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Wednesday February 15, 1978
. . . where the 1970s live forever!

News stories from Wednesday February 15, 1978

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

  • A Rhodesian accord was announced by black and white leaders on the major points, in principle, of a new constitution that would bring black majority rule. Prime Minister Ian Smith and three black leaders said they had resolved their differences over the key issue of white representation in a new Parliament and were within days of creating a transitional government. They declined to elaborate until the accord was written.

    The three black leaders who reached a constitutional accord with Prime Minister Ian Smith have been denounced by more militant black leaders as puppets, but they can claim the support of a broad section of black opinion inside Rhodesia, and possibly even a clear majority. One leader, Bishop Abel Muzorewa, has said that more than 80 percent of blacks would back his group in the elections planned in the agreement with Mr. Smith. [New York Times]

  • Coal strike negotiations resumed, this time at the White House, after the operators had reversed themselves about spurning the talks in the face of a threatened public denunciation by President Carter. Mr. Carter convened the 90-minute session in new efforts to end the 72-day strike. Labor Secretary Ray Marshall said later that ground rules had been set, that he would head the talks and that an effort would be made to narrow the range of the talks, a condition sought by the operators.

    Militant coal miners demonstrated on the steps of the West Virginia State Capitol and elsewhere in Charleston as the drive to oust Arnold Miller as head of the United Mine Workers Union seemed to be growing. The demonstrators deplored the proposed contract advanced last week and rejected by members. [New York Times]

  • Major steps to save energy have been taken in the nation's industrial heartland after warnings of power cutbacks in areas running out of coal because of the long miners' strike. In Pittsburgh office buildings, many lights have been shut off or dimmed and some elevators have been halted, and stores have reduced business hours and laid off part time workers. Public employees of Allegheny County have been placed on a four-day work week. [New York Times]
  • Elvis Presley may have improperly withdrawn from a $1.5 million agreement to buy a jet aircraft from a company controlled by Robert Vesco, the New Jersey Supreme Court ruled. The decision could jeopardize more than $750,000 of the late actor-singer's estate. Mr. Presley agreed to buy the Boeing 707 after Mr. Vesco, accused of major swindles, fled the country. [New York Times]
  • Stock prices fell again, and the Dow Jones industrial average lost 3.47 points to close at 761.69, its lowest level in 34 months. The downtrend continued amid the increasingly adverse impact of the coal strike. [New York Times]
  • Conrail wants $1.3 billion more in federal funds. The rail service, which serves metropolitan areas in the Northeast, acknowledged that it was depleting its original $2.1 billion government investment. In a five-year plan submitted to the corporation's federal oversight agency, Edward Jordan, the railroad's chairman, blamed deteriorating facilities, two unusually harsh winters, several strikes against large shippers and overly optimistic performance projections. Congress created Conrail 22 months ago to continue rail freight service when six Northeast railroads went bankrupt. [New York Times]
  • Israel's Prime Minister announced that he would visit Washington next month for three days of talks. Speaking in Parliament, Prime Minister Menachem Begin also urged President Carter to reappraise his administration's decision to sell military jets to Egypt and Saudi Arabia.

    The administration strongly defended its proposed sale of planes to Egypt and Saudi Arabia in the face of opposition by Israel and efforts in Congress to block the sales, A State Department spokesman stressed "enduring and strong" ties between the United States and Israel and defended the projected sale of 200 planes, which would include 90 for Israel, as a contribution to peace in the Middle East. [New York Times]

  • Taipei moved to give more power to the native Taiwanese who make up 80 percent of the nation's population. The Kuomintang Party, which has been facing mounting opposition, named Hsieh Tung-min, a native of Taiwan and the island's governor, as its choice for vice president on a slate to be headed by Prime Minister Chiang Ching-kuo, a son of the late Chiang Kai-shek. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 761.69 (-3.47, -0.45%)
S&P Composite: 88.83 (-0.21, -0.24%)
Arms Index: 0.98

Total Volume20.17
* 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
February 14, 1978765.1689.0420.47
February 13, 1978774.4389.8616.81
February 10, 1978775.9990.0819.48
February 9, 1978777.8190.3017.94
February 8, 1978782.6690.8321.30
February 7, 1978778.8590.3314.73
February 6, 1978768.6289.5011.63
February 3, 1978770.9689.6219.40
February 2, 1978775.3890.1323.05
February 1, 1978774.3489.9322.24

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