Great Falls Tribune from Great Falls, Montana on April 16, 2000 · Page 1
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Great Falls Tribune from Great Falls, Montana · Page 1

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Sunday, April 16, 2000
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GREAT FALLS potts April 16, 2000 SUNDAY V 1)1 U V I r X Class Act n 'El Dorado' a movie for all ages, reviewer says 6P ? Americans skate hard in AWHL finals IS Five writers capture top spots in the Tribune Poetry Contest. Their works appear today 1 P Great Falls, Montana. No. 340 115th Year gftribunemcn.net $1.50 rati n mmm m mm WGflW By RACHEL BECK ' ' AP Business Writer NEW YORK Wall Street's sharp sell-off has wiped out billions of dollars in mutual funds and brokerage accounts, and the question is how many American investors are spooked enough to start reining in their spending. The market plunge could be the prescription to cool the economy and put curbs on inflation something the Federal Reserve has been trying to achieve through interest rate hikes. Or it could help push the country toward a recession. "There are a lot of people out there now saying, 'Oops, I don't have as much money today as I did last week,'" said Kathleen Stephansen, senior economist with the investment firm Donaldson, Lufkin & Jenrette. "If they then go on and change how they spend, that could really slow this economy down." The U.S. economy has been expanding for a record 109 consecutive months, and it is showing few signs of leveling off. Fed policy-makers, concerned that too-rapid economic growth could spark inflation, have raised interest rates five times since June, but their efforts have done little to cool the economy. The economic slowdown they're seeking could be hitting now, thanks to the stock market. Prices have plummeted on Wall Street in recent weeks losing almost $2 trillion in value last week alone be- INSIDE: World financial leaders hope to rebuild confidence at Washington summit today 8A cause of growing concerns about inflation and interest rates as well as investors' increasing disillusionment with high-technology stocks. Among the worries as the new trading week begins is whether there will be additional fallout from the heavy borrowing by traders to buy stock as the market's bull run stampeded through the 1990s. As the sell-off took hold in the past month, many who bought stocks with borrowed money were forced to sell shares to meet collateral requirements for so-called margin debt. Those traders could n't always find buyers for some of the more speculative issues and had to sell shares of more established stocks to meet margin calls from the brokers holding the loans. That selling helped lead to record declines in major market indexes Friday. The Nasdaq composite index was down 34 percent from its all-time high reached March 10, and the Dow Jones industrial average is 10 percent below the peak it reached in January. That has some Americans many of whom have enjoyed greater wealth thanks to the long bull market worrying that the boom times are coming to an end. Already, some people are saying they will hold off on purchases of expensive goods, such as cars and electronics, and scale back on pricey pampering services, such as facials and massages. Travel agent Wayne Hawkins, 61, of Texarkana, Texas, put much of his money into stocks and now is bracing for what Monday will bring. "I'm greatly concerned," Hawkins said. "We were buying a new motor home ... and now we're putting it on hold for a few weeks until we see what happens." Economists will be watching to see if consumers like Hawkins just cut back on the extras or start changing their buying habits. With' consumer spending' accounting for about two-thirds of the nation's economic activity, a sharp curb in spending could lead to a recession. i It isn't likely, however, that; stores will empty out anytime soon. The overall economy; remains strong, which should' boost consumer confidence. Most importantly, there is a; plentiful labor market, and! the unemployment rate re-; mains at a 30-year low. Victims press for resources Left in crime's wake, victims sometimes are devastated physically or emotionally, strapped for money or lonely. At last, society is nurturing them and helping ' them figlitbadc.rw BySANJAYTALWANI Tribune Staff Writer Fifteen years ago this month, on Good Friday 1985, Morris Davis was shot in the face and killed delivering pizza to what turned out to be a vacant Great Falls home. His grieving mother, Delnita Davis, soon learned another painful truth Morris would not be the only victim of this still-unsolved crime. Friends began to treat her differently. They grew distant, apparently uncomfortable with being around her. Then came several different rumors all unfounded suggesting that somehow it was her son's fault he had been a victim of violence. The criminal justice system since has taken tiny steps toward addressing the emotional and financial needs of victims. Many victims have transformed their tragic experiences into a positive force for change. They have prompted local and national programs to provide resources, protection and counseling to crime victims and their survivors, who often feel the perpetrator's rights are better protected than their own. "We decided to rise above it and work changes," said Mikie Bak-er-Hajek, who joined Victim-Witness Assistance in Great Falls after her brother was murdered. But much remains to be done for the one in three See VICTIMS, 4A is. m Tribune photo by Mwk Stwkcl Delnita Davis visits the grave of her son, Morris Davis, who was shot to death while delivering pizza in 1985. Since the death of her son, Davis has worked with perpetrators to try to help them see the ramifications of their actions. Clinton acts to preserve giant sequoias By TERENCE HUNT AP White House Correspondent SEQUOIA NATIONAL FOREST, Calif. Dwarfed by towering trees that are among the oldest and largest living things on Earth, President Clinton set aside 328,000 acres of federal forests Satur day to permanently preserve 34 groves of giant sequoia. "These giant sequoias clearly are the work of the ages," the president said. "They grow taller than the Statue of Liberty, broader than a bus." He said they were so perfectly adapted to their environment that none has ever been known to die of old age. In a decision praised by environmentalists but scorned by loggers and others as a federal land grab, Clinton ordered the formation of a national monument that will halt commercial timber sales, mining and some recreational activities. Motorcycles and all-terrain vehicles will be allowed only on regular roads, while snowmobiles will be restricted to well-traveled areas. Hiking, horseback riding and other recreational activities will be See SEQUOIAS, 4A Police, protesters clash on Washington streets By LARRY MARGASAK Associated Press Writer WASHINGTON Anti-globalization protesters swarmed through the heart of the capital late Saturday and came face to face with lines of helmeted police in a tense show of will sparked by animosity toward international lending institutions. Several hundred people were arrested for parading without a: permitand-.-kd' peacefully to waiting buses. ; Police pulled the fake red nose off one protester made -up as a clown as he filed into the bus. Riot-ready police made some 50 blocks off-limits around the World Bank headquarters, barring everyone from getting past metal barriers. Washington is the site of meetings of the International Monetary Fund and the Group of Seven leading industrial nations. Arrests which began early in the day when police raided protesters' headquarters continued into the cool, damp night weather reminiscent of Seattle, scene last December of similar demonstrations against international financial policy. "About 600 people have been arrested," Police Chief EH if! Police push world finance demonstrators near the; World Bank in Washington. Anti-globalization protesters; swarmed through the heart of the capital late Saturday.; Charles Ramsey said. He said they would be charged with "parading without a permit and refusal to disperse, among other things." Some also might be charged with blocking traffic, he added. Ramsey said it would take several hours just to get the protesters loaded, transported and processed at two locations in the city and that how long they remain in custody would depend, in part, on how cooperative they are. Those who provide identifi- cation will be fined $50, Ram-! sey said. Those who don't will be fined $300. , "We have a right to be here and we also have a right to protest and we also have a right to walk away," said pro-; tester Larry Holmes, complaining that police had! penned demonstrators in a barricaded area to arrest See PROTESTS, 4A Local artist paints Easter egg for special White House display! By WENDY RANEY Tribune Staff Writer For one local resident, decorating Easter eggs has become serious business, beyond writing a name in crayon and dipping an egg in dye. I-or the second time in three years, Joyce Thomas has been invited to design an egg for display in the White House. The egg collection was introduced by Hillary Rodham Clinton in 1994 and is coordinated by the American Egg Board. It features chicken eggs decorated by artists from all 50 states with designs that represent the spirit of their states. Thomas said that in 1998 she was surprised at the lengths artists went to in designing their eggs. One Western artist went so far as to create a diorama with the mining process depicted inside. It had tiny workers made of rice carrying miniature lanterns. "I took things more seri ously (this time) ... and I seemed to freeze, fearing I was suffering ... the dreaded egg block," Thomas said. Thomas received a half dozen hollowed eggs in the mail from her son and six more ( ; - - ; Joyce Thomas' painted egg represents Montana in the White House egg collection. from a friend. I "When I was faced with the dozen pristine eggs, inspiration came and I painted through the night," she said. ; Thomas' egg has brightly dressed Indian-children with mountains and a pale sky in the background. It was similar in spirit to her egg of two years ago, which had a circle of Indian girls dancing with a daisy chain. Thomas was born and raised in Great Falls and has worked as an artist all her life. She has painted, printed, crafted jewelry and sculpted among other things. The artists will visit the White House Monday to view the display. Thomas said the trip was very serious and intense last time, with humor in short supply. At one point she pulled a shoe from her bag and began whispering loudly into it "Boss, I'm here inside the White House, but I'm surrounded by FBI agents and I think my talking into my shoe is arousing suspicion about my cover," she re called saying. Instead of laughing, the other artists just glared at her. So to lighten the mood this year, Thomas helped coordinate a luncheon where the artists can. share their egg decorating experiences. Great Falls today High: 63 - Low: 40 Mostly cloudy, warmer. Complete report on BACK PAGE INDEX Business B section Crossword 4P Legals 8C Nation 2-12A People 1-8M Classified C section Chatter 6M Montana 1-8M Obituaries 2M Sports 1-8S Comics ...INSIDE Jumble 9C Movies 6M Opinion ...10-11 A TV listings 12A 2000 Great Falls Tribun A Gannett newspaper

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