News stories from Monday July 19, 1982

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

The number of poor Americans rose by about 2.2 million, or 7.4 percent, last year, marking the highest poverty rate since 1967, the Census Bureau reported. It said that 14 percent of Americans, one person in seven, had incomes below the poverty threshold set by the federal government, and that most of those entering poverty were children. [New York Times] The President ended a veto fight with Congress over spending levels. Without comment, Mr. Reagan signed an appropriation for $5.4 billion that will avert the furloughing of thousands of federal employees. [New York Times] An illegal shipment of explosives prompted a grand jury to issue an indictment. The panel charged Edwin P. Wilson, a former C.I.A. agent, and two other men with shipping 20 tons of strategically sensitive plastic explosives to Libya in 1977. [New York Times] Non-payment of state income taxes is threatening the campaign of Roxanne Conlin, the Democratic candidate for Governor of Iowa. Mrs. Conlin, who has been backed by national feminist groups, has acknowledged that she and her husband have a net worth of $2.2 million, and yet paid no state income taxes last year and less than $3,000 in federal taxes. [New York Times] A volcano alert has been declared by federal officials in the Sierra Nevada region of California. The region has been shaken by an increasing number of earthquakes every year since 1978, and hardly a day goes by without mild tremors much like the kind that presaged the eruption of Mount St. Helens two years ago. [New York Times] A record price for a race horse at auction -- $4.25 million -- was paid for a 15-month-old thoroughbred colt at the opening afternoon session in Lexington, Ky. The yearling colt, a son of Nijinsky II out of Spearfish, was bought by Robert Sangster, the British racing baron. [New York Times] The number 2 State Department official nominated by President Reagan is Kenneth Dam, the provost at the University of Chicago and a close friend of Secretary of State Shultz. Mr. Reagan also announced nominations for two other ranking State Department posts. [New York Times] Nuclear test talks will not resume, according to administration and congressional officials. They said that the decision not to resume efforts to conclude a comprehensive ban on nuclear testing with the Soviet Union and Britain had been made by President Reagan at a National Security Council meeting. [New York Times] An apparent Iran-iraq stalemate after six days of fighting in southern Iraq has apparently prompted a change in Teheran's policies. Calling Iran's invasion a "defensive operation," Iranian leaders have said in statements and broadcasts that other Persian Gulf countries should not feel threatened by Teheran. [New York Times] Arab nations must provide havens for the 6,000 Palestinian fighters who are under siege by Israeli troops at west Beirut, the United States contends. To underscore that position, Secretary of State George Shultz conferred with the Syrian and Saudi Arabian Foreign Ministers in Washington. [New York Times] A new American initiative to avert an Israeli assault on west Beirut is being sought by Lebanese and Palestinian officials because, they say, the month-long negotiations led by the special United States envoy, Philip Habib, have failed. [New York Times] The Voice of America's credibility may be in jeopardy, according to a report by a bipartisan commission created by Congress. The panel urged that the V.O.A. and its parent agency remain free from "stridency and propaganda" and recommended that the V.O.A. be careful to broadcast news abroad with objectivity. [New York Times] The palace intruder who surprised Queen Elizabeth in her bedroom 10 days ago will not be prosecuted because he did not commit a criminal offense, the authorities announced. Meanwhile, officials disclosed that the police officer in charge of protecting the royal family had resigned after acknowledging that he had had a homosexual relationship with a male prostitute for years. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 826.10 (-2.57, -0.31%)
S&P Composite: 110.73 (-0.34, -0.31%)
Arms Index: 1.00

	Issues	Volume*
Advances	739	22.32
Declines	702	21.13
Unchanged	441	9.58
Total Volume		53.03

* 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 16, 1982	828.67	111.07	58.77
July 15, 1982	827.34	110.47	61.08
July 14, 1982	828.39	110.44	58.03
July 13, 1982	824.20	109.45	66.16
July 12, 1982	824.87	109.57	74.70
July 9, 1982	814.12	108.83	65.87
July 8, 1982	804.98	107.53	63.27
July 7, 1982	799.66	107.22	46.91
July 6, 1982	798.90	107.29	44.35
July 2, 1982	796.99	107.65	43.76