News stories from Tuesday September 7, 1982

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

A furlough was averted in the Treasury Department because of pressure by the Democratic chairmen of two House committees and pleas by Treasury Secretary Donald Regan. As a result, the Republican leaders of two Senate committees reversed themselves and approved a transfer of funds that averted the layoff of 19,000 employees of the Internal Revenue Service. [New York Times] Opposition to military spending is increasing, according to members of Congress returning from the late summer recess. They said they had found their constituents more resistant than previously to large increases in the Pentagon's budget while they appeared to be mildly encouraged by recent economic news. [New York Times] George Wallace took a strong lead in the Democratic primary for Governor of Alabama, but the former Governor appeared headed for a Sept. 28 runoff against one of his two leading opponents. [New York Times] Record spending for a House seat occurred in a Republican primary in southern California, where $2.7 million was spent by 18 candidates. Costs for the general election are still to come. Johnnie Crean, a 33-year-old businessman, won the nomination by 92 votes, or 16.5 percent of 83,025 cast. He also won a reputation for shoddy campaign practices. [New York Times] Segregation of blacks increased in the Northeast from 1968 to 1980 while it declined in all other regions of the country, according to a report by the Joint Center for Political Studies. [New York Times] A Lutheran-Episcopalian unity move is in prospect. Lutherans in the United States and Canada plan to establish communion fellowship with Episcopalians even though they do not agree fully on doctrine. [New York Times] The Vietnam War debate is revived in a clash of viewpoints in an upstate New York Democratic congressional primary. At odds over policy in Central America and the proposed nuclear freeze are Representative Samuel Stratton, an unrepentant hawk on Vietnam, and John Dow, a former Representative and early dove. [New York Times] Israel has begun to press Lebanon to move toward negotiating a formal peace treaty to help guarantee the security of its northern border. Otherwise, it is believed, Israel will insist that southern Lebanon be controlled by a pro-Israeli Christian militia, possibly supported by an Israeli military presence, at least in the form of periodic patrols. [New York Times] Philip Habib was honored with the Medal of Freedom. President Reagan presented the nation's highest civilian honor to his special Middle East envoy for "skillful diplomacy" in bringing about a cease-fire in Lebanon and ending the siege of Beirut. [New York Times] The U.N. is being largely defied or ignored by many nations, according to an unusually candid report by Javier Perez de Cuellar, who became Secretary General eight months ago. He called for urgent measures, including a special Security Council session, to strengthen the organization. [New York Times] Gunmen holding the Polish Embassy in Bern have released all but five of their 13 hostages and extended by 48 hours their deadline for Poland's government to lift martial law, Swiss officials reported. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 914.28 (-10.85, -1.17%)
S&P Composite: 121.37 (-1.31, -1.07%)
Arms Index: 1.49

	Issues	Volume*
Advances	599	18.01
Declines	995	44.49
Unchanged	361	6.46
Total Volume		68.96

* 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*
September 3, 1982	925.13	122.68	130.90
September 2, 1982	909.40	120.28	74.73
September 1, 1982	895.05	118.25	82.83
August 31, 1982	901.31	119.51	86.36
August 30, 1982	893.30	117.66	59.56
August 27, 1982	883.47	117.11	74.39
August 26, 1982	892.41	118.55	137.28
August 25, 1982	884.89	117.58	106.19
August 24, 1982	874.90	115.34	121.65
August 23, 1982	891.17	116.11	110.30