European Stars And Stripes (Newspaper) - October 21, 1987, Darmstadt, Hesse The is and stripes official run to. Ahmed Force vol. 46. No. 186 wednesday october 21, 1987 d 6693 a near chaos grips he door of the new York Slock Exchange monday As traders try to keep up with panic Selling that caused Wall Street s heaviest trading Day Ever. Dow plunges 508 Points new York a the Stock Market plunged Oul of control monday in a Selling panic that surpassed the great crash of 1929, pushing the Dow Jones average Down More than 500 Points draining More Jhan Jijoo billion from inc value or stocks and sending Shock Waves around the world. Related stories on Page 3. Whether today was a financial meltdown or not. 1 would t want to be around for one worse than this said John Phelan chairman of inc new York Stock Exchange. The Dow s collapse to 1,738.74 left it 22.6 percent below Friday s level a one Day ton far larger than the 12.8 percent drop on oct. .28, 1929, known As Black monday or oct. 19, 1929, when it fell an additional 11.7 percent. The Dow average s worst percentage decline Ever was on dec. 12, 1914, Early in world War i when it lost 24.4 percent of it value. Monday the Market fed on itself in wave after wave of Selling in the busiest trading Day Ever on the new York Stock Exchange. The volume of trading soared to 604.33 million shares dwarfing the record of about 330 million shares set Friday. Shares that lost in value outnumbered gainers by 48 to 1. Monday s loss to the Dow Jones Industrial average was i08.00 Points. The Dow has lost nearly 1,000 Points since inc Market s Peak . 25. The latest decline left the Dow about 36 percent below its Peak of 2,722.42 on . 25 and at its lowest Point since april 1986. The collapse of prices caused Long term damage 10 the health of Stock exchanges and probably destroyed some of the Confidence that underpins the growth of the world Economy analysis said. We re having extreme panic in the marketplace it s like armageddon said Alfred e. Goldman director of Market analysis Tor . Edwards & sons in St. Louis. Analysis were reluctant to compare monday s plunge with the Slock Market crash that helped set olt the depression of the 1930s, bul they said Iacre were fears in the Market thai a possible recession in the United slates could snowball Inlo a worldwide Down turn. Underlying the Wall Street plunge were continued teas Over inflation rising interest Rales and a weak ening Dollar. The United states is the world s largest debtor and has made slow Progress in reducing m Trade deficits. The incredible plunge came just one trading Day after the Dow industrials posted their first 100-Point loss. The average lost 108.36 Points on Friday. Panic Selling probably was boosted by fears of con diet Wilh Iran because of the latest developments in the persian Gulf . Destroys iranian Oil rigs Washington not . Warships struck Back Al Iran monday destroying two connected Oil rigs that american officials said was a base for Irani an gunboats. The four destroyers Hoca Colwich Young and Kidd fired about 1.000 rounds of five men shells obliterating the Structure. The action was in retaliation for iranian attacks on american registered vessels and other persian Gulf shipping. A few hours later. Navy commandos boarded a third platform live m its away and destroyed radar and communications equipment. Pentagon officials said. No american casualties were reported during the actions which were carried out 120 Miles East of Bahrain Al about 2 . American officials said the attacking Force also took pains to avoid killing Irani ans giving the Crew on the firs two platforms a 20 minute warning before the shelling. At the United nations an iranian Delegate said several innocent people were killed in inc attack but the assertion could nol he confirmed president Reagan issued a statement describing the actions As a prudent yet restrained response to acc Cal unprovoked attacks by Iran. Defense Secre tary Caspar w. Weinberger warned that stronger would be Lakin f Thoice a larks continued. Administration officials acknowledged that Mon Day s action is unlikely to halt the Cycle of violence that has ensnared american forces in the persian Gulf since 11 kuwaiti tankers were placed under their Protection earlier his year nobody thinks that this will end vice president George Bush said. But the actions were necessary. Bush added be cause american credibility was 31 stake in the Region after a missile attack Friday on an american registered kuwaiti Tanker. Sea Isle City that wat anchored in kuwaiti Waters. Speaking of Ayatollah re Hollan Khomeini the iranian Leader Bush said i think he would have Golien inc wrong response if nothing had been the White House reacting to criticism that in has nol consulted sufficiently with Congress on persian Gulf policy called in Leaden from both panics Sun Day night for a discussion with the president. Reagan said monday that he would formally report to con Gress within -4k hours about his actions in inc Gulf out he re fused 10 invoke a clause of the War Power see rigs on Page Zub
