By The
Associated Press
Edited by Kristine Long
NEWS DIGEST
Nebraskan
Tuesday, April 5, 1994
Sellers refuse to give up on stock market
NEW YORK—Slocks plummeted
again Monday in violent spasms of
selling that sent the Dow Jones indus
trial average down more than 40 points
to a six-month low, renewing a de
cline that gripped the market last week.
No signs existed of a more cathar
tic drop in stocks as some investment
professionals had feared during the
Easter weekend. Although the market
bounced around in heavy trading,
buyers emerged tocxploit price drops.
In addition, anecdotal evidence
showed millions of small investors
haven’t been goaded into selling — a
healthy sign.
At Fidelity Investments, the
nation’s leading purveyor of mutual
funds, spokeswoman Jane Jamieson
said phone volumes were heavy but
selling was not significant. Millions
of individuals own stocks through the
purchase of mutual funds.
“The outflows from our stock funds
are quite small,” Jamieson said. At
some points during the day, she said
“there was more buying activity than
selling.”
Most traders attributed the stock
market’s behavior to heavy selling in
the bond market, a powerful barom
eter of interest rate trends, where big
investors have been dumping bonds
on fears rales will continue rising.
Higher interest rates tend to make
stocks and bonds worth less.
By the end of the day, several.big
investment firms were recommend
ing purchases of stocks and bonds,
asserting they were underpriced.
The Dow average of 30 premier
U.S. stocks plummeted more than 60
points at the outset of trading, yo-yoed
in negative territory and finished at
3,593.35, down 42.61 points from
Thursday and the lowest point since
Oct. 11.
The average is now off 4.5 percent
from a week ago and 9.7 percent from
its all-time high of 3,978.36 on Jan.
31. Broader measurements of stock
U.N. helpless against Serb bombing
SARAJEVO, Bosnia-Hcrzcgovina
— Gorazdc, the city that has been the
site of some of the Bosnian war’s
fiercest fighting and the United Na
tions’ greatest frustrations, was again
under attack Monday, Bosnian radio
reported.
Lt. Gen. Sir Michael Rose, the
U.N. commander in Bosnia, is plan
ning to visit Gorazde Wednesday, but
it is not clear what he can accomplish.
With only four military observers in
Gorazdc, the United Nations has ap
peared helpless as Bosnian Serbs shell
the city of 65,000 people. Rose’s
planned visit was announced by U.N.
spokesman Maj. Rob Annink after
Rose met with Bosnian Serb officials
in their stronghold of Pale.
Rose had recently tried to play
down the possibility of Gorazde fall
ing, and may have been slung when
the city’s mayor. Ismct Bnga. on Sun
day invited him to visit “and witness
the suffering of its citizens."
Bonsian radio said the Serb forces
had launched an especially heavy at
tack Monday morning. A local ham
radio reporter, Mustafa Kurlovic.said
some of the front lines were “literally
in llames.”
U.N. officials say they can do little
to supplement their military contin
gent in the Muslim enclave because of
Serb intransigence and a shortage of
peacekeeping troops.
Annink said earlier Monday that
Serbs had rejected U.N. plans to send
more observers because of what they
claimed was a “Muslim offensive.”
“So it is off for the moment,” he
said, even though it was “very clear”
that Serbs, not the Bosnian govern
ment army, were on the offensive.
By taking the Gorazdc area, 35
miles southeast of Sarajevo, the Serbs
could consolidate control over strate
gic supply routes linking their south
ern holdings.
Efforts to get humanitarian aid into
Gorazdc depend on the whim of Serb
commanders. They “explicitly” re
jected a request Monday to send a
U.N. convoy, said Kris Janowski of
the U.N. High Commissioner for Refu
gees.
U.N. officials say they have no way
of verifying all government or Serb
claims about fighting and casualties
around Gorazdc because they have
only four observers there who have
chosen to stay together rather than
split up in dangerous territory.
Bosnia
update
LD In northern Prijedor, Sunday, Bosnian
Serb authorities admitted that 19
were killed. 17 Muslims and two
The International Committee of the Red
Cross plans to help evacuate thousands
of Muslims and Croats from the area.
CD In eastern Bosnia, the Muslim
enclave of Goratde was reported under
steoe from a coordinated Serb infantry,
artittery and tank attack. A ham radio
operator in (he town said some of the
confrontation lines were "fiterafly in
flames ’' Nearly 50 people were reported
kffled over Ihe past week.
AP
Free Computer
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The Computing Resource Center is offering free
microcomputer classes to UNL students. The classes will
feature an introduction to Microsoft Word for the
Macintosh and WordPerfect for IBM machines. No
reservations are required.
Introduction to WordPerfect for IBM
Thursday, April 14 3:00-4:30 Sandoz lab
Introduction to Microsoft Word for Macintosh
Tuesday, April 12 3:00 - 4:00 Andrews Hall lab
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J k
values also tumbled Monday and de
clining stocks outnumbered advanc
ing stocks by a margin of 6-to-1.
A report from a national group of
factory purchasing managers show
ing the economy grew in March for
the seventh straight month had little
effect on the market.
The decline in the stock and bond
markets during the past few months
has been widely blamed on the Fed
eral Reserve’s moves to raise short
term interest rales Feb. 4 and March
23, reversing a 5-year-old strategy of
lower rates to stimulate the economy.
The Fed has said higher rates were
needed to thwart inflation, a step that
presumably was meant to reassure
investors concerned that faster eco
nomic growth would lead to higher
inflation and erode the value ofstocks
and bonds.
The Fed’s moves have created un
certainty over when interest rates will
stabilize. If rates continue to rise they
could threaten the economy’s recov
ery from the 1990-91 recession.
Trcasury Secretary Lloyd Bentscn,
during a visit Monday to Hartford,
Conn., said he had no concerns about
what was happening in the stock mar
ket.
Young militants protest
withdrawal from Gaza
DEIR EL BALAH, Occupied
Gaza Strip — Monday was mov
ing day for the Israeli army at their
Gaza Strip headquarters.
After 27 years of occupation,
changes demanded by Palestinian
leaders are finally starting to take
shape, not only in Dcirel Balahbul
at other sites in the Gaza Strip and
West Bank town of Jericho.
Foryoungmilitantsdismantling
bases is too little to be convincing.
Soldiers still patrol the streets, and
Palestin ians remain wary of Israel’s
intentions, especially since the
army is building new outposts to
guard Jewish settlements that will
not be uprooted.
So even though the moving was
a visible sign of Israel’s intent to
leave. Palest in lan youths with si mg
shots lobbed stones at jeeps. T roops
gave chase, firing plastic bullets
and tear gas, wounding two Arabs.
“We don’t want peace. There
will be stones every day,” shouted
the youths.
Some soldiers appeared bew il
dered about why the Palestinians
were throwing stones while they
were pull i ng up stakes. "They don' t
want us to leave?” asked one.
Soldiers kept loading the trailer
during the melee.
Maj. Udi, a military commander
in Deircl Balah, said his unit was
being moved to guard Gush Katif
in Gaza, where more than 4,000
Jewish settlers live.
Udi said that even while the
army was still in full control, his
soldiers had orders not to patrol in
the nearby Palestinian refugee
camps of Burcij, Nuseirat and
Mughazi unless absolutely neces
sary.
Israel and the PLO resumed
accelerated talks in Cairo on Mon
day. Chief PLO negotiator Nabil
Shaath said heexpected agreement
soon on the size and timetable of
the Palestinian police force to pa
trol the autonomous areas.
A trip expected Monday by se
nior officers to inspect Gaza facili
ties w as postponed. About 300 po
lice are due to be sent in the au
tonomy areas by Thursday for ad
ministrative purposes. Up to 50
deportees, including some top
Arafat aides, are due to cross into
the occupied areas from Jordan
and Egypt starting Tuesday.
Supreme Court decides
trash fees must be uniform
WASHINGTON — The Supreme
Court, further frustrating states’ ef
forts to avoid getting garbage from
other states, ruled Monday that dis
posal fees for out-of-state trash can’t
be higher than those for in-state trash.
The 7-2 decision struck down
Oregon’spracticeofimposinga$2.25
per-ton disposal fee for out-of-state
solid waste and an 85-ccnt fee for
waste generated in the stale.
The differing fees unfairly inter
fere with interstate commerce, the
court said.
In its decision on garbage, the court
said differing fees were not justified
just because in-state businesses with
garbage to dump pay regulatory and
disposal costs as part of their general
state taxes.
The justices had been told that
allowing such different feescould also
affect hunting licenses, toll roads and
even police protection afforded out
r
of-slate visitors.
In other matters, the court:
• Agreed to decide in a Illinois
case whether people upset over new
restrictions in an airline’s frequent
flier program may sue in state courts
for monetary damages.
• Said it would decide in an Iowa
case whether businesses must negoti
ate with employee unions over plans
to relocate part of their operations.
• Lcfl intact Louisiana’s ban on
electioneering and all other political
activities within 600 feet of polling
places on election days. The ban had
been challenged as a violation offree
specch rights.
• Voted to decide in a case from
Ohio whether prosecutors or defen
dants have the burden of proving in
federal courts theefTccts constitutional
errors had on slate criminal prosecu
tions.
1
Nebraskan
Editor Jeremy Fitzpatrick
472-1766
Managing Eduor Adaana Laftin
Assoc News Editors Jaft Zalany
Slava Smith
Editorial Page Editor Rainbow Rowall
Wire Eduor Kristina Long
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General Manager
Production Manager
Jeff Robb
Matt Woody
DeOra Janssen
Melissa Dunne
Jamas Mehsling
Dsn Shattll
Katherine Policy
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