News stories from Friday May 26, 1978

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

Governor Byrne cut a ribbon and Atlantic City's Resorts International gambling casino on the Boardwalk was formally opened at 10 A.M. A line of people waited to enter the casino, the first legal one outside Nevada. On a gray, rainy day, the start of the Memorial Day weekend, the casino crowd was easily manageable. The day's total number of visitors to the resort city was estimated at 20,000. About 500,000 people are expected over the weekend. [New York Times] Senator Edward Brooke admitted that he gave false information under oath about the source of a $49,000 personal loan in a deposition taken during his divorce proceedings last year. Mr. Brooke, Republican of Massachusetts, in the deposition cited a liability for an interest-free loan from a friend, but the loan was not mentioned in the public financial disclosure report that he filed with the Senate this month. [New York Times] Los Angeles is losing allure as a business center for national corporations. Complaints similar to those once leveled at New York are being voiced: Housing costs are too high, taxes are too high, the transportation system is bad, more and more of our young executives won't accept a transfer here. An official of an engineering company told a public hearing that "We are facing increasing difficulty in attracting top professionals here, or to transfer individuals here from our other offices, because the area is now being perceived as a problem city, one in which it is undesirable to live. [New York Times] President Carter discarded a speech that had been carefully prepared for a special joint session of the Illinois legislature and decided to throw the session open to questions, a technique that he had used frequently in his campaign. He also spoke about some of the difficult issues of his presidency, including the Panama Canal treaties and arms sales in the Middle East. [New York Times] A document made public in the government's breach of contract suit against Frank Snepp, a former C.I.A. agent in Vietnam, supports his assertion that the United States tried to bribe Gen. Duong Van Minh to run for President of South Vietnam in 1971. He is being sued for allegedly having violated his secrecy oaths. [New York Times] Evidence of a Cuban role in the invasion of Zaire was demanded from the administration by the Senate Foreign Relations Committee. President Carter had asserted that Cuba had a secret role in the invasion of Zaire by Katangan rebels. [New York Times] Antonio Guzman won the presidential election in the Dominican Republic, according to the central election board. Its figures gave 832,319 votes to Mr. Guzman, and 669,112 to President Joaquin Belaguer, who was seeking his fourth term. [New York Times] The Soviet Union would negotiate a "substantial" reduction in missiles and bombers as soon as an agreement on limiting offensive nuclear weapons is reached with the United States, Foreign Minister Andrei Gromyko said at the special session on disarmament at the United Nations.American-Soviet efforts toward an accord on limiting offensive nuclear weapons has been snagged by a Soviet demand that the United States restrict the number of cruise missiles that could be placed aboard bombers, administration officials said. The restriction, they said, would prevent the United States from equipping a new generation of wide-bodied jets with cruise missiles in the 1980's. [New York Times] Egypt called home 30 journalists and writers working abroad to answer charges of having written or broadcast statements critical of President Anwar Sadat. The recall is part of a drive in Egypt against dissent in politics and the press that followed the mandate given Mr. Sadat in a national referendum to purge his critics. [New York Times] Red Cross officials said the death toll from the fighting in Kolwezi may not have been so high as French officials had estimated, The officials said that their search team had found 262 bodies, including 95 whites. The French said that as many as 200 Europeans might have been killed. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 831.69 (-3.72, -0.45%)
S&P Composite: 96.58 (-0.22, -0.23%)
Arms Index: 0.85

	Issues	Volume*
Advances	600	7.82
Declines	814	9.03
Unchanged	463	4.56
Total Volume		21.41

* 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*
May 25, 1978	835.41	96.80	28.41
May 24, 1978	837.92	97.08	31.46
May 23, 1978	845.29	98.05	33.23
May 22, 1978	855.42	99.09	28.68
May 19, 1978	846.85	98.12	34.36
May 18, 1978	850.92	98.62	42.27
May 17, 1978	858.37	99.60	45.49
May 16, 1978	854.30	99.35	48.17
May 15, 1978	846.76	98.76	33.93
May 12, 1978	840.70	98.07	46.60