News stories from Tuesday December 5, 1978
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The dismissal of two F.B.I. supervisors is planned by William Webster, Director of the bureau. The two were involved in a series of allegedly illegal break-ins, wiretaps and mail openings during a search for fugitive radicals in the 1970's. Mr. Webster said he would not discipline 59 other Bureau employees, most of them street agents involved in the search, because they believed they were carrying out orders that were legal and proper. [New York Times]
- American Airlines' planned move of its headquarters and 1,300 jobs from New York to Dallas-Fort Worth is viewed in the Texas region as a vivid symbol of a long shift of money, business, industry and people to the Sun Belt from what Texans call the Frost Belt. [New York Times]
- The federal budget debate heated. Douglas Fraser, president of the United Automobile Workers, the nation's second biggest union, and Mayor Coleman Young of Detroit, one of President Carter's firmest allies among blacks, warned that a budget that curbed or cut domestic programs while raising military spending would damage the country and the Democratic Party. [New York Times]
- Police searches were broadened under a 5 to 4 decision by the Supreme Court. It ruled that a car passenger has no legal right to challenge the constitutionality of a search of the car, even if the search turns up evidence later used to convict him of a crime. The ruling narrows the scope of the prohibition against introducing illegally seized evidence at a trial. [New York Times]
- A consular official in Guyana responsible for United States dealings with the People's Temple commune in Jonestown was strongly defended by the State Department. It said the official, Richard McCoy, had had regular contact with the Guyanese police for a year and had reported to them his suspicions about the group. [New York Times]
- Searchers rescued 21 persons, including an infant, who survived the crash-landing of a twin engine commuter plane on a Colorado mountainside and spent the night in a near-blizzard. Officials said one person died. [New York Times]
- A national health plan was pressed by Senator Edward Kennedy in hearings where Americans testified about harrowing experiences of personal medical tragedy followed by financial ruin. Witnesses from Canada told of medical problems no less tragic, but they were uniformly happy about how well they had been treated by Canada's health insurance program. [New York Times]
- Former Mayor Beame was aided by President Carter, who shared supper and the opera with more than 200 of New York's major political donors. The President was the main attraction at a $2,500-a-couple fundraiser for Mr. Beame, who has debts of $346,364 from his unsuccessful campaign for renomination last year. [New York Times]
- A new effort for Mideast peace was announced by the State Department, which said that President Carter was sending Secretary of State Vance to Egypt and Israel early next week to try to overcome the obstacles barring conclusion of a peace pact. Underscoring the priority on the Middle East, Mr. Vance canceled plans to attend the annual meeting of NATO foreign ministers. [New York Times]
- Afghanistan and the Soviet Union signed a 20-year treaty of friendship and cooperation for close economic and military ties. [New York Times]
- The Vietnamese-Cambodian conflict brought an expression of "serious concern" by the Carter administration. It also warned Hanoi that possible normal relations with the United States could be set back by Vietnam's increasing ties with the Soviet Union. [New York Times]
- Continuing strife in Iran that has imperiled the reign of the Shah was attributed to "atheists and saboteurs," not true Moslems, by Gen. Gholam Riza Azhari, the Prime Minister. Oil production fell to less than half the normal rate. [New York Times]
- Three Spanish policemen were slain by three young gunmen in the Basque city of San Sebastian. The murderers were believed to be members of a Basque separatist group. Spaniards vote tomorrow in a historic referendum on a new democratic constitution. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 820.51 (+13.68, +1.70%)
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 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 |
| 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 |