News stories from Monday September 8, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Campaigning by cabinet members was the subject of a new set of guidelines circulated by the White House in response to a new rule from the Federal Election Commission. Although they are expected to restrict partisan politial activities financed by the government, the guidelines were softened in the last few weeks after complaints from Robert Strauss, chairman of the Carter-Mondale Re-election Committee. [New York Times]
- Ronald Reagan went to Chicago, challenging the Democrats on their strongest home ground. Governor James Thompson of Illinois has advised the Republican presidential nominee to make a strong bid to take blue-collar ethnic votes away from President Carter. In an effort to win the state's 26 electoral votes, Mr. Reagan toured a Lithuanian neighborhood and met with a delegation of Polish-Americans. [New York Times]
- Jewish voters' choice for President is "still up in the air," a group of prominent American Jews announced after meeting with President Carter at the White House for an hour. This was the fourth meeting Mr. Carter has held with Jewish groups in the last two weeks. [New York Times]
- The bribery trial of a Congressman continued in Washington. The jury viewed a videotape in which the Congressman, Representative John Jenrette of South Carolina, discussed the terms of payments he might accept in return for introducing favorable legislation on behalf of two fictitious Arab businessmen but did not close the deal. The government charges that another defendant later picked up the payment for both of them. [New York Times]
- Six Army divisions were not ready for combat last December, according to a confidential Army report. Pentagon officials said that the most recent ratings of the 10 divisions in the continental United States were about the same. None of the divisions, each of which has 16,500 to 18,000 soldiers, was rated fully ready for combat. Other services have demonstrated a similar lack of readiness. [New York Times]
- Churches set up to avoid taxes are being investigated by the Internal Revenue Service. For a donation, so-called mail-order ministries provide church charters and minister's credentials to individuals who use them to try to avoid paying large sums in taxes. One organization, the Universal Life Church, estimates that it has ordained 10 million people by mail and granted 50,000 charters. [New York Times]
- The future of the Canadian federation is being decided in a conference that Prime Minister Pierre Trudeau has called the most important since the country's founders met in 1864. Its purpose is to reach agreement on a new constitution after 53 years of effort. Mr. Trudeau has threatened to unilaterally establish a new constitution if no consensus is reached during the weeklong meeting between the federal government and the 10 provinces. [New York Times]
- The wage settlement reached in Poland last week will cost billions of dollars, the Polish government said. Western economists have said that this may be catastrophic, causing an overabundance of money and not enough goods to soak it up -- the very condition that led to the strikes on the Baltic coast. Stanislaw Kania, the country's new Communist leader, visited the area in an attempt to regain support among disgruntled workers. [New York Times]
- A resumption of the autonomy talks was agreed to by Egypt after that country received assurances from Sol Linowitz, President Carter's special envoy, that Israel had announced the last of its West Bank settlements and that it was unlikely that Prime Minister Menachem Begin would move his administrative offices to East Jerusalem in the near future. [New York Times]
- Another revamping of Spain's cabinet, the fifth since 1976 when Prime Minister Adolfo Suarez was asked by King Juan Carlos to lead the country toward representative democracy, was carried out as the national popularity of Mr. Suarez sagged to an all-time low. Ousted this time was the Deputy Prime Minister for Economic Affairs, seen by many as a scapegoat for the government's sinking esteem. [New York Times]
|
Stock Market Report
Dow Jones Industrial Average: 928.58 (-12.38, -1.32%)
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* |
| September 5, 1980 | 940.96 | 124.88 | 37.99 |
| September 4, 1980 | 948.81 | 125.42 | 59.02 |
| September 3, 1980 | 953.16 | 125.66 | 52.35 |
| September 2, 1980 | 940.78 | 123.74 | 35.30 |
| August 29, 1980 | 932.59 | 122.38 | 33.50 |
| August 28, 1980 | 930.38 | 122.08 | 39.89 |
| August 27, 1980 | 943.09 | 123.52 | 43.97 |
| August 26, 1980 | 953.41 | 124.84 | 41.70 |
| August 25, 1980 | 956.23 | 125.16 | 35.39 |
| August 22, 1980 | 958.19 | 126.02 | 58.21 |