News stories from Friday March 31, 1978
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The biggest United States trade deficit in history occurred in February, the Commerce Department said, and it put the responsibility on the surging demand in this country for foreign goods -- from French wines to Japanese cars. Imports in February exceeded exports by $4.52 billion, and it was also the 21st consecutive month that there had been a deficit. [New York Times]
- The stock market declined following Washington's announcement of an unexpectedly large trade deficit. The Dow Jones industrial average dropped 2.26 points to 757.36. Declining stocks outnumbered rising ones by a ratio of almost 7 to 5. [New York Times]
- Forgery and grand larceny charges were placed against David Begelman, the former president of the Columbia Pictures movie and television divisions. The Los Angeles District Attorney, John Van de Kamp, filed the four-count felony complaint. [New York Times]
- How far the government can go in pursuit of school desegregation may be settled in Ocala, Fla., where two of the local district's 32 public schools are still segregated. A recent amendment to federal law blocks the Department of Health, Education and Welfare from forcing the district to cross-bus children to reach a district-wide racial distribution and the district has ignored H.E.W.'s request to work out its own desegregation plan. H.E.W. has notified the school district that since the amendment prevents it from taking action against the district for non-compliance the case was being referred to the Justice Department. It was the first time that the amendment halted H.E.W.'s desegregation efforts. [New York Times]
- President Carter arrived in Nigeria for a three-day visit, the first by an American President to a sub-Saharan African nation. The administration hopes that discussions with Gen. Olusegu Obasanjo, the Nigerian leader, and Mr. Carter's visit, will illustrate intensified American interest in the political and economic potential of the developing nations. Administration officials, meanwhile, expressed concern about more Cuban troops moving into Ethiopia. The total number now is estimated at 16,000 to 17,000. [New York Times]
- The Nigerian police arrested a prominent American businessman shortly before President Carter arrived in Lagos for his state visit. It was the second imprisonment in 11 days for Louis LeFevre, who was jailed without charges in the country's maximum security prison. He had been freed on $7,500 bail Thursday after nine days' imprisonment during which he was questioned about a loan made by his company, the American International Insurance Company of Nigeria, for an apartment project in Lagos. [New York Times]
- Otto Passman, a former Congressman, was indicted for conspiring with Tongsun Park to defraud the United States and for accepting bribes or illegal gratuities from Mr. Park, an alleged Korean agent. Mr. Passman, a Louisiana Democrat, had been a key figure in foreign aid appropriations. He has denied ever taking "a dime" from Mr. Park. He is now a patient in a New Orleans hospital. [New York Times]
- Eastern Air Lines' purchase of a fleet of 23 jumbo planes manufactured by a European consortium will go ahead under agreement between the New York Port Authority and the consortium over the maximum takeoff weight that could be tolerated on La Guardia Airport runway extensions into Flushing Bay. The Port Authority's reservation about the weight tolerance has held up the $500 million purchase of the A300 airbuses, made by the French-West German-Spanish consortium. [New York Times]
- American Motors and Renault, the French car manufacturer, announced that they have agreed in principle upon a joint manufacturing and distribution arrangement, expressing the hope that a definitive agreement would be reached in the next few months. The arrangement would provide hard-pressed A.M.C. with new capital for further development, and Renault would get access to A.M.C. dealerships in the United States and plant facilities here and in Canada. [New York Times]
- Four major steel producers bowed to the urgings of the administration and raised prices for most products by only $5.50 a ton, effective tomorrow, which is slightly less [sic] than half the $10.50 per ton increase announced this week by United States Steel and Wheeling-Pittsburgh. National Steel took the lead in setting the lower price. The company was joined by Bethlehem, Republic, Inland and Jones & Laughlin. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 757.36 (-2.26, -0.30%)
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* |
| March 30, 1978 | 759.62 | 89.41 | 20.46 |
| March 29, 1978 | 761.78 | 89.64 | 25.45 |
| March 28, 1978 | 758.84 | 89.50 | 21.60 |
| March 27, 1978 | 753.21 | 88.87 | 18.87 |
| March 23, 1978 | 756.50 | 89.36 | 21.29 |
| March 22, 1978 | 757.54 | 89.47 | 21.95 |
| March 21, 1978 | 762.82 | 89.79 | 24.41 |
| March 20, 1978 | 773.82 | 90.82 | 28.36 |
| March 17, 1978 | 768.71 | 90.20 | 28.47 |
| March 16, 1978 | 762.82 | 89.51 | 25.41 |