News stories from Monday February 12, 1979

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

All 59 people aboard died when an Air Rhodesia plane crashed and burned soon after takeoff from the resort town of Kariba. Military sources said the airliner had been hit by a missile fired by guerrillas. A similar attack occurred last Sept. 3. [New York Times] Broadcast coverage of trials and other judicial proceedings would continue to be banned under an unexpected vote by the American Bar Association's House of Delegates. The policymaking body rejected relaxation of the 42-year ban, which had been recommended by a group of senior bar association officials and a committee that studied the issue for two years. A growing number of states permit TV and radio coverage despite the association's policy, which is advisory. [New York Times] Deference to women and minority group members pressed by the Carter administration in filling vacancies on federal courts should cause no "despair," Attorney General Griffin Bell said to lawyers. He said a briefing on qualification ratings made by an American Bar Association committee showed that those in "the affirmative action group" were rated about as highly as white males. [New York Times] The use of leaded gasoline in cars not designed for it is negating air pollution abatement in Southern California and probably elsewhere in the country, according to an atmospheric physicist who is a regional air quality official. A spokesman for the Environmental Protection Agency said the conclusion could well be correct. [New York Times] Complaints about President Carter from early supporters were heard by Tim Kraft, a chief political aide, who went to Iowa to start laying plans for a Carter campaign in next year's precinct caucuses. Almost all backers were still eager to help Mr. Carter, but the range of criticism suggested that he may face problems in duplicating his key 1976 success in Iowa. [New York Times] The new Iranian rulers consolidated their power base as armed followers of Ayatollah Khomeini seized the last centers of military resistance in Teheran. With anarchy threatening much of the capital, he broadcast an appeal for an end of violence. Meanwhile, gangs of armed men careened through the streets in vehicles, firing weapons into the air. The new prime minister, Mehdi Bazargan, appointed three deputies to ease Iran's transition to an Islamic republic.Washington is consulting closely with the new Iranian government and is ready to work with it to protect American interests and to restore stability, President Carter said. The victorious followers of the Ayatollah displayed to the foreign press their first prisoners, all leaders in the deposed government of the Shah. The press conference had overtones of a kangaroo court. Iran's elite Imperial Guard suffered a stunning defeat at the hands of a mob of poorly armed civilians in 48 hours of savage fighting. Reports indicated that these irregular forces, whose loyalties are uncertain, had taken control of most, and probably all, of the military bases in Teheran. Queen Elizabeth II flew to Kuwait on the first leg of a three-week trip to six Arab states deeply shaken by the upheaval in Iran. [New York Times] The smooth transfer of ties with Taiwan has been imperiled by a Senate subcommittee, according to sources. They said that the panel had tentatively rejected an administration request to transfer funds for setting up the new, non-governmental American agency in Taiwan to take the place of the United States Embassy. [New York Times] Chinese youths were warned firmly against further demonstrations like those last week that disrupted Shanghai. Foreigners returning from the city said that hundreds of thousands of young people, most of them resettled in the countryside since the Cultural Revolution, had been protesting work and living conditions. [New York Times] A coup in Chad is being thwarted, according to military sources. They said that troops loyal to President Felix Malloum had surrounded and pinned down guerrillas seeking to oust him in favor of his prime minister, a former guerrilla leader with strong ties to Libya. Day-long exchanges of fire preceded the final stages of battle in the capital. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 824.84 (+2.61, +0.32%)
S&P Composite: 98.20 (+0.33, +0.34%)
Arms Index: 0.58

	Issues	Volume*
Advances	643	9.90
Declines	736	6.62
Unchanged	458	4.09
Total Volume		20.61

* 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*
February 9, 1979	822.23	97.87	24.32
February 8, 1979	818.87	97.65	23.36
February 7, 1979	816.01	97.16	28.45
February 6, 1979	822.85	98.05	23.57
February 5, 1979	823.98	98.09	26.49
February 2, 1979	834.63	99.50	25.35
February 1, 1979	840.87	99.96	27.92
January 31, 1979	839.22	99.93	30.33
January 30, 1979	851.78	101.05	26.91
January 29, 1979	855.77	101.55	24.18