News stories from Thursday September 21, 1978

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

Former President Gerald Ford insisted that the Warren Commission reached the correct conclusion 14 years ago when it found that Lee Harvey Oswald, acting alone, assassinated President John F. Kennedy. Ford's testimony before the House Assassinations Committee was backed up by the other two surviving members he served with on the commission -- former Sen. John Sherman Cooper [R., Ky.] and John McCloy, former U.S. high commissioner in Germany. [Chicago Tribune] A Commerce Department report on per capita income shows that people living in the Northeast and the Far West have the highest average earnings, with Alaska leading the list. [Chicago Tribune] In what would be a major break for investors, the Senate Finance Committee voted to increase from 50 percent to 70 percent the amount of capital gains that can be excluded from the regular income tax. The exemption, however, would include a minimum tax, aimed at preventing the wealthy from escaping payment of any taxes whatsoever. [Chicago Tribune] The stock market turned mixed late in the day. The Dow Jones industrial average rallied to close 3.98 points higher at 861.14 after falling for seven straight sessions. But declining stocks outnumbered gainers on the New York Stock Exchange.John Nevin, chairman of Zenith Radio Corp., accused the federal government of falling to enforce laws against dumping foreign-made TV sets in this country at below home market prices. [Chicago Tribune] The New Jersey Supreme Court ordered New York Times reporter Myron Farber back to jail for refusing to turn over his notes in the murder trial of Dr. Mario Jascalevich. [Chicago Tribune] Eldridge Cleaver, the former Black Panther who became a born-again Christian, is unhappy about the "total suspicion" that greets him at every turn. Everywhere he goes, he said, he meets people who do not believe he has renounced violence, lost interest in the Communist world, and discovered religion. Cleaver, who has been promoting his new book, "Soul on Fire," says he doesn't believe that he has to repudiate his first book, a best-seller in the 1960's that advocated violence. "When you outgrow a book, you write a new one; but you shouldn't burn the old one." [Chicago Tribune] Dr, Peter Bourne, who resigned in July as President Carter's chief adviser on drug abuse during a controversy over a prescription he wrote, says he's enjoying his new relaxed life. "I never realized how much pressure I had been under and how fantastically better I feel now," he said. "I haven't felt so good in five years. My life is very much nicer." He said he is upset about rumors of widespread drug abuse in the White House. He said he didn't know of anyone in the White House who uses drugs. Bourne said he is still involved in warning of the dangers of drug abuse and supports Carter's policy of decriminalizing but not legalizing marijuana. "But if it comes to a question of are you for or against marijuana, one must be against," he said. "Not using drugs is clearly vastly better than using drugs." [Chicago Tribune] The 25th game of the world chess championship was postponed at the request of Soviet titleholder Anatoly Karpov. Karpov leads challenger Viktor Korchnoi in the match, 4 games to 2. Six, victories are needed to win the championship and the top purse of $350,000. However, Korchnoi's aides say their man has a psychological edge and stands a good chance of winning the world title. Eighteen games have ended in draws. [Chicago Tribune] A spectacular 300-foot-high pillar of fire, visible for 25 miles, continued to spew out of a 294-million gallon underground cavern of the nation's strategic oil reserve in Hackberry, La. One man was killed and another was injured when an explosion ripped through a rig atop the massive reserve cavern late today, touching off the roaring fire. Three hours later firemen declared the blaze "under control" although it was still burning fiercely. [Chicago Tribune] A disagreement between President Carter and Israeli Prime Minister Menachem Begin over settlements on the West Bank of the River Jordan has begun to erode the credibility of the Camp David accords. White House officials said that they expected a "satisfactory" resolution, but Carter and other officials, including Secretary of State Cyrus Vance, reportedly were angered by Begin's apparent reneging on the length of a freeze on new West Bank settlements. [Chicago Tribune] Secretary of State Cyrus Vance found understanding, if not outright support, for the Camp David peace accords in Saudi Arabia. American officials said after nearly three hours of talks between Vance and Saudi leaders, that "they are actively involved in a dialog that can reach understanding." It appeared that the neutral Saudi stance, apparently giving Jordan a free hand to enter peace talks with Israel and Egypt, would be the best that Vance could expect. [Chicago Tribune] Pope John Paul I, calling himself "just a beginner," took on the issue of divorce with a group of American bishops and urged that saving troubled marriages be given top priority. In his first major address on an ethical issue since his election last month, the pontiff said he intends to follow the course of his predecessor, Pope Paul VI, on "the indissolubility of Christian marriage." [Chicago Tribune] The government of President Anastasio Somoza said it will exterminate guerrillas of the Sandinista National Liberation Front if they do not throw down their arms and surrender. The nationwide broadcast appeared to be directed mainly at Sandinistas who had been fighting in the northern town of Esteli. [Chicago Tribune] Rescue officials, after checking population records, said the death toll in last Saturday's earthquake in the devastated desert town of Tabas, Iran, and nearby villages has risen to 25,000. The previous death count was 16,000. [Chicago Tribune] The Organization of African Unity denounced South Africa's actions in Namibia [South West Africa] and called for a mandatory oil embargo against the Pretoria government. The O.A.U. will continue to back the South West African People's Organization in its guerrilla struggle, the O.A.U. said. [Chicago Tribune] A curfew, imposed after rioting left hundreds of Iranians dead, forbids unauthorized persons to walk or drive the streets of Teheran between 11 p.m. and 5 a.m. Even on Labezar Avenue, a neon strip in the heart of Teheran's entertainment district, all night life stops before the curfew. Residents complain that the police shoot first and ask questions afterwards. "When the police say they'll shoot anyone out after curfew hours on sight, they mean it," one man said. [Chicago Tribune] An attempt to unite dissidents throughout the Soviet bloc was launched today, and one of its leaders was immediately raided by police. Polish and Czechoslovak dissidents held a secret border meeting, then issued a call for human rights activists across Eastern Europe to join forces. [Chicago Tribune]

Stock Market Report

Dow Jones Industrial Average: 861.14 (+3.98, +0.46%)
S&P Composite: 101.90 (+0.17, +0.17%)
Arms Index: 0.60

	Issues	Volume*
Advances	613	15.46
Declines	897	13.65
Unchanged	366	4.63
Total Volume		33.74

* 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 20, 1978	857.16	101.73	35.08
September 19, 1978	861.57	102.53	31.66
September 18, 1978	870.15	103.21	35.83
September 15, 1978	878.55	104.12	37.29
September 14, 1978	887.04	105.10	37.40
September 13, 1978	899.60	106.34	43.33
September 12, 1978	906.44	106.99	34.41
September 11, 1978	907.74	106.98	39.66
September 8, 1978	907.74	106.79	42.07
September 7, 1978	893.71	105.42	40.30