News stories from Monday November 16, 1981

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

House Democrats won their first major fiscal victory of the year, defeating an administration-backed effort to make further reductions in a $440 billion stopgap funding bill for government operations. The vote of 201 to 189 reflected a shift by moderate Republicans from the Northeast and Midwest, but the White House retained the support of conservative Democrats from the South and West. [New York Times] A major shakeup in civil rights was carried out by President Reagan. He dismissed Arthur Flemming as chairman of the Commission on Civil Rights and appointed Clarence Pendleton, a conservative black, to replace him. A commission spokesman said that the President was unhappy over Mr. Flemming's strong advocacy of civil rights, and Mr. Flemming accused Mr. Reagan of advocating an unconstitutional policy on school desegregation. [New York Times] Voluntary prayer in public schools was endorsed by a Senate majority, and opponents of the legislation vowed to stage a filbuster to try to kill it. The bill would have little practical impact, but both sides agreed it would have significant symbolic value. [New York Times] Defense of the administration's image is being sharply debated by its highest officials. Some senior aides have said privately that both David Stockman, the budget director, and Richard Allen, the White House national security adviser, should have resigned rather than let their recently revealed actions tarnish President Reagan's public image or damage the prospects for his policies. [New York Times] William Holden was found dead in his apartment in Santa Monica, Calif. The 63-year-old movie actor became a major star after his performance in "Sunset Boulevard" in 1950 and won an Academy Award in 1953 for his performance as a cynical but heroic prisoner of war in "Stalag 17." [New York Times] Concern about nuclear war is prompting an increasing number of Americans to turn to their churches in efforts to reverse the arms race, according to many participants at a disarmament conference sponsored by Manhattan's Riverside Church. More than half of the 700 conferees plan to lobby on Capitol Hill tomorrow against increases in military spending. [New York Times] A Pole was convicted of espionage after two days of federal jury deliberations in Los Angeles. The panel convicted Marian Zacharski of conspiring with an American aerospace engineer to deliver American military secrets to the Soviet bloc. [New York Times] The first vaccine against hepatitis to be licensed for use in the United States won the approval of the Food and Drug Administration. The vaccine is viewed as highly effective in protecting against hepatitis B virus, a major cause of liver disease. [New York Times] A U.S. negotiating position on arms will be formally announced by President Reagan in a few days, according to high administration officials. They said that Mr. Reagan would make public proposals to Moscow for eliminating or reducing medium-range missiles in Europe to show American support for arms control and to counter anti-nuclear campaigns in Western Europe. [New York Times] The primary Soviet problem is food, Leonid Brezhnev told leaders of the Soviet Communist Party. Acknowledging that a third year of drought had caused great harm to the economy, the Soviet leader pledged to develop a comprehensive program to improve the entire system of food production and distribution. [New York Times] An American pledge on Israel was given by Defense Secretary Caspar Weinberger. In a speech before the Anti-Defamation League, he said that the United States would seek elements for agreement in any peace plan for the Middle East, but would insist on formal and explicit recognition of Israel's right to exist. [New York Times] The Saudi press agency cautioned that Gaafar Allagany, Saudi Arabia's acting delegate to the United Nations, had not been authorized to interpret Prince Fahd's eight-point peace plan for the Middle East. In an interview published Sunday, Mr. Allagany said that the plan recognized Israel's right to exist. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 845.03 (-10.85, -1.27%)
S&P Composite: 120.24 (-1.43, -1.18%)
Arms Index: 1.24

	Issues	Volume*
Advances	435	9.15
Declines	1,186	30.87
Unchanged	329	3.72
Total Volume		43.74

* 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*
November 13, 1981	855.88	121.67	45.57
November 12, 1981	860.54	123.19	55.71
November 11, 1981	857.12	122.92	41.94
November 10, 1981	853.98	122.70	53.93
November 9, 1981	855.21	123.29	48.30
November 6, 1981	852.45	122.67	43.26
November 5, 1981	859.11	123.54	50.86
November 4, 1981	866.82	124.74	53.47
November 3, 1981	868.72	124.80	54.62
November 2, 1981	866.82	124.20	65.12