News stories from Tuesday May 1, 1979

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

George Bush will run for President on the Republican ticket. The former director of the C.I.A., whose party support comes mainly from its moderates, announced his candidacy in Washington as a "lifelong Republican," and pledged military strength, limited federal spending and "a new candor." Howard Baker Jr., the Senate minority leader, is Mr. Bush's principal rival for the backing of the Republican moderate wing. [New York Times] Laboratory animals developed cancer after exposure to drugs and cosmetics widely used to lower blood pressure, fight drowsiness and cure dandruff, scientists at the National Cancer Institute reported. The most dangerous drug used in their tests, they said, was the prescription drug reserpine, taken to control blood pressure. [New York Times] A major upheaval in private charity drives may be near. United Way, the nation's biggest and best-known charity fundraiser, is under increasingly bitter attack by many smaller charities who charge that it is cutting them off from the best, surest and cheapest source of donations -- employee payroll deductions. Members of other charities are taking steps toward a national effort to increase opportunities for competition. [New York Times] Efforts to renew special federal aid to cities with high unemployment was turned back by the House. A coalition of Republicans and conservative Democrats voted, 212 to 198, to cut from the budget a $250 million appropriation requested by the White House. The program expired automatically last year when the national unemployment rate fell below 6 percent. [New York Times] The Army's new chief of staff reportedly is Gen. Edward Meyer, who was named last month as commander of the United States Seventh Army in Europe. He is said to be President Carter's choice among 18 other generals who outrank him. The President was "deeply impressed with General Meyer's intellectual capabilities," officials said. [New York Times] A man has won $1,600 monthly alimony from his divorced wife. The lawyer for the recipient said it was the "first major award" since the Supreme Court of the United States struck down laws last March in New York and 11 other states prohibiting alimony payments to men. Henry Irwin, married for 26 years, was sued for divorce in New York in 1977 by his wife, Elizabeth Phillips Irwin, an oil heiress. [New York Times] Islamic guerrillas killed an ayatollah who was an important member of Iran's secret ruling Revolutionary Council. Ayatollah Morteza Motahari was shot in Teheran. Forghan, a new underground organization that recently declared its opposition to "fanatic mullahs," took responsibility for the killing. [New York Times] "A new kind of diplomacy" is needed by the United States to deal with the "deep and rapid change" in a world no longer dominated by traditional power centers, Secretary of State Cyrus Vance said in a speech designed to counter criticism that American influence in world affairs was weakening. Zbigniew Brzezinski, the national security adviser, also called for a new diplomatic approach. [New York Times] China will attack Vietnam again if it "continues its provocations." Chinese leaders told Secretary General Kurt Waldheim in Peking. Deputy Prime Minister Deng Xiaoping reportedly told Mr. Waldheim that "China reserves the right to act" and " would teach them another lesson." [New York Times] The U.S. and the Soviet Union agreed to settle all issues remaining in the strategic arms limitation treaty talks before President Carter and Leonid Brezhnev meet. A State Department official said that the administration wanted to make it possible for key members of Congress and the press to be briefed on the treaty before the meeting, avoiding speculation that President Carter would be making concessions. [New York Times] Anwar Sadat censured Saudi Arabia's leadership in a May Day speech in an Egyptian mining town. He accused it of using pressure and bribes to persuade other Arab nations to break relations with Egypt. Measures adopted by the Arabs would not deter Egypt from developing a working peace with Israel, President Sadat said. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 855.51 (+0.61, +0.07%)
S&P Composite: 101.68 (-0.08, -0.08%)
Arms Index: 1.01

	Issues	Volume*
Advances	738	13.44
Declines	710	13.06
Unchanged	446	4.54
Total Volume		31.04

* 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*
April 30, 1979	854.90	101.76	26.44
April 27, 1979	856.64	101.80	29.63
April 26, 1979	860.97	102.01	32.41
April 25, 1979	867.46	102.50	31.75
April 24, 1979	866.86	102.20	35.54
April 23, 1979	860.10	101.57	25.62
April 20, 1979	856.98	101.23	28.83
April 19, 1979	855.25	101.28	31.12
April 18, 1979	860.27	101.70	29.51
April 17, 1979	857.93	101.24	29.27