News stories from Tuesday June 1, 1982

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

Broader police authority for searches of automobiles was upheld by the Supreme Court. The Justices ruled, 6 to 3, that if the police had "probable cause" to search a car without a warrant they may also search luggage or any other contents. [New York Times] Scans of John W. Hinckley's brain were pictured in evidence presented by a defense radiologist who testified that the CAT scans showed Mr. Hinckley's brain to be "shrunken" to an unusual degree for a person as young as he. Dr. Marjorie LeMay, a radiologist, said that the sophisticated X-rays "suggest that this is organic brain disease" because the shrinkage appeared permanent. [New York Times] Wiretap evidence on Roy Williams, president of the Teamsters' union, is admissible in court, a federal district judge ruled. The government says the evidence shows that Mr. Williams conspired to bribe a Senator. [New York Times] The embezzlement of $21.3 million from Wells Fargo National Bank in Los Angeles resulted in a 10-year prison sentence for Harold R. Smith, a former boxing promoter. In addition, federal district judge Consuelo Marshall fined Mr. Smith $30,000 and ordered him to perform 3,000 hours of community service. [New York Times] Far fewer government publications are being issued, and remaining ones have higher prices under a major policy of the Reagan administration. For example, the Department of Health and Human Services no longer provides free copies of "Infant Care," a book that the government had distributed without charge since 1924. The cutbacks are prompting protests by many groups. [New York Times] The death penalty was approved by the New York state legislature. Gov-ernor Carey is certain to veto the measure, and the votes necessary to override a veto appeared to be lacking. [New York Times] Further British advances in the Falklands were reported by military sources in London. They said that Royal Marines and paratroopers had seized vital high ground about 10 miles west of the capital of Stanley after only moderate fighting. The sources disclosed the ouster of Argentine soldiers manning small outposts from the summits of 1,504-foot Mount Kent and adjacent hills, from which Stanley is clearly visible in good weather.Argentina said fighting was heavy during the British seizure of strategic hilltops west of Stanley. [New York Times] Argentines are apparently being pre-pared for a military defeat in the Falklands. The shift was reflected in statements by the government, press and television. [New York Times] A United Nations role in the Falklands after the probable collapse of Argentine forces is being considered by Secretary General Javier Perez de Cuellar, according to his aides. They said he had been exploring what forces might replace the British troops, the creation of a United Nations administration and the conduct of peace negotiations. [New York Times] Major steps toward disarmament were urged by a group of international political figures from the West, the East and the third world. Among other things, their 202-page report calls for the removal of battlefield nuclear weapons from central Europe by the end of 1983. [New York Times] U.S.-Chinese nuclear cooperation is sought by the Reagan administration, according to Deputy Secretary of State Walter Stoessel. He disclosed that talks had begun with Peking on the possibility of an agreement that would enable American companies to help develop China's nuclear power industry. [New York Times] U.S. military bases in West Germany were the targets of bombings. Extremists claiming responsibility for some of the attacks linked them with President Reagan's scheduled visit next week. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 814.97 (-4.57, -0.56%)
S&P Composite: 111.68 (-0.20, -0.18%)
Arms Index: 0.86

	Issues	Volume*
Advances	484	13.71
Declines	947	23.15
Unchanged	420	4.79
Total Volume		41.65

* 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*
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
May 17, 1982	845.32	116.71	45.57