News stories from Friday July 13, 1979

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

President Carter's energy program would reduce dependence on foreign oil by five million barrels a day by 1990. He told columnists and television commentators at a meeting at Camp David that he had decided on the most sweeping of four energy programs proposed by his aides. This is the one that contains the five-million-barrel cut in foreign oil. It was endorsed by Secretary of Energy James Schlesinger over the objections of most of the other presidential advisers who said it was unrealistic. [New York Times] Gasoline stations were shut down in Pennsylvania and Delaware by independent operators in a protest against federal regulations. A spokesman for the operators said the stations would remain closed "until something gives." The operators want the controls lifted, or at least substantially revised. The association representing the independent dealers said that about 85 percent of Pennsylvania's 8,200 stations and about a third of the 400 stations in Delaware closed.Gasoline is expected to be plentiful this weekend in the New York metropolitan region, but officials urged drivers to use their automobile less to help prevent a shortage near the end of the month. It appeared that some of New Jersey's 6,000 stations may shut down in a protest against federal allocation and price regulations that closed thousands of stations in Pennsylvania and Delaware. [New York Times] The ban on DC-10 flights was lifted by the government, and the eight domestic airlines with DC-10's in their fleets moved quickly to get them flying again. United Airlines was the first to put one of the planes back into service with a flight from Chicago to Baltimore. The McDonnell Douglas Corporation was ordered to redesign vital components of the jumbo craft over the next two years. [New York Times] The C.I.A. has been ordered to pay legal fees and court costs to a longtime civil liberties critic of government policies and his wife, who, under the Freedom of Information Act, had requested documents concerning them and then sued when the C.I.A. delayed in providing access to them. [New York Times] The police sought two companions of Carmine Galante who had been with him at the Brooklyn restaurant where he was slain Thursday. They survived the attack by gunmen that killed two other men who had also been at Mr. Galante's table. The missing men, identified as Caesar Bonventre, 28 years old, and Baldo Amato, 27, were believed to be members of Mr. Galante's crime organization. [New York Times] A worldwide ban on sperm whaling was turned down by the International Whaling Commission in London, but it voted to establish a whale sanctuary in the Indian Ocean and adjacent seas for at least 10 years. Conservationists had sought a three-year moratorium on sperm whale hunting. Seychelles proposed the sanctuary. [New York Times] Palestinians raided Egypt's embassy in Ankara and took 20 hostages, including the ambassador, and killed two security guards. The four gunmen tossed a message out a window identifying themselves as Palestinians and demanding the release of two guerrillas jailed in Egypt. [New York Times] The sale of more arms to Saudi Arabia has been recommended by the State Department to enable the country to further modernize its paramilitary national guard. The $1.2 billion deal has been endorsed by Zbigniew Brzezinski, President Carter's national security adviser, and Defense Secretary Harold Brown. The State Department said it was not connected with Saudi Arabia's recent announcement that it would increase oil production. [New York Times] Australian police guarded a piece of Skylab that fell in the desert gold-mining town of Kalgoorlie, changing the local mood there, where possession is nine points of the law, from euphoria to resentment when it was impounded. The fragment is a one ton cylinder. Police declined to say whether impoundment was requested by the United States space agency. [New York Times] Vietnam said the refugee conference in Geneva next week was a "a major concern" to it. Its representative at the United Nations Economic and Social Council in Geneva expressed the hope that the meeting will bring a "concrete and realistic solution." [New York Times] The Senate may recommend that several "understandings" be attached to the arms pact. Senior members of the Foreign Relations Committee said that there was "an emerging consensus" that the committee should recommend the "understandings," described "modifying clarifications" by Senator Frank Church and Senator Jacob Javits. [New York Times] High military risks were cited as arguments against any armed intervention by the United States to insure a free flow of oil from the Persian Gulf area. A Library of Congress report by the Congressional Research Bureau was prepared "because prominent members of Congress and the executive branch consider military means possibly useful for such purposes." [New York Times]

Stock Market Report

Dow Jones Industrial Average: 833.53 (-3.33, -0.40%)
S&P Composite: 102.32 (-0.37, -0.36%)
Arms Index: 1.00

	Issues	Volume*
Advances	524	10.36
Declines	900	17.78
Unchanged	466	4.94
Total Volume		33.08

* 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*
July 12, 1979	836.86	102.69	31.77
July 11, 1979	843.86	103.64	36.64
July 10, 1979	850.34	104.20	39.73
July 9, 1979	852.99	104.47	42.46
July 6, 1979	846.16	103.62	38.57
July 5, 1979	835.75	102.43	30.29
July 3, 1979	835.58	102.09	31.67
July 2, 1979	834.04	101.99	32.06
June 29, 1979	841.98	102.91	34.68
June 28, 1979	843.04	102.80	38.47