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The journal. (Ogdensburg, N.Y.) 1971-current, October 29, 1987, Image 3

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Persistent link: http://nyshistoricnewspapers.org/lccn/sn84031170/1987-10-29/ed-1/seq-3/


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Reagan g Downturn WASHINGTON CAP) — Since last week's stock market collapse, President Reagan has repeatedly assured the nation there are no signs of a deteriorating economy, a view that private economists call accurate but a bit dated. It is tjptle, as the president con- tends, that the economy has been growing.at a robust pace so far this year, driving the unemployment rate to an eight-year low and with inflation moderating after a tem- porary spurt caused by rising oil prices. • After two years of depressed con- ditions caused by the huge foreign trade deficit, the nation's manufac- turers are enjoying boom times as the devaluation of the dollar against foreign currencies has made U.S. products competitive once again on overseas markets. While these statistics cited by the president are accurate, economists say they, are also \B.C.\ — before the crash, a record downturn that has been so severe and so sudden that analysts neve been left grop- ing for ways to assess its Impact on the future; The drop in stock prices in the past 10 days from their highs in August has wiped out nearly $l trillion in consumer wealth. Analysts say that type of loss is bound to have an impact on con- sumers' confidence and their will- ingness to continue spending. Economists just don't know how great the impact will be. Following is a capsule look at im- portant economic barometers, how they have performed so far this year and estimates of what will happen following the stock crash: —CONSUMER SPENDING. It is the biggest force driving the economy, accounting for fully two- thirds of the gross national pro- duct, the total output of the nation's goods and services. Consumer spending was rising at an annual rate of 4,8 percent from July through September, the strongest increase in a year. Analysts already had been forecasting slower growth'for future quarters because of an expected weakness in auto sales. But the stock market decline now threatens-retailers* important Christmas season. A key figure to watch, analysts say, will be the car sales report for the last 10 days in October, the first period following the crash. If U.S. auto sales take a steep nosedive in the figures to be released Wednesday, analysts say, \Watch out.\ -BUSINESS SPENDING. While business investment is a much smaller component of the overall economy, it is considered a key barometer of industry sentiment and optimism about future sales and plans to expand production and hire new workers. NEW,YORK (AP) — The first popper JUD available in this coun- try in twpyears goes on the market soon, now that a drug company has agreed to distribute it with detailed warnings, officials say. The ( Population Council, a non- profit , research and policy organization, announced Wednes- day that it had licensed GynoMed pharmaceutical of Somerville, N.J., to begin marketing the im- proved intrauterine device domestically during the first half of 1988.\ , Lawsuits and bad publicity had forced all copper IUDs off the market nearly two years ago. ' The soon-tb-be available device, the Copper T 380A, was developed at the Population Council and was approved by the Food and Drug Ad- ministration in 1984. It has been us- ed in other countries, including Canada, since 1982, but has never been sold in the United States. The. Copper T 380A \is the most effective IUD available .anywhere,\ said George Zeidens- tein, president of the Population Council. Studies show that over a year's,, time an average of one woman out of 100 using it will get pregnant. . j \For many women, it is likely to be the contraceptive of choice,\ Zeidenstein said. 4. The,,. agreement ^between the Population Council and GynoMed follows a year-long search for, a company* th£t'^VOuia v 'market the device with appropriate safety precautions, Zeidenstein said. , -Roderick Mackenzie, chairman of GynoMed, said the device will be sold with detailed labeling and with trie stipulation that doctors confirm in writing that they have received and understood the information. An estimated 5 million of the Safe On Titanic ields Treasures devices have been distributed abroad,, said the council's Forrest Greenslade. The Copper T 380A is recom- mended for women Older than 25 who have been pregnant, said Mackenzie. It is not recommended for women who have multiple sexual relationships or who have had pelvic inflammatory disease, an in- fection that can lead to sterility. Women who use IUDs, including the Copper T 380A, have 1% to two times the risk of other women of getting the disease, said Dr. Wayne Bardin of the Population Council. The recommendations for use are intended to keep that risk as low as possible. \We welcome the copper IUD as an important addition to the con- traceptive field,\ Dr. Louise Tyrer of Planned Parenthood said at the news conference. \Planned Paren- thood continually receives calls from women all over the U.S. ask- ing where they can get a copper IUD. We refer them to Canada. The\product's availability should help alleviate the problem of un- wanted pregnancy, which is due primarily to lack of birth control options and misunderstanding, said Jacqueline Forrest, director of research at the Alan Guttmacher Institute, a New York City organization devoted to research on reproductive health. GOP Debate Highlights Candidate Differences * PARIS (AP) — A diamond- tipped pendant inscribed \May This Be Your Lucky Star\ was among the jewelry and money rais- ed from the unlucky Titanic after the oceanliner rested undisturbed ofl the ocean floor for 75 years. The items were unveiled early to- day in Paris during a two-hour telecast that was broadcast in 20 countries. Because of the time dif- ference, viewers in the United States saw the program Wednes- day night. ffhe Jewelry and cash were found inside a purser's safe and leather satchel raised from the Titanic wreck 350 miles southeast of New- foundland. The sponsors of last summer's salvage expedition said they hope the television show will help draw crWds to a Titanic exhibit that will tour the world next year. The television program, \Return toj the Titanic ... Live,\ also presented evidence that a fire in the oceanliner's coal bunker played a role in sinking the ship. • After the satchel and safe were otienea\ two experts from the jefwelry firm of Van Cleef and Arpels examined the objects, in- cluding a gold pendant with a small diamond and the inscription, \May This Be Your Lucky Star,\ and a delicate bracelet with the name '\Amy\ spelled out in tiny diamonds. fGeorge Tulloch, one of the in- vestors in the project, said the ar- tifacts had been insured for $10 irftllion. He added, however, that n^ne of them would be sold. 'The total cost of the project — in- cluding the voyage, production of the televison show and a traveling exhibition — was expected to reach $10 million. \The investors hoped to recoup about $5.5 million from television and home video rights. They were .expected to make up the re- mainder, plus a handsome profit, . from entrance fees to the exhibit. 'Investor Carlos Piaget compared •pianslfor the Titanic tour to the ex- hibit of Egyptian artifacts from the tomb of Tutankhamen that went on tour in the early 1980s, generating . $$8 million in 24 months. > {The Titanic struck an iceberg .and sank April 15, 1912 on its • niaiden voyage from Southampton, , England, to New Yprfe,, * n'More than 1,500 crew and passengers died in the icy waters of trie north Atlantic. Surviving relatives of, many of the victims 'have argued thatlthe wreck should have been left alone as a memorial. HOUSTON (AP) — Republican presidential contenders emerged from their first debate with their differences highlighted by sharp exchanges questioning George Bush's leadership qualities and de- nouncing Pete du Pont's \nutty idea\ of a private alternative to Social Security. While each of the candidates and their supporters were quick to claim victory after Wednesday night's forum, backers of the vice president were clearly pleased that he gave as good as he got in ex- changes with his rivals. \Someone needed to beat George Bush and no one did,\ said Lee At- water, the vice president's cam- paign manager. During a brief appearance before cheering supporters at a nearby hotel, Bush said the debate \gave me a chance to make a few points that I wanted to make about leader- ship.\ For two hours, Bush, Senate GOP leader Bob Dole of Kansas, Rep. Jack Kemp of New York, former Delaware Gov. du Pont t former Secretary of State Alexander M. Haig Jr. and evangelist Pat Robertson laid out their views under questioning from conser- vative columnist William F. Buckley Jr. and former Democratic Party chairman Robert Strauss. \This is the first time I've had the opportunity to face off with the vice president and the other can- didates,\ said Kemp after the forum. \I think we all gained on the vice president.\ The first hour was gentlemanly to the point of being dull. Then du Pont took out after Bush. \The question is in a Bush presidency where would he lead America,\ said du Pont, who was sitting on Bush's right on the stage. \So far we haven't seen any vision, any principles, any policy. We real- ly haven't had it spelled out very successfully.\ Many in the audience booed at this point. Du Pont called the pending U.S.- Soviet treaty to eliminate medium- range nuclear missiles \a great ex- ample of that. We're waiting for details and we're, hearing generalities.'' \HALLOWEEN DANCE\ Lisbon Fire Hall Oct. 31st, 1987 Children's Party 7:00 p.m.-9:00 p.m. Adult's Party 9:30 p.m.-1:30 a.m. •Snacks •B.Y.0.B •Mixers Available . *3 O0 per person *5 00 couple Music By \Custom Sound & Music EVERYONE INVITED!! TWO FOR WADDINGT0N VOTE ROW 10A & ROW 10B VOTE FOR TWO Marsha TIernan Roger Sharlow ^TRE BEST OF BOTH?ARTIES\ Candidates for Town Council In The Town Of Waddington ELECTION DAY, NOV. 3, 1987

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