News stories from Wednesday November 12, 1980

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

Washington's plan is "adequate" to meet Iran's demands and to bring a resolution of the hostage crisis, President Carter said. Addressing a news conference soon after the text of the American reply to Iran's conditions was delivered to Teheran, the President said he could not predict when the crisis would be settled.Iraqi gunners stepped up shelling of Abadan, Iran's besieged oil-refining center, and Iraqi aircraft also attacked the city. [New York Times] A proposed tax cut was blocked by the Democratic leaders in Congress despite their pledges to cooperate with the Republicans and President-elect Ronald Reagan, who seek the cut. In a caucus described as "somber," the Senate Democrats decided that it would be futile to take up the time of the chamber with legislation opposed as inflationary by House Democrats and President Carter. [New York Times] A plan for budget cuts is being pressed by President-elect Reagan, who seeks to trim at least $13 billion from proposed spending in the present fiscal year. Mr. Reagan also plans to restructure the executive branch to form a small inner cabinet as his main policy-making group. [New York Times] Jurors at the Abscam bribery trial of Representatives John Murphy of Staten Island and Frank Thompson of Trenton saw videotapes in which each legislator took part in a meeting that ended with an alleged co-conspirator carrying away $50,000 from federal undercover agents. [New York Times] The President hinted he would retire from public life, saying he had no wish now to run for office again. Mr. Carter indicated to reporters that he would play only a limited role in rebuilding the Democratic Party, while reserving his right to speak out on issues that concern him. He said he would return to Plains, Ga., on Jan. 20 and write his memoirs. [New York Times] The protection of U.S. lands in Alaska would be achieved under a bill approved by the House and sent to President Carter, who was expected to sign it. The compromise measure, which the Senate approved in August, would place more than 104 million acres of territory in national parks, wildlife refuges and conservation areas. [New York Times] Public TV faces a financial crisis that is forcing the stations to eliminate programs, lay off employees and search for new revenues. Sources of support, including corporate contributions, are lagging behind inflation. [New York Times] A widespread alien smuggling ring has been uncovered, immigration agents said, as a grand jury indicted a Florida tomato grower, his son and five other persons on 20 counts. The indictment said that thousands of farm workers, most of them Mexicans, had been transported secretly for three years from Arizona to Florida. [New York Times] Complaints of sex bias in the liturgy of the Roman Catholic Church have led the National Conference of Catholic Bishops to petition the Vatican for permission to delete the word "men" from the eucharistic blessing of the wine and to eliminate several other male-only references. The Vatican was expected to approve the revisions, which would apply only to the Catholic Church in the United States. [New York Times] The mysteries of Saturn were revealed by Voyager 1 as it sped past the massive gaseous planet and through its archipelago of moons in a historic close photographic reconnaissance. The American craft's photos continued to confound scientists by revealing more ringlets within the ring disk and disclosing that the orbital particles in a narrow outer ring are aligned in three braided strands. [New York Times] A protection against heart disease was confirmed in a study of nearly 10,000 Americans and Canadians. The study, the first of its kind, found that moderate alcohol consumption and physical activity, among other factors, were linked to high levels of a blood protein that acts as a safeguard against the disease, while cigarette smoking and obesity were associated with markedly lower levels of the protein. [New York Times] Criticism of the Soviet intervention in Afghanistan was made publicly by officials of Belgium, Canada and the Netherlands at the 35-nation East-West conference on human rights and cooperation in Europe. [New York Times] A broad political purge in South Korea was announced by the military-backed government of President Chun Doo Hwan, who seized power last May 17. It banned 811 politicians from running for public office or otherwise conducting political activities until 1988. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 964.93 (+20.90, +2.21%)
S&P Composite: 134.59 (+3.33, +2.54%)
Arms Index: 0.43

	Issues	Volume*
Advances	1,239	48.65
Declines	386	6.58
Unchanged	332	3.27
Total Volume		58.50

* 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 11, 1980	944.03	131.26	41.52
November 10, 1980	933.79	129.48	35.72
November 7, 1980	932.42	129.18	40.06
November 6, 1980	935.41	128.91	48.89
November 5, 1980	953.16	131.33	84.29
November 3, 1980	937.20	129.04	36.62
October 31, 1980	924.29	127.47	40.11
October 30, 1980	917.75	126.29	39.06
October 29, 1980	929.18	127.91	37.20
October 28, 1980	932.59	128.05	40.30