News stories from Monday February 13, 1978

Summaries of the stories the major media outlets considered to be of particular importance on this date:

Power cutbacks were ordered in Indiana and West Virginia as a result of the coal strike. Other power reductions and industrial layoffs were expected. Secretary of Labor Ray Marshall summoned officials of the United Mine Workers to a meeting at his office tonight and was expected to meet with coal industry representatives Tuesday morning. The Energy Department sent technical experts to Canton, Ohio, where a regional monitoring and electricity sharing center is underway. [New York Times] Sharply colder weather in the eastern, central and southern parts of the country was forecast by federal meteorologists for the next 30 days. They say that if the forecast is accurate, this winter, which so far has been milder than last year's, could be about as cold. They predict below normal temperatures from the central and southern states to the Atlantic. [New York Times] The American Bar Association defeated a resolution calling on Chief Justice Warren Burger to substantiate his low appraisal of the courtroom performance of trial lawyers or withdraw it. The resolution was defeated by a one-sided voice vote by the House of Delegates, the association's policy making group. Justice Berger's view was not endorsed by most of his supporters in the dispute. They instead defended his right to freedom of speech and argued that his public condemnation would seriously damage the A.B.A.'s professional "image." [New York Times] Testimony was heard by the Senate Banking Committee staff about overseas payments by Textron Inc., which, congressional sources said, differed from that given Jan. 24 by G. William Miller, Textron's chairman and chairman-designate of the Federal Reserve Board. The issue is whether Mr. Miller or other Textron officials were aware that an Iranian general, the former Commander in Chief of the Air Force, was in fact the secret owner of an Iranian sales agency to which Textron paid $2.9 million. [New York Times] Stock prices declined slightly. Investors were preoccupied with the stalemate in the coal contract negotiations and the pressure on the dollar in foreign exchange markets. The Dow Jones industrial average dipped 1.56 points to 774.43. The transportation average dropped 2.77 points to 209.88 as the impasse in the coal talks set off selling in the issues of some coal-carrying railroads. [New York Times] Airlines are seeking a noise reduction bill that would provide about $1.25 billion in federal funds over a five-year period to help them meet environmental standards set in 1976. This proposal may hold the key to a Senate airline deregulation bill, which would give airlines a freer hand at setting fares. Representative Glenn Anderson, subcommittee chairman, has said he would give more enthusiastic backing to a House deregulation proposal if the anti-noise bill passed. [New York Times] The Soviet air force is participating in Cuba's air defense, American intelligence officials said, in what seems to be an attempt to free Cuban fighter pilots for combat in the Ethiopian-Somalian conflict, There is no estimate of how many Soviet planes are in Cuba, but officials said the Russians might be taking over Cuba's entire air defense. There has been no similar Soviet engagement in Cuba since the 1962 missile crisis. [New York Times] Opposition to Israeli settlements in occupied Arab territory was repeated by the United States. A White House statement said the civilian settlements, established by Israel since 1967, were an "obstacle to peace and contrary to international law," The White House press secretary said he was issuing the statement reluctantly, with no desire to prolong the argument. [New York Times] President Sadat was given credit by Egyptian officials and Western diplomats for effectively upstaging Israel in his trip abroad and winning new international support while gaining more time for his initiative. "It was the best he could hope for," a Western diplomat in Cairo said. [New York Times] The Nicaraguan government's investigation of the assassination of Pedro Chamorro, a newspaper editor who opposed President Anastasio Somoza, was criticized by the Chamorro family lawyer. "It's quite obvious there's a cover-up," the lawyer said. "There are many people involved and there must be big shots in this or else a cover-up wouldn't be necessary." [New York Times]

Stock Market Report

Dow Jones Industrial Average: 774.43 (-1.56, -0.20%)
S&P Composite: 89.86 (-0.22, -0.24%)
Arms Index: 1.14

	Issues	Volume*
Advances	580	5.46
Declines	794	8.55
Unchanged	462	2.80
Total Volume		16.81

* in millions of shares

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 10, 1978	775.99	90.08	19.48
February 9, 1978	777.81	90.30	17.94
February 8, 1978	782.66	90.83	21.30
February 7, 1978	778.85	90.33	14.73
February 6, 1978	768.62	89.50	11.63
February 3, 1978	770.96	89.62	19.40
February 2, 1978	775.38	90.13	23.05
February 1, 1978	774.34	89.93	22.24
January 31, 1978	769.92	89.25	19.87
January 30, 1978	772.44	89.34	17.40