News stories from Tuesday September 25, 1979

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

Rising energy and housing costs pushed the Consumer Price Index up 1.1 percent in August in the seventh successive monthly increase of 1 percent or more. In the last three months, prices rose at an annual rate of 12.7 percent, and in August prices were 11.8 percent higher than a year earlier. Overall food prices did not rise last month. [New York Times] A congressional raise was approved in the House by a five vote margin. The bill, which provides a 5.5 percent increase, passed after a proposed 7 percent raise had been defeated twice. The measure also applies to about 20,000 top-level federal employees and judges. The increases are expected to win Senate approval soon. [New York Times] Severe problems of Vietnam veterans were cited in the first government-sponsored study of them. It tentatively concluded that more than 40 percent of the veterans suffered major emotional difficulties, such as alcoholism and drug abuse, and that more than 75 percent of them complained of nightmares, marital discord and job problems. [New York Times] The Tellico Dam will be completed under legislation signed by President Carter. The hydroelectric project in Tennessee had been blocked for five years because it may threaten the existence of a small fish known as the snail darter. [New York Times] Rapid expansion of pay television was made possible as the Federal Communications Commission unanimously eliminated a rule allowing only one such station in each municipality. There are only six subscription broadcasters in the country, the commission said, although 90 concerns have applied to offer the service. [New York Times] President Carter pushed mass transit, urging a "quantum jump" in government investment in it, including modernization and refurbishing of the New York City subway system. He addressed industry specialists while on a visit to the city.President Carter drew cheers and applause at a "town meeting" in Queens attended by about 1,700 New Yorkers. He called suggestions that Zionism was a form of racism "an outrage." [New York Times] The Cuba issue was dismissed as "artificial" by Soviet Foreign Minister Gromyko and he urged Washington to drop the debate over a Soviet brigade on the island. Addressing the United Nations General Assembly, he denounced what he called a campaign of falsehoods over Moscow's relations with Havana and gave no indication that Moscow was ready to make any concession to Washington on the troop issue. [New York Times] A planned Mideast film detente failed. A Cairo International Film Festival opened last week amid hopes that the Egyptian-Israeli peace treaty had erased the long-standing Egyptian bans on movies with Jewish themes and actors identified with Israel. But the good intentions were marred by misunderstandings, bureaucratic fumbling and censors' hasty cutting of scenes considered "too Jewish." [New York Times] Israel returned more Sinai territory to Egypt in the third phase of withdrawal under the peace treaty. [New York Times] Apparent Soviet attempts at deception were cited in a Carter administration report on Moscow's compliance with the 1972 strategic arms agreement, which found several seeming attempts in recent years to dupe Washington on the size and capabilities of Moscow's nuclear arsenal. [New York Times] The Montreal Star has shut because of heavy financial losses, the newspaper announced. The afternoon daily had been struggling to regain circulation lost to a morning rival after an eight-month strike. There was hope that the Star might reopen soon under joint ownership with the rival. [New York Times] An Argentine publisher was expelled from the country by the military government eight days after the Argentine Supreme Court ordered his release from 29 months of detention. The government said that Jacobo Timerman had been put aboard a flight to Rome with an Israeli visa. He is expected to join his family in Israel. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 886.18 (+0.34, +0.04%)
S&P Composite: 109.68 (+0.07, +0.06%)
Arms Index: 0.62

	Issues	Volume*
Advances	610	14.26
Declines	874	12.60
Unchanged	428	5.55
Total Volume		32.41

* 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*
September 24, 1979	885.84	109.61	33.79
September 21, 1979	893.94	110.47	52.38
September 20, 1979	893.69	110.51	45.10
September 19, 1979	876.45	108.28	35.37
September 18, 1979	874.15	108.00	38.75
September 17, 1979	881.31	108.84	37.61
September 14, 1979	879.10	108.76	42.01
September 13, 1979	870.73	107.85	35.24
September 12, 1979	870.90	107.82	39.35
September 11, 1979	869.71	107.51	42.54