News stories from Thursday June 14, 1979

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

Oil companies were criticized by Energy Secretary James Schlesinger for a decline in the amount of oil being refined, but he hailed a rise last week in crude oil imports. He said he had "no evidence of any collusion" by the industry, but he added that his agency would investigate the decline and would ask the companies to explain any "discrepancies." New Jersey seeks oil-supply data, according to Commissioner Joel Jacobson of the state's Energy Department. He said he planned to subpoena records of four big refiners unless they complied with his request for information on their storage capacity and on how much gasoline and other oil products were being stored. [New York Times] The truckers' protest has spread to 37 states, according to various reports. The independent truckers, who seek a national truck stoppage, said that up to 75,000 trucks, or 60 percent of the nation's non-fleet, long-haul interstate trucks, had stopped operating in a protest against diesel oil shortages and rising prices.The impact of the truckers' protest is beginning to pinch businesses in a number of cities in Montana and elsewhere. Independent truckers carry most of the nation's raw foodstuffs. Montana, which relies more on trucking than most states do, is particularly hard hit and some business leaders say they face possible plant layoffs. [New York Times] Navy bias against blacks was charged by the American Civil Liberties Union, which said that the service had a "quota system aimed at restricting minority access." The Navy strongly denied the allegations. [New York Times] To try to prevent debris from Skylab from falling on the world's most populous regions, the national space agency plans a maneuver next week to change the orbit orientation of the doomed space station. Officials predict that Skylab will re-enter the atmosphere from July 7 to 25, with July 16 considered the most likely date. [New York Times] Upgrading the Education Department to the cabinet level has aroused major opposition in the House, causing Democratic leaders to put aside the administration plan. The decision to postpone further action, probably until next week, was made after four days of often bitter debate. [New York Times] A raging fire at Macy's huge department store in mid-Manhattan killed one fireman, injured at least 19 other firefighters and shoppers and routed thousands of shoppers and employees. The four-alarm blaze burned out of control for two and a half hours, damaged parts of the fifth and sixth floors and sent billows of heavy smoke through the Herald Square store, The cause was not immediately determined. [New York Times] Court avoidance of school suits alleging "educational malpractice" was upheld by the New York state Court of Appeals. It recommended non-involvement in such lawsuits as "a matter of public policy." In a unanimous ruling, the state's highest tribunal reaffirmed the dismissal by lower courts of a $5 million suit brought by a young Long Island man who charged that his school district had allowed him to be graduated from high school despite his being functionally illiterate. [New York Times] President Carter arrived for summit talks in Vienna with Leonid Brezhnev, the Soviet leader. They will sign a strategic arms limitation accord, which Mr. Carter said "will reduce substantially the dangers of nuclear holocaust," and may explore possible cooperation in troubled regions around the world.Moscow reflected wary optimism on the eve of the summit meeting. Years of tension weighed heavily on Soviet expectations for the talks and for future relations with Washington. [New York Times] Nicaraguan planes attacked Leon, the country's second largest city, which has been held for 11 days by insurgents fighting to overthrow the regime. Sporadic clashes continued in Managua, where rebels again barricaded the road to the capital's airport. [New York Times] The Senate's position on Zimbabwe Rhodesia was explained in interviews with Senators and their staff aides. Comments showed that most Senators refused to support President Carter's efforts to maintain sanctions against Zimbabwe Rhodesia because they were not convinced by Mr. Carter's portrayal of the recent elections there as unfair. The Senators were also unhappy with what they perceived as administration support of Communist-backed insurgents. [New York Times] A runaway Mexican oil well symbolized the opportunities and hazards facing the country as it begins to exploit its potential as a major oil producer. The offshore blowout has spewed unchecked into the Gulf of Mexico about 15 million gallons of crude oil. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 842.34 (+0.17, +0.02%)
S&P Composite: 102.20 (-0.11, -0.11%)
Arms Index: 0.73

	Issues	Volume*
Advances	645	16.78
Declines	839	16.00
Unchanged	404	5.07
Total Volume		37.85

* 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 13, 1979	842.17	102.31	40.75
June 12, 1979	845.29	102.85	45.44
June 11, 1979	837.58	101.91	28.27
June 8, 1979	835.15	101.49	31.47
June 7, 1979	836.97	101.79	43.38
June 6, 1979	835.50	101.30	39.83
June 5, 1979	831.34	100.62	35.05
June 4, 1979	821.90	99.32	24.04
June 1, 1979	821.21	99.17	24.57
May 31, 1979	822.33	99.08	30.31