News stories from Friday May 28, 1982

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

Reacting to the budget impasse in the House, the Budget Comniittee chairman urged the lawmakers' to "split the difference" between the Democratic and Republican budget plans that they voted down by wide margins. The chairman, Representative James Jones, said his idea got a "mixed" reaction at an informal meeting of his committee. Under conflicting pressures to increase spending and at the same time bring down the dealt, the House rejected all the budget proposals it considered in five days of turbulent maneuvering. [New York Times] President Reagan denounced the federal budget process, calling it "the most irresponsible, Mickey Mouse arrangement that any governmental body ever practiced" and suggested that it be abolished. [New York Times] Two I.B.M. employees were killed and at least eight others wounded by a masked man who drove a car through the lobby doors of the I.B.M. building in Bethesda, Md. After negotiating by telephone with the police, the gunmen surrendered. He was identified as Edward Thomas Mann, 38 years old, a former I.B.M. employee. [New York Times] The number of cocaine users doubled in 1978-79 over the previous year, and the rate of cocaine-related deaths quadrupled from 1976 to 1981, according to the federal Centers for Disease Control in Atlanta. The rate of cocaine-related hospital treatment increased sixfold from 1975 to 1981, according to the report, which also said that nearly 10 million people over 11 years old reported using cocaine in 1978-79. [New York Times] Some Vietnamese exiles in California are members of gangs of extortionists who prey on their fellow countrymen and sometimes use political blackmail if a Vietnamese is believed to be a Communist sympathizer. Law enforcement officials say that extortion is widespread among the growing Vietnamese communities in southern and central California and in other states. [New York Times] The movie "Taxi Driver" was shown at the trial of John W. Hinckley. Defense psychiatrists said it helped to shape his bizarre thoughts and his sense of compulsion in the shooting of President Reagan. The defense then rested its case. [New York Times] A 1981 income of at least $442,000 and stock in 45 companies was reported by William J. Casey, the Director of Central Intelligence, in financial disclosure forms. [New York Times] A $50,000 severance payment has been returned by Attorney General William French Smith ta the California steel company that gave it to him 11 days before he took office last year, Mr. Smith, who was a director of the company, said. [New York Times] A halt to a civil trial in which the Rev. Sun Myung Moon had testified was offered by the United States Court of Appeals, which also expunged the testimony given by Mr. Moon in federal district court in Manhattan. The court ruled that the testimony could not be used against Mr. Moon, the leader of the Unification Church, in any other civil or criminal case. The trial involved a lawsuit in which a church follower contended he was abducted by a "deprogrammer" and his civil rights violated in an effort to make him renounce the church. [New York Times] The British overran a garrison in the Falklands manned by 1,000 Argentine troops and captured Darwin and Goose Green, the Defense Ministry in London announced, encouraging speculation that the British were on their way to Stanley, the islands' capital. The base was Argentina's second largest there. [New York Times] Argentine troops fought to push back a British drive on Darwin on East Falkland Island, the Argentine command in Buenos Aires said in a communigue issued moments after the Defense Ministry in London announced that British troops had taken both Darwin and Goose Green. The communique said that Argentine troops had totally recovered the terrain and controlled the situation tactically. [New York Times] Latin American Foreign Ministers debated Argentina's demand that the United States cut off weapons supplies to Britain in the Falkland conflict. The draft resolution was the main topic of a special meeting of the Organization of American States. [New York Times] The Pope arrived in Britain, making the first pastoral visit by a Pope in the 1,900-year history of the papacy, and John Paul II immediately appealed to Britain and Argentina "to put aside the weapons of death" in the Falklands. He was greeted by tens of thousands of people. [New York Times] The Syrian city of Hama was destroyed last winter by fighting between the Syrian armed forces and local Moslem rebels. Hama was sealed off until recently when the authorities in Damascus allowed in foreign journalists to report what had taken place there. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 819.54 (-5.42, -0.66%)
S&P Composite: 111.88 (-0.78, -0.69%)
Arms Index: 2.15

	Issues	Volume*
Advances	689	10.88
Declines	767	26.08
Unchanged	427	6.94
Total Volume		43.90

* 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*
May 27, 1982	824.96	112.66	44.73
May 26, 1982	828.77	113.11	51.25
May 25, 1982	834.57	114.40	44.01
May 24, 1982	836.38	114.79	38.51
May 21, 1982	835.90	114.89	45.26
May 20, 1982	832.48	114.59	48.33
May 19, 1982	835.90	114.89	48.87
May 18, 1982	840.85	115.84	48.96
May 17, 1982	845.32	116.71	45.57
May 14, 1982	857.78	118.01	49.90