News stories from Monday July 23, 1979

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

Assurances on economic policy were offered by William Miller, outgoing chairman of the Federal Reserve Board. Mr. Miller said that Carter administration economic policies would not be disrupted by last week's cabinet changes. Meanwhile, President Carter continued a "high priority" search for a replacement for Mr. Miller, who has been nominated as Treasury Secretary. The President is to hold a televised news conference at 9 P.M. Wednesday to explain and build public support, aides said, for the administration changes and the way Mr. Carter hopes to handle his post in the future. [New York Times] Senator Edward Kennedy courted blacks in strongly stressing several issues important to them in a speech to the National Urban League. He also said that while he supported "in great measure" President Carter's energy proposals, the nation "must do more" in that regard. [New York Times] Gov. Jerry Brown was rebuffed by rebellious fellow Democrats in the California legislature. They dealt him a series of defeats considered damaging to a formal campaign for the presidency that he is expected to open within a few weeks. [New York Times] Censure of Herman Talmadge was urged by the special counsel for the Senate Ethics Committee, which has been investigating charges of financial misconduct against the Georgia Democrat, according to sources close to the panel's inquiry. [New York Times] A nuclear moratorium was urged by scientists and theologians at a conference sponsored by the World Council of Churches who called for a five-year international halt on the construction of nuclear power plants. After prolonged debate, the moratorium was approved by a vote of 129 to 45. [New York Times] An Indian who led a takeover of the Red Lake Reservation in Minnesota in May was sentenced to 26 years in prison for what the judge called "a revolution of blatant lawlessness." Four other Indians were also sentenced to prison terms. [New York Times] Travel to national parks has dropped this summer by 10 to 35 percent compared with 1978 because of uncertain supplies of high-priced gasoline. A check of more than two dozen parks and national monuments operated by the Park Service showed that the decline has been sharpest at facilities farthest from urban areas. [New York Times] Rexford Tugwell died at the age of 88. He was one of the three original members of President Franklin D. Roosevelt's New Deal "brain trust" and was considered a brilliant economist, educator and political theoretician by his colleagues. [New York Times] Washington deplored Israel's attacks with jets against Lebanon and criticized Israel's rejection of a compromise plan for a United Nations force to oversee the Israeli-Egyptian peace treaty. In blunt language, the State Department charged that the raids on coastal areas were carried out "when the roads were filled with motorists returning from excursions" and it said reports indicated that women and children were among those killed and wounded. [New York Times] An accord on aiding refugees was reported by State Department officials, who said that the United States and Vietnam had agreed in principle to allow American consular officers into Ho Chi Minh City to process people seeking to enter the United States. The first to be considered would be 5,000 Vietnamese who are considered by Washington to qualify under a family reunification program. [New York Times] Most Americans in Afghanistan will leave in coming weeks because of the mounting civil war there, the State Department announced. Intelligence reports from Kabul said that the rebel war against the leftist revolutionary government had widened and that thousands had been killed. [New York Times] Music was banned in Iran in broadcasts because, Ayatollah Khomeini said, it is "no different from opium." Music, the leader declared, "stupefies persons and makes their brains inactive and frivolous." [New York Times]

Stock Market Report

Dow Jones Industrial Average: 825.51 (-2.56, -0.31%)
S&P Composite: 101.59 (-0.23, -0.23%)
Arms Index: 0.82

	Issues	Volume*
Advances	572	10.40
Declines	834	12.43
Unchanged	449	4.03
Total Volume		26.86

* 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 20, 1979	828.07	101.82	26.37
July 19, 1979	827.30	101.61	26.78
July 18, 1979	828.58	101.69	35.95
July 17, 1979	828.50	101.83	34.27
July 16, 1979	834.90	102.74	26.62
July 13, 1979	833.53	102.32	33.07
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