News stories from Monday August 1, 1977

Summaries of the stories the major media outlets considered to be of particular importance on this date:

The steel industry's first major strike in 18 years called 16,000 to 17,000 workers off the job in iron ore mines and processing plants across northern Minnesota and Michigan, the heart of the ore country. The United Steelworkers Union said the strike had been caused by issues "that have festered for years," such as job assignments and seniority. Steel industry spokesmen say the key issue is money. [New York Times] Stacy Moskowitz died 38 hours after she and her date had been shot by the so-called .44-caliber revolver killer. More detectives and other police officers were thrown into the manhunt even before the 20-year-old secretary died. Kings County Hospital neurosurgeons said brain damage would have made her a vegetable if she had survived. Her date, Robert Violante, also 20, said he had seen the person who shot them. [New York Times] There are no exceptions for victims of rape or incest under federal legislation barring Medicaid funds for abortions, the administration has ruled. Many Senators believed that they had made such a provision in a conference report accompanying the compromise appropriations bill that is now law. The administration maintains that the language of the bill itself is a clear prohibition. Attorney General Griffin Bell made the ruling in an opinion requested by Joseph Califano, Secretary of Health, Education and Welfare. [New York Times] A former Congressman, Edward Garmatz of Baltimore, was indicted by a federal grand jury in Maryland as having conspired to receive $15,000 in "unlawful gratuities" from Moore-McCormack Lines and United States Lines while chairman of the House Merchant Marine and Fisheries Committee. The 74-year-old Democrat denied the charge "without reservation." [New York Times] In its attempts to learn how to control the mind, the Central Intelligence Agency was aided by several prominent medical research institutions and government hospitals in this country and Canada. The C.I.A.'s experimentation in mind control has been known, but through access to 2,000 C.I.A. documents and interviews, a group of reporters of the New York Times has developed new information about the cost of the program, the range of its penetration into prestigious research centers, the identities of some institutions, the C.I.A.'s secret funding conduits and the concerns about the program expressed by some scientists. [New York Times] New York City has the highest rate of youth unemployment among 11 major American cities, according to a new federal report that counts everyone of working age, not only those who are looking for jobs. The study said that in June 74 percent of New York City whites between the ages of 16 and 19 and 86 percent of blacks and other minorities did not have a full-time job. Nationally, the rates were 42.1 percent for whites and 66.3 percent for minorities. [New York Times] Five oil companies planning to build a deep water port off Louisiana signed a Department of Transportation license agreement for the Louisiana Offshore Oil Port, or Loop. The license requires them to start construction by Jan. 17, 1979, and that within five years from that date the port be capable of shipping daily 1.4 million barrels of crude. The ultimate authorized capacity is 3.4 million barrels daily. [New York Times] A brisk rally at the start of trading seemed to promise a recovery from the stock market's big losses last week but it lost its momentum. Dividend increases kept the prices of some stocks up and this helped the Dow Jones industrial average to close with a gain of 1.74 points to 891.81. [New York Times] Outside auditors, Lockheed said, had found no evidence that the company had billed the Pentagon for millions of dollars of excess steel for a fleet of amphibious docks. Robert Haack, Lockheed's chairman, made the statement in response to a charge by the Federal Renegotiation Board of "unaccounted for" steel. [New York Times] Public opposition to nuclear projects in Western Europe has emerged as a powerful movement cutting across national boundaries, forcing governments to curtail development and compelling political parties to engage in debates on energy programs. The anti-nuclear movement is getting started later than in the United States, but it brought together 30,000 supporters in southeastern France last weekend. [New York Times] Panama's Chief of government, Gen. Omar Torrijos, was warned by President Carter not to expect further major concessions from the United States in the negotiations for a new Panama Canal treaty. At the same time, the President praised General Torrijos for helping to bring a new treaty within reach. The warning was one of several cautionary statements made by Mr. Carter in a letter sent to the general last Friday after chief negotiators for both sides had been summoned to the White House. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 891.81 (+1.74, +0.20%)
S&P Composite: 99.12 (+0.27, +0.27%)
Arms Index: 1.04

	Issues	Volume*
Advances	828	8.35
Declines	604	6.33
Unchanged	441	3.24
Total Volume		17.92

* in millions of shares

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*
July 29, 1977	890.07	98.85	20.35
July 28, 1977	889.99	98.79	26.34
July 27, 1977	888.43	98.64	26.44
July 26, 1977	908.18	100.27	21.39
July 25, 1977	914.24	100.85	20.43
July 22, 1977	923.42	101.59	23.11
July 21, 1977	921.78	101.59	26.88
July 20, 1977	920.48	101.73	29.38
July 19, 1977	919.27	101.79	31.94
July 18, 1977	910.60	100.95	26.89