News stories from Friday December 12, 1980

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

Reports from Teheran suggest that progress is being made in the discussions on the release of the 52 American hostages, administration officials said. The reports were described as unofficial but positive. [New York Times] Frantic attempts were made by staunch Republicans to block Donald Regan's designation as Secretary of the Treasury in the Reagan cabinet after they had learned that he had contributed to the campaigns of liberal Democrats. One incensed Republican reportedly telephoned the President-elect and said "This guy's not right. He's been helping the other side." The President-elect reportedly replied "Why didn't anyone tell me?" [New York Times] Additional cabinet appointments are expected to be announced early next week said, Edwin Meese, adviser to President-elect Reagan. The cabinet selection might be completed by Christmas. [New York Times] A freeze on Chrysler employee wages and supplier prices as part of a $1.5 billion savings plan reportedly will be sought by the Chrysler Corporation in its fight for survival. [New York Times] The effects on health of car emissions will be studied by an independent institute jointly established by the Environmental Protection Agency and major automobile and truck companies. The new organization is the Health Effects Institute and is headed by Archibald Cox, professor at Harvard Law School. [New York Times] Extension of federal revenue sharing for cities and states for three years was passed by the Senate. The bill sent to President Carter provides $4.6 billion annually for municipal governments through the fiscal year 1983. It also authorizes $2.3 billion annually in the fiscal years 1982 and 1983 for grants to state governments. [New York Times] The Soviet Union was officially told by the Atlantic allies that intervention in Poland would bring basic changes to the international situation and effectively destroy East-West relations. A statement issued in Brussels by representatives of the 15-nation North Atlantic Treaty Organization said that detente "has been seriously damaged by Soviet actions." [New York Times] The Polish Church warned dissidents and extremists that they "could raise the danger of a threat to the freedom and statehood of the fatherland." A statement supporting the Communist government in its confrontation with militant labor unions was regarded as the strongest stand the church has taken in support of the government since the labor uprising began last summer. [New York Times] Conditions for resumption of aid to El Salvador announced by the State Department included participation by outside observers in the investigation of the killing of four American women missionaries. [New York Times] A Leonardo da Vinci notebook was sold at auction in London for $5,126,000, the highest auction price ever paid for a manuscript. The buyer was Armand Hammer, the California industrialist and art collector. The illustrated 36-page notebook, "Of the Nature, Weight and Movement of Water," is known as the Codex of Leicester. It was sold by the heir and the trustees of the 5th Earl of Leicester to pay death duties on the Earl's estate. The first Earl bought it in 1717. [New York Times] Jiang Qing disrupted her trial in Peking by repeatedly interrupting a witness testifying against her and she was ordered to leave the courtroom. Miss Jiang, who is Mao Tse-tung's widow, is on trial with other former leaders on charges of persecuting Communist Party officials. [New York Times] Among the many aliases Bernard Welch used in the criminal career that the authorities say brought him riches were Myron Henry Snow Jr., Norman Hamilton and Larry Lee Boone. He had long been sought by the F.B.I., which distributed 15,000 circulars describing him and his widespread burglary operation. Mr. Welch was apprehended after the fatal shooting of Dr. Michael Halberstam in a burglary at his Washington home. [New York Times] Cracks in Yankee Stadium's concrete accompanied by water leakage are the result of "sloppy workmanship" and "design errors" of the design company, the contractor and the construction supervising concern that took part in the $54 million stadium renovation from 1974 to 1976, according to a newly completed study. [New York Times] Resentment against New York City over its reliance on the headwaters of the Delaware River in the western Catskills for about half of its daily drinking water, to which it is legally entitled, is growing among downstream users, especially in Pennsylvania. The resentment has been latent for years, but is becoming vocal as a "drought emergency" looms. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 917.15 (+8.70, +0.96%)
S&P Composite: 129.23 (+1.87, +1.47%)
Arms Index: 0.44

	Issues	Volume*
Advances	1,053	28.73
Declines	537	6.50
Unchanged	378	4.30
Total Volume		39.53

* 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 11, 1980	908.45	127.36	60.24
December 10, 1980	916.21	128.26	49.31
December 9, 1980	934.04	130.48	53.22
December 8, 1980	933.70	130.61	53.60
December 5, 1980	956.23	134.03	51.99
December 4, 1980	970.48	136.48	51.17
December 3, 1980	972.27	136.71	43.44
December 2, 1980	974.40	136.97	52.35
December 1, 1980	969.45	137.21	48.17
November 28, 1980	993.34	140.52	34.27