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Tuesday February 13, 1979
. . . where the 1970s live forever!

News stories from Tuesday February 13, 1979


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

  • An inquiry into People's Temple funds is being made by the General Accounting Office. It has subpoenaed records of welfare payments made by California to learn whether large amounts of public money went into the cult's bank accounts. The late cult leader was said to have up to 150 foster-care children under his control. [New York Times]
  • The Bakke ruling has emitted mixed signals, according to many administrators at professional schools. Some see the Supreme Court's decision as a mandate to alter programs that favor minority applicants. Others read the ruling as an endorsement for their affirmative action programs. But few administrators interviewed believe that the courts have handed down the final word on the controversy. [New York Times]
  • North Pole ice could melt in the not-too-distant future. Several specialists reported to a world climate conference in Geneva that such melting might result from rapid increases in fuel burning and a consequent rise in atmospheric carbon dioxide. [New York Times]
  • New York City would be denied new federal loan guarantees unless Mayor Koch agreed to deeper budget cuts under a recommendation by Senator William Proxmire to the Treasury Department. The Wisconsin Democrat, who is chairman of the committee that oversees the federal loan-guarantee program, sharply criticized the city's budgetary assumptions as overly reliant on increases in federal aid. [New York Times]
  • Iran's revolutionary regime took shape as seven ministers were speedily appointed in an apparent effort to help restore order. Karim Sanjabi, who had led opposition to the Shah, was named Foreign Minister. In a newspaper interview, he said the new republic would be a democracy with a mixed economy and basic industries "run by the public sector."

    Iran's new leaders are generally secular, technocratic-minded men eager to get the country running again. They are expected to try to put some distance between the regime and Ayatollah Khomeini, who has said that religious leaders should serve only as spiritual "guides." [New York Times]

  • Israeli military spending will be cut by about 25 percent over the next 10 years, according to American sources. They said that Defense Minister Ezer Weizman had told visiting Defense Secretary Harold Brown of the planned reduction as Israel expects to sign a peace treaty with Egypt soon. [New York Times]
  • Increased Catholic activism for the rights of the poor was urged by the Roman Catholic bishops of Latin America, who ended a crucial conference on the church's rote in regional affairs. The bishops called on Latin American nations to resolve their own problems peacefully and told affluent nations not to bar progress. [New York Times]
  • Vietnam is using MiG-21 fighters to patrol its frontier with China after recent flights over Vietnam by Chinese aircraft, analysts in Hong Kong said. They also reported that patrols by Soviet planes had increased along the Soviet-Chinese frontier. [New York Times]
  • Jean Renoir died of a heart attack at the age of 84. He was one of the great international film directors, who was best known for his classic 1937 antiwar drama, "The Grand Illusion," and for his 1939 masterpiece, "The Rules of the Game." Over 50 years, he directed 36 features, writing the scenarios for many of them. [New York Times]
  • The Mexican-American border is dotted by bicultural, bilingual "twin cities" that are far more dependent on each other than on the nations to which each owes its allegiance. Along this nearly 2,000-mile-long kind of Mex-America the two worlds meet, blend and sometimes clash. The growing interdependence of the border cities is one subject of concern to Presidents Carter and Jose Lopez Portillo as they confer this week in Mexico City. [New York Times]


Stock Market Report

Dow Jones Industrial Average: 830.21 (+5.37, +0.65%)
S&P Composite: 98.93 (+0.73, +0.74%)
Arms Index: 0.54

IssuesVolume*
Advances1,05820.22
Declines4054.18
Unchanged3864.07
Total Volume28.47
* 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
DateDJIAS&PVolume*
February 12, 1979824.8498.2020.61
February 9, 1979822.2397.8724.32
February 8, 1979818.8797.6523.36
February 7, 1979816.0197.1628.45
February 6, 1979822.8598.0523.57
February 5, 1979823.9898.0926.49
February 2, 1979834.6399.5025.35
February 1, 1979840.8799.9627.92
January 31, 1979839.2299.9330.33
January 30, 1979851.78101.0526.91


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