News stories from Wednesday May 30, 1979

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

Many DC-10's began flying again, and the bulk of the nation's 138 DC-10 jumbo airliners owned by eight domestic carriers will complete federally ordered inspections tomorrow, according to airline spokesmen. The DC-10's were grounded by the government Tuesday to check for potential structural deficiencies after the DC-10 crash near Chicago last Friday that killed 273 persons. About a score of foreign airlines also carried out inspections and generally reported clearing the craft. [New York Times] President Carter's "blind trust" was revealed in a financial disclosure statement released in an apparent effort to retain Charles Kirbo as the manager of his business affairs. The statement, although it gave no exact figures, also revealed previously unreported transactions involving the Carter peanut warehouse business, which is under inquiry. [New York Times] Urban grants are under fire by conservatives who question whether the development program uses funds properly and by neighborhood groups who contend that too much of the money goes into downtown hotels and garages. Congress is about to spend additional millions on this latest effort to revitalize the cities by using public funds to entice private concerns to enter or remain in depressed areas. [New York Times] Drug smuggling from South America involves increased risks of capture and rising potential profits, leading to a wide use of planes and a legion of brokers who supply planes to the smugglers. Plane brokering produces large revenues and also leads to other law-breaking that ranges from insurance frauds to violation of federal aviation rules, according to drug enforcement officials. [New York Times] Busing in Los Angeles was opposed by the voters. Howard Miller, the president of the Board of Education, who had pledged to comply with a court order to integrate public schools, was recalled and replaced by a militant opponent of a nine-month-old program of mandatory busing. The voting gave anti-busing forces a majority on the board and seemed to foreshadow an effort to resist the order. [New York Times] Illegal favoritism at gasoline pumps has led to widespread complaints in the New York metropolitan area, and investigations are under way. According of officials, some dealers are selling only -- or bigger quantities -- to regular customers, and taxi and car services have made special arrangements -- presumably involving extra fees -- with some service stations. Taxi drivers and other motorists say they commonly tip attendants. [New York Times] Arabs fought Iranian troops, leaving at least 21 people dead and 71 wounded. The clashes pitted Arabs of Khuzistan Province, who have been seeking autonomy, against the dominant Persians. Other clashes were reported in nearby Abadan, site of the world's largest oil refinery. [New York Times] French immigration curbs were passed in the National Assembly under prodding by the government. Opponents charged that the measures were part of a drive to encourage the departure of large numbers of foreign workers who, they say, have become scapegoats for rising unemployment. [New York Times] Moscow has long sought the capability of a first strike against American land-based missiles, according to Defense Secretary Harold Brown. In a speech, he warned that by the early 1980's two new Soviet missiles would almost certainly allow Moscow to destroy most of the United States' existing 1,000 Minuteman missiles. [New York Times] A NATO consensus on arms control and nuclear modernization is crucial, Secretary of State Vance said, in advance of the probable start early next year of a new round of Soviet-American strategic arms talks. [New York Times] Rome policemen arrested two terrorist suspects. The two, a man and a woman, are suspected of being members of the Red Brigades and of involvement in the kidnapping and murder of former Prime Minister Aldo Moro. [New York Times] A new Rhodesian cabinet was named, giving Bishop Abel Muzorewa, who is the country's first black Prime Minister, control of the two ministries that oversee the white-led armed forces. Ian Smith, the outgoing Prime Minister, was given the third-ranking government post. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 822.16 (-10.39, -1.25%)
S&P Composite: 99.11 (-0.94, -0.94%)
Arms Index: 1.24

	Issues	Volume*
Advances	354	5.29
Declines	1,126	20.92
Unchanged	402	3.04
Total Volume		29.25

* 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*
May 29, 1979	832.55	100.05	27.04
May 25, 1979	836.28	100.22	27.77
May 24, 1979	837.66	99.93	25.70
May 23, 1979	837.40	99.89	30.39
May 22, 1979	845.37	100.51	30.31
May 21, 1979	842.43	100.14	25.55
May 18, 1979	841.91	99.93	26.59
May 17, 1979	842.95	99.94	30.55
May 16, 1979	828.48	98.42	28.35
May 15, 1979	825.88	98.14	26.19