News stories from Monday January 16, 1978
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- 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]
- The Italian cabinet was summoned to a meeting by Prime Minister Giulio Andreotti, who is expected to offer his and his ministers' resignations to President Giovanni Leone, bringing the government's political crisis to a head. It seemed likely that the President would ask Mr. Andreotti to form another cabinet. It would be the fourth he has led. [New York Times]
- Secretary of State Cyrus Vance started talks with Prime Minister Menachem Begin and Foreign Minister Moshe Dayan immediately on his arrival in Jerusalem to prepare for the opening tomorrow of a new round of Middle East peace talks. Mr. Vance handed over a letter from President Carter to Mr. Begin. Its contents were not disclosed. [New York Times]
- President Anwar Sadat may carry his peace initiative to the United States if satisfactory progress is not made at the Israeli-Egyptian meeting in Jerusalem, sources in Cairo said. They said Mr. Sadat is eager to involve Americans more deeply in the negotiations as a means of persuading Israel to be more conciliatory. [New York Times]
- The Philippines National Grain Agency is said to have made as much as $100 million in the last three years by keeping the price of wheat artificially high and misusing cheap credit supplied by the United States Department of Agriculture. The agency was authorized by President Ferdinand Marcos to be the country's sole importer of grain. The high price set on the wheat has raised the cost of bread and cut its consumption substantially, according to an American Embassy study. Where the money has gone is in dispute, but it is believed that at least part of it has been siphoned off by powerful figures In the government. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 771.74 (-3.99, -0.51%)
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* |
| January 13, 1978 | 775.73 | 89.69 | 18.01 |
| January 12, 1978 | 778.15 | 89.82 | 22.73 |
| January 11, 1978 | 775.90 | 89.74 | 22.88 |
| January 10, 1978 | 781.53 | 90.17 | 25.18 |
| January 9, 1978 | 784.56 | 90.64 | 27.90 |
| January 6, 1978 | 793.49 | 91.62 | 26.15 |
| January 5, 1978 | 804.92 | 92.74 | 23.57 |
| January 4, 1978 | 813.58 | 93.52 | 24.09 |
| January 3, 1978 | 817.74 | 93.82 | 17.72 |
| December 30, 1977 | 831.17 | 95.10 | 23.56 |