News stories from Monday April 26, 1982

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

A big hurdle in budget talks, according to sources close to the negotiations, is the refusal of congressional Democratic leaders to accept a White House request on income tax reductions. They said the Reagan administration was seeking guarantees that there would be no vote this year on whether to repeal the final phase of the three-year tax reduction approved by Congress last year. [New York Times] Braniff's South American routes would be taken over by Eastern Air Lines starting June 1 in exchange for $30 million, under a tentative decision by the Civil Aeronautics Board. Eastern would operate the routes for at least a year, pending final approval by the regulatory agency after public hearings are held. [New York Times] A prosecutor of John W. Hinckley told the presiding judge that none of the government's psychiatrists believes that the defendant had a severe mental illness. The key issue at the trial, set to begin today in Washington's federal courthouse, will be whether Mr. Hinckley should be excused from responsiblity in the shooting of President Reagan and three other men 13 months ago because of mental illness at the time. [New York Times] Nearly a thousand Illegal aliens were seized by immigration officials at job sites in nine cities in what the government called a drive to recapture the jobs for American citizens. [New York Times] A retail store's playing a radio infringes the copyrights on the music played, according to a ruling by a federal appeals court in the New York City area that the Supreme Court declined to review. The action means that many small retail establishments could be required to pay royalties for the right to play radio background music. [New York Times] A revival of bloodletting to treat 50 or so disorders is being practiced by doctors in the United States and many other countries. The widely varying results have generated controversy about the practice, which is costly and time-consuming, yet has saved lives. In the modern versions of the ancient practice, only portions of the blood are selectively removed. [New York Times] A doubling of New Jersey's prison system by 1988 to keep pace with sharp increases in the prison population caused by tough new sentencing laws was proposed by Governor Kean. He said that New Jersey voters would be asked to approve a $160 million bond issue in November to finance the construction of two new prisons and to expand existing facilities. [New York Times] Further British military action in the Falklands may be imminent, according to Prime Minister Margaret Thatcher. She also warned that time was running out for new diplomatic initiatives. She told Parliament that Britain's recapture of South Georgia, 800 miles east of the Falklands, had been completed without British casualties and with serious injury to only one Argentine. She said Britain had not fired first and pledged that the 200 Argentines in custody would be quickly sent home. [New York Times] Argentina's rulers conceded that Britain had retaken the two main bases on South Georgia Island, and military sources said there would be no attempt to expel the British. The informants said that Argentine forces would wait for the British flotilla to come closer to the Falklands before mounting an assault. [New York Times] Washington told O.A.S. members that the solution to the Falklands dispute lay in a United Nations Security Council resolution and not in the hemispheric security treaty. Secretary of State Alexander Haig gave a brief but pointed address to an Organization of American States council meeting called by Argentina under the 1947 Rio Treaty. [New York Times] A top Salvadoran military leader was accused of trying to force the new Constituent Assembly to elect a centrist as provisional President. The charge was made by Roberto d'Aubuisson, who is president of both the assembly and the extreme rightist Nationalist Republican Alliance. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 865.58 (+3.42, +0.40%)
S&P Composite: 119.26 (+0.62, +0.52%)
Arms Index: 0.73

	Issues	Volume*
Advances	970	37.26
Declines	537	15.04
Unchanged	383	8.20
Total Volume		60.50

* 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*
April 23, 1982	862.16	118.64	71.85
April 22, 1982	853.12	117.19	64.46
April 21, 1982	843.42	115.72	57.81
April 20, 1982	840.56	115.44	54.60
April 19, 1982	846.08	116.70	58.46
April 16, 1982	843.42	116.81	55.89
April 15, 1982	839.61	116.35	45.69
April 14, 1982	838.09	115.83	45.15
April 13, 1982	841.04	115.99	48.66
April 12, 1982	841.32	116.00	46.51