News stories from Wednesday March 23, 1977
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The House rejected, 217 to 205, a bill to let workers from a single construction unit shut down an entire building site with their picket line. Contractor associations and other opponents had lobbied hard against the measure, long campaigned for by organized labor and its allies. [New York Times]
- A Supreme Court case brought as a test of the landmark 1966 Miranda decision on confessions did not produce the overruling of that landmark case as sought by 22 states. The Court ruled in favor of the defendant on other grounds, declining for the time being to review the Miranda decision that remains the symbol of what many regard as the pro-defense stance of the Warren Court. [New York Times]
- Eastman Kodak introduced 17 new photographic products for consumers. Among them was an available-light color print film with a 400 speed rating and a fixed-focus crank-operated instant picture camera with a suggested list price of $39.95. [New York Times]
- Drought aid to the Western and Plains states was asked by President Carter in a special message to Congress in which he proposed $844 million in grants and loans. He stressed the urgency of the situation to be of real help to the afflicted areas. In a separate action, the White House announced a review of 14 more water resource projects to see if they should be continued. An angry response from some members of Congress had greeted President Carter's earlier proposal to suspend funds for 19 projects. [New York Times]
- A series of child murders in an affluent suburban county has shocked the Detroit metropolitan area. The seventh victim in 14 months was found today. Psychological experts suggest the killer is a white man of above-average intelligence and education with a compulsion for cleanliness. [New York Times]
- Louisiana is worried by the effect on state finances of the decline in production of oil and gas, in which it ranks second only to Texas. Since both peaked in 1971, oil production has fallen by 40 percent and gas by 35 percent. The most serious effect so far has been on the state budget, which gets 40 percent of its revenue from taxes related to these products. [New York Times]
- Reversing a libel award of $125,000 to A. E. Hotchner, the author, for remarks about him in a book about Ernest Hemingway, the United States Court of Appeals for the Second Circuit urged "protection and encouragement of writing and publishing." The decision acknowledged that adequate safeguards for free speech inevitably result in reduced protection against otherwise libelous printed statements. [New York Times]
- President Carter said he would accept an invitation from Vietnam to begin a new round of diplomatic discussions in Paris. He announced this in Washington after meeting with his special commission which just returned from a trip to Vietnam and Laos to discuss a fuller accounting of missing Americans. Mr. Carter said he believed the Vietnamese had acted in good faith and that they had not sought to impose preconditions for the talks. [New York Times]
- The administration would accept a bill calling on the United States to use its voice and vote to influence international lending agencies not to extend loans to countries that consistently violate human rights, Secretary of State Cyrus Vance told the Senate. An amendment to this effect was recently proposed by Representative Henry Reuss, Democrat of Wisconsin. [New York Times]
- The murder in Brazzaville of Emile Cardinal Siayenda, the Roman Catholic Archbishop, was announced by the military government of Congo. It said the assassins were relatives of the late President, Marien Ngouabi, who was slain last week, and that they had been arrested. [New York Times]
- Thirteen Liberal Party votes enabled Britain's Labor government to survive a vote of confidence, 322 to 298, in the House of Commons, allowing Prime Minister James Callaghan's cabinet to avoid an immediate general election. He said his agreement with the Liberals would give his government a chance to carry through its economic and social policies. If the agreement breaks down, an election before Christmas appears likely. [New York Times]
|
Stock Market Report
Dow Jones Industrial Average: 942.32 (-8.64, -0.91%)
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 22, 1977 | 950.96 | 101.00 | 18.66 |
| 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 |