News stories from Tuesday May 15, 1979

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

The United States Embassy in Guyana was assailed in a staff report of a House committee, which accused the Embassy of failing to act on signals of trouble at the People's Temple commune in Jonestown. The inquiry also found evidence of collusion between Guyanese officials and cult leaders. [New York Times] Damage in a nuclear reactor in Salem, N.J., has prompted a full-scale examination of all plates in the reactor. Dents and cracks in some metal plates holding nuclear fuel rods in place at the generating plant were discovered after the reactor was shut down for routine refueling. [New York Times] Abortions will be performed at Lincoln and Metropolitan municipal hospitals despite the opposition of New York Medical College, the president of New York City's Health and Hospitals Corporation said. The Roman Catholic-affiliated medical college is to begin providing services at both hospitals on July 1. An official of the Archdiocese of New York said that it and any agencies it controls would never "cooperate with abortion." [New York Times] Sears, Roebuck was rebuffed as a federal judge in Washington dismissed its sweeping suit challenging federal equal-employment programs. In the action it filed in January, the mammoth retailer said it would be harmed by what it saw as conflicts among various government hiring rules. But the judge held that "this alleged conflict is not sufficiently concrete" to give Sears a basis to sue. [New York Times] Radical course changes at Harvard were announced. The new "core curriculum" for undergraduates abandons broad, general introductory courses in favor of 80 to 100 highly specific courses designed to teach students how to approach areas of knowledge, rather than particular sets of facts. The program also requires for the first time that Harvard students demonstrate proficiency in writing, mathematics and the use of computers. [New York Times] Personal finances of federal judges would not have to be disclosed under an order by a federal district judge in New Orleans who blocked implementation of a new law requiring such disclosures. The temporary restraining order, sought by six federal district judges in the South, did not cover similar disclosure requirements for members of Congress and the executive branch. [New York Times] A company refused to supply water sample records from a 1968 study it made of contamination of ground water, drinking wells and a lake in Montague, Mich., from one of its chemical dumps. The refusal was made by the Hooker Chemical and Plastics Corporation in defiance of a congressional panel's request with which it had agreed earlier to comply. [New York Times] Philadelphia's longest ballot in history led to slow counting in a city primary involving 356 candidates. In the Democratic primary for mayor, early returns gave former Representative William Green more than a 2 to 1 lead over his closest opponent, former Deputy Mayor Charles Bowser. In the Republican mayoral primary, former United States Attorney David Marston was leading. [New York Times] Lifting sanctions against Rhodesia within 14 days after the installation of a black majority government in Salisbury was requested by the Senate in an unexpected rebuff to President Carter's southern Africa policy. The request was made in a "sense of Congress" resolution that will not be binding on the President even if it is also approved by the House. The appeal was adopted by a vote of 75 to 19 in an amendment to an authorization bill. [New York Times] Canada faces crucial elections next week amid deep and troubling divisions. Voters across the vast, rich country are split by geography, language, traditions, climate, economic priorities and continuing uncertainties over identity. The most ominous threat is secession, to which the government in Quebec is pledged. [New York Times] Queen Elizabeth II opened Parliament with pledges by the new Conservative government of Prime Minister Margaret Thatcher to reverse the tide of Britain's political evolution. The government pledged to cut income taxes, reform trade unions, sell public housing to tenants and impose new controls on immigration. [New York Times] Israeli concern over Egypt's isolation in the Arab world and economic and political pressures on Cairo from Arab countries was expressed by Prime Minister Begin. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 825.88 (+0.86, +0.10%)
S&P Composite: 98.14 (+0.08, +0.08%)
Arms Index: 0.74

	Issues	Volume*
Advances	702	12.16
Declines	683	8.71
Unchanged	510	5.32
Total Volume		26.19

* 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 14, 1979	825.02	98.06	22.46
May 11, 1979	830.56	98.52	24.01
May 10, 1979	828.92	98.52	25.23
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