News stories from Monday April 18, 1977

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

A "national catastrophe" threatens Americans if they do not respond with the "moral equivalent of war" to dwindling energy supplies, President Carter said in a televised address to the nation. He described his address as "an unpleasant talk." The speech was deliberately somber to prepare the public for his energy program that will be presented to Congress on Wednesday night in another televised address. The energy proposals call for higher prices, higher taxes and an end to unlimited increases in energy consumption. [New York Times] An increased gasoline tax expected to be proposed by President Carter was opposed by a powerful Republican and an influential labor leader. Senator Howard Baker of Tennessee, the minority leader, and Robert Georgine, head of the Building and Construction Trades Department of the A.F.L.-C.I.O., both viewed the expected proposal as discriminating against low-income people and residents of rural and suburban areas. [New York Times] A Central Intelligence Agency appraisal predicting "sizable price increases" for oil and -- by implication -- all forms of energy by 1982-83 "unless large-scale conservation measures cut demand sharply," was released by the White House. The possibility of runaway oil prices after 1985 was suggested. The report's release was plainly intended to generate public support for President Carter's energy program. [New York Times] A cut in mail deliveries to five days a week was recommended by a study commission established by Congress to find ways to improve operations of the United States Postal Service. The commission also recommended an increase in government subsidies, an immediate appropriation to clear up a $625 million operating debt, and the use of electronic equipment to transmit messages and funds. [New York Times] Enforcement of auto emission standards would be delayed under proposals relayed on behalf of the administration to Congress by Douglas Costle, head of the Environmental Protection Agency. But the administration wants tough regulation of air polluters, including fines. Mr. Costle's testimony in the House was the administration's first public statement on the controversial clean air issue. It generally put the government's support behind environmentalists. [New York Times] Homicide detectives were convinced that the same person was responsible for the murders of four women and a man and the wounding of three women since last July in the Bronx and Queens. An 18-year-old woman and her 20-year-old companion were shot to death early Sunday in an automobile in the Bronx by the same gun used on the others. A note found at the site was a "rambling, incoherent" message, a police official said. But it told the police "what we already knew -- that this guy is deranged and dangerous," the official said. [New York Times] More new homes were being built last month than at any time in nearly four years, the Commerce Department said. Plentiful mortgage money at the lowest rates in three years was largely responsible for the increase. Overall housing starts were at a seasonally adjusted annual rate of 2.1 million units, up 17 percent from February and 49 percent higher than a year ago. [New York Times] Stock prices declined moderately as investors awaited President Carter's speech on his energy policy. The Dow Jones industrial average slipped 5 points to 942.76. Wall Street analysts regarded the Dow's decline as a normal reaction following last week's gain of nearly 29 points, its best weekly advance in 14 months. [New York Times] A special Pulitzer Award went to Alex Haley for his controversial best seller tracing his origins back seven generations to an African village. For the first time in the 61 years of the prizes, there was none for international reporting. It was learned that the advisory board rejected the jury's unanimous recommendation that one be given to James Markham and Henry Tanner of the New York Times for their coverage of the civil war in Lebanon. [New York Times] Connecticut's system of financing public schools mainly from local property taxes was unconstitutional, the state's Supreme Court said, because reliance on taxes denied equal educational opportunities to children from poorer districts. The court's 4-to-1 decision did not say how the financing method should be changed, but it noted that it would cost hundreds of millions of dollars annually to adjust the differences. [New York Times] Gov. Brendan Byrne of New Jersey is expected to announce tomorrow his candidacy for a second term. He was elected by the largest plurality in the state's history four years ago. In running for re-election, he will be a decided underdog. [New York Times] Cuba is host to a delegation of 52 Minnesota businessmen, the largest American group to visit Cuba since its break in relations with the United States 15 years ago. The Greater Minneapolis Chamber of Commerce is sponsoring the visit, and when the Minnesotans stopped in Washington on their way to Havana to pick up 24 newsmen they were greeted by Senator Hubert Humphrey of Minnesota who told them, "You're taking a historic step, you ought to remember that." Among the group are representatives of General Mills, the Pillsbury Company, the Control Data Corporation and Honeywell Inc., and smaller companies. [New York Times] Leonid Brezhnev warned that other countries seeking to "meddle" in the fighting in Zaire would bear full responsibility for the consequences. The Soviet leader avoided naming specific countries, but he spoke of "attempts undertaken by the imperialist forces and their henchmen to interfere in the domestic military conflict of Zaire." He did not say what the consequences of involvement might be. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 942.76 (-5.00, -0.53%)
S&P Composite: 100.54 (-0.50, -0.49%)
Arms Index: 1.20

	Issues	Volume*
Advances	610	5.72
Declines	811	9.16
Unchanged	490	2.95
Total Volume		17.83

* 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 15, 1977	947.76	101.04	20.23
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