News stories from Wednesday March 1, 1978
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Two passengers were killed and 30 were injured when two tires blew out during a takeoff run of a jetliner and it careened off the end of a runway and burned at Los Angeles International Airport. Officials said that the actions and skill of the pilot, who was making his last trip before reaching his 60th birthday, the mandatory retirement age, had probably saved many lives. The jet had been leaving for Honolulu in a heavy rainstorm. [New York Times]
- The miners' union leadership faces major problems in persuading members to ratify the proposed new contract to settle the long coal strike. In Dilles Bottom, Ohio, in one of many meetings of local United Mine Workers officials, the speakers tried to disguise their disdain in explaining details of the proposals. Their listeners, in a high school auditorium, sat restively through eight hours of exposition and then left as angrily as they had entered.
Coal mines will be reopened by order of President Carter, perhaps as early as Monday, if the miners reject the tentative contract they are now considering, Labor Secretary Ray Marshall said. About 160,000 union miners, who have been on strike 87 days, are scheduled to vote on the proposed settlement this weekend.
[New York Times] - The dollar's value fell in West Germany for the first time to less than two marks, a level that was regarded as having a negative psychological impact on business confidence in United States currency in many Western industrialized nations. The West German central bank bought $26.6 million in an attempt to slow the decline. During the day the official exchange rate of the dollar slipped to 1.992 West German marks. Later the dollar recovered somewhat to close at 2.0075. [New York Times]
- Stock prices steadied one day after the Dow Jones industrial average had plummeted to a three-year low, Late in the session a token recovery in the dollar in foreign exchange dealings helped to steady stock prices, and the Dow edged higher by 1.21 points, closing at 743.33. [New York Times]
- A major anti-dumping suit against six Japanese steel producers was withdrawn by the United States Steel Corporation. The action removed a possible stumbling block to the Carter administration's effort to control dumping of foreign steel. [New York Times]
- Indictments in maritime industry and labor are expected to be sought by federal prosecutors in Miami, according to government sources. They said corruption charges against about two dozen union and shipping industry officials are now being drafted by prosecutors and are expected to be submitted to a federal grand jury for approval in about a month, after a long investigation of corruption in Atlantic and Gulf Coast ports. The indictments could have a major impact on leaders of the longshoremen's union. [New York Times]
- Federal guarantees of New York City bonds will be pressed in Congress by President Carter, according to Mayor Koch, who said Mr. Carter had made the pledge in a telephone talk with the Mayor after Mr. Koch returned from lobbying in Washington. A White House aide said the guarantees would run for up to 15 years and apply to $2 billion in city bonds. [New York Times]
- Moscow doubled the price of gasoline, citing the growing cost and difficulty of developing the remote oilfields in Siberia, and also sharply raised coffee prices. The cost of a gallon of regular-grade gasoline rose to the equivalent of 83 cents a gallon, while high octane fuel will now cost $1.10 a gallon. The price increases for gasoline and other products reflected a squeeze on Soviet energy sources and a shortage of foreign currency required to buy goods abroad. [New York Times]
- Peking's new concern for economic development rather than revolution was put into legal form in the draft of a new constitution that was presented to China's national legislature. The document was said to include provisions for economic growth, education, science and technology and material incentives for China's workers. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 743.33 (+1.21, +0.16%)
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* |
| February 28, 1978 | 742.12 | 87.04 | 19.75 |
| February 27, 1978 | 748.35 | 87.72 | 20.00 |
| February 24, 1978 | 756.24 | 88.49 | 22.51 |
| February 23, 1978 | 750.95 | 87.64 | 18.73 |
| February 22, 1978 | 749.05 | 87.56 | 18.45 |
| February 21, 1978 | 749.31 | 87.59 | 21.86 |
| February 17, 1978 | 752.69 | 87.96 | 18.50 |
| February 16, 1978 | 753.29 | 88.08 | 21.58 |
| February 15, 1978 | 761.69 | 88.83 | 20.17 |
| February 14, 1978 | 765.16 | 89.04 | 20.47 |