News stories from Wednesday June 4, 1980

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

An inquiry into U.S. policies in Iran during the rule of the deposed Shah will be undertaken in the United States, according to former Attorney General Ramsey Clark. He said in Teheran that he had agreed to a request by the President of Iran that he form a commission to conduct the investigation and that he might "sue the government" to obtain information. [New York Times] The oil import fee was rejected overwhelmingly by both the House and Senate in a stunning rebuke to both President Carter and the congressional Democratic leadership. The votes exceeded by an extraordinary margin those necessary to override a promised presidential veto. Mr. Carter imposed the fee on imported oil in March as a budget balancing and energy conservation measure. [New York Times] An effort to close Democratic ranks is to be made at a White House meeting tomorrow by President Carter and Senator Edward Kennedy, who were still at odds despite Mr. Carter's strong delegate majority for renomination. However, the Senator, who scored his best primary showing Tuesday with victories in five states, including California and New Jersey, still insisted that the President should debate him on "the great issues." [New York Times] The President's primary drive won the delegates needed for his renomination, but failed to broaden his national political base, several of Mr. Carter's aides said. They added that they were seriously concerned about the problems he faces in the general election and the complexities of the anticipated race against Ronald Reagan and Representative John Anderson. [New York Times] Tornadoes ravaged Grand Island, Neb., injuring at least 134 persons and destroying nearly 600 buildings. City officials said they believed that four persons had been killed. Others were unaccounted for after seven twisters struck the city. [New York Times] Republican aid for Mayor Koch in his expected re-election bid next year has been pledged by William Simon, who has volunteered to organize a Republican citizens committee and to seek endorsement by the New York City Republican Party. Mr. Simon, a former Treasury Secretary, is now policy chairman of Ronald Reagan's presidential campaign. The Democratic Mayor has expressed interest in running as a fusion candidate. [New York Times] Legalizing marijuana for medical use is in prospect in New York state. The Senate and Assembly Health Committees have agreed to press for approval of such therapy, and leaders in both houses said that the legislation had an excellent chance of passage in this session. A spokesman for Governor Carey said he supported the measure. [New York Times] Foreign aid plans faced new snags as administration forces in the House sought to fight off crippling amendments to a $5 billion authorization for the coming fiscal year. [New York Times] Wastes have forced the evacuation of 269 families in a Netherlands town near Rotterdam. They were ordered to leave their homes and live in mobile homes when it was found that their water supplies had been polluted by waste chemicals buried a decade ago. A resident likened the problem to the toxic waste crisis in the Love Canal area of Niagara Falls, N.Y. [New York Times] A West Bank strike was curtailed as Israeli soldiers forced Arab merchants to open their shops. There was fear and deep resentment among the Arabs, who began the general strike Tuesday to protest bombing attacks against three Palestinian mayors, but the region was generally calm and under heavy guard.The militant Jewish settlers in the West Bank have become a powerful force that no Israeli government can ignore. The idealistic and well-armed activists are determined that the occupied areas should remain in Jewish hands, and some Israeli analysts believe that their strength in numbers and in organization is approaching a point that may bar a voluntary Israeli evacuation without bloodshed. [New York Times] Firm military control of South Korea has been imposed by Gen. Chon Too Hwan, the army strongman, who has completed the formation of a new regime dominated by generals, according to Koreans and diplomats in Seoul. They said that the general had personally appointed more than 100 top officers, government officials and professors to 14 subcommittees covering all major affairs to report to his leadership council. [New York Times] Sharply expanded U.S.-Chinese ties are expected to be announced soon. State Department officials said that the contemplated accords included the establishment of Chinese consulates in New York, Chicago and Honolulu, direct air service between the two countries perhaps by this fall and permission for Peking to begin receiving benefits from the Export-Import Bank. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 858.02 (+14.25, +1.69%)
S&P Composite: 112.61 (+2.10, +1.90%)
Arms Index: 0.50

	Issues	Volume*
Advances	1,161	34.93
Declines	381	5.77
Unchanged	346	3.48
Total Volume		44.18

* 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*
June 3, 1980	843.77	110.51	33.15
June 2, 1980	847.35	110.76	32.71
May 30, 1980	850.85	111.24	34.81
May 29, 1980	846.25	110.27	42.00
May 28, 1980	860.32	112.06	38.57
May 27, 1980	857.76	111.40	40.80
May 23, 1980	854.10	110.62	45.79
May 22, 1980	842.92	109.01	41.02
May 21, 1980	831.06	107.72	34.83
May 20, 1980	832.51	107.62	31.80