News stories from Wednesday July 5, 1978

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

Two Supreme Court developments in the term just ended have been obscured by controversy over the Bakke decision. The Justices seemed to reverse, at least temporarily, the policy of supporting law enforcement more frequently than the rights of the accused. And the Court handed down decisions viewed as restricting news gathering and freedom of expression. [New York Times] Consumer prices will rise and the economy is expected to grow at a slower pace both this year and next, a report by the Carter administration predicts. The report blames inflation as the major reason for the projected economic decline, but states that unemployment will decline. [New York Times] A change in military leadership has been effected by appointing officers who are technicians and managers rather than combat veterans to the Joint Chiefs of Staff. The appointment of Gen. David Jones to be chairman of the Joint Chiefs underscores the shift in the command structure, whose role has plainly diminished over the last two decades. [New York Times] California's Proposition 13 has been a focus of the National Education Association convention in Dallas. The California tax limitation is "a gamble and teachers are the losers," said the head of a California teachers' group who offered buttons showing two dice and the words "13 You Lose." Brisk sales of the buttons were one sign that school finance is the most pervasive issue at the meeting. [New York Times] More than 1,000 blind people and their supporters demonstrated at the Department of Transportation, calling for an end to safety rules requiring them to surrender their canes upon boarding airliners. Marching in a large circle in front of the offices of the Federal Aviation Administration. they chanted and carried signs in a noisy but generally good-natured protest. [New York Times] The stereotype of the Southern sheriff is largely borne out in a study that finds he is typically white, middle-aged, poorly educated and a hometown boy. But the continuing study, by two researchers at the Florida Technological University at Orlando, also finds the stereotype yielding to a younger, more professional breed. [New York Times] Smashing previous casino records, Resorts International in Atlantic City reported to the New Jersey Casino Control Commission that its total "take" in June from operating the nation's first legal gambling casino outside Nevada was more than $16 million. A spokesman said June was expected to be Resorts' sixth best month of the year, behind the coming summer and fall months, but better than next winter and spring. [New York Times] Egypt's interim peace plan was announced officially, and Egyptians contended that it contained flexible points, giving room for compromises. The proposal represents Cairo's position for talks between foreign ministers in London this month, as proposed by the United States to bring Israel and Egypt together.Israeli officials were disappointed in Egypt's peace plan but they said privately that it would not impede a trip to London later this month by Foreign Minister Moshe Dayan to meet with the Foreign Minister of Egypt and Secretary of State Cyrus Vance. [New York Times] Britain's national health service, born in an atmosphere of hope 30 years ago, now evokes mainly resignation and disillusionment. But, contrary to the belief of many Americans, there is not much support for a return to a private system. The debate centers on how to deal with its shortcomings: delay, red tape, inadequate funding. [New York Times] Ghana's head of state resigned, the armed forces announced. Gen. Ignatius Kutu Acheampong, whose departure stunned the West African country, was succeeded by his deputy on the ruling military council, Gen. Fred Akuffo. General Acheampong was said to have stepped down to insure unity and stability in Ghana, where there has been controversy over plans for mixed civilian, military and police rule. [New York Times] Another truce in Lebanon collapsed amid urgent negotiations to end the fighting between Syrian soldiers and Lebanese Christian militia. Lebanon's Minister of Defense and Foreign Affairs met with Syria's President and his Foreign Minister in Damascus to work out a role for the largely Syrian Arab peacekeeping forces. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 805.79 (-7.10, -0.87%)
S&P Composite: 94.27 (-0.82, -0.86%)
Arms Index: 1.07

	Issues	Volume*
Advances	379	5.05
Declines	1,119	16.00
Unchanged	373	2.68
Total Volume		23.73

* 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*
July 3, 1978	812.89	95.09	11.57
June 30, 1978	818.95	95.53	18.11
June 29, 1978	821.64	95.57	21.66
June 28, 1978	819.91	95.40	23.27
June 27, 1978	817.31	94.98	29.28
June 26, 1978	812.28	94.60	29.25
June 23, 1978	823.02	95.85	28.53
June 22, 1978	827.70	96.24	27.17
June 21, 1978	824.93	96.01	29.11
June 20, 1978	830.04	96.51	27.92