News stories from Thursday January 27, 1977
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Bitter cold weather and the looming natural gas shortage had a further impact across the country. Hundreds of thousands of people in a dozen states faced the prospect of layoffs. Pennsylvania schools were closed for at least three days and Gov. Milton Shapp asked all non-essential businesses to close until noon Monday. Ohio's Gov. James Rhodes declared an "energy crisis," and virtually all schools were prepared to close to save fuel. [New York Times]
- Congress got a $31.1 billion package of economic stimulants proposed by the Carter administration that has as its centerpiece a $50 tax rebate for most Americans, who are expected to spend it. Administration officials said the package had been scaled to avoid igniting more inflation and to push the 7.8 percent jobless rate down to levels "approaching" 6 percent by the end of next year. [New York Times]
- As part of its economic program, the administration proposes to create 200,000 jobs for unemployed veterans of the Vietnam War. Secretary of Labor Ray Marshall said that this special job provision would cost $1.3 billion, and that some of the jobs would be available in national parks and national forests. [New York Times]
- The end of the two-tier pricing system established in December by the Organization of Petroleum Exporting Countries will be sought in additional talks soon with oil-producing countries, according to Saudi Arabia's oil minister, Sheik Ahmed Zaki Yamani, in an interview in Riyadh. [New York Times]
- Glamour stocks traded at their lowest prices in more than a year and the market generally weakened. The Dow Jones industrial average made a small advance and then dropped 3.99 points to 954.54. The bond market responded with a fairly sharp decline to the Treasury's announcement that it would refinance $2.1 billion of publicly held 8 percent notes to raise $3.7 billion of additional cash. [New York Times]
- Unidentified New York City officials apparently were bribed by the General Telephone and Electronics Corporation from 1971 to 1973 to get city contracts, according to a complaint against the company filed by the Securities and Exchange Commission. The complaint also gave details of about $15 million of previously-disclosed questionable payments by G.T.& E., and charged that the company failed to disclose paying an agent to intercede for it at "the highest levels" of the Iranian government. [New York Times]
- A decline in sales of Gimbels New York, which has 10 stores in the New York metropolitan area, may have been the reason why Matt Kaltman has been replaced as chairman and chief executive officer by Elliott Stone. Mr. Stone is the president and chief operating officer of Gimbel Brothers Inc., the parent company. Mr. Kaltman came from Gimbels Pittsburgh and was promoted only last July. He will stay on in a still to be determined assignment. [New York Times]
- To prepare for renewed negotiations with the Soviet Union on a new strategic arms limitations treaty in late March or early April, President Carter ordered a National Security Council review, White House officials said. Secretary of State Cyrus Vance has already discussed with the Soviet Ambassador a visit to Moscow so that he may meet Leonid Brezhnev and arrange a meeting between Mr. Brezhnev and President Carter in the United States. [New York Times]
- Deportation seemed near for some human rights activists in Czechoslovakia. Four leading dissidents were reportedly ordered to appear at the passport and visa office in Prague today. They were identified as Zdenek Mylnar, Milan Huebl and Frantisek Kriegel, all members of the liberal Communist leadership of 1968, and Pavel Kohout, a playwright. [New York Times]
- If the Soviet Union tries to silence Andrei Sakharov, a physicist and one of its leading dissidents, it will conflict "with accepted international standards of human rights," the State Department said. The statement was issued a day after the department had charged Czechoslovakia with violating the 1975 Helsinki agreement by detaining and harassing dissidents. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 954.54 (-3.99, -0.42%)
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 26, 1977 | 958.53 | 102.34 | 27.84 |
| January 25, 1977 | 965.92 | 103.13 | 26.34 |
| January 24, 1977 | 963.60 | 103.25 | 22.89 |
| January 21, 1977 | 962.43 | 103.32 | 23.93 |
| 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 |