News stories from Wednesday June 18, 1980

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

South African police fired again on rioters in a mixed-race area outside Cape Town. The outbreak of stoning, looting and arson grew out of a two-month protest against inequalities in education between whites and other races. At least 42 people were reported killed and at least 200 wounded, nearly all of mixed race. [New York Times] Major evidence of a deep recession was indicated by the gross national product, the best measure of the economy. The annual rate plunged by 8.5 percent in this year's second quarter, the second biggest drop since the Depression of the 1930's, according to a preliminary estimate by the government. The disclosure appeared to confirm that the nation's total output of goods and services had registered one of the sharpest declines on record. [New York Times] A tax package was approved by the House Ways and Means Committee. The bill is designed to produce $4.2 billion in new revenues and $2 billion in savings, complying with a congressional mandate to try to balance the 1981 fiscal year budget. [New York Times] A $2 billion local public works program has won the reluctant acquiescence of the Carter administration, according to congressional sources. Officials insisted that the shift did not reflect a change in policy on the recession, but a recognition that a dispute with a House committee had blocked renewal of an authorization for other development programs not in dispute. [New York Times] A fund for clearing toxic waste sites such as the Love Canal area at Niagara Falls, N.Y. was approved unanimously by the House Ways and Means Committee. It voted to establish a $1.2 billion fund for the program, which calls for industry to provide 75 percent of the money and the government to provide 25 percent.Relocation of Love Canal residents was pressed by Governor Carey, who asked Washington to lend $20 million to New York state for the permanent resettlement of people who want to leave the chemically polluted area of Niagara Falls, N.Y. [New York Times] The Liberal Party pressed demands on President Carter to restore funds for a series of domestic programs as the price for considering him for its endorsement. The endorsement could be vital in New York state. [New York Times] A new Republican leadership dispute came to light. Mary Crisp, the party's outspoken national co-chairman, was quoted in newspapers as having endorsed John Anderson for President, which she later denied doing. But, according to friends of hers, she agreed to an admonition from Bill Brock, the party chairman, to stop talking to reporters and not to seek re-election to her party post. [New York Times] Political corruption indictments were voted against Representatives John Murphy of Staten Island and Frank Thompson of Trenton. A federal grand jury in Brooklyn charged them with bribery and conspiracy after hearing evidence from the so-called Abscam inquiry by the F.B.I. The two Congressmen were accused of having accepted bribes in return for agreeing to help people, described to them as Middle East businessmen, immigrate to this country. [New York Times] An equal rights amendment lost a critical test as ratification was denied by the Illinois House of Representatives for the seventh time in eight years. The proposed amendment has been approved by 35 states, but three others must act favorably by June 30 for it to become the 27th amendment to the Constitution. [New York Times] India would receive U.S. nuclear fuel under an executive order that President Carter has decided to sign, White House officials said. The President overruled the Nuclear Regulatory Commission in deciding to proceed with plans to ship the 38 tons of enriched uranium. A major congressional effort to block the sale is expected because India has refused to promise not to detonate nuclear devices. [New York Times] King Hussein has assured Washington that Jordan will not permit Palestinian guerrillas to use its territory for attacks against Israel, American officials said. They expressed satisfaction over the pledge and the overall tenor of the King's talks with President Carter and other high officials. [New York Times] Mr. Carter leaves for Europe tomorrow on a five-country trip that administration officials hope will ease some recent strains in the Western alliance. The journey will include an economic summit meeting in Venice. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 881.91 (+2.64, +0.30%)
S&P Composite: 116.26 (+0.23, +0.20%)
Arms Index: 0.93

	Issues	Volume*
Advances	706	17.68
Declines	786	18.29
Unchanged	426	5.99
Total Volume		41.96

* 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 17, 1980	879.27	116.03	41.99
June 16, 1980	877.73	116.09	36.18
June 13, 1980	876.37	115.81	41.85
June 12, 1980	872.61	115.52	47.30
June 11, 1980	872.70	116.02	43.80
June 10, 1980	863.99	114.66	42.02
June 9, 1980	860.67	113.71	36.81
June 6, 1980	861.52	113.20	37.22
June 5, 1980	858.70	112.78	49.07
June 4, 1980	858.02	112.61	44.17