News stories from Tuesday September 22, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Disarray over budget cuts being charted by the Reagan administration was reported in response to warnings from Republican leaders that some proposals would be defeated in Congress. President Reagan was said to have dropped his plan to defer cost-of-living increases in government benefit programs, including Social Security, but White House officials said that his decision was tentative and could be reversed tomorrow. [New York Times]
- Further cuts in food stamps are planned by the Reagan administration. The Agriculture Department said that the benefits would have to be trimmed 12 to 15 percent more in the fiscal year beginning Oct. 1 to avoid having the program run out of funds before the year was over. [New York Times]
- Higher interest rates for savers were approved by federal regulators over the objections of the banking industry. Effective Nov. 1, holders of passbook savings accounts may be paid a half-percentage point more than now. The new rule will bring the maximum rate offered by mutual savings banks and savings and loan associations to 6 percent and the rate offered by commercial banks to 5¾ percent. [New York Times]
- Richard Kleindienst was acquitted on all charges of having perjured himself before the State Bar of Arizona. The former Attorney General in the Nixon administration was found not guilty by a jury after 8½ hours of deliberation. [New York Times]
- Markedly fewer Indochinese refugees would be admitted to this country in the next year under an administration proposal to Congress. [New York Times]
- An inquiry into Catholic seminaries will be conducted by American Catholic leaders and evaluated by the Vatican. The plan is described as an effort to make "the best use of personnel" at a time of rising educational costs, but it has alarmed some seminary heads who believe it could result in an attempt to root out dissent and stifle academic freedom. [New York Times]
- Concern over assaults in schools in New York City has led to the deployment of guards in the middle schools for the first time. A total of 420 guards have been assigned to the junior high and intermediate schools as a result of a finding that half of the school system's 1,673 assaults last year occurred in the middle schools. [New York Times]
- Moscow accused Washington of promoting a nuclear arms race to counter what it termed a non-existent Soviet threat. In a stern 75-minute address before the United Nations General Assembly, Andrei Gromyko, the Soviet Foreign Minister, assailed United States policy around the world. [New York Times]
- Hopes for Soviet-American comity were expressed by President Reagan in a letter to Leonid Brezhnev, the Soviet leader, on the eve of talks in New York between Secretary of State Alexander Haig and Foreign Minister Gromyko. [New York Times]
- Soviet economic sanctions on Poland were suggested as a possibility in Moscow's effort to curb the liberalization campaign led by the independent trade union. A leading Polish official warned that the Soviet Union might reduce shipments of strategic raw materials, including oil, unless "anti-Soviet" activity ceased. [New York Times]
- The Iran-Iraq war is one year old, and little change appears to have taken place in the positions of the combatants since the early months of the fighting. The two sides seem to be locked in a stalemate, broken by occasional reports of clashes. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 845.70 (-0.86, -0.10%)
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 21, 1981 | 846.56 | 117.24 | 44.56 |
| September 18, 1981 | 836.19 | 116.25 | 47.34 |
| September 17, 1981 | 840.09 | 117.15 | 48.29 |
| September 16, 1981 | 851.60 | 118.87 | 43.62 |
| September 15, 1981 | 858.35 | 119.77 | 38.58 |
| September 14, 1981 | 866.15 | 120.66 | 34.04 |
| September 11, 1981 | 872.81 | 121.61 | 42.16 |
| September 10, 1981 | 862.44 | 120.14 | 47.40 |
| September 9, 1981 | 853.68 | 118.40 | 43.90 |
| September 8, 1981 | 851.12 | 117.98 | 47.33 |