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Newspaper
Bluefield Daily Telegraph
Location
Bluefield, West Virginia, United States of America
Date
Dec 02, 1978
Page
5
The dollar strengthens on world markets after Carter’s Nov 1 actions to curb inflation and curb deficits. Gold falls as the dollar rebounds. London gold closes at 194.75, Zurich at 194.875. Dollar gains posted versus Swiss franc, yen, mark, and pound. dollar trades above 200 yen for first time in 19 weeks.
A gas well drilling site top tower collapsed Friday near Williamson, killing Richard May, 25, of Jenny's Creek, and injuring Glen W. Baisden, 21, of Kermit. The 70 foot tower twisted and snapped off about 10 miles north of Williamson at Miller's Creek. Appalachian Drilling Company owned the rig.
President Carter hosts Mustafa Khalil, Sadat emissary, in Washington to break the Mideast deadlock. Talks aim to link a Egypt Israel treaty with Palestinian autonomy steps, seeking a 1979 target for civil authority in the West Bank and Gaza and a second round of negotiations. Khalil relays Sadat's insistence on a four step timetable and core linkage to Camp David accords.
Wheeling-Pittsburgh Steel Corp joins U S Steel National Steel and Republic Steel in announcing price increases effective January 1 1979 for hot and cold rolled sheet galvanized sheet and tubular products. The company notes the raises align with anti inflation guidelines and do not specify exact new prices.
Washington AP report says Labor Department and White House allies oppose Carter budget planners trimming the Comprehensive Employment and Training Act by about 358 000 adult jobs in 1980. They seek smaller cuts, while 500 000 summer youth jobs and 11 000 youth training slots are also targeted for elimination, drawing protests from labor, black and urban groups amid recession fears.
John Ray testified in the House assassination committee inquiry denying involvement in a bank robbery plot tied to financing James Earl Rays flight after Martin Luther King Jr s murder. He also denied aiding James Earl Rays escape and dismissed prior remarks as a frameup.
New optimism about the dollar and economy sent stocks higher on Friday, led by gains in the Dow, NYSE volume at 26.83 million shares, and broad index climbs. Analysts cited money supply figures and Fed actions as easing concerns, with McKinney and others predicting steadier rates.
Gov. Jay Rockefeller announced that federal approval for West Virginia’s Interstate highway aid, totaling 94.6 million dollars, should come within three to four weeks. He noted 80 percent of the turnpike could be under construction by late autumn with 88 miles finished early next year.
Gov. Jay Rockefeller broke ground in Newtown for a 44 home subdivision to house Tug Fork flood plain victims. Homes will cost 30 000 to 35 000 dollars with flood victims given preference for the new housing project in Mingo County.
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