News stories from Wednesday October 14, 1981

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

The House rebuffed the President, disapproving by 301 to 111 his plan to sell five radar planes and other advanced air equipment to Saudi Arabia. Senator Charles Percy, the chairman of the Foreign Relations Committee, suggested that, if the Senate also rejected the sale, Mr. Reagan might invoke a 1977 law that might permit him to proceed despite congressional disapproval. [New York Times] Enforcement of environmental rules has dropped sharply since the Reagan administration took office. Data of the Environmental Protection Agency obtained by congressional staff aides show that the agency has referred fewer than 50 charges of violations of environmental laws to the Justice Department in the last nine months. The agency referred 230 cases to the department in 1980. [New York Times] An inquest into the death of a prisoner in a Milwaukee police station ended with a recommendation by the six jurors that three police officers be prosecuted for "homicide by reckless conduct" and that two others be prosecuted for misconduct. The inquest into the death of a rape suspect later found to be innocent heard testimony by 100 witnesses. [New York Times] A bitter East-West economic dispute has been generated by "severance taxes" imposed by most energy producing states on the value of oil, natural gas and coal. Easterners charge that as decontrolled oil and gas prices soar, the taxes have become a device for siphoning billions of dollars from the East, further enriching the booming Western states and speeding a migration westward. [New York Times] LTV's bid for Grumman was blocked at least temporarily by a federal judge. He granted a preliminary injunction that ordered the LTV Corporation to halt its efforts to take over the Grumman Corpor-tion because the proposed merger apparently raised significant antitrust issues. LTV said that it would appeal the ruling. [New York Times] Federal reductions in student aid threaten to bar higher education to hundreds of thousands of Americans, according to John Brademas, who expressed criticism of the Reagan administration at his formal installation as the 13th president of New York University. He also voiced concern over the cut in federal funds for university-based research, particularly in the natural sciences. [New York Times] Hosni Mubarak was sworn in as President of Egypt. The 53-year-old former Vice President and commander of the Egyptian air force took the oath of office in a solemn ceremony eight days after the assassination of President Anwar Sadat. In his inaugural address, Mr. Mubarak, with tears streaming down his cheeks, extolled Mr. Sadat and pledged to continue the fallen leader's policies. [New York Times] The 1981 Nobel Peace Prize was awarded to the Office of the United Nations High Commissioner for Refugees for its aid to the millions of homeless and displaced people around the world. The award was the second Peace Prize received by the organization, which was cited in 1954 for its aid to refugees in postwar Europe. [New York Times] Two radar planes have been sent to Egypt for an indefinite period to demonstrate United States support for the security of Egypt and the Sudan, the State Department said. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 850.65 (-14.93, -1.72%)
S&P Composite: 118.80 (-1.98, -1.64%)
Arms Index: 1.77

	Issues	Volume*
Advances	384	6.10
Declines	1,116	31.44
Unchanged	374	2.72
Total Volume		40.26

* 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*
October 13, 1981	865.58	120.78	43.07
October 12, 1981	869.48	121.21	30.05
October 9, 1981	873.00	121.45	50.06
October 8, 1981	878.14	122.31	47.08
October 7, 1981	868.72	121.31	50.02
October 6, 1981	856.26	119.39	45.45
October 5, 1981	859.87	119.51	51.28
October 2, 1981	860.73	119.36	54.57
October 1, 1981	852.26	117.08	41.59
September 30, 1981	849.96	116.18	40.70