News stories from Thursday August 26, 1982
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Manville filed for reorganization under the protection of Chapter 11 of the Federal Bankruptcy Act. The corporation said its basic business operations were in "good shape," but reported that its finances had been "overwhelmed" by more than 16,000 damage suits filed by persons exposed to asbestos. Manville attorneys said they expected the company to conduct "business as usual." [New York Times]
- A record 137.3 million shares were traded on the New York Stock Exchange amid signs of increased activity by individuals. Prices closed moderately higher after leading blue-chip issues retreated from their best levels of the day. [New York Times]
- A draft resister was convicted of failure to register for possible conscription and was immediately jailed. The defendant, Benjamin Sasway, was found guilty by a jury in San Diego after 50 minutes of deliberation. He was ordered held without bail to await sentencing on Oct. 4. [New York Times]
- Record arrests of illegal aliens, up to 1,200 a day, are being made by United States Border Patrol officers in the El Paso area. The Mexicans are trying to flee their country's unemployment rate of 40 percent and inflation rate of 60 percent. [New York Times]
- An easing in serious crimes was reported by the F.B.I. In an annual report, the bureau said the number of serious crimes reported in 1981 "showed virtually no change from the previous year," and that, because of population growth, the crime rate dropped 2 percent. [New York Times]
- Major damages for exposure to the deadly chemical dioxin were awarded to 47 present and former employees of the Norfolk & Western Railway. An Illinois jury granted the victims a total of nearly $58 million. [New York Times]
- Leases for oil and gas exploration in a wilderness area in South Carolina have been issued by the Interior Department despite a moratorium on such leasing imposed by Interior Secretary James Watt. [New York Times]
- The murder of a son of a witness in a new investigation of Labor Secretary Raymond Donovan was carried out in the Bronx Wednesday night in what the police described as a "gangland-style" execution. The 31-year-old victim, Nat Masselli, was fatally shot soon after his father, William Masselli, was secretly brought to New York City from an upstate federal prison to be questioned by a special federal prosecutor. [New York Times]
- Gubernatorial aspirants in New York have spent more than $8 million thus far, but voter apathy and disinterest is widespread in rural Madison County. The names just don't stick. A dairy farmer, asked about Mario Cuomo's prospects, replied, "I think she's a strong lady." [New York Times]
- Trade sanctions were ordered by the Reagan administration against a major company owned by the French government and the French subsidiary of an American oil equipment company. The administration barred them from buying goods and services from the United States for defying an American embargo against delivering equipment for a pipeline that is to supply Western Europe with Soviet natural gas. [New York Times]
- Poland's Primate demanded that the authorities release Lech Walesa, the interned leader of the union Solidarity. Addressing a throng of more than 350,000 worshipers at the nation's holiest shrine, the Roman Catholic leader, Archbishop Jozef Glemp, also demanded that the authorities make other concessions to bring about a reconciliation with an "angry" people. The Archbishop urged Poles not to protest in the streets, but to seek consolation in prayer. [New York Times]
- Ariel Sharon defended Israel's thrust into Lebanon, saying the invasion had provided a new chance for Middle East peace. Addressing leaders of American Jewish groups, the Israeli Defense Minister said the departure of the Palestinian guerrillas from Beirut raised the prospects of "peaceful coexistence" with the Palestinians and could enable Lebanon to become the second Arab nation to sign a peace treaty with Israel. [New York Times]
- An overland pullout accord has been reached, negotiators announced in Beirut. They said that the first Palestinians to be withdrawn by land would leave for Damascus tomorrow. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 892.41 (+7.52, +0.85%)
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* |
| August 25, 1982 | 884.89 | 117.58 | 106.19 |
| August 24, 1982 | 874.90 | 115.34 | 121.65 |
| August 23, 1982 | 891.17 | 116.11 | 110.30 |
| August 20, 1982 | 869.29 | 113.02 | 95.88 |
| August 19, 1982 | 838.57 | 109.16 | 78.26 |
| August 18, 1982 | 829.43 | 108.53 | 132.68 |
| August 17, 1982 | 831.24 | 109.04 | 92.86 |
| August 16, 1982 | 792.43 | 104.09 | 55.42 |
| August 13, 1982 | 788.05 | 103.85 | 44.72 |
| August 12, 1982 | 776.92 | 102.42 | 50.04 |