News stories from Thursday June 15, 1978

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

Citing congressional intent, the Supreme Court ruled that a $120 million federal water project must he halted. In a 6 to 3 ruling, the Court decided in favor of the snail darter, with a single remote habitat, over the Tennessee Valley Authority and a 30-mile reservoir the authority plans behind its nearly completed Tellico Dam. But the tribunal suggested that Congress would probably pass legislation exempting the project from the Endangered Species Act. [New York Times] Senator Edward Brooke substantially misrepresented his financial status in a sworn deposition prepared for his divorce, a Massachusetts judge ruled. He turned the matter over to a prosecutor for possible perjury action and offered Mrs. Brooke a new divorce trial because of what he termed the Senator's "false testimony." [New York Times] President Carter's federal income tax payments last year totaled more than $48,000, according to returns he made public. The report also showed that he lost more than $300,000 in a blind trust, but that he received dividends of over $114,000 from the trust, which is administered by a close friend, Charles Kirbo of Atlanta. [New York Times] The chief marijuana importing states are now Georgia, Florida and South Carolina, replacing California. Federal drug officials say that the Southeast region accounted for close to 70 percent of seizures in the nation last year. So far this year, seizures have about matched last year's entire record of nearly one million pounds. [New York Times] Eight major water projects that President Carter killed last year were restored to a public works bill by the House. Ignoring the threat of a veto, the House overwhelmingly rejected attempts to delete the projects from the $10.3 billion measure and approved 41 new water projects, including 11 smaller ones that Mr. Carter recommended last week. [New York Times] Long-term loan guarantees totaling $1.5 billion for New York City were approved by the Senate Banking Committee, but it set strict preconditions before the federal help could be given and created tight controls to monitor it. The 12 to 3 vote to send the bill to the Senate floor left city supporters elated that they had convinced a wary committee of the need of long-term help to New York, but disappointed that the amount was $500 million less than the House had approved. [New York Times] Panama clamped down on opposition groups that have been protesting against President Carter's visit to exchange the documents of ratification of the canal treaties. After a gun battle on the university campus in which at least two students were killed and more than a dozen wounded, the government seized the university and a militant high school. Security during Mr. Carter's 23-hour visit is expected to be very strict. [New York Times] King Hussein of Jordan married Elizabeth Halaby, a 26-year-old American, in a brief Moslem ceremony and later proclaimed her Queen. A statement by the royal palace indicated that the bride, nominally a Protestant, had become a Moslem. The marriage was the fourth for the 42-year-old Jordanian monarch and followed a brief courtship. [New York Times] Italy's President resigned after the Communist Party urged him to do so in the face of corruption charges. President Giovanni Leone announced he was stepping down in a television broadcast in which he denied any wrongdoing. He had been accused by a legislator of tax fraud, a charge that is under investigation, and the press has linked him to key defendants in a Lockheed kickback trial. [New York Times] Stronger Afghanistan-Soviet relations have followed the bloody coup that brought the new regime to power in Kabul six weeks ago. The new leadership has arrested dozens of backers of the former government, and has undertaken a purge of the civil service to remove what it calls "anti-revolutionary elements" and to make a "total break with our feudal past." [New York Times] A South African scandal about secret overseas spending resulted in the abolition of the government's Ministry of Information and what was termed by Prime Minister John Vorster as the voluntary retirement of its administrative chief, Eschel Rhoodie. The agency has denied any link between the funds and political contributions in the United States, which is under investigation in Congress. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 844.25 (-10.31, -1.21%)
S&P Composite: 98.34 (-1.14, -1.15%)
Arms Index: 1.15

	Issues	Volume*
Advances	359	5.74
Declines	1,132	20.78
Unchanged	389	2.76
Total Volume		29.28

* 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*
June 14, 1978	854.56	99.48	37.29
June 13, 1978	856.98	99.57	30.76
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