News stories from Monday June 13, 1977

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

James Earl Ray, the convicted assassin of Dr. Martin Luther King Jr., was captured early this morning, 54 hours after he and six other inmates had fled from the Brushy Mountain state penitentiary. He is now alone in a cell in a maximum security section of the prison in Tennessee from which he and five other inmates escaped Friday night. The authorities, meanwhile, began an investigation of his escape and Gov. Ray Blanton called on the federal government to take custody of Mr. Ray, who was sentenced to 99 years for the assassination of the Rev. Dr. Martin Luther King Jr.It was a massive manhunt that deployed helicopters, radios and sophisticated electronics for more than two days. But in the end, it was the dogs that ran James Earl Ray until he dropped. [New York Times] President Carter, saying that "I have confidence in the sound judgment of the Congress," softened his criticism of Congress, but warned at his news conference that if "special interests" thwarted his energy goals, the country would face a catastrophe. He reiterated his belief that the energy problem was "the gravest domestic issue that I shall face during my own term as President." [New York Times] Surprising some money market observers, the Morgan Guaranty Trust Company cut its prime lending rate on short-term loans to 6½ percent from the general 6¾ percent now being charged by the big banks. [New York Times] Stock prices responded to a let-up in the rise in bank prime rates and rose slightly. The Dow Jones industrial average closed 1.61 points up at 912.40. Advances on the New York Stock Exchange outnumbered declines by about 150 issues. Twentieth Century-Fox Film remained at the top of the active list, rising ¼ on a turnover of 340,700 shares. [New York Times] The next director of the Federal Bureau of Investigation will probably be one of five men that a special selection commission has recommended, President Carter said. The prospects include two judges, a career F.B.I. agent, a big-city district attorney and a black sheriff. It was possible, the President said, that the final choice might not be from the commission's list, but the "likelihood" was that one of the men would be picked. [New York Times] Tom Clark, Attorney General in the Truman administration and later a Justice of the Supreme Court, died at the Manhattan home of his son, Ramsey Clark. He was 77 years old and lived in Washington. After his retirement from the Court in 1967, Mr. Clark accepted assignments to serve on the circuits of the United States Court of Appeals. This recently brought him to New York, where he was sitting with the Court of Appeals for the Second Circuit. [New York Times] The future course of public television in this country will be studied by a commission appointed by the Carnegie Corporation of New York, whose main interest is education. Dr. William McGill, president of Columbia University, will be named the commission's chairman. The study has been endorsed by the White House, which has indicated it might implement some of it recommendations, More than a decade ago, the Carnegie foundation sponsored a study on educational television that provided the basis for the Public Broadcasting Act of 1967. [New York Times] Only about $10 billion will be provided by the rich oil-exporting countries to help the rest of the world pay its soaring oil bills this year. The International Monetary Fund and other International organizations had been hoping to raise $15 billion to $20 billion. The $10 billion estimate was disclosed by Jelle Zijlstra, chairman of the Bank for International Settlements. That amount, he said, would be contributed by the oil exporters to a new lending facility to be established by the I.M.F. [New York Times] President Carter, commenting on the case of a Soviet Jew accused of treason, said he was "completely convinced" that the man, Anatoly Sharansky, had not been recruited as a spy by the Central Intelligence Agency, as Soviet press accounts have charged. Addressing the issue at a White House news conference, Mr. Carter also stressed that his commitment to human rights was not specifically directed at the Soviet Union and said that he thought Soviet-American relations -- certain to be scrutinized in terms of his Sharansky comment -- were "moving in the right direction." [New York Times] In a sudden assault in Johannesburg that the authorities said was urban terrorism, two white men were killed and another seriously injured when three blacks walked into a downtown garage and opened fire. The attack came as the police were preparing for the possibility of more violence Thursday when students in Soweto, a black township outside Johannesburg, march in memory of the blacks killed and injured in riots there a year ago. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 912.40 (+1.61, +0.18%)
S&P Composite: 98.74 (+0.28, +0.28%)
Arms Index: 0.75

	Issues	Volume*
Advances	782	10.37
Declines	599	5.95
Unchanged	504	3.93
Total Volume		20.25

* 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*
June 10, 1977	910.79	98.46	20.63
June 9, 1977	909.85	98.14	19.94
June 8, 1977	912.99	98.20	22.20
June 7, 1977	908.67	97.73	21.11
June 6, 1977	903.07	97.23	18.93
June 3, 1977	912.23	97.69	20.33
June 2, 1977	903.15	96.74	18.62
June 1, 1977	906.55	96.93	18.32
May 31, 1977	898.66	96.12	17.80
May 27, 1977	898.83	96.27	15.73