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.
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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?
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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.
Immediately after the justices
handed down their list of actions
on pending appeals, they began
to hear oral arguments in one of
the most controversial cases on
their docket; whether private
schools that practice racial dis
crimination can be exempted
from paying taxes.
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