News stories from Tuesday June 20, 1978

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

A Nazi march in Skokie, Ill., may be canceled. The way seemed to be cleared by a federal judge, who ordered Chicago officials to allow the right-wing group to demonstrate in Marquette Park there on July 9. Frank Collin, leader of the Nazi party, has said repeatedly he would call off the march in the largely Jewish suburb if a rally could be held in the Chicago park. [New York Times] A health insurance plan is being delayed by the White House. President Carter's top economic advisers are trying to dissuade him from proposing a comprehensive national program on the ground that it would be inflationary and not meet desired goals. Mr. Carter has put off issuing the promised principles for such a plan while his advisers present their arguments. [New York Times] Keeping middle-class residents in the city is the aim of a bold experiment by Baltimore, which is subsidizing such homebuyers. The first families are moving into an attractive development where a three-bedroom townhouse can be bought for as little as $47,080 -- for a 10 percent down payment and a 30-year mortgage at 7½ percent interest, far below the going rate. [New York Times] College costs are a burden for many middle-class families. More young people are going to college, but with costs increasing by an average 77 percent at private schools over the last 10 years, many go to public schools instead, seek two-year degrees instead of bachelor's, or study part-time. Congress is almost certain to pass tax credits for tuition payments, but a veto is expected. [New York Times] The all-volunteer armed forces were strongly criticized by two Army officers. They told a congressional panel that the two-million member services were poorly equipped, badly educated and troubled by social welfare and disciplinary problems. The testimony reflected concerns about the military that have been growing since the draft ended in 1973. [New York Times] A move to ease frictions in communities was made by Mayor Koch. He named a panel under Deputy Mayor Herman Badillo to study and suggest efforts "to reduce racial, religious and ethnic tensions" in New York City. The action followed demonstrations over the death of a black businessman in a struggle with policemen and the alleged beating of a black youth by Hasidic Jewish youths. [New York Times] American efforts for Middle East peace will be pressed, administration officials said. They added they were determined to use Washington's influence to revive the stalled negotiations despite Israel's apparent rebuff in not specifically answering administration questions over the future of occupied Arab lands. Officials said they would seek new approaches to resume talks.President Sadat expressed optimism about his peace initiative despite Israel's vagueness over its future plans for the occupied West Bank and the Gaza Strip. The Egyptian leader said he was ready to discuss directly "any new Plans that Israel will submit" to advance peace talks. [New York Times] Chinese-Vietnamese tensions rose. The Vietnamese charged that China's closing of Vietnam's three consulates in southern China was part of a "disastrous policy" by Peking that included support for Cambodia in its border war with Vietnam. Analysts in Hong Kong reported evidence that many Chinese vessels had been near Vietnam's coast last week, and Hanoi apparently reacted strongly to their presence. [New York Times] Vietnam, in a conciliatory gesture to the United States, informed a Senate panel that it would, for the first time, permit a group of 25 Vietnamese women and children -- who are American citizens or the spouses of American citizens -- to join relatives in the United States. [New York Times] Washington will help African nations attempt to resolve their problems with a "positive" policy, Secretary of State Cyrus Vance said. In a speech that administration officials said was designed to clear up misunderstandings, Mr. Vance pledged that the administration would not simply "mirror Soviet and Cuban activities" in Africa since such a course "would only escalate military conflict." [New York Times] President Tito warned East and West that their differences could lead to war on a "world scale." In an address opening Yugoslavia's Communist Party Congress, he reiterated Yugoslavia's intention to maintain its independence from Moscow and Washington, but cited many internal and external problems that he said continued to threaten this position. [New York Times] A major effort to save Zambia from insolvency and instability is being organized. The operation could involve as much as $1 billion in easy-term loans from the West. Zambia has become entangled in conflicts in neighboring countries, its economy is staggering and its copper exports are drawing low prices on world markets. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 830.04 (-8.58, -1.02%)
S&P Composite: 96.51 (-0.98, -1.01%)
Arms Index: 1.10

	Issues	Volume*
Advances	422	6.32
Declines	1,086	17.92
Unchanged	409	3.68
Total Volume		27.92

* 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 19, 1978	838.62	97.49	25.50
June 16, 1978	836.97	97.42	27.70
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