News stories from Monday September 14, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Support for new budget cuts was sought by President Reagan as his advisers studied methods of making some of the cuts through elimination of government programs and agencies and the dismissal of 75,000 federal employees. Meanwhile, according to a participant at a cabinet meeting last week, Commerce Secretary Malcom Baldridge suggested that Mr. Reagan may have to revise his 1982 budget deficit projection from $42.5 billion to $50 billion. [New York Times]
- As debate over a farm bill began in the Senate, the Reagan administration agreed to a compromise that could raise price supports by at least $4.1 billion above the President's budget proposals for the next four years. Senator Jesse Helms, the conservative North Carolina Republican who heads the Senate Agriculture Committee, said the panel would reduce some of the proposed price support and subsidy levels that the administration had objected to. [New York Times]
- Airports and airlines are adjusting to the effects of the air traffic controllers' strike. Airlines have cut the number of flights by one-fourth and are using larger aircraft and the airports have elminated high-traffic periods in favor of flight schedules that are spread throughout the day. One of the results is that passengers now must wait longer for a connecting flight, but industry officials predict that the number of passengers will soon return to pre-strike levels. [New York Times]
- Supporters of the new-town concept of the 1960's and 1970's, which has waned in most places, are encouraged by the success of The Woodlands, just north of Houston, and Las Colinas, another planned community outside Dallas. Of 13 new towns begun under government loan guarantees in the 1970's, nine have failed. [New York Times]
- New Jersey's statehouse is abuzz with talk about the United States Senate seat held by Harrison Williams, who is fighting an attempt to expel him from Congress for his conduct in the Abscam investigation of official corruption. As voters prepare to elect a new governor, speculation about potential successors to Mr. Williams has replaced the usual sizing up of the candidates for governor on the campaign trail. [New York Times]
- Charges that toxic chemical weapons were used by the Soviet Union and the Vietnamese in Southeast Asia and possibly Afghanistan in violation of international agreements were backed up with evidence produced by the State Department. The evidence, which the department termed "significant, although preliminary," relied heavily on analysis of one leaf-and-stem sample collected in Cambodia near the Thai border. [New York Times]
- Russians will have to pay more for gasoline, vodka, jewelry and other "non-essentials," the head of the State Committee on Prices announced. In explaining the increases, Nikolai Glushkov, said "corrections" in some prices were necessitated by "conditions of production, the growing cost of the extraction of raw materials and the need to ensure the rational use of resources and certain commodities." Mr. Glushkov said the cost of basic foods would remain the same and some commodities, such as medicines, would be reduced. [New York Times]
- The demonstrations in West Berlin against a visit by Secretary of State Alexander Haig showed that Western leaders had to be "more aggressive" in explaining why it is essential for the Western alliance to seek a military balance with the Soviet Union, Mr. Haig said. [New York Times]
- A dozen Egyptians will be charged with "conniving" with the Soviet Union to undermine the government, President Anwar Sadat announced. The dozen are among the 1,536 people Mr. Sadat had arrested recently in his crackdown on religious extremists and political foes. [New York Times]
- A resolution to isolate South Africa and arm the guerillas fighting for the independence or South-West Africa, or Namibia, was approved by an overwhelming vote of the United Nations General Assembly. The resolution has no binding force, however, and it was perceived as an expression of African frustration over South Africa's refusal to yield Namibia. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 866.15 (-6.66, -0.76%)
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 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 |
| 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 |