This Day In 1970's History: Friday February 4, 1977
- At least 14 persons were killed and 163 injured in the crash of two elevated trains over one of the busiest intersections of Chicago's loop. Two cars fell 60 feet to the street, and two others dangled from the tracks. [New York Times]
- The unemployment rate declined to 7.3 percent of the work force in January, half of a percentage point below December's rate, the Labor Department said. January's was the lowest unemployment rate since last May. But caution tempered the good news. The department's report was completed in the week ended Jan. 15 before the fuel shortage started to shut down factories and businesses. The January rate, therefore, probably does not reflect the full impact of the severely cold weather on employment. [New York Times]
- President Carter's proposed $50 tax rebate is expected by many analysts to pass Congress. Checks amounting to $200 for a family of lour may be sent out within two or three months. Administration spokesmen including Charles Schultze, the President's chief economic adviser, attempted to reassure a skeptical Congress following Arthur Burns' testimony Thursday that the economy did not need the stimulus proposed by the administration. [New York Times]
- The stock market rose on energy-related issues, led by Superior Oil which leaped 16 points to close at 254, its highest price of 1976-77. The Dow Jones industrial average was ahead by more than 3 points by mid-session, but eased to finish only 0.75 points ahead, closing at 947.89. It lost 9 points during the week and a total of 56 points so far this year. [New York Times]
- A Senate reorganization plan that was opposed by Senate members and lobbyists was approved by a vote of 89 to 1. The initial plan, sponsored by Adlai Stevenson III, Democrat of Illinois, would have, among other things, reduced the number of Senate committees from 31 to 15 and allowed Senators to serve on a maximum of seven committees instead of the usual average of 18. But lobbyists succeeded in reinstating 10 committees that had been marked for extinction, and the Senate increased the maximum number of committees on which Senators could serve to 11. "It was a fight over power," Senator Stevenson said. [New York Times]
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