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Wednesday May 10, 1978
. . . where the 1970s live forever!

News stories from Wednesday May 10, 1978

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

  • Objections to wage restraints were made by organized labor, which told President Carter it would not accept the voluntary guidelines he has set and said that the focus of an anti-inflation program should be on curbing prices. The position of the A.F.L.-C.I.O. executive council, led by George Meany, was expressed at a White House meeting. Mr. Carter has called on labor and business to hold increases below the average at the last two years. [New York Times]
  • A steel price rise was announced by the Allegheny Ludlum Steel Corporation, the nation's largest producer of stainless steel. It said it would increase the price of a grade of stainless sheet and strip by 7.5 percent effective June 1. If the rise of 4.25 cents a pound is followed by other major producers and passed through in the highly competitive industry, it would be one of the first major price gains for stainless steel products in several years. The product is used in catalytic converters to control auto emissions. [New York Times]
  • Aerospace issues advanced again and were the strongest group in the stock market. For the first time this week, advancing issues outpaced losers, and Boeing, which has doubled in price since mid-January, rose half a point to 49½ in active trading. The Dow Jones industrial average closed with a token gain, up 0.09 to 822.16. [New York Times]
  • A move to speed federal aid to New York City was made by participants in talks on the city's fiscal problems. At the urging of Treasury Secretary Michael Blumenthal, they set a deadline of May 20 for resolving all the complicated issues that have delayed renewed help from Washington. Soon after the announcement, Senator William Proxmire, chairman of the Senate Banking Committee, who has opposed federal aid for the city, said that if the deadline were met, he would start hearings on the New York City loan legislation on May 24. [New York Times]
  • Aldo Moro was buried near his country home 35 miles north of Rome in a simple and private ceremony that his family had arranged to conform with his wishes that leaders of his Christian Democratic Party be barred from his funeral. The ceremony was attended by hundreds of villagers as well as the family of the former Prime Minister, whose body was found in Rome Tuesday 54 days after his abduction by ultra-leftist terrorists. In Rome, the party announced :plans for a memorial service of its own, and Interior Minister Francesco Cossiga, a close friend of Mr. Moro, asked to be relieved of his post. [New York Times]
  • Israel began celebrating its 30 tumultuous years of independence after a day of intense mourning for its nearly 13,000 war dead. Solemn memorial services were held in military ceremonies and later there was singing, dancing and speeches to commemorate the start of Israel's fourth decade as a sovereign state. "Tiny Israel" has become "powerful Israel," the major military power in the Mideast. [New York Times]
  • Saudi Arabia has agreed to "prohibitions and restrictions" on the use of F-15 fighters it wants to buy, Defense Secretary Harold Brown said. With the Senate Foreign Relations Committee reported deeply divided and set to hold a pivotal vote tomorrow on the administration's plan to sell advanced military jets to Israel, Egypt and Saudi Arabia, President Carter telephoned members of Congress, and administration officials lobbied intensively in an effort to avert a major floor battle on the controversial package. [New York Times]
  • Leongina Shevchenko killed herself in Moscow, her son announced. Her husband, Arkady, who was the highest-ranking Soviet citizen in the United Nations Secretariat, defected to the United States last month. Their son, Gennady, said in an interview that his mother had taken her life with an overdose of sleeping pills in her apartment and that the motive was his father's defection. Their son is a 26-year-old Foreign Ministry official. [New York Times]
  • Princess Margaret will be divorced from the Earl of Snowdon, ending two years of formal separation and 18 years of marriage. An announcement said that the couple had agreed to end the marriage and that the Princess would start necessary legal proceedings, and a spokesman said that she had no plans to remarry. The divorce, while embarrassing to Britain's royal family, will have no immediate effect on the Princess's royal prerogatives. [New York Times]
  • The scaffold that collapsed and killed 51 West Virginia construction workers had been found risky by federal safety officials who failed to act on their own warnings, a public interest group charged. The Health Research Group cited a memo reportedly written by a federal safety engineer 13 months before the April 27 collapse, warning that the scaffold could lead to "disastrous consequences." [New York Times]
  • South Korea said no to a House committee that had asked to question a former Korean Ambassador about allegations that he had bribed Congressmen while stationed in Washington. In announcing Seoul's refusal to make former Ambassador Kim Dong Jo available for questioning, the committee's counsel, Leon Jaworski, said that negotiations to obtain the testimony had collapsed. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 822.16 (+0.09, +0.01%)
S&P Composite: 95.92 (+0.02, +0.02%)
Arms Index: 0.79

Total Volume33.33
* 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
May 9, 1978822.0795.9030.86
May 8, 1978824.5896.1934.68
May 5, 1978829.0996.5342.68
May 4, 1978824.4195.9337.52
May 3, 1978828.8396.2637.60
May 2, 1978840.1897.2541.40
May 1, 1978844.3397.6737.02
April 28, 1978837.3296.8332.85
April 27, 1978826.9295.8635.47
April 26, 1978836.9796.8244.45

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