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Thursday November 1, 1979
. . . where the 1970s live forever!

News stories from Thursday November 1, 1979

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

  • An Energy Mobilization Board was approved by the House, becoming the first of President Carter's major energy bills to clear both chambers. But the measure goes beyond both the Senate version and what the administration sought because it enables the board to override federal laws, such as environmental guarantees, to speed clearance of synthetic fuels plants and conservation projects. [New York Times]
  • Nuclear fuel experts were summoned to an emergency meeting by the federal government. It is calling in more than 50 specialists to evaluate a study that suggests that the emergency core cooling systems of virtually all of the nation's reactors might not function properly in an accident involving the loss of coolant. [New York Times]
  • The operator of Three Mile Island is faced with a threat of losing its license to sell electricity. Pennsylvania authorities gave the utility, the Metropolitan Edison Company, 20 days to show why its license to operate the plant should not be revoked. [New York Times]
  • Without government approval, Consolidated Edison has begun work on a $150 million project to convert three oil-burning electric power plants in Queens and Staten Island so that they can burn coal. Since 1973, the utility has repeatedly asked state and city environmental agencies for permission to burn cheaper but potentially more polluting coal, and Con Ed said it would proceed despite the risk of losing money if approval is denied. [New York Times]
  • Record federal aid for Chrysler was proposed by the Carter administration, which said that the government should provide $1.5 billion in loan guarantees to help save the troubled auto manufacturer. The proposal is about double the amount that Treasury Secretary William Miller had previously indicated he would consider to help the corporation survive. [New York Times]
  • An oil tanker was rammed by a freighter in choppy seas about five miles south of Galveston, Tex. Both ships burst into flames and the tanker, spilling much of its 16.8 million gallons of crude oil, was sinking. Four of the tanker's crewmen were killed and 27 were missing. [New York Times]
  • A Baker-for-President campaign was formally announced. In declaring his candidacy, Senator Howard Baker Jr., the Senate Republican leader, cited his 13 years in Congress and said he "knows Washington well enough to change Washington." [New York Times]
  • Political demands on Robert Strauss may lead him to give up his post as President Carter's special Middle East negotiator to devote himself fully to the re-election campaign. Mr. Carter's key political adviser raised the possibility but stressed that no definite decision had been made. [New York Times]
  • Mamie Doud Eisenhower died in her sleep at the Walter Reed Army Medical Center in Washington. The widow of President Dwight Eisenhower was 82 years old. She had been hospitalized since Sept. 25, when she suffered a massive stroke. [New York Times]
  • The way for easing a financial crisis in Wayne County, Michigan, was opened by an agreement between Gov. William Milliken and Mayor Coleman Young of Detroit. The accord would put to the voters a choice of reorganizations of the county government, to give it increased central authority and accountability that, the Governor has said, is needed to halt four years of deficit spending. [New York Times]
  • Discovery of a lost Leonardo da Vinci painting was reported by two American researchers. They believe they have found a battle scene painted in 1505 on the wall of the Palazzo Vecchio in Florence and later covered by a fresco. Italian specialists have begun to remove the fresco to authenticate a possible major art discovery. [New York Times]
  • A coup in Bolivia was announced by an army colonel, whose troops seized public buildings in La Paz in an uprising against the new civilian government. Rebel soldiers guarding the presidential palace killed six persons and wounded several as crowds of protesters hurled rocks at them. The extent of the colonel's control was not clear, and the civilian government vowed resistance. [New York Times]
  • Israel's cabinet avoided a showdown among its members over the future of Jewish settlement in the occupied West Bank, postponing a decision on an overall settlement plan. [New York Times]
  • A coup in Seoul was sought and the assassination of President Park Chung Hee was the first stage in the abortive attempt, according to sources close to the inquiry. They said that Kim Jae Kyu, then head of the Korean Central Intelligence Agency and accused slayer of Mr. Park, had planned to seize control of South Korea. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 820.14 (+4.44, +0.54%)
S&P Composite: 102.57 (+0.75, +0.74%)
Arms Index: 0.65

Total Volume25.88
* 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
October 31, 1979815.70101.8227.78
October 30, 1979823.81102.6728.89
October 29, 1979808.62100.7122.72
October 26, 1979809.30100.5729.67
October 25, 1979808.46100.0028.45
October 24, 1979808.36100.4431.48
October 23, 1979806.83100.2832.91
October 22, 1979809.13100.7145.24
October 19, 1979814.68101.6042.43
October 18, 1979830.12103.6129.59

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