News stories from Thursday May 31, 1979

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

President Carter asked oil companies to cooperate in seeking to end continued shortages and said that both the government and businesses would be blamed by the public unless the problem was solved. Mr. Carter's conciliatory speech, reported by a senior aide, contrasted with his recent denunciations of the industry. The President told oil executives that he expected increased production as a result of the phased decontrol of domestic oil prices, which begins tomorrow. [New York Times] A temporary $5-a-barrel subsidy for imports of home-heating oil approved by President Carter angered Western European officials, who say the policy threatens to raise prices.A sharp rise in world oil prices was predicted by industry sources as Iran increased the surcharge on its crude oil by $1.10 to $1.30 a barrel. The increase, effective Friday, brings the price of Iran's best crude to $18.47 a barrel, or about 44 cents a gallon. [New York Times] A California energy conservation plan was outlined by Gov. Jerry Brown, who said he would ask the legislature to spend $1.8 billion, raised in part by new taxes on oil companies, over the next five years for mass transit improvements and other energy savings programs. [New York Times] Problems in DC-10's have been found in inspections of underwing engine mounts of 37 of the 137 jumbo jets operated by domestic airlines, the government said. A spokesman said that 103 of the jets, grounded Tuesday as a result of the crash that killed 274 persons, had been cleared for flight. But a high official urged that the DC-10 fleet be grounded again until tests pinpointed the weakness in the system. [New York Times] Over $1 million in presidential assets were disclosed in a new statement released by the White House. The data also provided new details about President Carter's family finances last year, including the use of an unsecured loan exceeding $250,000 to a family corporation from a Georgia bank to aid the Carter Warehouse. [New York Times] Illegal visas for foreign clients were allegedly provided by the Miami law firm of David Walters, who was President Carter's personal representative to the Vatican, according to a federal indictment. The indictment made no charges against Mr. Walters and his only law partner, but it charged a member of the firm, who is a former State Department employee, with conspiracy and also with violations of conflict of interest laws. [New York Times] Rhodesian whites ended domination and came under a limited form of majority rule, uncertain but hopeful that a black-led coalition government can end the guerrilla warfare and help restore prosperity in the new state of Zimbabwe Rhodesia.Zimbabwe Rhodesia was denounced by Nigeria and Ghana. In what was viewed as an effort to deter Western powers from recognizing or lifting sanctions against the new Salisbury government, Nigeria has informed a British company that its bid to build a $200 million project in the port of Lagos will not be considered. [New York Times] Widespread welfare fraud was uncovered in the first computer comparison of a sample of "absent parents" and the 6.5 million wage earners in New York state. A study released by the state showed that one-fourth of 23,471 parents being sought for having abandoned their families to the welfare rolls were earning incomes. [New York Times] Reconciliation among Cambodians was sought by the regime deposed early this year by the Vietnamese invasion. The foreign affairs leader of the former government, now mounting a resistance movement from a mountain redoubt, said that it was ready to join in a coalition with its former right-wing enemies and possibly cede leadership to them.Sporadic resistance in Vietnam is continuing against the Communist regime, according to several Vietnamese refugees who have arrived in Hong Kong by boat. The refugees said that small groups of former South Vietnamese soldiers and tribesmen in the Central Highlands had ambushed trucks on jungle roads and slain Communist policemen in a town. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 822.33 (+0.17, +0.02%)
S&P Composite: 99.08 (-0.03, -0.03%)
Arms Index: 0.66

	Issues	Volume*
Advances	729	15.79
Declines	751	10.67
Unchanged	407	3.84
Total Volume		30.30

* 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 30, 1979	822.16	99.11	29.25
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