News stories from Friday July 14, 1978
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Philadelphia was crippled by a strike of more than 19,000 municipal employees that left only the police and firefighters on the job. The strike began just after the city offered bargaining units of the American Federation of State, County and Municipal Employees wage increases of 7 percent this year and 5 percent next year. Union representatives demanded a one-year contract similar to the one recently won by the police in arbitration giving them a 9 percent pay increase. [New York Times]
- The nation's railroads reached a tentative agreement with three big operating unions that could raise wages by 35 percent over 39 months. But the president of another union, the Brotherhood of Railway and Airline Clerks, said that the agreement was not good enough and that he would take legal action toward a strike. [New York Times]
- Anatoly Sharansky was sentenced by a Moscow court to 13 years in prison and labor camps for treason, espionage and "anti-Soviet agitation." He was accused of having given secrets to the Central Intelligence Agency, a charge that he denied as "absurd" and that President Carter also told Soviet leaders was false.
Vehement protests from political and civic figures, Jewish groups and labor leaders across the United States have followed the sentencing of Anatoly Sharansky in the Soviet Union. New York University canceled all its exchange programs with the Soviet Union.
[New York Times] - President Carter promised West Germans that the United States would "defend your land as if it were our own." Mr. Carter, echoing a speech by President John Kennedy in Frankfurt in June 1963, said "our security is your security and yours is ours." His speech in Bonn was the high point of the first day of his visit. [New York Times]
- Mr. Carter's uneasy relations with Chancellor Helmut Schmidt of West Germany have been reflected in remarks attributed to the West German leader by his associates but officially denied by his press aides. It is said that before a telephone call from Bonn to Washington, Mr. Schmidt said he would read a train timetable "because it is senseless to talk to him. He doesn't listen anyway." The uneasiness is being played down during Mr. Carter's visit to West Germany. [New York Times]
- Control of human reproduction is expected to enter a new era after the awaited birth in Britain of a baby formed from fertilization and culturing in the laboratory. The laboratory control, scientists say, could make possible sex determination of offspring and eliminate congenital diseases passed by parents to children of only one sex. The British laboratory experiment was undertaken, however, to solve a common cause of infertility. [New York Times]
- A Cambodian leader visited Thailand after mediation from China succeeded in bringing long-awaited talks between the two countries. Deputy Prime Minister Ieng Sary of Cambodia came to Thailand at a time when leaders there are concerned at what they have called continuing incursions from Cambodian territory, in which more than 200 civilians have been killed and 1,000 abducted. [New York Times]
- The Basques' demand for autonomy is regarded as the biggest long-term political problem facing Spain's center-left government. An uneasy calm followed five days of rioting that shook northeastern Spain. The Basques also want to be rid of the government police that to them are the same as an army of occupation. "Our people are convinced that their common enemy is the forces of public order -- and that they should be made to leave," a Basque senator said. [New York Times]
- President Carter's science adviser, Frank Press, back from a visit to Peking, believes that broad scientific and technical cooperation between the United States and China could be a prelude to greatly expanded commerce between the countries. Such cooperation, administration officials are known to feel, could begin even before formal diplomatic relations are established with Peking. [New York Times]
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Dow Jones Industrial Average: 839.83 (+15.07, +1.83%)
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* |
| July 13, 1978 | 824.76 | 96.25 | 23.62 |
| July 12, 1978 | 824.93 | 96.24 | 26.64 |
| July 11, 1978 | 821.29 | 95.93 | 27.47 |
| July 10, 1978 | 816.79 | 95.27 | 22.47 |
| July 7, 1978 | 812.46 | 94.89 | 23.49 |
| July 6, 1978 | 807.17 | 94.32 | 24.99 |
| July 5, 1978 | 805.79 | 94.27 | 23.74 |
| July 3, 1978 | 812.89 | 95.09 | 11.57 |
| June 30, 1978 | 818.95 | 95.53 | 18.11 |
| June 29, 1978 | 821.64 | 95.57 | 21.66 |