News stories from Monday January 8, 1979
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The effect of federal wage guidelines is becoming apparent. The Oil, Chemical and Atomic Workers Union seems willing to accept a contract proposal from the Standard Oil Company of Indiana, though official approval is being delayed until the union is certain the pact is acceptable under the voluntary government guidelines. [New York Times]
- Cleveland's struggle against bankruptcy has led Gov. James Rhodes of Ohio to consider the formation of a "financial management" aid panel for the city, inspired by New York City's Emergency Financial Control Board. Mayor Dennis Kucinich, a Democrat, attacked the plan as a "takeover" by the Republican state administration and business backers. [New York Times]
- Court-ordered busing plans will be reviewed by the Supreme Court. The tribunal's decision to review long-running school desegregation battles in Columbus and Dayton, Ohio, gives the Court an opportunity to clarify recent ambiguous rulings about how much and what kind of segregation a judge must find before he can order system-wide busing or other remedial action. The Justices also accepted 16 other cases for argument. [New York Times]
- Programs to aid minorities in education and jobs are endangered by a "plurality of opinions in the Bakke case," the N.A.A.C.P. charged. The civil rights group said that the decision last year by the Supreme Court had led some educational institutions to begin "tampering with and, in some instances, boldly uprooting" programs aimed at helping minorities. [New York Times]
- Resorts International is linked with organized crime and should be denied a permanent casino license, a New Jersey prosecutor charged. He also alleged at a hearing in Atlantic City that I. G. Davis, president of the company, was among its officials who "personally delivered" payoffs, "some as high as $50,000," to Bahamian government officials. [New York Times]
- Creation of a new Cambodian government was announced by the Hanoi-sponsored Cambodian "liberation" movement one day after the capture of Phnom Penh by Vietnamese forces. More than 700 foreign officials and advisers, including the Chinese Ambassador, fled from Cambodia into Thailand. Of those who got to a Thai border town, about 650 were Chinese, described by official Thai sources as technicians, possibly including military advisers.
Prince Norodom Sihanouk asked for help from the United States and urged the United Nations to intervene militarily to expel the Vietnamese from Cambodia. The former Cambodian ruler, speaking publicly in Peking for the first time after three years of what he termed "house arrest," said he did not approve of the extremist policies of the Cambodian Communist regime, but said he urged support for it because its leadership was patriotic.
[New York Times] - Washington has advised the Shah that it would be best for stability in Iran if he left the country temporarily, according to administration officials. They said that the American Ambassador had received new instructions allowing him to advise the Shah if he asked, as he repeatedly has, whether he should go abroad.
As Iranians demonstrated again across the country against the government, the new Prime Minister said he had won a firm pledge from the Shah to leave the country and that work had begun toward setting up an eight-member regency council to replace him in his absence.
[New York Times] - A request for a new supercarrier has been rejected by President Carter, according to White House officials who said that, in turning down the bid by Secretary of Defense Harold Brown, Mr. Carter instead ordered the Pentagon to begin planning a new generation of smaller ships. The decision came as a shock to Pentagon officials. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 828.14 (-2.59, -0.31%)
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* |
| January 5, 1979 | 830.73 | 99.13 | 28.89 |
| January 4, 1979 | 826.14 | 98.58 | 33.31 |
| January 3, 1979 | 817.39 | 97.80 | 29.17 |
| January 2, 1979 | 811.42 | 96.73 | 18.35 |
| December 29, 1978 | 805.01 | 96.11 | 30.03 |
| December 28, 1978 | 805.96 | 96.28 | 25.44 |
| 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 |