News stories from Monday January 4, 1982

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

Richard Allen resigned as President Reagan's national security adviser, and Mr. Reagan appointed William P. Clark, Deputy Secretary of State, to succeed Mr. Allen. The White House also announced that the post would be upgraded and that Mr. Clark would report directly to the President instead of the White House counselor. [New York Times] Warsaw assailed President Reagan over his policy on Poland, according to information arriving from there. The report said that, in a meeting with representatives of Western European governments, Gen. Wojciech Jaruzelski, the Polish leader, also suggested that Poland would consider deporting interned Solidarity union leaders to Western countries. At the meeting, requested by General Jaruzelski, he appealed to the Western Europeans for patience while Poland resolved its crisis. [New York Times] An appeal involving equal rights is planned. The Justice Department said it would challenge a ruling by a federal judge in Idaho that Congress had acted unconstitutionally when it extended the deadline for the states to ratify the proposed equal right amendment. [New York Times] Andrew Young became Mayor of Atlanta at an inauguration ceremony where he told several thousand cheering supporters that the "challenge of the 80's is economic." Mr. Young called for "a new consciousness of Atlanta as a regional center" of international finance and trade. [New York Times] A major Pacific Coast storm drenched parts of northern California with a foot of rain, blocking roads and stranding thousands of residents in floods and mud slides. So many roads were blocked in Marin County that the authorities restricted travel on the Golden Gate Bridge. [New York Times] Boston's financial plight was under-scored by Mayor Kevin White in his 15th annual State of the City Address. He said he might consider selling the municipally owned Boston City Hospital and a large convention center because of the need to raise new revenue. In the last year, Mayor White has had to lay off 3,000 municipal employees, including 400 police officers and 425 firefighters. [New York Times] Eating fewer fats and cholesterol can reduce the chances of suffering a heart attack or of dying suddenly from heart disease. This was indicated in many experiments, but it has been shown most persuasively by a major study conducted in Oslo among more than 1,200 healthy men. [New York Times] Massive dumping of toxic waste was reported by investigators for a New York state Senate committee. The investigators said that more than 150,000 gallons of highly lethal waste was deposited at three New York City landfills in 1978 and 1979 by a New Jersey company that had also illegally dumped millions of gallons of such waste in Pennsylvania. [New York Times] Lech Walesa was persuaded to make an appeal to Solidarity members to give up open resistance on Dec. 13, the first day of the crackdown in Poland, according to a well-informed Communist Party source there. But the source said that the move was blocked by the Roman Catholic Church, which argued that such an appeal would undercut the union leader's credibility and make it difficult for him to play a useful role in the future. [New York Times] Saudi Arabia denied the truth of published remarks attributed to its Foreign Minister that the Saudis were ready to recognize Israel under certain circumstances. The denial was said to reflect Saudi embarrassment over the wide publicity given to the statement in the Arab world. [New York Times] Saudi Arabia's offer to accept Israel's existence and the subsequent Saudi denial that the offer had been made evoked no expressions of surprise in Israel. Israelis said that the Saudis were repeating a pattern of such offers made since 1975. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 882.52 (+7.52, +0.86%)
S&P Composite: 122.74 (+0.19, +0.16%)
Arms Index: 1.01

	Issues	Volume*
Advances	964	20.54
Declines	577	12.39
Unchanged	343	3.83
Total Volume		36.76

* 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*
December 31, 1981	875.00	122.55	40.78
December 30, 1981	873.10	122.30	42.96
December 29, 1981	868.25	121.67	35.24
December 28, 1981	870.34	122.27	28.31
December 24, 1981	873.38	122.54	23.94
December 23, 1981	869.67	122.31	42.90
December 22, 1981	871.96	122.88	48.32
December 21, 1981	873.10	123.34	41.31
December 18, 1981	875.76	124.00	50.95
December 17, 1981	870.53	123.12	47.22