18 The Guardian. Ohaﬂottetown, Mon., Aug. 10, 1984.

"Stock Prices At New York React Violently To. Crisis

NEW YORK (APi—The stock market reacted violently last week to the Viet Nam military crisis and took its sharpest loss since the week of President Kennedy’s a s s a s sination last November.

Prices were recovering as the week ended and calm was Ie- stored to Wall Street by De- fence Secretary McNamara; statement that he saw no signs of a Communist move against. the U.S. be c a u s e of raids against North Viet Nam.

As the week began. the stocx list was looked upon as being in a vulnerable technical posi.

would be the first “target” of the United Auto Workers in their labor negotiations.

Some concern was expressed about the progress of the U.S. presidential contest. The ma.

et's loss that day was the worst since Nov. 22. 1963, when Kennedy was killed. but the .‘le- cline was barely half as large as on that day.

The black headlines about Viet Nam were the backdrop on Wednesday for the worst gale of emotional selling since Nov. 22 but the recovery was swift after President Johnson made. known the firm position of the

Nov. as when tin amps tell as.

Dow Jones industrial average this week was down 11.94 to

Weekly volume was 21,931,659 shares compared with 20,781,051 the week before

The most active issues on the New York' Exchange were Chrysler, off 1 at 50% on 436.- 300 shares; American Tele- phone, off "A at 70% and'i‘exas Gulf Sulphur. up "/n at 52.

Most active on the American Exchange were Tel-A-Sign. up 7A at 5% on 334.700 shares and TWA warrants. off 7/; at 25%.

Most active on the American ‘ Exchange were Tel-A-Sign, up. it. at 51/4 on 334,700 shares and' TWA warrants. off "/I at

Russia Complains Ships Are Buzzed

“The Soviet "will. deeply VIA! vomnn disturbed at the continuing pi- MANILA (AP) — The Travel ratic attacks on our peaceful and Tourist Industry Board ha, vessels and demand that the ruled visitors may stay in ihc American authorities put an llppines for 15 days without end to brigandage on the high visas, The previous limit was seas." Pravda said. I72 hours.

-‘

lion. analysts said. and almost Uni-ted States. any bad news would have set On Thursday. stock prices MOSCOW (Reutersl—United off a sharp reaction. ’ skidded again, this time be- States Air Force planes have On Monday. steels continued cause of nervousness over re- flown around Soviet merchant their rise on industry talk of s ported military buildups in ships at "a dangerously 'low possible price boost and the Southeast Asia. Traders wanted heigit" more than times aerospace defence stocks to get out from under before since Moscow protested 3130‘“ Want to save but don't know how? gained after the report of an the weekend when worse new But-‘11 inCidentS last Monday. ' attack on the U.S. destroyer might be forthcoming. Pravda said Sunday. Ask about Scotiabanks unique service P8P, Maddox. The market as a . a wholle'lhowevm m 1 Met pang” w” largely . mm" the lite-insured personal savings plan. " at y ower‘ out of the way by Friday. when "dug" with . I TUESDAY WORST LOSS stocks rallied on the quietest 0 Prices worsened considerably {trading in a year. ﬂy on Tuesday as the situation mi The Associated Press aver- Policemcn and reporters minutes earlier but was said James Squires. 12. killed by An intensive hunt was under- Southeast Asia grew darker. 1 age of 60 stocks this week fell shoes I“ stand near body of 11-year- in satisfactory condition in a shot in the head 10 minu- way over the weekend for Holders of auto stocks also wor- 5.0 to 314.3. the sharpest weekly — old Gordon Harling in front hospital. ’miird victim was tes after the Harling boy. the killer. (OP Wirephotol. ried about which company decline 'since the week ended III—A of Halifax drug stone minu- i ‘—

tes after boy was shot down by a bicycle-riding gunman. Another boy. Michael Smith. 12, had been wounded 20

Steel Prices May Increase Before November

CLEVELAND (AP) — Any price increases by steelmakers this year will come before the November U.S. election. Steel magazine says.

e m e t a l working weekly says prices may bef re November because:

1. "Timing will be good from a marketing standpoint, assum- ing that automakers sign new labor contracts and are buying big quantities of steel for 1964 model runs."

2. “Political repercussions should be slight. President Johnson probably wouldn’t risk alienating the business commu- nity by attacking a steel price rise "

Steel says price increases. probably would be selective and! cover products that account for at least two-thirds of the ton- naIze shipped annually. These include plates. shapes, sheets. strip. bars and railroad prod-

ucts. Cl. AIM STRONG CASE

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The maaazlne says steelma-l ‘ O kers believe they have a strong; case for higher prices. Pro-‘1 ‘ ~--—--—~«---—-- ducers raised quotations on:

about 75 per cent of their prod-.

ucts S4 to $5 a ton last year for the first time since 1958. "but they've diluted the in- creases with reductions in many areas."

T'ie steel market continued at a seasonally high level. with production abou per cent heavier than it was a year ago.

Steel's price composite on No. 1 heavy melting grade of steel- making scrap jum .84 to

.17 a gross ton last week. the highest since October. 1961.

TIGNISH

Roland and Lauretta Sugrue Montreal. are spending a very: enjoyable holiday with their un- i cle and aunt. Mr. and Mrs. Wil- | liam Handrahan. 'l‘ignish. er. and Mrs. Merle J. Ells- worth of Fort Pierce. Florida. are visiting at the home of her sister. Mr. and Mrs. Irving i Mockler. Tignish. ;

Mr. and Mrs. Richard Ells-‘ worth were married at St. Si- I

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