News stories from Friday June 20, 1980

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

President Carter warned the allies against "the false belief" that they could maintain detente in Europe while Soviet forces remained in Afghanistan. The President stressed this theme, which he plans to pursue this weekend in his meetings with six allied leaders in Venice, as he addressed a state dinner in Rome. [New York Times] U.S. acceptance of recent refugees was affirmed by the Carter administration. It said that the vast majority of the 129,000 Cubans and Haitians who had come to this country would be allowed to remain for at least six months and could become permanent residents after two years if Congress agreed. The government is dropping efforts to expel about 15,000 Haitians. [New York Times] Democratic split over foreign policy was reported in the final closed meeting of a panel preparing a draft of the party platform. The issues debated included recognition of Jerusalem as Israel's capital, the sale of arms to Arab countries, Irish unity and the hostages in Iran. Backers of Senator Edward Kennedy challenged Carter administration positions in what administration officials charged was an attempt to woo various ethnic voters. [New York Times] The contest for political influence between unions and corporations has been renewed. The present issue in the long dispute involves which group may be coercing illegal campaign contributions from its employees. [New York Times] The wounding of Vernon Jordan, the president of the National Urban League, in Fort Wayne, Ind., three weeks ago and coverage of the unsolved shooting by the news media have angered many blacks in that city. One leader said that "the national press has painted us as being apathetic because we didn't riot when Vernon was shot. They said there is a movement in the Urban League to dump Vernon, and none of it is true." [New York Times] The closing of the major Ford plant in Mahwah, N.J., left workers disconso-late. The shutdown of the 50-acre assembly plant eliminated about 4,500 jobs and an $84.9 million a year payroll and ended a 50-year Ford operation in northern New Jersey. "I feel sad about America's future," a shop steward said after he drove the last car off the assembly line. [New York Times] Greater efforts to fight crime were pledged by the Commissioner of Internal Revenue, who said that his agency would cooperate more closely with other law enforcement agencies in in quiries of organized criminals and narcotics traffickers. Some Senators and law enforcement officials have accused the agency of being unwilling to provide such cooperation. [New York Times] A new airliner may not enter service as scheduled next month. In the second serious landing accident in seven weeks of government certification tests, a DC-9 Super 80 veered off a runway and collapsed on its belly, federal officials said. No one was hurt. [New York Times] The safety record of commuter airlines is far lower than that of major carriers, causing increasing government concern. The 200 commuter carriers are fast becoming a key link in the nation's transportation system, providing about 500 communities with their only air service. The government reports that from 1975 to 1979 the carriers had five and a half times the rate of accidents experienced by large airlines. [New York Times] United Nations bias against Israel was charged by the United States as it protested strongly the organization's refusal to award a $23 million construction project to the lowest bidder, an Israeli company. United Nations rules require the awarding of contracts to the lowest bidders, and sources attributed the rejection to protests by Arab and African nations. Officials said that the project, to be built in Nairobi, would be canceled, at least for the time being. [New York Times] The first vote in Iraq since 1958, when the monarchy was overthrown, took place under ubiquitous portraits of President Saddam Hussein. The election seemed as much designed to solidify the rule of the President and his powerful Baath Party as it was in establishing a new 250-member national legislative body. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 869.71 (-1.19, -0.14%)
S&P Composite: 114.06 (-0.60, -0.52%)
Arms Index: 0.88

	Issues	Volume*
Advances	563	13.11
Declines	890	18.21
Unchanged	431	5.21
Total Volume		36.53

* 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, 1980	870.90	114.66	38.28
June 18, 1980	881.91	116.26	41.96
June 17, 1980	879.27	116.03	41.99
June 16, 1980	877.73	116.09	36.18
June 13, 1980	876.37	115.81	41.85
June 12, 1980	872.61	115.52	47.30
June 11, 1980	872.70	116.02	43.80
June 10, 1980	863.99	114.66	42.02
June 9, 1980	860.67	113.71	36.81
June 6, 1980	861.52	113.20	37.22