News stories from Monday October 29, 1979

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

The new Secretary of Education in the newly created department is to be nominated tomorrow by President Carter after a long search, according to administration officials. They said that the nominee would be Shirley Hufstedler, a federal appellate judge in California. She is a liberal activist who is widely known and has long been mentioned as a possibility for elevation to the Supreme Court.Curbs on the Education Department have been imposed. The 13th cabinet department will begin life early next year with a $14.2 billion budget and 17,239 employees, making it larger than five existing departments. But more areas of federal involvement in education have been omitted than included in the new agency, which will have to barter for power. [New York Times] A Kennedy campaign moved closer as the Massachusetts Democrat authorized the formation of a campaign committee and announced that he would officially declare his candidacy for President on Nov. 7. The actions by Senator Edward Kennedy were taken earlier than planned, staff aides said, because of fears that President Carter's re-election bid was gaining momentum. [New York Times] President Carter stepped up his drive for a tax on "windfall" profits of oil companies. He urged a meeting of governors and energy officials in the Northeast to help prevent what he said could become "a trillion-dollar giveaway" to the industry. [New York Times] Racial animosity in Birmingham, Ala., has been intensified by a runoff election tomorrow between a city councilman seeking to become the city's first black mayor and a white lawyer accused by critics of racism. [New York Times] Arabs are courting black groups in a major drive to forge an alliance with them as part of an effort to change United States policy on the Middle East. Arab groups are seeking to establish ties with blacks primarily by speaking before black church and civic groups and by giving support to social issues important to blacks. [New York Times] A spur for adoptions of "hard to place" children was approved in the Senate by voice vote. The legislation, already approved by the House, would encourage families to adopt children who are handicapped, non-white or beyond babyhood and who are now invariably dependent on foster care. [New York Times] Mass arrests of nuclear protesters were made outside the New York Stock Exchange. The police seized more than 1,000 anti-nuclear demonstrators after they tried unsuccessfully to shut down the exchange by linking arms and blocking entrances to the building. A coalition of 100 organizations was protesting corporate investment in the nuclear industry. No serious injuries were reported. [New York Times] A Pan Am takeover bid was approved, the Civil Aeronautics Board announced. The agency said it had endorsed and sent to the White House the offer by Pan American World Airways to acquire National Airlines. Industry analysts said they believed that the prospects for approval by President Carter were good. [New York Times] South Korean generals sought accord at an unpublicized meeting in Seoul on the choice of a successor to President Park Chung Hee, according to informants. The sources said that the senior officers wanted to work out a consensus on their preferred choice of a leader to succeed the President, who was assassinated last Friday, as soon as possible to avert any potential move by North Korea. [New York Times] Violence erupted in San Salvador as government forces opened fire on about 150 anti-government demonstrators. Red Cross officials said that at least 24 persons had been killed in the first use of force by the authorities since a military-civilian junta seized power on Oct. 15. [New York Times] Cuba is training young Congolese for up to 15 years. More than 1,000 young people, 600 of them aged 10 to 15, have been sent to Cuba from Congo, a former French colony, and, according to a report, the children were sent forcibly without parental permission. [New York Times] Political violence in Turkey has spread throughout the country despite martial law in main urban areas. The radical fringes on the left and right have succeeded through slayings and other acts of terrorism in creating an insecure national atmosphere. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 808.62 (-0.68, -0.08%)
S&P Composite: 100.71 (+0.14, +0.14%)
Arms Index: 0.87

	Issues	Volume*
Advances	753	10.65
Declines	669	8.25
Unchanged	455	3.82
Total Volume		22.72

* 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*
October 26, 1979	809.30	100.57	29.67
October 25, 1979	808.46	100.00	28.45
October 24, 1979	808.36	100.44	31.48
October 23, 1979	806.83	100.28	32.91
October 22, 1979	809.13	100.71	45.24
October 19, 1979	814.68	101.60	42.43
October 18, 1979	830.12	103.61	29.59
October 17, 1979	830.72	103.39	29.66
October 16, 1979	829.52	103.19	33.76
October 15, 1979	831.06	103.36	34.85