News stories from Tuesday March 20, 1979
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Loans to the Carter peanut business, totaling about $7 million, from a bank once controlled by Bert Lance, a friend of President Carter, will be investigated by a special counsel appointed by Attorney General Griffin Bell. The counsel is Paul Curran, a former federal attorney and member of a leading New York law firm. He will not have special authority, such as approval for immunity.
The bank once controlled by Bert Lance sought to have other banks assume $5 million of a $9 million line of credit for the business owned by Jimmy Carter's family, according to bank reports and documents. The bank's efforts came at a time when the business was late in repaying loans to Mr. Lance's National Bank of Georgia, the papers show.
[New York Times] - The equal rights drive is in trouble. With prospects for passage of the proposed equal rights amendment appearing increasingly bleak, supporters plan to focus their efforts on state legislative races. In the 15 states that have not ratified the amendment, it has become an emotional issue. [New York Times]
- The dispute over a balanced budget has led the White House to commit its political power and prestige to try to block demands by states for a constitutional convention to mandate such a balance. Under instructions from President Carter, a nine-member panel is seeking to persuade legislatures in key states to vote down resolutions asking Congress to call a convention. [New York Times]
- Fiscal problems in some newer cities were unexpectedly found in a two-year study of 66 cities. The oldest cities are generally regarded as the most likely to be in financial stress. But this stress was found in such younger cities in the South and West as Atlanta and Denver -- thought to be booming -- while such old cities in the Northeast as Pittsburgh and Trenton are fiscally sound. The study could affect future federal aid to cities. [New York Times]
- Edward Brooke committed minor violations of congressional rules of conduct, according to a report by the Senate Ethics Committee. After a 10-month inquiry into the financial affairs of the former Republican Senator from Massachusetts, the panel concluded unanimously that even if Mr. Brooke were still a Senator, the infractions were not sufficient to justify disciplinary action. [New York Times]
- Safeguards for testimony under immunity before a grand jury were strengthened by the Supreme Court. Ruling 7 to 2, the Court held that once a defendant has received immunity for grand jury testimony, prosecutors may not use any of such testimony to try to discredit his testimony in a subsequent criminal trial. [New York Times]
- Israel will not permit a Palestinian state to be established on the West Bank and in the Gaza Strip, Prime Minister Begin vowed as he opened a debate in Parliament on the draft peace treaty with Egypt. He backed home rule for the inhabitants of the occupied areas, but not for the territories themselves. Cairo reacted with disappointment to Prime Minister Begin's statement to Israel's Parliament. Prime Minister Khalil charged that the remarks represented "an inappropriate start" for Egyptian-Israel peace.
King Hussein warned that the signing of an Egyptian-Israeli peace treaty could cause a deterioration in United States relations with Jordan and other Arab countries "for a long time to come." The monarch told American reporters that there had never been such "misunderstanding" between Amman and Washington.
[New York Times] - Kurds continued their fight against Iranian forces in the city of Sanandaj. The death toll reportedly mounted as Kurdish tribesmen fired on an army barracks area, where up to 2,000 soldiers were said to be encircled. [New York Times]
- South Africa's influence buying scandal took a new turn with allegations by a former pilot that two former mercenaries had been paid $35,400 each to murder a leading financier and his wife before the 1977 elections. [New York Times]
- French forces are withdrawing from Chad after the signing of a peace accord between warring factions in the former French colony. In announcing the withdrawal, Paris said that the accord safeguards Chad's frontiers, provides for a broad coalition government and imposes a cease-fire, to be policed by Nigerian peacekeepers. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 850.31 (-7.28, -0.85%)
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* |
| March 19, 1979 | 857.59 | 101.06 | 34.62 |
| March 16, 1979 | 852.82 | 100.69 | 31.77 |
| March 15, 1979 | 847.02 | 99.86 | 29.37 |
| March 14, 1979 | 845.37 | 99.71 | 24.65 |
| March 13, 1979 | 846.93 | 99.84 | 31.17 |
| March 12, 1979 | 844.68 | 99.67 | 25.75 |
| March 9, 1979 | 842.86 | 99.54 | 33.41 |
| March 8, 1979 | 844.85 | 99.58 | 32.00 |
| March 7, 1979 | 834.29 | 98.44 | 28.94 |
| March 6, 1979 | 826.58 | 97.87 | 24.50 |