News stories from Tuesday September 8, 1981

Summaries of the stories the major media outlets considered to be of particular importance on this date:

Additional budget cuts, totaling $10 billion to $15 billion, are sought by President Reagan in what a White House official described as a "hard-line" effort to preserve the goal of a $42.5 billion deficit in the 1982 fiscal year. A second administration source said that about $3 billion was likely to come from military spending. [New York Times] An omnibus appropriations bill is expected to be pressed in Congress soon by the Reagan administration. In prospect as Congress returns from recess tomorrow is a sweeping request for approval of an appropriation measure that would allow for a single vote on an entire package of cuts rather than the usual piecemeal approach in which the legislators are subject to constituent pressures. [New York Times] The Justice Department retreated from its position on a controversial case in which two Federal District Courts and a federal appellate court had ruled against the state of Texas. In a brief filed in the Supreme Court, the department said that it had no legal interest in whether a state law that would deny free public education to illegal alien children should be struck down as a violation of the 14th Amendment to the Constitution. [New York Times] Roy Wilkins died in a Manhattan hospital at the age of 80. Mr. Wilkins, the leader of the N.A.A.C.P., was for a half century a prime mover in efforts to improve the social, political and economic life of black Americans, and in his dedication became a skilled politician as well as statesman. [New York Times] Vernon Jordan Jr. plans to resign as president of the National Urban League, according to sources close to him. The reason was not disclosed. The sources said that the 46-year-old influential civil rights leader would announce his decision Thursday. [New York Times] Philadelphia teachers began a strike that one of its leaders said "could well last till Christmas." Undeterred by rain showers, the teachers started picketing to protest widespread dismissals of teachers and the cancellation of a scheduled raise. [New York Times] Judge Sandra Day O'Connor's confirmation to be a Supreme Court Justice is expected to be recommended by the Senate Judiciary Committee, which begins three days of confirmation hearings tomorrow. A panel of the American Bar Association told the committee that the Arizona judge is professionally qualified despite a relative lack of "extensive or challenging" judicial experience. [New York Times] Prime Minister Begin of Israel arrived in Washington from New York for talks with President Reagan that are to begin Thursday. [New York Times] An anti-U.S. protest in West Berlin is set for Sunday during the visit by Secretary of State Alexander Haig. To the embarrassment of the Bonn government and the dismay of many West Germans, the youth groups of the two parties in the ruling coalition vowed to proceed with the demonstration against what they see as an aggressive and reactionary American foreign policy. [New York Times] Defiance of Poland's leadership was expressed by the Solidarity union. The 890 delegates at the union's national convention in Gdansk asked the authorities to hold a referendum on the right of workers to manage factories. The unionists also suggested that other workers of the Soviet bloc create unions free of Communist Party control. [New York Times] India has won an innovative loan totaling $5.68 billion under a tentative decision by the International Monetary Fund, according to officials of the agency. The loan would be the largest in I.M.F. history and would allow India to begin a major search for oil in promising offshore areas. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 851.12 (-10.56, -1.23%)
S&P Composite: 117.98 (-2.09, -1.74%)
Arms Index: 1.23

	Issues	Volume*
Advances	212	4.82
Declines	1,405	39.36
Unchanged	277	3.16
Total Volume		47.34

* in millions of shares

Arms Index is the ratio of volume per declining issue to volume per advancing issue; a figure below 1.0 is bullish.

Market Index Trends
Date	DJIA	S&P	Volume*
September 4, 1981	861.68	120.07	42.75
September 3, 1981	867.01	121.24	41.72
September 2, 1981	884.23	123.49	37.57
September 1, 1981	882.71	123.02	45.11
August 31, 1981	881.47	122.79	40.36
August 28, 1981	892.22	124.08	38.02
August 27, 1981	889.08	123.51	43.91
August 26, 1981	899.26	124.96	39.98
August 25, 1981	901.83	125.13	54.60
August 24, 1981	900.11	125.50	46.74