News stories from Thursday June 22, 1978

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

A bill to revise the labor law was sent back to a committee by the Senate after a 19-day filibuster, and its opponents claimed a virtually total victory. But supporters said that the recommittal vote gave them the opportunity to make changes necessary to break any future filibuster. [New York Times] California communities are preparing for a future with less money because of the property tax cut approved by state voters. In Santa Barbara, which is prone to brush fires, layoff notices have been sent to all 31 part-time firemen and 18 of the 175 full-time firemen. The statewide problem will be eased, but not solved, by multi-billion dollar state aid. [New York Times] A nuclear safety problem was disclosed in a 1972 memorandum written by the chairman of the Nuclear Regulatory Commission, but he sought last month to suppress the document, which contended that a plan to solve an important reactor safety problem "could well be the end of nuclear power." The chairman, Joseph Hendrie, acknowledged rejecting a request for the document but changed his mind and entered it into the record. [New York Times] Nazis called off a planned march Sunday in the largely Jewish Chicago suburb of Skokie. Frank Collin, the party leader, asserted that the party's plans for the march had been "pure agitation on our part to restore our free speech." [New York Times] Employers may not bar distribution by unions in their plants of political pamphlets that have no direct link with local union-management issues, the Supreme Court ruled. Voting 7 to 2, the Justices decided that a union newsletter, dealing in part with right-to-work laws and the federal minimum wage, could be circulated despite an employer's ban. [New York Times] A new oceanographic test is to be made by a 5,000-pound satellite, called Seasat, which is to lift off Monday from a base in California. The research craft is to circle the earth 14 times a day to determine whether radar and other sensors scanning the oceans from 500 miles out in space can provide useful data for oceanographers, weather forecasters and commercial users of the sea. [New York Times] Rabbi Leib Pinter was sentenced to two years in prison after having pleaded guilty to bribing Representative Daniel Flood of Pennsylvania to gain favorable treatment for programs of the now defunct B'nai Torah Institute in Brooklyn. B'nai Torah, once a small religious school, got millions of dollars in federal funds to provide community programs in several states. [New York Times] South Korea would lose $56 million in food aid under a measure approved by the House. The vote of 273 to 125 was in retaliation for Seoul's refusal to make available a former ambassador alleged to have bribed American Congressmen. Meanwhile, a Senate committee reported that delays in releasing data by American intelligence agencies were responsible for five years of inaction on allegedly illegal Korean influence-buying activities. [New York Times] In an art auction record, a group of Gothic, Romanesque and Renaissance masterpieces from the collection of Robert von Hirsch was sold in one day for $13.4 million. With three days remaining, the von Hirsch auction in London has netted a total of $21.7 million, and Sotheby's, the auctioneers, said that the figure could ultimately reach $35 million. [New York Times] Four German terrorist suspects were arrested in Bulgaria, the West German government announced, saying that the four had been brought to Bonn soon after their capture. It was the first such cooperative police action by a Soviet bloc country. The group of three women and a man included two suspects sought in the 1975 kidnapping of a Christian Democratic Party leader and the 1974 murder of a West German Supreme Court justice. [New York Times] Neutron weapons could be made from new nuclear warheads and shells, if President Carter ordered it, under a conversion plan being completed by the Pentagon at the suggestion of the White House. Officials said that the plan had been tentatively approved by Defense Secretary Harold Brown after weeks of internal debate, but it may be challenged in the Energy Department and in Congress. [New York Times] Senator Jacob Javits was rebuked by the American Jewish Congress for criticizing Israel's latest statement on Middle East negotiations as "a disappointment." The New York Republican said in a Senate speech earlier that Washington "is correct in its expectations of a more positive reply from Israel" to its questions on the future of occupied lands. [New York Times] A Vietnamese-Chinese rift widened. Hanoi charged that "absurd" demands by Peking were holding up the arrival of two Chinese ships sent last week to evacuate ethnic Chinese seeking to leave Vietnam. In an official note, Vietnam indicated that there were bitter differences over how to process the scheduled exodus of Chinese aboard the ships. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 827.70 (+2.77, +0.34%)
S&P Composite: 96.24 (+0.23, +0.24%)
Arms Index: 0.48

	Issues	Volume*
Advances	755	15.79
Declines	650	6.55
Unchanged	454	4.82
Total Volume		27.16

* 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*
June 21, 1978	824.93	96.01	29.11
June 20, 1978	830.04	96.51	27.92
June 19, 1978	838.62	97.49	25.50
June 16, 1978	836.97	97.42	27.70
June 15, 1978	844.25	98.34	29.28
June 14, 1978	854.56	99.48	37.29
June 13, 1978	856.98	99.57	30.76
June 12, 1978	856.72	99.55	29.34
June 9, 1978	859.23	99.93	32.47
June 8, 1978	862.09	100.21	39.38