News stories from Monday February 26, 1979

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

The last total solar eclipse visible in the continental United States until the year 2017 enthralled many watchers across the northwestern states. As the eclipse plunged central Montana into darkness for a bit more than two minutes, the intensity of storms on the sun resulted in a spectacular display of flaming prominences from the solar disk. [New York Times] Demands for a balanced budget were expressed strongly by Republican governors at the winter meeting of the National Governors Association. Representative Peter Rodino, chairman of the House Judiciary Committee, promised the governors a careful study of proposals for a constitutional amendment to achieve the objective but pleaded with them for time for deliberation. [New York Times] Averting bankruptcy by Cleveland will be at issue in a special referendum today. The city's voters will decide whether to raise the city income tax and whether the city should retain its rundown municipal lighting plant. Mayor Dennis Kucinich favors both positions and his views are expected to be supported by most voters. [New York Times] Arson has reached an epidemic scale, according to federal officials, who put the increase at 300 percent in the last three years. The rising problem has instilled fear in millions of people, particularly in inner-city ghettos. [New York Times] Sales of military equipment to Libya by a major arms manufacturer have led to a Justice Department effort to negotiate a civil settlement, despite evidence of criminal violations, according to government and private lawyers. A high officer of the Bangor Punta Corporation said he had been "encouraged" in meetings with department lawyers that Smith & Wesson, a division of his company, would not be indicted in the sale of highly advanced night-vision surveillance equipment. [New York Times] Billy Carter's comments about Jews are considered "inappropriate" by President Carter, who formally "disassociated himself" from his brother's remarks, according to a White House spokesman. But the spokesman stopped short of condemning the controversial comments. [New York Times] Acknowledging his alcoholism, Senator Herman Talmadge of Georgia announced after five weeks of hospitalization that he had stopped drinking and was ready to return to Washington. Mr. Talmadge said he was confident that the Senate Ethics Committee would clear him of charges he had personally used campaign and office funds. [New York Times] Chinese forces have advanced up to 25 miles into Vietnamese territory, Hanoi said. In Bangkok, Western analysts said that the major fighting was continuing in the area of Lang Son, a province capital about 85 miles northeast of Hanoi. China's Deputy Prime Minister, Teng Hsiao-ping, was quoted as having said he hoped that Peking's incursion into Vietnam, now in its 11th day, would be ended in less time than the 33 days of the Chinese-Indian border war of 1962. [New York Times] President Sadat's reluctance to attend new Camp David peace talks with President Carter and Prime Minister Begin has aroused Israeli suspicions and made it harder for Washington to appear even-handed, administration officials acknowledged. Some Israelis have said that by sending his Prime Minister in his place, the Egyptian President would leave the implication that he does not want to make further concessions and that it is up to the Israeli Prime Minister to yield on differences over a pact. [New York Times] Concern over persecution rose in Iran after the 10th execution and the publication of a daily list of arrests. An Islamic leader of Meshed urged the revolutionary authorities "not to trespass on the rights of innocent citizens" and called for a halt of "unauthorized arrests." [New York Times] Soviet-American ties are obstructed by Peking, according to Foreign Minister Gromyko, who said that Moscow sought a "more stable" climate in relations with Washington. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 821.12 (-2.16, -0.26%)
S&P Composite: 97.67 (-0.11, -0.11%)
Arms Index: 1.04

	Issues	Volume*
Advances	574	7.64
Declines	760	10.57
Unchanged	495	4.41
Total Volume		22.62

* 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*
February 23, 1979	823.28	97.78	22.75
February 22, 1979	828.57	98.33	26.30
February 21, 1979	834.55	99.07	26.05
February 20, 1979	834.55	99.42	22.01
February 16, 1979	827.01	98.67	21.11
February 15, 1979	829.09	98.73	22.56
February 14, 1979	829.78	98.87	27.22
February 13, 1979	830.21	98.93	28.47
February 12, 1979	824.84	98.20	20.61
February 9, 1979	822.23	97.87	24.32