European Stars and Stripes (Newspaper) - October 14, 1990, Darmstadt, Hesse                                Page 16 a a the stars and stripes sunday october 14,1990blue chips plunge to 17-month Low new York up a the Dow industrials plunged last week As nervousness about the budget wrangling in Washington and heightened tensions m the Mideast sent the Blue chips to their lowest Levels since May 1989. The Dow Jones Industrial average ended the week on an up note however jumping 32.92 to end the week at 2398.02. It tumbled 112.62 for the week or 4.5 percent. Prior to fridays trading the Dow was Down 146 Points on the week and even with the gains Friday it finished at its lowest level since May 11, 1989, when it closed at 23 s 2.88. It was Down almost 20 percent since Iraq invaded Kuwait on aug. 2. Among broader Market indexes Standard amp poor a 500-Slock Index tumbled 11.20 to end the week at 300.03 and the new York Stock Exchange composite Index fell 6.28 to close the week at 164.42. During the mid week plunge in prices Broad Market indexes set lows for the year. Declines outpaced advances 1,543-395 among the 2,154 nose issues traded last week. Weekly big Board volume totalled 780,919,910 shares compared with 824,934,860 a week earlier and 809,208,400 shares a year ago. A after closing higher in Dull Columbus Day trading monday the Dow went on a three session Tumble that look it Down almost 159 Points to its lowest Levels since april 1989. Surging Oil prices and interest rates combined with More Saber rattling from Iraq to drag the Dow industrials to their second biggest loss of the year tuesday. The Downs 78-Point loss was the biggest of the year after a 93-Point Tumble aug. 6 and the Lith worst Ever. Wednesday and thursday saw new 52-week lows for the Dow As it plunged through the 2427 level it had hit sept. 27, the previous 52-week Low. An unexpected Rise in interest rates at the Treasury departments note auction was blamed for wednesdays Tumble and thursday concerns about the governments budget wrangling played havoc with the Market. The administration flip flopped on whether it would go along with a Deal with Congress involving a tax hike for the wealthy in return for a capital gains tax Cut. After All that Many analysts termed fridays rebound merely a reflex Bounce after a plunge. A a we re in a Nasty negative nervous Market a said Alan Ackerman senior vice president at Gruntal amp co. Quot we be got burdens in the Mideast and High Energy prices but i think the biggest Burden is the blurred vision of our leaders in Washington a he said. Ackerman was referring to investors dismay with an Economy sliding into recession while the government remained unable to arrive at a deficit cutting plan. Such a plan might prompt the Federal Reserve to cuts interest rates in a bid to Rescue the Economy. Quot we re a country that does no to tolerate inaction or  and we be had both this week in Washington a he said. A people Are now bothered by Job Security lower Home values increasing inflation and the Prospect of new taxes they done to quite understand and done to feel they ought to be  on the trading floor last week Wal Mart was the most Active Issue off 3a to 26. Retail stocks were pressured by lacklustre september sales reports and while Wal Mart made the Best showing it was sold earlier in the week in anticipation of a poor report. Elsewhere Motorola tumbled 53a to 54% after a disappointing earnings report. On the american Stock Exchange the amex Market value Index Sank 12.51 to close Friday at 293.97. Declines pounded advances 638-181 among the 987 issues traded. 1 amex volume totalled 56,459,070 shares compared with 66,455,115 traded a week earlier and 64,729,745 traded in the same week a year ago. A 1 Energy service led the amex actives off 3a to 27/8. Interstate garbage Bill killed Washington apr new Jersey can breath freely again. It can still ship its garbage to Indiana. A proposal that would have allowed states to close their Borders to other states garbage was killed in House Senate negotiations Friday. The garbage fight has pitted new Jersey lawmakers against those from Indiana but the Issue had far broader ramifications. By some estimates As Many As two thirds of the states ship garbage beyond their Borders because of Landfill shortages. Last month the Senate by a 68-31 vote tacked the interstate garbage shipment prohibition onto an appropriations Bill for the District of Columbia. But members of a House Senate conference committee removed the provision Friday. The House never enacted a similar measure. A this is a big win for new Jersey a said sen. Frank Lautenberg d-n.j., who had led the fight against the measure sponsored by sen. Dan Coats Rind. Coats characterized the Issue As one giving a every state the right to determine its own destiny in managing and disposing trash. A we lost the Battle but believe ultimately we will win the War a Coats said through a spokesman. Coats who has made the garbage Issue a key part of his re election bid promised to renew the fight in the next Congress if re elected. Indiana is among the recipients of a rising tide of out of state garbage. Coats measure would have allowed states to Block garbage imports or impose High fees on such shipments. Sen. Bill Bradley d-n.j., said Coats proposal was an a a attack on new Jersey. He and Lautenberg argued that states must be Able to Send garbage elsewhere until they can develop environmentally Safe and reasonably priced alternatives including More incentives for recycling. New Jersey which now sends about half its garbage out of state Hopes to ease its garbage problems in the future by reaching a goal of 60 percent recycling. Rep. Dean Gallo r-n.j., who was a member of the conference committee considering the Bill that included the garbage measure said House members opposed it because the Issue had not been thoroughly debated in the House. Senate negotiators agreed to withdraw the provision after Only three of the six senators at the conference said they would support , others fear full scale Gulf War hot Springs a. A the Odds of the tense situation in the persian Gulf erupting into a full scale War Are about even say three former top government officials and the head of a major Oil company. James r. Schlesinger a former defense Secretary and one time Cia director and Joseph j. Sisco former undersecretary of state both said Friday that they considered the likelihood of Middle East military action to be �?o50-50.�?� sol Linowitz a former ambassador who worked on Middle East peace negotiations and the Panama canal treaty suggested that he believed the chances of War were �?o60-40, not because there a no alternative but because we wont seriously have explored the  a i think we re finding now the sense a in Washington certainly a that we re moving inexorably toward military action that we Are going to be faced with  Linowitz added. Mobil corp. Chairman Allen e. Murray said he was a a Little More optimistic than the others a and suggested there is less than a 50 percent Chance of War. The four made their comments during a news conference after a closed door discussion of the persian Gulf crisis with members of the business Council As the 100 leaders of the nations top corporations held their semiannual meeting at this Mountain Retreat Schlesinger now senior adviser for Lehman Brothers the new York investment banking firm said any military action would not be Short. A a lot of people have used the metaphor the a six Day War a he said. A but almost every War has started with a prediction the War would be Short at the outset and those predictions have regularly been  Sisco a partner in Sisco associates in Washington agreed adding a if it comes to the use of Force then both air Power As Well As ground forces will be necessary so that any notion of a four or six Day scenario just is  Linowitz now senior counsel for Cou Dert Brothers urged fullest exploration of a a negotiated path to be sure there is not some Way we can get to where we want to be without going to War and without compromising Basic principles that led us to take this action.�?�, meanwhile panel members said the sanctions would remain in place for several months while diplomatic efforts continue toward an iraqi pullout of Kuwait. A one has to say realistically however there a absolutely no indication on the part of Saddam Hussein at this time that he a interested in getting out let alone on conditions Laid Down by the Security Council Sisco said. A i myself see relatively Little Prospect that Saddam will withdraw on our terms which is our diplomatic stance a Schlesinger said. A a we re asking him to capitulate. That would be desirable but not  84, gives $400,000 to pan am by the los Angeles times new York a a grateful Everard Bierer wanted to give a bit Back to the company where he made his living for More than 30 years. For virtually his entire career Bierer was a Pilot for pan american world airways. A pan am was my life a says the 84-year-old former Captain who at his retirement in 1966 was chief of pan arabs operations in Brazil. A i enjoyed it. Now pan am is ailing and i thought i could help  Bierer who lives in North Palm Beach fla., has Iven the troubled airline a Check for $400,000. He opes that the Money will help the Carrier survive though he concedes that his gesture might be too Little too late to Rescue pan am. A a in a afraid its useless a he said sadly. When the idea came to him he tried to enlist other retired pan am pilots to kick in too. A i wanted to get a million dollars together Quot he said. A these Fellows were All very wealthy. A but no one else would do it. They said a keep us posted. Let us know How it comes out. A pan am chairman Thomas g. Plaskett said a we Are touched by Captain Bierer a affection for pan am and overwhelmed by his  pan am said it will use the Money to buy computers for its Pilot training facility in Miami. Bierer made his Money in the Stock Market. A i started to invest modestly in 1928,�?� he recalled. A a in a buy 10 shares Here 15 shares there. Percentage Wise i did very Well. Id buy for $10 and sell for $15.1 made my Money  he said that his gift to pan am wont break him. A my funds Are still quite ample to take care of myself a he said adding that his a a work these Days consists of maintaining his Stock portfolio at the local Branch of the Prudential Bache investment firm. Bierer began to arrange for his gift to pan am in june at a time when the Stock Market was Strong. By the time the Money was to be turned Over the Market had declined. To avoid having to liquidate Stock at a loss he borrowed the Money for the gift and is paying 10 percent interest. Besides a condominium in Florida he owns a Large House and a smaller Beach House in Barbados where he spends three months every Winter. Having gotten into the habit when he was a pan am Pilot he travels a great Deal. He has just returned Tom a trip to Portugal and will leave soon on a week Long Caribbean cruise. The 1928 Stanford University graduate got his Job with pan am in 1930 because he had served in the Navy. The airlines planes then were virtually All seaplanes a or As pan am called them a flying boats a so it recruited mainly from the Navy. In 1936, Bierer was a Junior flying officer on the first flight that carried paying passengers across the Pacific from san Francisco to Manila Philippines. The aircraft called the hawaiian Clipper was Able to land Only on water