News stories from Wednesday July 7, 1982

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

Public television may lose all federal funds under a recommendation by a Reagan administration panel. The panel said it did not agree with a proposal "to continue federal financing of public broadcasting for the indefinite future." [New York Times] Penalties for using marijuana would be abolished under a recommendation by a panel of experts appointed by the National Academy of Sciences. However, the proposal was challenged by the academy's president and rejected by the federal agency that financed the study. [New York Times] Minimum mandatory sentences for violent crimes have been imposed in several states. Pennsylvania now requires minimum mandatory five-year sentences for anyone convicted of a violent crime with a firearm or on public transport and for repeat violent offenders. The state is also introducing or planning to adopt an array of other measures also designed to curb violent crime. [New York Times] A mixed report on the Postai Service was issued by an agency commissioned by the service to evaluate its performance since 1971, when Congress established the service as a public enterprise. The study said the Postal Service had cut costs and improved productivity, but in doing so had sacrificed employee courtesy and customer services. [New York Times] Internal criticism of police practices has stirred a controversy. The nation's largest police association has threatened Patrick Murphy, a former New York City Police Commissioner, with censure, expulsion or suspension for making "derogatory statements" against its members, including an assertion that racism pe-sists in many police departments. Mr. Murphy replied that the charges brought by the international association of police chiefs were designed to suppress internal dissent through a closed hearing. [New York Times] There is uncertainty in Arizona and New Mexico whether the two states can continue to absorb wave after wave of new emigres and avoid the urban problems that prompted many of them to flee the industrial centers of the North. [New York Times] A toxic dump-cancer link was suggested in New Jersey. A study conducted by the University of Medicine and Dentistry of New Jersey found that in 20 municipalities along a northeastern New Jersey corridor that has heavy concentrations of toxic waste sites the death rate from at least three types of cancer exceeded the national average by at least 50 percent. The study also found that the death rate from cervical cancer among women in Newark was 25 percent higher than the national average. [New York Times] Plans to use American troops to aid the departure of Palestinian guerrillas from west Beirut and to insure the safety of the Americans were pressed by the Reagan administration. Officials said they had been advised through diplomatic channels not to take seriously the cold public reaction of Palestinian leaders to the evacuation plan. [New York Times] Israel kept up its bombardment and blockade of west Beirut amid signs that the peace negotiations were still snagged over details of when and how the Palestinian guerrillas would leave Lebanon. [New York Times] The Falkland war has prompted Britain to make changes in its military system, but not to make major changes in its Atlantic fleet or commitment to NATO. The Defense Ministry has decided to replace all the aircraft and ships lost in the fighting, in some cases by reversing plans to take vessels out of service, and to improve the quality of equipment being designed or built. [New York Times] An effort to stem rabies by sprinkling the Swiss countryside with chicken heads containing live rabies vaccine has proved so successful in a limited area that the strategy will soon be used throughout the Swiss Alps. The bait is for foxes, which are the chief carriers of rabies in Europe. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 799.66 (+0.76, +0.10%)
S&P Composite: 107.22 (-0.07, -0.07%)
Arms Index: 1.02

	Issues	Volume*
Advances	622	17.83
Declines	778	22.76
Unchanged	453	6.33
Total Volume		46.92

* 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*
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
June 30, 1982	811.93	109.61	65.27
June 29, 1982	812.21	110.21	47.00
June 28, 1982	811.93	110.26	40.70
June 25, 1982	803.08	109.14	38.74
June 24, 1982	810.41	109.83	55.86
June 23, 1982	813.77	110.14	62.70
June 22, 1982	799.66	108.30	55.29