News stories from Wednesday December 13, 1978
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Key contract talks begin tomorrow between the 300,000-member Teamsters union and 1,700 trucking companies. At stake in the long negotiations for a three-year contract is whether the Carter administration's effort to hold wage increases to 7 percent or less a year will be successful. Experts believe a settlement close to the guideline is a reasonable possibility. [New York Times]
- In line with wage guidelines, the Chicago City Council agreed to roll back a proposed 60 percent raise for themselves after vigorous public protest and criticism from officials in the Carter administration. The aldermen will get a 20.2 percent raise, from $17,500 to $21,040, starting in April, and 7 percent raises in each of the next three years. [New York Times]
- Cleveland's fiscal status was increasingly uncertain. The City Council ended a long meeting with Mayor Dennis Kucinich with balloting showing him far short of the votes needed to win approval of his broad financial plan to save the city from default. [New York Times]
- The murder of at least one cultist at the Guyanese jungle commune of Jonestown was confirmed in testimony by an internationally known pathologist. He told a Guyanese coroner's jury that a 28-year-old California nurse found fatally shot in the Rev. Jim Jones's house "was murdered." [New York Times]
- Surprise raids on newsrooms or other sites by police officers in search of data intended for publication would be barred by a request made to Congress by the administration. Under the proposal, the federal, state and local authorities would be required to use a subpoena rather than a search warrant when seeking such evidence relating to a crime. The protection would not apply to criminal suspects. [New York Times]
- Curbing fraud, abuse and errors in social welfare programs is the aim of a federal program outlined by President Carter. He addressed a conference that seeks to develop and expand techniques designed to reduce an estimated $5.5 billion to $6.5 billion in federal funds wasted yearly because of fraud and abuses in the programs and errors in their supervision. He ordered a government review of eligibility requirements for the programs. [New York Times]
- A major military pilot drain is in prospect. The Air Force and the Navy, which spend at least $200,000 to train a flyer, are facing a major exodus of pilots to lucrative airline jobs. Military officials say that the number of pilots leaving the services has accelerated in the last year because of expanded air travel and industry gains. [New York Times]
- The theft at Kennedy Airport Monday was greater than previously believed, The robbery of a shipment of currency and jewelry from Lufthansa's cargo facility involved $5 million in cash, not $3 million, according to the Federal Bureau of Investigation. The F.B.I said it was the largest cash theft in history. [New York Times]
- Mideast peace efforts were snagged when Israel raised objections to new ideas for concluding an Israeli-Egyptian treaty that were worked out Tuesday by Secretary of State Vance and President Sadat. After conferring twice with Prime Minister Begin, Mr. Vance telephoned President Carter, informing him that differences remained not only between Israel and Egypt but also between Israel and the United States. [New York Times]
- Iranian troops challenged opponents of the Shah with a demonstration of their own through the streets of Isfahan. Vehicles, jammed mostly with soldiers and cadets, shouting "Long Live the Shah!" cruised all day. Many of the demonstrators, armed with cudgels, demanded that motorists display pictures of the Shah and honk their horns in his support.
American efforts to help the Shah of Iran survive the growing challenge to his rule have been bolstered by dozens of new specialists in the embassy in Teheran, according to embassy sources. The new arrivals reportedly include experts from the C.I.A., diplomats and military personnel.
[New York Times] - China indicated it might rehabilitate Liu Shao-chi, a former chief of state. Peking published a letter from Mao Tse-tung to a son of the disgraced leader. It was believed to be the first time that any relative of Mr. Liu has been mentioned publicly without criticism since he was purged. [New York Times]
- Angola's President, Agostinho Neto, told Senator George McGovern that there would be no further need for Cuban troops if South Africa ended its incursions and threats. The Senator said that the presence of the Cubans was the main obstacle to formal American-Angolan relations, which Dr. Neto wants to establish. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 809.86 (-5.11, -0.63%)
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* |
| December 12, 1978 | 814.97 | 96.59 | 22.21 |
| December 11, 1978 | 817.65 | 97.11 | 21.01 |
| December 8, 1978 | 811.85 | 96.63 | 18.56 |
| December 7, 1978 | 816.09 | 97.08 | 21.18 |
| December 6, 1978 | 821.90 | 97.49 | 29.68 |
| December 5, 1978 | 820.51 | 97.44 | 25.66 |
| December 4, 1978 | 806.83 | 96.15 | 22.02 |
| December 1, 1978 | 811.50 | 96.28 | 26.83 |
| November 30, 1978 | 799.03 | 94.70 | 19.90 |
| November 29, 1978 | 790.11 | 93.75 | 21.16 |