News stories from Friday September 17, 1982

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

The Federal Reserve Board's status was brought up again by President Reagan during a campaign appear-ance in New Jersey. Reviving a sensitive issue, Mr. Reagan questioned whether the board should be placed under the authority of the Secretary of the Treasury. The board's power and policies in influencing interest rates have been a matter of chronic complaint from administration officials, although lately, with interest rates dropping, the political friction has eased. [New York Times] An attorney pleaded guilty to helping plot the assassination of federal district judge John H. Wood of San Antonio, the first federal judge to be assassinated in this century. The details of the plea bargain involving the lawyer, Joseph Chagra, 35 years old, were kept secret to protect him. He had been indicted with four other people for the murder of the judge, plotting the assassination or obstruction of justice. [New York Times] A new contract with the Chrysler Corporation was narrowly approved by local leaders of United Auto Workers union. leading to speculation that it may be rejected by the union's rank and file. The contract, which restores cost-of-living adjustments but ties pay increases to the company's profits, was reached Thursday morning after a 21-hour negotiating session. [New York Times] A high number of leukemia cases were discovered by federal medical researchers in small towns in northern Arizona ans southern Utah in the 1960's but no efforts were made to learn if the cancers were linked to fallout from above-ground nuclear testing nearby, the chief of the study team has testified. Dr. Clark Heath, an epidemiologist for the Centers for Disease Control in Atlanta, testified in a lawsuit in which the plaintiffs accuse the United States of negligently harming residents downwind of the testing site. [New York Times] Labor leader David Dubinsky died after a long illness. The former president of the Ladies Garment Workers Union had been a major force in the American labor movement for more than three decades. He was 90 years old. [New York Times] President Reagan visited New Jersey to give White House support to the Senate campaign of Representative Millicent Fenwick, who is running against the Democrat, Frank Lautenberg. [New York Times] The government in West Germany, a coalition that has governed for the past 13 years, collapsed. The government fell as the Free Democrats pulled their four ministers out of the government, and Chancellor Helmut Schmidt challenged the opposition to agree to hold new elections. [New York Times] More Israeli armored forces poured into west Beirut, increasing their grip on the predominantly Moslem sector of the Lebanese capital. Lebanese Christian militiamen, meanwhile, entered Palestinian refugee camps in the southern suburbs to arrest guerrilla suspects. It was reported that Israeli troops had occupied a consulate building inside the Soviet Embassy compound. [New York Times] President Reagan said he believed what led the Israelis to move into west beirut was "an attack by some leftist militia forces still there." The President's statement, on a campaign trip in New Jersey, came while White House and State Department officials were again calling for a withdrawal of Israeli troops from west Beirut. A State Department official in Washington said that "even the Israelis are not claiming they were fired on." [New York Times] Israel proposed to the United States that Israeli and Lebanese army officers work out a gradual transfer of positions in west Beirut from Israeli to Lebanese control. The suggestion followed Thursday night's Israeli cabinet decision that the army would withdraw from the Lebanese capital only if the Lebanese army was ready to move in. [New York Times] A bomb exploded in Paris in the automobile of an Israeli Embassy official, seriously injuring the diplomat and two passengers. At least one youth was badly hurt and 90 other people were injured in the afternoon attack near the Rue Cardinet. Responsibility for the blast, which was the 20th attack in Paris since July 20, was taken by the Lebanese Revolutionary Armed Faction. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 916.94 (-10.86, -1.17%)
S&P Composite: 122.55 (-1.22, -0.99%)
Arms Index: 1.44

	Issues	Volume*
Advances	471	13.54
Declines	1,013	41.98
Unchanged	426	8.43
Total Volume		63.95

* 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 16, 1982	927.80	123.77	78.89
September 15, 1982	930.46	124.29	69.67
September 14, 1982	923.01	123.10	83.06
September 13, 1982	918.69	122.24	59.51
September 10, 1982	906.82	120.97	71.07
September 9, 1982	912.53	121.97	73.08
September 8, 1982	915.75	122.20	77.95
September 7, 1982	914.28	121.37	68.96
September 3, 1982	925.13	122.68	130.90
September 2, 1982	909.40	120.28	74.73