News stories from Monday December 24, 1979

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

Christmas services for 50 hostages were held by three American clergymen in the United States Embassy in Teheran. The three, joined by a French cardinal from Algiers, brought cameras and tape recorders to return remembrances of the captives to their families and some gifts, including rosaries and Bibles. The clergymen were in the embassy compound for nearly five hours. Special prayers on Christmas Eve for the 50 American hostages in Iran were offered at services across the United States. [New York Times] Optimism over the economy of Iran is expressed by its leaders in the face of American efforts to get the United Nations Security Council to impose sanctions against Teheran. The economy has been in chaos since the revolution in February, but the officials cite stockpiles of raw materials and equipment that can be tapped. Up to 2,500 loaded rail cars are waiting near the Soviet-Iranian border for clearance to enter Iran. The long-closed rail link was re-opened last week.Broad sanctions against Iran rather than the limited embargo expected by diplomats at the United Nations will be sought by the United States in the Security Council, according to sources familiar with Washington's position. If the Council members refuse to give the needed votes for sanctions, one source said, they will be told that Washington will impose a naval blockade in the Persian Gulf. [New York Times] Venezuela will raise crude oil prices on Jan. 1 above the current level of $24 a barrel, perhaps by up to $2 a barrel, government sources said. Venezuela's oil minister had said that Caracas was "studying a slight increase" in prices and that a decision on the amount would soon be reached. [New York Times] A budget of at least $615 billion with a deficit of $15 billion has been decided on by President Carter, according to government officials. They said that both figures for the fiscal year that begins next Oct. 1 were pushed up by increasingly pessimistic projections on the economy. In his 1976 campaign, Mr. Carter vowed to eliminate the deficit in his first term of office. [New York Times] A vast storm struck the West Coast, battering northern California, Oregon and parts of Washington with high tides, torrential rains and mountain blizzards. Nearly half a million people were without power as high winds snapped power lines arid toppled utility poles. [New York Times] A key medical era opened 25 years ago with the first successful transplantation of a vital organ from one human to another. A young Massachusetts man who was near death was given a kidney from his twin brother -- and seven more years of life. Since then, transplants have saved many thousands of lives, greatly advanced the science of immunology and new strategies against cancer and other diseases, and made possible a far deeper understanding of the body's natural defense system in health and disease. [New York Times] A controversy over George Romney has erupted, with many critics demanding that he relinquish his recent appointment to the board of governors of Wayne State University. The appointment of the former Michigan Governor has been criticized by liberals, blacks and women's groups. Mr. Romney, a Mormon, has defended his church's opposition to the proposed equal rights amendment, saying it was backed by homosexual men and women and "moral perverts." [New York Times] The latest presidential aspirant is Gov. Cliff Finch of Mississippi. The 52-year-old Democrat said that if he failed to get the required 1,000 signatures for the New Hampshire primary before Thursday's deadline for filing he would be a write-in candidate. [New York Times] Korean army investigators detained the former chief of staff and martial law commander. They apparently found no conclusive evidence of his involvement in the Oct. 26 murder of President Park Chung Hee, but the authorities said he was suspected of complicity in attempted sedition after the assassination. [New York Times] Christmastime in Bethlehem epitomizes the melding of separateness. Moslems in shops and restaurants look after Christians, who celebrate under the protection of Jews. Israelis guard the city and televise the midnight mass in the Church of the Nativity for relay around the world. [New York Times] More support for a leading theologian was expressed by 50 Spanish theologians. In a letter, they urged the Vatican to reconsider its order barring the Rev. Hans Kung, the noted Swiss theologian, from teaching Roman Catholic doctrine. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 839.16 (+0.25, +0.03%)
S&P Composite: 107.66 (+0.07, +0.07%)
Arms Index: 0.77

	Issues	Volume*
Advances	714	9.19
Declines	699	6.89
Unchanged	461	3.07
Total Volume		19.15

* 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*
December 21, 1979	838.91	107.59	36.16
December 20, 1979	843.34	108.26	40.39
December 19, 1979	838.91	108.20	41.79
December 18, 1979	838.65	108.30	43.30
December 17, 1979	844.62	109.33	43.83
December 14, 1979	842.75	108.92	41.82
December 13, 1979	836.09	107.67	36.70
December 12, 1979	835.67	107.52	34.66
December 11, 1979	833.70	107.49	36.16
December 10, 1979	833.87	107.67	32.27