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Thursday May 25, 1978
. . . where the 1970s live forever!

News stories from Thursday May 25, 1978


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

  • Thousands of blacks boycotted San Francisco's public schools. Black clergymen and parents called for the one-day walkout to protest what they believe to be generally discriminatory practices in the schools. It was another indication of racial divisions in the city. [New York Times]
  • To discourage small bettors at Resorts International's Atlantic City casino, the New Jersey Casino Control Commission set $2 minimum bets at the blackjack and craps tables, and gave Resorts the authority to require bets of $5 or more at night and 90 percent of the blackjack tables and 80 percent of the craps tables. The minimums were adopted despite the opposition of a commissioner who said they would enable Resorts to "clean out bettors fast." [New York Times]
  • One of the West's largest water projects was set back by the Environmental Protection Agency. The E.P.A. said that the $135 million Foothills water project, consisting of a dam, reservoir and water treatment plant near Denver, would be environmentally disastrous, and recommended to the Army Corps of Engineers that a construction permit be denied. [New York Times]
  • Major indictments may result soon from the government's two-year investigation of corruption in ports on the East Coast and the Gulf Coast, the Deputy Attorney General, Benjamin Civiletti, said. He told newsmen that the government had tried to play down its role, but that "we're about three weeks from surfacing that investigation in a dramatic way in one area of the country." [New York Times]
  • The Nazi march through Skokie, Ill., scheduled for June 25, might be canceled. Frank Collin, the leader of the National Socialist Party of America, has offered to cancel the march if state and local officials drop legislation aimed at banning the demonstration and if the Chicago Park District eliminates insurance requirements. But the state Senators who sponsored the bills said they would make no deal with Mr. Collin. [New York Times]
  • President Carter said that he would oppose any further legislative restrictions on his ability to provide economic and military assistance to friendly and non-aligned nations. He said that countries such as Zambia, Tanzania and "even Mozambique" might otherwise turn to the Soviet Union in a crisis. The United States, Mr. Carter said, should be in a position to offer them "a democratic friend rather than a totalitarian friend." [New York Times]
  • President Carter will ask the Soviet Union for a temporary ban on the testing of all nuclear weapons despite the objections of senior military officers and atomic energy officials, according to administration aides. They say negotiators had been instructed to seek an accord with Moscow for a total halt in testing for five years, except for some nuclear experiments in laboratories. [New York Times]
  • A European disarmament conference was proposed by President Valery Giscard d'Estaing of France to bring about a reduction of weapons in Europe from the "Atlantic to the Urals." The United States and Canada would participate. He made the proposal at the United Nations, in an address at a special disarmament session of the General Assembly. At a news conference later, he said he hoped the conference would take place next year. French sources said the meeting would deal with conventional arms. [New York Times]
  • Secretary of State Cyrus Vance began a new round of talks aimed at removing at least some of the major obstacles to a new Soviet-American accord on limiting strategic arms. Mr. Vance met with Foreign Minister Andrei Gromyko at the Soviet Mission to the United States. [New York Times]
  • Israel's Supreme Court ordered a temporary suspension of work on a new Jewish settlement in the occupied West Bank of the Jordan while it considered an appeal by a group of West Bank Arabs that some of their land had been illegally expropriated by the Israeli forces. [New York Times]
  • Paratroops of the French Foreign Legion began to withdraw from southern Zaire, the French Defense Ministry announced. A ministry spokesman said that the French garrison in Kolwezi would be replaced by Zairian army forces "reinforced by about 100 Moroccan troops." [New York Times]


Stock Market Report

Dow Jones Industrial Average: 835.41 (-2.51, -0.30%)
S&P Composite: 96.80 (-0.28, -0.29%)
Arms Index: 0.92

IssuesVolume*
Advances68511.56
Declines77912.03
Unchanged4454.82
Total Volume28.41
* 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
DateDJIAS&PVolume*
May 24, 1978837.9297.0831.46
May 23, 1978845.2998.0533.23
May 22, 1978855.4299.0928.68
May 19, 1978846.8598.1234.36
May 18, 1978850.9298.6242.27
May 17, 1978858.3799.6045.49
May 16, 1978854.3099.3548.17
May 15, 1978846.7698.7633.93
May 12, 1978840.7098.0746.60
May 11, 1978834.2097.2036.64


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