News stories from Wednesday June 2, 1982

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

The sale of United Press International was announced by the E. W. Scripps Company. It said that the buyer of the 75-year-old news service, which has 224 bureaus, 78 of them overseas, is the Media News Corporation, a newly formed company based in Nashville that is owned by four Southern and Middle Western newspaper and television executives. [New York Times] A newspaper merger in Des Moines was announced by the owners. They said that the Des Moines Tribune, beset by the readership loss that has affected many other afternoon papers, would be consoldiated with its larger sister newspaper, The Des Moines Register, into a single morning paper. [New York Times] A racist who is serving two life terms for the 1980 murders of two black joggers in Salt Lake City faces a new charge. The prisoner, Joseph Paul Franklin, was indicted by a federal grand jury on a civil charge arising from the ambush shooting of Vernon Jordan, the civil rights leader, in 1980 in Fort Wayne, Ind. [New York Times] This summer's youth job program has been criticized by leaders of many cities who say the $685 million federal allocation will not be nearly enough to meet their needs. Many mayors say that their shares are 10 to 20 percent less than last summer, and that, as a result. they will be able to offer summer work to only half of the eligible young people. [New York Times] Appeals for a bipartisan budget plan suggested by Democrats were rejected by the White House. As a result, both parties agreed to give House members a clear choice in a floor showdown between rival proposals, probably next week. [New York Times] A youth was placed in jail in Boise, Idaho, by his parents to face the consequences of his failure to pay $60 in traffic fines. On Monday, the 17-year-old youth was fatally tortured and beaten. Five 17-year-old inmates were charged with the murder. [New York Times] A crane, enamored of a human, has produced her first chick atter six weeks in which a crane expert performed a ritual mating dance with her. The rare whooping crane named Tex previously laid several other eggs with the aid of artificial insemination, but none hatched. [New York Times] A controversy over American visas angered disarmament advocates. They said that the State Department had not granted visas to about 500 people who sought to enter this country for a United Nations General Assembly meeting on disarmament that will open in New York on Monday. Those unable to obtain visas were said to include a former President of Portugal, a former deputy commander of NATO forces in Italy and a Labor member of Britain's Parliament. [New York Times] British forces advanced farther, seizing the last key high ground around the low-lying capital of the Falklands, and British artillery began pounding Argentine positions in Stanley, according to correspondents at the scene. Prime Minister Margaret Thatcher said that further hostilities could be avoided if Argentine forces were withdrawn, but there was a growing sense in London that a British assault on Stanley was inevitable and imminent. [New York Times] Argentine officers expressed pessimism about how long their troops in the Falklands could hold out against the British forces. About 7,000 Argentines making a last stand at Stanley were surrounded by British forces closing in with artillery fire. [New York Times] A U.N. failure to win a cease-fire between Argentina and Britain was acknowledged for the second time in 12 days by Secretary General Javier Perez de Cuellar. In his latest report to the Security Council, he said he would continue his efforts, but he held out no sign of hope. [New York Times] A mass protest planned in Bonn next Thursday on the occasion of President Reagan's attendance at a NATO meeting has become the focal point this year of the activities of the Western European groups that call themselves the peace movement. Among the groups, the Bonn demonstration has become a test of strength of who shall give the movement its tone and direction. [New York Times] Israel is seeking the cancellation of an international conference on genocide that is set to open in Tel Aviv on June 17. Conference leaders said Turkey had threatened the lives and livelihood of the 18,000 Jews in Turkey because scheduled speakers include Armenians planning to denounce the massacre of Turkish Armenians early in this century. Armenian terrorists have assassinated a number of Turkish diplomats. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 816.88 (+1.91, +0.23%)
S&P Composite: 112.04 (+0.36, +0.32%)
Arms Index: 0.74

	Issues	Volume*
Advances	753	26.19
Declines	642	16.50
Unchanged	469	6.53
Total Volume		49.22

* 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*
June 1, 1982	814.97	111.68	41.65
May 28, 1982	819.54	111.88	43.89
May 27, 1982	824.96	112.66	44.73
May 26, 1982	828.77	113.11	51.25
May 25, 1982	834.57	114.40	44.01
May 24, 1982	836.38	114.79	38.51
May 21, 1982	835.90	114.89	45.26
May 20, 1982	832.48	114.59	48.33
May 19, 1982	835.90	114.89	48.87
May 18, 1982	840.85	115.84	48.96