News stories from Tuesday October 13, 1981

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

Major state discretion on food stamps is sought by the Reagan administration in what would be a sweeping departure from the practices of 10 years governing the program. Congress and the Agriculture Department now set detailed nationwide standards for the program, but under the proposed change the states would be empowered to tighten eligibility standards and to reduce benefits. [New York Times] Jimmy Carter assailed the regime of President Reagan as an "aberration on the political scene." Only a few hours before the former President's first private meeting with his successor at the White House, Mr. Carter said that the new administration's "false and erroneous promises are now being realized." [New York Times] Spotty surveillance of the export of American technology was reported by Reagan administration officials despite rising concern that sophisticated products are being shipped illegally to unfriendly nations. Citing understaffing, the officials said that the government makes relatively few inspections of outbound shipments, prosecutions are rare, penalties are comparatively light and there is a large backlog of unfinished investigations. [New York Times] Two major Supreme Court decisions are likely in the term just beginning. The Justices agreed to rule on the constitutionality of efforts by the states of Washington and California to restrict the use of busing to help desegregate schools. The Court also agreed to hear a case that could become a test of the authority of a school board to control the contents of school libraries. [New York Times] A bias suit in New Orleans was settled after an eight-year dispute. The suit accused the police department of racial discrimination in hiring and promotion. Under the accord, more blacks will be promoted. [New York Times] An unusual press ban is being honored by the newspapers and broadcasting stations in Buffalo. They are obeying the order of a Canadian court not to report the pretrial testimony in the case of a Toronto woman charged with murdering her infant son by hurling him into Niagara Falls. [New York Times] A White House pledge on Awacs planes is planned, according to Senator Larry Pressler, Republican of South Dakota. After a meeting with President Reagan, the Senator said that the Presilent would send a letter to Congress promising that the five radar surveilance craft would not be delivered to Saudi Arabia until he has informed Congress in writing that the Saudis have meet a number of conditions for their use. [New York Times] The election of Hosni Mubarak as President of Egypt was placed before the voters. The 53-year-old Vice President was the only candidate to succeed President Sadat in the balloting, which was held a week after he was assassinated. The count will be announced tomorrow when Parliament convenes to swear in Mr. Mubarak, who will then address the nation. [New York Times] Egyptian forces seized five men in a gunfight near the pyramids and said two of them were terrorists. The country's presidential referendum was also marred by two bomb explosions at Cairo's airport that killed a baggage handler and a guard and severely damaged an airliner that had just arrived from Libya. [New York Times] The Sudan has asked Washington for urgent assistance to strengthen internal security in the face of what the Sudanese say is increasing subversive activity sponsored by Libya. Western diplomatic sources in Khartoum said that the Reagan administration was receptive to the request, and negotiations were reported to be underway in Khartoum and Washington. [New York Times] Israel is now ready to accept the principles for Palestinian self-rule that were proposed a year ago by the Carter administration, according to two members of the American delegation to President Anwar Sadat's funeral in Cairo. Delegation members said that Israel's new position was disclosed by Prime Minister Menachem Begin. [New York Times] A letter by Jeane Kirkpatrick, the United States delegate to the United Nations, asked 40 countries professing non-alignment to explain their support for a communique issued after a meeting of diplomats from 93 third world nations. Mrs. Kirkpatrick charged that the document contained "base lies and malicious attacks" against the United States. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 865.58 (-3.90, -0.45%)
S&P Composite: 120.78 (-0.43, -0.35%)
Arms Index: 1.18

	Issues	Volume*
Advances	720	17.07
Declines	744	20.78
Unchanged	417	5.51
Total Volume		43.36

* 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*
October 12, 1981	869.48	121.21	30.05
October 9, 1981	873.00	121.45	50.06
October 8, 1981	878.14	122.31	47.08
October 7, 1981	868.72	121.31	50.02
October 6, 1981	856.26	119.39	45.45
October 5, 1981	859.87	119.51	51.28
October 2, 1981	860.73	119.36	54.57
October 1, 1981	852.26	117.08	41.59
September 30, 1981	849.96	116.18	40.70
September 29, 1981	847.89	115.94	49.79