News stories from Tuesday February 14, 1978
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Coal strike negotiations in the White House were ordered by President Carter. Speaking firmly, he warned the miners and the coal industry that if they failed to settle the 71-day strike, he would resort to "stronger measures." Mr. Carter indicated that he might invoke the Taft-Hartley Act to force the miners back to work if an accord was not reached. He ordered Labor Secretary Ray Marshall to take part in the negotiations and give him a daily report on them. [New York Times]
- A slump in new car sales of 18.4 percent in the first 10-day selling period of February was reported by the nation's four major auto makers. Heavy snow and other bad weather in the Midwest and East worsened the industry sales declines, which began in mid-November with public resistance to new prices and styles. [New York Times]
- A former lobbyist said he gave Representative Daniel Flood $1,000 in cash in return for favors in 1972. The allegation, in a statement to the F.B.I., is central to a federal investigation into whether the Pennsylvania Democrat committed perjury at the trial of Stephen Elko, his former administrative assistant, who was convicted of taking bribes from a chain of West Coast trade schools. [New York Times]
- Federal loan aid to New York City will continue to be needed, according to Treasury Secretary Michael Blumenthal and the chairman of the House Banking Committee. In separate statements, the Secretary and Representative Henry Reuss, Democrat of Wisconsin, the House committee chairman, announced views directly opposed to that of the Senate Banking Committee. The federal loan program is due to expire June 30. [New York Times]
- Stock prices fell sharply in accelerated trading, with blue-chip issues being hardest hit. The Dow Jones industrial average tumbled 9.27 points to 765.16, declines outnumbering advances by a ratio of more than 2 to 1. [New York Times]
- An inquiry Involving the Grumman Aerospace Corporation was ordered by Defense Secretary Harold Brown because of the company's efforts to contest the administration's decision to cut back production of the F-14 Navy jet fighter. A Pentagon spokesman said Mr. Brown had taken the unusual action after reading a letter, written by a senior official of Grumman to its employees, that strongly assailed the decision and indicated that the Navy also opposed it. [New York Times]
- Fertility is declining substantially in large parts of the less-developed world, slowing the rate of world population growth, scientists said at a symposium in Washington. The trend in recent years means that the rate of global population growth has peaked and will stabilize sooner and at a somewhat lower level than some experts had predicted, a specialist said. [New York Times]
- Alimony must still be paid by a man even if his former wife is living openly with another man and if she is not representing herself as her new companion's wife, New York state's highest tribunal ruled. The 5 to 2 decision by the Court of Appeals reversed two lower court rulings. [New York Times]
- Major arms sales to Egypt, Saudi Arabia and Israel are planned by the Carter administration, which said that the $4.8 billion package was designed to maintain the present military balance and to advance the cause of peace in the Middle East. Senior officials acknowledged they would face a major debate in Congress over the plan to sell jet fighters to Egypt for the first time, to supply the most advanced American military planes to Saudi Arabia and to provide Israel with far fewer planes than it had requested. The plan could be blocked by majority votes in Congress. [New York Times]
- Israel's military dominance in the Middle East seems to be eroding as a result of changes in the quality and quantity of Arab weaponry, but has not been destroyed according to sources in Washington and other NATO capitals. Israeli air power was decisive in victories over the Arabs in the wars of 1967 and 1973. That advantage would be reduced but not eliminated, the sources said, by the prospective United States aircraft deliveries to both sides in the Middle East. [New York Times]
- Talks to curb arms have been complicated by a Soviet editorial, according to Carter administration officials, who said it had increased difficulties in reaching a new accord this year to limit strategic weapons. The editorial, published in Pravda, blamed the United States for the lack of progress in current negotiations and said that the administration was trying to use the threat of Senate rejection to force Moscow to make new concessions. [New York Times]
- French voters were told by the Socialist Party that its economic program would require the raising of an additional $12.5 billion. The Socialist program calls for nationalization of the nine biggest manufacturers and of banks and increased wages and benefits. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 765.16 (-9.27, -1.20%)
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 13, 1978 | 774.43 | 89.86 | 16.81 |
| 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 |