News stories from Friday February 13, 1981

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

Rejecting a tax cut retroactive to Jan. 1, President Reagan has decided instead to propose a July 1 starting date for his planned 10 percent cut in personal income taxes, according to administration sources. But, they said, he still plans to propose that increases in depreciation allowances for business be retroactive to Jan. 1 to spur investment and the economy. [New York Times] An increased inflation rate was in prospect as the prices that producers charge retailers for finished goods rose by nine-tenths of 1 percent last month in a marked acceleration from the pattern of last fall. The main cause was rising fuel oil and gasoline prices, and the latest figure reported by the Labor Department did not include the effects of President Reagan's decontrol of domestic oil prices on Jan. 21. [New York Times] Four charities given $1 million each by the Energy Department just before the Carter administration left office said they had distributed much of the money to help the poor pay fuel bills and expressed dismay at attempts by the government to get it back. The money came from the settlement of overcharge suits against the Standard Oil Company of Indiana. The Reagan administration and others termed the gifts high-handed, unauthorized and perhaps illegal. [New York Times] Pfc. Robert Garwood was ordered discharged dishonorably from the Marine Corps for having collaborated with the enemy in Vietnam and for having assaulted a fellow prisoner of war. A five-member military jury, which could have sentenced him to life in prison, deliberated one hour. A military appeal is automatic. [New York Times] The remains of two children were found at opposite ends of Atlanta. The city has been gripped with fear for nearly two years over the deaths of 16 black children and the disappearance of two others. [New York Times] Two agencies face sharp budget cuts planned by the Reagan administration. The proposals call for the Federal Trade Commission to eliminate its antitrust enforcement authority and to reduce its current $73 million budget to $41 million by 1985. Plans for the Consumer Product Safety Commission call for a budget cut of 30 percent and the elimination of 225 employees from the staff of 850. [New York Times] The fight over the food stamp program exemplifies a struggle, just beginning, between President Reagan's budget cutters and many people who hope to defend the vast network of social welfare programs that they have created. Advocates of food stamps acknowledge that the political climate has turned against them, but they are trying to minimize the cuts. [New York Times] More stringent curbs on the F.B.I. and the C.I.A. in their domestic surveillance activities could result from a class action suit being argued before a federal judge in Chicago. A settlement formula has been accepted by both sides; to become binding it requires the approval of the judge. [New York Times] The Times of London was sold to Rupert Murdoch, making him one of Britain's most powerful 20th-century publishers. The Australian added the newspaper and four affiliated publications to his newspaper empire for a purchase price of $28 million. [New York Times] Seeking support on El Salvador, the Reagan administration will send high-level diplomatic missions to several foreign capitals in Western Europe and Latin America with documentation that is said to present a "convincing case" that the Soviet Union and its allies are supplying arms to Salvadoran guerrillas. [New York Times] Moscow has resumed issuing visas to large numbers of Jewish citizens. Some have been seeking to emigrate for almost a decade. Approval of the visas nearly halted last summer, but, according to members of the Jewish community in Moscow, the official attitude became more lenient about a month ago. The reason for the policy change was in dispute. [New York Times] A missing Mozart work was found last fall in Bavaria and will have its premiere performance at Munich in May. The creation, a symphony, was composed by the Austrian-born prodigy in London in 1765, when he was 9 years old. There was no information about the seller, the price or where the symphony has been. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 931.57 (-5.03, -0.54%)
S&P Composite: 126.98 (-0.50, -0.39%)
Arms Index: 1.03

	Issues	Volume*
Advances	536	10.52
Declines	907	18.25
Unchanged	414	4.59
Total Volume		33.36

* 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*
February 12, 1981	936.60	127.48	34.71
February 11, 1981	942.49	128.24	37.79
February 10, 1981	948.63	129.24	40.81
February 9, 1981	947.18	129.27	38.32
February 6, 1981	952.30	130.60	45.82
February 5, 1981	946.76	129.63	45.31
February 4, 1981	941.98	128.59	45.53
February 3, 1981	941.38	128.46	45.95
February 2, 1981	932.17	126.91	44.08
January 30, 1981	947.27	129.55	41.16