2 The Michigan Daily - Friday, October 24, 1997 NATION ORLD - Hong Kong dive rocks markets NEW YORK (AP) - A panicky stock sell-off in Hong Kong reverberated yesterday throughout Europe and the United States, where the Dow plunged almost 230 points before rebounding slightly. It was the fifth-worst point drop in the Dow's history, though not even close to the largest percentage drop. "Nobody knows which way to go," said Tatsuya Enomoto, chief foreign exchange dealer at Sumitomo Bank Ltd. in New York. In Hong Kong, which analysts had believed was immune from the financial turmoil roiling the rest of Southeast Asia, the Hang Seng index of blue-chip stocks dropped 10 percent for the day, a plunge of 1,211.47 points to 10,426.30. It now is down 23 percent the week, following major meltdowns across Asian stock and currency markets that began this summer. In the fallout of the assault on stocks in Hong Kong - a bastion of capitalism in Asia despite China's takeover in July - major stock indexes fell more than 3 percent in Japan, Britain, France and Germany. Shares were off more than 5 percent in Mexico and down more than 8 percent in Brazil. In the United States, the Dow Jones industrial aver- age tumbled 229 points at one point, or by 2.9 percent. But Wall Street's best-known indicator recovered some lost ground, still closing down 186.88, or 2.3 percent, at 7,847.77. The shock came just days after the 10th anniversary of the Oct. 19, 1987, crash that sent the Dow plum- meting 508 points, or nearly 23 percent. But even with Thursday's loss, the average still is up almost 22 per- cent this year. Gerald Gorman, a retired editor watching the ticker at a Fidelity Investments office in New York yesterday afternoon, was hoping for a larger sell-off so he could buy some of his favorite stocks more cheaply. "Even 1987 didn't unnerve me," he said. "In fact, I did some buying then. It would have to be an extreme drop of several hundred points, accompanied by social MARCH Continued from Page tant part won't happen in Philadelphia. "What I think is really important is what we do when we come back to the 1ommunity," Russell said. Russell said she does not have a total 4stimate for how many women from the community will participate in the march, but she alone has registered 400 women. "I just feel like it's a part of history or all of the women coming together," Fussell said. "I am just so overwhelmed ,ith the turnout we had at the last minute." In addition to the march, a variety of speakers and entertainment perfor- mances are planned for tomorrow, including prominent South African politician Winnie Mandela and Rep. Maxine Waters (D-Calif). "I see the march mostly as a celebra- tion, something to bring about awareness and consciousness," she said, contrasting tomorrow's march with the Million Man March that occurred two years ago and was a "day of atonement." University student coordinators Tricia Moo-Young and Dara Maurant, who worked with Russell, could not be reached for comment yesterday. RESI DENTI Continued from Page over the years has been theI dent involvement in the coll nance. "To be quite honest ... t student interest has become tized and less communitari said, noting that this has impact on the feeling of ha civility within the RC. "M walk by my office on thev classes and stop by on their john. It makes for a ve atmosphere." In addition to living in building as their professo student are able to grow ch professors through the sm the RC offers. RC first-year student Petersen said she values tf attention she receives as a the RC. "I have a couple profess really scatterbrained, but ti Petersen said. "It's really go they make learning fun, people motivated." The flexibility within * allowed senior Charlie Wa * a community initiativ through the RC to Alternative Spring Break start a two-credit mini cot "The fact that I can bring disaster. It would have to be really apocalyptic." If there was a winner yesterday,it was the U.S. bond market, which soared on the turmoil. U.S. Treasury bonds and bills, the most liquid and secure of investments, were snapped up by global investors looking for a haven for the money yanked out of stocks. Yields on the 30-year U.S. Treasury bond, an impor- tant indicator of the cost of borrowing, plunged to 6.30 percent by late yesterday from 6.42 percent late Wednesday. The rout in Hong Kong occurred after the govern- ment, in a move to support its currency, began aggres- sively selling U.S. dollars and buying Hong Kong dol- lars. It also cut off a cheap source of credit for banks. Interest rates soared. The interest on overnight loans between banks shot up to 300 percent from 7 percent Wednesday, sparking fears that banks will raise their prime lending rates today, undermining Hong Kong businesses and the real estate market. SAL the RC ... and have them discuss it and talk about my idea as a student, that's what's really been great for me,'Walker level of stu- said. ege's gover- While many students prize the atten- tion they receive in the RC, nearly one- he focus of third of students drop out of the program. more priva- Weisskopf said most students drop an,' Cohen out because they don't want to take the n't had an 16 credits of intensive language. armony and Weisskopf said the purpose of the Ay students RC is to create the environment of a way to their small liberal arts college, while at the r way to the same time provide access to the advan- ry friendly tages of a big university. "We're not supposed to duplicate the same what's done in LSA, because most of rs' offices, our students take classes in LSA," ose to their Weisskopf said. nall classes Weisskopf said the demographics of the RC's student body mirror those of Breanne LSA, except that nearly 60 percent of he personal the students and faculty in the RC are member of women. Instead of grades, students in RC ors who are classes receive written evaluations at hey're fun,' the end of the term. od because While some students see the lack of which gets grades as a way to slack off, Weisskopf said the purpose of the n the RC evaluations is to give a more personal alker to get account of the students' performance ves grant and to take away the unhealthy com- fund two petition for grades. sites and "They can talk about how far a stu- urse. dent has come, not just the end result," this idea to Weisskopf said. Walker said the evaluations have given him a lot of positive feed- back. "When you actually have words and stuff to improve on, it's really benefi- cial," Walker said. In order to be able to afford the smaller classes, RC instructors have L lower salaries, on average. l' "We have faculty who enjoy teaching and are willing to sacrifice somewhat to be part of the RC," 0 1 Weisskopf said. t. AOUND THE NATIQ'N Study shows molecule may slow HIV WASH INGTON - Researchers have identified a natural molecule that prevents HIV from infecting cells, a basic discovery they say could lead eventually to pow- erful new types of AIDS drugs or even a vaccine. The molecule, discovered by a team led by famed AIDS researcher Rob Gallo, works against HIV by physically blocking the portal used by the virus invade lymphocytes and other types of blood cells. Gallo's team at the Institute of Human Virology at the University of Maryland, Baltimore, earlier identified three similar molecules, all called chemokines. But the new molecule is much more effective because it protects all the cell types attacked by HIV Gallo said. Flooding the body with these chemokines could create a barrier between HIV and its target cells, and, thus, prevent the virus from spreading its deadly infection, Gallo said. "Its breadth of activity and its potency will make it more important than any of the other chemokines found so far," Gallo said in an interview. But he emphasized that before chemokines can be tried against HIV in humans, the molecules must be extensively tested in monkeys against a related virus cal* SIV Such testing could take several years. Discovery of the new chemokine comes just as doctors report that some AIDS virus is developing a resistance to the three-drug combination that has successful- ly suppressed HIV in thousands of patients. Bill may tighten drunken driving laws WASHINGTON - The Clinton administration endorsed a national drunken-driving standard yesterday that would force two-thirds of the states to toughen their laws or lose federal highway money. A bill pending in Congress would make all states set their drunken- driving thresholds at a blood-alco- hol content of 0.08 percent. Two- thirds of the states and the District of Columbia now use a minimum of 0.10 percent to determine when a driver is legally drunk. Fifteen states already use the 0.08 percent limit, Transportation Secretary Rodney Slater said at a news conference. And he said drunken driving deaths had declined an average of 16 percent in the first five states to adopt the lower limit - Utah, Oregon, Maine, California and Vermont. "The president is ready today to sign this legislation," Slater said. Some opponents contend the bill would trample on states' rights. Industry groups also oppose it. The American Beverage Institute said some states have rejected the lower limit because it doesn't w* and would punish responsible social drinkers. Clintons host child care conference WASHINGTON - President Clinton and first lady Hillary Rodham Clinton called attention to a "silent cri- sis" in child care yesterday as hosts for a White House conference seeking w to boost quality without raising costs. The president proposed a modest package of help, including a scholar- ship fund to attract workers to the field. He said he would present a more com- prehensive proposal next year. "Nothing is more important ... than finding child care that is affordable, accessible and safe," Clinton said. "It is America's next great frontier in strengthening our families and future." A AROUNDTHE ORLD Disp, oYtExecIJ long ejve I I' Spt '. Pease Audioru p.m. tickets on sale Wednesday, Oct. 22 EMU students: $10 non-students: $16 Tickets are available at the EMU Box Office,313/487 1221 Monday-Friday, noon-5:30 p.m. Fax orders to 313/487-3443 For more information contact Campus Life Programs at 487-3045 dispay, dvertising department woldlike to thank for their gen~erous %dontion ® PRINTING LOWEST PRICES! HIGHEST QUALITY! ® FASTESTSERVICE! S1002 PONTIAC TR. RIJGIO0US $IZRVICE $ AVVAVAVA CANTERBURY HOUSE JAZZ MASS Episcopal Center at U of M 721 E.Huron St. Ann Arbor, MI 48104 (313)665-0606 The Rev.Matthew Lawrence, Chaplain SUNDAYS 5:00 Holy Eucharist with live jazz Steve Rush and Quartex KOREAN CHURCH OF ANN ARBOR 3301 Creek Dr. 971-9777 SUNDAY: 9:30 a.m. English, 11 a.m. & 7:30 p.m. Korean LUTHERAN CAMPUS MINISTRY LORD OF LIGHT LUTHERAN CHURCH 801 S. Forest (at Hill St.) 668-7622 SUNAY: Worship at 10 a.m. WED.: Evening Prayer- 7 Choir 7:30 THURS.: Issues of Faith Group- 7:00 John Rollefson, Campus Pastor REDEEMER LUTHERAN CHURCH Wels Lutheran Campus Ministry 1360 Pauline Boulevard Iraq threatened by travel restrictions UNITED NATIONS - The Security Council threatened yesterday to impose travel restrictions on Iraqi officials if they continue to impede U.N. weapons inspections. But five members of the 15-nation council abstained from the vote in a pointed demonstration of dissent from U.S. calls for a continued hard line against President Saddam Hussein's Baghdad regime. The abstentions were a clear sign that 6 and 1/2 years after the Persian Gulf War, a growing number of coun- tries - some motivated by economic interests and some by sympathy for the suffering of Iraqis - feel that no fur- ther sanctions should be imposed on Iraq. Some believe that the time has come to start rolling back sanctions imposed on Iraq following its 1990 invasion of Kuwait. Among those abstaining were Russia, France and China - three of the five permanent members, each with the power to veto any council resolu- tion. They were joined by Egypt and Kenya, whose abstentions were a sign of strong sentiment within the Ar bloc and elsewhere among Third Wo countries for a show of solidarity with a nation that they perceive as being hounded unduly by the United States. Algeria holds first local vote since 1990 ALGIERS, Algeria - As thousands of soldiers kept an eye out for terroris, Algerians picked candidates yesterdayW the first local elections since 1990 - the last of four votes aimed at squelching an Islamic revival that has mushroomed into a relentless and bloody revolt. Security forces kept a discreet watch on voting areas in the capital, but were out in force in some suburbs that have been flash points for violence. Soldiers in camouflage patrolled near the decrepit schoolhouse that served as a polling station in Eucalyptus, at the st* of the so-called "Triangle of Death" jus south of Algiers. - Compiled from Daily wire reports. The Michigan Daily (ISSN 0745-967) is published Monday through Fnday during the fall and winter terms by students at the University of Michigan. Subscriptions for fall term, starting in September. via U.S. mail are $85. Winter term (January through April) is $95, yearlong (September through April) is $165. On-campus su scriptions for fall term are $35. Subscriptions must be prepaid. The Michigan Daily is a member of the Associated Press and the Associated collegiate Press. ADDRESS: The Michigan Daily, 420 Maynard St., Ann Arbor, Michigan 48109-1327. PHONE NUMBERS (All area code 313): News 76-DAILY; Arts 763-0379; Sports 647-3336; Opinion 764-0552; circulation 764-0558; classified advertising 764-0557; Display advertising 764-0554; Billing 764-0550. E-mail letters to the editor to daily.letters@umich.edu. World Wide Web: http://www.pub.umich.edu/daily/. NEWS Jodi S. Cohen, Managing Editor EDITORS: Jeff Eldridge, Laurie Mayk, Anupama Reddy, Will Weissert. STAFF: Janet Adamy, Reilly Brennan, David Bricker, Gerard Cohen-Vrignaud, Rachel Edelman, Margene Eriksen, Megan Exley, Maria Hackett, Stephanie Hepburn. Steve Horwitz, Heather Kamins, Jeffrey Kosseff, Neal Lepsetz, Ken Mazur, Chris Metinko. Pete Meyers, William Nash, Christine M. Paik, Katie Plona, Susan T. Port, Diba Rab, Alice Robinson, Peter Romer-Friedman, Ericka M. Smith, Mike Spahn, Sam Stavis, Heather Wiggin, Kristin Wright, Jennifer Yachnin. CALENDAR: Katie Plona. EDITORIAL Erin Marsh, Ed ASSOCIATE EDITORS: Jack Schillaci, Jason Stoffer. STAFF: Kristin Arola, Ellen Friedman, Lea Frost, Eric Hochstadt, Scott Hunter, Jason Korb, Yuki Kuniyuki, David Lai, Sarah Lockyer. James Miller, Joshua Rich, Megan Schimpf, Paul Serilla, Ron Steiger, David Taub, Matt Wimsatt, Jordan Young. SPORTS John Leroi, Managing Editor EDITORS: Nicholas J. Cotsonika, Alan Goldenbach, Jim Rose, Danielle Rumore. STAFF: TJ. Berka, Evan Braunstein, Chris Duprey, Chris Farah, Jordan Field, Mark Francescutti, Rick Freeman, John Friedberg, James Goldstein, Rick Harpster, Kim Hart, Josh Kleinbaum, Chad Kujala, Andy Latack, Fred Link. BJ. Luria, Kurt New, Sharat Rju, Pranay Reddy, Kevin Rosefield, Tracy Sandier, Richard Shin, Mark Snyder, Nita Srivastava, Dan Stiliman, Uma Subramanian, Jacob Wheeler. ARTS Bryan Lark, Jennifer Petiinski, Editors WEEKEND, ETC. EDITORS: Kristin Long, Elizabeth Lucas SUB-EDITORS: Aaron Rennie (Music), Christopher Tkaczyk (Campus Arts), Joshua Rich (Film), Jessica Eaton (Books'. John Ghose (TV/New Media). STAFF: Colin Bartos, Sarah Beldo, Neal C. Carruth, Anitha Chalam, Brian Cohen, Melanie Cohen, Gabe Fajuri, Chris Felax, Laura Flyer, Geordy Gantsoudes. Stephanie Jo Klein, Anna Kovalski, Emily Lambert, Stephanie Love, James Miller, Ryan Posly, Anders Smith.Lindall, Julia Shih, Prashant Tamaskar, Ted Watts, Michael Zilberman PHOTO Sara stiliman, Ed ASSISTANT EDITORS: Margaret Myers, Warren Zinn STAFF: Louis Brown, Daniel Castle, Mallory S.E. Floyd, John Kraft, Kevin Krupitzer, Kelly McKinnell, Bryan McLellan, Emily Nathan, Paul Talanian. COPY DESK Rebecca Berkun, Editor STAFF: Jason Hoyer, Debra Liss. Amber Melosi, Jen Woodward ONLINE Adam Pollock, Editor STAFF: Marqunia Iliev, Elizabeth Lucas GRAPHICS Jonathan Wehz, Editor STAFF: Alex Hogg, Michelle McCombs, Jordan Young. I 0 m I1