News stories from Friday June 24, 1977

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

The Senate refused to give the administration money to carry out President Carter's pardon of Vietnam draft resisters. Voting 44 to 38, it defeated an amendment by Senator Mark Hatfield, Republican of Oregon, to strike a provision denying the funds, which had been approved by the House as part of a $7.7 billion funding bill for several government departments. [New York Times] A voluntary payment of $6,000 to the Internal Revenue Service was offered by President Carter when his 1976 income tax return showed that, because of investment credits and deductions, he owed no tax on a gross income of almost $55,000. The President asked the district director of the I.R.S. in Atlanta to accept the payment "because of my strong feeling that a person should pay some tax on his income." [New York Times] The authority of states to provide aid to parochial schools was somewhat strengthened by the Supreme Court. The aid that a state may give, the Court ruled, includes standardized tests and test-scoring services, such as achievement tests, if it provides them to public schools. [New York Times] Higher short-term interest rates on federal funds have been set by the Federal Reserve Bank to slow the inflationary growth of the money supply, The central bank made the decision in mid-May. The records of the 12-member Open Market Committee's monthly meeting are released after a month's lag. The basic rate in the money market will fluctuate between 5¼ percent and 5¾ percent, up from a range of 4½ percent to 5¼ percent adopted at the committee's April meeting. [New York Times] As worry over a rise in interest rates lessened, a general advance was made by the Stock market in continued heavy trading. The Dow Jones industrial average started upward early and closed at 929.70, a gain of 4.33. points. The heavy turnover this week mostly represented activity by institutions, which attempted to enhance their June quarterly reports. [New York Times] Corporations chartered in tax-lenient Delaware but doing business outside the state may not have their shares seized when they are being sued and the suit originates in Delaware, the Supreme Court ruled. The decision affects stockholders only of corporations chartered in Delaware because it was the only state -- until today -- that permitted its courts to "sequester" stock as a means of enforcing non-resident defendants to be present at civil actions. [New York Times] All the highway patrol cars operated by the New York City police department will be equipped with radar to help enforce speed limits. The cars will have lightweight hand-held radar "guns" that will provide an instant digital mileage reading. The equipment's purchase is being made possible by a federal grant. [New York Times] With a commitment for a higher average rate of economic growth next year as a means of cutting back rising unemployment, the United States and other major industrial nations of the Organization for Economic Cooperation and Development ended their ministerial meeting in Paris. An average growth rate of 5 percent for next year is the goal of the organization's 24 member countries. This is one percentage point more than the 4 percent average rate the countries in aggregate are likely to achieve this year. [New York Times] Following a report from President Valery Giscard d'Estaing on Leonid Brezhnev's visit to Paris, Secretary of State Cyrus Vance said that Soviet-American relations were "very satisfactory." But later Mr. Vance said at a news conference that there were "trouble spots" and some "positive areas." In Paris, Soviet sources made it clear that they were uncertain about President Carter's intentions, and French sources said that almost all of what Mr. Brezhnev said and signed in Paris this week was addressed to President Carter. [New York Times] A black activist bishop from Tanzania was elected head of the 58-million member Lutheran World Federation. Bishop Josiah Kibira, 52, years old, was elected president by delegates to the organization's sixth assembly meeting in Dar es Salaam. The Federation's headquarters are in Geneva. [New York Times] A suspended French archbishop was warned by Pope Paul VI that he risks an "irreparable" break with the Roman Catholic Church if he proceeds with plans to ordain 14 priests in defiance of a papal ban. Archbishop Marcel Lefebvre, who has established a seminary in Switzerland without Vatican authorization, was suspended from all priestly rites last July 24. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 929.70 (+4.33, +0.47%)
S&P Composite: 101.19 (+0.57, +0.57%)
Arms Index: 0.61

	Issues	Volume*
Advances	975	17.51
Declines	469	5.16
Unchanged	437	3.82
Total Volume		26.49

* 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 23, 1977	925.37	100.62	24.33
June 22, 1977	926.31	100.46	25.07
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