This Day In 1970's History: Monday January 10, 1977
- Some effect of President-elect Carter's proposed economic stimulus program may be apparent this summer, possibly sooner, Charles Schultze, chairman-designate of the Council of Economic Advisers, said in an interview. He expects an increase in retail sales by the end of the April-June quarter and a rise in business orders for new equipment by the following quarter, then increased production and less unemployment. [New York Times]
- The federal government's increased support of public television in the 1976-77 fiscal year has not significantly added to public television's ability to produce ambitious national programs of the scope and quality of those bought from the British Broadcasting Corporation. This has caused great concern among many executives of public broadcasting. [New York Times]
- An indication that the economy is picking up was a 3.1 percent increase in retail sales in December, the biggest monthly increase in four years, the Commerce Department said.
The nation's retailers were told that 1977 will be a good year but not a boom year. They were given a forecast of a 9 percent gain in sales over 1976, at least a 5 percent to 6 percent inflation rate and a 4 percent to 5 percent advance in real dollars for disposable personal income. The figures were projected at the opening of the annual convention of the National Retail Merchants Association in New York City. [New York Times]
- Stock prices closed moderately higher in quiet trading. It was the third straight upturn of the new year, but none have been particularly strong or broadly based. The Dow Jones average closed up 3.79 points at 986.87. High-grade utility bonds were priced to yield 8.23 percent -- almost half a percentage point more than the rate of return on similar bonds sold last week. Government bonds continued to fluctuate, sharply declining and then bouncing back near the close. [New York Times]
- The Supreme Court refused to consider whether Federal District Judge Arthur Garrity of Boston had exceeded his authority when he took over the control of the racially troubled South Boston High School in an effort to desegregate it. The Boston School Committee, whose members are elected, asked the Court to review the order that put the high school under receivership control of Judge Garrity's court. The Court's refusal means that the receivership may continue. [New York Times]
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