News stories from Tuesday September 14, 1982

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

Princess Grace of Monaco, the former Grace Kelly, died of a cerebral hemorrhage, a palace spokesman said in Monaco. Princess Grace was driving her British Rover 3500 on a snaking road in the Cote d'Azur region when she lost control and plunged down a 45-foot embankment. The car burst into flames and the Princess suffered multiple fractures, including a broken thighbone, collarbone and ribs. Initial reports gave no sense that her life was in jeopardy, but a Monaco government announcement said that her health had ''deteriorated during the night.'' She was 52 years old. [New York Times] Governor Edward King was defeated by former Governor Michael Dukakis for the Democratic nomination for Governor of Massachusetts and two other important members of Congress won key tests as 12 states and the District of Columbia held primary elections. In Vermont, Senator Robert Stafford defeated two conservative foes while in Milwaukee, Representative Clement Zablocki turned back a challenge from State Senator Lynn Adelman.Many votes were not cast in the District of Columbia's primary because of a computer mixup, which was not the only computer failure on an election day. [New York Times] Action on the tuition tax credit bill, now in the Senate Finance Committee, is the aim of a series of legislative compromises that President Reagan indicated he would approve. Mr. Reagan, seeking at least some progress on the range of social-issue bills favored by his conservative constituency, met with a group of religious news editors at the White House. He urged passage of the tuition tax credits for private school students, with the exception of racially segregated schools. [New York Times] A civil rights "summit conference" has been proposed to President Reagan by Clarence Pendleton, chairman of the United States Commission on Civil Rights. Mr. Pendleton said Mr. Reagan agreed that such a conference was necessary, but an assistant press secretary at the White House, who confirmed that Mr. Reagan and Mr. Pendleton had met, said the President made no commitment to hold the conference. [New York Times] A bill to encourage balanced budgets was proposed by the chairman of the House Budget Committee and the House majority whip. Under their proposal, the President and the congressional budget committees would be required to submit a balanced budget. They could also submit an unbalanced budget if they decided that national security or economic necessity required deficit spending, and Congress would then choose either the balanced or the unbalanced budget. Their proposal was regarded as an effort to ward off a constitutional amendment, already approved by the Senate, to require a balanced budget. [New York Times] I.B.M. dismissed three executives, who are being sued by the company on charges of stealing trade secrets. The company announcement said that the three employees included two top-level engineers deeply involved in the design of the I.B.M. strong-selling personal computer. I.B.M. said the three men had formed a company, Bridge Technology Inc., and had attempted to sell product designs related to still-secret I.B.M. offerings in the personal computer field. [New York Times] Lebanon's President-elect was killed when a bomb shattered the headquarters of the Lebanese Christian Phalangist Party in east Beirut. The government said he would be buried tomorrow. President-elect Bashir Gemayel, 34 years old, who was to have been inaugurated Sept. 23, was said to have died as he was about to address 400 of his followers at a weekly meeting. The state radio said eight were killed, and more than 50 wounded. [New York Times] King Hussein of Jordan praised President Reagan's peace proposals for the Middle East. In an interview carried by the British Broadcasting Corporation, the King said the President's peace plan was "a very constructive and very positive move." He said he would play "a very active part" in trying to bring about a federation between Jordanians and Palestinians. He noted, however, that the Arab League meeting in Fez, Morocco, had not given Jordan a mandate to join the negotiations with Israel, Egypt and the United States on Palestinian self-rule. He said it had not altered the decison made in 1979 by Arab leaders to give the Palestinian Liberation Organization reponsibility for negotiations on Palestinian issues. [New York Times] Alexander Haig strongly criticized President Reagan's Middle East peace plan. The former Secretary of State said the President's proposal for a freeze on Israeli settlements in the West Bank was "a very serious mistake," In an address to United Jewish Appeal officials in Manhattan, he also said the Reagan plan for autonomy in the West Bank threatened to result in a "gutting session" between Israel and the United States. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 923.01 (+4.32, +0.47%)
S&P Composite: 123.10 (+0.86, +0.70%)
Arms Index: 0.87

	Issues	Volume*
Advances	1,094	53.92
Declines	486	20.83
Unchanged	379	8.32
Total Volume		83.07

* 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*
September 13, 1982	918.69	122.24	59.51
September 10, 1982	906.82	120.97	71.07
September 9, 1982	912.53	121.97	73.08
September 8, 1982	915.75	122.20	77.95
September 7, 1982	914.28	121.37	68.96
September 3, 1982	925.13	122.68	130.90
September 2, 1982	909.40	120.28	74.73
September 1, 1982	895.05	118.25	82.83
August 31, 1982	901.31	119.51	86.36
August 30, 1982	893.30	117.66	59.56