News stories from Thursday September 10, 1981

Summaries of the stories the major media outlets considered to be of particular importance on this date:

The President exhorted his cabinet and the Wall Street financial community not to lose faith in his economic program. Mr. Reagan also parceled out to the cabinet members responsibility for making specific decisions on how to cut $75 billion from the budgets for the fiscal years 1983 and 1984. He said he was "upset" that his program was losing support on Wall Street and warned that the plan was the only way to prevent an "eventual collapse" of the economy. [New York Times] A White House shift on Social Security was reflected at a House hearing. The Reagan administration maintained that the elimination of the minimum benefit would not significantly or adversely affect any of the 3 million retirees who now receive it. Six weeks ago, the administration committed President Reagan to support legislation to help 300,000 "truly needy" people protected by the minimum benefit after it expires next March. [New York Times] The end of a busing program was sought by the Justice Department in a major reversal of the position taken by the Carter administration. The department urged the Supreme Court to uphold a Washington state anti-busing law that had been found unconstitutional by two lower federal courts and thus to terminate a desegregation program that was adopted voluntarily by school boards in three cities. [New York Times] Indictments against six police officers and a former police officer in New Orleans, who were accused of many charges of brutality and harassment, were dismissed by a federal district judge. He acted in response to defense arguments that federal prosecutors had engaged in "misconduct" and had coerced a federal grand jury into issuing the charges. [New York Times] Public works systems are wearing out faster than they are being repaired, according to House testimony by urban affairs and economic development specialists. The experts attributed a large part of the problem to what they termed often misdirected federal programs. [New York Times] A Cardinal is under investigation by a federal grand jury in Chicago because of an asserted "improper diversion" of more than $1 million in Catholic Church funds, according to federal officials. They confirmed reports that the jury was studying assertions that John Cardinal Cody, who is 73 years old, used two discretionary funds to give the tax-exempt money to a woman whom he has known for decades. [New York Times] Pressure for democracy in Poland accelerated at the national convention of the independent union Solidarity. It called for free elections and for the right of citizens to keep their passports until the expiration date. Under present rules, the document must be surrendered within seven days of a traveler's return from abroad. Also, a majority of the workers at the largest steel mill in Poland urged the dismissal of the plant manager. Moscow accused the Polish union of engaging in "an anti-socialist and anti-Soviet orgy" and again charged that the union was preparing for "a seizure of power." [New York Times] Planned U.S.-Israeli strategy accords were discussed by Secretary of State Alexander Haig after two days of top-level talks in Washington. Mr. Haig said that the initial agreements would probably include Joint naval maneuvers, the stockpiling of American medical supplies in Israel and joint planning to counter any Soviet or Soviet-backed intervention in the Middle East. [New York Times] Stringent new measures in Egypt against Moslem fundamentalists, Coptic leaders and political opponents of President Anwar Sadat were expected to be endorsed in today's nationwide referendum. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 862.44 (+8.76, +1.03%)
S&P Composite: 120.14 (+1.74, +1.47%)
Arms Index: 0.57

	Issues	Volume*
Advances	1,164	35.74
Declines	399	6.96
Unchanged	339	4.73
Total Volume		47.43

* in millions of shares

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*
September 9, 1981	853.68	118.40	43.90
September 8, 1981	851.12	117.98	47.33
September 4, 1981	861.68	120.07	42.75
September 3, 1981	867.01	121.24	41.72
September 2, 1981	884.23	123.49	37.57
September 1, 1981	882.71	123.02	45.11
August 31, 1981	881.47	122.79	40.36
August 28, 1981	892.22	124.08	38.02
August 27, 1981	889.08	123.51	43.91
August 26, 1981	899.26	124.96	39.98