News stories from Monday May 22, 1978

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

A former F.B.I. official charged recently with authorizing illegal break-ins says he told his superiors in 1973 that break-ins had taken place under L. Patrick Gray, according to documents filed in Federal District Court in Washington. The papers say that Edward Miller, one of the three former officials, told William Ruckelshaus, the F.B.I.'s acting director in 1973, and then Clarence Kelley when he was appointed director in 1973, that break-ins had occurred. [New York Times] A Nazi demonstration in Skokie, Ill., may be held, a Federal Court of Appeals ruled. The court, upholding a Federal District Court decision, ruled that the heavily Jewish suburb of Chicago could not prohibit a demonstration by the National Socialist Party of America, which Skokie said would violate an ordinance against promoting racial hatred. [New York Times] President Carter reassured the nation's original nuclear development center in the Tennessee Valley that he was committed to the peaceful uses of nuclear power. He also challenged the Tennessee Valley Authority to take an expanded role in developing sources of energy. [New York Times] David Berkowitz struggled with court officers before entering the courtroom in Brooklyn where he was to be sentenced for the six "Son of Sam" murders to which he had pleaded guilty. The courtroom was in an uproar and he was dragged out by half a dozen guards. His sentencing was postponed for three weeks and a new competency examination was ordered. [New York Times] The licensing of 293 dealers and 30 pit bosses was completed by the New Jersey Casino Control Commission, enabling Resorts International to open its gambling casino in Atlantic City Thursday night instead of on Friday as had been scheduled. [New York Times] Money from oil nations is causing controversy at some American colleges and universities. The schools are approaching gifts from Middle Eastern nations gingerly, and those that have accepted finances sometimes wonder whether they did the right thing. Harvard and M.I.T. are still trying to decide whether to accept proposals from Saudi Arabia, and the University of Pennsylvania has called for renegotiation of an agreement with the Arab Development Institute in Libya. [New York Times] Belgian paratroopers left the copper mining center of Kolwezi to the control of French Foreign Legionnaires and Zairian troops. Western military sources said that the legionnaires, numbering 600 or more, might stay one to four weeks. The Belgian Prime Minister, Leo Tindemans, said that one paratrooper battalion would remain at the Kamina air base in Zaire along with "necessary aircraft and supplies."Belgian officials are convinced that France is using its intervention in Zaire's Shaba Province as a pretext for increasing its influence in Africa's richest mineral area and to tighten its economic links with Zaire. The Belgians say that it will take at least six months to bring the Shaba mines back to normal. [New York Times] Andrew Young played down his differences with President Carter on congressional restraints on aid to Zaire and other friendly African nations in a statement that the White House helped prepare. [New York Times] Peruvian police and demonstrators fought on the first day of a general strike against government price increases for food, fuel and transportation. Five people were reported killed. The government declared the strike illegal and ordered the workers to return to work, and imposed a curfew in Lima and the port of Callos. [New York Times] Egyptians overwhelmingly supported President Anwar Sadat in a referendum in which he sought approval to curtail political dissent and press freedom. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 855.42 (+8.57, +1.01%)
S&P Composite: 99.09 (+0.97, +0.99%)
Arms Index: 0.50

	Issues	Volume*
Advances	942	19.46
Declines	568	5.91
Unchanged	408	3.31
Total Volume		28.68

* 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 19, 1978	846.85	98.12	34.36
May 18, 1978	850.92	98.62	42.27
May 17, 1978	858.37	99.60	45.49
May 16, 1978	854.30	99.35	48.17
May 15, 1978	846.76	98.76	33.93
May 12, 1978	840.70	98.07	46.60
May 11, 1978	834.20	97.20	36.64
May 10, 1978	822.16	95.92	33.33
May 9, 1978	822.07	95.90	30.86
May 8, 1978	824.58	96.19	34.68