News stories from Wednesday June 22, 1977

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

John Mitchell became the first former United States Attorney General to go to jail when he entered the prison camp at Maxwell Air Force Base near Montgomery, Ala. Mr. Mitchell, along with John Ehrlichman and H. R. Haldeman, was sentenced to 30 months to eight years for crimes in the Watergate cover-up. [New York Times] The possibility of natural gas shortages next winter was raised by a prediction by the Federal Power Commission that interstate supplies will again decline -- this time by about 3 percent, or enough gas to heat one million homes. If shortages recur in another bad winter, they might force factories to close, as they did last winter. [New York Times] Idi Amin is alive and in control of Uganda, according to several authoritative sources. After days of uncertainty, the Ugandan President was reported to be safe, and there were strong indications that earlier accounts of widespread disorders and of many fleeing refugees had been exaggerated. [New York Times] Under a proposal passed by the House Appropriations Committee, the C.I.A. would he restricted in the amount of money it could keep in its secret contingency fund, which has been used to finance covert operations without the prior knowledge of Congress. If the action wins final approval by Congress, the head of the C.I.A. would be permitted to retain a discretionary account, but limits would be set on how much it could contain. [New York Times] Soviet leader Leonid Brezhnev ended his meetings in Paris by signing three agreements with French President d'Estaing. [CBS] The stock market eased following its recent broad gains. The Dow Jones industrial average slipped 2.29 points to finish at 926.31. Analysts attributed the decline to normal profit taking after the index's previous seven-session rise of nearly 18 points. [New York Times] Chronic malnutrition and widespread famine in the world could be ended in one generation if the United States and other countries began a major research program, a panel of experts has concluded. In a 192-page report to President Carter, the panel, convened by the National Research Council, listed 22 areas of high priority and proposed ways to carry out the research. Among other proposals, the panel urged tripling the $30 million a year that Washington now spends to help poor countries improve their farm research capability. [New York Times] South Korea arranged the financing of the exclusive Georgetown Club in Washington, according to congressional testimony by Kim Hyung Wook, who headed Seoul's Central Intelligence Agency from 1963 to 1969. The club's members have included former President Ford, many cabinet officers, Supreme Court Justices, and many Congressmen. Mr. Kim said that he arranged $3 million in Korean government funds in 1967 for collateral for Tongsun Park, a Korean businessman, to found the club. Mr. Park, according to Mr. Kim, said that the club would be useful in influencing American officials, especially to get military aid for South Korea. [New York Times] American-Soviet relations are going through a difficult phase, according to President Valery Giscard d'Estaing of France in an assessment after three days of talks in Paris with Leonid Brezhnev, the Soviet leader. The two men signed several documents, stressing detente and the need for halting the spread of nuclear weapons. The tone of the conference had been somewhat mixed. [New York Times] The House Agriculture Committee approved changes in the food stamp program mostly as President Carter requested. [CBS] The induction of Leonid Brezhnev as the Soviet President last week and the adoption of a new Soviet Constitution have been analyzed by top officials in the Carter administration. They view the changes as efforts to root out entrenched bureaucracies, limit the power of the Soviet republics and improve national economic planning. [New York Times] The Senate said it won't go along with the House in its present attempt to keep the government from banning saccharin. The American Medical Association backs the sale of the sweetener as long as labels warn it may cause cancer. [CBS] Dwight Eisenhower's family released his letters to his wife, written during the war, to counteract stories of a romance with his chauffeur, Kay Summersby. John Eisenhower said that the objective of publishing the letters was to show that his father never wanted a divorce from his mother. John said that he knew Kay Summersby and liked her, as all of the family did. [CBS] Karen Anne Quinlan, whose parents fought in court for her right to die, may be near death; a family spokesman said that her condition is deteriorating in a New Jersey nursing home, where she's been since her respirator was disconnected. [CBS] Tracy Austin of Rolling Hills, California, became the youngest player ever to win a match at the Wimbledon tennis tournament. She faces number-one ranked Chris Evert on Wednesday. [CBS]

Stock Market Report

Dow Jones Industrial Average: 926.31 (-2.29, -0.25%)
S&P Composite: 100.46 (-0.28, -0.28%)
Arms Index: 1.03

	Issues	Volume*
Advances	669	9.50
Declines	782	11.48
Unchanged	459	4.09
Total Volume		25.07

* 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 21, 1977	928.60	100.74	29.73
June 20, 1977	924.27	100.42	22.95
June 17, 1977	920.45	99.97	21.96
June 16, 1977	920.45	99.85	24.31
June 15, 1977	917.57	99.62	22.64
June 14, 1977	922.57	99.86	25.39
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