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News stories from Monday December 18, 1978
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Layoffs in Cleveland on Jan. 2, totaling 20 percent of the city's employees, were announced by Mayor Dennis Kucinich to conserve cash needed to lift the city out of default. The city's police, fire and laborers' unions vowed that the dismissal of even one union member would shut down Cleveland in a general walkout.
Cleveland's fiscal crisis can be solved "on the state and local level" and federal aid "is not needed," a Carter administration official said. There is division between Washington and Cleveland over handling of the problem by Mayor Kucinich. [New York Times]
- Senator Herman Talmadge faces a trial-like hearing to determine whether the Georgia Democrat misused office and campaign funds. The hearing will be before the Senate ethics committee, which approved it under a recommendation by a committee investigator who spent several months scrutinizing Mr. Talmadge's finances. [New York Times]
- A lawsuit stemming from Kent State University shootings of students by National Guardsmen in 1970 was the subject of negotiations aimed at reaching an out-of court settlement, which apparently failed, setting the stage for a civil trial to begin tomorrow. The Ohio authorities rejected a proposal that would have awarded the plaintiffs $625,000. However, the state legislature may take up the issue. [New York Times]
- A request for extradition of a fugitive from one state to another may not ordinarily be blocked by the "asylum" state's conducting its own investigation into the basis for the request, the Supreme Court held unanimously. The decision reversed a ruling by the Michigan Supreme Court, which had barred the extradition of a fugitive to Arizona on the ground that Arizona's request had not contained sufficient evidence for believing that the man had committed a crime. [New York Times]
- Autopsy reports said that the Rev. Jim Jones and Anne Elizabeth Moore, a nurse in his cult, had died of gunshot wounds in the head and that their deaths could have resulted from suicide or murder. [New York Times]
- President Carter faces a legal challenge. Administration officials said they expected a contest, perhaps going to the Supreme Court, to determine whether he has the authority to bypass Congress and terminate the 13-year-old mutual defense treaty with Taiwan. Senator Barry Goldwater has said that he plans to test the constitutionality of the move.
Conciliation toward Taiwan and avoidance of threats about armed liberation of the island seem to be new policies of Peking following its decision to normalize relations with Washington. Statements by Chinese leaders and articles in the Communist press suggest that Peking would now like a peaceful solution to the Taiwan issue. [New York Times]
- Airline service to China is expected to start early next year. Pan American World Airways plans to ask the Civil Aeronautics Board for approval to start operating soon between San Francisco and Peking. Pan Am is also expected to seek to fly between nine American cities, including New York, and four cities in China.
Closer relations with China are not favored by an overwhelming majority of Americans, but they are not enthusiastic about supporting Taiwan either, according to a poll. In general, the survey suggested that Americans increasingly oppose any United States involvement in foreign crises. [New York Times]
- Iranians mourned the deaths this year of more than 1,600 demonstrators opposed to the Shah. The mourning day was generally calm in Teheran, but there were demonstrations in Qum, the holy city, and in Tabriz, where opposition forces said a number of soldiers had joined demonstrators.
Discontent among Iran's military, which has been largely responsible for keeping the Shah in power, is increasing. Western advisers to the Iranian Army in Meshed and Qum say that hundreds of soldiers have deserted in the two cities. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 787.51 (-17.84, -2.22%)
S&P Composite: 93.44 (-1.89, -1.98%)
Arms Index: 1.77
| Issues | Volume* |
|---|
| Advances | 132 | 1.42 |
| Declines | 1,580 | 30.02 |
| Unchanged | 224 | 1.46 |
| Total Volume | 32.90 |
* in millions of sharesArms Index is the ratio of volume per declining issue to volume per advancing issue; a figure below 1.0 is bullish.
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| Market Index Trends |
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| Date | DJIA | S&P | Volume* |
|---|
| December 15, 1978 | 805.35 | 95.33 | 23.64 |
| December 14, 1978 | 812.54 | 96.04 | 20.85 |
| December 13, 1978 | 809.86 | 96.06 | 22.48 |
| December 12, 1978 | 814.97 | 96.59 | 22.21 |
| December 11, 1978 | 817.65 | 97.11 | 21.01 |
| December 8, 1978 | 811.85 | 96.63 | 18.56 |
| December 7, 1978 | 816.09 | 97.08 | 21.18 |
| December 6, 1978 | 821.90 | 97.49 | 29.68 |
| December 5, 1978 | 820.51 | 97.44 | 25.66 |
| December 4, 1978 | 806.83 | 96.15 | 22.02 |
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