News stories from Tuesday April 19, 1977

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

President Carter decided that income-tax rebates would be the best way to return to Americans billions of dollars of new energy taxes he will propose to Congress tomorrow night in his controversial national energy program, according to administration sources. The program includes new crude oil taxes that members of Congress say would probably raise the price of gasoline by 7 cents a gallon by 1979. [New York Times] Former President Ford was accused by Vice President Mondale of having "departed from traditional behavior" in his early criticism of the Carter administration. President Carter looked on as Mr. Mondale spoke at a White House breakfast. House Speaker Tip O'Neill added to the Democratic criticism of Mr. Ford in remarking that the former President might be making another bid for the presidency. [New York Times] Personal income of Americans surged $24.2 billion in March in the steepest monthly rise in almost two years, the Commerce Department reported. Government economists said that the increase was probably the sharpest ever from private sources. The previous monthly record set in 1973 resulted mainly from a one-time $50 bonus payment to Social Security recipients. [New York Times] A tax bill was presented to the Senate by its Finance Committee without the $50 rebate that President Carter agreed to drop, but retaining credits for business that he also said he wanted scrapped. In the floor debate, Senator Russell Long, the committee chairman, said the business credits were needed to spur capital investment and economic recovery. [New York Times] The coal-carrying railroads, considered major beneficiaries of President Carter's' energy program, were the stock market's strongest sector as most other issues continued to decline. The Dow Jones industrials dropped 3.99 points to 938.77, while the Dow Jones rail average rose 2.53 points to 237.63. [New York Times] President Carter won a key Senate test for his approach to advancing international human rights. The Senate Foreign Relations Committee rejected without dissent House approved language that would compel American representatives to world financial institutions to vote against credits for governments violating human rights. The Senate bill would require officials only to use their "voice and vote" to try to obtain loans to countries observing those rights. [New York Times] A program to handle nuclear wastes and a moratorium on strip mining of prime farmland are among proposals in part of a draft of President Carter's upcoming environmental message. The proposals are being considered by Mr. Carter. [New York Times] The spanking of schoolchildren by teachers or other school officials does not violate the constitutional ban against cruel and unusual punishment, even if the spanking is severe, "excessive" and medically damaging, the Supreme Court ruled. However, the 5-4 decision does not void prohibitions against such punishment in such areas as New York City and New Jersey. [New York Times] Pledging to "take the heat," Governor Byrne of New Jersey declared his candidacy for a second term. Nine other Democrats and four Republicans are seeking to succeed him, and most of them say they would eliminate the state income tax. Mr. Byrne said he would insist that no other candidate "utters a syllable about eliminating the income tax without speaking clearly and honestly about the alternatives." [New York Times] An accord with Turkey that was signed last year by then Secretary of State Kissinger but not approved by Congress has won the support of the Carter administration after a three-month review. But the administration will ask Congress for action on the four-year, $1 billion bases and arms pact only after Turkey makes concessions in the Cyprus controversy. The administration will also seek to ease an arms embargo against the Turks. [New York Times] A nationwide police roundup of political opponents was carried out by the South Korean government in advance of the 11th anniversary today of the student revolt that toppled the regime of Syngman Rhee. The seizures began soon after a visit by an American congressional delegation on a fact-finding mission in South Korea. [New York Times] Havana has become colorless, in contrast to is days before the 1959 revolution when it was America's playground of ill repute. The Cuban capital teems with workers, projects and planning instead of tourists, and stores are nearly bare of consumer goods. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 938.77 (-3.99, -0.42%)
S&P Composite: 100.07 (-0.47, -0.47%)
Arms Index: 1.17

	Issues	Volume*
Advances	653	6.71
Declines	805	9.71
Unchanged	455	3.09
Total Volume		19.51

* 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 18, 1977	942.76	100.54	17.83
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