The San Bernardino County Sun from San Bernardino, California • Page 1

Youngest heart recipient Reagan backs retaliatory strike against Iran in gulf Martin to manage Yankees fifth time doing well, surgeon says 1 I SAN BERNARDINO COUNTY aJ fi 1 tie bun TUESDAY25C OCTOBIR 90 198? Memo coition Market panic: Dow falls 508 The plummeting Do Hour by hour decrease Collapse in stocks rivals Crash of 1929, sends shock waves worldwide I By PETER CO Associated Promt HThe plunge 1 Area brokers hit hard by selling frenzy By TORREZ Sun ButmeM Writer KANBKRKAROINfJ in klirokcr were deluced wttk plume Iruiti shaken hr Mninl.iv as the lh.ii swopi Wall Ktreef im ike inland Empire with lull Ion M.i ui i in- i were looking tor advice, inic otm aaagJag lofM MM Ike iti.nl. i iit-lrtt I heir brokers m-II link shares "Thi i the (h lobar MM lloll YoOIIU llMlatll nawMMf at Dean witter Re) mild I lie here Broker Jo pk Burteck ll.ilcm.in Euhler Hill Hif kOfdi in laid invest on awe Hod "Till Wa IIIH' lU'll lit .1 ll.l Mm ii vihI The pkoM rang nil Hit' h.Nik ll Mil H) (MM thai I iImIii get up in cu In tin- baUmiM i 1. 1 iiiiitiin in Ban Berow dmo MMMMW ul worried MOM Ion patkofod Un Rest How i tin- in Vank? Toow to weoltor Iko Midi susrkei activtt) via con putw terminal- "Cm un tht' ground floor I cotikktl hurt myself even If I wauled tu. mM due Hnootor lading tu stories ut Invosloi limping from windows during Un Ureatf Cnamoi mji Vhrtoall) oJI area brokorago houses contadod ktondoj iom ike) wore swamped wiih calls Iran spprckotudvc Invooton Tko) owe "a int ii- mm aw-voua todas obviously hm bo lure, told Richard Smith of BROKERSBack page RCACTION Ara brokers disagree on how to respond to the plunge NOT AS BAD Eiperts said the economy is healthier today than during the 29 Crash despite Monday tali Stones A5 AREA STOCKS MIT The market bloodbath didn spare local stocks BLAMED Inhuman machines and mex-penonced humans were blamed lor the panic selling PENSIONS HURT State pension funds were hit by the Dow tumble Stories Busmess'BIO THE MARKET GAME It tough to keep up with the (Dow) Joneses Story in Living 01 Nr. MH(K Thi Un market iilimciit nut ni control MiimiI.i) in M-llintt iMiim thai ri v.iI.mI the l.

rr.it I r.ish puOiiim the Ihm June uwrutir down mure ihn Ann point ilruinini: mure than lullum Imm itu- ul Iim Mnl imc fthork flVM urounil tin or lil The iii.uk. i iiil on itM'll in uw ol M'lhni! iaii Crrtiltil oniiulfr tr.iihuk' in ihi liuitnl cl vwr on ihr York stork Km htintii' Th How inilutruiK ti ll ini ponU to I 74 a Iom I nrarl) muni mmmIs mikt ihr market i. Auk I hr rollaM' ol iirin- raiiMil loin; trrni il.im.ici' to tin- health of Iim I'M hanni- anil prohaliK lie slroxiil some ol the ronflilenir thai OadOfpkn the urimlh ol the Morlil orioinv aiialt saiil We re havm! extreme pOJBic in Ihe market pi un Ii like Ar maceihlon nld Mired (mid man. dim tor ol market anali lor i Kduard BtJM laui Aoalyitl were reluctant lo iiiuipare Mondav plunge miMi Ihe stork market rash thai helpi ofT the Depremaon of the hut the s.nd there were tears in the market that a possible recession in Ihe I ruled states could snowball into a worldwiileilounlurn "In a nutshell, this ilium could lurther TkWO'l a uVwInO el led here, said Leonard (irimal tor tha Dow Jones 1 Industrial Average Previous 1987 bw: r. i v.

wuo (LA 121214 24.4 Jan. 2: 1,927.31 yS fe I 1 101987 fr22.6 I TwoKtey drops I PfTPPPHkl 102829 12 8 1929 1987 fcXlL'i IH 1 ii iLilm, 102929 24.5 26 BMfcBB 399 1 8.7 1 I 10 00 Noon 2:00 4:00 Biggest winners Newmont Gold: $3.75 to $39.50 Callahan Mining: $2.25 to $32.50 Sunshine Mining: $.25 to $5.75 Plessey $1.50 to $35.50 Biggest losers Ford Motor $15 25 per share to $69. Exxon: to $33.50 International Business Machines: to $103.25 dl. OSOCOllVO vice president of A. I VOSt CWP New York This is a dangerous da In BB the least, and we are not alarmists here.

"GtiankN said Karher Mondav. panic StllllOJ STOCKSBack page Source: Associated Press JEAN MOXAM No need to worry, president says Millions may feel pain of Wall Street's plunge 0 lT bub been a leading indicator of the economy," said John Marinas, vice president of Ihe American Association of Individual Inves tors in Chicago "If the market is rmht and it a precursor of a declining economy, then we all have to he worried." The impact of a bear market already has started to Sffbct fortunes on Wall Street, where many expansion or it ma) be the first signal of the next recession." "We never claimed here thai the business cycle has been aboJ- isbed," irlner said Presidential spokesman Mar Im I'dwater said in a statement issued alter Ihe close of markets but before Reagan chatted with reporters that the president "is keeping close watch on the markets here and in other countries We will continue to closely monitor these (level opments." "The president has watched with concern the continued drop in the stock market. the statement said 'itwater said the market lur moil was a topic of conversation at Reagan's weekly issues luncheon i Ii adv isers puled because I don't know what meaning it mighl have became all the business indu es are up," Reagan said "There is noth-ing wrong with theeconont) lie suggested Ike selling wave may have been triggered iv poo pie who saw "a chance to grab a profit I don't know Mut I do know this If ore people are working than ever before in history, Productivity is up So is our man ufacturing product up. There is no runavvav inlla lion as there has been in the last." the president said Reagan's remarks contrasted with those b) administration economist Robert Ortner, the under secretary of commerce. He said the 500-point-plus market collapse "may be a short, sharp correction in the midst of of an By TOM RAUM Associated Press ASHING TON President Keauan.

tr inn to calm loan Bfter the biggesl stuck market plunge in history, said Mondav "I don't think anyone should panic because all ihe economic indicators are solid Reagan discussed the market Tail with adv isers. and Hit1 administration emphasized thai the economv is healthy. However, a a senior administration economist said the pi urine was either a sharp correction or "the first signal of the next recession." Reagan was stopped to answer reporters' questions about the market as he left the White Mouse to isit his wife in Bethes da Nav al Medical Center. think everyone is a little By RICK GLADSTONE Associated Press KW YORK The stock market's stupefy inn drop has injected frightening uncertainty into the economy and could have a profound effect on millions of Americana who don't ordinarily think about the wild gyrations of Wail Street The results of a violently depressed stock market may be felt over the next several months in the form of lower consumer Spending, higher unemployment, reductions in business plans and even a recession, economists said Monday. "The stock market always has President Reagan Economic indicators are solid Asked if the administration was alarmed b) the market's fall.

Pitzwater said. "No. We feel the underlying economv is sound On the other hand, it is a situation we have to watch." UPDATE Reagan defends attack on Iranian platforms in gulf WEATHER Debate may wait WASHINGTON (AP) Supporters of Supreme Court nominee Robert H. Bork stood ready to begin their Senate-floor case for the apparently doomed nomination today, but events in the Persian Gulf threatened to delay debate anew. Before the Senate could begin what was expected to be about three days of debate on the nomination, senators had to decide how to deal with some members' demands that the War Powers Act be invoked to give Congress more involvement in decisions on hostilities in the gulf.

young professional brokers accustomed to six-figure salaries and high priced Manhattan con-dos are confronting the prospect they may take pav cuts or possibly lose their jobs More than 1,000 people have been laid Off in the past month, and several major brokerages See EFFECTBack page Way cleared for action on rubbish plant By BILL ROGERS Sun Staff Writer SAN BERNARDINO County supervisors cleared the way for final decisions on the controversial San Bernardino Valley rubbish incineration plan Monday by declaring that the project's environmental impact report is adequate. The action disappointed community groups opposing the plan by Ogden Martin Systems Inc. to build a $164 million rubbish-to-energy plant at the county's Milli-ken dumpsite in Ontario. But the supervisors generally agreed the report is the most comprehensive they've ever seen and that opponents lacked grounds for challenging its scientific data, which showed pollution from the plant would have little effect on the environment or public health. However, the board certified See RUBBISHBack page REVENGE SOUGHT: Iran vowed to deliver a crushing blow against the as revenge for Monday attack STAYING PUT: The latest attack makes it nearly impossible for the U.S.

Navy to step out of the gulf conflict ON IRAQ'S SIDE? The may unintentionally be moving toward Iraq side in the Iran-Iraq War StonesA4 Robert H. Bork Fair Low clouds night and morning, otherwise fair except some high cloudiness today and Wednesday. Highs both days from 74 to 78. Lows from 58 to 63. Details A8 INSIDE Ann LandersD3 BridgeD3 BusinessBIO ClassifiedC6-14 ComicsD7 CrosswordC9 Inland EmpireB1-6 Dl 8 MoviesD8 ObituariesB6 OpinionA7 SportsC1-6 TVD6 The Sun, 1987 A Gannett Newspaper By NORMAN BLACK Associated Press WASHINGTON President Reagan on Monday defended the U.S.

attack on two Iranian platforms in the Persian Gulf as "an appropriate and proportionate response to their missile attacks." but heatedly denied that United States was at war with Iran. Reagan, speaking briefly with reporters as he left to visit his hospitalized wife, was asked if the attack meant the two nations were at war. "No, we're not nointf to have a war with Iran, they're not that stupid," he shot buck. The president defended the U.S. action, saying, "We thought it was an appropriate and proportionate response to their missile attacks on the freighters." Reagan faulted reports that described the platforms as oil derricks, it was a command and control tower with radar and an ability to track shipping through the gulf." he said.

Pentagon officials said the U.S. fighter jets crash SAARBRUECKEN, West Germany (AP) Two U.S. Air Force fighter jets on routine training missions crashed in West Germany on Monday, injuring the two pilots who had ejected, authorities said. West German police said the planes collided in the air, but a U.S. Air Force spokeswoman said officials were still trying to determine what happened.

An Air Force statement said the pilots of the F-16C and F05 were hospitalized but their condition was not known. Contra report delayed WASHINGTON (AP) Release of Congress' voluminous report on the Iran-Contra affair will be delayed by about a week because of a time-consuming process of weeding out classified material, the chairman of the House investigating panel said Monday. Rep. Lee Hamilton, said the declassification process is taking longer than expected and will push public release of the document into the first week of November. platforms had been built for oil drilling, but had been converted into bases for Iranian attacks.

Asked if he had a message for Iranian leader Ayatollah Ruhol-lah Khomeini, the president replied "If I really gave it to you, you wouldn't be able to print it." He then left for Bethesda Naval Medical Center, where first lady Nancy Reagan is recuperating from breast cancer surgery. The U.S. action came three See GULFBack page.