News stories from Monday March 14, 1977
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The House voted 250 to 146 to repeal a law that for more than five years has kept the United States in violation of United Nations sanctions against Rhodesia, giving President Carter an important foreign policy victory. The Senate moved toward a decision on a similar measure that would nullify the Byrd amendment of 1971 under which the United States has imported Rhodesian chrome and chrome products. A Senate vote was put off until tomorrow. [New York Times]
- A preliminary agenda was drafted in Washington over the weekend for the economic summit meeting that leaders of the major Western industrial nations will attend May 7 and 8 in London. Two more preparatory meetings were scheduled. [New York Times]
- A rally in blue-chip and glamour stocks gave the Dow Jones industrial average its best gain in more than three months. The Dow closed up 10.64 points, its high for the session, to 958.36. Rising stocks outnumbered declining ones by a ratio of 9 to 5. [New York Times]
- Rosalynn Carter spoke in a White House interview about her new world, its possibilities, its problems and the new style she has decreed for social events in the presidential mansion, such as not serving liquor. "You learn from the things that you do and from the things that you see," she said in measuring the impact the White House has had on her life so far. And thus, Mrs. Carter added, "you develop a confidence and you learn." [New York Times]
- Swindlers are fleecing union welfare funds of millions of dollars in misappropriated premium payments because of a blind spot in the insurance rules of many states. The Securities and Exchange Commission and a Senate investigating committee are examining the extent of the fraud to determine whether corrective action requires a new federal law in a field now almost totally reserved to the states. [New York Times]
- A reduction in the Agriculture Department's support price for milk has been recommended by the Council on Wage and Price Stability, the administration's inflation monitors. Agriculture Secretary Bob Bergland, who sponsored higher price supports for dairy farmers when he was a Representative from Minnesota, is expected to increase the support price as of April 1. [New York Times]
- Short shrift was given United States agriculture in previous multilateral trade negotiations, according to Robert Strauss, the former chairman of the Democratic National Committee who was recently named President Carter's Special Trade Representative. In the current round, he said in an interview, "we're not going to give anything away." He said it was "highly unlikely if not impossible" for the United States to conclude the new round by the end of this year, a deadline set by the major trading nations. [New York Times]
- Walter Annenberg threatened to withdraw his $40 million pledge to establish and maintain a fine-arts center at the New York Metropolitan Museum of Art because of mounting controversy over the project. [New York Times]
- The human rights issue is separable from an arms accord, Paul Warnke said in an interview before being sworn in as the administration's chief negotiator in strategic arms talks with the Soviet Union. He was optimistic about the talks that will lake place in Moscow later this month. He stressed that American and Soviet views on human rights were bound to clash, but that there was no reason why both sides should differ on arms control. [New York Times]
- The Carter administration was seriously concerned about the reported capture of border towns in Zaire by forces crossing from Angola. Officials said the administration was considering an urgent request from Zaire for spare parts and military equipment. [New York Times]
- Recommendations were made to President Carter by the United States International Trade Commission to protect American television manufacturers and sugar growers from what the commission found to be damaging foreign competition, The commission proposed a new tariff on imported color television sets that would raise the average price by $56, and a reduction by a third of the seven million tons of foreign sugar allowed to enter the country from the world market, where prices are below production costs in the United States. [New York Times]
- Most of a large private collection in Moscow of avant-garde 20th-century paintings by Russian artists of the kind that has usually been denounced by Soviet authorities will be given to the government by the collector, George Costakis, a Russian-born Greek citizen. He is making the gift in return for permission to take 15 to 20 percent of the collection out of the country when he leaves to live abroad. He is 64 years old and an employee of the Canadian Embassy in Moscow. "I've always said that I would give this collection only when the Russians recognized it," he said. "They didn't recognize it, but I feel the situation is changing." [New York Times]
- Shots were fired at Sanjay Gandhi during a campaign tour but his jeep was hit instead and he escaped injury, India's government-controlled news agency said. The 30-year-old son of Prime Minister Gandhi is seeking election to Parliament. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 958.36 (+10.64, +1.12%)
Arms Index is the ratio of volume per declining issue to volume per advancing issue; a figure below 1.0 is bullish. | |||||||||||||||
| Market Index Trends | |||
|---|---|---|---|
| Date | DJIA | S&P | Volume* |
| March 11, 1977 | 947.72 | 100.65 | 18.23 |
| March 10, 1977 | 946.73 | 100.67 | 18.52 |
| March 9, 1977 | 942.90 | 100.10 | 19.68 |
| March 8, 1977 | 952.04 | 100.87 | 19.52 |
| March 7, 1977 | 955.12 | 101.25 | 17.41 |
| March 4, 1977 | 953.46 | 101.20 | 18.95 |
| March 3, 1977 | 948.64 | 100.88 | 17.56 |
| March 2, 1977 | 942.07 | 100.39 | 18.01 |
| March 1, 1977 | 944.73 | 100.66 | 19.48 |
| February 28, 1977 | 936.42 | 99.82 | 16.22 |