News stories from Thursday December 28, 1978
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Cleveland's fiscal crisis eased a bit. Mayor Kucinich canceled the layoffs of 1,600 city employees slated for next Tuesday and postponed the layoffs of 400 other employees until next Friday. The Mayor said he had acted because of assurances from the city's largest bank that it would not seek to collect until after Feb. 27 a $5 million loan that the city failed to pay on Dec. 15. He said he expected that five other banks also owed debts by the city would follow suit.
New York City layoffs are necessary, according to Mayor Koch, who said that a "modest" number of workers would be dismissed before June 30 and a "substantial" number would be laid off afterward to keep the city budget in balance. In an interview, the Mayor reaffirmed pledges that the layoffs would not affect the Police, Fire and Sanitation Departments, where cuts would be made by attrition.
[New York Times] - Curbs on hospital expenses are sought by the Carter administration, which announced it had set a voluntary goal of limiting the average rate of increase in the costs to 9.7 percent nationwide in 1979. The administration also said it would again seek legislation for mandatory standby controls on hospital operating costs. A top spokesman for the industry said that the goal was "totally unrealistic." [New York Times]
- Steps to protect privacy of individuals have been proposed to President Carter by top members of his staff after a year-long study. The advisers recommended that private institutions such as hospitals and insurance and credit card companies be barred from disclosing personal data except in specific circumstances. [New York Times]
- Iran's economy was nearly paralyzed as opponents of the Shah effectively pressed strikes in an effort to oust him by dislocating every aspect of national life. Tens of thousands waited hours to fill cans of rationed heating oil, sometimes fighting among themselves and with soldiers. Shooting and protests continued.
The deepening crisis in Iran has led the Carter administration to prepare a wide range of contingency plans that include the possible dispatch of a carrier task force to the Persian Gulf. The officials said that such an action would not be designed to prop up the Shah, but to signal American opposition to any possible move by Moscow to intervene in the crisis.
An evacuation from Iran of employees of foreign oil companies raised the prospect of an indefinite shutdown of Iran's oil industry, energy experts said. The evacuation was reported by key public and private officials in Washington to include both employees of oil contractors and foreign nationals -- about 500 persons, including 200 Americans -- working for the foreign consortium that produces nearly all of Iran's petroleum.
[New York Times] - Talks began on future relations between the United States and Taiwan after President Chiang Ching-kuo told Deputy Secretary of State Warren Christopher that his government would insure the safety of the American delegation in Taipei. [New York Times]
- The efficient Soviet school system seems to be an effective tool for turning out obedient, loyal, disciplined citizens. The pupils study six days a week, wear uniforms and learn reading and mathematics thoroughly. They also learn that Soviet leaders since Lenin have always been right. [New York Times]
- An apparent Cambodian purge was reported by American officials, who said the government seemed to have ousted two high cabinet members who oppose the nation's stringent economic and political programs. The Americans said that Prime Minister Pol Pot and his deputy apparently remained in firm control. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 805.96 (-2.60, -0.32%)
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 27, 1978 | 808.56 | 96.66 | 23.58 |
| December 26, 1978 | 816.01 | 97.52 | 21.47 |
| December 22, 1978 | 808.47 | 96.31 | 23.79 |
| December 21, 1978 | 794.79 | 94.71 | 28.68 |
| December 20, 1978 | 793.66 | 94.68 | 26.52 |
| December 19, 1978 | 789.85 | 94.24 | 25.96 |
| December 18, 1978 | 787.51 | 93.44 | 32.90 |
| December 15, 1978 | 805.35 | 95.33 | 23.64 |
| December 14, 1978 | 812.54 | 96.04 | 20.85 |
| December 13, 1978 | 809.86 | 96.06 | 22.48 |