chinese peasants may benefit from Communist congress BEIJING — The government soon may allow Chinese peasants to buy and sell their land rights, letting some leave the land for good and other farm more efficiently on a larger scale, a Communist Partly official said Mon day. The announcement came as the party held its first national congress in five years to reaffirm top leader Deng Xiaoping’s policy of introducing market reforms and opening to the world. “We arc now considering the trans fer of (land) utilization rights,” Du Runsheng, head of the parly’s Rural Policy Research Office, said at a news conference. Du stressed that only land rights would be sold and not the land itself, which still is considered public prop erty even though communes have been dismantled and families farm separate plots. Monday’s meetings of the national congress were not open to foreign reporters, as was the opening session Sunday. The official Xinnua News Agency quoted acting party chief Zhao Ziyag as telling one discussion group that investment should be allowed to flow freely to whatever part of the country has the lowest costs and greatest effi ciency. Xinhua quoted Bo Yipo, vice chairman of the party’s advisory commission of retired officials, as saying the congress would be a mile stone in party history. The parly arranged what it said would be a daily news briefing for reporters. Monday’s featured Du and an official who discussed the problem of price controls. Investor shoots brokers MIAMI — An investor who reportedly suffered heavy stock market losses shot and killed one broker and critically wounded another in their Merrill Lynch brokerage office Monday, then turned and killed himself. The gunman, Arthur Kane, 53, of Miami, was dead at the scene, said Metro-Dade Police Cmdr. William Johnson. A Merrill Lynch spokesman said the slain brokerage manager was Jose F. Argilagos, 51. The wounded stockbroker was Lloyd Kolokoff, 39. Both were local vice presidents. Aaron Perry, a broker with Profile Investments, said friends at Merrill Lynch told him Kane wasa longtime customer who had received a margin call because of last week’s decline. “From what I’ve heard, the guy was overextended. We’re talking huge losses,” Perry said. Leaders agree to hold harsh budget remarks WASHINGTON — President Reagan and congressional leaders talked face to face Monday as they began a new effort to reduce the fed eral deficit, saying the need to reas sure the nation’s shaky financial markets added to the urgency of their task. The president met for nearly an hour with the Democratic and Repub lican leaders of Congress. Participants said there was no discussion of specif ics on such subjects as possible tax increases or spending cuts, but there was agreement on the importance of their task. “We have to be serious. All of us have to be serious,” said House Speaker Jim Wright, D-Tcxas. “Today’s session at the White House was the first move in a high stakes game that we can’t afford to lose,” said Senate Minority Leader Bob Dole, R-Kan. “We’re going to work as hard and fast as we can,” said Sen. Robert C. Byrd, D-W. Va., the Senate majority leader. House Majority Leader Thomas S. Foley, D-Wash., said to keep the talks going, “everybody agreed” not to make disparaging remarks about oth ers who might have different propos als. White House spokesman Marlin Fitzwatcr also said there was a “truce on critical comments.” And he said there would be little said while de tailed, substantive talks, scheduled to begin Tuesday, were under way. “We will, in effect, have a news lid on the specifics of the negotiations,” he said. The Monday meeting was a prel ude to the later talks on the meal and potatoes of drafting a S23 billion re duction in the fiscal 1988 deficit as called for by the Gramm-Rudman budget balancing law. If the talks fail to achieve that deficit reduction some other way, the law mandates across the-board cuts on Nov. 20. In Brief Assailants kill Salvadoran human rights activist SAN SALVADOR, El Salvador—Assailants shot and killed the 32 year-old president of the Salvadoran Human Rights Commission Monday as he left his home in the capital, police and military sources said. I he sources said two men using handguns equipped with silencers assassinated Herbert Ernest Anaya as he approached his parked car. Anaya is the fourth member of the commission to be assassinated since 1980. A lifth member was kidnapped and has not been heard from. First lady's mother dies in her Phoenix home PHOENIX — Edith Davis, the mother of Nancy Reagan, died on Monday at her home here of “cerebral thrombosis,” a form of stroke caused by a blood clot in the brain. Davis, 91, the wife of the late Chicago neurosurgeon Loyal Davis, had been ill for several years. President Reagan and the first lady are expected to travel to Phoenix today. 39 percent of state savings and loans in red More than a third of the 23 savings and loans in Nebraska lost money m the six months ended June 30, according to figures compiled by the Federal Home Lx>an Bank Board. ■ and loan companies, or 39 percent of those operating in the state, lost money during the period, compared to eight in the previous six months. • 6 Commissioners oppose nuke dump construction OSHKOSH —- Garden County Commissioners voted 3-0 Monday to oppose construction of any low-level nuclear waste dump in the county a ter receiving a petition signed by 1,062 people who also arc opposed to the construction. r US Ecology has been selected by the five state Central Interstate Low-Level Radioactive Waste Compact to build a storage site for waste generated in Nebraska, Oklahoma, Arkansas, Kansas and Louisiana. A OshkoshlaUVe °f thC dump dcve,°Pcr had been invited to speak at Iranian urges mobilization for war with U.S. KUWAIT An Iranian leader Monday urged Iran to mobilize for an all-out war against the United Slates, and senior officials from Iraq ^ discuss a coordinated defense against Iran. British officials meanwhile confirmed that Kuwait has registered lWhi°d,LS British flag and is in the process of registering