News stories from Monday June 5, 1978

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

A vote on cutting property taxes in California will be watched most closely tomorrow as eight states hold primary elections for governors, senators and representatives. The California referendum, which is expected to be approved, would reduce current assessments, curb future increases and cut local property levies to $5 billion from $12 billion. [New York Times] A gender-based rape law was, in effect, rejected by the Supreme Court. The Court declined to review a ruling invalidating an old New Hampshire statutory rape law that punishes men, but not women, for having sexual intercourse with underage partners. The Justices voted 7 to 2, so no national precedent was set, but the ruling continued the ban in some states. [New York Times] Joseph Montoya died in a Washington hospital at the age of 62. The former Senator, a Democrat from New Mexico, had been a member of the Senate Watergate committee. Mr. Montoya was defeated in 1976 after serving two terms in the Senate. [New York Times] Attention in New Jersey's primary elections tomorrow is focused on the contest for the Democratic nomination for Senator, particularly in Hudson County, where it may be decided. Bill Bradley, the former New York Knicks star, and Richard Leone, the former State Treasurer, captured the spotlight in that race, Senator Clifford Case is expected to withstand a lively challenge from the conservative wing of the Republican Party. [New York Times] Evidence of Cuban involvement in preparing the rebel attack in Zaire last month appeared to satisfy the chairman of the House Intelligence Committee after a presentation by Adm. Stansfield Turner, the Director of Central Intelligence. Representative Edward Boland, the chairman, said he and the committee were satisfied that President Carter's charges were justified despite repeated denials by Cuban leaders. [New York Times] Plans for stabilizing Zaire without getting involved in African rivalries or any new East-West confrontation were discussed in Paris by representatives of the United States, Britain, France, West Germany and Belgium. They announced after long talks that they had agreed on unspecified "recommendations to their governments" on how to proceed on aid.Morocco vowed to help Zaire as often and as long as necessary to protect it from further attacks by insurgents based in Angola. King Hassan made the pledge in a broadcast speech announcing the departure of the first group of Moroccan troops to southern Zaire. [New York Times] China has released 110,000 people as part of a wide new effort to restore victims of political persecution, Chinese sources in Hong Kong have disclosed. In addition, many lower-level Communist Party officials and citizens purged during the Cultural Revolution of the late 1960's or later are being rehabilitated, the reports indicate. Local officials have been ordered to give these people back their jobs. [New York Times] An American-Canadian fisheries dispute led each side to start officially excluding its neighbor's fishing fleets from its waters on the Atlantic and Pacific coasts and in the Great Lakes. But it was clear that both sides were being careful to see that no hard feelings came of the dispute. [New York Times] Moscow demanded the expulsion of two American guides from a United States agricultural exhibition touring the Soviet Union for what it termed "slandering the Soviet state and social system." The two guides denounced were Walter Lupan and Anthony Masciocci. An American spokesman said Mr. Lupan had already left the Soviet Union. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 863.83 (+16.29, +1.92%)
S&P Composite: 99.95 (+1.81, +1.84%)
Arms Index: 0.45

	Issues	Volume*
Advances	1,160	31.79
Declines	405	4.97
Unchanged	356	2.82
Total Volume		39.58

* 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 2, 1978	847.54	98.14	31.86
June 1, 1978	840.70	97.35	28.75
May 31, 1978	840.61	97.24	29.07
May 30, 1978	834.20	96.86	21.04
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