News stories from Monday June 18, 1979

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

Solar power will be pressed, along with other renewable energy resources, by President Carter, according to government and private experts. They said that Mr. Carter planned to announce Wednesday a goal of obtaining 20 percent of national energy needs from such sources by the year 2000. The administration has adopted a broad definition of solar energy to include wind, gasohol, wood and water. Conventional solar devices represent less than half the program's goals. [New York Times] Alternate-day gasoline sales will begin at 12:01 A.M. Wednesday in New York City and the surrounding counties of Westchester, Rockland, Nassau and Suffolk, Governor Carey announced. He agreed to the odd-even days restriction in response to appeals by officials in the region. In New Jersey, Governor Byrne also ordered alternate-day sales, effective Thursday, and said that gasoline would be available only to motorists with less than a half-tank supply. [New York Times] The deaths of thousands of sheep alter a series of atomic tests in Nevada in 1953 can definitely be attributed to nuclear fallout, according to a private report by a scientist. The report makes the first direct scientific link between the deaths and radiation. [New York Times] Laetrile can be banned by the federal government, the Supreme Court ruled unanimously. The decision upholding the prohibition of distribution of the purported cancer cure reversed a ruling by a lower court, which had reasoned that the requirements of federal laws that a drug must be both safe and effective "have no reasonable application" to the terminally ill. [New York Times] Bribery prosecution of a Congressman cannot include any evidence that refers to his past support of bills in exchange for money, the Supreme Court ruled, 6 to 2. The Justice Department had argued that such a broad interpretation of congressional immunity would make such prosecutions "nearly impossible." The case involved Henry Helstoski, a former Democratic Representative of New Jersey. [New York Times] An overhaul in March of a DC-10 probably critically damaged the airliner, which crashed in Chicago on May 25, according to James King, chairman of the National Transportation Safety Board. He told a House hearing that the DC-10 had apparently incurred a major crack in a wing mounting during the overhaul. [New York Times] A key rubber Industry accord was reached. Uniroyal Inc. and the United Rubber Workers agreed tentatively on a three-year contract, ending a six-week strike and paving the way for the union and major American tire makers to conclude negotiations. [New York Times] The uneven progress of blacks in America since 1790 was reflected in a massive statistical portrait made public by the Census Bureau. The report finds that black Americans have made major advances in economic and social well-being in recent decades, but remain far behind whites. [New York Times] The new arms treaty was signed in Vienna by President Carter and Leonid Brezhnev, the Soviet leader. Mr. Carter, seeking to sustain the momentum, flew home at once to address Congress and urge Senate approval of the pact. Mr. Brezhnev said the new treaty went far beyond the first nuclear arms limitation pact signed in Moscow in 1972 in imposing equal numerical ceilings and limits on qualitative improvements in long-range bombers and missiles.The signing ended poignantly as President Carter, who is 54 years old, embraced Mr. Brezhnev, 72, and they kissed on both cheeks at their farewell meeting in the Hofburg in Vienna. The gesture evoked cheers and applause from the hundreds of guests at the historic signing ceremony. President Carter set the themes for the administration's argument for the treaty in a televised address to a joint session of Congress two hours after he returned from Vienna. He asserted that the pact "will withstand the most severe scrutiny" and would help prevent "an uncontrolled and pointless nuclear arms race." The arms treaty faces uncertainty, as well as long deliberation, in the Senate. Several tactical plans were evolving among those who strongly oppose the pact and those who view it as unacceptable in its present form. Republicans and some Democrats predict that the treaty cannot gain Senate approval without some amendment or that it might be rejected, but the outcome was clouded in doubt. [New York Times] Overambitious Chinese economic plans were acknowledged by Rua Guofeng, the Communist Party chairman and Prime Minister, who conceded that China must now undergo three years of economic readjustment. [New York Times] Nicaraguan rebels are optimistic about overthrowing the government. A guerrilla leader in the insurgents' headquarters in eastern Managua said that the Somoza regime would be ousted "in a matter of days." [New York Times]

Stock Market Report

Dow Jones Industrial Average: 839.40 (-3.90, -0.46%)
S&P Composite: 101.56 (-0.53, -0.52%)
Arms Index: 1.12

	Issues	Volume*
Advances	558	9.53
Declines	872	16.73
Unchanged	463	4.71
Total Volume		30.97

* 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 15, 1979	843.30	102.09	32.93
June 14, 1979	842.34	102.20	37.84
June 13, 1979	842.17	102.31	40.75
June 12, 1979	845.29	102.85	45.44
June 11, 1979	837.58	101.91	28.27
June 8, 1979	835.15	101.49	31.47
June 7, 1979	836.97	101.79	43.38
June 6, 1979	835.50	101.30	39.83
June 5, 1979	831.34	100.62	35.05
June 4, 1979	821.90	99.32	24.04