News stories from Thursday January 11, 1979

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

"Overwhelming proof" that smoking poses serious health hazards was offered in a 1,200-page report made public by Dr. Julius Richmond, the United States Surgeon General. He said the latest report, which was far more definitive than its 1964 predecessor, showed that smoking causes lung cancer, heart disease and many other serious ailments. The report gave special attention to the dangers smoking posed for women and fetuses.The anti-smoking report worries growers in North Carolina's tobacco country, but one noted that President Carter often wears a cap bearing a small emblem saying: "Growers Warehouse 646 -- Wilson." Last August, Mr. Carter reassured North Carolinians that he saw "nothing incompatible" between government support of tobacco growing and Washington's anti-smoking campaign. [New York Times] The convictions of Marvin Mandel, former Governor of Maryland, and five co-defendants on bribery and mail fraud charges were overturned by a federal appeals court. The three-judge panel said instructions to the jury might have been misleading, and it sent the case back to court for retrial. Government prosecutors would not comment on whether the five men would be tried again. [New York Times] Billy Carter is embarrassing President Carter, a White House aide said. The administration dissociated the President from the boisterous five-week tour that his brother is conducting for Libyan businessmen and government officials. Libya is widely viewed as a bitter enemy of Israel. [New York Times] The first major contract under the President's wage guidelines was accepted by the Oil, Chemical and Atomic Workers Union and the Gulf Oil Corporation. The wage increases for the contract have been approved by the Council on Wage and Price Stability, according to industry sources. [New York Times] Motorcyclists' helmets were advocated strongly by the nation's highway safety chief, who warned states that repeal of laws requiring wearing helmets could sharply raise traffic deaths. Since 1976 all but 21 states have repealed laws requiring such helmets. [New York Times] The Shah will soon leave Iran for "a vacation," and the United States endorses his decision, Secretary of State Vance said. He called on Iranian military and opposition leaders to support the new civilian government. Other State Department officials said that Washington had warned Iranian military leaders strongly against attempting a coup.Stronger Iranian ties with Arab nations and support for a Palestinian homeland were urged by Prime Minister Shahpur Bakhtiar. He pledged to disband Iran's secret police, gradually abolish martial law, schedule early elections, and free all political prisoners and compensate those who had served more than a year in jail and families of those killed in the revolt. [New York Times] Prince Norodom Sihanouk overcame opposition by the Soviet Union in bringing an official appeal for help against the Vietnamese-led invasion of Cambodia before the United Nations Security Council. Any resolution on Cambodia faces a certain Soviet veto. A Cambodian leader vowed that the war would continue "and we will win victory" despite the invasion by Vietnamese forces. Deputy Prime Minister Ieng Sary, the second-ranking leader in the ousted Cambodian government, was traveling to China. [New York Times] Leonid Brezhnev delayed his trip to the United States this month to avoid being upstaged later by Deputy Prime Minister Teng Hsiao-ping of China, high Soviet aides acknowledged. The Chinese leader is to begin a visit to the United States Jan. 29. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 828.05 (+3.12, +0.38%)
S&P Composite: 99.10 (+0.33, +0.33%)
Arms Index: 0.59

	Issues	Volume*
Advances	736	13.69
Declines	648	7.12
Unchanged	460	3.77
Total Volume		24.58

* 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*
January 10, 1979	824.93	98.77	24.97
January 9, 1979	831.43	99.33	27.20
January 8, 1979	828.14	98.80	21.44
January 5, 1979	830.73	99.13	28.89
January 4, 1979	826.14	98.58	33.31
January 3, 1979	817.39	97.80	29.17
January 2, 1979	811.42	96.73	18.35
December 29, 1978	805.01	96.11	30.03
December 28, 1978	805.96	96.28	25.44
December 27, 1978	808.56	96.66	23.58