News stories from Thursday January 13, 1977
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Emergency action on the worsening shortage of natural gas was indicated following an unusual all-day hearing in Washington by the Federal Power Commission. The commission was expected to make it easier for interstate pipelines to renew emergency 60-day purchases of extra natural gas at prices higher than the commission normally allows. [New York Times]
- No relief for the next 30 days from the coldest weather in five winters is forecast by the National Weather Service. In most of the country, temperatures are going to be colder and precipitation heavier than normal. The exception will be the area west of the Continental Divide, where milder weather than normal is predicted. [New York Times]
- A mandatory reduction of auto traffic in big cities -- a major part of the Clean Air Act of 1970 -- is no longer being pursued by the Environmental Protection Agency because there has been so much resistance to it, E.P.A. sources said. It has become clear that the "transportation control plans" cannot be imposed nationally without an overwhelming series of lawsuits. [New York Times]
- The four major Detroit manufacturers said domestic sales of new cars increased 20.8 percent in early January from a year ago. The increase was in keeping with forecasts by industry analysts that the vigorous sales at the end of 1976 would continue into the new year. [New York Times]
- With soaring energy-related stocks providing the impetus, stock prices rallied in the best trading session of the new year. The Dow Jones industrial average steadily advanced, closing at 976.15 with a gain of 7.90 points. Rising stocks outnumbered declining ones by 5 to 2. Bond prices were making their only strong advance of the new year when they were set back by a report that the Federal Reserve had substantially increased the money supply. Government bonds were trading at 105 23/32, but dropped to 105 when the Federal Reserve announcement was made, a net decline from Wednesday's close of 6/32. [New York Times]
- Ray Marshall, Secretary of Labor-designate, said at his Senate confirmation hearing that he disagreed with the Carter administration's economic stimulus program. He believes that there ought to be more money spent to create jobs and less of a tax cut. [New York Times]
- A growing surplus of wheat would be held in reserve on the nation's farms for release only in the event of shortages and sharply rising prices, under a plan proposed by the Secretary-designate of Agriculture, Bob Bergland. He discussed the proposal at a news conference and said he would prepare legislation as early as March. [New York Times]
- Vice President Rockefeller told leading New York state Republicans that he would not play an active role in the state party, which he has dominated for 20 years, after he leaves office. "On Jan. 20, I will be leaving public office and active political involvement to return to private life," he wrote to some members of the Governors' Club, a party fundraising group. It was not known whether the letter had any connection with a recent public protest by Republican leaders of Mr. Rockefeller's domination of the state party. [New York Times]
- Television reception for 20 million viewers in the New York City metropolitan area will be substantially improved, it is said, with the installation of a 365-foot antenna mast atop the North Tower of the World Trade Center. A tentative agreement for the installation has been reached between the Port Authority of New York and New Jersey, and the Television Broadcasters All-Industry Committee. [New York Times]
- Resolving the Cyprus dispute and acceleration of negotiations for a new Panama Canal treaty are among foreign policy matters that will be given priority by the Carter administration, according to members of Congress who participated in day-long discussions with President-elect Carter, Secretary of State-designate Cyrus Vance and other Carter aides. The new administration will also consider ways to alter the ineffective Jackson-Vanik amendment of 1974, which bars trade concessions to the Soviet Union until there is assurance of liberalized Soviet emigration, and will seek a new strategic arms limitation agreement with Moscow by next October. [New York Times]
- Panama's strongman, Gen. Omar Torrijos Herrera, said that he was "optimistic" that there will be a Panama Canal treaty with the United States that will establish his country's jurisdiction over the Canal Zone. The messages that he is receiving from the Carter administration are encouraging. [New York Times]
- France's Prime Minister, Raymond Barre, rejected all criticism of the official decision that freed Abu Daoud, the Palestinian nationalist suspected of having planned the killing of Israelis at the 1972 Olympic Games in Munich. France also rejected as "unacceptable" the United States expression of "dismay" at his release. [New York Times]
- Prime Minister James Callaghan of Britain will personally supervise the management of sterling and the government's industrial development strategy. His announcement startled the public and apparently Chancellor of the Exchequer Denis Healey, who has been in charge of sterling and industrial policies. The Prime Minister's takeover of those functions seems to be more a matter of personal politics than of genuine policy differences. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 976.15 (+7.90, +0.82%)
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* |
| January 12, 1977 | 968.25 | 103.40 | 22.67 |
| January 11, 1977 | 976.65 | 104.12 | 24.10 |
| January 10, 1977 | 986.87 | 105.20 | 20.86 |
| January 7, 1977 | 983.13 | 105.01 | 21.72 |
| January 6, 1977 | 979.89 | 105.02 | 23.92 |
| January 5, 1977 | 978.06 | 104.76 | 25.01 |
| January 4, 1977 | 987.87 | 105.70 | 22.74 |
| January 3, 1977 | 999.75 | 107.00 | 21.28 |
| December 31, 1976 | 1004.65 | 107.46 | 19.17 |
| December 30, 1976 | 999.09 | 106.88 | 23.70 |