News stories from Monday July 28, 1980

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

Kurt Waldheim created a political stir by supporting publicly a proposal to create a Palestinian state. The United Nations Secretary General had previously limited his statements to urging recognition of "the legitimate rights of the Palestinian people." [New York Times] Movement on the American hostages by Iran's Parliament was predicted by the Speaker, who said that a number of committees would begin discussing the issue within a week. [New York Times] Tomorrow's funeral of the deposed Shah of Iran in Cairo is expected to draw sparse attendance from among his former allies. Egypt is the only country officially mourning his death. Former King Constantine of Greece is expected to attend, along with former President Nixon, who arrived at the Cairo airport and assailed the Carter administration for "shameful treatment" of the deposed ruler after he left Iran. [New York Times] The President suffered new setbacks in his re-election campaign. Mayor Koch indicated that he might withdraw his support, and Governor Carey joined a group of 40 to 50 Congressmen calling for the release of delegates at the Democratic National Convention from first-ballot commitments to vote for presidential aspirants to whom they are now pledged.The Carter campaign pressed efforts to combat rising challenges to the President's renomination. He has scheduled a number of meetings this week with groups of Democratic Congressmen to try to thwart the drive for an open convention. [New York Times] Libya's payment to Billy Carter of $220,000 was arranged by Robert Vesco, according an assertion by the fugitive financier reported by Senator Dennis DeConcini. Mr. DeConcini, an Arizona Democrat, said he had no independent evidence to support the contention, which he said Mr. Vesco made to him in an interview in the Bahamas. The Carter administration, like previous ones, has tried to extradite Mr. Vesco for trial on fraud and embezzlement charges, and the Senator quoted Mr. Vesco as saying he had acted out of vengeance. [New York Times] The Republicans' military plank was assailed by Defense Secretary Harold Brown as "unrealistic, simplistic, dangerous" while he defended President Carter's military position as "prudent and mature." [New York Times] An ex-Miami policeman was indicted by a federal grand jury on four charges of having violated the civil rights of Arthur McDuffie, a black insurance executive who was fatally beaten by policemen after a traffic incident last Dec. 17. The indicted policeman, who took part in the beating, testified under state immunity against four fellow officers charged with using excessive force. The acquittal of the officers touched off major racial violence in Miami in May. [New York Times] Four convicted murderers escaped from the maximum-security Georgia State Prison dressed in guards' uniforms, according to the authorities. Prison officials first learned of the escape from a reporter who was telephoned by one of the fugitives, whose death sentence was at issue in 1976 when the Supreme Court upheld Georgia's death penalty. [New York Times] Washington's concern over the Mideast was emphasized to the cabinet by Secretary of State Muskie, according to officials. They said the administration was worried that Israel's plans to affirm Jerusalem as its capital and the refusal of the Common Market countries to vote against anti-Israel measures in the United Nations General Assembly might imperil the Middle East peace talks. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 925.43 (+7.34, +0.80%)
S&P Composite: 121.43 (+0.65, +0.54%)
Arms Index: 0.65

	Issues	Volume*
Advances	783	19.07
Declines	697	11.10
Unchanged	418	5.16
Total Volume		35.33

* 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 25, 1980	918.09	120.78	36.25
July 24, 1980	926.11	121.79	42.42
July 23, 1980	928.58	121.93	45.90
July 22, 1980	927.30	122.19	52.23
July 21, 1980	928.67	122.51	42.74
July 18, 1980	923.98	122.04	58.04
July 17, 1980	915.10	121.44	48.87
July 16, 1980	904.44	119.63	49.13
July 15, 1980	901.54	119.30	60.90
July 14, 1980	905.55	120.01	45.48