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Monday January 15, 1979
. . . where the 1970s live forever!

News stories from Monday January 15, 1979

Summaries of the stories the major media outlets considered to be of particular importance on this date:

  • Reforms in federal aid programs are being sought. President Carter is scheduled to receive options for overhauling the controversial and complex apparatus for administering the more than $80 billion-a-year programs. Some state and local officials have denounced the delay and duplication in the proliferation of projects and say that even the most ambitious measures under study are no more than an initial step toward reform. [New York Times]
  • The second-ranking F.B.I. official, James Adams, has been accused of perjury in sworn statements he made in a lawsuit against the bureau. The accusations, prepared by Wesley Swearingen, a retired F.B.I. agent, take strong exception to Mr. Adams's statements under oath that the release of the names of F.B.I. informants who have infiltrated the Socialist Workers Party over the years would jeopardize their safety and bureau operations. Despite an order by a federal judge, the Justice Department has refused to give the names of 18 F.B.I. informants to lawyers for the party. [New York Times]
  • George Wallace was bused across Montgomery, Ala., to hear his successor as Governor, Fob James Jr., take the oath of office with a vow to give "all Alabamians a new beginning free from racism and discrimination." The former Governor rode in the inaugural parade with Mr. James in the yellow school bus in which Mr. James had campaigned. The day recalled Alabama's turbulent racial history during Mr. Wallace's three terms. [New York Times]
  • The 96th Congress convened, renaming its top leaders, debating rules and deploring inflation and the budget deficit. Robert Byrd, Democrat of West Virginia, the Senate majority leader, sought to curb filibusters. He asked for a vote next Tuesday, but settled for one in six weeks. [New York Times]
  • Ronald Reagan sounded the 1980 theme of conservative Republicans with a call for a new alliance of business, labor and farmers to challenge the "arrogance" of big government. Addressing a farm convention, he attributed the nation's key problems to government interference. [New York Times]
  • Wrong projections on railroad improvements in the Northeast Corridor were made by the government two years ago, according to Transportation Secretary Brock Adams. Because of this, he said, completion of the passenger route between Washington and Boston is now set for 1983, instead of 1981, and will cost $2.5 billion instead of $1.75 billion. [New York Times]
  • The Shah is expected to leave Iran tomorrow for an extended "vacation" aimed at ending the crisis that has torn his country. He will go first to Egypt but is to spend most of his time abroad in the United States, according to palace officials. [New York Times]
  • The Israeli government announced that three new military settlements would be established in the next few days on the West Bank and Gaza Strip. Cairo, backed by Washington, has insisted that establishing such posts in occupied areas is a serious barrier to peace talks. [New York Times]
  • Internal White House differences appeared when President Carter's two chief foreign policy advisers seemed to vary over what Washington's normalized relations with Peking meant for Moscow. Secretary of State Cyrus Vance stressed an even-handedness in relations with the two countries, while Zbigniew Brzezinski emphasized the strategic gains acquired by Washington's new relations with China. [New York Times]
  • Cambodia's crumbling forces plan to make their final stand in a relatively inaccessible and sparsely populated mountain region, Western analysts believe. They said that heavy fighting was under way in the approaches to the region, between mountain ranges and the Gulf of Siam.

    Moscow vetoed a resolution in the U. N. Security Council seeking the withdrawal of forces of Vietnam, an ally, from Cambodia. The resolution was quashed by the 111th Soviet veto. Only Czechoslovakia backed Moscow in the 13 to 2 vote. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 848.67 (+12.39, +1.48%)
S&P Composite: 100.69 (+0.76, +0.76%)
Arms Index: 0.56

Total Volume27.52
* in millions of shares

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
January 12, 1979836.2899.9337.12
January 11, 1979828.0599.1024.56
January 10, 1979824.9398.7724.97
January 9, 1979831.4399.3327.20
January 8, 1979828.1498.8021.44
January 5, 1979830.7399.1328.89
January 4, 1979826.1498.5833.31
January 3, 1979817.3997.8029.17
January 2, 1979811.4296.7318.35
December 29, 1978805.0196.1130.03

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