News stories from Wednesday July 20, 1977
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Full amnesty to aliens working illegally in the United States for seven years or more will be proposed by President Carter next week for congressional action, according to administration officials. The aliens would be given permanent resident status and allowed to bring their families into the country. Those here for less than seven years would be allowed to remain and go on working, but would be denied most social services and the right to bring in their families. [New York Times]
- Leon Jaworski agreed to serve as unpaid special counsel to the House ethics committee to take charge of its investigation of Korean influence-buying. Selection of the former Watergate special prosecutor appeared to quiet the storm over the angry departure of the previous counsel, Philip Lacovara, who complained of the chairman. [New York Times]
- Senate and House conferees, accepting President Carter's offer of a compromise, approved financing for nine water projects the President had opposed but dropped funds for the Clinch River breeder reactor. [New York Times]
- An expanding economy through 1978 was forecast by the Congressional Budget Office, with a warning that inflation was deeply embedded and would abate only slowly. Alice Rivlin, director of the office, predicted "no more than a slow unwinding of the current rate of inflation," and said a non-inflationary economy was probably some years away. [New York Times]
- Stock prices generally held their ground despite selling pressure on some oil and gas issues that had scored notable gains recently. The Dow Jones industrial average moved up 1.21 points to close at 920.48. [New York Times]
- Federal grants to help New York City recover from the arson and looting that accompanied the July 13 blackout will amount to at least $5 million and probably more, according to various sources in the city and Washington. Mayor Beame said the Economic Development Administration was granting $1 million as a starter for planning, with several million more to follow. [New York Times]
- Central Intelligence Agency documents made public by John Marks, a freelance journalist, indicate that for 14 years the agency sought ways of controlling human behavior through use of chemical, biological and radiological materials. Mr. Marks said that the C.I.A. director had seriously distorted the scope of the programs in a letter he wrote about them to a Senate panel last week. [New York Times]
- An experimental aid program for American shoe manufacturers hurt by imports was announced by the White House. The three-year $56 million effort will include federal loans or loan guarantees for purchase of modern equipment to cut costs, advice to individual manufacturers by government-paid consultants and encouragement from the Commerce Department to retailers to buy American. [New York Times]
- President Carter said he believed that, as a result of his earlier discussion With Arab leaders, the views of Prime Minister Menachem Begin of Israel would produce a Middle East peace conference in Geneva as early as October. A few hours later Mr. Begin made public his plan for the Geneva talks, excluding the Palestine Liberation Organization. Since all Arab countries insist on P.L.O. participation, this raised questions about the likelihood of an early conference. [New York Times]
- President Carter's speech in Charleston, S.C., tomorrow is aimed at creating a more positive atmosphere for dealing with Moscow. A high government source noted that there are elements of both cooperation and competition in Soviet-American relations and that the basic message of the speech was that Mr. Carter preferred to accent cooperation but would not be induced by polemics to make concessions in negotiations. The decision to make the speech was said by government sources to show the administration's concern at the souring of relations and that it senses a need to assure the Russians and Western elites that the President has a long-term strategy toward the Soviet Union. The aim is to end the recent pattern of propaganda exchanges. [New York Times]
- Vietnam won Security Council approval for admission to the United Nations, which the General Assembly will act on when it meets in September. The representative of Vietnam used the occasion to push his country's demand for United States assistance in "healing the wounds of war." American diplomats characterized the speech as restrained and noted that assistance was a matter for direct talks in Paris. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 920.48 (+1.21, +0.13%)
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* |
| July 19, 1977 | 919.27 | 101.79 | 31.94 |
| July 18, 1977 | 910.60 | 100.95 | 26.89 |
| July 15, 1977 | 905.95 | 100.18 | 29.12 |
| July 13, 1977 | 902.99 | 99.59 | 23.16 |
| July 12, 1977 | 903.41 | 99.45 | 22.47 |
| July 11, 1977 | 905.53 | 99.55 | 19.79 |
| July 8, 1977 | 907.99 | 99.79 | 23.82 |
| July 7, 1977 | 909.51 | 99.93 | 21.74 |
| July 6, 1977 | 907.73 | 99.58 | 21.23 |
| July 5, 1977 | 913.59 | 100.09 | 16.85 |