News stories from Tuesday May 29, 1979

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

Health effects of the nuclear accident at the Three Mile Island plant will be the subject of extensive studies by the federal government and Pennsylvania, officials confirmed. The studies will include a house-to-house census of some 50,000 persons living within five miles of the plant and an effort to find people who might have left the region since the accident. [New York Times] Governors can regulate gasoline sales in their states this summer under an executive order signed by President Carter. Announcing the action at a news conference, Mr. Carter warned Americans that they still might face "spot shortages" and long service station lines this summer unless they cut consumption significantly.Greater gas shortages were foreseen as two major companies, Texaco and Gulf, said they would sharply cut June shipments from year-ago levels for most service stations. [New York Times] DC-10's were ordered grounded by the government in a dramatic policy change because structural problems in their engine mounts seem to be more widespread than earlier suspected. The order, which cited "grave deficiencies" in the mountings, affects all 135 DC-10 jumbo jets owned by American companies and puts 12 percent of airline seats out of service.The DC-10 jumbo jet that crashed near Chicago last Friday probably became uncontrollable after the loss of the left engine because of resulting hydraulics damage and consequent retraction of flaps on the left wing, according to the chief of the inquiry. [New York Times] A federal judge was fatally shot as he left his home in San Antonio. The victim, district judge John Herbert Wood Jr., had been scheduled to preside over a major narcotics conspiracy case. He was believed to be the first federal judge ever murdered. [New York Times] Mary Pickford died of a stroke at the age of 86. She reigned as "America's Sweetheart" in the silent-film era and was beloved as a girl of beguiling innocence. Miss Pickford was the first movie star to have her name in marquee lights and the first to be paid thousands of dollars a week. [New York Times] Coaching may help raise the scores of some students on the Scholastic Aptitude Test, according to a staff report released by the Federal Trade Commission, which cautioned against regarding the findings as an endorsement of commercial coaching. [New York Times] States' control over parole systems was upheld by the Supreme Court, which ruled that the systems may be administered in any way states choose. The 5 to 4 decision said that there was no constitutional requirement that inmates be allowed to take part in parole board hearings or to be informed of reasons for denial of parole. [New York Times] A Vietnam veteran rebuked Americans for ignoring and deprecating the veterans. The dramatic statement by a former Marine, who came back from the war a paraplegic and spoke from a wheelchair, stilled and stirred public officials and onlookers at a City Hall ceremony in Manhattan opening Vietnam Veterans Week. [New York Times] A school tax deduction was quashed by the Supreme Court, which held that New Jersey cannot constitutionally provide an income tax deduction of $1,000 for each child attending non-public schools. The Court affirmed a lower-court ruling that held that such a deduction had the "primary effect of advancing religion." [New York Times] A U.S. mobile ballistic missile is expected to be approved soon by President Carter, who said that the weapon would be consistent with American-Soviet arms control accords and that its deployment could enhance peace. His comments were viewed by officials as paving the way for a presidential decision to proceed with the $30 billion MX program. [New York Times] Marion Javits's link with Iran Air was described by the Shah's officials as a cover to create an "Iran lobby" to influence Congress and the American press, according to confidential files of the deposed regime. The documents reveal that the $507,000-a-year public relations effort was regarded as a vehicle to rebut criticism of Iran's rising oil prices, big arms purchases and internal repression. [New York Times] Rhodesia has its first black leader. Bishop Abel Muzorewa was sworn in as the Prime Minister of "Zimbabwe Rhodesia", as the country will be called when his government officially takes office on Friday. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 832.55 (-3.73, -0.45%)
S&P Composite: 100.05 (-0.17, -0.17%)
Arms Index: 1.05

	Issues	Volume*
Advances	663	9.69
Declines	798	12.19
Unchanged	454	5.16
Total Volume		27.04

* 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 25, 1979	836.28	100.22	27.77
May 24, 1979	837.66	99.93	25.70
May 23, 1979	837.40	99.89	30.39
May 22, 1979	845.37	100.51	30.31
May 21, 1979	842.43	100.14	25.55
May 18, 1979	841.91	99.93	26.59
May 17, 1979	842.95	99.94	30.55
May 16, 1979	828.48	98.42	28.35
May 15, 1979	825.88	98.14	26.19
May 14, 1979	825.02	98.06	22.46