News stories from Friday August 27, 1982

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

President Reagan plans to veto a $14.1 billion supplemental appropriation for government operations, according to White House aides. They said Mr. Reagan would announce the veto in a five-minute radio broadcast at 12:06 P.M. Saturday. It was not known whether the President had sufficient support to sustain the veto. [New York Times] A former page said he had lied when he asserted in March that he had had homosexual relations with members of Congress. Leroy Williams said at a news conference in Little Rock, Ark. that he had felt compelled to tell the truth after two officials from a House panel that is investigating congressional misconduct involving pages questioned him. [New York Times] Manville said that the government should bear a large share of the financial burden faced by the corportion as a result of the more than 16,500 lawsuits filed by asbestos workers seeking damages for asbestos-related diseases. The leading asbestos producer has asked a federal bankruptcy court for protection from its creditors because of the high cost of contesting the lawsuits. [New York Times] State and local governments have fared better than they expected from this year's tax and spending legislation, according to a detailed analysis. Contrary to widespread expectations, the latest bills appear to do much less harm to the financial prospects of the lower levels of government than the legislation enacted last year. [New York Times] The Mayor of San Diego defended his use of two rent-free apartments for the last 19 months. Mayor Pete Wilson, a Republican who is opposing Gov. Jerry Brown in a race for the Senate, said his use of rent-free housing constituted no violation of federal election laws. [New York Times] The summer slump at theme parks has prompted some people in the industry to conclude that the downturn may not be temporary. Citing the advancing median age of Americans, some industry leaders believe that thrill rides should be subordinated to a better mix of live entertainment and softer rides. [New York Times] Immediate distribution of food aid to 47,000 indigent women and children in New York and Georgia was ordered by Judge Charles Richey of United States District Court in Washington. He angrily accused Agriculture Secretary John Block of seeking to withhold the funds in a program that provides food assistance for 2.2 million poor women and children. [New York Times] An attack by thousands of honeybees created chaos at a 960-unit apartment complex in Gloucester Township in southwestern New Jersey. The swarming bees, officials said, stung 30 persons, two of them more than 100 times. A beekeeper was called in and he provided a queen bee to lure the drones and workers. [New York Times] More than 1,300 Palestinians left Beirut for Damascus in the first overland pullout of the guerrillas. An additional 760 guerrillas left by sea for Tartus, Syria, bringing the total evacuated to more than 6,400. [New York Times] Thousands of Syrians turned out to give the truck convoy of Palestinian guerrillas a noisy and emotional welcome. The guerrillas responded by shouting "Palestine, Palestine!" and firing weapons. [New York Times] Washington is ready to lift sanctions against European companies aiding construction of the Soviet natural gas pipeline to Western Europe if other means can be found to keep equivalent economic pressure on Moscow, according to senior Reagan administration officials. They said such alternative measures could include limiting export credits to Moscow. [New York Times] Defections from Spain's ruling party prompted Prime Minister Leopoldo Calvo Sotelo to dissolve Parliament and call for new elections Oct. 28. The Socialists lead all the public opinion polls, and a leftist government might be elected for the first time since the 1936-39 Spanish Civil War. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 883.47 (-8.94, -1.00%)
S&P Composite: 117.11 (-1.44, -1.21%)
Arms Index: 1.79

	Issues	Volume*
Advances	556	15.78
Declines	1,007	51.07
Unchanged	383	7.56
Total Volume		74.41

* 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*
August 26, 1982	892.41	118.55	137.28
August 25, 1982	884.89	117.58	106.19
August 24, 1982	874.90	115.34	121.65
August 23, 1982	891.17	116.11	110.30
August 20, 1982	869.29	113.02	95.88
August 19, 1982	838.57	109.16	78.26
August 18, 1982	829.43	108.53	132.68
August 17, 1982	831.24	109.04	92.86
August 16, 1982	792.43	104.09	55.42
August 13, 1982	788.05	103.85	44.72