News stories from Monday November 6, 1978

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

Voters seemed distrustful on the eve of a national election that is expected to turn on views about candidates' honesty and sincerity rather than on what they say about issues or how they pledge to solve problems. Candidates have made obligatory references to taxes and inflation but have concentrated on selling their character and charging that their opponents lack it. Democrats have stolen much of the thunder of Republicans over high government spending and are echoing complaints about it. [New York Times] Yugoslav-Americans are the target of what is believed to be an international plot apparently aimed at extorting money from them, according to the Federal Bureau of Investigation. The bureau is investigating the alleged conspiracy, in which a New York man has been murdered and a Chicago factory firebombed. The incidents apparently represent an extension of a struggle between the Yugoslav government and emigre groups that seek re-establishment of a Croatian state and the overthrow of President Tito. [New York Times] The right to present political views to voters is expected to be a continuing concern of the Supreme Court. The tribunal refused to block Boston from spending funds to lobby for passage of a controversial state constitutional amendment. The majority refused to block the City of Boston from spending $975,000 its city council had appropriated to lobby for passage of a provision on Tuesday's ballot to allow private homes to be taxed at a lower rate than commercial property. But the principal question was left for possible future decision. [New York Times] Iran was put under military rule by order of the Shah, who said in a broadcast address that the move was only temporary to restore order and that he would continue efforts to form a coalition government. He promised his rebellious people "to make up for past mistakes, to fight corruption and injustices and to form a national government to carry out free elections." The speech was marked by unusual conciliation.Civil war in Iran would be sought if "the present method of political struggle doesn't work," Ayatollah Khomeini, an exiled Iranian religious leader, warned. The prominent opponent of the Shah's government spoke in an interview at his suburban bungalow where he has lived since he arrived in Paris a month ago. [New York Times] Urging quick SALT agreement, a top Soviet Communist official said both the United States and the Soviet Union must make political concessions to achieve a strategic arms limitation treaty in the face of rapid development of weapons technology. [New York Times] China's economic policy is changing, according to signs that it is introducing a limited market economy and dropping some shortcomings of its planned Communist system. In an apparently stunning departure, it has begun negotiations with a large number of foreign multinational companies to help it develop natural resources, build hotels and open joint-venture factories. [New York Times] Small private Rhodesian armies have been formed in recent weeks around each of the three black leaders who have joined in a transitional coalition with Prime Minister Ian Smith. The emergence of these militias, totaling perhaps 1,500 men, has alarmed many blacks and whites as a possible threat to future elections. [New York Times] West German loyalty tests have produced many jokes but have made the nation's six-year-old anti-radical decree a divisive political issue. The tests for public employees -- including those in minor posts -- were designed to keep extremists out of sensitive positions, but critics say they have weakened the confidence of many young Germans in the country's commitment to democracy. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 814.88 (-8.23, -1.00%)
S&P Composite: 95.19 (-0.99, -1.03%)
Arms Index: 1.52

	Issues	Volume*
Advances	600	5.35
Declines	906	12.26
Unchanged	381	2.84
Total Volume		20.45

* 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*
November 3, 1978	823.11	96.18	25.99
November 2, 1978	816.96	95.61	41.03
November 1, 1978	827.79	96.85	50.45
October 31, 1978	792.45	93.15	42.72
October 30, 1978	811.85	95.06	59.48
October 27, 1978	806.05	94.59	40.36
October 26, 1978	821.12	96.03	31.99
October 25, 1978	830.21	97.31	31.38
October 24, 1978	832.55	97.49	28.88
October 23, 1978	839.66	98.18	36.09