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Wednesday June 14, 1978
. . . where the 1970s live forever!

News stories from Wednesday June 14, 1978


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

  • "Restraint in spending" was urged by President Carter in calling on Congress to hold down the federal budget deficit and to set a good example for the wage and price decisions of "our workers and businessmen." Mr. Carter also said in a news conference that California should expect no special federal aid as a result of voter approval last week of major cuts in property taxes. [New York Times]
  • Disappointment in President Carter has spread to the South and even in his home state of Georgia, according to a new poll. Mr. Carter is viewed as failing to live up to voters' expectations and of a lackluster performance as President. The survey found that Southerners still like Mr. Carter as a man, but a growing number regard him as ineffectual. [New York Times]
  • A Jewish group pledged non-violence in its planned demonstration to counter a Nazi march scheduled for June 25 in Skokie, Ill. The organization, which represents 34 major Jewish groups in the Chicago area, stressed that it had the only permit issued for such a counter-demonstration. [New York Times]
  • A defendant can be tried again if charges against him are dropped during his trial "on grounds unrelated to factual guilt or innocence," the Supreme Court ruled. The 5 to 4 decision held that the constitutional prohibition against double jeopardy did not protect a defendant who won dismissal of charges before a finding of guilt or innocence, if an appeal by the prosecution overturned dismissal. [New York Times]
  • The future threat of cadmium is a growing concern among environmental health specialists. Some believe that the widely used metal may have a role in causing high blood pressure and possibly even a form of cancer. [New York Times]
  • Cows yield more milk when exposed to 16 hours of light daily than do similar cows exposed to shorter or longer periods of light, researchers have found. The scientists discovered that such cows gave up to three and a half more quarts of milk a day. [New York Times]
  • Long-term federal help for New York City was gaining. In a shift of sentiment, a majority in the Senate Banking Committee seemed ready to vote for such federal credit assistance when the panel convenes today. Undecided Senators were forming in support of a compromise that embodies long-term loan guarantees, but in a smaller amount and with tighter controls than those passed by the House. [New York Times]
  • Anthony Provenzano was convicted of murder. The organized crime figure, who had been linked to the disappearance of Jimmy Hoffa, and Harold Konigsberg, an extortionist and alleged enforcer for organized crime, were found guilty by a jury in Kingston, N.Y., of killing Mr. Provenzano's union rival. The rival, Anthony Castellito, disappeared in 1961. Mr. Provenzano was turned over to the Ulster County sheriff. [New York Times]
  • President Carter charged that Cuba could have done "much more" to prevent the Katangan invasion of Zaire, including notifying the world in advance, if Fidel Castro had genuinely wished to halt the incursion. Mr. Carter, speaking at a news conference, called on the Cuban President and Angola to pledge to prevent any future Katangan invasion into southern Zaire's Shaba Province. [New York Times]
  • Soviet retaliation against spy charges was forecast on May 31 by Foreign Minister Andrei Gromyko in a meeting with Secretary of State Cyrus Vance, according to authoritative accounts. Sources said Mr. Gromyko warned that unless the United States released two Soviet employees of the United Nations being held on espionage charges, Moscow would soon retaliate against Americans in Moscow. [New York Times]
  • Israel was sharply criticized by Secretary General Kurt Waldheim for having turned over control of Lebanese areas it evacuated Tuesday to Lebanese Christian militiamen instead of to the United Nations peacekeeping force. In Beirut, Prime Minister Selim al-Hoss said that the U.N. force "must take charge of security in all of southern Lebanon without exception." [New York Times]
  • Nuclear safeguards and inspections cannot be expected of India while the United States remains free to expand its own nuclear arsenal, Prime Minister Morarji Desai said. The Indian leader made the statement in Washington as a House committee approved an administration plan to continue sales of enriched uranium to India, despite its objection to the safeguards. [New York Times]


Stock Market Report

Dow Jones Industrial Average: 854.56 (-2.42, -0.28%)
S&P Composite: 99.48 (-0.09, -0.09%)
Arms Index: 0.87

IssuesVolume*
Advances79818.44
Declines67413.54
Unchanged4495.31
Total Volume37.29
* 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*
June 13, 1978856.9899.5730.76
June 12, 1978856.7299.5529.34
June 9, 1978859.2399.9332.47
June 8, 1978862.09100.2139.38
June 7, 1978861.92100.1233.06
June 6, 1978866.51100.3251.98
June 5, 1978863.8399.9539.59
June 2, 1978847.5498.1431.86
June 1, 1978840.7097.3528.75
May 31, 1978840.6197.2429.07


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