News stories from Thursday October 16, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The siege of Abadan tightened as Iraqi forces moved to within a mile of the burning oil refinery city and captured its broadcasting station. The gain was confirmed by foreign correspondents who were taken by the Iraqis to the forward area and allowed to visit the broadcast center, now used to hold Iranian prisoners. [New York Times]
- Talks on the hostage crisis are sought by President Carter. He said he was ready to confer with Iran's Prime Minister, but had no idea whether he was amenable. In advance of his visit to New York to represent Iran in the United Nations Security Council's debate on the Iraqi-Iranian war, administration officials were cautious, hoping for talks leading to the release of the 52 hostages, but aware that the Prime Minister might use the visit to denounce not only Iraq but also the United States. [New York Times]
- Ronald Reagan appears to lead in New Jersey, where the voters are strongly troubled over the economy, while President Carter is pressing hard to try to overtake him. But the comments of New Jersey politicians and a New York Times /CBS News Poll indicate that Mr. Carter has not yet fashioned a strong Democratic coalition. The poll showed Mr. Reagan with 34 percent of probable voters, the President with 28 percent, John Anderson, the independent, with 12 percent, and 26 percent still undecided only three weeks before the election. [New York Times]
- The President used bellicose language in warning potential "adversaries" that if they attacked the United States "they will be commiting suicide." Mr. Carter, repeatedly and at great length, defended the state of the nation's preparedness at a "town meeting" attended by about 2,200 Long Island residents in Hempstead. [New York Times]
- Two black leaders back Mr. Reagan. The Rev. Ralph Abernathy and Hosea Williams, the civil rights leaders, announced their endorsement as the Republican presidential nominee visited a church in Detroit. [New York Times]
- President Carter and Ronald Reagan appeared on the same dais for the first time in the election campaign. They shook hands warmly and poked mildly partisan fun at each other before several thousand guests at the annual Alfred E. Smith Memorial Dinner in Manhattan. [New York Times]
- A speedy arms accord was pressed by Secretary of State Muskie, who said that a Soviet troop withdrawal from Afghanistan was no longer a precondition for the administration to seek Senate approval of the pact. Mr. Muskie charged that Ronald Reagan's plan to renegotiate the agreement would destroy the chances for future arms accords with Moscow. [New York Times]
- A plot to corner the peanut oil market is alleged by federal prosecutors. Sources said that a federal grand jury was seeking to determine whether officials of Frito-Lay Inc. used improper political influence to persuade the Agriculture Department to sell most of its surplus peanut oil at one time. A former chief commodity buyer for the company pleaded guilty to a conspiracy charge in return for cooperating with the inquiry. [New York Times]
- Boston has no ready cash as the result of months of feuding over finances between Mayor Kevin White and the City Council. For the first time in the city's 350-year history, municipal employees have not been paid for two consecutive weeks. [New York Times]
- Failure to meet rationing levels in conserving water was shown by six suppliers in New Jersey, according to state officials. They found that the companies had consistently fallen short of the goal of a 25 percent reduction in daily usage. There have been no reports of any company levying a water bill surcharge or attaching flow restrictors, as were ordered by Governor Byrne in cases of overuse.
A "drought watch" in New York City was declared as upstate reservoirs dropped to 49 percent of capacity compared with at least 70 percent that is normal in mid-October. The action was the first stage of a contingency plan that could be followed by a voluntary conservation order and imposition of mandatory conservation.
[New York Times] - Soviet-American arms talks opened amid tight secrecy in Geneva. Western European diplomats expressed doubts about the wisdom of the negotiations, which are intended to curb the deployment of medium-range nuclear missiles and bombers in Europe, on the ground that the Atlantic alliance is in a weaker bargaining position than the Soviet Union. [New York Times]
- Increasing resistance by Afghans was reported by Western diplomats, who also said that tension was rising between the two factions of the Soviet-backed ruling party. Fighting was also reported to be increasing between the Afghan army and the police in a rivalry said to be approaching a major confrontation. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 958.70 (-13.74, -1.41%)
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* |
| October 15, 1980 | 972.44 | 133.70 | 48.28 |
| October 14, 1980 | 962.20 | 132.02 | 48.79 |
| October 13, 1980 | 959.90 | 132.03 | 31.41 |
| October 10, 1980 | 950.68 | 130.29 | 44.03 |
| October 9, 1980 | 958.96 | 131.04 | 43.98 |
| October 8, 1980 | 963.99 | 131.65 | 46.58 |
| October 7, 1980 | 960.67 | 131.00 | 50.31 |
| October 6, 1980 | 965.70 | 131.73 | 50.12 |
| October 3, 1980 | 950.68 | 129.33 | 47.50 |
| October 2, 1980 | 942.24 | 128.09 | 46.16 |