News stories from Friday June 16, 1978

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

The new Panama Canal treaties were formally concluded at ceremonies in Panama attended by President Carter and Gen. Omar Torrijos, Panama's leader. The ceremony was also attended by a delegation of 12 United States Senators and a contingent from the House. [New York Times] President Carter told Baptists that he had no conflicts between his religious beliefs and public life. On his way to Panama, Mr. Carter, a Southern Baptist, stopped in Atlanta to address the closing session of the National Conference of Baptist Men. He said in a speech that was mostly a sermon and personal confession that as President he had not encountered "any conflict between God's will and my political duty" and reaffirmed his belief in the separation of church and state. [New York Times] The Tellico dam will be redesigned, the chairman of the Tennessee Valley Authority said, to comply with a Supreme Court decision that the project as it now stands should be blocked to protect an endangered species of fish, the snail darter. The House, meanwhile, made an attempt to overturn the Court's ruling. [New York Times] Scientists isolated a virus that may prove to be the cause of most of the hepatitis transmitted through blood transfusions, a published report said. They have also taken electron microscope photographs of the virus, and if further tests prove conclusively that it is a cause of hepatitis, it should be possible to develop a screening method to keep it out of blood supplies. [New York Times] A Massachusetts district attorney will begin an investigation into whether Senator Edward Brooke committed perjury or violated other laws in his divorce suit. Senator Brooke's wife, Remigia, who has been given 10 days to decide whether she wants a new divorce trial, said she had not made any decision yet. [New York Times] Stanley Resor will be appointed by President Carter to the new Pentagon post of Under Secretary for Policy. The post was established in the reorganization of the Defense Department that is apparently intended to solidify civilian control over the military. Mr. Resor, Secretary of the Army from 1965 to 1971, which included the peak years of the Vietnam War, will be the Defense Department's third-ranking official. [New York Times] Washington's nuclear specialists are reported deeply divided over how to carry out President Carter's instructions to leave open the possibility of producing neutron warheads. [New York Times] Peking gave a warm welcome to King Juan Carlos of Spain, the first European monarch to visit China since the Communists came to power in 1949. To emphasize the importance of the King's visit to China, he was met at the airport by Hua Kuo-feng, chairman of the Chinese Communist Party, which is seeking to improve relations with Western Europe. [New York Times] The .Soviet Union indicated that it favored business with the United States as usual although International Harvester's Moscow representative was in a Soviet prison on a currency charge. Brooks McCormick, Harvester's chairman, formally protested the arrest of Jay Crawford in a letter to the soviet Ambassador to the United Slates, Anatoly Dobrynin. [New York Times] Italy's Christian Democrats carefully refrained from attacking the Communists for their role in precipitating President Giovanni's Leone's resignation. They and the Communist Party sought to give assurance that there will not be a political upheaval and that their alliance would continue. [New York Times] Prime Minister Menachem Begin apparently succeeded in rounding up majority support in the government for a compromise statement on Israel's long-term intentions toward the occupied West Bank and the Gaza Strip. Mr. Begin's formula was not disclosed but it was believed unlikely that it would satisfy the United States or reopen peace talks with Egypt. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 836.97 (-7.28, -0.86%)
S&P Composite: 97.42 (-0.92, -0.94%)
Arms Index: 1.28

	Issues	Volume*
Advances	359	4.88
Declines	1,099	19.15
Unchanged	417	3.68
Total Volume		27.71

* 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 15, 1978	844.25	98.34	29.28
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