News stories from Thursday June 12, 1980

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

A new call for release of the hostages in Iran would be sought in the Security Council under a proposal by Donald McHenry, the chief American delegate to the United Nations, according to American sources. The proposal would cite last month's unanimous ruling by the World Court that the captives must be freed. [New York Times] Draft registration late next month is in prospect for four million young men. The Senate approved the registration by a vote of 58 to 34. The measure must be passed again by the House because of a minor difference in the two chambers' versions of the bill, but that action is expected soon and President Carter is expected to sign the legislation early next week. [New York Times] The discount rate was lowered by the Federal Reserve for the second time in two weeks. The board's decision to cut the rate, which it charges banks for loans, to 11 percent from 12 percent, appeared to signal an accelerating attempt to lower interest rates. The move also apparently reflects a growing concern about the economy, which many economists say may show its sharpest slump since World War II in the second quarter of 1980. [New York Times] A major indictment that resulted from an undercover inquiry by the F.B.I. was issued by a federal grand jury in Houston. The Speaker of the Texas House of Representatives, a labor union official and two lawyers were charged with fraud, conspiracy and racketeering. [New York Times] A major civil rights victory was won by President Carter as the House passed a bill designed to strengthen federal efforts to end housing discrimination. Approval came on a vote of 310 to 95, but only after the House rejected, by a vote of 209 to 196, an attempt to strip the government of powers to fight discrimination. The bill now goes to the Senate. [New York Times] Concern over two false nuclear alerts last week has led top United States officials to press efforts to find and correct the faults. The computer stystem of the North American Air Defense Command that is thought to be responsible has been disconnected, and a group of specialists has been sent to the site to study the system. [New York Times] A big urban renewal plan is opposed strongly by merchants in a court suit in Pittsburgh. The plan calls for replacing small stores with a $150 million office tower complex. In contrast, a pioneering renewal program transformed a slum into a stunning group of skyscrapers in the city's Golden Triangle 30 years ago after strong pressure was exerted by a powerful mayor and a leading philanthropist. [New York Times] Doubts about an interest in nutrition among many Americans are expressed by scientists, who are questioning whether those who say they seek improved nutrition have altered their eating habits. Experts say that most Americans continue to consume too much fat and sugar. [New York Times] A deep crisis in Poland's national life was cited in a secret report prepared by more than 100 leaders, many of them in the governing Communist establishment. The report said that unless the government moved aggressively to reform major inequities and mismanagement, the shortcomings would worsen and might bring about "open social conflict." [New York Times] U.S. displeasure toward South Korea and its military-dominated leadership was reflected in steps reported by top Carter administration officials. They said that Washington had postponed indefinitely a high-level economic mission to Seoul and was actively reviewing its ties with South Korea, except a basic security commitment. [New York Times] Common Market countries reached substantial accord on the text of a declaration calling for the Palestine Liberation Organization to take part in Middle East peace talks. The declaration, which also envisages a multination fact-finding mission to the Middle East, is considered likely to be approved by the Western European government leaders meeting in Venice. [New York Times] American air power in the Middle East and Persian Gulf region will be pressed in a long-range plan disclosed by Gen. Lew Allen, the Air Force Chief of Staff. As a first step, a squadron of 12 F-4 jets, along with 400 personnel, will be sent to Egypt for 90 days and train with Egyptian forces. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 872.61 (-0.09, -0.01%)
S&P Composite: 115.52 (-0.50, -0.43%)
Arms Index: 1.22

	Issues	Volume*
Advances	694	17.40
Declines	811	24.82
Unchanged	399	5.08
Total Volume		47.30

* 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 11, 1980	872.70	116.02	43.80
June 10, 1980	863.99	114.66	42.02
June 9, 1980	860.67	113.71	36.81
June 6, 1980	861.52	113.20	37.22
June 5, 1980	858.70	112.78	49.07
June 4, 1980	858.02	112.61	44.17
June 3, 1980	843.77	110.51	33.15
June 2, 1980	847.35	110.76	32.71
May 30, 1980	850.85	111.24	34.81
May 29, 1980	846.25	110.27	42.00