News stories from Wednesday September 5, 1979

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

Britain honored Earl Mountbatten of Burma with the most stately military funeral since that of the Duke of Wellington in 1852. More than 2,000 prominent world figures, friends and comrades in two world wars joined the royal family for a sad but splendid service in Westminster Abbey. Tens of thousands viewed the passage through central London of a gun carriage bearing the body of the statesman slain by the Irish Republican Army. [New York Times] A Mondale-for-President compromise is being suggested by some of the Vice President's supporters in the event that President Carter cannot be renominated. Mr. Mondale has privately expressed some dissatisfaction about the White House's handling of major political issues in recent weeks, and Representative Morris Udall, an influential Arizona Democrat, suggested that Mr. Mondale could be "the happy way out" if Mr. Carter falters or becomes involved in a bitter fight with Senator Edward Kennedy. [New York Times] Voters want Congress to act on energy, according to Senators and Representatives who returned to Capitol Hill after the August recess. [New York Times] Troubles for Ronald Reagan in his presidential campaign were reported by sources in the Republican front-runner's organization, who said the drive was at least $500,000 in debt and was raising money at a markedly slower pace than anticipated. [New York Times] A new civil rights office was created to coordinate and assist enforcement action in government agencies, the Carter administration announced. The chief of the new civil rights staff, expected to be named by Oct. 1, will report to the director of the Office of Management and Budget. [New York Times] The plight of Dominicans worsened as new rains fell on floodwaters from Hurricane David that still cover much of the Dominican Republic. There is still no electricity, needed to run water pumps, and for most residents there is still no drinking water. Food is running short, and fears of epidemics are increasing. [New York Times] Hurricane David dwindled to the status of a wind storm, driving heavy rains in the rolling hills of the Carolina Piedmont. The highest winds fell to 45 to 50 miles an hour.Tropical Storm David advanced toward the New York metropolitan area, threatening to drop three to five inches of rain and cause some beach damage before blowing off tonight or early tomorrow. The National Weather Service said that the storm was expected to move across southern New Jersey and into Long Island. [New York Times] The St. Louis Symphony canceled a centennial celebration set for next week and the first two weeks of its 1979-80 concert season after orchestra members struck over pay and other issues. Spokesmen for both sides said that negotiations had broken off and that none were scheduled. [New York Times] Violence to get jobs for minorities has been part of a campaign of intimidation by local Bronx groups at construction sites, according to a special police unit. The groups, seeking to get part of the more than $350 million in private and government funds being invested in the area, have instigated -- sometimes aided by youth gangs -- more than 100 incidents in what the police term a "pattern of extortion." The incidents include demonstrations, threats, thefts and assaults against contractors and employees. [New York Times] Concern over Soviet troops in Cuba was expressed by Secretary of State Cyrus Vance, who said that the issue affected Washington's overall relations with Moscow. Mr. Vance declined to specify what the administration wanted the Russians to do about the combat brigade, but other officials said that Washington would initially seek assurances by Moscow that the force would not be used for offensive purposes or to stir unrest in Latin America.Soviet combat troops in Cuba have been indicated in reports to United States intelligence for at least eight years, according to top administration officials. But they said that officials had tentatively concluded only recently that the troops were an organized combat force. [New York Times] Increased military spending is being considered, according to informed sources who said that President Carter may ask Congress next week for nearly $4 billion in supplemental funds. The aim would be to help win Senate approval of the strategic arms treaty with Moscow. [New York Times] Israeli-Egyptian patrols in Sinai were agreed upon by Prime Minister Begin and President Sadat as a temporary policing mechanism in the wake of withdrawal of the armed United Nations Emergency Force. The accord represents a concession by Egypt. An Israeli official said it was expected that Americans or a multinational force would eventually take over the monitoring. [New York Times] Britain and Ireland failed to agree on joint measures to deal with terrorism and security on Northern Ireland's frontier. Prime Ministers Margaret Thatcher and John Lynch had urgently sought a new accord. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 866.13 (-6.48, -0.74%)
S&P Composite: 106.40 (-1.04, -0.97%)
Arms Index: 0.87

	Issues	Volume*
Advances	216	5.76
Declines	1,416	32.79
Unchanged	273	3.10
Total Volume		41.65

* 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*
September 4, 1979	872.61	107.44	33.35
August 31, 1979	887.63	109.32	26.37
August 30, 1979	883.70	109.02	29.28
August 29, 1979	884.90	109.02	30.81
August 28, 1979	884.64	109.02	29.43
August 27, 1979	885.41	109.14	32.06
August 24, 1979	880.20	108.60	32.73
August 23, 1979	880.38	108.63	35.72
August 22, 1979	885.84	108.99	38.45
August 21, 1979	886.01	108.91	38.86