News stories from Monday December 4, 1978
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Iran's oil production was cut, reportedly 30 percent, by stoppages by thousands of anti-Shah workers, and urban guerrillas in Teheran attacked a police station with machine guns and hand grenades, killing one policeman and wounding two. [New York Times]
- A major military budget debate is being waged in the White House, administration sources said. They disclosed that key advisers back the Pentagon's efforts to increase the budget next year 3 percent above normal inflationary growth, while other officials oppose a 3 percent rise over last year on the ground that this would seriously hurt social-aid programs. [New York Times]
- Black leaders warned President Carter that they were "deeply distressed" by his intention to subordinate urban programs to the fight against inflation. A dozen of the leaders said at a White House meeting that they would be unable to "contain" the urban unrest that they predicted would follow such a policy. Mr. Carter told the group that he still intended to "keep up the pace of economic progress." [New York Times]
- Arrest warrants have been obtained by the F.B.I. for a number of people the bureau believes were involved in the murder in Guyana of Representative Leo Ryan, according to federal law enforcement sources. One source said that fewer than a dozen sealed warrants had been issued, all for members of the People's Temple. [New York Times]
- The Small Business Administration was assailed in a Senate staff report. Its chief said that only 30 of 3,400 concerns that have received funds in the last 10 years under the agency's program to assist minority businessmen in developing companies were known to be still in operation. [New York Times]
- The Supreme Court is overburdened dangerously by the growth of its case load, three of its Justices warned. Their statements appeared aimed at renewing a debate over creation of a national appellate court to share the Court's workload. [New York Times]
- Dianne Feinstein is the Mayor of San Francisco. She was chosen by fellow members of the Board of Supervisors after serving as acting Mayor since Nov. 27 when Mayor George Moscone was slain. [New York Times]
- A permanent casino license in Atlantic City for Resorts International is in jeopardy. A 115-page report on a year-long inquiry by the New Jersey Attorney General said that the company had criminal associations and cited 17 charges of wrongdoing. I. G. Davis, president of Resorts, termed the report "very unbalanced." [New York Times]
- Israel will not renegotiate the peace treaty draft it has accepted but would be willing to discuss accompanying letters dealing with Gaza and the West Bank, according to reports of a message sent by Prime Minister Begin to President Sadat. The message, in reply to one from the Egyptian President, was expected to lead to contacts that could go on well beyond the Dec. 17 deadline set at Camp David for conclusion of a treaty.
Early resumption of peace talks between Israel and Egypt has been delayed by the United States, which is concentrating instead on behind-the-scenes diplomatic efforts to work out compromises on the major issues blocking a pact.
[New York Times] - Venezuelans' dissatisfaction over the use of their country's oil wealth seemed reflected in the presidential election, which was won by Luis Herrera Campins of the opposition Social Christian Party. He had accused the outgoing administration of spending oil revenues inefficiently. [New York Times]
- Forcible resettlement of urban youths in rural areas is being quietly phased out in China. A Peking newspaper disclosed that because the government planned to have increasing numbers of young Chinese go directly to college or jobs in factories or offices, the number to be resettled in rural areas "will invariably diminish." [New York Times]
- Dissolution of the Cambodian regime was urged by a Vietnamese-backed insurgent group. The extremist Communist state established in 1975 was denounced in broadcasts by the Hanoi radio and the new group's station as a dictatorial and fascist regime, unmatched in its ferocity. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 806.83 (-4.67, -0.58%)
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 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 |
| November 28, 1978 | 804.14 | 95.15 | 22.74 |
| November 27, 1978 | 813.84 | 95.99 | 19.79 |
| November 24, 1978 | 810.12 | 95.79 | 14.59 |
| November 22, 1978 | 807.00 | 95.48 | 20.01 |
| November 21, 1978 | 804.05 | 95.01 | 20.76 |
| November 20, 1978 | 805.61 | 95.25 | 24.44 |
| November 17, 1978 | 797.73 | 94.42 | 25.17 |