News stories from Monday August 18, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The defense policy of Ronald Reagan was the subject of his address before 5,000 delegates to the Veterans of Foreign Wars convention. In his first speech since the Democratic convention, Mr. Reagan said the United States must either accept the reality of the arms race with the Soviet Union or face the "unacceptable choice" between surrender and defeat. [New York Times]
- Extremely conservative evangelicals have become politically active in this election year for fear that a sharp moral decline is imperiling the well-being of American society. Numbering between 30 and 65 million, many of them feel that their moral and spiritual values -- on such issues as abortion, women's rights, divorce and religion in the schools -- are no longer reflected in public policy. [New York Times]
- The developer of the Abscam inquiry testified today as the first of eight trials of public officials entered its second week in federal court in Brooklyn. Melvin Weinberg, a 55-year-old convicted swindler, testified that the Federal Bureau of Investigation had paid him $3,000 a month plus bonuses and expense money while he helped carry out the undercover operation. [New York Times]
- No insanity defense will be entered at the trial of Joan Harris, her lawyer told a justice in State Supreme Court in White Plains. She is charged with the murder of Dr. Herman Tarnower, author of "The Complete Scarsdale Medical Diet," last March. Her lawyer has maintained that Mrs. Harris did not "intend" to kill him. [New York Times]
- A hijacking attempt brought the arrest of a man who allegedly tried to force a plane from Florida to Cuba, as airline passengers and personnel hoped tighter security had ended a rash of hijackings by Cuban refugees. Bond of $1 million each was set for two Cuban refugees accused of trying to seize a plane on Sunday. [New York Times]
- The drafting of a bill to cut 1981 taxes has begun swiftly and with a show of bipartisan support. The chairman of the Senate Finance Committee predicted that Congress would pass such a bill this year and that President Carter would sign it. The staff of the Joint Committee on Taxation has recommended a $25 billion to $30 billion reduction. [New York Times]
- An Alaska lands bill filibuster was broken in the Senate and the lawmakers moved to the brink of enacting legislation seeking to end two decades of conflict over the development and preservation of more than 100 million acres of wilderness. The Senate is expected to pass the bill tomorrow, and leaders in the House are expected to be under strong pressure to accept the Senate version to avoid another filibuster. [New York Times]
- A promise of general pay increases was made by the head of the Polish Communist Party in an effort to end strikes that have paralyzed the country's Baltic industrial region since Thursday. According to dissident sources, more than 100,000 workers -- half the area's work force -- are on strike. [New York Times]
- Curfews remained in effect in India, as Prime Minister Indira Gandhi defended the role of the police and security forces. She also called on the press to exercise restraint in reporting tensions and conflicts. Mrs. Gandhi imposed press censorship during her last term in office. [New York Times]
- Israeli lawmakers visited the Golan, symbolizing a new, strong trend in Israel's political life. The 17 Members of Parliament who toured the new Israeli town of Qatzrin are part of a broad coalition that is gathering force to annex the 500 square miles of the occupied Golan Heights. [New York Times]
- Kim Dae Jung defended himself on the second day of his trial in Seoul, denying that he had violated South Korea's National Security Law by founding an organization in Japan in 1973 that the government charges is anti-South Korean. The 56-year-old opposition leader faces a maximum penalty of death on the charge. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 948.63 (-18.09, -1.87%)
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 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 |
| August 11, 1980 | 964.08 | 124.78 | 44.69 |
| August 8, 1980 | 954.69 | 123.51 | 58.86 |
| August 7, 1980 | 950.94 | 123.30 | 62.37 |
| August 6, 1980 | 938.23 | 121.55 | 45.02 |
| August 5, 1980 | 929.78 | 120.74 | 45.51 |
| August 4, 1980 | 931.06 | 120.98 | 41.57 |