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: Contras
Dow Jones shows 40-point rally
dollar weakens to record low
Friday, November 6,1987/The Battalion/Page 7
NEW YORK (AP) — Falling inter
est rates rallied stocks and boosted
he Dow Jones average by 40 points
Thursday, but fear that the Reagan
administration has abandoned the
dollar hurtled the weakened cur
rency to record lows.
The Wall Street rally came despite
a stock slump abroad and Washing
ton’s inaction on trimming the bud
get deficit.
The tension has eased; you’ve
got a lot more people trying to be
evel-headed,” said Richard Wholey,
an analyst at the Chicago investment
firm of Wayne Hummer & Co.
“We’re not allowing declines in the
Senate OKs
treaty to end
sea dumping
WASHINGTON (AP) — The
Senate unanimously ratified an
international treaty Thursday
banning the dumping of plastic
garbage in the world’s seas, add
ing a recommendation that the
Gulf of Mexico be named a spe
cial no-dumping zone.
The plastics agreement, known
as Annex V of the International
Convention for the Prevention of
Pollution from Ships, goes into
effect one year after nations rep
resenting half of the world’s ship
ping tonnage have approved it.
The treaty, ratified by a 93-0
vote, would prohibit the dumping
of plastic garbage anywhere in
the ocean and ban the disposal of
all garbage other than foodstuffs
within 12 miles of land.
Adherents are pushing for
quick processing of the docu
ments by the United States be
cause American shipping ton
nage, currently 4.8 percent of
world levels, would put the treaty
over the 50-percent mark.
Ratification earlier this year by
the Soviet Union, which rep
resents 6.2 percent of the world’s
shipping, brought the total to 48
percent.
One impediment to quick ac
tion is a State Department policy
of not officially delivering a treaty
unless it has accompanying legis
lation defining and authorizing
how the United States will en
force it.
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dollar and foreign stock markets to
dictate which direction we’re going
to head,” he said.
The key Dow Jones industrial av
erage of 30 blue-chip stocks, which
lost nearly 70 points in the previous
two sessions and remains shaky from
its 508-point loss Oct. 19, rose in late
trading to close at 1,985.41, up
40.12.
The value of all U.S. stocks rose
by $46.6 billion, according to the
Wilshire Associates 5,000 Equity In
dex.
Other broad market barometers
also rose, and gaining stocks out
numbered losers by about 3-to-l on
the New York Stock Exchange,
where nearly 226 million shares
were traded despite curtailed busi
ness hours.
The stock exchange, which has
operated under a restricted schedule
since the collapse, plans to return to
its regular 4 p.m. EST close Monday.
Trading closed an hour early Thurs
day and will do so Friday.
The rally came after major U.S.
banks trimmed their prime lending
rate from 9 percent to 8.75 percent.
West German and Swiss central
banks cut rates as well.
The lower rates also benefited the
bond market because they damp
ened prospects of inflation, which
erodes the value of fixed-income in
vestments. The Treasury’s key 30-
year issue rose nearly $20 per $ 1,000
in face amount and its yield fell to
8.76 percent from 8.93 percent late
Wednesday. The interest-rate moves
prompted speculation that the Fed
eral Reserve, the nation’s central
i bank, would ease credit further by
lowering the discount rate, the lend
ing fee to financial institutions, as
part of a broader strategy to escape a
possible recession in the aftermath
of the market collapse.
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South Africa gives freedom
to 77-year-old ANC leader
PORT ELIZABETH, South Af
rica (AP) — Govan Mbeki, a 77-year-
old leader of the outlawed African
National Congress, was freed Thurs
day after 23 years in prison and said
he still embraces the ideas for which
he was jailed.
The government also released six
other men — four black and two
white — who were jailed for politi
cally related crimes, and issued a ban
that was to forbid Mbeki from being
quoted by South African media after
Thursday.
Mbeki’s release, first hinted at in
August, heightened speculation that
other prominent black prisoners
such as Nelson Mandela may soon be
released.
Mandela and Mbeki were among
Ginsburg
eight senior ANC members who had
been jailed for life following their
convictions in 1964 on charges of
sabotage.
Many black South Africans regard
the men, particularly Mandela, as
their political leaders.
“I was informed I was being re
leased unconditionally,” Mbeki, the
former ANC national chairman, said
in Port Elizabeth, where he was
flown following his release from
Robben Island prison, which is near
Cape Town.
“The ideas for which I went to jail
and for which the ANC stands, I still
embrace,” said the gray-haired intel
lectual.
He said he still considered himself
a member of the ANC and the South
African Communist Party, both of
which are outlawed.
The ANC’s goals are the end of
apartheid and institution of a one-
man, one-vote system.
It says those goals can only be
achieved by the overthrow of South
Africa’s white-led government.
Black anti-apartheid activists reac
ted to the release of Mbeki by renew
ing their calls for freedom of Man
dela.
Political observers say Mbeki was
released either because the govern
ment did not want Mbeki, who had
been reported in ill health, to die in
jail, or the release is intended to im
press government critics at home
and abroad.
AGGIELAND
YEARBOOKS
ARE NOW
HERE!
(Continued from page 1)
use was to be broadcast.
Senate Democratic Leader Robert
C. Byrd of West Virginia had no im
mediate comment, and Judiciary
Committee Chairman Joseph R. Bi-
den Jr., D-Del., could not be
reached.
However, speaking on condition
he not be named, one senior Demo
cratic congressional aide said of
Ginsburg and the nomination, “He’s
a goner because the Republicans will
not be able to abide him as their
nominee.”
And one Republican senator who
has supported Ginsburg, also speak
ing only on condition of anonymity,
said, “It’s not good news. It’s bound
to hurt. ... If public opinion rises
against him.” The senator said it
could cause the administration to
withdraw the nomination.
The Senate Judiciary Committee
is preparing to hold hearings on the
nomination next month and already
questions have arisen about Gins-
burg’s participation as a Justice De
partment official in cable television
cases while he held a large invest
ment in a cable television company.
Said White House spokesman
Marlin Fitzwater:
“The president accepts his
statement, doesn’t feel that it influ
ences his judicial qualifications, and
the president stands by fiis nomi
nation.”
One White House official, speak
ing only on condition he not be iden
tified, said “there was no indication”
of any drug use on Ginsburg’s part
in a preliminary FBI report received
by the White House.
“Judge Ginsburg was asked the
standard question, as all appointees
are asked, if there was anything else
in their background, but it did not
surface,” the official said.
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