News stories from Monday December 3, 1979

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

A speedy release of American hostages in Teheran is the aim of a third appeal on which the United Nations Security Council reached tentative accord. The plea is designed to be the strongest, issued by all 15 Council members and not only by the Council's President. But diplomats were pessimistic over Iran's reaction. [New York Times] No haven abroad for the Shah has been found by the United States despite its continuing efforts. The State Department said that it was trying to aid the deposed Iranian ruler "in finding a permanent location," but that until a suitable sanctuary was found, he was free to remain in this country. [New York Times] Iran's new constitution won an expected landslide ratification, but the turnout of voters seemed to be markedly less than balloting for a referendum last April to set up an Islamic republic. The constitution consolidates power in the hands of the Islamic clergy and makes Ayatollah Khomeini the nation's leader for life.The Kurds resisted Iran's referendum on a new Islamic constitution. The mountain tribesmen, who have long pressed for autonomy, seized the ballot boxes in 36 of the 37 polling places in their region and later burned the ballots from the 37th as they were being taken from an army barracks to election headquarters. [New York Times] The Shah became a campaign issue. Senator Edward Kennedy said that he fully backed President Carter's efforts to free American hostages in Iran, but that Washington should not condone the "repressive dictatorship" of the deposed monarch or grant him permanent asylum. Kennedy stirred a furor with his critical comments about the Shah. The Senator's statements were denounced as inappropriate and potentially harmful by a wide range of Democratic and Republican leaders and the State Department. [New York Times] New air pollution rules were set by the Environmental Protection Agency in an effort to lower costs and increase efficiency. The policy allows concerns to increase pollution from some sources at the expense of others, provided the total amount of pollution is within clean air requirements. [New York Times] A rock concert led to deaths as thousands of fans tried to push their way into a sold-out performance, trampling to death at least 11 people and injuring dozens. The melee occurred at a concert given by the Who at the Riverfront Coliseum in Cincinnati. [New York Times] A key libel award will not be reviewed by the Supreme Court. The $75,000 award was granted to a psychologist who contended he was the recognizable model for a character in the novel "Touching," written by Gwen Davis Mitchell. [New York Times] Top changes in the Reagan campaign have strengthened the authority of John Sears, chairman of the campaign, at the expense of some of former Gov. Ronald Reagan's long-time California aides. The fourth aide to resign this year is Michael Deaver, who was chief of staff to Mr. Reagan when he was Governor and until recently campaign finance director. [New York Times] A controversial Olympics contract has been awarded. The Lake Placid Olympic Organizing Committee has granted a $250,000 food-management contract to ARA Services Inc., which is under federal inquiry for possible currency and customs violations. Law enforcement officials also said that the company was suspected as recently as 1976 of having been infiltrated by organized crime figures. [New York Times] The arms treaty faces a delay in Senate consideration, perhaps until January, because of the Iranian crisis, according to Senator Robert Byrd, the majority leader. A Senate staff member said that Mr. Byrd's unexpected pessimism probably meant he lacked the votes for approval of the pact. [New York Times] Sanctions against Rhodesia will end within a month after a British governor arrives in Salisbury to guide Zimbabwe Rhodesia to free elections and legal independence, President Carter pledged Congress. The promise was reported to Senator Jesse Helms, Republican of North Carolina, who has introduced legislation to force the President to lift sanctions unconditionally. [New York Times] Two sailors were killed and 10 injured, two of them critically, when a band of gunmen leaped from a van parked on a lonely road outside San Juan and ambushed a busload of Navy men and women headed for work. Three Puerto Rican nationalist groups asserted joint responsibility for the attack and pledged further acts against "Yankee imperialists." [New York Times]

Stock Market Report

Dow Jones Industrial Average: 819.62 (-2.73, -0.33%)
S&P Composite: 105.83 (-0.33, -0.31%)
Arms Index: 0.91

	Issues	Volume*
Advances	645	10.81
Declines	876	13.42
Unchanged	402	4.80
Total Volume		29.03

* 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 30, 1979	822.35	106.16	30.48
November 29, 1979	831.74	106.81	33.56
November 28, 1979	830.46	106.77	39.69
November 27, 1979	825.85	106.38	45.14
November 26, 1979	828.75	106.80	47.94
November 23, 1979	811.77	104.67	23.30
November 21, 1979	807.42	103.89	37.02
November 20, 1979	809.22	103.69	35.01
November 19, 1979	815.27	104.23	33.09
November 16, 1979	815.70	103.79	30.06