News stories from Friday July 31, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Social Security's minimum benefit of $122 a month was overwhelmingly backed by the House in a vote that rejected President Reagan's proposal to abolish it. The legislation then was sent to the Senate, where no action is expected until Congress returns in September from its summer recess. If the Senate does not take action on the repeal bill in the fall, it was regarded as virtually certain that omnibus Social Security legislation being prepared in both houses will include restoration of the minimum benefit or provide some other assistance for two million people now receiving the minimum. [New York Times]
- A $35.2 billion cut in federal spending was approved by the House and Senate after a House-Senate conference on the budget reductions sought by the Reagan administration, the largest conference held by the two houses in the history of Congress. Accompanied by dire predictions from some Democrats, several programs were eliminated outright, including the Comprehensive Employment and Training Act. Many other programs were modified, some radically. Further growth of cash benefit programs, ranging from food stamps to cost-of-living adjustments for federal retirees, was slowed by reducing benefits and increasing eligibility requirements. [New York Times]
- Baseball's longest strike ended and the clubs and players immediately began preparing to resume the season that was interrupted when the players struck seven weeks ago over free agent compensation. That issue was settled, and the contract was also lengthened to ensure an additional year of labor peace. It was estimated that the players lost $28 million in salaries since the strike began. [New York Times]
- Air traffic controllers will strike Monday if the government, their employer, has not offered a contract they find acceptable increasing the benefits in the $40 million government proposal accepted by union leadership in June but later rejected by the rank and file. The Monday deadline was set by the union despite a request from Transportation Secretary Drew Lewis for a week's postponement of the strike deadline. [New York Times]
- An indefinite extension of the Voting Rights Act was approved by the House Judiciary Committee after a bitter debate that broke up the bipartisan consensus on the bill ended in a 23-to 1 vote to send the bill to the full House. The bill closely resembles the compromise drafted Tuesday by Representative Henry Hyde, Republican of Illinois, and Representative Don Edwards, Democrat of California. It would continue the requirement for states with a history of racial discrimination to seek advance approval from the Justice Department or the Federal District Court in Washington for any change in their election laws and procedures. [New York Times]
- Regret was expressed in Washington over West Germany's announcement Thursday that it had approved a likely reduction in real military spending in next year's budget as a response to high American interest rates. Defense Secretary Caspar Weinberger said he hoped other allies would not follow Bonn's lead. The administration's feelings will be conveyed personally to Chancellor Helmut Schmidt. [New York Times]
- A seventh hunger striker died in Northern Ireland. He was 25-year-old Kevin Lynch, who had been fasting since May 23, demanding political status for imprisoned nationalists. Another hunger striker was being given medical treatment at the request of his family. [New York Times]
- Poland's cabinet was reshuffled. Prime Minister Wojciech Jaruzelski added two generals to his cabinet, which now has four generals among its members, and he dismissed Deputy Prime Minister Mieczyslaw Jagielski, who had been in charge of economic affairs and chief negotiatior of the Gdansk labor agreements. He had been an appointee of Edward Gierek, the deposed Communist Party leader. The shuffle had been expected and partly resulted from a recent decision to separate governmental and Communist Party responsibilities. Mr. Jagielski was replaced by Janusz Obodowski, former Minister of Labor, Wages and Social Affairs. [New York Times]
- The staging of a passion play in Jerusalem by an American director raised controversy among Jews, who have regarded such depictions of the last days of Jesus as anti-Semitic because they have appeared to hold Jews responsible for His death. The Passion Play of Jersualem is scheduled to have its premiere Sunday. Its director is Francisco de Araujo, founder of several choral groups in Washington. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 952.34 (+7.23, +0.76%)
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 30, 1981 | 945.11 | 130.01 | 41.55 |
| July 29, 1981 | 937.40 | 129.16 | 37.61 |
| July 28, 1981 | 939.40 | 129.14 | 38.15 |
| July 27, 1981 | 945.87 | 129.90 | 39.61 |
| July 24, 1981 | 936.74 | 128.46 | 38.88 |
| 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 |