News stories from Tuesday January 12, 1982
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- In an abrupt policy change, prompted by warnings that he was being viewed as a racist, President Reagan called for legislation to outlaw tax exemptions for organizations that discriminate racially. The action came four days after Treasury and Justice Department officials, with the President's approval, announced that the Internal Revenue Service would no longer be permitted to deny tax exemptions to nonprofit institutions, particularly private schools, that practice racial discrimination. [New York Times]
- The antitrust case against the American Telephone and Telegraph company may be further from settlement than it first appeared. Federal judge Harold Greene has refused to dismiss the merits of the proposed settlement, announced last Friday, between the company and the Justice Department. Thus it may be delayed. [New York Times]
- In an attempt to lower car prices in the United States, the General Motors Corporation and the United Auto Workers Union agreed to link the prices to wage and benefit concessions by assembly line workers. The agreement in principle was prompted by auto company complaints that high wages for auto workers was making cars too expensive for many consumers and uncompetitive with imports. [New York Times]
- Democrats should be invited to help President Reagan formulate his forthcoming budget proposal for fiscal year 1983, said Jim Wright, the House Majority Leader. Republican congressional might support the Democrat's suggestion and urge the President to include their Democratic colleagues, but only if he appeared unable to win congressional support without Democratic help. [New York Times]
- A law requiring citizenship for some municipal jobs in California was upheld by the Supreme Court, when it ruled that that state's law requiring "peace officers" to be United States citizens did not violate the rights of three permanent resident aliens who had wanted to be probation officers. The "peace officer" job classification in California includes dozens of jobs, ranging from welfare investigators to members of the Board of Dental Examiners. A lower court had ruled that the law was unconstitutional "on its face." [New York Times]
- The fire at Stouffer's inn in Harrison, N.Y., that killed 26 people in 1980 was described as "accidental" by a fire investigator for the state in an affidavit filed in a Westchester County court. Defense lawyers for Luis Marin, the former Stouffer's employee accused of arson and murder, filed a motion asking that his indictment be dismissed because the findings had not been presented to the grand jury. [New York Times]
- An end to martial law in Poland was discussed by a senior official at a news conference in Warsaw. Deputy Prime Minister Jerzy Ozdowski said that he would like to end martial law by Feb. 1. But Mr. Ozdowski said that there was no timetable for ending the state of emergency that was declared on Dec. 13, and he added that a decision to lift martial rule "depends on the situation." [New York Times]
- Poland's crisis tests the credibility of the West's warnings to the Soviet Union not to intervene in Poland's affairs, Secretary of State Alexander Haig said in a speech in Brussels. "Soviet responsibility for present events is clear," he said. "A Western failure to act would not only assist the repression of the Polish people but also diminish confidence about our reactions to future events in Poland and elsewhere." [New York Times]
- Attacks on intellectuals in Poland have increased in the press and at the universities, prompting fears among liberal writers, artists and scholars that they will suffer reprisals for speaking out. [New York Times]
- China protested a decision to sell jets to the Nationalist regime on Taiwan. President Reagan's decision to sell more F-5E jetfighters to Taiwan instead of the more sophisticated aircraft that had been requested did not appear to mollify Peking. [New York Times]
- On a mission to end the stalemate in negotiations between Egypt and Israel on the question of Palestinian self-rule, Secretary of State Alexander Haig arrived in Cairo. Reporters on his plane were told that he wants to provide "new momentum" in the talks and is considering naming a special negotiator to act as mediator or taking on the task himself. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 847.70 (-2.76, -0.32%)
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* |
| January 11, 1982 | 850.46 | 116.78 | 51.90 |
| January 8, 1982 | 866.53 | 119.55 | 42.04 |
| January 7, 1982 | 861.78 | 118.93 | 43.42 |
| January 6, 1982 | 861.02 | 119.18 | 51.50 |
| January 5, 1982 | 865.30 | 120.05 | 47.50 |
| January 4, 1982 | 882.52 | 122.74 | 36.75 |
| December 31, 1981 | 875.00 | 122.55 | 40.78 |
| December 30, 1981 | 873.10 | 122.30 | 42.96 |
| December 29, 1981 | 868.25 | 121.67 | 35.24 |
| December 28, 1981 | 870.34 | 122.27 | 28.31 |