Wall Street trying tor new rally NEW YORK (UPI) - Stock 'pointed the Federal R eserve has not prices headed higher today with cut the discount rate as the invest­ Wall Street trying to revitalize its ment community has been an­ historic rally despite profittaking ticipating for the past three weeks. sparked by the Federal R eserve’s And many traders were disturbed failure to cut its discount rate. by an unexpected $2.7 billion surge The Dow Jones industrial in the money supply in the latest average, which fell 14.34 points to 1,- reporting week. The supply has been 037.44 Monday, was ahead 1.93 to 1,- distorted by an influx of cash from 039.37 at 10:30 a.m. EST. It had maturing All-Savers certificates. fallen 28.05 pointsd since hitting an Newton Zinder, E.F. Hutton vice all-time high of 1,065,49 last president, believes the failure of the Wednesday.. Fed to act “ could lead to a sharp but Advances led declining issues by brief setback.” And if and when the about a 3-2 margin. Volume in the board does move, the response Herald photo by Tarquinlo first 30 minutes amounted to about probably wilL be minimal because the cut has been anticipated. EIGHTH DISTRICT FIRERGHTERS HOSE DOWN SHED BLAZE 14.07 million shares. 'Monday’s New York Stock Several economists believe in­ The Mg menthol taste . suspicious fire detroyed equl0ment owned by town park department Exchange volume of 75.24 million terest rates will continue to fall “shares was down from the 96.55 regardless of whether the Fed million traded Friday and down becomes more accommodating. from from last week’s daily average of One analyst said the continued 112.25 million shares. decline in loan demands at banks will push interest charges lower. The project cost is about $2.8 Shed fire suspicious The slower turnover indicated to Demand has shrunk because the million, with the town chipping in Marlhoro Cogntry. many analysts professional in­ economy remains in a recession. about 1210,000 of it. This is based on vestors have taken a breather, par­ estimates released in'June. ticularly since more speculative The National Association of The second suspicious fire in the issues caUght fire last vraek as the Purchasing Management’s latest The new plan also calls for town’s North End in three days scorched smaller investor became more ac­ survey showed the economy con­ narrowing the proposed width of the a storage shed at Robertson Park and tive. tinued to slip in October and the streets. What was proposed was 32 M get a lot to like. damaged equipment owned by the town’s nation's jobless rate rocketed to 10.4 feet, but because residents said that park department. The Dow Jones average has percent. was too much, the plan now calls for climbed more than 30 percent over a 30-foot width. The road is current­ The Eighth Utilities District volunteer the past three months. Many in­ In other news Monday, the Fed ly about 24 to 26 feet in width, Kan- fire department got word of the blaze a vestors have cashed in on those reported consumer installment dra said Monday. ■few minutes before midnight Monday. profits and others have sold for tax credit rose $1.06 billion in District spokesman ’Thomas R. O’Marra purposes. September following a $66 million V “ WeVe made a couple of major said a passer-by driving in the area Wall Street continued to be disap- increase in August. changes in design because of the reported the fire on a citizen’s band public hearing,” Kandra said. radio. Senkow said at the presenUtion of The 30-by 25-foot wooden storage shed, the plans, which were alM approved at 45 N. School St., had been burning “ for by the commission, that there was Industrial request a while” before district firefighters some question about which street arrived, O’Marra said. was the through road. The firefighters managed to control At present, it appears that Vernon the blaze in about 15 minutes, he said. at odds with plan Street spUU, and it’s unclear which was intend^ to be the through Fifty-nine district firefighters street. responded to the fire. One, Mark Thurston, suffered a cut hand and was Kandra said people felt traffic treated at Manchester Memorial for Cheney district from IntersUte 86 warranted the Hospital and released. need for Vernon Street to be the O’Marra said walls and rafters in through one. about 20 percent of the shed were badly By Richard Cody told commission members at a Residents at the hearing said they burned. Lawn maintenance equipment Herald Reporter meeting Monday the company has were concerned that a major owned by the town was also damaged already — and illegally — started widening of the road. Including the and destroyed, he said. An application to use one of the tearing out windows and removing construction of sidewalks, „ would buildings in the recently classified bricks. A park department spokesman said the Cheney Historical District for in­ take away something from the rural Lamson said he stopped the work cost of the equipment damage was still dustrial use is expected be filed character of the neighborhood. from going forward, and said today being tallied this morning. later this week. Town Planner Alan the company officials didn’t know “They wanted it to remain very Lamson said Monday. Less than a block away from the shed, rural in character,” Kandra said. they were in violation. at 3i7 N. Main St., a suspected arson fire An industrial use in the district ‘ ‘The biggest change is no^ construc­ He said he didn’t believe any in­ early Saturday morning caused many would be a deviation from the year- ting the shoulders,” he said about terior structural damage had ^ n thousands of dollars of damage to the old zoning concept applied to the dis­ the new plan. done to the building. He said he Community Child Guidance Clinic, a trict in order to preserve its hasn’t seen the inside. There was also some concern two-story building. historical nature. Company officials could not be voiced at at the hearing that visibili­ reached this morning, and Lamson ty on the road, because of a hill and The fire left the state-run clinic without The building, the old King’s store, said he didn't know what the nature banked com er, presented a hazard heat and electricity in some parts of the is presently zoned for residential- of their intended production would to motorists, Senkow said the plan building. It was apparently set in two commercial use, and was so is to cut six feet down into the hill places, inside and outside the building, classified by the Planning and be. ; when reconstructing the road. with rolls of wadded-up newspaper, ac­ Zoning Commission last year Cheney Historical Commission Chairman and Probate Judge cording to a clinic official. because of wishes to preserve the 9 William FitzGerald today declined Kandra said ne needed the com­ district. The application, Lainson comment on the anticipated applica­ MENTHOL. mission’s approval so he could pre­ Police are investigating last night’s said today, would ask for a special Herald photo by Tarquinlo tion and the work done on the sent the designs to the state and app­ blaze, as well as the clinic fire and an Oc­ exception. 20 CLASS A CIGARETTES ly for the moncx. tober fire that destroyed a storage shed building because he said he didn’t He said with expediency, the TOWER TRUCK ATTACKS FIRE FROM THE TOP at the W.G. Glenney Co. in the same area The request is coming from know enough about it. project could go forward by 1985. ... 20 percent of storage shed was badly burned as the other two fires. Aerospace Alloy Co., and Lamson “They’ve removed some windows and some brick work,” Lamson said today. “That’s obvious from the street.” Lamson told commission inside Today members at the Monday meeting th ere could be some “ reper­ $50,000 school deficit cussions” from the state Historical 20 pages, 2 sections • ' Commission because the company- started “ tearing it to shreds.” Lam- The amount of non-salary expense Chesterton, the school system's Psychiatric Institute in Middletown', son said the Chenev commission budgeted this year but not already director of pupil personnel services. for example, is $45 per day. Business^...................................... 20 Herald Reporter / should also be notified. spent is about $70,000, or 10 percent The cost of educating'Students out These figures represent only the Lamson said at the meeting the of the total budgeted, Kennedy s^d. of the district has risen dramatical­ cost of educating the students.' Boar­ ^*•“ * * 1 ^ ................................The Board of Eklucatlon stands to work and the anticipated^pplication State law requires that local ly over the past two years, Chester- ding costs must be paid by parents ........; • ......................:■ run $50,000 In the hole this year may not agree with the intent of the school districts pay for the educa­ tol? said. At Becket Academy, a or guardians: .......................... ' o because of unusually high cosU for historical concept of the Cheney tion of students whose physical or school where juvenile delinquents Chesterton said “ the largest " • “ • y ......... ;? educating handicapped students out- District. W It iu r ie s ................................. lu g j j j jchool district, Superinten- mental handicaps'>{Mulre them to are often referred, tuition costa are single category” of out-of-dlstrict Planning and Zoning Commission receive ^lecial attentipn at reslden- '$9,197 this year, compared tol8,§75 placements are teenage students D i***I 'iL......................................