News stories from Friday April 29, 1977

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

The $50 tax rebate proposed by President Carter was omitted from the tax bill approved by the Senate, 73 to 7. But the bill provides other tax relief for individuals and businesses. [New York Times] The energy program, the White House said, would eventually cost taxpayers up to $7 billion more than they would get in rebates through 1985. The estimate was given by James Schlesinger. He said that the figure represented a relatively small loss to the consumer. Other energy planners said that the $7 billion estimate would be lowered, perhaps substantially, by the time Mr. Schlesinger testifies Tuesday before the Senate Energy and Natural Resources Committee. [New York Times] With assurances of the President's strong backing, members of the House, led by the Democratic majority, overwhelmingly approved, 241 to 64, a bill curbing the environmental abuses of surface mining for coal. Senate approval of a companion bill was virtually assured. [New York Times] The biggest increase in 20 months was achieved in March by the government's index of leading economic indicators, the Commerce Department said. The March index was 129.7, up 1.4 percent from the revised February index of 127.9. The largest gain among the index's components was a 4.6 percent increase in new orders for consumer products and materials. [New York Times] The stock market was sluggish, reflecting investors' concern over what seemed to be a move by the Federal Reserve to tighten credit, but advancing issues outnumbered decliners by 8 to 5. The news that the government's index of leading economic indicators had made its biggest gain in 20 months did not provide a stimulus to trading. The Dow Jones industrial average eased 0.42 to 926.90. [New York Times] Soybean futures in Chicago rose the daily limit to $9.85 a bushel. Trading was frenzied on the day after the Federal Commodity Futures Trading Commission asked Chicago's Federal District Court to Order the Hunt oil family of Texas to liquidate their soybean contracts that exceed certain limits. The Hunts are said to hold contracts for 22.7 million bushels, and the government says they could be in a position that would disrupt the market. But today's trading rose because of "fundamental factors" such as the tight soybean supply, brokers said, and was not influenced by the government's action against the Hunts. [New York Times] Another futile attempt was made to repair the blowout in the oil well in the Eskofisk field in the North Sea off Norway. Four capping attempts have now failed. Phillips Petroleum, the well's operator, said it had several other plans to control the blowout, but an official said the situation was "depressing." The well has gushed nearly 5 million gallons of oil into the sea in the past week. Norway, which has never been comfortable about being close to the offshore drilling, was becoming more uneasy. [New York Times] Prospects brightened somewhat for a negotiated settlement in Pakistan between Prime Minister Bhutto and his political opponents with the report of an apparent mediation mission by Saudi Arabia and the United Arab Emirates. The Pir of Pagaro, acting leader of the Pakistan National Alliance, which wants Mr. Bhutto to quit, said the Arab nations had offered "to use their offices for the betterment of this country," and of Moslems in general. [New York Times] A top-secret uranium enrichment plant near Pretoria operated by the Atomic Energy Board of South Africa is believed by some political and military analysts to be the focus of efforts by the government of Prime Minister John Vorster to make atomic bombs. The analysts believe that the plant is being used to develop weapons-grade uranium, and they point out that South Africa is among the nations that have not signed the treaty banning the spread of nuclear weapons. [New York Times] Senate approval of the prisoner-exchange treaty between the United States and Mexico still has to await the solving of some constitutional difficulties in Washington. Some civil rights lawyers believe that further modification of the treaty may still be required by the Senate's Foreign Relations Committee. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 926.90 (-0.42, -0.05%)
S&P Composite: 98.44 (+0.24, +0.24%)
Arms Index: 1.13

	Issues	Volume*
Advances	838	8.56
Declines	545	6.28
Unchanged	497	3.49
Total Volume		18.33

* 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 28, 1977	927.32	98.20	18.37
April 27, 1977	923.76	97.96	20.59
April 26, 1977	915.62	97.11	20.04
April 25, 1977	914.60	97.33	20.44
April 22, 1977	927.07	98.44	20.70
April 21, 1977	935.80	99.75	22.74
April 20, 1977	942.59	100.40	25.09
April 19, 1977	938.77	100.07	19.51
April 18, 1977	942.76	100.54	17.83
April 15, 1977	947.76	101.04	20.23