v. f Y +.,' . . f ..... 'L y .. n' it. "" .' ::nw ".t.....ttt .ttw6: ':A+ nr.. n.... nn .t ntiti":i":'":i".. .... r ::: .: Fr: ":i"i'"i:!"ii.vi::'X .. :: :{.isi}:}iY:"i}i:v4}::::.t-::::::. :::: nv :::::::::::... .:: - ., r.... .'t .:. ..+...n........n .............. n::::::::.:- ...,. .:..............: :.::.: "::::.v. ":::::::::::::::... .tt"::::. v.".tt ": y. ..::.ty v. ntvnt. :.:: v: : vyyii::h;"i:«4i::J:::: v:: i::!: " z. > .,, *ti. ,. -- j7,A W, 0: after 190-point fall by Donna Woodwell Daily Staff Writer As the Dow Jones industrial average rebounded after Friday's 190-point stock market plunge, the Univer- sity's top financial officer said the fluctuation will have little effect on the University's investments. Farris Womack, the University's vice president and chief financial officer, said, "We (the University) try not to be short-term investors" and "tend not to be invested in larger component corporations" such as the ones re- flected by the Dow averages. In the fourth largest point-gain in its history, the * Dow surged 88.12 points to close yesterday at 2,657.38. The rally came as buyers flocked to the mar- ket to snap up bargain stock prices created by Friday's drop. Womack said about 62 percent of the University's endowment, the source of scholarships and professor- ships, is invested in common stock, such as those which are traded on the New York Stock Exchange. However, this fund is separate from University oper- ating funds, which are primarily generated through stu- dent tuitions. Womack said, "Nothing students pay is *invested in the market," adding that recent events will have "no effect on student tuition." Womack said if the market experiences a continued t drop, the market value of the endowment would decline, which could then effect the value of individual scholar- ships and fellowships. "Any decline in the market is troubling, but not to be viewed as something to react to," he said. Economics Prof. Thomas Juster said the decline would not affect most University students. "It wouldn't have much of a direct effect, except that - on average - the families of U of M students are richer than the general population, and consequently families may be affected," he said. National stock market dealers said yesterday that trad- ing was less feverish than during the 1987 market crash, when the Dow fell a record 508 points. "There isn't the same panic," said Bob Wade, joint head of market mak- ing at Robert Fleming and Co. in London. 1 3 J EDUCOM '89 convention overtakes the U campus by Diane Cook Daily Research Reporter and Miguel Cruz Daily News Editor This week, the University is hosting the 25th an- niversary celebration of EDUCOM, a computer sympo- sium scheduled to attract more than 3,500 participants - the largest convention ever to come to Anln Arbor. EDUCOM is a consortium of more than 590 col- leges and universities formed to address issues of higher education computing and communication. The event will officially begin this morning with a keynote address from IBM Chair and Chief Executive Officer John Akers. More than 80 featured speakers will deliver presenta- tions and corporate demonstrations. To close the cere- monies Thursday, Nobel Prize winner in physics Arno Penzias, vice-president of research at AT&T will speak on "Preparing for Tomorrow's World" at Hill Audito- rium. aiy Over 130 corporate associates will participate in the programs, which also attract funding from foundation grants, member dues, and service fees. See EDUCOM, page 2 JENNIFER DUNETZ/D These satellite dishes next to the Bell Tower are part of the high-tech communications facilities brought to campus for Educom '89, a national computer conference that will be taking over Ann Arbor for the rest of the week. Transfers increase 'U' minority enrollment by Noah Finkel Daily Administration Reporter University officials say the reason for this year's 9.6 percent increase in minority student enrollment is the higher number of transfer students - mostly from community colleges - and graduate students. Currently, a record high of 5,454 minority students, or 16.6 percent of all students, are enrolled at the University. Enrollment of first-year undergradu- ate minority students dropped six per- cent this fall, but officials say the de- crease has been offset by the increases in transfer and graduate students. Assistant Director of Admissions James VanHecke said the increase in minority transfer students is due to stepped-up recruiting efforts at commu- nity colleges. VanHecke said half the minority col- lege students in Michigan are in com- munity colleges, creating an immense reservoir for University recruiters. Because minority enrollment for first-year minority students did not in- crease, some student leaders are skeptical about the large increase in community college minority transfer students. "It's a good thing if it's getting stu- dents here, but at the same time it shouldn't be the focal point of recruit- ment," said Delro Harris, chair of the Michigan Student Assembly's Minority Affairs Commission. "There are a lot of high school stu- dents they can bring here, but as a sup- plement (community college students) are all right," Harris said. Vice Provost for Minority Affairs Charles Moody said the University has been meeting with presidents of the community colleges, a move which he said may have encouraged community college students to consider transferring. There are more extensive programs designed to increase the numbers of mi- nority community college transfer stu- dents to the University that have been put in place in the past year, Moody said, but the results of those programs has not yet been seen. One program, begun last fall, admits students who have completed two years of Wayne County Community Col- lege's Honors Program to the College of LSA. The students are admitted as juniors, because the community college honors curriculum has been pre-ap- proved by the LSA faculty. A similar program was started in January by Wayne County Community College, the University's School of Natural Resources, and the U.S. De- partment of Interior. In the program, students in land-use management spend two years at the community college and are then admitted to the University as juniors. The highest jump in minority en- rollment was in the Rackham Graduate School, which increased from 587 to 673 students, or 14.7 percent. - The Associated Press contributed to this report. I n City Council decides against raising cost of vending licenses by Tara Gruzen Daily City Reporter The cost of Ann Arbor peddler and solicitor licenses will not be in- creased to $35, the City Council de- cided last night. In a 6-5 vote - which fell al- most directly among partisan lines - the council decided to leave the price of the licenses at $10, the same price they have been since 1981. "We really don't need this ordi- nance," said councilmember Tom Richardson (R-Fifth Ward), one of the Republicans who voted with the four council Democrats. "It's not a good idea to discourage individuals who are trying to better their lot in life," he added. Richardson criticized coun- cilmembers who favored the ordi- nance for abandoning their commit- ment to diversity in Ann Arbor. Responding to earlier statements by councilmember Terry Martin (R- Second Ward) that peddlers after last year's NCAA basketball champi- onships were "obnoxious and ugly," Richardson said fees should not be added to the cost of a license to de- crease any unfair advantage peddlers may have over permanent merchants. The resolution was tabled by the council until the details could be fur- ther clarified. City Administrator Del Borgsdorf said although the direct costs of issu- ing the licenses are not more than $10, there are many indirect costs to the city from peddlers and solicitors. These, he said, include policing ped- dlers and investigating complaints. A resolution to address stricter enforcement of the licenses was also tabled until a future meeting. In other business, the council voted unanimously to recognize the week of Oct. 16-22 as Cooperative and Credit Union Week. Although there won't be any di- rect celebrations of the week by the Inter-Cooperative Council, Christo- pher Taylor, an LSA senior and the council's president, said the main point of the week is to raise aware- ness of co-ops in the minds of city councilmembers. Be aware Patty Skaisgir, an engineering first-year Diag for Alcohol Awareness Week. increased because some people think peddlers are aesthetically unattrac- tive. Citing the fact that fees are higher in other Michigan cities, Martin argued that peddlers are unfair competition for local businesses. She proposed that a sales tax be student and Zeta Tau Alpha sorority member, passes out fliers on the i Bush prepares to order $16 billion in Federal cuts unless Congress acts WASHINGTON (AP) - The White House prepared an order for President Bush to sign yesterday which would slash $16.1 The House version of the measure was stud- ded with dozens of controversial provisions - ranging from Bush's cherished capital want to give them every chance." He con- ceded that just when the president signs the document was irrelevant. "Either we have a permanent matter," said House Speaker Thomas Foley (D-Wash.), using the formal name for the Gramm-Rudman cuts. Congress to send Bush the streamlined $14 billion deficit-cutting measure the Senate approved late Friday. Then, he said, the ad-