News stories from Friday September 2, 1977

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

A rise in the unemployment rate in August of two-tenths of a percentage point to 7.1 percent of the total labor force was reported by the Labor Department. Almost all of the increase, the department said, was concentrated among blacks. Civil rights leaders asserted that the new figures confirmed charges made by black leaders that the administration had neglected blacks, the poor and the cities. [New York Times] The Central Intelligence Agency's discovery of thousands of more documents related to its secret human behavior control projects caused a postponement in further Senate hearings on the experiments. The hearings have been postponed to Sept. 20 from Sept. 9. The C.I.A. said that it had discovered 18 more cartons containing 10,000 documents dating from 1943 to the mid-1950's. Information from records and other recently discovered papers indicates that witnesses have misled Senate investigators, sources close to the inquiry said. [New York Times] The Concorde supersonic jet may be permitted by the government to land at 10 more American cities despite the controversy over the jet's noise that has prevented it from landing in New York. Under terms of a test agreement worked out by the Ford administration, the Carter administration may issue a ruling on permanent landing rights for the plane on Sept, 24. That date marks the end of a 16-month test at Dulles International Airport near Washington. [New York Times] Armco Steel appears to have fostered a major split in steel pricing with a decision that it will not participate in the industry's 6 percent increase for structural products, scheduled to become effective on Sunday. However, a previously announced 7-percent increase for tin mill products will become effective and is expected to increase the price of canned goods. [New York Times] The stock market advanced for the third consecutive session and the Dow Jones industrial average, which showed no sign of flagging, finished up 7.45 points at 872.31, its high for the day. Twelve of the 15 most actively traded issues rose, two declined and one was unchanged. The volume leader was Chemetron, which added ½ to 49½ on a turnover of 245,900 shares. [New York Times] Canada and the United States reached an agreement in principle on conditions for the construction of a multi-million dollar pipeline to carry Alaskan natural gas to the lower 48 states through Canadian territory, but the final decision rests with President Carter. James Schlesinger, the United States Secretary of Energy, and Allan MacEachen, the chief Canadian negotiator, announced that the two sides had reached an accord on fundamentals. [New York Times] Some pneumonia germs have developed an immunity to the antibiotics that have been used against them, federal health officials said. The resistance has developed among some strains of bacteria called pneumococci, the most common cause of bacterial pneumonia, which also causes meningitis and other serious diseases, The drugs which are still effective against the resistant strains of the germ are more costly and usually more hazardous than penicillin. [New York Times] Malaysia's attitude to Vietnamese seeking refuge in the country has softened. American diplomats say this has followed President Carter's decision to admit 15,000 refugees from Indochina, and the offer of other Western countries to take some in. Thailand and especially Malaysia are not so fearful now that they will be permanently burdened. Malaysia no longer pushes the "boat people" back out to sea. Of the 8,000 refugees in transit camps from Japan to Indochina, 3,000 are in Malaysia. Only Western nations have offered asylum to the wanderers. No Asian nation has acknowledged an obligation to give permanent asylum. [New York Times] The latest British-American proposals for a Rhodesian settlement are "mad," "crazy" and "insane," Prime Minister Ian Smith said in a television news conference in Salisbury. He stopped short of an outright rejection, however, and said that his government would give the proposals serious consideration before responding, possibly with counterproposals. [New York Times] Rumania's human rights movement appears to have been crushed completely. President Nicolae Ceausescu has succeeded in eliminating visible dissent with comparatively little punitive action. Paul Goma, the novelist who was the movement's leader, has been silenced as have been hundreds of others who only five months ago were signing petitions, appealing for support from international organizations, and even staging modest demonstrations, Mr. Goma has been put to work in the National Library in Bucharest and he and his family have been given a new apartment, but no telephone. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 872.31 (+7.45, +0.86%)
S&P Composite: 97.45 (+0.62, +0.64%)
Arms Index: 0.58

	Issues	Volume*
Advances	934	10.45
Declines	413	2.68
Unchanged	484	2.49
Total Volume		15.62

* 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*
September 1, 1977	864.86	96.83	18.82
August 31, 1977	861.49	96.77	19.08
August 30, 1977	858.89	96.38	18.22
August 29, 1977	864.09	96.92	15.28
August 26, 1977	855.42	96.09	18.48
August 25, 1977	854.12	96.15	19.40
August 24, 1977	862.87	97.23	18.17
August 23, 1977	865.56	97.62	20.29
August 22, 1977	867.29	97.79	17.87
August 19, 1977	863.48	97.51	20.80