16 Nov 1979
Page 1
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Newspaper
Daily Gazette
Location
Sterling, Illinois, United States of America
Date
Nov 16, 1979
Page
1
Citibank, the nation’s second-largest bank, lifted its prime lending rate from 15% to 15% in a record uptick. The bank indicated its calculation supported 16% but chose the smaller rise, signaling higher costs for many commercial loans as Fed tightening fights inflation.
Col. Alberto Natusch has resigned after barely two weeks as Bolivia's president following a November 1 coup. The United States halted aid in response. No immediate successor was named.
Associated Press reports cease-fire negotiations to begin between black and white commanders after months of political progress. Foreign Secretary Carrington secured agreement from the Patriotic Front and Muzorewa administration to Britain’s plan for direct rule during pre independence elections. Military leaders Lt Gen Walls and Josiah Tongogara, both in London, could steer a cease-fire within a week and a British governor to the territory by December.
Former Century National Bank manager David Rhodes, who paddled delinquent borrowers in Baden Pennsylvania, was sentenced to three years for misappropriating over 88000. He said the policy began as a joke but escalated, with eight unrecorded loans made under duress.
Demonstrators estimated at 80,000 converge on the American Embassy in Tehran amid militant threats to hostile Iranians held inside the mission if the Shah is expelled. Khomeini cites fatigue delaying appointments, while Carter defends U S actions and weighs tougher steps. The embassy siege enters a prolonged stalemate with disputes among Iranian officials and demonstrators.
The Carter administration considered but decided against asking consuming nations to boycott Iranian oil. Officials said the goal remains a 5 percent reduction in oil imports sought since Tokyo talks. Carter meanwhile voiced no progress on releasing about 60 hostages in Tehran and signaled a tougher public line toward Iran.
CHICAGO AP Ayatollah Khomeini may be using the siege of the U S Embassy and a campaign against Kurdish rebels to divert Iran’s unrest after the US froze assets. Marvin Zonis of the University of Chicago cites severe economic chaos, 30 percent joblessness, 35 percent output, inflation above 30 percent, disrupted banking, and a collapsed import system as causes of industrial collapse and mistrust.
AP dispatch reports the Carter administration blamed a large House defeat on the medical lobby while signaling the fight continues. The House rejected the standby cost control bill 234 166, preferring a voluntary hospital cost policing plan and a Gephardt led study commission.
Dr A C Fender of Rock Falls will speak at the International Symposium on the Management of Stress in Monte Carlo Monaco chaired by Hans Selye. The event gathers Linus Pauling Roger Guillemin Christian de Duve and Sir Hans Krebs among 20 other experts, with about 1500 attendees. AMA credit up to 45 hours offered. Fender to present Stress and the Dentist and push closer medical dental ties.
Washington AP Arnold Miller hospitalized in Charleston WV after heart attack and long illness resigns as United Mine Workers leader. Executive board to accept resignation and name him president emeritus, making Sam Church head of 270000 member union. Church asserts loyalty while Miller faced past strokes and illnesses.
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