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Tuesday July 10, 1979
. . . where the 1970s live forever!

News stories from Tuesday July 10, 1979

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

  • Price controls on gasoline will be kept by President Carter because he believes that prices would rise sharply if they are lifted, his press secretary, Jody Powell, said. White House aides expect the President to take measures to reduce oil imports by four to five million barrels daily next year through conservation and the use of synthetic fuels and alternate energy sources. They were preparing a series of options for an energy program for delivery to Congress?

    A temperature limit of 78 degrees in air-conditioned commercial, government and most other public buildings has been ordered by President Carter in a proclamation signed at Camp David. The order goes into effect Monday for nine months, It also limits temperatures in those buildings to 65 degrees next winter. [New York Times]

  • The cost of synthetic fuel plants would be billions more than the administration's initial estimates, according to an analysis prepared by the Rand Corporation for the Energy Department. The administration's plans to give priority to the plants, the report said, could crowd out other investments that would further industrial productivity and help control inflation. [New York Times]
  • Skylab will fall over the Pacific Ocean at 11:18 A.M. tomorrow, space agency officials predicted. The 26 tons of debris from the doomed space station are expected to shower in a path almost entirely over water. The prediction advanced by 44 minutes from earlier forecasts and moved to the other side of the globe. [New York Times]
  • Arthur Fiedler died at his home in Brookline, Mass. He collapsed at his desk while going over musical scores. He had been the conductor of the Boston Pops Orchestra for 50 years. He had recovered from a brain disorder last winter and was able to lead his orchestra in a 50th anniversary concert last May. He was 84 years old. [New York Times]
  • Maintenance procedures were blamed in large part for the crash of the American Airlines DC-10 jumbo jet in Chicago, according to a report by the Federal Aviation Administration. The agency also said that there were serious shortcomings in the training of the airline's mechanics. [New York Times]
  • The Electoral College survived an effort to replace it with direct popular election of the President. The long-standing proposal was defeated decisively in the Senate, receiving only 51 votes, 15 short of the required two-thirds majority of 66. Because of the Senate vote, the House is not likely to take up the proposal. [New York Times]
  • Iran's Prime Minister gave up efforts to remove a general opposed to the return of foreign military experts in Iran, mainly Americans, who would maintain Iran's huge arsenal of Western weapons purchased by the Shah. Gen. Saif Amir Rahimi, a confidant of Ayatollah Khomeini, ignored an order dismissing him as commander of the military police. [New York Times]
  • Cambodian refugees have been saved after appeals to Thailand from abroad. The refugees are among more than 45,000 that Thailand had forcibly returned to Cambodia. About 1,000 of them have returned to Thailand, which is allowing them to enter transit camps on condition that they leave for other countries within 60 days. It is taken for granted that most will go to the United States. [New York Times]
  • The Senate's rejection of the arms pact would cause a "severe worsening" of relations with the Soviet Union and would be a "terribly severe blow" to the Western alliance, Secretary of State Cyrus Vance said at the Foreign Relations Committee's hearing on the treaty. Howard Baker Jr., the Senate minority leader, was one of the Senators who closely questioned the administration witnesses, and he drew from them a statement that the strategic strength of the Soviet Union would continue to grow faster than that of the United States during the treaty's five-year term. [New York Times]
  • Prime Minister Menachem Begin went to Egypt for talks with President Anwar Sadat. Discussions during the three-day visit are expected to be wide-ranging, but are not expected to lead to agreement on basic issues. [New York Times]
  • Costa Rica expelled a U.S. Air Force unit that landed Sunday near the border with Nicaragua because permission to station the unit had not been properly obtained. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 850.34 (-2.65, -0.31%)
S&P Composite: 104.20 (-0.27, -0.26%)
Arms Index: 1.17

Total Volume39.73
* 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
July 9, 1979852.99104.4742.46
July 6, 1979846.16103.6238.57
July 5, 1979835.75102.4330.29
July 3, 1979835.58102.0931.67
July 2, 1979834.04101.9932.06
June 29, 1979841.98102.9134.68
June 28, 1979843.04102.8038.47
June 27, 1979840.52102.2736.72
June 26, 1979837.66101.6634.68
June 25, 1979844.25102.0931.30

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