News stories from Thursday May 13, 1982
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Efforts to break the budget deadlock were stressed by President Reagan, who said he would consider congressional proposals to remove Social Security from the overall budget. The President said he would consider placing a ceiling on future cost-of-living increases for Social Security recipients to help insure the solvency of the system, but he vowed that all beneficiaries would receive the 7.4 percent increase set for July 1. [New York Times]
- An alternative budget was approved by the Democratic-led House Budget Committee. The $780.5 billion plan projects a deficit of $103.8 billion and provides no change in Social Security. The budget was adopted by a party-line vote of 17 to 12, marking it a partisan plan requiring major changes to gain Republican support. [New York Times]
- Major budget trouble in California prompted Gov. Jerry Brown and the Democratic legislative leadership to begin talks on possible tax increases. The recession has generated sharply lower business-tax receipts and rising unemployment. [New York Times]
- Braniff filed for protection under Chapter 11 of the federal bankruptcy law. The Dallas-based carrier, which is the first major domestic carrier to face bankruptcy, acted after suffering another drop in bookings and a severe squeeze in cash reserves. With the suspension of all of Braniff's domestic and foreign flights, other airlines scrambled to handle the thousands of stranded travelers and to pick up Braniff routes. [New York Times]
- Fears of a new Dust Bowl because of drought and overplowing are increasing across the Western high plains. From Montana to Texas, more than a million acres of fragile grassland and prairie have been plowed out, much of it by speculators, foreign investors and ranchers hoping to profit by planting dry-land crops such as wheat instead of using the land as pasture to fatten beef cattle. [New York Times]
- John W. Hinckley was described by a psychiatrist as a young man whose mind had been tormented from childhood and who, as a teenager, retreated increasingly from reality into his fantasies. The testimony was given by Dr. William Carpenter, who had 24 interviews with Mr. Hinckley over the last year. [New York Times]
- Ousting his son from his home was "the greatest mistake of my life," a weeping John W. Hinckley Sr. testified Wednesday at his son's trial. Most psychiatrists and psychologists who deal with such situations believe that, except in very rare and desperate cases, a troubled child should never be abandoned. [New York Times]
- U.S. flexibility on nuclear arms talks was stressed by President Reagan. Speaking at a televised news conference, Mr. Reagan said that his proposal to reduce the number of warheads on both Soviet and American ballistic missiles did not mean he was unwilling to discuss other types of nuclear weapons with the Kremlin. [New York Times]
- Britain seeks "a peaceful solution, not a peaceful sellout" in the Falklands dispute, Prime Minister Margaret Thatcher assured an uneasy House of Commons. Foreign Secretary Francis Pym warned that "military incidents" might accelerate. [New York Times]
- Britain will attempt an invasion of the Falklands Monday if no diplomatic accord is reached before then, in the opinion of Argentine officials. They said London appeared to be holding off until after Sunday's meeting of European Common Market ministers on a proposed extension of trade sanctions against Buenos Aires. [New York Times]
- Poles halted work briefly and staged other demonstrations to mark five months of martial law. There were sporadic work disruptions at most major factories in Warsaw. [New York Times]
- The man who menaced the Pope with a bayonet at the Shrine of Fatima in Portugal Wednesday was identified by a senior official as a 32-year-old Spanish priest and follower of a traditionalist French prelate who openly opposes the Vatican. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 859.11 (-6.66, -0.77%)
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* |
| May 12, 1982 | 865.77 | 119.17 | 59.21 |
| May 11, 1982 | 865.87 | 119.42 | 54.67 |
| May 10, 1982 | 860.92 | 118.38 | 46.30 |
| May 7, 1982 | 869.20 | 119.47 | 67.18 |
| May 6, 1982 | 863.20 | 118.68 | 67.54 |
| May 5, 1982 | 854.45 | 117.67 | 58.86 |
| May 4, 1982 | 854.45 | 117.46 | 58.72 |
| May 3, 1982 | 849.03 | 116.81 | 46.48 |
| April 30, 1982 | 848.35 | 116.44 | 48.03 |
| April 29, 1982 | 844.94 | 116.13 | 51.33 |