News stories from Thursday January 25, 1979

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

Gains are being made in cleaning up the nation's water and air, according to a report by a White House advisory council. But the panel expressed concern over a continuing loss of prime farmland, estimated at a million acres a year, that is being taken over for residential and other uses. [New York Times] The smoker's world is shrinking, but not nearly as fast as most anti-smoking crusaders would like. Since 1973, at least 32 states and the District of Columbia have approved some legislation limiting smoking in enclosed public places, and more than 500 counties and municipalities are believed to have done the same. Quit-smoking clinics have proliferated. [New York Times] A blueprint for a Carter campaign in 1980 has been submitted to the President by Hamilton Jordan, his top political aide, White House officials confirmed. The long memo reportedly presents the broad strategy and obstacles for a re-election bid and concludes that Mr. Carter could win. [New York Times] A legislative agenda for 1979, including plans to protect privacy, develop solar energy and give the government authority to bar discrimination by property owners, was sent to Congress by President Carter. [New York Times] Much of scenic Monterey Peninsula is about to be taken over by Hollywood. The shareholders of the company town of Pebble Beach, Calif., are to vote today on a plan to sell the company to the Twentieth Century-Fox Film Corporation for more than $71 million. The purchase, which seems assured of approval, has touched off a controversy over the future of a 90-mile stretch of rocky coast often called one of the most beautiful in the world. [New York Times] The linking of 192 public radio stations by satellite, providing a non-commercial network with high fidelity stereo sound, was approved by the Federal Communications Commission. The system, to begin in February of next year, will give the radio stations a greatly increased choice of programs since they will be able to select programs from four to 20 channels. [New York Times] Pope John Paul II arrived on the historic island of Santo Domingo on the way to a conference of Latin American bishops in Mexico and celebrated an outdoor mass attended by 250,000 people. His journey is designed to define the church's mission amid divisions in the clergy over social and economic struggles. [New York Times] Pressing for Canadian unity, a government commission urged the people to recognize the distinctive nature of French-speaking Quebec or risk its secession from the federation. The panel, after an 13-month study, said that Canada was in "a crisis of existence" and called on the federal and provincial governments to act quickly to restructure political institutions to accommodate Quebec as well other dissatisfied regions. [New York Times] A ban on demonstrations in Iran will be enforced, starting Friday, the government announced. The prohibition appeared to be aimed at preventing an anti-government march slated for Saturday, but organizers said they would defy the order.Ayatollah Khomeini acknowledged that the Iranian government's decision to close all airports had blocked his immediate return from exile in France. He called on his followers to avoid provoking any army intervention in political issues. Washington was encouraged by the firm stand taken by the Iranian government and the military against efforts by Ayatollah Khomeini to return home to set up an Islamic republic. Prime Minister Bakhtiar was credited with decisiveness. [New York Times] China's former capitalists will get back property and money seized in the Cultural Revolution and be rehabilitated in an effort to enlist them in the nation's quest for modernization, the Chinese press agency reported. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 854.64 (+8.23, +0.97%)
S&P Composite: 101.19 (+1.03, +1.03%)
Arms Index: 0.51

	Issues	Volume*
Advances	1,042	23.36
Declines	450	5.16
Unchanged	388	2.92
Total Volume		31.44

* 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 24, 1979	846.41	100.16	31.71
January 23, 1979	846.85	100.60	30.18
January 22, 1979	838.53	99.90	24.39
January 19, 1979	837.49	99.75	26.80
January 18, 1979	839.14	99.72	27.26
January 17, 1979	834.20	99.48	25.31
January 16, 1979	835.59	99.46	30.34
January 15, 1979	848.67	100.69	27.51
January 12, 1979	836.28	99.93	37.12
January 11, 1979	828.05	99.10	24.56