Wednesday
—
I WEATHER: Wednesday, mostly
I sunny and warmer. High around 65.
I Wednesday night, fair with a low in the
I mid-30s. Thursday partly sunny.
I High in the upper 60s.
October 28, 1987
Lincoln authorities say crash no disaster
By Amy Edwards
Senior Reporter
As Thursday ’ s anniversary of the great stock
market crash of 1929 approaches, Lincoln
investors and economists say last week’s
“Black Monday” is not as devastating as some
people thought.
The Dow Jones industrial average was up
52.55 points at closing Tuesday, and a prelimi
nary calculation put the average at 1,846.48.
Nine stocks were up in price for every eigh t that
were down.
Although the stock market crashed last
week, University of Nebraska officials were
not too worried about NU’s investments, said
Ed Hirsch, chairman of the board of the NU
Foundation.
The NU Foundation, which raises money for
the university, has an endowment of about $90
million, Hirsch said. Fifty percent of this en
dowment is invested in treasury bonds and 50
percent is invested in stocks and equities.
Cameron Hinds, vice president of First
Commerce Investors and a financial adviser to
the NU Foundation, said that although the asset
value of the foundation’s investments have
dropped, the income from those assets will not
change.
Hirsch said the drop in asset value is nota big
I-E---—
concern.
“What we’re interested in is how much
money we have for scholarships, not how much
the investment is worth on paper,” Hirsch said.
Hinds said the broker’s responsibility is to
preserve a client’s capital gain. Long-term
investors are not as harshly affected by the
market crash because they don’t sell invest
ments right away.
Few people have been so concerned that
they have sold all their stocks, Hinds said.
Gary Hoebelheinrich, resident manager for
Dain Bosworth Inc., in Lincoln, said the buying
and selling of stocks depends on the client or
broker.
People who invest in defensive slocks,
which are sold by companies that sell goods like
tobacco, utilities and drugs, are not affected as
much by the market crash, Hoebelheinrich
said.
The major damage the crash caused is to the
psychology of the market. Hoebelheinrich said
there is no way to tell how long the problem will
continue.
Wallace Peterson, University of Nebraska
Lincoln economics professor, said the psycho
logical effect of the market crash is the terror it
caused for people who had everything they
owned invested in stocks.
OCT. OCT. OCT. OCT. OCT. OCT. OCT. OCT. OCT.
15 16 19 20 21 22 23 26 27
John Bruce/Daily Nebraskan
Peterson said the problem started Thursday
and Friday and “snowballed” because investors
had time to panic over the weekend.
There is no way to tell when the problem will
end, Peterson said.
“The conventional idea is that the president
and Congress will get together and do some
thing about the budget,” Peterson said.
The stock market is not directly related to
the government’s fiscal policy. However, Pe
terson said, if the president raises taxes to help
the budget, the economy could fail and people
won’t invest in the market.
“It’s a delicate situation,” Peterson said.
“The stock market is kind of like a casino
operation. It’s all a gamble.”
$200,000 needed
for indoor field
By Gretchen Boehr
Staff Reporter
3 Despite a shortage of $200,000 for the stu
dent recreation center and indoor practice field,
the practice field will be finished by about Nov.
1, officials said.
Harley Schrader, Physical Plant director,
said Tuesday that workers are about one-fourth
finished laying down the turf.
The interior will be finished after the turf is
laid and the goalposts are installed, he said.
The exterior also needs to be finished,
Schrader said, but workers will be able to
complete the outside of the building while the
football team practices inside.
Schrader said the football team probably
will practice outside as long as the weather is
nice. The team can play indoors about Nov. 1
when the turf is in and goalposts are installed,
he said.
Phase lb and phase II of the construe lion are
scheduled to start Jan. 1, Schrader said. These
phases will include the addition to the Coli
seum, the construction of racquetball courts
and the remodeling of the Coliseum swimming
pool, he said.
“Hopefully we’ll have this up for bids soon
so we can start around the first of March on
phase IB,” Schrader said.
Edward Hirsch, chairman of the NU Foun
dation board, said the foundation still needs to
See REC on 3
, Andrea Hoy/DaHy Nebraskan
Many ways to get a head
Todd Roscoe, Thingsville employee, displays one of many Halloween masks for sale at the Centrum store. Darrin
Swanson, another employee, said masks cost $4.99 to $48. He said the store has already sold more than 50 percent
of its masks.
Rec center nearly ready to be named, used
From Staff and Wire Reports
The indoor practice field, expected
to be ready for use by the Nebraska
football team next Monday, could be
called the George B. C<x>k Field if
approved by university officials.
The Central Planning Committee
will meet Thursday to vote on name
proposals for the indtxir practice field
and the Home Management B Build
ing on East Campus.
The S3.5 million heated structure
would be named in honor of C<x>k, a
former president of Bankers Life
Nebraska in Lincoln, “because he has
been so supportive of this as well as
many other projects on campus,” said
John Benson, interim direclorof Insti
tutional Research and Planning and
chairman of the planning committee.
Cook, 76, a former president of the
board of the NU Foundation, has
helped raise money for projects such
as the Lied Center for Performing
Arts.
NU football coach Tom Osborne
said Monday that the field would be
named for a major donor, but did not
announce the donor’s name.
Hd Hirsch, chairman of the Board
of Directors of the NU Foundation,
said Cook was among the thousands of
people who donated to the indoor
practice field. Hirsch said the founda
tion submitted a name for considera
lion, bui would noi release the name.
Alicr ihc hearing, ihc proposed
name will go lo Chancellor Marlin
Massengalc for approval, then to the
Board of Regents, Benson said. The
committee will meet at 3:30 pm.
Thursday in Administration Buildiny
201.
James Griesen, vice chancellor for
student affairs, said the field could be
dedicated as early as Nov. 21.
Griesen said the second phase of
the project w ill involve an assessment
of student fees lor maintenance and
operation after the center is com
pleted. The construction of the field is
financed completely by private dona
tions.
Fees will be adjusted after various
phases of the project are finished. A
student fee of S3 will be assessed next
fall and another $5 will be added to
that in January 1990, Gricsen said.
The second phase, the construe lion
of three levels of racquclball courts in
the existing 11 y loft of the Coliseum
stage, “will be an economical use of
space that was not usable before,”
Benson said. The basement pool will
be renovated and a new building bo
tween the Coliseum and the Military
and Naval Science Building will
house a weight loom, track and gym.
There w ill be a new entrance on 14ih
Street.
The third phase ol the center is the
complete renovation ol the existing
Coliseum and th* installation ofa new
gym floor 12 feet above the current
one. Gricscn saul the present floor will
be converted into expanded labs,
classrooms and offices ior the health
ind ph> ' education department
now ho J in the Coliseum and
Mabel l ce Hall. Four multipurpose
courts and a competition volleyball
court will be built on the second floor
to take advantage of the remaining
fi xed seals there, he said. Only the first
level of fixed seating w ill be removed.
Benson said, “The football field
w ill be open to students during the day
See REC on 9
'Triple Towers’ to pace NU-p*e«