This Day In 1970's History: Thursday February 16, 1978
- Negotiations in the coal strike moved to the Labor Department building, but the administration's intervention in the stalemate has met "resistance and difficulty," Labor Secretary Ray Marshall said. Members of a negotiating group appointed by President Carter were told to bring a change of clothing. [New York Times]
- Home construction slumped by a record amount last month because of bad weather. The Commerce Department said new housing starts dropped 29 percent in January, surpassing the previous record decline of 27 percent in January 1977. Construction picked up last year when the weather improved, and it became one of the best years in housing history. Another good year is predicted for 1978 but not so good as 1977, when 1.99 million housing starts were made. A total of 1.85 million is expected this year. [New York Times]
- More than $90,000 was raised by friends of Representative Daniel Flood for Stephen Elko, formerly an aide to the Congressman, and Mr. Elko's friend, Patricia Brislin, according to sources familiar with the transaction. The money was provided ostensibly for legal fees and living expenses while Mr. Elko and Miss Brislin were under investigation and indictment on charges of taking bribes. The sources said that federal investigators were trying to establish whether the money and legal services were given to obtain their silence during the investigation and the subsequent trial. [New York Times]
- The stock market decline continued with the dollar's squeeze in foreign exchange markets, depressing economic reports at home and the coal strike stalemate. The Dow Jones industrial dropped 8.40 points to 753.29, its lowest point in 34 months. The average hovered about midway in what some Wall Street analysts call a support level of 760 and 740 for stock prices. [New York Times]
- The sale of European airbus jets worth $500 million to Eastern Airlines has been put in doubt because of a technical problem. The issue is the maximum weight at which the planes should be allowed to operate on the taxiway portions of the overwater decks on which LaGuardia Airport runways extend into Flushing Bay. The planes are manufactured by Airbus Industrie, a French-Spanish-German consortium. Eastern Airlines, which is using four leased Airbuses, has delayed plans for the planes' landings at LaGuardia until the issue is resolved. [New York Times]
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