News stories from Thursday November 15, 1979

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

President Carter warned Iran that its government would be held accountable for the safety and well-being of American hostages in Teheran and he denounced Iran for "an act of terrorism totally outside the bounds of international law." Addressing an A.F.L.-C.I.O. convention, the President declared that the United States "will not yield to international terrorism or to blackmail."A split among Iran's leaders seemed to have developed over how to deal with the Americans being held in Teheran in efforts to obtain the return of the deposed Shah. Two members of the ruling Revolutionary Council hinted to Western reporters that women and black hostages would soon be freed, but the Islamic students who seized the American Embassy 12 days ago "strongly rejected" the suggestion. [New York Times] The Shah, being treated for cancer at a Manhattan hospital, has received 3 of a series of 10 radiation treatments. A spokesman said that the deposed ruler had shown no adverse side effects so far that would prevent him from leaving the United States, but that no decision would be made on his plans until next week. [New York Times] Mandatory controls over hospital costs were overwhelmingly rejected by the House in a major defeat for the administration. Voting 234 to 166, the chamber replaced federal controls with voluntary efforts to restrain rising care costs. The White House termed the action "a defeat in the fight against inflation" and is hopeful that the Senate will approve controls. [New York Times] George Meany bade farewell to his fellow unionists and assured them that the labor movement "is alive and well and ready to do battle with any foe who would destroy it." But the 85-year-old labor leader, who is stepping down as head of the A.F.L.-C.I.O., opened its convention with a warning to beware of the status quo. [New York Times] Arnold Miller, the coal miner who rose to the presidency of the United Mine Workers of America as a reformer in 1972, resigned his $42,000-a-year office in the face of an almost certain move by union officials to depose him. The resignation placed Sam Church, 42 years old, a former coal miner from Appalachia, Va., in line for the presidency of the union. [New York Times] Affirmative action was denounced by John Connally as "divisively harmful." The Republican presidential aspirant said the programs "make innocent Americans pay a debt owed by society as a whole." [New York Times] Anthony Scotto was convicted of obtaining more than $200,000 in cash payoffs from waterfront businessmen in "a pattern of racketeering." The verdict against the politically influential officer of the longshoremen's union followed a nine-week trial and five days of deliberation. The jury also convicted Anthony Anastasio, a union aide, of obtaining nearly $50,000 in cash payoffs. The two could face up to 20 years in prison, as well as the loss of their union posts. [New York Times] A major Zimbabwe Rhodesian accord was reached on arrangements for a transition from guerrilla war to all-party elections. After 10 weeks of talks in London, Britain has persuaded the rival factions to accept an independence constitution and a transition formula. Talks over terms to end the fighting, the final hurdle to ending a 14-year crisis, will begin tomorrow. [New York Times] Steps back to democracy in Seoul were foreshadowed as the new government ordered speedy preparations to release political prisoners held for criticizing the government of the late President Park Chung Hee. [New York Times] A British knight had been a Soviet spy, the London government acknowledged, saying that Sir Anthony Blunt, a former curator of Queen Elizabeth's art collection, was the long-sought "fourth man" in the sensational Burgess-Maclean espionage case of 25 years ago. He secretly confessed after a decade of spying, was granted immunity from prosecution and then lived 15 years more at the top level of British society, advising the royal family on art. The Queen canceled the knighthood conferred on him in 1956. [New York Times] Upgrading of NATO defenses was assured for the coming decade in a major statement by West Germany. It announced that all the conditions it had set for the deployment of new American nuclear missiles have been met and that it planned to accept their stationing in West Germany. [New York Times] A Palestinian mayor was accused of broader activities by Israeli officials in explaining efforts to deport him. They said that he had long served as the top official of the Palestine Liberation Organization in the occupied West Bank, meeting with P.L.O. leaders elsewhere and conveying their instructions to activists in occupied areas. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 821.33 (+4.78, +0.59%)
S&P Composite: 104.13 (+0.74, +0.72%)
Arms Index: 0.58

	Issues	Volume*
Advances	986	21.24
Declines	493	6.20
Unchanged	419	4.94
Total Volume		32.38

* 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 14, 1979	816.55	103.39	30.95
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