News stories from Friday September 14, 1979
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Carter is expected to refuse a request by several Senators for increased military appropriations in the next two federal budgets, informed sources said. His decision, which must be made early next week, may be an important influence on the outcome of the debate over the arms treaty with the Soviet Union. [New York Times]
- A tentative contract agreement was reached by General Motors and the United Automobile Workers Union after more than 27 hours of nonstop negotiations under a midnight strike deadline. The three-year contract establishes a negotiating base for the auto industry, which for the first time in 20 years can go ahead with contract talks without a strike against one of the Big Three manufacturers. [New York Times]
- Herman Talmadge's "denouncement" In the Senate for "reprehensible" conduct has been recommended by the Senate Select Committee on Ethics, which also demands that he reimburse the Senate for nearly $13,000 in excess expense funds that he received. [New York Times]
- Shocked residents of the Gulf Coast attempted to clean up the damage done by Hurricane Frederic, which appeared to be one of the three most destructive hurricanes ever to strike the United States. While Frederic was less severe than the other two, Camille, in 1969, and Betsy, in 1965, it afflicted a much wider area, about 100 miles along the coast and many square miles inland. President Carter toured the area and approved the preliminary official damage estimates, which might exceed $1.5 billion. [New York Times]
- A 1,280-acre limit was backed by the Senate for the amount of federally irrigated land that may be privately owned or leased, but an exemption was given to most of the large land corporations in California. [New York Times]
- The F.B.I. admitted spreading gossip about the late actress Jean Seberg in alleging that she had become pregnant by a member of the Black Panther Party. The bureau released an internal memorandum which showed that it had sought to discredit Miss Seberg, who committed suicide in Paris last week, because she had supported black nationalist causes. [New York Times]
- A move to cut the F.T.C.'s powers was started in Congress. A House appropriations subcommittee this week tentatively approved a measure that would end the Federal Trade Commission's consumer protection investigations and halt two of its major antitrust investigations. [New York Times]
- A $41.4 billion military spending bill was passed by the House, 282 to 46. It includes a nuclear aircraft carrier that President Carter does not want. The bill will go to the Senate without the Armed Services Committee's plan to register 18-year-old males for a possible future draft. This provision was killed Wednesday. [New York Times]
- The release of four Puerto Ricans was ordered early this month by President Carter after administration officials became convinced that freeing the nationalist terrorists involved no substantial risk of potential violence by them or other pro-independence Puerto Ricans, according to sources involved in the effort to release the longtime prisoners. [New York Times]
- Michele Sindona's lawyer in Rome said that he had received an envelope containing a photograph of the missing financier and a list of demands for his release from a group that claims to be holding him prisoner. The photograph purporting to be of the normally clean-shaven banker shows him wearing a beard and he seems wan. [New York Times]
- A rift threatens the London parley on Zimbabwe Rhodesia, according to British and African sources. They said that Prime Minister Abel Muzorewa and former Prime Minister Ian Smith had disagreed over Britain's proposals for an independence constitution. Prime Minister Muzorewa, the sources said, has decided to accept the proposals, but Mr. Smith reportedly balked at provisions that would weaken safeguards for the country's white minority, for which he is chief spokesman. [New York Times]
- Joint American-Israeli manufacture of advanced American fighter planes, which has been proposed by Israel, will be considered seriously by Washington, Secretary of Defense Harold Brown told Defense Minister Ezer Weizman. Mr. Brown indicated that the decision would be reached in the next few months. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 879.10 (+8.37, +0.96%)
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* |
| September 13, 1979 | 870.73 | 107.85 | 35.24 |
| September 12, 1979 | 870.90 | 107.82 | 39.35 |
| September 11, 1979 | 869.71 | 107.51 | 42.54 |
| September 10, 1979 | 876.88 | 108.17 | 33.00 |
| September 7, 1979 | 874.15 | 107.66 | 34.37 |
| September 6, 1979 | 867.32 | 106.85 | 30.36 |
| September 5, 1979 | 866.13 | 106.40 | 41.65 |
| September 4, 1979 | 872.61 | 107.44 | 33.35 |
| August 31, 1979 | 887.63 | 109.32 | 26.37 |
| August 30, 1979 | 883.70 | 109.02 | 29.28 |