This Day In 1970's History: Wednesday November 23, 1977
- Bert Lance is under investigation by a federal grand jury in Atlanta, Justice Department sources said in Washington. A three-man Justice Department panel appointed two months ago by Deputy Attorney General Peter Flaherty has been inquiring into his personal and business finances. The inquiry was expanded to include the grand jury after the panel told Mr. Flaherty that "additional steps" were needed to complete its task. [New York Times]
- Farm land prices are down in most major grain-growing areas for the first time in many years because of the sharp decline in farm income, according to agricultural economists and real estate brokers. The trend could mean deeper trouble for farmers who have borrowed heavily during the long decline in grain prices, using what had been increasing land values to support their credit needs. Bankers say a farm credit squeeze has begun and that a continued decline in land values could further limit farm financing. [New York Times]
- No retreat on energy was the word from the White House, where presidential assistants said recent remarks by the Secretary of Energy, James Schlesinger, did not signal any shift. They added that Mr. Carter might veto energy legislation if it is seriously weakened or transformed into an undue bonanza for oil companies. They said he would accept only those compromises palatable to House Democrats who have backed his program. [New York Times]
- The dollar hit all-time lows against Japanese, West German and Swiss currencies, with the stagnant performance of the American economy cited for the lack of confidence. At a meeting in Paris, American monetary experts warned their industrial allies that the heavy United States deficit in international accounts would continue, but they argued that such deficits need not further weaken the dollar. [New York Times]
- Stock prices forged ahead across a broad front with volume exceeding 29 million shares. Although the Dow Jones industrial average recorded only a modest 0.78 rise to close at 843.30, gainers on the New York Stock Exchange outnumbered losers by 5 to 2. [New York Times]
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