News stories from Friday September 12, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Ayatollah Khomeini softened his stand on the hostage issue. He set four conditions for their possible release that omitted a previous demand for an American apology for past actions in Iran. The State Department responded cautiously to the Ayatollah's apparently more moderate terms for the hostages' release, and said it was not possible "to draw definitive conclusions." It proposed again direct Iranian-American talks on the hostage issue. [New York Times]
- The recession apparently ended in July, a government economist said, and predicted that the economy would show growth in the third quarter. The assessment was made by Courtenay Slater, the chief economist of the Commerce Department, was surprising because other economists have been saying that they expected a third-quarter decline. If Mrs. Slater is correct, the recession would have lasted only six months, the shortest recession in modern times. [New York Times]
- President Carter was right when he decided not to participate in a debate with John Anderson and Ronald Reagan in Baltimore, Mr. Reagan's former campaign manager, John Sears, said. Mr. Sears, who was dismissed as the Reagan campaign director in February, said that Mr. Reagan runs a serious risk in debating Mr. Anderson. He said he would now advise Mr. Reagan to debate with President Carter. The Sept. 21 debate is sponsored by the League of Women Voters. [New York Times]
- Three American cars met the 30 miles per gallon standard for the first time the government began testing cars for fuel economy, the Environmental Protection Agency said. They are the Chevrolet Chevette, the Ford Escort and the Mercury Lynx. The most mileage any American car had achieved was 26 miles per gallon. But the Volkswagen Rabbit remains far ahead, with 42 miles a gallon. [New York Times]
- Philadelphia's City Council president, an alleged participant in the Abscam undercover operation, was shown on a videotape at his trial accepting an envelope containing $30,000 in cash from a federal agent posing as the the representative of an Arab sheik who wanted to smooth the way for a hotel project in Philadelphia. However, the agent seemed to have trouble getting George Schwartz, president of the Council since 1972, to acknowledge that the money was supposed to be a payoff. Several times, federal agents hiding in an adjoining room telephoned new instructions to push the meeting in another direction. [New York Times]
- Senator Strom Thurmond denied in Federal District Court in Washington that he was involved in what his fellow South Carolina lawmaker, Representative John Jenrette, contended was to have been a $125,000 bribe for legislation introduced by Senator Thurmond, a Republican. [New York Times]
- An unusually severe red tide has struck Maine's coast, sharply curtailing the state's $1-million-a-week shellfish industry. Scientists say that the tide, an outgrowth of marine organisms that can poison clams, mussels and oysters, shows no sign of abating. [New York Times]
- The Census Bureau was ordered by a federal judge in Manhattan to turn over its master address registers and lists of vacant buildings to New York City and the state, which had sought the data in their efforts to assure a maximum count of city and state residents. The order was stayed until Tuesday to give the government time to appeal. [New York Times]
- New credit guarantees for Poland that will enable it to buy more grain were approved by President Carter. The guarantees total $670 million, a 20 percent increase over this year's figure. Poland requested the aid last spring, before its labor problems.
More strikes broke out in Poland. Sources sympathetic to the strikers said many of the walkouts were caused by the refusal of local managers and bureaucrats to permit workers to organize independent unions like the ones started last month by workers on the Baltic Coast.
[New York Times] - Restoration of political stability in Turkey was pledged by the military leaders who toppled the civilian government in an apparently bloodless coup. They also said they would wipe out growing extremist violence and eventually give way to civilian rule. The officers pledged to continue Turkey's essentially pro-Western foreign policy and especially its commitments as a member of the North Atlantic Treaty Organization. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 936.52 (-4.78, -0.51%)
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* |
| September 11, 1980 | 941.30 | 125.66 | 44.77 |
| September 10, 1980 | 938.48 | 124.81 | 51.45 |
| September 9, 1980 | 934.73 | 124.07 | 44.46 |
| September 8, 1980 | 928.58 | 123.31 | 42.04 |
| September 5, 1980 | 940.96 | 124.88 | 37.99 |
| September 4, 1980 | 948.81 | 125.42 | 59.02 |
| September 3, 1980 | 953.16 | 125.66 | 52.35 |
| September 2, 1980 | 940.78 | 123.74 | 35.30 |
| August 29, 1980 | 932.59 | 122.38 | 33.50 |
| August 28, 1980 | 930.38 | 122.08 | 39.89 |