News stories from Tuesday August 11, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Air travel was chaotic between the United States and Europe for a second day as Canadian air traffic controllers refused to handle aircraft on the route in support of controllers who were striking illegally in the United States. Only a trickle of North Atlantic traffic to and from this country operated, and the possibility was raised that these flights might also be halted by a sympathetic job action. The disruption of trans-Atlantic routes added the biggest measure of strength yet to the cause of the United States controllers. But there was no sign that the development was swaying the Reagan administration from its intent to rebuild the traffic system without the employees who struck. [New York Times]
- Transport Canada officials announced a new controllers' agreement to resume "normal air traffic service operations" at Gander, Newfoundland. Earlier, an agreement with the controllers collapsed and the Canadian government said that its airspace would remain closed to flights to and from Europe. [New York Times]
- Passengers were stranded by the thousands in airports across Europe as widespread flight delays and cancellations of transatlantic flights were again reported as a result of job actions by Canadian controllers. [New York Times]
- Creation of a 24-hour news network for cable television is expected to be announced by ABC and Westinghouse. The joint venture is scheduled to begin in the spring of 1982. [New York Times]
- Jail and prison overcrowding could be eased under a Reagan administration plan to turn over jails and prisons on some unused military bases to state and local governments. The plan was disclosed by Edwin Meese, the President's counselor, in a speech before a group of criminal lawyers at the American Bar Association convention in New Orleans. [New York Times]
- Miami's morgue is overflowing with the victims of drug-related violence, so much so that the medical examiner has rented a refrigerated truck to ease the overcrowding. [New York Times]
- The nation's driest urban region, the Sunbelt, shows signs of outgrowing its water supply, experts say, and in some places, particularly California, the crunch is likely to come within the next decade. [New York Times]
- The investigation of the Teamster union's Central States Pension Fund by the Labor Department was sharply criticized by the Senate Permanent Subcommittee on Investigations. The subcomittee said poor management, incompetence and bureaucratic infighting throughout the investigation had wasted "a historic opportunity" to reform the fund and rid the union of organized crime influence. [New York Times]
- Soviet-American cooperation is possible if the Russians show "restraint and reciprocity," Secretary of State Alexander Haig said. [New York Times]
- The Polish people were warned by Stanislaw Kania, first secretary of the Communist Party, that further demonstrations could lead to "the greatest national tragedy." [New York Times]
- A system of tackling trade issues before they can erupt into international disputes of major dimensions has been worked out by the United States, the European Common Market and Japan, according to an administration official. [New York Times]
- The Saudi "peace initiative," a statement of terms for Middle East peace, has been rejected by a broad spectrum of Israeli politicians and news organizations. But it continues to be debated because it implies the tacit acceptance of the right of Israel to exist. [New York Times]
- South African police burned a camp where black squatters lived, and an American congressional delegation that tried to make a scheduled visit to the campsite a few hours later was turned back. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 949.30 (+5.62, +0.60%)
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 10, 1981 | 943.68 | 132.54 | 38.37 |
| August 7, 1981 | 942.54 | 131.75 | 38.38 |
| August 6, 1981 | 952.91 | 132.64 | 52.07 |
| August 5, 1981 | 953.58 | 132.67 | 54.27 |
| August 4, 1981 | 945.97 | 131.18 | 39.47 |
| August 3, 1981 | 946.25 | 130.48 | 39.65 |
| July 31, 1981 | 952.34 | 130.92 | 43.47 |
| July 30, 1981 | 945.11 | 130.01 | 41.55 |
| July 29, 1981 | 937.40 | 129.16 | 37.61 |
| July 28, 1981 | 939.40 | 129.14 | 38.15 |