News stories from Tuesday March 22, 1977
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Prime Minister Indira Gandhi resigned today, after the Congress Party -- which had governed India in all its 30 years of independence -- lost its majority in the lower house of Parliament to the opposition alliance. The Prime Minister announced her decision after having remained silent at her residence for two days. [New York Times]
- India's new leaders, members of the political alliance that crushed Prime Minister Indira Gandhi's Congress Party in the general election, bargained all day over who would succeed her. Morarji Desai, chairman of the Janata Party that won almost a clear parliamentary majority, was given the best chance, with former Agriculture Minister Jagjivan Ram next. [New York Times]
- President Carter urged Congress to propose a constitutional amendment that would abolish the indirect Electoral College system of choosing Presidents and substitute election by a simple majority of the popular vote. His election reform message also urged a sweeping relaxation of restrictive state laws on voting registration and backed the movement to authorize federal campaign subsidies for candidates in House and Senate election contests. [New York Times]
- The Supreme Court ruled that in considering whether to impose a death sentence a judge may not rely on confidential information such as reports prepared by court investigators to which the defense does not have access. It vacated the death sentence and ordered further sentencing proceedings for a Florida man who had been convicted of killing his wife. [New York Times]
- Higher milk prices for consumers are envisaged under a 9 percent increase in the federal price supports for manufacturing-grade milk announced by Agriculture Secretary Bob Bergland. He called the action necessary for both consumers and producers since "the question is whether or not we'll have an adequate supply of milk." He acknowledged that President Carter's promise to Wisconsin dairymen during his election campaign was a factor in the decision. [New York Times]
- The chairman of the Federal Reserve Board, Arthur Burns, suggested in testimony before the Senate Budget Committee that a permanent tax cut was preferable to the Carter administration stimulus plan. [New York Times]
- The Senate passed a limit of $8,625 on its members' earned income, defeating 62 to 35 a vigorous effort to remove the limitation, which is considered by the Democratic leadership essential to bolster public confidence. An earlier vote to extend the ceiling to unearned income such as dividends and interest was beaten after the leadership argued it was unconstitutional and would defeat the entire code. [New York Times]
- The medical benefits of saccharin outweigh its risks, in the opinion of a panel of physicians testifying on the proposal of the Food and Drug Administration to ban it. However, the five experts could not agree on what the risks really were. One of them said it had caused no epidemic of bladder cancer and that banning it would be counterproductive. [New York Times]
- The New York City police department dismissed and denied a pension to police officer William Walker, acquitted by a New York state Supreme Court jury of murder but found guilty in a departmental trial of the "wrongful death" of a fleeing black student. The acting Commissioner adopted the recommendation of the trial commissioner and his conclusion that veteran police officers who testified against Officer Walker deserved public gratitude. [New York Times]
- President Carter will stand firm, he told leaders of Congress, on his concern for human rights in the Soviet Union. He told them he was not discouraged by the warning from Leonid Brezhnev that this could jeopardize overall Soviet-American relations. One Senator quoted him as saying, "Some people are concerned every time Brezhnev sneezes." [New York Times]
- Funds to increase the broadcasting capacity of the Voice of America, Radio Liberty, and Radio Free Europe to the Soviet Union and Eastern Europe were requested by President Carter. He supported such broadcasting as "part of our commitment to the freer flow of information and ideas." [New York Times]
- Survival of Britain's Labor cabinet appeared likelier with the 13 Liberal members of Parliament holding the key and apparently closer to a decision to support it. Prime Minister James Callaghan seemed more hopeful as he headed for tomorrow night's vote of confidence. [New York Times]
- West Germany will increase its two-year economic stimulus package from $5 billion to $6.7 billion, provided state and local governments agree to pay for half. The announcement in Bonn was a conciliatory move in response to President Carter's appeal to do more for world recovery. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 950.96 (-2.58, -0.27%)
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* |
| March 21, 1977 | 953.54 | 101.31 | 18.04 |
| March 18, 1977 | 961.02 | 101.86 | 19.84 |
| March 17, 1977 | 964.84 | 102.08 | 20.70 |
| March 16, 1977 | 968.00 | 102.17 | 22.14 |
| March 15, 1977 | 965.01 | 101.98 | 23.94 |
| March 14, 1977 | 958.36 | 101.42 | 19.29 |
| March 11, 1977 | 947.72 | 100.65 | 18.23 |
| March 10, 1977 | 946.73 | 100.67 | 18.52 |
| March 9, 1977 | 942.90 | 100.10 | 19.68 |
| March 8, 1977 | 952.04 | 100.87 | 19.52 |