News stories from Monday January 19, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The United States and Iran agreed on a formula for ending the delay in freeing the 52 American hostages, the White House said. The announcement said President Carter had then ordered Treasury Secretary William Miller to begin moving Iran's frozen assets into the Federal Reserve for tranfer to Iran, the first step toward the hostages' release. Racing a deadline of noon on Tuesday for his administration, he also sought to arrange an signing ceremony in Algiers. [New York Times]
- An unexpected American demand delayed the release of the hostages, according to Behzad Nabavi, Iran's chief negotiator. He said that Algerian intermediaries had given Iran an appendix to the American-Iranian agreement, drawn up by American banks and aimed at forcing Iran to drop claims to certain of its assets. He described the new condition as "an underhanded maneuver for delaying the final solution to the problem."
American banks denied an assertion by Iran that they had sought to deny Iran any of its "rightful claims" or were responsible for delaying the hostages' release. Spokesmen for the banks contended that the last-minute problems delaying the freeing of the hostages could be quickly resolved.
[New York Times] - An inquiry into the hostage seizure has been promised by Republican and Democratic leaders in Congress as a means of further protecting American diplomats. The inquiry is expected to focus on circumstances leading to the seizure 14 months ago of the United States Embassy in Teheran and the diplomats stationed there. [New York Times]
- Festivities continued in Washington on the eve of the inauguration of Ronald Reagan. While his supporters thronged the capital for the transfer of power, the President-elect remained in seclusion at the Blair House with his aides until evening. He and Mrs. Reagan headed a guest list of a nationally televised gala at the Capital Centre in Largo, Md., directed and produced by Frank Sinatra. [New York Times]
- Eight more cabinet choices of President-elect Ronald Reagan were approved by Senate committees. They include Defense Secretary-designate Caspar Weinberger, but a formal vote was delayed on Samuel Pierce, Mr. Reagan's choice for Secretary of Housing and Urban Development, while awaiting delivery of a confidential background report. Only one of Mr. Reagan's cabinet choices, Labor Secretary-designate Raymond Donovan, faces serious questions from a Senate committee . [New York Times]
- A drought emergency in New York City was formally declared by Mayor Koch, making mandatory the city's previous voluntary conservation measures. He signed a bill that sets stiffer fines for violations of the conservation regulations. The declaration bans the use of fire hydrants for anything except fire-fighting; the washing of cars, building exteriors and sidewalks with a hose or with the aid of fire-hydrant water, and the ornamental display of water. Major consumers of water will have to submit conservation plans to the city. [New York Times]
- Non-taxpaying Texas airline pilots who claim to be ministers of the Basic Bible Church are the subject of an investigation by the Internal Revenue Service. The I.R.S. is preparing criminal charges, hoping to discourage increasing attempts by "mail-order ministers" to avoid paying taxes. [New York Times]
- Some legislative power was restored to the National Assembly of the Philippines by President Ferdinand Marcos, following his lifting last week of the martial law he declared eight and a half years ago. When martial law was declared he took over the assembly's legislative functions. [New York Times]
- Chancellor Helmut Schmidt proposed a successor to former Mayor Dietrich Stobbe of West Berlin, a Socialist who resigned in a financial scandal. Mr. Schmidt gave his backing to Minister of Justice Hans-Jochen Vogel. Mr. Schmidt hopes that Mr. Vogel will head a new Social Democratic-Free Democratic coalition in West Berlin. Mr. Vogel, a Socialist, was Mayor of Munich from 1960 to 1972. [New York Times]
|
Stock Market Report
Dow Jones Industrial Average: 970.99 (-2.30, -0.24%)
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* |
| January 16, 1981 | 973.29 | 134.77 | 43.26 |
| January 15, 1981 | 969.97 | 134.22 | 39.63 |
| January 14, 1981 | 966.47 | 133.47 | 41.39 |
| January 13, 1981 | 965.10 | 133.29 | 40.89 |
| January 12, 1981 | 968.77 | 133.52 | 48.75 |
| January 9, 1981 | 968.69 | 133.48 | 50.18 |
| January 8, 1981 | 965.70 | 133.06 | 55.35 |
| January 7, 1981 | 980.89 | 135.08 | 92.88 |
| January 6, 1981 | 1004.69 | 138.12 | 67.40 |
| January 5, 1981 | 992.66 | 137.97 | 58.71 |