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Newspaper
Odessa American
Location
Odessa, Texas, United States of America
Date
Oct 18, 1978
Page
5
The AP market recap lists numerous NYSE issues with varied performance, highlighting price changes and percent shifts. Key names across sectors such as Exxon, Coca Cola, Ford, General Electric, IBM, and Pfizer appear amid broad trading activity and notable volatility.
New York stocks fell sharply as rising rates and a weak dollar dominated the day. The NYSE saw 1,541 declines to 145 advances, with the Dow down 8.83 to 866.34 and the AMEX index slipping 4.28 to 163.55. Airline stocks led losses as Pan Am, Eastern, Continental, UAL, and National dropped.
Cairo AP report says Sudanese and Egyptian parliaments will hold a second joint session in January in Khartoum. The two nations plan eventual merger of issues and deepen cooperation. Also notes stock market activity with Reliance Group up, major indices down, Memorex earnings disappointment at $1.30 a share.
The EPA urges the Army Corps of Engineers to reject permits for Harbor Island offshore port near Corpus Christi. It cites environmental unsatisfactoriness and redundancy due to a more sound port planned for Freeport, while warning fishing resources in Corpus Christi Redfish and Aransas bays would be harmed. The Texas Deepwater Port Authority seeks permits for the old Seadok project. Nueces County Navigation District seeks dredging permits for an 80-foot channel for supertankers.
The Texas Court of Criminal Appeals ruled that the 120 day speedy trial deadline applies to cases pending on July 1 1978 the act's effective date. Time from charging to July 1 does not count toward the deadline. In the Wade drunken driving case the court noted prosecutors were not required to act before July 1 1978 and dismissed concerns of indefinite delays.
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