This Day In 1970's History: Monday January 16, 1978
- Senator Hubert Humphrey was buried in Lakewood Cemetery in Minneapolis in services attended by his wife Muriel, his children, other family members and close friends. Earlier, thousands of people, led by President Carter, Vice President Mondale and other public figures, visited his bier at the State Capitol in St. Paul, where another of the "celebrations" Mr. Humphrey had requested took place. [New York Times]
- The 95th Congress convenes this week after visiting constituents angry about Social Security, apathetic about energy and doubtful about President Carter's abilities. This summed up the impressions from travels and interviews with 15 Senators and Representatives during the winter recess. In no area was any popular support found for Mr. Carter's legislative program, although there was less antagonism over the Panama Canal treaties. [New York Times]
- The I.R.S. revoked two rulings under which American oil companies avoided several billion dollars of income taxes on foreign profits through manipulation of tax credits for operations abroad. The revocations had been approved in advance by Treasury Secretary Michael Blumenthal, but the Treasury said it was not certain that the companies' income tax bills would rise because of the revocation. It was possible, according to the Treasury, that the companies might be able to show that they are still entitled to use the legal rulings under which the taxes were avoided. [New York Times]
- The Supreme Court left standing a federal appeals court decision that a microwave communications operator could compete with A.T.&T.'s long-distance service through the use of local telephone lines at both ends of the call. The Court's refusal to review the case tends to encourage more "private line" competition for A.T.&T. [New York Times]
- The stock market's ninth losing session out of 10 since the start of the new year was attributed partly to the fear of rising interest rates. The lack of decisive news developments were said to have also contributed to its weakness. The Dow Jones industrial average dropped 3.99 points to 771.74, its lowest level in 33 months. The Dow has lost 59½ points since 1978's opening session Jan. 3. [New York Times]
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