News stories from Monday August 25, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- An Anderson-Lucey ticket was announced. In naming Patrick Lucey as the vice-presidential candidate of an independent "national unity" campaign, John Anderson called the former Democratic Governor of Wisconsin "magnificently" qualified to be President. Mr. Lucey was deputy manager of Senator Edward Kennedy's presidential drive. [New York Times]
- Conciliation among Democrats was reflected by Senator Kennedy after a one-hour private meeting with President Carter at the White House. Mr. Kennedy said that he was "very much encouraged" by the President's plans to reduce unemployment and that he would campaign "actively" for Mr. Carter's re-election. [New York Times]
- Ronald Reagan retreated on China, abandoning his proposal to convert the United States liaison office in Taiwan into an official government office. The Republican presidential nominee acknowledged he had made misstatements that led to a diplomatic furor during the trip to China by George Bush, his running mate. [New York Times]
- Social Security tax relief and the granting of special tax benefits to companies in high unemployment areas will be included in the long-term economic "revitalization" program that President Carter is scheduled to announce Thursday, according to administration officials. They said that individuals and employers would be granted an income tax credit for a fraction -- probably 10 percent -- of their Social Security taxes. [New York Times]
- A Congressman conceded impropriety in having accepted $50,000 from federal undercover agents posing as representatives of influence-buying Arab sheiks, but he insisted that he had not committed a crime. The testimony was given by Representative Michael Myers of Pennsylvania, one of four defendants charged with bribery and conspiracy in the first trial resulting from the F.B.I.'s Abscam inquiry. [New York Times]
- Poland made a further concession to defiant strike leaders, who agreed in response to resume negotiations tomorrow on ending the stoppages that have paralyzed the country's industrial north. The government yielded to the strikers' demands that telephone communications between the region and the rest of the country be restored.
Concern over Czechoslovak workers was expressed by the Communist Party in Prague in an apparent reaction to the labor unrest in Poland. The party newspaper said that factory units should pay closer attention to workers' concerns about job problems, shortages in the stores and complaints about public transportation.
[New York Times] - Oil exporting nations were criticized by Secretary of State Edmund Muskie at the start of a special session of the United Nations General Assembly on the gap between rich and poor countries. He said that the petroleum exporters bore a "unique responsibility" for the world's economic plight. [New York Times]
- French fishermen imposed blockades again at several major ports. The 22,000 fishermen are pressing to save the 2,000 to 3,000 jobs they say will be lost this year unless the government increases subsidies and prohibits operators from making planned cuts in crew sizes. Paris plans to announce an offer Wednesday. [New York Times]
- Approval for the new DC-9 jetliner to fly with two pilots aboard was granted by the Federal Aviation Administra-tion. A pilots' union has said that three pilots are necessary for safety. The agency also proposed three new safety measures designed to reduce the hazards that it said cause six to eight of every 10 air crashes. [New York Times]
- A new dispute over chemical warfare has been prompted by a little noticed provision in the Military Construction Appropriations Bill for 1981 that was approved by the House on June 27. The two paragraph provision calls for spending $3.15 million to begin building a factory capable of producing a new generation of nerve gas weapons. Opponents fear that the plan will expand to a $2 billion program. [New York Times]
- A Seoul leader denied sedition charges, testifying at his court-martial that he had not incited students to demonstrate against the government. Kim Dae Jung, an opposition leader who is being tried with 23 supporters, faces a possible death penalty. [New York Times]
- Uganda is hobbled by instability, corruption, intimidation and murder a year and a half after the overthrow of Idi Amin. Coffee exports, which once made Uganda wealthy, are now largely controlled by smugglers, and the economy is staggering. [New York Times]
- Orderly transition of authority in China is planned. Parliament, which will convene Saturday, is expected to endorse formally a transfer of government power from a group of aging revolutionaries to a new generation of pragmatic administrators. The goal is to avert the political turmoil that has often hampered China's economic modernization programs. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 956.23 (-1.96, -0.20%)
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 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 |
| August 11, 1980 | 964.08 | 124.78 | 44.69 |