News stories from Tuesday May 26, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A freeze in OPEC oil prices and a reduction in production of at least 10 percent were decided on by the cartel after Saudi Arabia refused to raise its prices or cut back its huge production. The other OPEC members will hold crude oil prices at the current level of $36 to $41 a barrel until a pricing meeting in December while the Saudis continue to charge $32 a barrel. [New York Times]
- Up to 1,000 inmates seized a cell block and set fire to prefabricated dormitories at the Southern Michigan Prison in the second riot in five days at the mammoth prison. The authorities said that no hostages had been taken. [New York Times]
- A coal industry proposal was rejected by the chief negotiator for the striking miners and he threatened to break off negotiations for a new contract if the offer was not improved tomorrow. However, Sam Church, president of the United Mine Workers, also said that if the industry negotiators "would get realistic, we could have a contract in a matter of hours." [New York Times]
- An Army private was indicted for the murder of one of four men who were stabbed to death during a series of unprovoked attacks in mid-Manhattan last Dec. 22. The private, Joseph Christopher, who is already under indictment for the fatal shooting of three black men in Buffalo, was also charged with wounding another New York City black on Dec. 22. Private Christopher is white. [New York Times]
- Coeducation at Columbia College, the Ivy League's only remaining all-male college, was pressed by Michael Sovern, the president of Columbia University. Terming single-sex undergraduate education "anachronistic," he said that the college would soon begin accepting women unless Barnard College, its sister institution, agreed to more coeducation. [New York Times]
- An addition to the World Trade Center was outlined by officials of the New York Port Authority. The seventh and final building in the lower Manhattan complex will be a 43-story office tower that is expected to cost $260 million in private funds and to be completed in 1984. [New York Times]
- A record $10.6 million in legal fees has been awarded to three lawyers by the Court of Claims. The lawyers won the award for their work in obtaining more than $100 million for eight Sioux tribes from the federal government for its seizure of South Dakota's Black Hills in 1877. [New York Times]
- A gain for natural gas customers in the Northeast was expected to result from a 7-to-1 decision by the Supreme Court. It voided a Louisiana tax on gas extracted from the Gulf of Mexico and processed in Louisiana. The burden of the tax fell almost entirely on out-of-state consumers. [New York Times]
- A milestone in Soviet space missions was apparently marked. Two Soviet astronauts landed their Soyuz spacecraft in Central Asia after making the final mission to the Earth-orbiting Salyut 6 space station. A more sophisticated space station is expected to replace the Salyut 6, which has been the base for Moscow's record-setting tests of human endurance for nearly four years. [New York Times]
- Statements by Prime Minister Begin, who is campaigning in Israel's elections, have disturbed State Department officials. The concern was expressed privately as the Reagan administration said that Washington had no information to support the Israeli leader's contention that Soviet military advisers were accompanying Syrian troops in Lebanon. [New York Times]
- Jordanian-Soviet ties were stressed by King Hussein in his first state visit to Moscow in four years. The Jordanian monarch expressed support for a Soviet effort to hold an international conference on the Middle East with the Palestine Liberation Organization an equal participant. [New York Times]
- A possible plot against Spain's King was said to have been uncovered by the police in Barcelona. Police sources said that the interrogation of terrorists captured Sunday after a 36-hour siege at a bank headquarters led to a 75-foot-long tunnel burrowed under the parade route that Juan Carlos is to take in a parade next Sunday. [New York Times]
- German terrorist and P.L.O. links were said to have been uncovered by senior security officials in Bonn. They reported that they had "clear indications" that a number of fugitive members of left-wing militant groups were hiding under the protection of the Palestine Liberation Organization in areas it controls in Lebanon. [New York Times]
- Opponents of the Libyan regime of Col. Muammar Qaddafi include many major figures who helped him carry out his coup in 1969. Most of the former officials have defected because of the regime's repression at home and support of terrorism abroad. [New York Times]
|
Stock Market Report
Dow Jones Industrial Average: 983.96 (+12.24, +1.26%)
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* |
| May 22, 1981 | 971.72 | 131.33 | 40.70 |
| May 21, 1981 | 976.59 | 131.75 | 46.79 |
| May 20, 1981 | 976.86 | 132.00 | 42.37 |
| May 19, 1981 | 980.01 | 132.09 | 42.21 |
| May 18, 1981 | 985.77 | 132.54 | 42.51 |
| May 15, 1981 | 985.95 | 132.17 | 45.46 |
| May 14, 1981 | 973.07 | 131.28 | 42.75 |
| May 13, 1981 | 967.76 | 130.55 | 42.59 |
| May 12, 1981 | 970.82 | 130.72 | 40.34 |
| May 11, 1981 | 963.44 | 129.71 | 37.63 |