News stories from Thursday February 14, 1980

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

Iranian leaders expressed confidence that the crisis over the American hostages in Teheran could be resolved soon. Foreign Minister Sadegh Ghotbzadeh said that the issue could be settled as soon as a special United Nations inquiry into the "crimes" of the deposed Shah "takes place and shape." [New York Times] Efforts to free the American hostages in Iran were being pressed at the United Nations, according to Asian diplomats. They said that Secretary General Kurt Waidheim and his top aides had begun drafting guidelines for a commission of inquiry designed to satisfy Iran's grievances and avoid humiliating Washington. Sources said that the timing for freeing the captives was linked to the arrival of the commission in Teheran or soon after. Complex and delicate negotiations remain to be completed before a final accord can be expected on a plan for the release of the hostages in Iran, American officials said. [New York Times] Averting a Yugoslav power struggle was sought in a government drive as President Tito's condition worsened. Belgrade's leadership cautioned officials against flaunting their influence and the warnings applied to those who might try to succeed him. [New York Times] A major oil price suit was settled as the Standard Oil Company (Indiana) agreed to spend $300 million worth of reimbursements to customers, payments to the government and cuts in current prices and to spend $400 million on accelerated investment in refining, production and exploration. In return for the commitment by the company, which markets Amoco products, the Energy Department agreed to drop most of its charges involving probable price violations.Gasoline prices soared an average of 7.2 cents a gallon in January, posting the biggest nationwide one-month rise in the seven years that the American Automobile Association has been keeping tabs. In New York City the increase was 8.4 cents, rising to an average of $1.266 a gallon. [New York Times] Walter Cronkite will be succeeded by Dan Rather early next year as anchor of "The CBS Evening News," the nation's most-watched television newscast, CBS News announced. It said that Mr. Cronkite had been asking for almost two years to be relieved of the daily "grind" to concentrate on special-events assignments. [New York Times] John Connally pressed his campaign across South Carolina, seeking out rural conservatives willing to vote in the state's open Republican presidential primary. [New York Times] A pornography and film piracy ring was uncovered by a two-and-one-half year F.B.I. undercover operation that resulted in a federal grand jury indictment of 55 persons in 10 states, the authorities said. "Every major producer and distributor in the country is in this indictment," an F.B.I. source said, adding, ''We could have indicted 500 people, but we didn't want numbers, we wanted the top people." [New York Times] Widespread smuggling of drugs through the Virgin Islands was reported by the highest police official in that American territory. He said that the operation had created a ring of corruption among government officials, police officers, businessmen and other prominent residents. He declined to identify any. [New York Times] Chicago's firemen went on strike for the first time after negotiations for a contract collapsed over four issues, including whether there should be a no-strike clause. Officials of the city and the firefighters' union gave sharply conflicting assessments of the effectiveness of the walkout. [New York Times] Any U.S.-Soviet military confrontation in the Persian Gulf region might spread, Defense Secretary Harold Brown warned in an interview. He also asserted that Washington retained freedom of military action to counter Soviet expansion. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 893.77 (-10.07, -1.11%)
S&P Composite: 116.72 (-1.72, -1.45%)
Arms Index: 1.26

	Issues	Volume*
Advances	415	10.27
Declines	1,104	34.44
Unchanged	353	5.83
Total Volume		50.54

* 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*
February 13, 1980	903.84	118.44	65.22
February 12, 1980	898.98	117.90	48.08
February 11, 1980	889.59	117.12	58.66
February 8, 1980	895.73	117.95	57.86
February 7, 1980	885.49	116.28	57.69
February 6, 1980	881.83	115.72	51.95
February 5, 1980	876.62	114.66	41.87
February 4, 1980	875.09	114.37	43.06
February 1, 1980	881.48	115.12	46.65
January 31, 1980	875.85	114.16	65.89