Endowm Ent Loses $9 M

Non-Proflt U.S. Postage Sound Paid Waterville, ME 04901 Response Permit Number 39 ENDOWM ENT LOSES $9 M By Mike Diamond dropped $9 million from States. investment. years. {As the endowment the September 30th figures. The remainder of Colby's Colby Treasurer Douglas continues to be higher than it Colby President William The College's loss could have endowment is invested in Reinhardt said, "One of our has ever been], the average will Cotter reports that the college been far worse. Because bonds and real estate. managers (Pacific Financial be higher. We aren't going to has incurred a $9 million loss in Colby's trustee Committee on The capital management Research) had already moved spend money on equities when endowment funds as a result of Investment mandates that no firms which Colby has engaged 14 percent of its portion of the they do very well and cut back "Black Monday" (October 19th, more than 75 percent of the to handle the endowment are endowment out of equities and when times are bad, we remain the day that the Dow Jones College's endowment be responsible for avoiding the into bonds as of "Black conservative." Industrial Average dropped 508 invested in equities (stocks) and full impact of the stock market Monday." points, almost 25 percent, to an only 56 percent of the crash. Domestic investment is President Cotter is optimistic Moreover, Cotter continues all-time low). endowment was invested in divided among Pacific about Colby's investment to be optimistic about investing "We're back to where we such a manner on October 19, Financial Research of San stance. He reported, "We take in equities. He said,"The started from last November," Colby's portfolio is off by 13.1 Franciso, McGowan the long-term investor's view. historical ration will tell you Cotter told The Echo. percent, while the Standard Associates of New York, and We tell out managers to that investments in the stock "Everything that we had and Poor's 500 is off a full 21.8 Roe and Oake Asset maximize our gain over time. market will out-perform bonds gained in the past 12 months percent. The Standard and Management of New York, [Our yearly expenditures ] and cash in the long run. It's was lost in one month." Poor's index is used to compute while The Commonwealth require only 5 percent of the awfully hard to find a 50 year As of October 30, 1987, Colby the average worth of 500 Fund of Boston manages the average amount of the period when this did not College endowment had corporations within the United College's international endowment over the past 5 occur." Maine Yankee given ' live licenseMaine s chances of beingto The question on the ballot by Bridget Connelly Commission. Maine Yankee is chosen for a nuclear waste site the third most productive plant read "Do you want to let any On Tuesday November 3, were increased. In fact, the in the U.S. and ranks seventh in nuclear power plant like Maine Maine voters went to the polls federal government has listed the world. Yankee operate after July 4, to decide for the third time in two areas in Maine as Maine Yankee's success must 1988, if it makes high level the past ten years whether or potential waste sites. In the be contributed, in large part, to nuclear waste." Polls showed not to close Maine Yankee Waterville and Portland the extraordinary amount of that earlier in the campaign Nuclear Power Plant. regions, the MNRC worked money they raised over the voters in favor of _ Maine Referendum #1 passed by a margin of nearly 3-2 allowing Waterville's the Wiscasset based plant to new Mayor continue operations until its license expires in 2008. C. Kany Had it not passed, Maine Judy Yankee would have been forced by Janet Boudreau to close 20 years prematurely Waterville residents headed on July 4, 1988. This would in to the ballot box on Tuesday, effect cause an increase in the November 3, to decide upon price of electricity. Estimates the city's next mayor. At the range from 5% price increases close of the days voting, the to 28% meaning the state choice by a 2-1 victory was would have had to spend an Democratic State Senator, Judy additional $1 billion to $6.8 C. Kany. billion on electricity. These Kany, the second woman to costs do not include the be Waterville city chief, drew 66 payments the state would be percent of the vote leveling required to pay the owners of Republican opponent Robert W. Maine Yankee in compensation Palmer Jr ., 3,614 to 1,863. for their losses. The race was described by Colby, which spends the Morning Sentinel as "the approximatel y $315,000 hottest political campaign [of] annually on electricity, would "intensively" and successfully in past six months. By spending Yankee would have mistakenly this decade,." Both mayoral have been faced with a rise in persuading voters to their side. over $5 million, they outspent voted no on the issue. People contenders were extremely costs ranging from $15,750 to The majority of the voters the opposition nearly 10 to 1 in needed to be aware that a yes qualified. Kany has been a state $88,200 each year. throughout the rest of the what became the most vote meant that Maine Yankee lawmaker for 13 years, while The opposition to Maine state, however> "recognized expensive referendum would remain open and a no Palmer is a former city Yankee was led by the Maine the value of Maine Yankee to campaign in the state's history. vote would close it. administrator for Waterville. Nuclear Referendum the state" according to Maine According to Mr. Arnold, most Mr, Charlie Ipcar, a member Kany's campaign drive Committee (MNRC) an Yankee spokesman Mr. Arnold. of this money came from the of the MNRC who dealt with began on September 2, while organization which has sought Maine Yankee effectively owners of the plant; the the financial aspects of the Palmer's campaign kicked off to close the nuclear power argued in response to the remaining money was given to c ampa i gn, "said his on October 2. The vigorous plant since it formed in 1979. MNRC's charges by citing their the company by various organiza tion had to raise political battle-that ensued is Their campaign touched or» excellent safety and efficiency business men and individuals money the "hard way." By the the city's first mayoral contest problems of nuclear plant record for the past 15 years. across the state. He attributed end of November 3, they had si nce 1981 and sealed safety but centered on the issue The nuclear plant has received the high costs df this years spent over $500,000, 70% of Democratic control of City Hall of nuclear waste. The MNRC high ratings from the National campaign to the "confusing which came from individual for another two years. argued that because Maine Nuclear Accrediting Board and nature of the wording of the donations of $20 or less. Yankee was in operation, the Nuclear Regulatory referendum." continued on page 3 Teenagers , college students and" even It' s no secret that underground frats exist at / INSI DE: Colb professors were smoking dope lo beat the devil y. The Echo begins its first article of a | 1 (in '60s). Should former Supreme Court three p art series on this adminis trative the problem. See page 5. Justice nominee Douglas Ginsberg have been persecuted for this deed? See page 10. -— o Scenes from the convocation address include Paul Simon , President Cotter, and past Lovejoy recipients : > — *T David Coleman Senator Paul Simon highlights convocation recipients, faculty members, Senator and Lovejoy President Cotter described By recounting stories from by Janet Boudreau and other invited guests, biographer. Simon was Simon as, "an editor, publisher, his years in the state Colby College's 35th Elijah namely, members of the media selected fourteen months prior statesman, and scholar of legislature, moments on the Parish Lovejoy Convocation profession. "Lovejoy: The to the Convocation by the Lovejoy, upholding the campaign trail, and current was celebrated on Friday, Vigil", a docudrama produced Lovejoy Selection Committee tradition of a commitment to controversial issues, Simon November 6, with an array of by Rev. Robert Tabscott and ("long before [Simon] planned freedom of the press." special events on campus. suggested ways to continue narrated by Maya Angelou, to run for president.") ht for freedom in Marking the sesquincentennial Simon focused his words on Lovejoy's fig preceded dinner in the Student Approximately 500 people society today, of Lovejoy's martyrdom for his Center. Receiving its premiere filled Lorimar Chapel including "the two fundamental causes fi ht for freedom of the press for which we remember g showing, the docudrama was a 7 of the 19 surviving Lovejoy The ceremony was not and anti-slavery, the moving account of the life of award recipients, the Lovejoy [Lovejoy]: freedom of the press celebration focused on the without its political the abolitionist editor. selection committee, and and civil rights for all people." campaigning, however as a entire newpaper profession. evening hasized that "standing , The highlight of the Colby's former-President He emp , portion of the evening wis The Lovejoy ceremonies was the Convocation Address Strider to hear the Illinois U.S. up for freedom is [still] the most slotted for questions of the began with a reception and delivered by presidential Senator. fundamental in society. It is presidential hopeful. Simon award U.

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