News stories from Wednesday November 14, 1979
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The U.S. froze all Iranian assets, including bank accounts, hours after Iran announced it would withdraw billions of dollars from them and transfer the funds to friendlier countries. The amount of official assets involved was estimated by American officials at $6 billion.
Iran defended its plan to withdraw funds from American banks and their overseas branches on the ground that banking interests were responsible for the admission of the deposed Shah to the United States. David Rockefeller, chairman of the Chase Manhattan Bank, has acknowledged that he interceded to obtain the Shah's entry for medical treatment.
Financial circles expressed concern over how the American freeze on Iranian government assets might affect the willingness of foreigners to keep funds in American banks and the impact on future international oil production and pricing. Washington stressed that it had acted to protect American financial claims against Iran.
[New York Times] - American diplomats were winning an effort to delay, until all American hostages in Iran are freed, a United Nations Security Council meeting sought by Iran. Bolstered by Secretary of State Vance, the Americans gained support from third-world and Communist nations that habitually oppose Washington's policies. [New York Times]
- Aid for companies in distressed areas was approved by the House, which passed a bill to provide $5.9 billion in loans, loan guarantees and other assistance. The measure, passed by a vote of 301 to 99, also authorized a $2 billion standby local public works program for times when the national jobless rate reached 8.5 percent for at least one quarter of a year. The legislation, approved by the Senate last August, now goes to a conference to resolve differences. [New York Times]
- The future of organized labor, as well as its vigor and commitment, is being questioned by a number of experts, within the union movement and outside it, who express uncertainty over whether it will be an important force in the years ahead. The once zesty movement is now set in its ways. The assessment is being made as George Meany is about to step down as president of the A.F.L.-C.I.O, which he has headed since its establishment. [New York Times]
- Roman Catholic women were set back as proposals to remove the word "men" from the central prayers and liturgical rites of the church failed to win the needed two-thirds majority approval of the nation's bishops. Passage of the recommendations, which called for the substitution of such terms as "all people" for male pronouns, had been widely expected and many top leaders backed them. [New York Times]
- The credit squeeze has curbed mobility for Americans. Increased interest rates and the tightened money supply has often made it impossible to obtain mortgages at affordable rates or to obtain them at all and therefore nearly impossible to buy and sell houses. Many analysts believe that the situation, created by the Federal Reserve Board's efforts to curb inflation, is temporary. But some say that Americans' ability to move may soon be permanently curbed. [New York Times]
- Deaths in a wilderness program have led to civil suits accusing the organization conducting the training, Outward Bound, of negligence in challenging students to undertake situations beyond their capabilities without adequate safety precautions. The charges were made by parents of three young people who were killed during the training. [New York Times]
- Stricter British immigration rules that would markedly reduce the number of non-whites allowed to enter Britain were proposed by London. [New York Times]
- Vietnamese evacuation of Cambodia was demanded overwhelmingly in the United Nations General Assembly. The resolution was approved by a vote of 91 to 21 with 29 abstentions after three days of debate. [New York Times]
- New troubles in Israeli-occupied lands were predicted as Israeli leaders rejected a compromise, deciding to press for deportation of an outspoken Palestinian mayor. He remained in prison pending a court appeal. In protest, the mayors of all 25 cities in the occupied territory have resigned. [New York Times]
- An earthquake killed hundreds of Iranians in 14 rural villages. Officials reported that at least 248 persons had been killed and that the death toll might be 500. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 816.55 (+2.47, +0.30%)
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 13, 1979 | 814.08 | 102.94 | 29.24 |
| November 12, 1979 | 821.93 | 103.51 | 26.66 |
| 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 |