News stories from Tuesday July 14, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A top C.I.A. official resigned abruptly amid assertions that he took part in fraudulent securities transactions while managing an electronics concern in the 1970's. In resigning, Max Hugel, who was chief of clandestine operations at the intelligence agency, said that the accusations, made by two former business associates, were "unfounded, unproven and untrue." His successor is John Stein, a career C.I.A. employee.
The Director of Central Intelligence was accused in a federal court decision of having knowingly participated in an investment offering for a farming company in 1968 that "omitted and misrepresented facts" to investors. The decision named William J. Casey, who now heads the intelligence agency, as an officer and promoter of Multiponics Inc., which issued the misleading offering. The company entered bankruptcy proceedings in 1971 and is now defunct.
[New York Times] - The dismissal of James Watt, the Interior Secretary, was sought by the National Wildlife Federation, the biggest and probably most conservative of the major environmental groups. The federation accused Mr. Watt of "working to undermine or circumvent many of our basic environmental protection laws." [New York Times]
- A two-year tax cut bill was approved by the House Ways and Means Committee. The measure is the Democrats' alternative plan for a 15 percent reduction in individual income tax rates. President Reagan immediately denounced the Democratic bill because it does not call for a third year of rate cuts, which his administration has proposed. [New York Times]
- The first spraying of the pesticide malathion in densely populated Santa Clara County, Calif., was accepted with equanimity by most residents. They indicated they did not like the attack on an infestation by the Mediterranean fruit fly, but that they thought they could live with it. [New York Times]
- A decision on an Atlanta bail request is expected Thursday. Wayne Williams, a music promoter who is charged with the latest murder in the series of unsolved cases involving missing and slain black youths and children, promised a county judge that he would obey all directions of the court if it granted his request for bail. [New York Times]
- Interest in buying U.P.I. from the E. W. Scripps Company was expressed by Reuters, the British news agency. It said it was "actively considering" the purchase of United Press International, the second largest American news agency, which has been losing money for a decade. [New York Times]
- Britain set tougher anti-rioting policy, permitting the traditionally unarmed police to use plastic bullets, water cannon and armored vehicles to quell disorders. The government was considering the use of army camps as detention centers for people convicted of violent acts during the 12 days of urban riots.
The seeds of Britain's urban violence were sown in part by widespread unemployment and a deep sense of frustration, oppression and lack of opportunity pervading working-class young people. At the outset, the rioters were mainly blacks and Asians, but angry white youths, in growing numbers, have joined them.
[New York Times] - Plans for arms limitation talks were discussed by Secretary of State Alexander Haig. He said that the Reagan administration hoped to begin "formal talks" with the Soviet Union before the end of 1981 on limiting nuclear weapons in Europe, but he gave no hint when negotiations would start on strategic arms. [New York Times]
- Israeli Jets shot down a Syrian jet over southern Lebanon as Syrian MiG fighters tried to prevent an Israeli air strike against Palestinian targets, Israel announced. It said that all Israeli planes had returned safely from the clash and the raid and that they had scored direct hits on Palestinian guerrilla positions. [New York Times]
- A split among Polish Communists occurred at the opening of an extraordinary congress charged with developing a program to solve the country's problems. An unusual procedural dispute appeared to dash hopes that Stanislaw Kania, the party leader, could be re-elected at once. That would have strengthened his position to control the meeting, attended by many reform-minded newcomers. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 948.25 (-6.09, -0.64%)
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* |
| July 13, 1981 | 954.34 | 129.64 | 38.10 |
| July 10, 1981 | 955.67 | 129.37 | 39.95 |
| July 9, 1981 | 959.00 | 129.30 | 45.51 |
| July 8, 1981 | 953.48 | 128.32 | 46.00 |
| July 7, 1981 | 954.15 | 128.24 | 53.55 |
| July 6, 1981 | 949.30 | 127.37 | 44.59 |
| July 2, 1981 | 959.19 | 128.64 | 45.09 |
| July 1, 1981 | 967.66 | 129.77 | 49.07 |
| June 30, 1981 | 976.88 | 131.25 | 41.55 |
| June 29, 1981 | 984.59 | 131.89 | 37.93 |