News stories from Wednesday September 22, 1982

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

A speedy end of the rail strike was in prospect as the House, voting 383 to 17, followed the Senate in directing locomotive engineers to accept a new contract recommended by a government fact-finding board. President Reagan then signed the emergency legislation. Union officials said they were ordering the 26,000 engineers back to work and predicted that the four-day disruption in passenger and freight service in most parts of the country would end soon. [New York Times] A United Mine Workers' election appeared in turmoil as Sam Church, running hard for re-election as president, asserted that a document that makes his opponent eligible to run against him was a forgery. The challenger, Richard Trumka, a union lawyer who has been showing unexpected strength, called the assertion "the act of a desperate man who is losing the election." [New York Times] An emergency spending bill to keep the federal government operating in the new fiscal year, which begins Oct. 1, was approved in the House by a vote of 242 to 161. The stopgap measure, which was supported by both Democratic and Republican leaders, was sent to the Senate. [New York Times] A bill revising the immigration laws was approved by a House committee. The comprehensive measure includes a new ban on the employment of illegal aliens and an amnesty for several million of them. [New York Times] Attacks on Reagan economic policies are being made in recession-wracked Appalachia and elsewhere by Democratic candidates for Congress, but they are generally careful not to attack the President personally. Their instincts jibe with advice from the Democratic National Committee. Ann Lewis, the panel's political director, remarked of Mr. Reagan, "People think he's a nice man, though they don't think there's anything nice about his policies." [New York Times] A Bendix-Allied Corporation merger was announced by the two companies. The action made Allied the fourth entry in one of the most complex and bizarre takeover battles in American corporate history. [New York Times] The wine boom is faltering after more than a decade of robust growth. The slackened demand of American consumers is attributed largely to the 14- month recession. The shrinking sales, together with the strength of the American dollar overseas, have led to rapidly falling prices, with more reductions likely. [New York Times] Ariel Sharon admitted to Israel's Parliament that the government had requested and helped plan the entry of Lebanese Phalangist forces into Palestinian refugee camps in Beirut last week. The Defense Minister also revealed that he and his commanders had suspicions of the killing of Palestinians a full day before the Phalangist units withdrew. Mr. Sharon was interrupted repeatedly by legislators demanding his resignation, but Prime Minister Menachem Begin stuck by him. [New York Times] A phased Israeli withdrawal from Beirut is to be completed on Sunday, according to an Israeli spokesman. As he spoke, Israeli troops were pulling out of positions southeast of downtown west Beirut along the Green Line dividing the Moslem and Christian sectors of the city. Washington expressed satisfaction that Israel was taking steps to comply with the Reagan administration's insistence that its troops be withdrawn from Beirut. [New York Times] Washington expressed satisfaction that Israel was taking steps to comply with the Reagan administration's insistence that its troops be withdrawn from Beirut. [New York Times] The President's attitude on Israel has been profoundly affected by the conflict in Lebanon, according to senior White House officials. They said Mr. Reagan, although defending Israel in staunch terms, was increasingly frustrated in dealing with the Israeli leaders and was deeply shocked by the Beirut killings. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 927.61 (-7.18, -0.77%)
S&P Composite: 123.99 (-0.89, -0.71%)
Arms Index: 1.65

	Issues	Volume*
Advances	858	42.37
Declines	723	58.75
Unchanged	372	12.03
Total Volume		113.15

* 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 21, 1982	934.79	124.88	82.89
September 20, 1982	916.30	122.51	58.52
September 17, 1982	916.94	122.55	63.94
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