News stories from Tuesday April 13, 1982

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

A temporary income tax increase, perhaps only for Americans above some middle-income threshhold, and a broad tax on energy have emerged as much-discussed possiblilities in the secret negotiations on the federal budget. Senate Republican sources said that Bob Dole, Republican of Kansas, who heads the Senate Finance Committee, was championing the income tax surcharge. [New York Times] Republican leaders are worried that the party's progress in attracting black support is being eroded. They say the Reagan administration has hurt itself needlessly by espousing tax exemptions for segregated schools, wavering on renewal of the Voting Rights Act and by nominating some dubiously qualified blacks for administration posts. [New York Times] The deep slump in Mississippi, which is accelerating at a time when federal aid is dropping, has led state leaders to fear a return of the pattern of poverty and division that prevailed for so long. Gov. William Winter said in an interview that gains in race relations in Mississippi, the nation's poorest state, could be erased if the economic disparity between blacks and whites worsened. [New York Times] A 25-state rail strike shut down the Burlington Northern system in the Middle West, Northwest and Southwest. Nearly 12,000 union members staged the unannounced walkout to protest working without a contract for more than a year. A federal district judge in Chicago issued a back-to-work order. [New York Times] The space shuttle astronauts said that motion sickness, fatigue and mechanical problems depressed their morale on the second day in orbit. However, the two men who flew the Columbia's third mission said they went on to recover and enjoy "an adventure of a lifetime" that further demonstrated the spaceship's reliability. [New York Times] Alexander Haig was involved more closely in the White House wiretaps and "plumbers" operation in the Nixon administration than he has acknowledged, according to an article in the Atlantic Monthly. The magazine says that previously unpublished information from the files of the Watergate prosecutors and other documents, shows this was also true of Henry Kissinger, for whom Mr. Haig worked. [New York Times] A casino company is leaving New Jersey. Playboy Enterprises notified the Casino Control Commission that it would sell its year-old, $150 million Atlantic City casino rather than sever ties with its founder and chairman, Hugh Hefner, who holds a 66 percent interest in the concern. [New York Times] Alexander Haig returned to Washington for consultations with President Reagan. United States officials conceded that the Secretary of State's efforts to resolve the Falkland crisis before the British armada reaches the islands nearly collapsed Monday night when Argentina apparently reneged on an understanding with Mr. Haig. [New York Times] The apparent collapse of diplomacy in the Falkland crisis was reported by a spokesman for Britain as Secretary of State Haig interrupted his peacemaking efforts to return to Washington. Mr. Haig said he had "received some new ideas" that both sides were studying, but he declined to state the nature or origin of the proposals. [New York Times] Argentine officials said the government was willing to make some further minor concessions in the administration of the Falklands, but added they would go to war with Britain before they would concede sovereignty of the islands. [New York Times] Despite opposition by Peking, the Reagan administration announced it was proceeding with the sale of $60 million in military spare parts to Taiwan. China has warned that the sale could lead to a "retrogression" in American-Chinese relations. [New York Times] Moslem countries proclaimed a one-day work stoppage tomorrow to demonstrate support for Palestinians in Israeli-occupied lands. The countries protested the shootings by an Israeli soldier at Jerusalem's Dome of the Rock, the Islamic shrine. [New York Times] Egypt rejected charges attributed to Israeli leaders that it is violating the Camp David peace agreements, and denied that Egyptian forces had allowed Palestinian guerrillas to smuggle arms into Gaza. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 841.04 (-0.28, -0.03%)
S&P Composite: 115.99 (-0.01, -0.01%)
Arms Index: 0.76

	Issues	Volume*
Advances	796	24.99
Declines	627	14.98
Unchanged	459	8.69
Total Volume		48.66

* 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 12, 1982	841.32	116.00	46.51
April 8, 1982	842.94	116.22	60.18
April 7, 1982	836.85	115.46	53.14
April 6, 1982	839.33	115.36	43.20
April 5, 1982	835.33	114.73	46.90
April 2, 1982	838.57	115.12	59.86
April 1, 1982	833.24	113.79	57.10
March 31, 1982	822.77	111.96	43.37
March 30, 1982	824.49	112.27	43.99
March 29, 1982	823.82	112.30	37.07