News stories from Tuesday September 11, 1979

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

The Carter energy program gained as the President agreed to two modifications and Senators renewed pledges to approve two major parts of the plan. President Carter said he would accept a slower and initially less costly construction program for new plants to produce synthetic fuels and withdraw a request that an agency proposed to organize the program for synthetic fuels have authority to build and operate plants with government funds. [New York Times] Gasoline conservation is being taught to members of the Maryland State Police, which expects the program to cut yearly consumption by 10 percent, or 300,000 gallons. The lessons include controlled idling, brisk acceleration, steady speeds, reduced air-conditioning, long deceleration and use of momentum on hills. [New York Times] An increased military budget for next year that would keep a growth rate of 3 percent above inflation was submitted to Congress by President Carter. The new request is for $130.6 billion, a rise of nearly $5 billion over Mr. Carter's original proposal last January and about $2 billion more than the figure adopted earlier today by the House Budget Committee. The President hopes to win Senate votes for the strategic arms treaty. [New York Times] Four Puerto Rican nationalists arrived in New York after their release from prison, and two of them told reporters that they hoped to help Puerto Rico achieve independence in about 18 months. The two, whose sentences were commuted by President Carter, also said they could not rule out violence in that struggle. [New York Times] Cleveland faces a new default threat. The political and racial conflicts that have paralyzed the city's efforts to regain its fiscal health seem almost certain to make a third financial default in 11 months unavoidable. [New York Times] Edward Kennedy is considering challenging President Carter for the Democratic presidential nomination, an aide to the Senator said. Mr. Kennedy told the President last Friday that his concern about the current economic situation and the fears of fellow Democrats who would seek re-election on a Carter ticket had persuaded him to change his position. [New York Times] Leaving the Social Security System Jan. 1 was approved in a vote by state workers in Alaska, making it the first state to withdraw from the program. The state employees approved instead a 6 percent pay deduction to help finance a replacement program set up by the state, which will match worker contributions. [New York Times] Opposition to the arms treaty rose. Senator Henry Jackson, a leading critic of the pact, said the Senate would reject it unless Moscow withdrew not only its combat brigade from Cuba, but also planes it had supplied Havana and unless it agreed to provide no more submarines. [New York Times] Israel and Egypt seek major U.S. aid. The two Mideast countries have informed Washington separately of requests for multibillion dollar economic and military assistance, far exceeding that received in previous years. Congress has shown reluctance to provide large amounts of new arms to reward Israel and Egypt for signing their peace treaty. [New York Times] Querying British policy on Salisbury, Prime Minister Abel Muzorewa pressed London to specify what changes would lead it to lift economic sanctions and recognize Zimbabwe Rhodesia. Speaking at the London conference designed to end the Rhodesian crisis, Bishop Muzorewa indicated a tough position toward any proposed constitutional changes. [New York Times] The Marxist chief of Angola died in Moscow after surgery. Dr. Agostinho Neto, the 56-year-old physician, poet and revolutionary, became the first President of the Marxist government of Angola in 1975 as a civil war raged among guerrilla movements in the former Portuguese colony. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 869.71 (-7.17, -0.82%)
S&P Composite: 107.51 (-0.66, -0.61%)
Arms Index: 0.99

	Issues	Volume*
Advances	468	11.59
Declines	1,050	25.79
Unchanged	397	5.15
Total Volume		42.53

* 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 10, 1979	876.88	108.17	33.00
September 7, 1979	874.15	107.66	34.37
September 6, 1979	867.32	106.85	30.36
September 5, 1979	866.13	106.40	41.65
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