News stories from Thursday April 30, 1981

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

A major budget debate began in the House. The Representatives will choose between a $689 billion budget proposed by President Reagan and a $713.7 billion Democratic plan that contains more money for social programs and projects less of a tax cut. A close vote is expected. [New York Times] A costly feedgrain support program was approved by the Republican-controlled Senate Agriculture Committee. The plan would add about $4 billion to the potential costs of supporting farm commodities in the next four years. This is about twice the expected cost of the programs proposed by President Reagan. [New York Times] The President denounced persecution in an emotional speech to a White House group that included survivors of Nazi genocide. Mr. Reagan said that the United States should not negotiate with any country unless the subject of repression was "on that negotiating table," but a White House spokesman said that the President was not altering his policy of downgrading human rights overseas. [New York Times] Gasoline advertising is returning amid a petroleum oversupply that has prompted some companies to worry about adequate storage space. The appeals to consumers have been rare since the Arab oil embargo of 1973-74, but the trend has shifted. "We've changed our creative stance," said an executive with the Amoco Oil Company, which has phased out its save-a-gallon-a-week theme in favor of broadcast spots and print ads extolling all its gasolines. [New York Times] Restraints on Japanese car imports to the United States are to be imposed under a broad accord reached by the two countries. The agreement is expected to limit shipments for the next three years. [New York Times] Strong support for the miners' strike was expressed on its 35th day by spokesmen for key segments of organized labor. The warm promises of backing bolstered Sam Church, the head of the United Mine Workers union, as he addressed a sometimes hostile crowd in Pittsburgh. [New York Times] Two former F.B.I. officials plan to ask the government to pay their legal fees in a civil suit challenging the legality of the break-ins they authorized in the early 1970's. The two, Mark Felt and Edward Miller, who were convicted on Nov. 6 of conspiring to violate the rights of citizens, have been pardoned by President Reagan. [New York Times] Immigration policy on socialist aliens is under review, according to a high official of the Immigration and Naturalization Service. He said that the objective was to determine whether aliens who belong to the Socialist Workers Party could be deported. [New York Times] Ivy League bands have created a stir among alumni and parents who say that the halftime football shows at the eight campuses are in bad taste. The scripts and formations at the performances stress politics, current events and sex, and the colleges have ordered the acts cleaned up. [New York Times] Experiments to create bone were disclosed by researchers at Harvard University. They said that a new demineralized bone powder had been implanted in patients with birth defects to form bone where none existed and that they had also used the substance to help mend the bones of other patients whose bones failed to heal after accidents. The doctors said that the bone substance had been implanted 55 times in 44 patients ranging in age from 1 to 60 years. [New York Times] The new top American arms negotiator is Gen. Edward Rowny, who retired from the Army in 1979 to campaign publicly against the strategic arms limitation treaty with the Soviet Union. The pact was signed nearly two years ago but it has not been ratified by the Senate. [New York Times] China's judgment of Mao Tse-tung has been decided, Deputy Prime Minister Huang Hue disclosed. After months of delay and debate, he said that the leadership had reached a consensus that the late leader's triumphs outweighed his failures. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 997.75 (-6.57, -0.65%)
S&P Composite: 132.81 (-0.24, -0.18%)
Arms Index: 0.79

	Issues	Volume*
Advances	694	21.68
Declines	815	20.08
Unchanged	400	6.21
Total Volume		47.97

* 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 29, 1981	1004.32	133.05	53.34
April 28, 1981	1016.93	134.33	58.21
April 27, 1981	1024.05	135.48	51.08
April 24, 1981	1020.35	135.14	59.90
April 23, 1981	1010.27	133.94	64.20
April 22, 1981	1007.02	134.14	60.65
April 21, 1981	1005.94	134.23	60.29
April 20, 1981	1015.94	135.45	51.01
April 16, 1981	1005.58	134.70	52.95
April 15, 1981	1001.71	134.17	56.03