News stories from Friday June 22, 1979

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

Support for a five-year freeze on oil imports will be sought from leaders of the United States, Canada and Japan by Western European leaders at the economic summit conference in Tokyo next week. The proposal dominated talks in Strasbourg held by the nine Common Market countries. [New York Times] The administration moved to help truckers with fuel availability and higher load limits, but it was not enough to persuade the independent truckers to end their work stoppage, their leaders said. The administration ordered an end to the special treatment that farmers had enjoyed in getting diesel fuel supplies and asked nine states and the District of Columbia to reconsider increasing their truck weight limits to the 80,000 pounds allowed in other states. [New York Times] The lowest supply of gasoline since the shortage developed was anticipated this weekend in the New York metropolitan region. Motorists were urged to avoid using their cars if they could. The Automobile Club of New York, for the first time in its history, advised drivers to stay home.Sharp and erratic increases in gasoline prices at some New York City and Long Island service stations brought a growing number of complaints from motorists. Service station operators explained that the increases were necessary because of the higher prices they must pay fuel distributors. [New York Times] Fuel for powerboats is getting scarce at marinas in the New York region. Many marina operators have placed limits on sales of the regular gasoline used by the pleasure boats, and some marinas have run out of gasoline completely. The Coast Guard Auxiliary reported more distress calls by boats that have run out of gas. [New York Times] A 20-year prison term was given to Nikola Kavaja, a Serbian nationalist and convicted bomber who hijacked an American Airlines plane Wednesday, the day before he and other co-defendants were to be sentenced in Chicago for the bombing of a Yugoslav consul's home in suburban Chicago, and plotting to bomb a Yugoslav club. [New York Times] When Skylab falls to earth it may be "slightly safer to be indoors than outdoors," the National Aeronautics and Space Administration said, but refrained from recommending that people change their plans or make special attempts to seek shelter. It reiterated its contention that the likelihood of an individual being struck by falling debris from the space station was one in 600 billion. [New York Times] The Sandinista guerrillas rejected intervention in their fight to overthrow President Anastasio Somoza of Nicaragua, who said that he would await the outcome of the debate by the Organization of American States before responding to the urging of the United States for his resignation.American peace attempts for Nicaragua failed to get backing from the Organization of American States at an emergency ministerial meeting in Washington. Severe criticism of the American proposal for an inter-American peace force in Nicaragua was expressed instead. Cuba is heavily backing Nicaragua's rebels, providing the Sandinist guerrillas with arms and training instructors in the civil war, the Carter administration said. Some of the evidence of Cuban involvement seemed sketchy, but government officials maintained that Cuba's participation had been confirmed by intelligence reports. [New York Times] Jeremy Thorpe was acquitted in London of having conspired to murder a man who claims to have been his lover. The acquittal of the former leader of Britain's Liberal Party and three co-defendants was announced by the jury after two-and-a-half days of deliberation. [New York Times] Cambodia charged Thailand with killing more than 300 of the 45,000 refugees it forced back into Cambodia by shooting them or forcing them to cross mine fields. [New York Times] Uganda was quieter as the government of the new President, Godfrey Binaisa, consolidated its hold on the country. Former President Yusufu Lule, whose dismissal set off violent demonstrations by his supporters in Kampala, was said to be on his way to England. [New York Times] Syria vowed merciless retribution against the Moslem Brotherhood, which was accused of a "massacre" of cadets at the Aleppo Military Academy last Saturday. The state radio said that 32 cadets were killed. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 849.10 (+5.46, +0.65%)
S&P Composite: 102.64 (+0.55, +0.54%)
Arms Index: 0.71

	Issues	Volume*
Advances	894	22.06
Declines	592	10.37
Unchanged	413	3.98
Total Volume		36.41

* 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 21, 1979	843.64	102.09	37.10
June 20, 1979	839.83	101.63	33.79
June 19, 1979	839.40	101.58	30.78
June 18, 1979	839.40	101.56	30.97
June 15, 1979	843.30	102.09	32.93
June 14, 1979	842.34	102.20	37.84
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