News stories from Tuesday June 13, 1978

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

Federal funds for abortions would be further restricted under a bill approved by the House, which thus challenged the Senate to another long and bitter debate on the issue. An effort by the House leadership to avert a new battle failed when anti-abortion forces refused to adopt the compromise that ended the 1977 debate. [New York Times] The long war on cancer has aroused increased impatience over the lack of tangible results. Five senators demanded to know whether the billions of research dollars had been properly spent and why so little progress had been made in developing cures in the seven-year program. The senators closely questioned the two scientists directing the government's drive. [New York Times] Air pollution standards could be eased, the Federal Environmental Protection Agency has suggested, saying that this is justified by medical and scientific evidence. The agency also issued final rules against increased air pollution in areas with clean or relatively clean air, refusing to give in on major issues to pressure to cut costs to reduce inflation. [New York Times] The Trident missile submarine is engulfed in controversy over the program's high costs and delays. As a result, a key Senate committee has endorsed the proposed development of a new sub that would be cheaper and smaller. Delivery of the first Trident nuclear craft has been delayed until 1981, a year late, and will cost $1.2 billion, or about 50 percent higher than original estimates. [New York Times] Assailed for defending Nazis seeking to march in Skokie, Ill., the American Civil Liberties Union held a meeting on free speech in an effort to uphold its position, rally its falling membership and refill its coffers. A.C.L.U. officials said that the group had acted on principle and would do so again. [New York Times] A Caesars Palace for Atlantic City was announced by the owners of the leading Las Vegas gambling casino. Caesars World, the company that operates the casino, said it had leased the 425-room Howard Johnson's Regency Hotel in the Jersey resort and planned to spend $30 million on renovations to open the city's second casino-hotel within a year. [New York Times] Lobbying for loan guarantees for New York City was stepped up by the Carter administration. Five members of the Senate Banking Committee were undecided, and their votes will determine the panel's action on Thursday. Vice President Mondale was preparing to call the undecided Senators. [New York Times] Israeli forces withdrew from Lebanon after handing over key border points to Lebanese Christian militiamen rather than to the United Nations peacekeeping force. The Christians have long been aided by Israel in their long fighting against Palestinian guerrillas and Moslem leftists. The southern Lebanese area is volatile and plagued by animosities.At least 28 Lebanese were killed as rival Christian factions fought each other north of Beirut. Among those slain were Tony Franjieh, son of former President Suleiman Franjieh, along with the son's wife and 2-year-old daughter. The outbreak plunged Lebanon into a mood of crisis. [New York Times] Zaire accepted economic controls in principle as part of a wide-ranging $1 billion plan for bolstering the shaky government of President Mobutu Sese Seko. The accord, which provides for the International Monetary Fund to take effective control of Zaire's economy, was announced at a meeting of 11 pro-Western countries, including the United States. [New York Times] Fidel Castro told two Congressmen that Cuba was aware of "rumors" last February of a planned attack by Katangan rebels against Zaire and had persuaded Angola's President to try to prevent the raid. The Congressmen returned from Havana and quoted President Castro as saying the effort had failed because Angolans could not control the Katangans. [New York Times] Moscow policemen arrested an American on a charge of smuggling, the United States Embassy said. Jay Crawford, a representative of International Harvester, was pulled out of his car while driving with his fiancee, an embassy employee. The embassy protested the incident, which was viewed by diplomats as part of increasing pressure against Americans in Moscow. [New York Times] Panama has absorbed its objections to Senate amendments to the canal treaties and plans to give a big welcome to President Carter when he arrives there Friday to exchange instruments of ratification. Tens of thousands of workers and schoolchildren are to be brought in from the provinces, and residents of the capital are being told it is their patriotic duty to greet Mr. Carter. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 856.98 (+0.26, +0.03%)
S&P Composite: 99.57 (+0.02, +0.02%)
Arms Index: 0.72

	Issues	Volume*
Advances	660	13.70
Declines	837	12.49
Unchanged	412	4.57
Total Volume		30.76

* 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 12, 1978	856.72	99.55	29.34
June 9, 1978	859.23	99.93	32.47
June 8, 1978	862.09	100.21	39.38
June 7, 1978	861.92	100.12	33.06
June 6, 1978	866.51	100.32	51.98
June 5, 1978	863.83	99.95	39.59
June 2, 1978	847.54	98.14	31.86
June 1, 1978	840.70	97.35	28.75
May 31, 1978	840.61	97.24	29.07
May 30, 1978	834.20	96.86	21.04