This Day In 1970's History: Monday January 9, 1978
- Stock prices dropped for the fifth consecutive session since the start of the new year. Heavy trading was accompanied by renewed fears of rising interest rates, The Dow Jones average was down 8.93 points at 784.56, its lowest level in more than two years. The average has lost a total of 46 points since the first session of 1978. [New York Times]
- The N.A.A.C.P. broke with the administration over energy legislation and allied itself with the oil industry. The association advocates deregulation of oil and natural gas prices and greater emphasis on the development of nuclear power, which it believes would provide jobs for blacks. It is against the proposed conversion to coal from oil and gas. [New York Times]
- G. William Miller, chairman-designate of the Federal Reserve Board, has a private fortune of at least $2.4 million, consisting mostly of stock in Textron Inc., the company he has headed for nearly a decade. Mr. Miller said in an interview that he probably would sell his modest holdings of bank stock since it might constitute a conflict of interest, but that he had no intention of disposing of the Textron stock, or placing it in a blind trust. This would be contrary to what many executives entering government service do. [New York Times]
- The Treasury, in a final ruling, halved the punitive potential duties assessed against five Japanese carbon steel producers accused of selling nearly $200 million in steel in the American market under "fair value." The charges were made by the Oregon Steel Mills Division of the Gilmore Steel Corporation. The case was the biggest of 19 anti-dumping proceedings pending in the steel industry. [New York Times]
- The government dropped a bribery case against former Representative Edward Garmatz of Maryland. It announced when the trial was scheduled to begin that a main prosecution witness, Edward Heine, president of the United States Lines, had "created false documentation" to support the bribery charges. Mr. Garmatz had been accused of conspiring to receive $15,000 in "unlawful gratuities" from two shipping companies when he was chairman of the House Merchant Marine and Fisheries Committee. [New York Times]
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