News stories from Sunday October 24, 1971

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

A "dense pack" deployment of the MX intercontinental missile was urged by President Reagan to modernize American nuclear forces, but he said he was also committed to seeking sharp reductions in strategic arms by mutual agreement with Moscow. Mr. Reagan presented his plan in a nationally televised speech six hours after his administration announced it planned to base the proposed MX missile next to an Air Force base outside Cheyenne, Wyo. [New York Times] President Reagan urged Congress to give sympathetic consideration to his proposed MX missile basing plan, but it is certain to face substantial congressional opposition. The immediate reaction in Congress ranged from skepticism by conservatives to opposition by liberals. [New York Times] Wyoming's Governor supported President Reagan's decision to deploy the MX missile in his state. Gov. Ed Herschler, a Democrat, predicted that most other people in Wyoming would back the decision. [New York Times] A new spirit of bipartisanship was evident in Congress. Without waiting for President Reagan's decision, the Democratic Speaker of the House and the Republican Senate majority leader agreed to press in the post-election session for an increase in the gasoline tax to finance a $5.5 billion program to repair highways and bridges and to assit urban mass transit systems. [New York Times] The administration was challenged by House members over its proposal to pay hospitals a set fee for treating all Medicare patients with the same ailment. The representatives praised the administration for seeking to control hospital costs, but called its plan inflexible and perhaps inequitable and said they would make substantial changes in it. [New York Times] James Watt accepted broad changes in federal coal-leasing regulations. In a nearly three-hour meeting in Denver, the Interior Secretary conceded, with some minor differences in language, all of the 16 "necessary changes" submitted to him by the Governors of five Western states to restore to state and local governments a greater role in shaping coal development on federal lands. [New York Times] An F.B.I. agent was indicted by two federal grand juries on a variety of charges, most of them arising from a 1977 theft in North Carolina of diamond jewelry he is accused of transporting and selling. The agent, Edward Tickel, was also charged with tax evasion, stealing government property, encouraging perjury and entering a federal credit union in the bureau's headquarters with the intent of theft. [New York Times] A key element of the brain of humans and all other vertebrates has been discovered by scientists at Rockefeller University. The substance is a large protein responsible for the adhesion of adjacent nerve cells. The molecules cause the brain cells to stick together to form the nerve fibers that make up the complex "wiring" of the brain's circuitry. [New York Times] Commitment to seeking detente with Washington was reaffirmed by Yuri Andropov. The new Soviet leader also signaled a campaign to aid the Soviet economy through incentives and decentralization. [New York Times] Lech Walesa is seeking a strategy to revive Solidarity, according to a Pole who has attended meetings held by Mr. Walesa with his associates in the banned union. The informant said the new approach would involve some concessions to Poland's military authorities. [New York Times] A scientific study of the Amazon is in its fourth year and will cover 20 years. The scientists are keeping watch on everything that occurs in specific jungle parcels chosen for preservation in larger sections that are being cleared for farming and cattle raising. The objective of the United States-Brazilian project is to learn how development deteriorates the Amazon's plant and animal life. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 1000.00 (-21.25, -2.08%)
S&P Composite: 134.22 (-2.80, -2.04%)
Arms Index: 1.58

	Issues	Volume*
Advances	448	13.28
Declines	1,188	55.56
Unchanged	328	6.12
Total Volume		74.96

* 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*
November 19, 1982	1021.25	137.02	70.30
November 18, 1982	1032.10	138.34	77.62
November 17, 1982	1027.50	137.93	84.44
November 16, 1982	1008.00	135.42	102.91
November 15, 1982	1021.43	137.03	78.89
November 12, 1982	1039.92	139.53	95.08
November 11, 1982	1054.73	141.76	78.39
November 10, 1982	1044.52	141.16	113.24
November 9, 1982	1060.25	143.02	111.23
November 8, 1982	1037.44	140.44	75.22