News stories from Thursday December 20, 1979

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

American officials are losing patience with Iran and are openly saying for the first time in the 47-day crisis that time may be running out for finding a peaceful formula for the release of the 50 American hostages. [New York Times] Oil exporting nations failed to agree on a uniform pricing structure and adjourned their ministerial conference. Analysts expressed doubt that there would soon be further significant rises in world oil prices beyond the ones announced in the last week, but they cautioned that the cartel was regrouping, not collapsing. [New York Times] No major energy policy changes by the Carter administration are now in prospect, as the President's advisers have concluded that the world supply outlook for next year is hopeful enough to permit putting off drastic shifts. Mr. Carter has made it clear to his top advisers that he does not want to impose a fee on imported oil now, and they also expect him to reject a new proposal to decontrol gasoline prices. [New York Times] Congress gave final approval to compromise legislation to provide $1.5 billion in federal loan guarantees to the foundering Chrysler Corporation, the largest federal rescue plan ever for an American company. The bill now goes to President Carter, who is expected to sign it by Christmas. [New York Times] Plans for the 1980 census are snarled over a constitutional dispute on whether illegal aliens should be included in the count. A lawsuit, joined by five members of Congress, asserts that the plan to include illegal aliens would dilute the political representation of citizens and legal immigrants and give an unfair number of congressional seats to such states as New York and California, which have many illegal immigrants. [New York Times] Blame for the DC-10 jumbo jet crash in Chicago last May should be shared by the airline, the plane's manufacturer and the Federal Aviation Administration, according to the staff of the National Transportation Safety Board. The board became embroiled in a debate on the relative emphasis to be put on causes of the accident, which killed 273 people, and delayed its final decision until Friday. [New York Times] Accord in Chicago's transit strike was reached as a judge ordered the walkout halted and leaders of the two unions involved agreed to have their members return to work. The judge also instructed the city and the unions to submit their dispute to binding arbitration. In the city schools' fiscal crisis, Gov. James Thompson rejected a rescue plan supported by the state treasurer and city officials. [New York Times] Major new aid for small towns to cope with their growth is planned for next year by the Carter administration, which said that rural communities had grown 40 percent faster than urban areas since 1970. [New York Times] Higher home mortgage interest rates were foreseen in New York state because of congressional approval of suspension of all state ceilings on mortgage rates until March 31. Bankers and state officials predicted an increase to 12.5 to 13 percent from the present maximum of 10.25 percent. Savings institutions have been pressing for abolition of the state ceiling, saying that it made it almost impossible to make mortgage loans. [New York Times] Any ordination of women was deferred by a 25 to 19 vote of the faculty senate of the Jewish Theological Seminary of America. The issue has divided not only faculty members at the seminary but also students and lay members of Conservative Judaism. Dr. Gerson Cohen, chancellor of the seminary, termed the shelving of the issue "a defeat for women's ordination." [New York Times] South Korea's fourth President, Choi Kyu Hah, took office and indicated that a shift to democratic rule would be put off until 1981. In his inaugural speech, he said he thought that the 1972 constitution, which confers dictatorial powers on the chief of state, could be revised in about a year and that "fair elections" would be held as soon thereafter as possible barring "unexpected contingencies." [New York Times] New ethnic violence in Iran with anti-government overtones left at least three people dead and 48 wounded. The clashes erupted between Persians and Baluchi tribesmen. The tribesmen seek local autonomy from the revolutionary government. [New York Times] Signing of the Rhodesian peace pact is scheduled in London tomorrow. Prime Minister Abel Muzorewa left Salisbury to join Patriotic Front guerrillas in the ceremony. But Ian Smith, the leader of Rhodesia's whites, declined to attend, apparently because Britain invited him only as a witness. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 843.34 (+4.43, +0.53%)
S&P Composite: 108.26 (+0.06, +0.06%)
Arms Index: 0.68

	Issues	Volume*
Advances	796	21.01
Declines	722	13.00
Unchanged	446	6.37
Total Volume		40.38

* 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 19, 1979	838.91	108.20	41.79
December 18, 1979	838.65	108.30	43.30
December 17, 1979	844.62	109.33	43.83
December 14, 1979	842.75	108.92	41.82
December 13, 1979	836.09	107.67	36.70
December 12, 1979	835.67	107.52	34.66
December 11, 1979	833.70	107.49	36.16
December 10, 1979	833.87	107.67	32.27
December 7, 1979	833.19	107.52	42.38
December 6, 1979	835.07	108.00	37.51