News stories from Tuesday December 9, 1980

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

John Lennon was mourned by millions of Beatle fans and public figures around the world. Outside the Dakota on Manhattan's Central Park West where the musician had lived there was an unending crowd of mourners who left flowers and sang the famed Beatle songs that epitomized to many the turbulence and hopes of the 1960's. Mark David Chapman, the 25-year-old former mental patient charged with the fatal shooting, was confined for psychiatric examination. [New York Times] An American contingency plan has been prepared by Washington for possible use if Soviet forces intervene in Poland, according to administration officials. They said that a number of economic and political steps had been discussed at length by President Carter and Secretary of State Muskie and that Mr. Muskie was taking the proposals to NATO's winter meeting in Brussels to obtain allied agreement on them.NATO will gain surveillance aircraft from the United States this week to counter the possibility of a surprise attack on Western Europe arising from any Soviet intervention in Poland, NATO sources said. [New York Times] Restiveness among Poland's farmers may raise new problems for the government at a time of food shortages. Leaders of a new movement that says it represents 500,000 of the country's 15 million private farmers called for a national meeting on Sunday to chart a protest to gain recognition as a union. But the leadership of the national union movement is unlikely to endorse a strike call because of concern about Soviet intervention. [New York Times] Sharply higher heating oil prices are expected by industry analysts. They said that the prices, which have risen 6 cents a gallon in the last few months, might increase as much as 20 cents in the next three months. The increases, occurring at a time of ample supplies, were attributed to higher crude oil prices, colder-than-usual weather and rising refining costs. [New York Times] A new Abscam trial began in Washington. A federal prosecutor told the jurors that they would see a videotape in which Representative Richard Kelly, Republican of Florida, agreed to sell favors, accepted a bribe of $25,000 and stuffed the cash into his pockets. Mr. Kelly is the fifth Representative to be tried on charges arising from the F.B.I.'s investigation of political corruption. The four others, all Democrats, were convicted.Disclosures about Abscarn inquiries may lead to penalties. The Justice Department has notified several employees that they face possible disciplinary action for improperly releasing information about undercover investigations of political corruption. The penalties could range from a reprimand to dismissal. [New York Times] Alexander Haig can be confirmed if he is nominated for Secretary of State, in the view of Howard Baker, the new Republican majority leader in the Senate. Doubts about the confirmation have been raised in the context of General Haig's role in the Watergate scandals. [New York Times] An American envoy reacted angrily to disclosures about human rights policy recommended by a transition team of President-elect Ronald Reagan. Robert White, the Ambasssador to El Salvador, charged that the proposals were undercutting his ability to influence moderates and were encouraging rightists in organizing a coup. [New York Times] Charles Percy was criticized for reportedly suggesting that the creation of a Palestinian state could help resolve the Arab-Israeli dispute. The criticism was expressed on the Senate floor by Bob Packwood. Both Senators are Republicans. [New York Times] The revenue-sharing program would be extended for three years under legislation approved overwhelmingly in the Senate. The bill would provide municipalities with $4.6 billion annually but allot funds to the states only in the latter two fiscal years. It is uncertain whether differences between the Senate bill and a version already passed in the House can be reconciled before Congress adjourns. [New York Times] The double jeopardy shield was limited by the Supreme Court. In a 5-to-4 decision the Justices ruled that the constitutional protection does not bar a prosecutor from appealing a sentence it views as too lenient. For more than a century, the High Court has interpreted the protection against double jeopardy to bar both a second prosecution after an acquittal and a second punishment for a single offense. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 934.04 (+0.34, +0.04%)
S&P Composite: 130.48 (-0.13, -0.10%)
Arms Index: 0.75

	Issues	Volume*
Advances	558	18.69
Declines	1,045	26.38
Unchanged	392	8.15
Total Volume		53.22

* 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 8, 1980	933.70	130.61	53.60
December 5, 1980	956.23	134.03	51.99
December 4, 1980	970.48	136.48	51.17
December 3, 1980	972.27	136.71	43.44
December 2, 1980	974.40	136.97	52.35
December 1, 1980	969.45	137.21	48.17
November 28, 1980	993.34	140.52	34.27
November 26, 1980	989.68	140.17	55.34
November 25, 1980	982.68	139.33	55.83
November 24, 1980	978.75	138.31	51.13