News stories from Wednesday June 29, 1977

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

Federal funds for most abortions would he barred under a bill approved by the Senate after the Supreme Court had lifted an injunction against a similar ban voted last year. Medicaid funds could not be spent on abortions except when the mother's life was endangered, in cases of rape or incest or in certain 'other cases of medical need. Under a previously passed by the House, no federal funds could be spent for abortions under any circumstances. [New York Times] The death penalty may not be imposed for rape, at least of adults, the Supreme Court held in the final day of its term. The Court did not specify whether death was impermissible for rapists of children, as well as adults, but the sense of the opinions in the case from Georgia suggested that the penalty be barred in such rapes also. The Court found that the penalty was unconstitutional in being cruel and unusual punishment. [New York Times] A 5 percent oil price increase scheduled for Friday will not be imposed by nine members of the Organization of Petroleum Exporting Countries. The decision, an effort to achieve unity among them, was announced after six months of acrimony. The dispute arose last December when 11 of the group's members voted to raise prices by 10 percent Jan. 1 and 5 percent July 1. Saudi Arabia and the United Arab Emirates agreed to only a 5 percent increase this year. [New York Times] A government index aimed at signaling future economic trends eased two-tenths of 1 percent in May, the Commerce Department reported. Economists were not certain about the significance of the decline in indicating a slackening in the strong recovery in 1977, noting that a trend of two or three months was usually necessary to confirm a pattern. [New York Times] Stock prices moved slightly lower. The Dow Jones industrial average eased 2.29 points to 913.33, its smallest decline this week. [New York Times] Regulation of natural gas prices, as proposed by President Carter, was approved by the House Commerce Committee, which reversed a proposal for deregulation accepted three weeks ago by a subcommittee. The 22 to 21 vote came amid intensive lobbying from both sides. Under the Carter plan, a ceiling price would be effective on gas sold in both intrastate and interstate markets. [New York Times] An attempt to revoke a raise for members of Congress was defeated in the House of Representatives by a vote of 241 to 181. The $12,900 increase, a politically sensitive issue, was mandated by the President earlier this year, subject to congressional veto. [New York Times] A liberalized marijuana law was signed by Governor Carey, making New York the ninth state to decriminalize possession of small amounts, The law, which takes effect in 30 days, makes it a violation similar to a traffic offense to possess up to about seven-eighths of an ounce of marijuana. Punishment for first offenders is a fine up to $100, for second offenders a fine up to $200 and for third offenders a maximum fine of $250 or 15 days in jail. [New York Times] Friendly American-Chinese relations are "a central part" of United States foreign policy, says Secretary of State Cyrus Vance. Speaking at a dinner in New York City, he said that Washington was committed to seeking full diplomatic ties with Peking. In the Carter administration's first high-level policy statement on East Asia, Mr. Vance said that the United States "will remain an Asian and Pacific power" and would maintain "a strong military presence" there. [New York Times] Defying the Vatican, Archbishop Marcel Lefebvre, leader of a movement that rejects liberal reforms in the Roman Catholic Church, ordained 14 students of his unauthorized seminary as priests and consecrated 16 as subdeacons in Econe, Switzerland. The conservative French prelate was suspended by Pope Paul VI last July from performing all priestly functions. [New York Times] Concerned that inner London may become a ghost city, the British government is now trying to reverse a post-war policy of encouraging people and industry to move to the suburbs and new towns. The dispersal has been so successful that the population of Greater London is now more than one and a half million people below the level that existed before World War II. It is down to 7 million. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 913.33 (-2.29, -0.25%)
S&P Composite: 100.11 (-0.03, -0.03%)
Arms Index: 0.92

	Issues	Volume*
Advances	670	8.13
Declines	716	7.98
Unchanged	486	2.89
Total Volume		19.00

* 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 28, 1977	915.62	100.14	22.67
June 27, 1977	924.10	100.98	19.87
June 24, 1977	929.70	101.19	26.49
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