News stories from Wednesday February 16, 1977

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

President Carter has indirect word that Cuba intends to remove its troops from Angola, he told questioners on a visit to the Agriculture Department. He said such a step would make it possible to consider normalizing relations with President Fidel Castro's government. He said he did not want to start formal talks until he is persuaded that it has ceased interfering in other countries and has begun paying more attention to human rights in Cuba. [New York Times] The House Ways and Means Committee amended by a 17 to 9 vote a tax proposal in President Carter's economic stimulus package, eliminating the suggested $50 tax rebate for those making more than $30,000 a year and trying to reach more poor people with the estimated $1 billion that would be saved. The rebate would be reduced in $10 steps for every $1,000 of annual income above $25,000. [New York Times] The House Select Committee on Assassinations overrode the objections of its chairman, Henry B. Gonzalez, and took no action on its general counsel, Richard Sprague. Mr. Gonzalez issued a statement calling Mr. Sprague "dishonest, deceitful and irresponsible" in his conduct. [New York Times] The Attorney General, Griffin Bell, has asked leaders of congressional tax committees to suspend temporarily the new privacy provisions in the tax law. He contends the provisions limiting access of investigators and prosecutors to information about tax returns and bank records would impede efforts against political corruption and so-called white collar crime. [New York Times] Permission for the Concorde -- the British and French supersonic airliner -- to make a 16-month test of landings in Washington and New York City, first granted by the Ford administration, has been reaffirmed by President Carter. But he has advised leaders of both countries that he cannot direct the decision of authorities in New York who have jurisdiction. [New York Times] The cold wave caused a record 27 percent slump in construction starts of new homes begun during January, most dramatically in parts of the country where the cold was most intense. The outlook for economic recovery was more encouraging in another Department of Commerce report, indicating that stocks of unsold goods declined again in December. [New York Times] Refunds of $3 million were ordered by the Federal Trade Commission to consumers it found had overpaid their bills. The companies named for keeping substantial credit balances to customers on their books were Diners Club, Carte Blanche, Atlantic Richfield Company, City Stores Company of New York and 10 of its subsidiaries, and Federated Department Stores of Cincinnati and 15 affiliates including Bloomingdale's in New York. [New York Times] Stock prices advanced broadly in accelerated trading, with the Dow Jones industrials gaining 3.98 points to close at 948.30. Bond prices moved higher in both Treasury and corporate issues. [New York Times] Nearly 3 million owners of American Telegraph and Telephone Company's common stock will get a quarterly dividend of $1.05 a share, up from 95 cents. The directors' announcement follows a record number of favorable dividend actions this year and sets an annual rate of $4.20. Similar increases by other utilities have drawn criticism for also asking higher consumer rates. Many AT&T operating companies have made such requests. [New York Times] Mark Twain's family papers have been donated to Vassar College by his great-grandniece, Jean Connor, and her husband. [New York Times] The Westway project was declared "environmentally unsatisfactory" in a report prepared by the regional office of the federal Environmental Protection Agency. It said the plan to replace the West Side Highway in lower Manhattan would increase auto traffic and air pollution and harm the Hudson River and commercial fishing. It favored an alternative surface road and improvement of mass transit. Transportation Secretary Brock Adams, who, like his predecessor in the Ford administration, had approved the project, said the comments would be reviewed. Governor Carey said it showed unsound reasoning and misuse or disregard of available technical data. [New York Times] Secretary of State Cyrus Vance in effect endorsed Israel's refusal to have the Palestine Liberation Organization take part in a Middle East Conference as long as it stands by its current charter. After talks with leaders in Jerusalem, he said the P.L.O. had no basis to participate until it revised its covenant to recognize Israel's right to exist. He said he hoped that current discussions would lead to a conference in the second half of the year. [New York Times] The Uganda radio announced arrests of the Anglican Archbishop, the Minister of Internal Affairs, and the Water Resources Minister. All three, accused of conspiring to overthrow President Idi Amin, were later reported killed in an accident. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 948.30 (+3.98, +0.42%)
S&P Composite: 101.50 (+0.46, +0.46%)
Arms Index: 0.74

	Issues	Volume*
Advances	884	13.16
Declines	572	6.28
Unchanged	445	3.99
Total Volume		23.43

* 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*
February 15, 1977	944.32	101.04	21.62
February 14, 1977	938.33	100.74	19.23
February 11, 1977	931.52	100.22	20.51
February 10, 1977	937.92	100.82	22.34
February 9, 1977	933.84	100.73	23.64
February 8, 1977	942.24	101.60	24.04
February 7, 1977	946.31	101.89	20.70
February 4, 1977	947.89	101.88	23.13
February 3, 1977	947.14	101.85	23.79
February 2, 1977	952.79	102.36	25.70