News stories from Tuesday December 4, 1979

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

Release at once of American hostages in Teheran was demanded unanimously and "urgently" in a resolution approved by the 15 members of the United Nations Security Council. The demand reflected extraordinary support for an American position. Donald McHenry, the American delegate, said that "the family of nations speaks with one voice." [New York Times] Washington accused Iranian captors of having threatened to execute some of the American hostages in Teheran if they failed to cooperate in such activities as signing petitions requesting the Shah's return to Iran. Statements made by 13 hostages released earlier in the month-old crisis led a high White House official to say that the captives "have been threatened at gunpoint and told they would be shot." [New York Times] American hostages face trial as spies and will be judged by their student captors, the Iranian Foreign Minister, Sadegh Ghotbzadeh, said, according to a report by Pars, the official Iranian press agency. [New York Times] An inquiry into the Shah's assets by Iranian officials raised to more than $1 billion the amount of identifiable funds believed to have been diverted or misappropriated by the deposed ruler and his family from Iranian banks and other institutions, the officials charged. They presented documents to support charges that the Shah used preferential bank loans and inflated construction projects to siphon funds from the public. [New York Times] Action on a "windfall" profits tax on the oil industry began in earnest as the Senate began strengthening the legislation along lines sought by President Carter. After a week of stalemate, Senators favoring a lower tax dropped a filibuster threat in return for assurances that their amendments would get full floor consideration, among them a multibillion-dollar income tax cut, effective in 1981. [New York Times] States would be forced to save energy under a program that the Carter administration is to make public this week along with a plan for a standby gasoline rationing system. [New York Times] Sharp decreases in the use of gasoline in New York, New Jersey and Connecticut have resulted from public awareness of the need for conservation and from high prices and decreased supply. New Yorkers used 14.6 percent less gasoline in September than in September of last year in the sixth consecutive month of decline. [New York Times] A Carter candidacy for a second term was officially announced by the President in a White House ceremony subdued because of the Iranian crisis. Surrounded by his family and with his running mate, Vice President Mondale, at his side, President Carter pledged to "continue to talk sense to the American people in the campaign." [New York Times] Questioning of President Carter by videotape for a grand jury is being negotiated by the White House and the United States Attorney's office in Washington. The jury is investigating allegations that Robert Vesco tried to have administration officials "fix" legal problems arising from charges that he swindled investors. [New York Times] A rock concert tragedy stunned Cincinnati. City officials ordered an inquiry into the events that led to the deaths of 11 young people crushed by other rock fans rushing to get unreserved seats at the concert. The accident also raised concern that the conditions allowing a stampede of thousands of excited youths through doorways in a race for good seats exists at hundreds of other concert facilities. [New York Times] A Chicago schools financial crisis led to the resignation of the Board of Education's two top financial officers. It brought to four the number of top officials to step down in a money crunch that has left the $1.4 billion school system almost broke. [New York Times] Edward Kennedy denounced President Carter's domestic policies in a presidential campaign speech. The Senator charged that Mr. Carter had failed to solve threats to the economy and energy resources. [New York Times] A suit over toxic wastes in the City of Niagara Falls, N.Y., could include the city itself for having allegedly drawn drinking water from near one of the sites. Justice Department officials also said that the department planned to sue two companies for $150 million that it says will be the cost of removing the wastes that the companies allegedly dumped in the city. [New York Times] Iceland's voters gave no majority to any party in parliamentary elections, leaving unresolved what to do about a 55 percent rate of inflation. [New York Times] Bolstering NATO's nuclear arsenal in Europe was strongly urged by Chancellor Helmut Schmidt, who said that no pressure from Moscow would deter West Germany's position. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 824.91 (+5.29, +0.65%)
S&P Composite: 106.79 (+0.96, +0.91%)
Arms Index: 0.52

	Issues	Volume*
Advances	981	22.36
Declines	554	6.59
Unchanged	389	4.56
Total Volume		33.51

* 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*
December 3, 1979	819.62	105.83	29.03
November 30, 1979	822.35	106.16	30.48
November 29, 1979	831.74	106.81	33.56
November 28, 1979	830.46	106.77	39.69
November 27, 1979	825.85	106.38	45.14
November 26, 1979	828.75	106.80	47.94
November 23, 1979	811.77	104.67	23.30
November 21, 1979	807.42	103.89	37.02
November 20, 1979	809.22	103.69	35.01
November 19, 1979	815.27	104.23	33.09