News stories from Monday April 12, 1982

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

A tuition tax credit will be proposed by President Reagan Thursday, according to White House officials. They said that the plan, estimated to cost $1.5 billion in three years, would provide up to $500 in tax credits for families with children attending private or parochial schools. [New York Times] A major shift in food stamp funds has been proposed by Jesse Helms, Republican of North Carolina, who is chairman of the Senate Agriculture Committee. Under the proposed legislation, states could receive food stamp funds in the form of block grants and could divert the funds from food coupons to other types of aid. [New York Times] A private pledge by Anne Gorsuch was reported in testimony by witnesses in a report prepared by the inspector general of the Environmental Protection Agency. They said that Mrs. Gorsuch, the agency's administrator, had promised representatives of a small oil refinery that if the company violated federal regulations limiting lead in gasoline, she would not enforce compliance. [New York Times] The dissolution of South Tucson, Ariz., may be necessary because of a $3.6 million compensation award. A city of Tucson police officer was accidentally shot and paralyzed below the waist by a South Tucson officer in a 1978 joint raid. South Tucson has exhausted all avenues of appeal and must arrange for payment or risk being absorbed by Tucson or Pima County. [New York Times] The owner of the New York Post, Rupert Murdoch, said he would be willing to buy The New York Daily News in an effort to keep both newspapers publishing. The owners of the News assailed the proposal as an attempt to destroy the paper, and they reaffirmed their intention to have Joe Allbritton, a Texas and Washington financier, take over the News. [New York Times] Pessimism on the Falklands crisis increased as Secretary of State Alexander Haig said after 11 hours of talks with British leaders that "a number of substantial difficulties remain." Mr. Haig delayed until tomorrow a flight to Buenos Aires, where he is to resume discussions with Argentine leaders. The main problem appeared to be the insistence by both Britain and Argentina on retaining some element of sovereignty over the South Atlantic islands. [New York Times] Argentina has accepted a proposal by Peru for a 72-hour truce around the Falkland Islands and is waiting for a British response, a spokesman in Buenos Aires said. The official acknowledged that as long as Argentina occupies the islands, which were seized from Britain April 2, any cease-fire or prolonged negotiations would benefit Argentina. [New York Times] The West Bank and Gaza Strip witnessed violent protests over the Sunday rifle attack by an Israeli soldier on Moslems in the Dome of the Rock in Jerusalem. Sixteen Arabs were reported shot by Israeli soldiers breaking up the demonstrations. [New York Times] Israel asked the United States to intercede in what Israelis regard as a shift by Egypt away from the precepts of the Camp David peace process. Israeli officials said that Jerusalem had told Washington that Egyptian officials in the Sinai were allowing Palestinian guerrillas to smuggle arms and explosives into Gaza. [New York Times] A U.S. mission to the Mideast was announced by the Reagan administration. It said that Walter Stoessel, the Deputy Secretary of State, was going to the region to help insure that the Israeli pullout in the Sinai took place April 25. [New York Times] The conservative trend in Iran is accelerating. The Shiite Moslem clerics around Ayatollah Khomeini, having crushed their moderate, secular opposition, now face a strong challenge from a more rightist group of mullahs. The power struggle has blocked action on major issues, including the question of Ayatollah Khomeini's successor. [New York Times] A research battle against malaria, one of the world's most severe and persistent health problems, is being pressed by many scientists around the globe. The disease affects many millions of people, and experts agree it is an important factor in keeping the third world poor. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 841.32 (-1.62, -0.19%)
S&P Composite: 116.00 (-0.22, -0.19%)
Arms Index: 1.04

	Issues	Volume*
Advances	669	17.60
Declines	767	20.99
Unchanged	460	7.93
Total Volume		46.52

* 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 8, 1982	842.94	116.22	60.18
April 7, 1982	836.85	115.46	53.14
April 6, 1982	839.33	115.36	43.20
April 5, 1982	835.33	114.73	46.90
April 2, 1982	838.57	115.12	59.86
April 1, 1982	833.24	113.79	57.10
March 31, 1982	822.77	111.96	43.37
March 30, 1982	824.49	112.27	43.99
March 29, 1982	823.82	112.30	37.07
March 26, 1982	817.92	111.94	42.40