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Friday September 11, 1981
. . . where the 1970s live forever!

News stories from Friday September 11, 1981

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

  • Federal water rights will be curbed under a new policy announced by Secretary of the Interior James Watt. He said he was reversing a policy that gave the federal government the right to pre-empt state water rights. The new policy, he said, reasserts "the historic primacy of state water management." [New York Times]
  • A single congressional vote on spending cuts necessary to hold the 1982 budget deficit to the level favored by President Reagan is being sought by the administration. Officials are considering two measures that would bypass the normal appropriations process and force Congress to make a single vote. An aide said that the President probably plans to announce his decision on adopting an alternative legislative method when he announces additional cuts in the military budget. One of the two measures would empower Mr. Reagan to slash spending by impounding 10 to 15 percent of government funds in 1982. [New York Times]
  • The government's antitrust suit against the American Telephone and Telegraph Company will proceed. Judge Harold Greene of the Federal District Court in Washington refused to dismiss the Justice Department's suit. In denying the company's dismissal motion, Judge Greene, who has been presiding over the case since January, said that the evidence he has heard so far shows that the "Bell System has violated the antitrust laws in a number of ways over a lengthy period of time." [New York Times]
  • Raises of up to 22 percent for non-commissioned officers would be provided by a military pay bill passed by the Senate, voting 81 to 0. The bill is intended to encourage middle-level enlisted personnel and officers to stay in the military. It faces a crucial test in the House next week. [New York Times]
  • Judge Sandra Day O'Connor's Senate confirmation of her appointment to the Supreme Court seemed assured as the final day of hearings by the Judiciary Committee ended, despite opposition by leaders of the anti-abortion movement. The anti-abortionists said that Mrs. O'Connor's failure to promise to overrule the 1973 decision that legalized abortions should disqualify her from appointment to the Court. [New York Times]
  • Charges of drug trafficking at Yosemite National Park in California are being investigated by a federal grand jury, which is also looking into charges of beatings, murder and a high-level cover-up. [New York Times]
  • Lifting of stringent federal controls on gene splicing experiments that rearrange hereditary material of different organisms has been recommended by the Recombinant DNA Advisory Committee of the National Institutes of Health. The proposal to shift to non-binding guidelines also included means of speeding the industrial use of gene splicing to produce such materials as human insulin. [New York Times]
  • Solidarity was denounced in the Soviet Union at meetings held in factories in Moscow, Leningrad and other cities for actions at its convention this week. Soviet workers were assembled to approve open letters that spoke of a bid by the Polish union for a "counter-revolution." The letter, approved in Moscow, accused Solidarity of trying to provoke workers in the Soviet Union and in other Eastern-bloc nations to "betray" Communism. Soviet leaders were apparently trying to arouse indignation against Solidarity among Soviet workers. [New York Times]
  • Moslem demonstrations in Cairo were broken up the police, who used tear gas. They were protesting at two mosques against President Anwar Sadat's recent moves against religious sects that he said were mixing politics and religion. [New York Times]
  • An Iranian religious leader was killed when a grenade exploded during outdoor prayers in Tabriz. The prayer leader, Ayatollah Assadollah Madani, was Ayatollah Khomeini's personal representative in the province of East Azerbaijan. Six other persons were also killed, including the assailant, when the grenade exploded, the Iranian state radio said. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 872.81 (+10.37, +1.20%)
S&P Composite: 121.61 (+1.47, +1.22%)
Arms Index: 0.79

Total Volume42.17
* 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
September 10, 1981862.44120.1447.40
September 9, 1981853.68118.4043.90
September 8, 1981851.12117.9847.33
September 4, 1981861.68120.0742.75
September 3, 1981867.01121.2441.72
September 2, 1981884.23123.4937.57
September 1, 1981882.71123.0245.11
August 31, 1981881.47122.7940.36
August 28, 1981892.22124.0838.02
August 27, 1981889.08123.5143.91

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