News stories from Friday July 16, 1982
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Longer hours for teenage workers have been proposed by the Labor Department, which would also increase the kinds of jobs they could perform. These would be the first substantial changes in child labor laws in the more than four decades. Labor Secretary Raymond Donovan said the department wished to increase teenage employment opportunities, but Lane Kirkland, president of the A.F.L.-C.I.O., expressed strong opposition, calling the proposed changes "a social outrage." [New York Times]
- More television commercials could follow a proposed consent decree filed by the Justice Department with a federal judge that would prevent the broadcast industry from agreeing to limit the number of commercials carried by television stations. The Justice Department had objected to the limitations promulgated by the industry's largest trade group on the ground that they would allow broadcasters to improperly control the amount of commercial time available to advertisers, thus artificially increasing the cost of air time. [New York Times]
- A couple and their housekeeper were found shot to death in a secluded mansion in Villanova, Pa., on Philadelphia's Main Line. Courtlandt Gross, retired chairman of the Lockheed Aircraft Corporation, his wife, the former Alexandra Van Rensselaer Devereux, and their housekeeper, Catherine VanderVeur, were killed by gunshots, and "there was evidence of forcible entry," a police official said. [New York Times]
- Some wetlands protection will be loosened next week when the Army Corps of Engineers issues new regulations, despite the reservations of other government agencies. The new rules would exempt millions of acres of wetlands from current regulations that require individual permits for dredging and hauling operations. [New York Times]
- Relaxing strict water laws that govern the use of federally subsidized water was voted by the Senate. Western agricultural interests had wanted liberalization of the laws established 80 years ago. However, a final version of the bill was made less liberal after a compromise formula offered by Senator Howard Metzenbaum, Democrat of Ohio, who threatened a filibuster, was accepted. The vote on the revised legislation was 49 to 13. The House passed a similar bill. The two versions will be reconciled in a House-Senate conference. [New York Times]
- The Rev. Sun Myung Moon was sentenced to 18 months in prison for conspiracy and tax fraud, but remained free pending an appeal. Mr. Moon, the had of the Unification Church, was also fined $25,000. His co-defendant, Takeru Kamiyama, was sentenced to six months. [New York Times]
- An arms shipment to Israel is being delayed by the Reagan administration while the Begin government is pressed for a report on its use of American-made cluster bombs in Lebanon, senior administration officials said. The arms being delayed are cluster bomb artillery shells. American intelligence reports contradict denials by some Israeli officials that cluster bombs have been used in Lebanon. [New York Times]
- Joint military exercises with Saudi Arabia and other Persian Gulf countries were proposed by the United States. No such exercises are currently planned, Reagan administration officials said, nor has there been a request for American troops from Persian Gulf countries. They said any such military exercises would be a symbolic show of strength and American support for friends. [New York Times]
- The United States has told China that it will proceed with coproduction with Taiwan of the F-5E tighter aircraft, administration sources said. The message to China merely reaffirmed the government's position announced last January by President Reagan, officials said. Peking, which has strenuously opposed continuing American arms sales to Taiwan, has protested the decision, they said. [New York Times]
- A major challenger to Poland's leader was demoted in a far-reaching shakeup in the Communist Party that tightened Gen. Wojciech Jaruzelski's control over the country. Stefan Olszowski, an orthodox Marxist with a strong power base among party professionals, lost his post as party secretary responsible for propaganda and ideology. He kept his seat on the ruling Politburo. His was among four demotions. There were also nine promotions to top party positions. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 828.67 (+1.33, +0.16%)
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* |
| July 15, 1982 | 827.34 | 110.47 | 61.08 |
| July 14, 1982 | 828.39 | 110.44 | 58.03 |
| July 13, 1982 | 824.20 | 109.45 | 66.16 |
| July 12, 1982 | 824.87 | 109.57 | 74.70 |
| July 9, 1982 | 814.12 | 108.83 | 65.87 |
| July 8, 1982 | 804.98 | 107.53 | 63.27 |
| July 7, 1982 | 799.66 | 107.22 | 46.91 |
| July 6, 1982 | 798.90 | 107.29 | 44.35 |
| July 2, 1982 | 796.99 | 107.65 | 43.76 |
| July 1, 1982 | 803.27 | 108.71 | 47.89 |