News stories from Friday March 14, 1980

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

Fourteen American amateur boxers and eight officials of the U.S. Amateur Athetic Union boxing team and seven other Americans were among the 87 people killed when a Polish jetliner crashed as it was about to land at Warsaw, a spokesman for LOT Polish Airlines said in New York. There were no survivors. [New York Times] Millions of Iranians turned out to elect a new Parliament, and it appeared that the results would not provide a mandate for President Abholhassan Bani-Sadr, and would instead continue the divided power relationships and rivalries in the government. [New York Times] The United States intends to comply with the terms of the strategic arms treaty with the Soviet Union, President Carter said at a news conference at the White House, but he left open the possibility that it might renounce the treaty despite the administration's pledge to abide by the terms so long as the Russians did. Mr. Carter suggested for the first time that the administration might decide not to seek Senate approval of the treaty if, in consultation with Senate leadership, it decided that the treaty was not in keeping with American interests. [New York Times] President Carter said he would cut federal spending by $13 billion to achieve a balanced budget next year and that he would place a fee on imported oil immediately to raise gasoline prices by 10 cents a gallon. He also joined with the Federal Reserve to apply sharp curbs on credit cards, check overdraft plans and on other forms of consumer credit as way to restrain individual spending.Congressional leaders warned that any true commitment by Congress to a balanced budget would not become manifest until this summer, while expressing cautious optimism concerning the fate of President Carter's budget-cutting plan. Representative Al Ullman, chairman of the House Ways and Means Committee, said "It will be very difficult to sustain the size of the cuts, but I think Congress will." The New York region would lose many millions in federal funds under President Carter's proposed anti-inflationary budget cuts, especially in welfare aid, New York state officials said. Mr. Carter's proposals include deferral of a plan to bring different states' shares of welfare costs into balance. That deferral would cost New York $79 million a year. [New York Times] A Montana bank ran out of cash, although only temporarily, when many of the town of Browning's residents put a "run" on the First National Bank of Browning to get cash to finance their excursions to a state basketball tournament 200 miles away. A resident said, "The whole town left for the game, and they took the money." [New York Times] Premature deliveries of census forms in New York and other cities is complicating the 1980 census plans. Post offices in New York City, Washington, San Francisco, Greensboro, N.C., and other places apparently ignored detailed instructions to wait until March 28 to start delivery, four days before the census is to start April 1. [New York Times] Indians in Maine have agreed to accept an "agreement in principle" that would extinguish their claim to 12.5 million acres in the northern part of the state and $1 billion in trespass compensation in return for a $27 million federal trust fund, a $54.5 million federal land acquistion fund to be used to buy 300,000 acres of forest land, and a measure of self-government, Maine's Attorney General said. [New York Times] Allard Lowenstein was shot and critically wounded in his Rockefeller Center law office. The gunman, identified as Dennis Sweeney, a former associate of Mr. Lowenstein in the civil rights movement in the South. Mr. Lowenstein, a former United States Representative, led the movement in 1968 to block the reelection of Presi-dent Lyndon Johnson. [New York Times] A police officer testified at a court hearing on the circumstances of the fatal shooting of Dr. Herman Tarnower, author of the "The Complete Scarsale Medical Diet," at his home in Purchase, N.Y., Monday, and said that Jean Harris, who is accused of killing the physician, had said after being taken into custody that she "had driven up from Virginia with the intention of having Dr. Tarnower kill her," and they fought in the physician's bedroom. "I shot him; I did it," Mrs. Harris reportedly said. [New York Times] Rumania's split with the Soviet bloc was widened with a joint statement with Britain implicitly denouncing the Soviet intervention in Afghanistan in stronger terms than before. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 811.69 (+2.13, +0.26%)
S&P Composite: 105.43 (-0.19, -0.18%)
Arms Index: 1.01

	Issues	Volume*
Advances	604	12.72
Declines	875	18.59
Unchanged	398	3.87
Total Volume		35.18

* 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*
March 13, 1980	809.56	105.62	33.00
March 12, 1980	819.54	106.92	37.99
March 11, 1980	826.45	107.76	41.42
March 10, 1980	818.94	106.51	43.54
March 7, 1980	820.56	106.90	50.95
March 6, 1980	828.07	108.65	49.61
March 5, 1980	844.88	111.13	49.25
March 4, 1980	856.48	112.78	44.31
March 3, 1980	854.35	112.50	38.68
February 29, 1980	863.14	113.66	38.80