News stories from Friday February 23, 1979

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

Consumer prices rose last month by nine-tenths of 1 percent, the government reported. The sharply higher prices indicated that the administration's efforts to retard inflation had so far failed. The January increase is higher than December's six-tenths of 1 percent and the highest since last February. Sharply higher prices of beef, fruits and vegetables led last month's rise in food prices, and accounted for nearly one-third of the increase in the January Consumer Price Index, the Agriculture Department said. [New York Times] Future trends in the world's climate can only be predicted after "an inter-disciplinary effort of unprecedented scope," the World Climate Conference said in a statement at the conclusion of its meeting in Geneva. The statement was concerned that human activity -- notably the increased use of fossil fuels -- might so alter the climate to require radical changes in agriculture and the production of energy. [New York Times] The Nixon administration's efforts to control public broadcasting, rid it of commentators considered hostile to the President and bring it into line with the administration's views are detailed in many documents from the files of the White House Office of Telecommunications Policy for 1969 to 1974. The papers were obtained under the Freedom of Information Act. [New York Times] Organized labor is modifying its legislative tactics to improve its weak showing in politics and in its organizing attempts. The new policies, announced by the A.F.L.-C.I.O.'s Executive Council at its meeting in Florida, seemed to be aimed at depending less on Congress and more on local efforts. [New York Times] The price of heating oil has risen nearly 20 percent since the fall in the New York metropolitan region, from 50 cents a gallon to 60 cents, and another increase of 2 or 3 cents is expected. Dealers say they are passing on higher costs resulting from shortages and weather-related factors. They anticipate reduced supplies in March.Six major oil companies will be investigated by the New York state Energy Commissioner, James Larocca, who wants details about their pricing and supply policies. Mr. Larocca, disturbed by what he said was "the apparent inability" of the administration "to come to grips" with oil price increases, issued subpoenas for company documents relating to pricing and other matters. [New York Times] Fighting swirled around the Vietnamese provincial capital of Lang Son as the Chinese continued their attacks, according to reports from Western analysts. One report said that Lang Son probably had been captured by the Chinese.The United States urged all parties fighting in Southeast Asia to "move the dispute to the negotiating table." Andrew Young, the American chief delegate, recommended to the Security Council of the United Nations that the Council call for an immediate cease-fire, a withdrawal of Chinese troops from Vietnam and a removal of Vietnamese forces from Cambodia. [New York Times] Thousands of Iranians disobeyed Ayatollah Khomeini's order to stay away and attended a rally called by the People's Fedayeen, an extreme left-wing group that wants to turn the country into a Marxist state. [New York Times] A visit to Washington was canceled by Saudi Arabia's Crown Prince Fahd, who was expected next month. There were conflicting reports on why he did so. The administration expressed "great regret" that the visit had to be postponed "because of health concerns that may require hospital tests." But the Saudi Embassy said that the prince was in good health and that the visit had been called off by mutual agreement "in order to provide time for a comprehensive study of the issues" that are to be discussed by President Carter and the Prince. Saudi Arabia is said to be unhappy with the administration's policies in the Persian Gulf and the Middle East. [New York Times] Rhodesian bombers attacked a black nationalist camp 22 miles west of Lusaka, Zambia, killing and wounding hundreds of people, witnesses said. The planes' target was the Nampundwe camp of Joshua Nkomo's guerrillas. The attack apparently was the expected retaliation for the shooting down of a Rhodesian airliner. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 823.28 (-5.29, -0.64%)
S&P Composite: 97.78 (-0.55, -0.56%)
Arms Index: 1.38

	Issues	Volume*
Advances	461	5.29
Declines	922	14.58
Unchanged	438	2.88
Total Volume		22.75

* 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 22, 1979	828.57	98.33	26.30
February 21, 1979	834.55	99.07	26.05
February 20, 1979	834.55	99.42	22.01
February 16, 1979	827.01	98.67	21.11
February 15, 1979	829.09	98.73	22.56
February 14, 1979	829.78	98.87	27.22
February 13, 1979	830.21	98.93	28.47
February 12, 1979	824.84	98.20	20.61
February 9, 1979	822.23	97.87	24.32
February 8, 1979	818.87	97.65	23.36