News stories from Thursday June 19, 1980

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

Approval of supplemental funds totaling $18.1 billion for the current fiscal year was voted in the House. The appropriations include aid for victims of the eruption of the Mount St. Helens volcano and for American workers who have lost jobs because of competition from imported goods. [New York Times] An increase in Social Security funds must be pressed in Congress or money to pay old-age benefits will run out late next year, according to the Carter administration. The chairman of a House subcommittee pledged that the panel would meet next Thursday to consider and probably approve an infusion of more money into the fund. [New York Times] President Carter got what he wanted in the preliminary outline of a Democratic Party platform adopted by a 15-member drafting panel. The group rejected every consequential proposal made by the supporters of Senator Edward Kennedy. [New York Times] Jacob Javits will be challenged on Sept. 9 in the first Republican primary election authorized by the party in the state's history. Delegates at the state convention made the four-term Senator the official party designee, but approved a place on the primary ballot for Alfonse D'Amato, the presiding Supervisor of Hempstead. [New York Times] I.R.S. laxity in fighting crime was charged in a draft report by a Senate investigations subcommittee. The re-ort said that efforts to combat organized crime and illicit drug traffic had been seriously weakened by an unwillingness of the Internal Revenue Service to cooperate with other law-enforcement agencies and by a 1976 tax law restricting I.R.S. investigators. [New York Times] A plethora of fatal light-plane crashes has led the government to begin a major review of general aviation that, among other things, will study whether current private licensing rules are stringent enough. Last year, nearly four times as many people -- 1,311 -- died in light-plane accidents as in commercial airline crashes. [New York Times] Fossils of the oldest cells ever found on earth have been uncovered in ancient rocks in a remote and arid region of Australia. The discovery appears to push back the time at which such relatively advanced forms of microbial life are known to have appeared to 3.5 billion years ago, about 1.2 billion years before previously believed. [New York Times] Opposition to Soviet aggression was affirmed by President Carter shortly before he arrived in Italy for a visit. He said he would be totally frank at a meeting with allied leaders in Venice in seeking "to sustain world opposition" to military interventions by Moscow. [New York Times] A U.S. military sale to Jordan has been approved, according to Carter administration officials, who said that the accord involved 100 M-60 tanks with advanced armament. Strong opposition is expected by Israel and in Congress. The sale, under discussion for years, was apparently motivated by rising fear in Washington that King Hussein was preparing to sign a big arms agreement with Moscow. [New York Times] West German aid on Jerusalem was asked by King Khalid of Saudi Arabia in West Berlin on the last day of a state visit. The appeal for backing of Arab and Palestinian efforts to regain control of Jerusalem appeared to embarrass Bonn officials. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 870.90 (-11.01, -1.25%)
S&P Composite: 114.66 (-1.60, -1.38%)
Arms Index: 1.43

	Issues	Volume*
Advances	477	8.29
Declines	1,063	26.48
Unchanged	356	3.51
Total Volume		38.28

* 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 18, 1980	881.91	116.26	41.96
June 17, 1980	879.27	116.03	41.99
June 16, 1980	877.73	116.09	36.18
June 13, 1980	876.37	115.81	41.85
June 12, 1980	872.61	115.52	47.30
June 11, 1980	872.70	116.02	43.80
June 10, 1980	863.99	114.66	42.02
June 9, 1980	860.67	113.71	36.81
June 6, 1980	861.52	113.20	37.22
June 5, 1980	858.70	112.78	49.07