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About The Battalion. (College Station, Tex.) 1893-current | View Entire Issue (Oct. 13, 1982)
national Battalion/Page 13 October 13, 1982 Dow Jones falls; still above 1,000 United Press International NEW YORK — The Dow Jones industrial average moved lower Tuesday but stayed above the 1,000 level as the stock market’s Great Stampede ran into some pro fit-taking. Trading was heavy. The Dow Tones industrial average, which climbed 25.94 points Monday to a 17-month high, was off 5.52 to 1,007.27 at 11 a.m. EDT. Monday’s close was the highest since 1,016.93 on April 28, 1981. Advances led delining issues by an 8-5 margin. Investors were encouraged when Morgan Guaranty Trust of New York, respond ing to the Federal Reserve’s easier credit stance, cut its prime lending rate to 12 per cent from 13 percent, the lowest level in more than two years. But prices began to recede amid investor disappointment that no other major bank fol lowed Morgan’s lead. The New York Stock Ex change volume in the first hour amounted to about 35.16 million shares com- t )ared with about 36.58 mil- ion in the same period the day before. Monday’s turnover of 138,530,000 shares was second only to the 147,070,000 traded last Thursday. The New York Stock Exchange tape was 36 minutes late at the closing bell of the buying binge. The Dow, which finished above 1,000 for the 107th time in its 86-year history, has gained 235.87 points since the rally began Aug. 13 and 109.61 in just the past five ses sions. Some investors are like ly to take profits now that ex perts believe a major bull mar ket is under way and will last up to two years because inves tors apparently are anticipat ing a strong economic recov ery several months from now. In Dallas, President Reagan called the stock market’s surge a “leading indicator” of the economy and said investors’ “commitment to put cold, hard cash on the line signals a vote of confidence in Amer ica’s future.” Larry Waddington, Dean Witter Reynolds vice presi dent in Atlanta, said breaking through the 1,000 level “doesn’t mean that much any more. It’s done it before and failed to hold.” But “with the strength this market is exhibiting, I would not be surprised to see it hit an all-time high,” he said. The Federal Reserve set the stage for the latest surge Fri day when it confirmed specu lation by lowering its discount rate a half point to a four-year low of 9 percent. The Fed and Paul Volcker, its chairman, have indicated the board will not tighten cre dit even though the nation’s money supply growth is ex pected to soar far above targets this month. Despite Volcker’s protests, many analysts believe the Fed is loosening because of the November elections. Appeals to continue in sterilization case United Press International WASH INGTON — The Sup reme Court Tuesday spurned a plea from a giant chemical com pany trying to stop legal action over its requirement that some of its women employees be ster ilized or lose their jobs. Without comment, the jus tices let stand a ruling allowing the women employees to attempt to reinstate a fine against American Cyanamid Co. for violations of job safety rules. American Cyanamid appealed. On different grounds, both an administrative law judge and an OSH A review commission dismissed the cita tion against the company. The workers appealed to the U.S. Circuit Court of Appeals in the District of Columbia, which agreed to hear the case. But be fore that court could take up the dispute, American Cyanamid turned to the Supreme Court to block any further action. The high court refused to in tervene, allowing the appeals court action to proceed. The plan was supposed to guard against birth defects by keeping women of child-bearing age from working in an area where they might be exposed to levels of lead considered toxic for fetuses. The policy required women workers between ages 16-50 either to be sterilized by April 1978 or to transfer to one of three departments where lead was not used. The problem was that only seven job openings were available for the 30 women affected by the policy. American Cyanamid, based in Wayne, N.J., adopted a “fetus protection policy” at its Willow Island, W.Va., plant in 1977. Ski Winter Park Ski Winter Park, Colorado January 11-31 Stay in condominiums for as little as $ 10° 0 per person, per night (5 night minimum). Airfare out of Houston starting as low as $ 149 00 roundtrip... tickets must be purchased by October 31, 1982. Space is Limited, so book NOW! American Passenger Travel fy T T n ’ ■ on 693-2689 Culpepper Plaza Tylenol tips flood police United Press International CHICAGO — A South Caro lina woman claims she knows who killed seven people with cyanide-filled ExtraStrength Tylenol capsules, but investiga tors say she is just one of more than 100 psychics who have pro vided a flood of tips. Elizabeth Barron, of Mount Pleasant, S.C., said Monday she is a psychic and has sent a letter and a tape recording to the task force. They included the de scription and location of the kil ler, she said. A task force of federal, state and local investigators is seeking the culprit who put toxic cyanide into the pain relief capsules. Officials have logged hundreds of calls on a telephone “hot line.” The hunt, punctuated by attention-grabbing develop ments last week, settled into the lull of dogged work Monday. “Leads continue to be fol lowed, otherwise (there have been) no significant reportable changes in status,” said Mort Friedman of the Illinois Depart ment of Law Enforcement. The task force has received more than 1,000 tips. A compu ter is being used to neep track of some of the information. An original list of 24 suspects has been pared down to about four since the deaths were first made public Sept. 30. Illinois Attorney General Tyrone Fahner canceled his twice daily news briefings and spokesmen said briefings would be called when new information was available. Fahner cited the costliness of the investigation, saying ex penses could easily top several hundred thousand dollars. Friedman would not directly comment on Barron’s state ments, but gave some figures. “I will not comment on indi vidual persons who have contri buted individual information,” he said. “We have received over 100 calls from psychics and all have been faithfully reported. “I won’t confirm or deny ex cept to say we’ve recorded all of them.” News executives at three televi sion stations in Omaha, Neb., said they plan to comply with FBI subpoenas to turn over videotape taken at the funeral of cyanide victim Paula Prince. The subpoetias ask for videotapes and outtakes from the funeral of Prince, 35, to be turned over by Wednesday. The cyanide victims included Sept. 29. His brother Stanley, 2? Mary Kellerman, 12, of sub- died Sept. 30, and Stanley’s wif urban Elk Grove Village, who died Sept. 29; Adam Janus, 27, of Teresa, 19, died Oct. 1, aft* Arlington Heights, who also died going into a coma. WATCH THIS SPACE FOR OUR SPECIALS Buffet Special ALL YOU CAN EAT 11 a.m.-2 p.m. *3 49 \ SHILOH PLACE SKAGGS CENTER DELIVERY 693-0035 BRYAN 846-4809 TEXAS AVE. 846-3412 100 N. MAIN NOW OPEN SHILOH PLACE 779-2431 775-6788 aaocaa \ * Five workers underwent voluntary sterilizations to keep their jobs. Four later said they deeply regretted it. Two women who refused to be sterilized were transferred to lower payingjobs. The Oil, Chemical and Ato mic Workers International Un ion, which represented the women, complained to the Labor Department. The agency investigated and cited American Cyanamid for violating the Occupational Safety and Health Act and fined the company $10,000. 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