News stories from Tuesday June 14, 1977

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

President Carter won a major tactical victory when his House supporters came within two dozen votes of blocking 16 dam and irrigation projects the President wants killed. Though the projects won approval, the 218 to 194 margin makes it unlikely that the House could override a threatened veto, and so the issue seems headed for compromise in conference. [New York Times] Non-smoking air travelers won a victory when Eastern Air Lines agreed to ban smoking in 65 percent of the seats on all its airplanes. The airline also agreed to pay a $10,000 fine for 14 violations of the law. The settlement followed complaints from consumer groups that the airline had not been setting aside enough seats for non-smokers as required by law. [New York Times] Concorde opponents won a legal victory when a federal appeals court ruled that the Port Authority of New York and New Jersey did have the power to ban the supersonic jet from John F. Kennedy International Airport, so long as such a ban was fair and reasonable. A lower court had held otherwise. [New York Times] The President's energy package scored its first legislative victory when the House Ways and Means Committee approved the crude oil equalization tax that is the centerpiece of the Carter energy policy. The committee action was especially pleasing to the White House in view of recent setbacks suffered there. [New York Times] Detroit reported record sales of new cars for the first ten days of June, an 11.2 percent increase over the 1976 level. The demand for large cars continued strong during the period and there were signs that the market for small cars might be improving. [New York Times] Stock prices rose sharply on the New York Stock Exchange as the Dow Jones industrial average gained 10.17 points to close at 922.57, its best showing in more than two months. Analysts credited the surprise reduction of the prime interest rate by the Morgan Guaranty Trust Company for the buoyant performance. [New York Times] The Brushy Mountain breakout came to an end as the last of five convicts who escaped with James Earl Ray was caught and returned to the east Tennessee prison. There, prison officials described the escape as "routine," and said that they were "fully convinced" that Mr. Ray had had no outside help and that an investigation was continuing to find out if negligence had been involved. [New York Times] Aluminum prices were raised by the Kaiser Aluminum and Chemical Company, which said the prices of a variety of its products were being increased by almost 4 percent. The company blamed an expensive new labor contract and higher energy costs for the price increase, which, it said, it had discussed with the Federal Council on Wage and Price Stability. [New York Times] An American newsman was forbidden to leave the Soviet Union after being detained by the secret police for four hours and questioned about a recent meeting with a Soviet parapsychologist. The reporter, Robert Toth of the Los Angeles Times, was ordered to return for further questioning.In a swift Washington reaction to the interrogation, the Acting Secretary of State, Warren Christopher, told Ambassador Anatoly Dobrynin by telephone that the United States viewed the incident with "serious concern." High officials reportedly regard it as defiance of the United States' campaign for international human rights. [New York Times] New Pakistani elections will be held before the end of the year, according to announcements in Rawalpindi ? by the government and the opposition. Charges that the March elections had been rigged to favor the governing party had touched off a wave of violence. [New York Times] India's ruling Janata Party took a big lead in nationwide elections for state assemblies. Early returns indicated the victory would rival the one over the Congress Party in the March national elections. [New York Times] Thousands of South Moluccans turned a funeral service for six slain terrorists into a dramatic political protest against the Dutch government. The huge turnout for the funeral of those who died when marines stormed a hijacked train seemed an unmistakable message that extremists in the Moluccan community have many sympathizers. [New York Times] A year after the Soweto riots shattered South Africa and touched off violence that took the lives of 606 blacks, Soweto student leaders prepared a protest march to mark the anniversary and renew the demand for full equality. A year after Soweto, piecemeal changes are no longer acceptable to black leaders and the intransigence of the white government is marked by disunity and debate. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 922.57 (+10.17, +1.11%)
S&P Composite: 99.86 (+1.12, +1.13%)
Arms Index: 0.62

	Issues	Volume*
Advances	1,072	18.23
Declines	422	4.44
Unchanged	443	2.72
Total Volume		25.39

* 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 13, 1977	912.40	98.74	20.25
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