Prices nosedive
on Tokyo market
By JOYCE M. ROSENBERG
AP Business Writer
NEW YORK ( AP) The turbu
lence that shook the world's stock
exchanges last week continued today
as prices dropped sharply on the
Tokyo and Hong Kong markets.
The Tokyo Stock Exchange's best
known indicator, the 225-share Nikkei
stock average, fell 949.41 points by
the close of the exchange's morning
session to 22,349.37. The fall was the
third largest on record for a single
session on the exchange.
U.S. investors were looking to the
Far East for the first indications of
how the world's markets would fare
following last week's volatility. Ex
changes around the world formed a
cyclical relationship last week, with
foreign markets affecting and being
affected by the activity in New York.
Ginger Tulley, an analyst at Vick
ers da Costa, said the plunge resulted
from "some indication of less confi
dence in the dollar."
But she said there also was "gener
al fear and uncertainty, particularly
Shultz says
summit may,
may not be
By DONNA CASSATA
Associated Press Writer
WASHINGTON Secretary of State
George P. Shultz indicated yesterday
that if Soviet leader Mikhail Gorba
chev continues to put obstacles in the
way of an arms control agreement, a
U.S.-Soviet summit might not occur
in the Reagan presidency.
"We'll have it when he's ready or, if
he waits too long, maybe we won't be
ready," Shultz said on NBC-TV's
"Meet the Press," one day after
returning from two days of talks in
Moscow.
"This administration ends in Jan
uary 1989. And as you get into the heat
of the election campaign, it's no time
for a Soviet leader to be here," Shultz
added. "So there's only a finite
amount of time, only a finite amount
of patience with all of this."
President Reagan, who returned
yesterday afternoon from his week
end retreat at Camp David, Md.,
scheduled a late afternoon briefing in
the White House residence with
Shultz and national security adviser
Frank Carlucci, the White House
announced.
The meeting was set "to receive a
report on their recent meetings with
Soviet leaders in Moscow," said a
statement issued by White House
spokesman Marlin Fitzwater.
The spokesman gave no other de
tail except to say that Reagan's chief
of staff Howard Baker, his deputy
Ken Duberstein and Carlucci deputy
Colin Powell planned to attend.
Soviet Foreign Minister Eduard
Shevardnadze raised the topic of a
summit this fall during meetings in
Washington in September, Shultz
said, adding that during talks in Mos
cow last week, Gorbachev suggested
that Reagan visit the Soviet Union
next year.
"We discussed it. Not only a sum
mit here, but he clearly has in his
mind President Reagan coming to
Moscow next year, which is fine if we
have something worthwhile to do,"
Shultz said. "But then he somehow
isn't quite comfortable, he hasn't
made up his mind."
Administration officials had voiced
puzzlement at Gorbachev's sudden
refusal Friday to fix a date for a
summit, but emphasized that the
decision should not block a treaty
banning intermediate-range nuclear
missiles.
Shultz said yesterday the adminis
tration was willing to sign a treaty
with the Soviets, even without a su
perpower summit meeting.
=ft: "
fYi
The west wing entrance of Pat
tee will be closed today and
remain closed indefinitely be
cause of lack of staff.
weather
Abundant sunshine this af
ternoon, high 55. Tonight, clear,
low 35. Tomorrow, sunny early,
then increasing cloudiness with
a good chance of afternoon rain,
high 57 Ross Dickman
the
daily
over what's going to happen in Hong
Kong."
Those fears were realized when
prices on the Hong Kong Stock Ex
change opened sharply lower in ac
tive trading Monday after a four-day
suspension. Officials had hoped the
hiatus would calm anxieties over
market declines overseas, including
the 508-point drop in the Dow Jones
industrial average last Monday.
The Hang Seng index, the market's
prime gauge, opened at 3,207, down
155.39 points from last Monday's
close. Brokers said trading was hec
tic but there were few buyers.
On Tuesday, the Nikkei index fell a
record 3,836.48 points after Monday's
drop in the Dow Jones industrial
average. The Tokyo market re
bounded Wednesday, posting a re
cord single-day gain of 2,037.32
points, followed by a 457.05-point gain
Thursday. It then lost 1,203.23 points
Friday and gained 97.56 points Satur
day.
In New York yesterday, Wall Street
prepared for the new week by clear-
Please see STOCK, Page 2.
Rizzo behind Goode
in Phila. mayoral polls
By LEE UNDER
Associated Press Writer
PHILADELPHIA Frank L. Riz
zo, mayor of Philadelphia for eight
years as a Democrat and now a
Republican trying to regain the job.
likes to shake hands and joke on the
campaign trail.
But he isn't joking when he talks
issues and boils the campaign down
to one thing: leadership. He insists
the prime question is, who is better.
he or Democratic incumbent, W. Wil-
Student killed
A University student fell 290 feet to and the Medic 24 paramedic unit,
his death early yesterday morning Breon said.
while hiking on Con-Lime Co.'s rock Grekila was pronounced dead at
quarry property 4 , 2 miles west of the scene at 12:34 p.m. yesterday by
Bellefonte, in Benner Township. State Centre County Deputy Coroner Kerry
Police at State College said. Benninghoff, who ruled the death an
Jon H. Grekila, 25, of 108 E. McCor- accident.
mick Ave., fell into an abandoned
Grekila. a native of Pittsburgh, was
limestone quarry shaft at about 5:30
a.m. yesterday while he was hiking listed as a non degree student.
with several friends, Officer Tom Breon declined to comment on why
Breon said. the group was hiking during the early
The body was recovered by Nittany
Grotto Caving Club along with the
Logan Ambulance Co. of Bellefonte
Collegian
2,000 at black student confab
By KIRSTEN LEE SWARTZ
Collegian Staff Writer
WASHINGTON, D.C. Their ancestors were
bound in slavery, lynched and segregated. This
weekend, more than 2,000 students from across
the country met in Washington to talk about their
history and plan for black power in the future.
Black history is often forgotten and conditions
for blacks today are ignored, students agreed at
Howard University this weekend. But it is the
present and the future that they plan to change.
"Strategies for Black Empowerment in the
21st Century" was the theme for the second
annual National Black Student Unity Confer
ence. Men and women from universities across
the country participated in a weekend of
workshops and keynote addresses.
Increasing political, economic and cultural
awareness were but a few of the three-day
conference's long-term goals.
"We, as black youths, are inheritors of a great
legacy and we must do our part to keep the
struggle alive." said Conrad Tißard, executive
director of the National Black Student Unity
Congress.
Black leaders heading workshops such as - The
Urban Crisis," "Religion's Role in Liberation,"
and "Male/Female Relationships: The Key to
Strong Families" told students to love their
son Goode, the first black mayor in
the nation's fifth largest city.
Rizzo's answer is swift and certain,
that only he can turn the city around,
provide the leadership, clean the
streets, improve services to resi
dents.
Polls keep showing Rizzo behind
Goode. The former police commis
sioner who was mayor in 1972-80 calls
them "full of baloney" and "way.
way off."
The latest from Philadelphia's
Please see PHILA., Page 2
in fall
morning hours. but said the case is
being investigated.
by Hans Kroger
Wage hike may cause woes
By MARYANN LIDDY
Collegian Staff Writer
A local legislator and some local business owners
foresee economic problems in the future if a proposed bill
to raise the state minimum wage becomes law.
The bill, proposed by Rep. Mark Cohen, D-Philadel
phia. and backed by the House Democratic leadership,
would raise the present $3.35 an hour minimum wage in
Pennsylvania to $4.65 an hour by 1990. The wage would
increase in stages to $3.85 in January 1988 and $4.25 in 1989
before reaching the $4.65 level.
The bill, now in the House of Representatives, will be
voted on early this week.
- It really hurts the very people the proposers of the
legislation say they are trying to help. especially low
income minorities, women and college students." Re
p. Lynn Herman, R-Centre. said.
Those people would be the first to lose their jobs if
employers were forced to cut back, he said.
Cohen disagreed.
"I think this bill will increase jobs in Pennsylvania just
as jobs have increased after raising the minimum wage
each time in the past," he said. "There are facts to
support this because it happened after the wage increased
in 1978, 1979 and in 1980."
He said the higher wages would help students earn
more to pay tuition and graduate faster.
University Director of Student Aid Robert W. Evans
said, however. University work study students will not be
affected much by the increase because no new funds have
been targeted for the College Work Study Program.
The minimum wage increase will affect the number of
hours those students work, he said, but students will not
be able to earn more. They will just earn their awarded
grants faster at the higher hourly rate, he said.
Some State College merchants say the change will not
seriously affect their operations.
blackness and stop identifying themselves by
white mens' institutions.
- Love wouldn't produce poverty . . ignorance
and pain," said Minister Abdul Alim Muham
mad, executive minister of the Nation of Islam.
Mosque Four in Washington, D.C.
Students from Penn State said last week the
conference was a personal experience and asked
not to be questioned by reporters this weekend.
The 48 Penn State students at the conference took
an active role, often initiating ideas and opinions.
Before about 300 people in Howard Universi
ty's Rankin Chapel on Saturday, Carlton Water
house. organizer of the former Penn State Black
Student Coalition Against Racism, called the
conference a life-changing experience. He added
that students could come away with redirections
for their lives.
"Everyone is sitting here and soaking up what
is brilliant," Waterhouse said. "You have to give
to this conference.-
Liz Login also stood to address the crowd in the
chapel. Login said she had learned from the
conference that only 6 percent of the black
population in America goes to college.
"What we need to do is teach," Logan said.
"What good is it if 94 percent don't know?"
A student from Detroit said "most whites at
my school might see this (conference ) as radical.
I see it as an opportunity to educate myself.
Monday, Oct. 26, 1987
Vol. 88, No. 74 20 pages University Park, Pa. 16802
Published by students of The Pennsylvania State University
1987 Collegian Inc.
Yesterday, as the conference was ending, Lisa
Williamson. president of the National African
Youth/Student Alliance in New York , also ad
dressed the idea of being radical in a speech that
brought the audience to its feet.
"Is it radical that some of us have mentally
survived . . . to know we deserve better?" Wil
liamson asked. "Is it radical that some people
have no problem speaking truth to power?"
Williamson also disputed the claim of reverse
racism often made by whites when blacks seek
change.
"You cannot be a racist if you have no power,"
she said. "I have not seen where we have
enslaved (whites) . . or messed up their chil
dren's minds."
Williamson said tight groups of people who
would love and protect each other need to be
formed. Projects that make sense need to be
developed, beginning with the basic concept of
self-love, she added.
Allah Supreme, a New York City social work
er, told students during the closing ceremonies
that they need to take their education off campus
and give it back to black children.
"The actions of black youth tell you that they
know society is way off base," Supreme said.
"Talk is cheap. If you are afraid to deal with
(black youth) than you are afraid of your own
future."
t2M!!!
Barbara Robins, owner of Spirit. 116 W. College Ave
said the initial 50 cent raise won't really affect her
business, but the $4.65 an hour wage will be a problem.
"An increase like that would be really tough for a small
business to deal with." she said. "because it already costs
enough to run a business in this town."
Robins said she might have to decrease the number of
part-time employees and increase individuals' hours to
meet the wage increase.
One manager of a local clothing store who did not wish
to be named said a wage increase might lead to a cutback
in the hiring of full-time employees because of the extra
benefits they must receive. Part-time workers would
become more attractive to employers since they would be
less of a payroll expense, she said.
"There are too many questions to be answered first
about the effects on other things like the deficit, taxes and
Social Security with a raise that high in such a short span
of time," she added.
Downtown merchants who already pay new employees
above minimum wage were not as concerned about the
possible increase.
"I wouldn't mind if they raised it," said Gerri Jordan.
manager of Bare Foot. 212 Calder Square 11, "because it
really wouldn't affect us since we don't start people at
minimum wage."
Bob Steinback, owner of Bumblebee. 214 E. College
Ave.. agreed with Jordan. His employees work at mini
mum wage for the initial two-week trial period and
receive a raise if they keep the job.
"I don't think people are happy working for minimum
wage,•" he said. - But I can see where !an increase) would
affect larger businesses."
Business groups at House Labor Relations Committee
Hearings in August opposed the bill, fearing that an
increase would put Pennsylvania at a competitive disad
vantage, affect part-time employment and increase un
employment.
Communist
Party opens
its congress
By JIM ABRAMS
Associated Press Writer
BEIJING The world's largest
Communist Party opened its con
gress yesterday and delegates heard
Deng Xiaoping extolled in a speech
that for the first time put the diminu
tive leader on a par with revolution
ary giant Mao Tse-tung.
In his inaugural address to the first
National Party Congress in five
years, acting party chief Zhao Ziyang
lauded Deng as a man who has drasti
cally altered the course of socialism.
On Monday, the official Xinhua
News Agency said the nearly 2,000
delegates representing China's 46
million party members "broke into 33
delegations to continue panel dis
cussions" that had begun yesterday
afternoon on Zhao's report.
Unlike yesterday's session, Mon
day's proceedings were closed to
foreign journalists and not carried on
national television.
The unprecedented speech yester
day implicitly placed Deng, a chain
smoking octagenarian who stands
just over five feet, on equal footing
with Mao as a leader who initiated a
"major historical leap" in Marxist
ideology.
Zhao characterized Deng's eco
nomic and political reform program
as the second great leap in Commu
nist Chinese history. The first leap
was Mao's promotion of a peasants'
revolution instead of the uprising of
urban workers described in classical
Marxist thought .
Speaking from the podium in the
Great Hall of the People. Zhao called
for further economic reforms to raise
China from poverty. He also called
for a crackdown on corruption and
the creation of a modern civil service.
Please see CHINA, Page 2.