News stories from Monday November 12, 1979
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- All oil imports from Iran were halted under an order by President Carter, who said that Washington would not yield to "unacceptable demands" for the return of the deposed Shah made by Iranians holding Americans hostage in the Embassy in Teheran. Appearing on television, Mr. Carter urged Americans to "redouble" efforts to conserve energy.
Relatively little impact on oil supply is likely to result from the halt in imports of Iranian petroleum to the United States, according to administration and private analysts. About 4 percent of America's consumption that has come from Iran can probably be replaced by oil from other countries, they said, and, although costs are likely to rise, the increases are expected to be comparatively small.
[New York Times] - The Shah must be surrendered to Iran, according to a top Iranian official, who instructed foreign diplomats to stress that message to Washington. He also said that Washington must also surrender the Shah's wealth to regain American hostages in Teheran.
The P.L.O. has given up efforts to gain the release of the American hostages in Teheran, according to Palestinian sources. They said that the mission had foundered because of Iran's insistence that there was no point in talking if Washington would not surrender the deposed Shah.
[New York Times] - A recall of about 1.3 million cars was announced by General Motors to replace two seatbelt anchor bolts that could break under stress. All of the cars involved are 1979 models except 18,000 early 1980 models. The voluntary recall raised to 35 the number announced this year by G.M., the nation's largest auto maker. [New York Times]
- The cabinet shake-up last summer has resulted in a new style of leadership but little change in policy. White House officials say that this was the objective of President Carter when he shifted the leadership of the departments of Transportation; Health, Education and Welfare and Housing and Urban Development. [New York Times]
- Key endorsements are being sought in the presidential race. President Carter has done particularly well with mayors and governors, many of whom depend heavily on federal funds to run their administrations. Carter campaign officials are counting on people like Gov. Richard Riley of South Carolina to play a major role in organizing their local efforts. [New York Times]
- A drive against United Way, the combined charity organization, was opened by critics who called on the government to compel the television networks to present arguments opposing the agency's fundraising efforts during broadcasts of professional football games. The critics contend that United Way raises funds mostly for old, established groups and almost none for controversial organizations. [New York Times]
- Reagan strength is so strong in New York, New Jersey and Connecticut in the opinion of the former Governor of California that he plans to challenge any delegate slates not committed to him. In the last presidential campaign, Ronald Reagan was all but shut out in the three states, a heartland of liberal Republicanism. [New York Times]
- Nearly 250,000 people were evacuated after the derailment of a train loaded with toxic chemicals in the Toronto suburb of Mississauga. Firemen wearing gas masks pumped 5,000 gallons of water a minute on the flaming wreckage of a 106-car Canadian Pacific train that had jumped the tracks, setting off huge blasts that sent parts of tanker cars soaring nearly half a mile. No fatalities were reported. [New York Times]
- A $2.1 million theft of wristwatches was carried out in a factory vault in the Hackensack Meadowlands. The authorities said that about 1,500 Lucien Piccard watches were stolen over the weekend by thieves who cut telephone trunk lines, knocking out hundreds of burglary alarm systems and disrupting telephone service at police stations in three communities. [New York Times]
- Aid for Cambodians was cleared by the pro-Vietnamese government in Phnom Penh, which assured six American Congresswomen it would accept all international supplies to relieve widespread famine and disease. [New York Times]
- Israel's government lost a vote in Parliament in an attempt to restrict abortions. Some government representatives joined in rejecting an amendment to the abortion law by a vote of 54 to 54. The defeated bill would have permitted abortions only in cases of danger to the mother's physical or mental health. At present, abortions are also allowed for social or economic reasons. [New York Times]
|
Stock Market Report
Dow Jones Industrial Average: 821.93 (+15.45, +1.92%)
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 9, 1979 | 806.48 | 101.51 | 30.06 |
| November 8, 1979 | 797.61 | 100.30 | 26.27 |
| 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 |