News stories from Wednesday August 20, 1980

Summaries of the stories the major media outlets considered to be of particular importance on this date:

A $33 billion tax cut was approved unanimously by the Senate Finance Committee. With scant debate, the committee voted to scale back individual taxes by $22 billion and to give business $11 billion worth of faster, simplified deductions for the cost of building and equipment. Both provisions would take effect next Jan. 1, if the bill becomes law. [New York Times] Billy Carter's financial advisers met with President Carter on separate occasions, but the President never asked about his brother's financial problems, the two advisers testified before a Senate subcommittee. At a meeting with one adviser in April 1979, the President did not respond when he was told that his brother had serious financial difficulties. The other adviser met with the President last March and did not discuss Billy Carter's finances. [New York Times] Business deals were discussed in 1978 and 1979 between the Charter Company and Robert Vesco, the fugitive financier. The Charter Company disclosed its contact with Mr. Vesco but said the talks had led to no business ventures involving the fugitive. [New York Times] A Senator met with a phony sheik last summer but nothing "improper, unethical or illegal" transpired, according to the Senator's attorney. The attorney said only that his client, Senator Harrison Williams of New Jersey, met with two undercover operatives, but declined to discuss the matter further. This was the first public acknowledgment of the Senator's involvement in meetings that were part of a Federal Bureau of Investigation undercover operation. [New York Times] 1980 census figures are banned in calculating the number of representatives from each state under an amendment adopted by the House. Supporters of the move were motivated by what they said was inclusion in the new census of untold number of aliens. Opponents hope the amendment will be dropped by the Senate. [New York Times] A plan approved by the Vatican permits married Anglican priests to become Roman Catholic priests, the National Conference of Catholic Bishops announced. The decision has no effect on the celibacy rule that binds Roman Catholic priests. [New York Times] A plane virtually invisible to radar equipment used by the Soviet Union has been developed and flown by the United States. The experimental combat plane, known in military circles as "the stealthy aircraft," was developed in great secrecy by the Defense Department and has been tested for two years at an Air Force Base. [New York Times] Robert Mugabe left Zimbabwe for a week-long visit to the United States, the first major venture abroad by the Prime Minister since his government took power in April. Mr. Mugabe is ex-pected to meet with President Carter and will attend a special session of the United Nations General Assembly at which he will deliver a speech marking Zimbabwe's seating as the 153rd member of the world body. [New York Times] An Israeli force pounded Lebanon for the second day, dropping bombs on Beaufort Castle, a Crusader fortress on a hilltop overlooking the southern border region. Palestinian guerrillas retaliated, firing into northern Israel with Soviet-made rockets. [New York Times] Dissident Polish leaders were arrested to combat the spreading labor unrest that has shut down the Baltic industrial region. The Polish government arrested at least 14 leaders of a dissident organization and offered wage settlements on a factory-by-factory basis in the hopes of appeasing the tens of thousands of workers who are striking for political and economic change. [New York Times] Broadcasts are being jammed by Soviet authorities, interfering with Russian-language transmissions by the Voice of America, the British Broadcasting Corporation and the West German radio. Diplomatic and Russian sources said they believed the jamming reflected official concern over information about the situation in Poland being conveyed by the foreign radios to Soviet listeners. [New York Times] American missiles may be vulnerable to attack by the Soviet Union, according to Harold Brown, the Secretary of Defense. Outlining the rationale for a new war strategy that gives priority to threatening military and political targets in the Soviet Union, Mr. Brown said that each component of America's strategic forces was threatened by military programs evolving in the Soviet Union. [New York Times] The Security Council was rebuked by Secretary of State Edmund Muskie for what he termed "unbalanced and unrealistic" resolutions that he said damaged prospects for peace in the Middle East. In his first appearance before the Council Mr. Muskie abstained as the world body's chief organ voted 14 to 0 for the removal of the 11 remaining embassies from the disputed city of Jerusalem. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 945.31 (+5.46, +0.58%)
S&P Composite: 123.77 (+1.17, +0.95%)
Arms Index: 0.44

	Issues	Volume*
Advances	897	29.25
Declines	604	8.75
Unchanged	407	4.56
Total Volume		42.56

* in millions of shares

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*
August 19, 1980	939.85	122.60	41.93
August 18, 1980	948.63	123.39	41.88
August 15, 1980	966.72	125.72	47.80
August 14, 1980	962.63	125.25	47.65
August 13, 1980	949.23	123.28	44.37
August 12, 1980	952.39	123.79	52.04
August 11, 1980	964.08	124.78	44.69
August 8, 1980	954.69	123.51	58.86
August 7, 1980	950.94	123.30	62.37
August 6, 1980	938.23	121.55	45.02