News stories from Tuesday May 30, 1978

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

The battle for the equal rights amendment has raised some long-range questions about the women's movement. In South Carolina, for example, where the state legislature did not approve the measure last winter, proponents have redoubled their efforts as the March 22, 1979, national deadline for ratification nears. But whatever its fate, even its staunchest opponents agree that feminism will persist as a growing force. [New York Times] Luther Hodges was upset in the North Carolina Democratic runoff, losing a chance to challenge Senator Jesse Helms, a Republican, in the November election. Mr. Hodges, a banker with a leading political name, was defeated by Insurance Commissioner John Ingram, who ran as a populist. [New York Times] A cabinet dispute has erupted over a plan to give the Justice Department greater control over visas and refugee policy now handled by the State Department. State Department officials are fighting the plan. [New York Times] A former Nazi lost his American citizenship. It was revoked from Frank Walus, a 55-year-old German-born Pole, after a 17-day trial in Chicago at which witnesses linked him to the deaths of at least 10 Jews. [New York Times] Hearings on federal aid for New York City will be held on June 6, 7, 12 and 13 by the Senate Banking Committee, Senator William Proxmire, its chairman, announced, Present federal short-term aid laws expire June 30. The Wisconsin Democrat expressed concern over the stalled contract talks with municipal unions. [New York Times] Observing the 1980 winter Olympics for the general public at Lake Placid, N. Y., will be difficult because of a scarcity of nearby accommodations. An Olympic Village for the athletes is under construction and VIP's have rented nearby houses. But observers advised the public to watch the games on television. [New York Times] Criticism of the Soviet military build-up in Europe was expressed by President Carter at the opening of a two-day meeting of North Atlantic Treaty Organization leaders in Washington. He warned that Western nations "cannot be indifferent" to asserted Soviet and Cuban intervention in Africa. Leaders of the 15 NATO nations held an all-day closed meeting on East-West political issues, including a detailed report on long-term relations with the Soviet bloc.Top priority for a military buildup will continue in the Kremlin despite growing economic problems, according to a secret study of East-West relations accepted at the NATO conference. The most striking conclusion of the 150-page report is said to be that economic weaknesses will create a dilemma for Moscow in the 1980's. [New York Times] Zbigniew Brzezinski was denounced by Moscow. The Soviet Communist Party newspaper, Pravda, said President Carter's national security adviser was a "foe of detente" for accusing Cuba and the Soviet Union of responsibility for the rebel raid into Zaire.Cuba publicly denied that it had any role in the recent rebel raid into Zaire. Vice President Carlos Rafael Rodriguez declared in the United Nations. General Assembly that President Carter's charges of such involvement were "absolutely false." [New York Times] A conference on Zaire will be attended by the United States, Secretary of State Cyrus Vance said. He added that the Paris conference next week would discuss Western efforts to restore economic stability to southern Zaire arising from the invasion by exiles based in Angola. [New York Times] Hanoi plans to resettle 10 million people -- one-fifth of Vietnam's total population -- over 20 years, One part of the program was Vietnam's recent directive ordering many Chinese residents of Ho Chi Minh City, formerly Saigon, to move to uninhabited regions of the countryside. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 834.20 (+2.51, +0.30%)
S&P Composite: 96.86 (+0.28, +0.29%)
Arms Index: 0.65

	Issues	Volume*
Advances	741	11.12
Declines	629	6.12
Unchanged	461	3.80
Total Volume		21.04

* 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 26, 1978	831.69	96.58	21.41
May 25, 1978	835.41	96.80	28.41
May 24, 1978	837.92	97.08	31.46
May 23, 1978	845.29	98.05	33.23
May 22, 1978	855.42	99.09	28.68
May 19, 1978	846.85	98.12	34.36
May 18, 1978	850.92	98.62	42.27
May 17, 1978	858.37	99.60	45.49
May 16, 1978	854.30	99.35	48.17
May 15, 1978	846.76	98.76	33.93