News stories from Tuesday August 7, 1979

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

The Hoover era at the F.B.I. ended symbolically seven years after the death of J. Edgar Hoover, who headed the bureau for more than half a century. William Webster, the present F.B.I. director, shuffled the top management, appointing three new assistant directors. None was closely identified with Mr. Hoover. [New York Times] A new bilingualism is rising with the sharp influx of Latin Americans into the United States. Compensating for the language barrier, public and private institutions in cities across the country are hiring bilingual personnel and translating forms, applications and brochures into Spanish, and all large cities now have Spanish broadcasting stations. By the mid-1980's, Hispanic-Americans are expected to outnumber blacks. [New York Times] The record business is in trouble. The $4-billion-a-year industry, after 25 years of nearly continuous growth, is suffering from faltering sales, staff cuts and general demoralization. Record executives suggest that the glory days of pop music may be over, and some fear that the problems may curb the industry's ability to sign and promote new artists. [New York Times] Oil globs polluted south Texas beaches and scientists predicted there was a "distinct possibility" that the worst oil spill in history could defile the entire Gulf coast as oil continued spewing from a Mexican well. [New York Times] Carcinogens in Scotch whisky have been found, according to the National Science Foundation. It said that minute amounts of nitrosamines, which have caused cancer in laboratory animals, had been detected in six brands of Scotch. The agents have also been found in beer, which, like Scotch, is made from barley. [New York Times] White House support for mass transit was demonstrated as President Carter rode a Metroliner to Baltimore. He also sought to rally support for his energy program. [New York Times] Israel may have violated an accord with Washington by using American-supplied jets against Lebanon last month, the Carter administration said in a report demanded by Congress. But the White House sought to reassure Israel that its policies toward the Palestine Liberation Organization and pressure by Arab oil exporters had not changed. [New York Times] Top-level executions in Iraq will take place, according to the regime, which said that a court had condemned to death 22 persons, including five members of the ruling Revolutionary Command Council, for plotting against the state. After a secret trial, the court also sentenced 33 persons to prison terms ranging from 1 to 15 years. [New York Times] Millions of Cambodians face hunger, according to United Nations and Red Cross experts. The specialists, who have just made a fact-finding trip to Cambodia, said that up to $100 million in food and medical aid was urgently needed for 2.25 million facing starvation. [New York Times] An Iranian crackdown on the press, both domestic and foreign news organizations, accelerated. The revolutionary regime announced a new law allowing suspension of publications considered critical of the government. Armed troops occupied and closed the offices of a leading newspaper. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 859.81 (+11.26, +1.33%)
S&P Composite: 105.65 (+1.35, +1.29%)
Arms Index: 0.54

	Issues	Volume*
Advances	1,153	35.08
Declines	403	6.57
Unchanged	345	3.76
Total Volume		45.41

* 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*
August 6, 1979	848.55	104.30	27.19
August 3, 1979	846.16	104.04	28.16
August 2, 1979	847.95	104.10	37.73
August 1, 1979	850.34	104.17	36.57
July 31, 1979	846.42	103.81	34.38
July 30, 1979	838.74	103.15	28.64
July 27, 1979	839.76	103.10	27.77
July 26, 1979	839.76	103.10	32.28
July 25, 1979	839.51	103.08	34.89
July 24, 1979	829.78	101.97	29.69