News stories from Tuesday August 26, 1980

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

Extending unemployment benefits for up to one year from the present maximum of 39 weeks will be recommended to Congress by President Carter in his economic policy statement Thursday, House Democratic leaders disclosed. Administration officials said that Mr. Carter would also ask Congress to authorize payment of the investment tax credit in cash to money-losing companies that owe no taxes. [New York Times] A U.S. envoy rebuked Ronald Reagan, saying that his statements about links with Taiwan endangered "delicate" American-Chinese understandings and risked "gravely weakening" Washington's global position in a time of peril. Leonard Woodcock, the Ambassador in Peking, said that "I thought my continued silence would be misunderstood" by the Chinese. [New York Times] A return to bold campaign stands that are sometimes unpopular was pledged by John Anderson. The independent candidate for President said that he would urge sacrifices by Americans in the interests of building a "stronger, more prosperous and better country" and that his proposals would not be "sugar-coated, pablum-like." [New York Times] The Carter debate strategy was foiled. The President accepted an invitation from the National Press Club to debate with Ronald Reagan, preferably early next month in advance of the campaign debates planned by the League of Women Voters. But a spokesman for Mr. Reagan said that he would not agree to excluding John Anderson from the first confrontation. [New York Times] President Carter won key backing as his re-election was endorsed by the executive board of the United Auto Work-ers union. John Anderson urged the board to support his independent campaign, but Douglas Fraser, president of the union, said that backing Mr. Anderson would enhance the prospects of Ronald Reagan. [New York Times] President Carter gained a victory as the House overwhelmingly approved his youth training and jobs progam. Passage came after the chamber decisively defeated a liberal attempt to seriously weaken the bill by deleting the educational provisions.Congress overrode the President's veto of a raise for doctors and dentists at veterans hospitals, by a unanimous vote in the Senate and an overwhelming margin in the House. In June, legislation repealing Mr. Carter's dime- a-gallon gasoline fee was also enacted over his veto. Before then, no Democratic President had been overridden by a Democratic-controlled Congress in nearly 30 years. [New York Times] Senator Herman Talmadge won the Democratic runoff election for nomination to a fifth term in the Senate. The politically powerful Georgian called the campaign the toughest he had faced in his 35-year career. [New York Times] A cash payoff was spent quickly, according to Representative Michael Myers of Pennsylvania, who said that it took about two weeks for him to use his $15,000 share of a $50,000 payment he received from federal undercover agents. He testified at his Brooklyn trial on bribery and conspiracy charges. [New York Times] Racial disturbances in Philadelphia continued for a second successive night after the fatal shooting of a black teenager by a white police officer. Three white photographers were attacked by a gang of black youths. On Monday, about 500 blacks protested the fatal shooting, shouting epithets and hurling bottles and bricks outside a police station for about three hours. [New York Times] New problems in Boston's schools were in prospect after the abrupt dismissal of Robert Wood as Superintendent of Schools. He was ousted by local school officials for what they termed "inadequate leadership." The system, long plagued by racial violence and political patronage, has been under federal court control for six years. [New York Times] Crippling strikes in Poland spread from the northern coast to other cities around the country as negotiations resumed between worker representatives and government officials. The possibility of a general strike was suggested by two of the labor delegates, and both the church and the state issued strong obique warnings that Poland faced the risk of Soviet intervenion. [New York Times] French fishermen won concessions from the government, but not on their two main demands, for higher fuel subsidies and a ban on dismissals. Most ports were reported partially or totally paralyzed by continuing blockades by the striking fishermen. [New York Times] Zimbabwe welcomes investment by foreign companies, Prime Minister Robert Mugabe told a New York audience that included many business executives. He said that his country was "Marxist in orientation," but indicated that cooperation with capitalism was possible. [New York Times] A drought in East Africa has led to widespread famine. Worst hit is the Karamoja region of Uganda, where about 20,000 people are believed to have starved this year. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 953.41 (-2.82, -0.29%)
S&P Composite: 124.84 (-0.32, -0.26%)
Arms Index: 0.83

	Issues	Volume*
Advances	694	18.24
Declines	803	17.58
Unchanged	387	5.88
Total Volume		41.70

* 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*
August 25, 1980	956.23	125.16	35.39
August 22, 1980	958.19	126.02	58.21
August 21, 1980	955.03	125.46	50.77
August 20, 1980	945.31	123.77	42.56
August 19, 1980	939.85	122.60	41.93
August 18, 1980	948.63	123.39	41.88
August 15, 1980	966.72	125.72	47.80
August 14, 1980	962.63	125.25	47.65
August 13, 1980	949.23	123.28	44.37
August 12, 1980	952.39	123.79	52.04