News stories from Thursday November 13, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- No public Iranian comment was made on Washington's reply to Iran's terms for freeing the American hostages as officials in Teheran began a detailed study of the document. Iran reportedly asked Iraq for a "clarification" of Iraqi proposals for a cease-fire and the request was said to have been delivered to Baghdad by Cuba's Foreign Minister. The envoy represents some third world countries seeking a way to end the war. [New York Times]
- The new White House chief of staff in the Reagan administration is tentatively set to be James Baker, according to well-placed Republican sources. The choice of Mr. Baker, a Houston lawyer, was unexpected. He worked against Mr. Reagan and for President Ford at the Republican convention in 1978 and for Vice President-elect George Bush in this year's presidential primary campaign. [New York Times]
- Substantially larger budget cuts than the Reagan team has been projecting are in prospect because of inflation and increased military spending. The President-elect's top budget adviser pledged that federal spending in the current fiscal year would be held to $620 billion. The latest projections suggest this will mean that non-defense spending will have to be cut by more than $25 billion. [New York Times]
- A broad review of environmental laws will be urged by advisers to President-elect Reagan. They said they expected the new administration to seek to modify or discard anti-pollution rules that could not be justified on economic or scientific grounds, but they said they did not expect to seek a wholesale dismantling of the laws. [New York Times]
- The anxious federal bureaucracy is obsessed with a game dubbed "Waiting for Reagan". Throughout the capital area thousands are asking each other these questions: Who will survive? Who will be dismissed? Who will be assigned to Alaska? What programs will be targeted for oblivion? [New York Times]
- Jacob Javits said he would consider any offer of a post from President-elect Reagan, but that none had been offered. The Republican Senator from New York, who was defeated in last week's election after serving in Congress for 32 years, fielded questions by reporters on whether he would like to be named United States representative to the United Nations. [New York Times]
- Revenue-sharing for localities won approval in the House, which voted overwhelmingly to extend the program for three years with $4.6 billion annually. However, the chamber passed a provision that provides no funds for the states in the current fiscal year and requires Congress to appropriate such funds each year. The legislation awaits action in the Senate. [New York Times]
- Enhancing the role of the laity and the status of women were pressed at a four-day meeting of the Roman Catholic bishops of the United States. On social policy, they showed no inclination to endorse a swing to conservatism or to join with the forces of the emerging evangelical right wing. Most of the bishops were lukewarm about the prospects for advancing social justice under the conservative Republican national platform. [New York Times]
- More mysteries about Saturn were revealed by Voyager 1 as it sped away from the planet. Data from the American craft showed that the moon Titan has a deep, cold and heavy atmosphere composed mainly of nitrogen, which may liquefy at the surface to form vast nitrogen oceans. [New York Times]
- Washington denounced Moscow for the Soviet intervention in Afghanistan and the curtailment of human rights in Eastern Europe. The attack was made by Griffin Bell at the 35-nation East-West conference on human rights and cooperation in Europe.
The cohesion of NATO is threatened by recent Western European diplomatic and military actions, according to Howard Baker, who is likely to become the Republican majority leader of the Senate. He cited unilateral initiatives toward Moscow and European responses to the Soviet intervention in Afghanistan.
[New York Times] - More American grain aid to Poland is sought by Secretary of State Muskie, according to administration officials. They said he had proposed an increase to about $900 million from $670 million the value of grain that could be sold in 1980-81 with government-backed credits. Washington has sought to ease Poland's severe economic troubles. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 982.42 (+17.49, +1.81%)
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 12, 1980 | 964.93 | 134.59 | 58.51 |
| 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 |