News stories from Friday July 24, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Tax concessions were offered by the Reagan administration in an effort to win votes in the House for another version of its three-year tax-relief bill that included future automatic "indexing" of tax brackets to offset inflation. President Reagan and Vice President Bush urged Republicans to support the tax legislation when it comes up for a vote in the House on Wednesday. [New York Times]
- William J. Casey failed to disclose during Senate confirmation proceedings on his appointment as Director of Central Intelligence the receipt stock holdings in a corporation and a gift of a $10,000 interest in another business venture, according to an examination of public records and information provided by a business associate. [New York Times]
- Mr. Casey's resignation as Director of Central Intelligence was urged by Republicans and Democrats on the Senate Select Committee on Intelligence who agreed with Barry Goldwater, the committee's chairman, that he should resign. A White House aide acknowledged that there was "an apparent crumbling of support." [New York Times]
- A man's damaged heart was removed and replaced with an artificial one by surgeons in Houston, in the fourth such operation known to have taken place. Surgeons at St. Luke's Episcopal Hospital said that the experimental plastic device was functioning well, but that it was only an emergency measure. They appealed for a donation of a human heart. [New York Times]
- Hard times in Puerto Rico are expected to bring about a huge migration to the industrial centers to the Northeastern states and Illinois. This forecast comes from Baltasar Corrado del Rio, Puerto Rico's Resident Commissioner in Washington. He believes that by 1982 and 1983, the federal government will have developed policies that will create pressures on Puerto Ricans to move to the states. [New York Times]
- Seven Abscam defendants lost an appeal to have their convictions of bribery overturned on the ground that they had been unfairly induced by overzealous government agents to participate in schemes that led to the charges. A Federal District Court judge in Brooklyn ruled that their constitutional rights had not been infringed upon and refused them new trials. [New York Times]
- The government's role in education of children is at issue again as advocates of children's rights oppose the Reagan administration's efforts to dismantle a large part of a federal program developed over the last 15 years. The program guarantees rights of children to money and services in education and makes the states and local school administators responsible for these services, such as bilingual education and aid to the handicapped and other disadvantaged children. [New York Times]
- Israel agreed to a cease-fire in Lebanon, reportedly on the condition that Palestinian guerrillas halt any further military buildup in southern Lebanon. The agreement was announced in Jerusalem by Philip Habib, the special American envoy, and a separate announcement was later made in Beirut by the Palestine Liberation Organization. An Israeli official said that the Lebanese government had indicated its willingness to try to curb the Palestinian guerrillas. [New York Times]
- The P.L.O. accepted the cease-fire. Kurt Waldheim, Secretary General of the United Nations, which participated in the negotiations, said that Yasser Arafat, leader of the Palestine Liberation Organization, had sent him a message saying that his guerrillas would honor a cease-fire "if the other side did." Both sides handled the cease-fire acceptance in a gingerly way. There appeared to be face-saving on both sides that enabled them to say that they had not made a deal with each other. The Israelis avoided the term "cease-fire" and said it was not an agreement but an arrangement with the United States and the Lebanese government. [New York Times]
- The cease-fire should be followed by vigorous efforts to end the civil war in Lebanon and to restore "movement and momentum" to the Middle East peace negotiations initiated by the 1978 Camp David accords, Reagan administration officials said. They also indicated that President Reagan might resume the deliveries of F-16 fighter planes to Israel if the cease-fire continued without major violations. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 936.74 (+8.18, +0.88%)
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 23, 1981 | 928.56 | 127.40 | 41.88 |
| July 22, 1981 | 924.66 | 127.13 | 47.49 |
| July 21, 1981 | 934.46 | 128.34 | 47.26 |
| July 20, 1981 | 940.54 | 128.72 | 40.24 |
| July 17, 1981 | 959.90 | 130.76 | 42.78 |
| July 16, 1981 | 955.48 | 130.34 | 39.01 |
| July 15, 1981 | 954.15 | 130.23 | 48.95 |
| July 14, 1981 | 948.25 | 129.65 | 45.23 |
| July 13, 1981 | 954.34 | 129.64 | 38.10 |
| July 10, 1981 | 955.67 | 129.37 | 39.95 |