News stories from Monday July 10, 1978

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

John D. Rockefeller III was killed last night in an automobile accident in the Westchester County town of Mount Pleasant. The driver of a car that struck the one in which the 72-year-old philanthropist was riding was also killed, according to the police, who said two people were injured. Three cars were reportedly involved in the collision, which occurred at about 6 P.M. a mile north of the Pocantico Hills estate of the Rockefeller family. [New York Times] After holding four people hostage in the World Trade Center with what he said was 80 pounds of explosives, a Polish-speaking machinist was seized by the police. The man, identified as Ladislo Frczek, was angered because of a cutoff in compensation payments he had received for the amputation of two fingers in an industrial accident. He pulled out what he said was a bomb and demanded to speak to the editor of a Polish-language newspaper when a judge called for a delay in deciding his claim. [New York Times] An F.B.I. informant in the Ku Klux Klan shot a black man to death in the 1960's and then kept quiet about it at the instruction of an F.B.I. agent, according to the informant, Gary Rowe. Mr. Rowe's account, given to Alabama authorities, was denied by the agent he named. The informant is reportedly suspected of having acted as agent provocateur in racial violence. [New York Times] A Michigan tax-cutting amendment to the Constitution that is similar to California's Proposition 13 may be on the November ballot. Backers of the amendment said they met a filing deadline with the required number of petition signatures. However, they sounded unsure of whether enough of the signatures would make it past state certifiers. [New York Times] "Redlining" on car insurance -- fixing rates according to location -- will be investigated by the Federal Trade Commission. Initially, the investigation will focus on specific complaints in the Los Angeles area, where leaders of Hispanic-American communities say their people are charged excessively high rates. But the inquiry may become nationwide. [New York Times] A group of prominent Democrats criticized Secretary of State Vance's decision to go ahead with the strategic arms limitation negotiations despite the trials of two Soviet dissidents. The Democrats, led by Senators Henry Jackson and Daniel Patrick Moynihan, said the success of the talks did not depend upon this particular meeting and that attending it would constitute acquiescence in an injustice and virtually call President Carter a liar. [New York Times] Anatoly Sharansky went on trial for high treason in Moscow and reportedly denied charges against him as "absurd." The dissident, whose case has posed a threat to Soviet-American relations, is accused of maintaining contacts with foreign intelligence agents and of passing them state secrets. Meanwhile, another dissident, Aleksandr Ginzburg, went on trial in another city. [New York Times] A coup in Mauritania overthrew the government of President Moktar Ould Daddah. Paris reported that the President had been arrested but that his whereabouts were unknown. Sponsored by the French, he had led Mauritania since it became independent of France in 1960. The coup's leader was said to be the army Chief of Staff, Col. Mustapha Ould Salek. [New York Times] President Carter lacked firm evidence when he blamed Cuba for backing the attack by Katangans against Zaire, according to intelligence officials. But the President proved to be correct, most officials believe, saying that information available subsequent to Mr. Carter's statement tends to substantiate the allegation. [New York Times] Beirut residents are fleeing, especially from the predominantly Christian eastern section, where fighting was expected to start again any time. Syrians and Christians in Lebanon built up their military positions while political leaders tried to work out a permanent cease-fire, hoping to provide sufficient guarantees to persuade President Elias Sarkis to withdraw his resignation. [New York Times] Egypt's President was disappointed in Israel's rejection of his peace proposals but was advised by two top European Social Democrats to continue his Middle East peace initiative. President Anwar Sadat was quoted as saying he was "not particularly optimistic" about the chances of success when Israeli and Egyptian foreign ministers meet next week in London. [New York Times] Rioting in Pamplona, Spain, over a slain leftist caused the cancellation of another day in the annual running of the bulls, a major tourist attraction. Demonstrators demanding the provincial governor's resignation fought with the police. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 816.79 (+4.33, +0.53%)
S&P Composite: 95.27 (+0.38, +0.40%)
Arms Index: 0.72

	Issues	Volume*
Advances	808	12.06
Declines	645	6.97
Unchanged	445	3.44
Total Volume		22.47

* 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*
July 7, 1978	812.46	94.89	23.49
July 6, 1978	807.17	94.32	24.99
July 5, 1978	805.79	94.27	23.74
July 3, 1978	812.89	95.09	11.57
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