News stories from Thursday November 8, 1979

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

Hopes dimmed over an early release of American hostages in Teheran. Prospects that the Palestine Liberation Organization might negotiate the release of the scores seized Sunday at the American Embassy appeared to be seriously damaged by the insistence of the students holding the embassy and by Ayatollah Khomeini that Washington must surrender the deposed Shah. A top Palestinian leader sent to Teheran by the P.L.O. said he would not be a mediator.Talks with the P.L.O. were authorized for Ramsey Clark, President Carter's special envoy, if the Palestinian group would help to obtain the release of the American hostages in Teheran, Washington announced. Because of the tense situation, the White House said, the President has postponed tomorrow's scheduled visit to Canada. [New York Times] The White House urged Americans not to vent their anger against Iranian students in a way that would harm the American hostages in Teheran. To avoid inflammatory incidents between Iranian students and the police, President Carter ordered the revocation of permits for anti-Shah protests in Washington. [New York Times] Less Iranian oil will be delivered to some petroleum companies, according to a message from Teheran, which said that they would get nearly 10 percent less than they had expected for the rest of the year. [New York Times] A major synthetic fuels industry to reduce American reliance on oil imports is the aim of a bill approved by the Senate. The government would spend billions of dollars and would seek to persuade private industry to carry out the program. Senate approval of the ambitious plan by a 65 to 19 vote after a 10-hour debate represented a major victory for President Carter. The measure now goes to conference to resolve wide differences with a modest bill approved by the House. [New York Times] Jerry Brown declared formally his candidacy for President, calling for increased leadership. The goal of the California Governor is to weaken President Carter's drive in the early Democratic primaries to try to force his withdrawal, setting the stage for an attack on Senator Edward Kennedy. Governor Brown spoke in Washington and in Boston. [New York Times] Edward Kennedy campaigned in the South, drawing his largest crowd to date in Nashville. The Senator charged that President Carter lacked leadership qualities and had mishandled the economy. Earlier in the day in Chicago, Mr. Kennedy said that that he planned to "experiment" with various forms of appearances. [New York Times] Aging Midwest cities are losing power and autonomy to county governments dominated by suburbanites. Detroit, Cleveland and Louisville, among others, have been steadily giving up control of city functions to the counties, which have gained administrative power over city services and greater political strength in state and federal politics. The trend is curbing the influence of black city residents. [New York Times] Costly transit aid for the handicapped was cited by a congressional agency, which said that new federal rules to make mass transportation vehicles and stations accessible to disabled riders could cost the government about $6.8 billion, or $38 a trip for each rider over the next 30 years. [New York Times] Emory University got $100 million in what is believed to be the largest single gift in the history of American philanthropy. The donation, in the form of three million shares of Coca-Cola company stock, was made by Robert Woodruff, a 90-year-old retired chairman of the company. [New York Times] Eight of 15 prisoners were recaptured by the police after escaping from an old West Virginia prison by overpowering guards with a smuggled pistol. Another escapee was found fatally shot. The prisoners seized additional weapons from guards, and an off-duty state trooper was killed in a chance encounter with the escapees just outside the prison. [New York Times] Banning a herbicide was pressed by the Chemical Workers union. It said that the experience of male workers at a plant that produced the chemical for 18 months indicated that the exposure resulted in miscarriages, early death or heart defects among their newborn babies. The herbicide, Oryzalin, is used to kill weeds. [New York Times] Mayor Koch modified fiscal optimism, saying for the first time that New York City would not be able to meet all of its long-term borrowing needs without assistance after 1982, when its four-year financial rehabilitation plan is to end. His view contrasted sharply with the confidence he has repeatedly expressed. [New York Times] Streamlining the Roman Curia, the central administration of the Roman Catholic Church, was considered at the extraordinary meeting of the College of Cardinals called by Pope John Paul II. The 121 cardinals attending were also said to be discussing new aid from dioceses. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 797.61 (+0.94, +0.12%)
S&P Composite: 100.30 (+0.43, +0.43%)
Arms Index: 0.58

	Issues	Volume*
Advances	832	15.75
Declines	597	6.56
Unchanged	455	3.96
Total Volume		26.27

* 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*
November 7, 1979	796.67	99.87	30.83
November 6, 1979	806.48	101.20	21.96
November 5, 1979	812.63	101.82	20.46
November 2, 1979	818.94	102.51	23.68
November 1, 1979	820.14	102.57	25.89
October 31, 1979	815.70	101.82	27.78
October 30, 1979	823.81	102.67	28.89
October 29, 1979	808.62	100.71	22.72
October 26, 1979	809.30	100.57	29.67
October 25, 1979	808.46	100.00	28.45