News stories from Friday January 21, 1977

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

A pardon was granted by President Carter to almost all Vietnam War draft evaders, but the status of the men who deserted during the war was unsettled. A full pardon will be given to a relatively small number -- estimated at about 10,000 -- mainly white, middle-class and upper-class young men who either fled the country or refused to enter military service. The President said he would "immediately" initiate a study that possibly will speed up the review of the cases of the nearly 100,000 deserters from the armed forces, mainly black and poor, that may upgrade the less than honorable discharges they have received or may face.The pardon was denounced by major veterans organizations, and pro-amnesty groups had only qualified praise for it because it excluded deserters and veterans with less than honorable discharges. Democrats and Republicans were also split. The Democrats said the pardon was long overdue, and conservative Republicans said it would undermine military discipline and the rule of law. Charles Kirbo, an Atlanta lawyer and close political associate of President Carter, put the finishing touches on the pardon declaration for Vietnam draft resisters. He is typical of the people who have come from the South with Mr. Carter who give the new administration a relaxed character. [New York Times] "All Americans" were asked by President Carter to keep their thermostats at home at 65 degrees during the day and lower at night to save fuel in what he said was a "crisis" brought on by unusually cold weather. Compliance is voluntary. Users of natural gas are most vulnerable to a shortage. [New York Times] Tongsun Park, a Korean businessman who is alleged to have bribed American congressmen, owes this country $4.5 million in back income taxes, accumulated interest and penalties, the Internal Revenue Service said. A lien has been placed on his property. The taxes, the I.R.S. said, are owed for the years from 1972 to 1975, when Mr. Park was said to be most active in Washington. He is now in London. [New York Times] The Carter team could have requested a deferral of the controversial application for $730 million in federal guarantees to build seven superships but declined to do so. The guarantees, the largest ever made by the government, and which benefit the General Dynamics Corporation, were announced this week by Secretary of Commerce Elliott Richardson. He had informed the Carter people that he planned to announce his decision during the last hours of the Ford administration on Jan. 19. [New York Times] More corn than last year's record crop of six billion bushels will be planted by American farmers this spring, according to the Agriculture Department's report on spring planting intentions. Farmers also expect to plant more soybeans than they had last year, but substantially less spring wheat. There will be less wheat because last year's surplus has depressed the market. [New York Times] "Nature has bailed us out of a bumper crop," a spokesman for the Florida Citrus Commission said following an announcement that had put a 10-day embargo starting Monday morning on all shipments and sales of fresh citrus fruit. A freeze in the Florida citrus belt will reduce this year's expected bumper crop close to last year's level, lessening the possibility that growers would lose money. [New York Times] The stock market advanced on gains by chemical and automotive shares. The Dow Jones industrial average improved gradually and closed at 962.43, a gain of 3.49 points. Its net loss for the week was nearly 10 points. [New York Times] New York City's Department of Consumer Affairs, which warns against fraud, has itself fictionalized and embellished cases in many of its daily radio broadcasts over the last three years. It failed to explain that, among other things, it used an artifice known as the composite -- an exaggerated picture drawn in the hope of portraying a larger truth. WCBS canceled its Consumer Alert program Thursday when informed by Consumer Affairs Commissioner Elinor Guggenheimer that "we have embellished some of the spots to make them more interesting." [New York Times] One of the most liberal abortion laws in Western Europe was approved by Italy's lower house of parliament, the Chamber of Deputies, over objections of the Vatican and the Christian Democratic government. The legislation, which will be submitted to the Senate for expected approval, would virtually permit abortion on demand. It would replace the existing anti-abortion law, dating from the Fascist era, which held that abortion was a "crime against the race." [New York Times]

Stock Market Report

Dow Jones Industrial Average: 962.43 (+3.40, +0.35%)
S&P Composite: 103.32 (+0.35, +0.34%)
Arms Index: 0.71

	Issues	Volume*
Advances	928	14.48
Declines	567	6.24
Unchanged	423	3.21
Total Volume		23.93

* 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*
January 20, 1977	959.03	102.97	26.52
January 19, 1977	968.67	103.85	27.12
January 18, 1977	962.43	103.32	24.38
January 17, 1977	967.25	103.73	21.06
January 14, 1977	972.16	104.01	24.48
January 13, 1977	976.15	104.20	24.78
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