News stories from Friday April 15, 1977

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

Andrew Young, the United States representative to the United Nations, caused another controversy, with the State Department taking issue with him, but President Carter defending his outspokenness. Mr. Young replied "yeah" when asked by an interviewer whether he considered South Africa's white government to be illegitimate. The State Department said Mr. Young's statement was "incorrect." In New York tonight, Mr. Young said his remark was meant to be in the context of "the whole subject of majority rule." [New York Times] A cut in the inflation rate by 2 percentage points to about 4 percent by the end of 1979 is the aim of President Carter's anti-inflation program. Cooperation of labor and industry is a key element in moderating the wage-price spiral but would be largely voluntary. Despite repeated assurances by administration officials that there would be no controls or coercion, it appeared that there would be some restriction on the cost of hospital care, which has been climbing at more than twice the overall inflation rate. [New York Times] Full or substantial federal funding was approved by President Carter for a number of the biggest water projects on his "review" list. The President approved most of the $1.6 billion for the Central Arizona Project, and all of the $1.4 billion for the Tennessee-Tombigbee Waterway. He rejected appropriations for the $81.9 million Fruitland Mesa Project and the $70.1 million Savery-Pot Hook Project. Both projects were proposed for Colorado. Other projects were delayed for more study. [New York Times] A New Jersey Assembly committee voted to allow gambling casino operators to extend credit to gamblers despite the objections of law enforcement spokesmen. Committee members were persuaded by casino interests, who said they would not be able to attract investment capital or operate successfully without the ability to offer credit. The committee's bill will allow gamblers' checks to be held from seven to 90 banking days. [New York Times] The stock market retreated from its euphoria of Thursday when President Carter announced withdrawal of his $50 tax rebate proposal and showed hardly any response to the President's anti-inflation message today. The Dow Jones industrial average moved in a narrow range throughout the session and closed up 0.76 point to 947.76. Issues that gained just barely outnumbered losers. The Dow, however, gained 28.88 points through the week, its largest weekly increase since Feb. 20, 1976. [New York Times] Something has to be done to reduce textile and apparel imports to this country, but the United States could not turn toward protectionism, Robert Strauss, the President's chief trade negotiator, said in a speech at a meeting of the American Textile Manufacturers Institute. Following his speech, he said that Mr. Carter was well aware of the need to make changes in import quotas, but that the President was not going to be rushed. [New York Times] Capt. Aleksandr Gupalov of the Soviet fishing trawler Tares Shevchenko was arraigned in Federal District Court in Boston on charges of violating the new United States 200-mile fishing zone. His ship was seized by the Coast Guard last weekend. The United States Attorney in Boston, in a separate action, filed a civil complaint seeking forfeiture of the trawler, her equipment and cargo, and filed criminal charges against the ship's captain. [New York Times] The British government, moving to protect the pound from another battering like the one that occurred last fall, announced another step toward phasing out the pound's reserve role. The Treasury and the Bank of England said that 15 foreign governments were exchanging some of the pounds in their monetary reserves for bonds denominated in four of the world's strongest currencies -- those of the United States, West Germany, Switzerland and Japan. [New York Times] His opposition in Pakistan disdainfully turned aside Prime Minister Zulfikar Ali Bhutto's conciliatory overtures. Violent protest marches continued in parts of the country and at least eight persons were reported to have been killed and scores injured. The opposition maintains there was "wholesale rigging" in the parliamentary elections last month and that the Prime Minister has no right to stay in office. The two military men who helped bring Mr. Bhutto to power in 1971 warned that the man they had once hoped would bring democracy to Pakistan was leading it toward civil war. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 947.76 (+0.76, +0.08%)
S&P Composite: 101.04 (+0.04, +0.04%)
Arms Index: 0.84

	Issues	Volume*
Advances	754	9.63
Declines	686	7.34
Unchanged	470	3.26
Total Volume		20.23

* 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*
April 14, 1977	947.00	101.00	30.49
April 13, 1977	938.18	100.16	21.80
April 12, 1977	937.16	100.15	23.76
April 11, 1977	924.10	98.88	17.65
April 7, 1977	918.88	98.35	17.26
April 6, 1977	914.73	97.91	16.66
April 5, 1977	916.14	98.01	18.33
April 4, 1977	915.56	98.23	16.25
April 1, 1977	927.36	99.21	17.05
March 31, 1977	919.13	98.42	16.51