News stories from Wednesday June 21, 1978
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- In a message to Congress, President Carter warned that his administration would not consider itself legally bound by legislative vetoes of arms sales, new federal regulations, department spending and other executive actions. Mr. Carter added that new legislation that included such provisions would run a high risk of a presidential veto. [New York Times]
- Anti-tax sentiment has led President Carter to threaten to veto spending bills and to stress that his tax-cut plan will provide the most help for families earning $15,000 to $30,000 a year, John White, the Democratic national chairman, said. At a meeting with Democratic congressional leaders, Mr. Carter warned of a major confrontation over spending. [New York Times]
- The safety and health of federal employees is not being adequately protected by the government, according to administration documents. Officials have estimated the total cost to the government of work-related illness and injury at $5 billion last year. The cost -- including federal compensation, sick pay, loss of work time and damage to equipment -- is soaring each year, officials said. [New York Times]
- A cruise missile was shown in flight over the New Mexico desert. The performance of the small, pilotless drone hurtling at a speed of 500 miles an hour was hailed by Defense Secretary Harold Brown and military and civilian leaders. The low-flying craft is a key element for the nation's strategic arsenal in the 1980's and an American technological breakthrough. [New York Times]
- A battle over charging barges for using the nation's waterways is focused on Lock 26, the busiest on the Mississippi River. The Army Corp of Engineers has planned to spend $421 million to rebuild the lock to end long delays there. Railroads and environmental groups filed a federal suit to block the planned project and a judge ordered the corps to get authorization from Congress to proceed. The legislation has become the focus of administration efforts to have the first user fees imposed on barges. [New York Times]
- The scene of a murder is no exception to the constitutional requirement that the police get a search warrant before conducting a non-emergency search, the Supreme Court ruled unanimously. The Justices overturned an Arizona narcotics conviction on the ground that such an exception, applied by that state's Supreme Court, violated the curb against unreasonable search and seizure. [New York Times]
- Continued exclusion of women from full membership was approved overwhelmingly by the United States Jaycees, which is dominated by rural and small-town businessmen. The vote was taken at the annual meeting of the 370,000-member group. About 4,500 Jaycees took part in a voice vote after about 20 minutes of debate. [New York Times]
- Seeking to revive peace talks, the Carter administration has decided to request a formal proposal from Egypt on the future of the Israeli-occupied West Bank and Gaza Strip, administration officials said. They said that a formal Egyptian counterproposal to Israel's position would provide an impetus for resuming talks and for the United States to offer a possible compromise. [New York Times]
- Concern over foreign policy was allayed by President Carter at a three-hour session with 80 members of Congress at the White House. Many of the legislators said in interviews afterward that Mr. Carter had said he was the chief spokesman on foreign affairs for his administration and that Secretary of State Cyrus Vance was his principal spokesman. [New York Times]
- President Carter told Latin American foreign ministers that his administration would continue giving strong emphasis to human rights in foreign relations despite bitter opposition to the policy by some governments. Addressing an assembly of the Organization of American States in Washington, he said the United States would "continue to demonstrate that there are costs to the flagrant disregard of international standards." [New York Times]
- Soviet courts sentenced two Jewish dissidents to exile in Siberia for hanging banners from their balconies pleading for permission to emigrate to Israel. Vladimir Slepak, a 50-year-old engineer, was sentenced to five years in exile. Ida Nudel, 47, an economist, was also convicted of "malicious hooliganism" in a separate trial and sentenced to four years in Siberia. [New York Times]
- Red Brigades terrorists killed a police commissioner, Antonio Esposito, who had played a major role in inquiries leading to the arrest of several suspected members of the Red Brigades in Genoa, Italy. Terrorists have killed 16 persons and wounded at least 25 in Italy this year. [New York Times]
|
Stock Market Report
Dow Jones Industrial Average: 824.93 (-5.11, -0.62%)
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* |
| June 20, 1978 | 830.04 | 96.51 | 27.92 |
| June 19, 1978 | 838.62 | 97.49 | 25.50 |
| June 16, 1978 | 836.97 | 97.42 | 27.70 |
| June 15, 1978 | 844.25 | 98.34 | 29.28 |
| June 14, 1978 | 854.56 | 99.48 | 37.29 |
| June 13, 1978 | 856.98 | 99.57 | 30.76 |
| June 12, 1978 | 856.72 | 99.55 | 29.34 |
| June 9, 1978 | 859.23 | 99.93 | 32.47 |
| June 8, 1978 | 862.09 | 100.21 | 39.38 |
| June 7, 1978 | 861.92 | 100.12 | 33.06 |