News stories from Tuesday September 5, 1978
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Camp David summit meeting on the Middle East opened tonight with President Carter meeting separately for two hours each with Egyptian President Anwar Sadat and Israeli Prime Minister Menachem Begin. Begin and Sadat exposed deep differences in their negotiating postures when they arrived at Andrews Air Force Base earlier in the day for their helicopter flight to the presidential retreat. [Chicago Tribune]
- The House Assassinations Committee begins hearings Wednesday on the murder of President John F. Kennedy, indicating in advance that the multimillion dollar probe found no conspiracy. Theories that Cubans, organized crime, businessmen, or even the C.I.A. and F.B.I. conspired to assassinate Kennedy are to be dealt with in just four days at the end of the month-long hearings. "You may get new insights into old problems," a committee spokesman said. "You will not necessarily get new results." [Chicago Tribune]
- A former government consultant said that he reported thefts of at least $1.3 million a year by employees from warehouses operated by the federal General Services Administration. He said the reports on the heists were ignored in early 1976 by the man who then headed the U.S. purchasing agency. [Chicago Tribune]
- Rep. Daniel Flood [D., Pa.], a veteran of 30 years in Congress, was indicted on three counts of perjury in connection with alleged influence peddling by him and his former top aide. The indictment, returned by a federal grand jury in Los Angeles, accused Flood of lying at the trial in which aide Stephen Elko was convicted and of lying earlier to a grand jury investigating Elko's activities. [Chicago Tribune]
- Sen. Maryon Allen, a Democrat seeking to serve out the term of her late husband, was forced into a Sept. 26 runoff with state Sen. Donald Stewart after failing to win a majority in Tuesday's Alabama primary election. Attorney General William Baxley and Fob James, a former Auburn University football star, also face a runoff after running almost dead even in a field of 10 Democrats seeking to succeed Gov. George Wallace. [Chicago Tribune]
- The stock market closed up 7.28 points to 886.61. Many gambling stocks shook off the impact of last week's increase in purchase margins by major stock exchanges and closed higher.
The Japanese government announced a revised forecast for its fiscal 1978 current account trade surplus that predicts a 24 percent drop to 2.7 million yen. In dollar terms, the surplus for the year ending next March 31 was forecast at $13.5 billion. The Japanese said the forecasts no longer will he expressed in dollars but will be stated in yen.
Organized labor will step up attacks to abolish mutual aid pacts that provide industries with financial aid to combat strikes.
[Chicago Tribune] - The monsoon-fed Yamuna River pushed over sandbag dikes and flooded low-lying suburbs of the Indian capital city of New Delhi. More than 200,000 persons were evacuated to relief camps, officials said. At least 20 persons, including some women and children, drowned when an army boat rescuing flood victims capsized in the river, Lt. Gov. D.R. Kohli said. [Chicago Tribune]
- Rhodesian guerrilla leader Joshua Nkomo said that his men had brought down a Rhodesian Viscount airliner Sunday. The crash killed 38 of 56 persons aboard, and 10 of the 18 survivors reportedly were massacred by guerrillas. However, Nkomo said all the 48 deaths were caused by the crash and denied that his men had slain any survivors. The airline said there was no evidence the plane was shot down. [Chicago Tribune]
- Egyptian President Anwar Sadat has agreed to attend an Arab reconciliation summit, regardless of the outcome of the Camp David talks, senior Arab diplomats in Beirut said. The diplomats said Saudi Arabia is pressing the hard-line Arabs to end their propaganda attacks on Sadat and prepare for a summit around Sept. 20. Sadat reportedly told the Saudis that if the Camp David summit with President Carter and Israeli Prime Minister Menachem Begin fails, he will plot fresh strategy with fellow Arabs. [Chicago Tribune]
- President Anastasio Somoza assailed Venezuelan President Carlos Andres Perez for asking the United Nations and the Organization of American States to discuss unrest in Nicaragua. Somoza accused Perez of interfering in Nicaragua's internal affairs and said he would hold Perez responsible for any "bloodbath" in Nicaragua. [Chicago Tribune]
- In Jerusalem, a bomb set by Palestinian guerrillas blew off a leg and an arm of a former American policeman serving in the Israeli bomb squad and injured another person, The bomb exploded as the American, an Army veteran of Vietnam, approached it in a courtyard full of cylinders of cooking gas stored at a gas company office. [Chicago Tribune]
- Russian Orthodox Archbishop Nikodim, 49, an advocate of Christian unity and a president of the World Council of Churches, died of a heart attack during an audience with Pope John Paul I. The bearded metropolitan of Leningrad and Novgorod had just conveyed his congratulations to the Pope when he slumped in his chair in the pontiff's private library. An aide dashed to bring pills from Nikodim's attache case and a doctor was summoned, but too late to save him. [Chicago Tribune]
- Despite initial uncertainties about the future of Kenya following the death of President Jomo Kenyatta, the acting president, Daniel Arap Moi, appears to be winning a unanimous mandate to lead his prosperous nation peacefully into the post-Kenyatta era. One reason advanced for Moi's early popularity is that he is a member of the tiny Tugen tribe, which has virtually no political base in the country. As such, Moi is no threat to leaders of the majority Kikuyu tribe. [Chicago Tribune]
- Argentina's President Jorge Rafael Videla, visiting Europe for the first time to attend the inauguration of Pope John Paul I, defended his military regime and said political parties, presently suspended, will be allowed to operate again "in due time." He shrugged off allegations of political repression in Argentina, calling such allegations "distortions" and "a worldwide phenomenon that seeks to confuse friends so they can't see where their enemies are." [Chicago Tribune]
- Vice President Mondale hit the campaign trail in Texas to aid fellow Democrat Jack Brooks in his bid for re-election to Congress. But, according to the Wall Street Journal, he got off to a less than auspicious start. The first person Mondale asked to vote for Jack Brooks for Congress replied: "I sure will. We've got to get rid of the guy who's in there." That's a real identity crisis. [Chicago Tribune]
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Stock Market Report
Dow Jones Industrial Average: 886.61 (+7.28, +0.83%)
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 1, 1978 | 879.33 | 103.68 | 35.07 |
| August 31, 1978 | 876.82 | 103.29 | 33.85 |
| August 30, 1978 | 880.72 | 103.50 | 37.76 |
| August 29, 1978 | 880.20 | 103.39 | 33.78 |
| August 28, 1978 | 884.88 | 103.96 | 31.76 |
| August 25, 1978 | 895.53 | 104.90 | 36.19 |
| August 24, 1978 | 897.35 | 105.08 | 38.50 |
| August 23, 1978 | 897.00 | 104.91 | 39.63 |
| August 22, 1978 | 892.41 | 104.31 | 29.62 |
| August 21, 1978 | 888.95 | 103.89 | 29.44 |