News stories from Monday July 24, 1978

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

In an ultimatum to his staff, President Carter told his aides to obey the nation's drug laws "or seek employment elsewhere." The sharply worded presidential memorandum, distributed to the 351 White House staff members, came after reports that many members of the staff use marijuana and that some have used cocaine. [New York Times] Washington's bus drivers and mechanics continued to defy a court order to return to work, keeping out of service most of the district's 1,600 buses. The subway system resumed operation during the morning rush hour, but most of the 300,000 people who normally use it were commuting by car. The subway system was designed to work with the bus system, a transit authority spokesman said. The authority's biggest problem, he said, was the intimidation by pickets. [New York Times] Women criminals are increasing, approaching equality with men, according to a government-financed study. it said that the crime rate has risen faster among women than it has among men, especially since 1967, with the women favoring property crimes, such as embezzling, fraud and forgery. [New York Times] The successful implanting of a human embryo after years of failure may be explained by a British researcher's recent discovery that rhesus monkey embryos could be transplanted at a very early stage of development. An article in a London newspaper suggests that an embryo implanted in Lesley Brown was cultured in a laboratory for only two days; the child is to be delivered in the next few weeks. [New York Times] Israel will discuss sovereignty of the occupied West Bank and the Gaza Strip in five years if the Arabs in the interim accept an Israeli peace plan granting the Palestinians there partial autonomy, Foreign Minister Moshe Dayan told Parliament. The chamber, voting 68 to 37, tacitly endorsed the slight policy shift. Mr. Dayan said that the undertaking did not permit the government to reach a decision on sovereignty, but he added without explanation: "This problem is also soluble." [New York Times] Egypt awaited a gesture of Israeli good will before agreeing to resume direct peace talks, diplomatic sources in Cairo said. The Egyptian Foreign Ministry announced that no further negotiations would be held unless Israel presented new ideas or agreed to reconsider Cairo's peace plan, but government officials expressed confidence the talks would be resumed. [New York Times] Jeopardizing settlement in Namibia, South Africa has threatened to oppose the new accord that would end guerrilla warfare in South-West Africa and would grant the territory independence as the black nation of Namibia. At issue is the status of Walvis Bay, the arid territory's only deep-water port, which nationalists insist must be included in the new country but which South Africa is unwilling to give up. [New York Times] Black nationalists and government forces fought gun battles in two black townships outside Salisbury, the police in Rhodesia reported. The clashes, the first in the vicinity of the capital in six years of warfare, followed a charge by a captured guerrilla that a group of guerrillas had penetrated Salisbury on a mission to kill black members of the transitional government. [New York Times] Chile's junta ousted a member who had urged it to speed plans to restore civilian rule. It was the first change in the junta since the right-wing generals overthrew President Salvador Allende five years ago. The government said that President Augusto Pinochet and the two other junta members had removed Gen. Gustavo Leigh, commander of the air force, from both his post on the ruling body and his air force command. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 831.60 (-1.82, -0.22%)
S&P Composite: 97.72 (-0.03, -0.03%)
Arms Index: 0.80

	Issues	Volume*
Advances	624	9.48
Declines	829	10.09
Unchanged	433	3.71
Total Volume		23.28

* 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*
July 21, 1978	833.42	97.75	26.07
July 20, 1978	838.62	98.03	33.34
July 19, 1978	840.70	98.12	30.85
July 18, 1978	829.00	96.87	22.86
July 17, 1978	839.05	97.78	29.18
July 14, 1978	839.83	97.58	28.37
July 13, 1978	824.76	96.25	23.62
July 12, 1978	824.93	96.24	26.64
July 11, 1978	821.29	95.93	27.47
July 10, 1978	816.79	95.27	22.47