News stories from Monday July 3, 1978

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

Affirmative action programs that remedy past discrimination in employment, even when they conflict with established union seniority systems, appeared to win the support of the Supreme Court. Without recorded dissent, the Justices left standing a decision requiring the American Telephone and Telegraph Company to hire more blacks and women. [New York Times] The Supreme Court ruled that the free-speech protection of the First Amendment does not prevent the government from prohibiting radio broadcasting of words "patently offensive," though the court fell short of giving a constitutional definition of obscenity. The 5 to 4 decision in the "seven dirty words case," involving radio station WBAI- FM in New York City, affirmed a reprimand to the station by the Federal Communications Commission. [New York Times] Using the sun for energy is often difficult because of zoning laws, building codes, a lack of specific regulations governing solar devices and a legal no-man's land involving people's access to sunshine unobstructed by buildings and trees. But a nationwide study of solar energy installations -- there are possibly a few hundred thousand -- has found that violations of codes and building laws have been few. [New York Times] Civil rights leaders are debating whether any of their number should serve on the boards of major corporations. Thomas Todd, a Chicago lawyer who specializes in civil rights litigation, said: "Any civil rights figure who purports to represent the interests of masses of black people but who serves on the board of a corporation whose interests are diametrically opposed to the interests of blacks is in a conflict of interest." Representative Shirley Chisholm said the issue "is a very important matter, which must be resolved quickly." [New York Times] Memphis's striking firefighters agreed to a court order to return to work this morning. The order, which the strikers' leaders accepted, can be enforced with fines and jail sentences and is binding whether or not it is accepted by the 1,400 striking firemen, who have been accused of setting hundreds of fires. [New York Times] A landmark faces demolition in Atlantic City. The Blenheim Hotel will be torn down to make way for a gambling casino unless the city or the state prevents it. The owners said that restoration would cost $10 million. [New York Times] China ended aid to Vietnam as the feud between the two countries deepened. The official Chinese press agency cited the treatment of Chinese in Vietnam as the reason, but diplomatic sources thought the reason was Vietnam's admission to the Soviet bloc's economic alliance. [New York Times] Egypt agreed to a meeting of foreign ministers in London later this month. Egypt's Mohammed Ibrahim Kamel would meet there with Foreign Minister Moshe Dayan of Israel and Secretary of State Cyrus Vance. President Anwar Sadat also said he had given Mr. Mondale the details of a new peace proposal. [New York Times] Two American reporters in Moscow told a judge that they would not take part in any court proceeding on the libel charge entered against them by Soviet television. Craig Whitney of the New York Times and Harold Piper of the Baltimore Sun argued that the court had no jurisdiction over material in American newspapers. They said that "the United States has claimed no such sweeping jurisdiction over what Soviet correspondents send from America." [New York Times] The Shah barred his family from business deals in which they would benefit and imposed a "code of conduct" on them. In an interview, the Iranian ruler said that the order would not be announced to the public but would gradually become known. [New York Times] Syrian troops shelled east Beirut, in an apparent move to destroy the power of the Christian militias that have strongholds there. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 812.89 (-6.06, -0.74%)
S&P Composite: 95.09 (-0.44, -0.46%)
Arms Index: 1.62

	Issues	Volume*
Advances	588	3.13
Declines	729	6.29
Unchanged	474	2.14
Total Volume		11.56

* 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 30, 1978	818.95	95.53	18.11
June 29, 1978	821.64	95.57	21.66
June 28, 1978	819.91	95.40	23.27
June 27, 1978	817.31	94.98	29.28
June 26, 1978	812.28	94.60	29.25
June 23, 1978	823.02	95.85	28.53
June 22, 1978	827.70	96.24	27.17
June 21, 1978	824.93	96.01	29.11
June 20, 1978	830.04	96.51	27.92
June 19, 1978	838.62	97.49	25.50