News stories from Monday October 25, 1982

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

A pastoral draft on nuclear war was made public by a committee of Roman Catholic bishops. The proposed letter said that the weapons could destroy the world and thus any first use of them would be immoral and irrational. For years, under a "flexible response" policy, the Western allies have held that nuclear weapons might be needed to halt an overwhelming Soviet conventional attack. The Reagan administration has upheld that policy. [New York Times] Dow Jones industrials plunged 36.33 points, to 995.13, in the index's second biggest single-day drop ever amid new concern over interest rates. Volume was moderate, remaining well below the record levels of the last 10 weeks when the Dow surged 260 points, or nearly 33.5 percent. [New York Times] Gerald Ford, visiting President Reagan at the White House, said that the current $115 billion deficit was "not as serious" on a relative scale as the $66 billion deficit in his administration. The former President praised Mr. Reagan's economic program, but repeated his call for the administration to spread its $1,500 billion military spending program over six years instead of five. [New York Times] A 10-year civil rights lawsuit arising from the 1969 Chicago police raid in which two leaders of the Black Panthers were killed is close to being settled for $1.85 million, an assistant United States Attorney said. He said the city, the county and the government would pay equal amounts to nine plaintiffs, including the mothers of the two slain Panther leaders. [New York Times] The sighting of Halley's comet 10 days ago by the great telescope on California's Mount Palomar set in motion long- prepared plans for one of the most intensive investigations in the history of astronomy. Large telescopes around the world are being focused on the celebrated comet and starting in late 1984 a multinational fleet of spacecraft will go aloft to get an even better view. [New York Times] New insights into memory and its disorders are being produced by scientists at the National Institute of Mental Health in Bethesda, Md. Two patients, both professional men in their 60's, were beginning to have difficulty in recalling dates, names, faces and recent events. One patient's problems vanished after he was treated for depression. But the other was in an early stage of progressive dementia, for which there is no cure. [New York Times] A key change in the athlete's image has occurred among many people who no longer revere them. Affluence has brought a parade of agents, lawyers and financial advisers into the locker room, shattering the perceived innocence that many fans attached to athletes. In addition, some of them have been charged with crimes. [New York Times] Lebanese-Israeli negotiations, with United States participation, have been set and could start later this week in the Beirut area, according to a senior State Department official. The conferees, he said, will seek a formula for Israeli troop withdrawal from Lebanon. [New York Times] Ariel Sharon told an inquiry in Jerusalem that he had not learned that a massacre of Palestinian civilians was occurring in Beirut refugee camps until Friday evening, Sept. 17, more than 24 hours after it had begun and about nine hours after it had been ordered halted by his senior officers. The Israeli Defense Minister spoke at the first open session of the judicial commission that was established to define the extent of Israeli responsibility in the killings. [New York Times] New slayings in Northern Ireland were carried out by both sides. IRA guerrillas said they had "executed" a Protestant militia sergeant they kidnapped Friday. Earlier, Protestant extremists bludgeoned a kidnapped Catholic to death and shot another dead in a street. [New York Times] Angry members of Parliament accused the government of trying to minimize the importance of a breach of security at a top-secret intelligence gathering center in Britain. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 995.13 (-36.33, -3.52%)
S&P Composite: 133.32 (-5.51, -3.97%)
Arms Index: 4.43

	Issues	Volume*
Advances	196	2.24
Declines	1,586	80.37
Unchanged	200	1.11
Total Volume		83.72

* 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*
October 22, 1982	1031.46	138.83	101.13
October 21, 1982	1036.98	139.06	122.46
October 20, 1982	1034.12	139.23	98.68
October 19, 1982	1013.80	136.58	100.85
October 18, 1982	1019.22	136.73	83.79
October 15, 1982	993.10	133.57	80.29
October 14, 1982	996.87	134.57	107.50
October 13, 1982	1015.08	136.71	139.80
October 12, 1982	1003.68	134.44	126.30
October 11, 1982	1012.79	134.47	138.53