News stories from Thursday May 10, 1979

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

California gas supplies will increase slightly during the month, according to Department of Energy officials, who said the state would get 93 percent of last May's allocations. The officials said other states had tighter supplies than California, where, they said, panic buying had increased demand. They said the situation would ease if California motorists stopped filling up their tanks whenever they got a few gallons low. [New York Times] "Radiation obsession" has swept the country since the Three Mile Island nuclear accident, according to some regulators at a conference on radiation control. The result, they say, is that widespread indifference before the accident has turned into demands for what they consider utopian levels of safety for the handling of radioactive substances. One official said Oregon legislators wanted him dismissed when he described a picocurie -- an infinitesimally small amount -- of radiation as "meaningless." [New York Times] Democratic leaders lost control of the House budget debate when a resolution to cut off debate and move to a final vote on a leadership budget plan was defeated by a vote of 208 to 197. The action spells trouble for the plan, which projects a smaller deficit than the one recommended by President Carter, and the attempt by House leaders to assume greater control in shaping the federal budget. [New York Times] Two Westchester double slayings were discovered within a block of each other in suburban Redford Hills. N. Y. The victims, apparently shot to death by robbers, included a former Assistant Secretary of State and his wife. Their bodies were found in their home after the 21-year-old son of a Wall Street stockbroker and his family's elderly governess were found in a nearby house. [New York Times] Promising a rerun of 1976, Mayor Koch led a delegation of city officials and theatrical personalities in boosting New York City as the site of the 1980 Democratic National Convention. "We will not only renominate and re-elect the President," Mr. Koch told the party's site selection committee in Washington, "we're going to give you a good time doing it." [New York Times] Informal debate on the arms pact between the United States and the Soviet Union opened in the Senate, with most Senators, particularly those in leadership positions, avoiding public commitment. Administration officials said 40 Senators were leaning in favor of the treaty, 20 against, and 40 seemed undecided. [New York Times] Taiwan is prospering, despite its loss of official diplomatic ties with the United States. After a period of shock and uncertainty following President Carter's decision to sever relations, there has been no flight of people or capital, stock market and real estate values are climbing again, and foreign investment in Taiwan appears headed for a record high. [New York Times] Kuwait, threatening Egypt's economy, is seeking to withdraw more than $1 billion it has on deposit in Egyptian banks. Egypt has ignored the request and is expected to try to block the move because it would be hard pressed to come up with the money.Action against American interests was proposed by an Arab organization that spearheaded a campaign to isolate President Anwar Sadat of Egypt for making peace with Israel. In calling for action against American interests because of the United States role in the peace effort, the secretary general of the Arab People's Congress did not say what the action might be. He said that a seminar would be held later this month to discuss the details. [New York Times] Israel moved to deport two American students accused of throwing stones at the car of a high Israeli officer during pro-Palestinian demonstrations in the occupied West Bank area. American officials, who said they could recall no previous Israeli deportation of United States citizens, declined to comment on the case. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 828.92 (-9.70, -1.16%)
S&P Composite: 98.52 (-0.94, -0.95%)
Arms Index: 1.61

	Issues	Volume*
Advances	430	4.57
Declines	1,046	17.88
Unchanged	412	2.78
Total Volume		25.23

* 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*
May 9, 1979	838.62	99.46	27.67
May 8, 1979	834.89	99.17	32.72
May 7, 1979	833.42	99.02	30.49
May 4, 1979	847.54	100.69	30.63
May 3, 1979	857.59	101.81	30.86
May 2, 1979	855.51	101.72	30.51
May 1, 1979	855.51	101.68	31.05
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