Stocks fall again, cancels former gains By RICK GLADSTONE AP Business Writer NEW YORK Stocks tumbled in frantic trading yesterday, dousing hopes of quick recovery from the market's historic crash and raising fears that violent financial spasms may afflict the world indefinitely. The Dow Jones average of 30 industrial stocks, the nation's best-known barometer of stock values, fell 77.42 points to 1,950.43 at closing. Losing stocks swamped gainers by a 5-to-1 margin on the New York exchange. Volume exceeded 392 million shares in the fourth busiest trading day ever. Stocks also dropped sharply in London, wiping out more than two-thirds of the gains in Wednesday's record trading. In an unusual step, the New York and American stock exchanges announced yesterday they would shorten each of their next three trading sessions by two hours to process the crushing volume of the last week. The New York exchange processed almost 2.5 billion shares since Friday, said NYSE Chairman John Phelan. The exchanges will close at 2 p.m. today, Monday and Tuesday, and will open as usual at 9:30 a.m. At one point yesterday, the Dow was down 140 points and bobbed violently afterward at sharply lower levels. "The market's extremely fragile," said Peter J. Da- Puzzo, manager of the retail equity group at Shearson Lehman Brothers Inc. in New York. "Any negative news causes it to break and people to sell out equities. There's Locals discuss plan to save farm lands By RICK WOODWARD Collegian Staff Writer When Pennsylvania voters hit the polls Nov. 3, they will vote on a refer endum asking for $lOO million to save the state's farmland. State and local officials discussed the referendum with the public at a meeting last night at the State Col lege Area Senior High School, 653 Westerly Parkway. The referendum allocates $lOO mil lion to buy conservation easements on farm property which would pro hibit non-agricultural development on those properties. The amount of available farm land is rapidly diminishing in Pennsylva nia. Between 1975 and 1985, an aver age of 90,000 acres were lost each year. This land must be preserved, said Rep. Sam Morris, Agricultural and Rural Affairs Committee chairman. "As Roy Rogers said, they're not making (farm land) any more," he joked. Morris said he does not see the move as "the heavy hand of govern ment enslaving the farmers," be cause individual farmers can choose whether or not to sell the easements. State Department of Environmen tal Resources Secretary Art Davis said the state needs agricultural products. Some critics of the referendum have stated there is actually a sur plus of agricultural products. However, Davis said there is over producton of corn, soy beans and cotton, but not what Pennsylvanians need their own food. Commonwealth residents need fresh homegrown food because they cannot depend on supplies from other states, he said, explaining that in the South and Southwest, irrigated lands have been drying up. In addition to providing insurance Please see FARM, Page 12. Some still not certain about bursar's receipt By CINDY FREDERIK Collegian Staff Writer Students have been required to carry a Universty bursar receipt card for proof of enrollment status since the Fall of 1985. Two years after this change, some students are still confused about the card's purpose. Chris Beahan, (senior-aero space engineering) said, "That little square thing?" joking that he uses it "at least twice a day." • Bridget Hartman ( junior -nurs ing) said she never has used hers, _7-- --- H llr------ fyi Remember to set the clocks back one hour on Sunday. weather This afternoon variable cloudiness, high 53. Tonight mostly clear, low 35. Saturday partly sunny and milder Ross Dickman the daily Analysts blamed the fresh slide on everything from rumor-mongering about another collapse to hostility in the Persian Gulf. Some said the only buyers were compa nies repurchasing their stock at what they consider bargain rates. "We are not seeing any good buying interest from the big institutional investors;' said Philip C. Puccio, senior ma=:3 e will go goolonalrmikeo4 - 0001 43"1911 frkit" 441,1 - *NI Yamikki but carries it because "Dad told me to." Before Fall 1985, the University issued stickers that were attached to IDs to show students' current enrollment status. Students were required to go to the registrar's office to pick up the sticker. The cost of the stickers, com bined with a new computer system that provides information such as enrollment status, caused the Uni versity to phase out the stickers all together, said University Resist rar Warren Haffner. Please see RECEIPT, Page 12 Collegian so much tension and nervousness, the confidence level is very close to zero." The value of all U.S. stocks fell $107.79 billion, wiping out nearly half the recovery of the previous two days, according to the Wilshire Associates 5,000 Equity Index of stocks. The drop represented 4.2 percent of the total valuation of $2.4 trillion. The frantic selling that gripped the New York and London exchanges much of the day reverberated through every other market, eroding the dollar's value and pushing up the price of U.S. treasury bonds and gold in a migration to safe-haven securities. "The stock market doesn't know what to do," said Robert Brusca, chiefeconomist at Nikko Securities Inter national Inc. in New York. "The message coming through clear, loud and strong is that the market is looking for greater coordination of economic policies that we haven't seen in a number of years." Sell orders swamped the New York Stock Exchange when it opened after two days of partial recovery from the Monday crash that obliterated $5OO billion in U.S. stock values in Wall Street's worst crisis since the Crash of 1929. ,:~ ;:.: PSU frosh 'cheers' football crowds By MICHAEL BELL Collegian Staff Writer He is a freshman, but he may be one of the best known students on campus. For those who are unfamiliar with his name and his football antics. Gregory Ellis ( freshman-jour nalism) is the crazed fan who runs about the student section of Beaver Stadium during football games. screaming cheers and exciting the other fans. Kim Mehle ( freshman-telecommunications) has been to all the home games and is familar with Ellis' cheerleading. "You can't miss him," Mehle said. "He really gets the students going and livens up the game." Rob Dowd ( freshman-landscape architecture) said he "really gets a kick out of Ellis at the games." Ellis said his repertoire started with the first game of the season, the Penn State-Bowling Green game. Ellis' tickets were in the alumni section but he soon realized that was not the place for him. "They weren't doing anything to get into the game." Ellis said. During halftime, Ellis noticed a fellow student who lived in his dorm and was convinced to move to the student section for the second half of the game. Ellis' cheers caught on at that game and have picked up momentum ever since. "From the student section, my cheering spread to the attendants by the scoreboard. They wanted me to come up (by the scoreboard; and cheer." • Ellis said. "Then the band section asked me to go (over to their section) and cheer." E=K awl *MO* mid Theis eisideile • divesieelikkeitior *brisk fait widir. vice president at Dillon, Read & Co. "It's a scary type of Some brokers saw hope in the announcement that thing." major U.S. banks dropped their prime lending rate from Analysts said many investors likely were waiting to 9.25 percent to 9 percent. Wall Street historically has hear President Reagan's comments on the economy at his welcomed lower borrowing costs. news conference last night. Fear about the consequences In an attempt to curb the market's volatility, the New of America's enormous trade gap, budget deficit and York Stock Exchange moved to further restrict the use of long-term debt also is widely considered to be a key computer-assisted trading techniques that have been element in the market crisis. blamed for sudden swings in stock prices. Although not all students have had the chance to meet Ellis, Gicine Brignola ( freshman-business administration) has. After attending all the home games this semester, Brignola said she likes Ellis "He's got a natural talent for involving people in the game," she said. Ellis says what he does at the games cannot be summed up into one certain act. "It's a combination between the mike-man and the cheerleaders. I use some of their cheers, the good ones." Ellis said. He said the cheerleaders and cheerleading coaches have complimented him for his enthu siasm. Ellis said the cheerleaders and the Nittany Lion are limited in what they can do and the cheers they can use. "They can't do the things that really get a crowd going," Ellis said. "I fill in what they can't do.- Ellis has definite ideas about the benefits of a rowdy football crowd in Beaver Stadium. "The place should be rockin'. That's one way I can help Penn State put some scare into the opposing team," Ellis said. Ellis dedicates Saturday to football, but he also keeps his studies in the right perspective. "I just try to keep everything in balance. I don't study as much as my roommate, but I try not to get behind," Ellis said. Dave Bouldin (freshman-political science) is Ellis' roommate. "The only word that could describe him is 'competitive, — Bouldin said. Ellis said his ultimate goal is to play football at Penn State and is training. If this proves impossi ble. Ellis said his next goal is to be the mike-man. stand on . . . .' • • •- 4, " .• • !•• . Pbcds I IMok E. Moody education) lake the Friday, Oct. 23, 1987 Vol. 88, No. 73 24 pages University Park, Pa. 16802 Published by students of The Pennsylvania State University 1987 Collegian Inc. Mere to start a nations' shipping* Rogow "eratit 11 00 reitithas onlyyiater**. • Moan Ingest Naracialotorw lerriattol shaft dab* jtot The news ettilai,tsi time in ReagAte' PSU may increase By CAROL CHASE Collegian Staff Writer Despite the recent U.S. Senate ap proval of a $570 million increase in financial aid for 1988, appropriations for financial aid at the University will probably be reduced, said the Univer sity director of student aid. Robert Evans said the Gramm- Rudman-Hollings balanced budget law, which requires the federal gov ernment to gradually reduce its bud get each year to cut the federal deficit, may affect the decision. "I suspect we'll see very little in crease, and in reality some possible reductions (in student aid appropria tions)," Evans said. The Senate approved the $21.3 bil lion appropriations bill for the U.S. Education Department last week. It sets the total amount of student aid appropriations for 1988 at $B.B billion. The bill is now awaiting approval by a House-Senate conference com mittee. Although the Senate approved an overall increase, the bill appropri ates $ll million less for the College Work-Study program, $4 million less for State Student Incentive Grants and $7 million less for new Perkins Loans than the House bill. Sen. John Heinz, R-Pa., voted for the increase, said Richard Bryers, Heinz's press secretary. "If Congress does its job, then the higher committment to education won't be thrown away to an across the-board Gramm-Rudman-Hollings cut," Bryers said. Sen. Arlen Specter, R-Pa., also voted for increased financial aid, said Specter's press secretary, Dan McK enna. "Student aid is . . . an excellent investment of tax dollars" because students are the leaders of the future, McKenna said. Harry Phillips, Rep. William F. Clinger's press secretary, said he Please see BILL, Page 12. Gregory Ellis students not see in aid
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