News stories from Thursday February 12, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A busboy accused of arson and murder in the fatal Hilton Hotel fire in Las Vegas, Nev., admitted causing the blaze but maintained that it was done accidentally with a marijuana cigarette, the police reported. The suspect, a 23-year-old drifter with a previous arrest record, was ordered held without bond pending arraignment on charges of first-degree arson and eight first-degree homicides. [New York Times]
- Budget-cutting plans were approved by President Reagan at cabinet-level consultations. He agreed to proposals to seek reductions in public service jobs, unemployment compensation and synthetic fuel projects. [New York Times]
- A $4 million gift to charities from funds received by the government created a stir. Paul Bloom, the Energy Department's former special counsel, donated the gifts on Jan. 19, the day the Carter administration left office. The funds were part of a $700 million settlement that his office reached in an overcharging case against the Standard Oil Company of Indiana. [New York Times]
- The triumvirate of key advisers in the Reagan administration is being scrutinized by Washington's political community. Edwin Meese, James Baker and Michael Deaver are the only people in the government who can walk into President Reagan's office without an appointment. They decide whom the President sees and what official papers he reads. Insiders call the aides the Big Three. [New York Times]
- Federal review of some medical care may be halted, according to experts. The Reagan administration plans to overhaul and possibly abolish a controversial watchdog group that evaluates physicians' treatment of the poor and the elderly under Medicare and Medicaid. The nine-year-old program is strongly opposed by many physicians and health officials and by Mr. Reagan's planners, who are pressing to cut government expenses. [New York Times]
- Major changes in Social Security, including later retirement and a cut in the payroll tax, were proposed by Senator Lawton Chiles, Democrat of Florida, who is the top minority member on the Senate Special Committee on Aging. His bill, which is unlikely to be approved in full, marks the first effort in the new Congress to deal comprehensively with the serious financing problems of the program. [New York Times]
- A case against a suspected Nazi may turn on the authenticity of an alleged identification card issued 38 years ago in Poland. Federal prosecutors maintained that the document had been given to a man now living in a Cleveland suburb and that it proved he was a sadistic guard in a Nazi death camp. The defense challenged the validity of the card since it was obtained from Soviet sources. [New York Times]
- Tighter credit for individuals is expected because of sharp increases in losses on consumer loans at banks, finance companies and retailers around the country. Records show that the number of personal bankruptcies rose 76 percent last year, to an estimated total of $2 billion. Individuals in the lower-income brackets and those who do not own real estate that can be used as collateral may find it especially difficult to obtain credit. [New York Times]
- A plea for "90 days of peace" in Poland to allow the government to deal with economic troubles was issued by Gen. Wojciech Jaruzelski, the new Prime Minister. Lech Walesa, the leader of the independent union, said that it "agreed in principle" with a strike moratorium but wanted more talks with the government on some persisting differences. [New York Times]
- The Times of London will continue publishing, Rupert Murdoch, the Australian publisher, announced. He said he had completed accords with the unions and that he would assume control of the newspaper within 48 hours. He vowed that he would not lower the standards of the paper, which is widely regarded as one of the best in the world. [New York Times]
- Zimbabwe moved to quell rebels challenging government forces. Prime Minister Robert Mugabe ordered his former foes, the white-led regular army and air force, to crush mutinous groups who are loyal to his coalition partner, Joshua Nkomo. [New York Times]
- The release of four Britons from Iran is imminent, according to the country's chief justice. He said that the Britons, who have been imprisoned in Teheran since last August, had been cleared of suspicion of espionage and would be freed as soon as an undisclosed minor problem was resolved. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 936.60 (-5.89, -0.62%)
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* |
| February 11, 1981 | 942.49 | 128.24 | 37.79 |
| February 10, 1981 | 948.63 | 129.24 | 40.81 |
| February 9, 1981 | 947.18 | 129.27 | 38.32 |
| February 6, 1981 | 952.30 | 130.60 | 45.82 |
| February 5, 1981 | 946.76 | 129.63 | 45.31 |
| February 4, 1981 | 941.98 | 128.59 | 45.53 |
| February 3, 1981 | 941.38 | 128.46 | 45.95 |
| February 2, 1981 | 932.17 | 126.91 | 44.08 |
| January 30, 1981 | 947.27 | 129.55 | 41.16 |
| January 29, 1981 | 948.89 | 130.24 | 38.16 |