News stories from Friday September 30, 1977
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Administration supporters of continued repletion of natural gas prices lost a key test vote on deregulation, but gained strength since a similar vote a week ago. Two more Democrats switched to the administration's side. They were Gary Hart of Colorado and John Sparkman of Alabama. A filibuster against deregulation has delayed a final vote. [New York Times]
- Temporary steel import quotas are being considered by the administration under congressional pressure. They would be worked out with the Common Market and Japan in an attempt to curb unemployment in the steel industry and head off more radical protective action by Congress.
Plans to dismiss 2,500 white-collar employees were announced in the meantime by Bethlehem Steel, the nation's No. 2 producer. Some executives with salaries above $50,000 would be affected, it was said. Industry-wide layoffs now total about 18,000.
[New York Times] - The mandatory retirement age would be raised from 65 to 70, with several exceptions, under a bill approved by a Senate committee. Under pressure from universities and school boards, the Human Resources Committee voted to exempt tenured college professors and public school teachers from the new legislation, and agreed to exempt business executives between 65 and 70 who would have an annual pension of more than $20,000. A similar bill approved by the House last week did not have these exemptions. [New York Times]
- A dock workers' strike was called for tomorrow on the Atlantic and Gulf Coasts. The International Longshoremen's Association announced the move as they reported a breakdown in final-day negotiations with shipping employers. It appeared that automated container ships would be most affected by the strike. [New York Times]
- President Carter ordered Assistant Agriculture Secretary Robert Meyer to stop seeking preferential treatment for farmers in California's Imperial Valley where Mr. Meyer owns mote than 2,500 valuable federally-irrigated acres. The President said that neither he nor other government officials should use their position for financial or other advantage. Mr. Meyer had said earlier that he had been in touch with the White House, the Interior Department and congressmen in an effort to raise the number of acres of federally-irrigated land that may be owned in the Imperial Valley. [New York Times]
- Stock prices rose sharply with the news that the nation's basic money supply had declined, making less likely a further credit tightening by the Federal Reserve. The Dow Jones average rose 7.02 points to 847.11. [New York Times]
- The head of the Episcopal Church in the United States offered to resign if his fellow bishops did not accept his adamant opposition to ordaining women as priests. Presiding Bishop John Allin reiterated his opposition at the opening session of the House of Bishops in Port St. Lucie, Fla. [New York Times]
- Pledges to "use our utmost effort" were made by the United States and the Soviet Union to overcome Arab-Israeli differences and bring about a Middle East peace conference before the end of the year. Secretary of State Cyrus Vance, who had an hour-and-a-half meeting with Foreign Minister Andrei Gromyko, said a joint statement probably would be forthcoming soon that would enable proposals on resolving the issue of Palestinian representation that has delayed a Middle East meeting. [New York Times]
- The Paris police captured a gunman who had hijacked a French airliner and forced it to land at Orly airport. As the police closed in, the gunman exploded a grenade, killing a passenger and wounding two others. He had earlier wounded a flight attendant. [New York Times]
- A total of 10 hostages have been released by the Japanese terrorists who hijacked a Japanese airliner and forced it to Dacca, Bangladesh. They were still holding 141 persons, including 14 crew members. It was reported from Tokyo, meanwhile, that a plane carrying $6 million ransom and six of the nine prisoners whose release had been demanded by the hijackers was on its way to Dacca. [New York Times]
- An official source in India said that International Business Machines had informally told the government that it was shutting down operations in India and would like to complete the withdrawal in six months. I.B.M. and the government have been negotiating terms that would make it possible for I.B.M. to remain in India while complying with its Foreign Exchange Regulations Act, requiring the company to dilute its equity. India wants 60 percent of that equity under control of Indian stockholders. I.B.M.'s regional manager in India said that the company was still waiting on formal notice from the government about its decision on a compromise offered by I.B M. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 847.11 (+7.02, +0.84%)
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 29, 1977 | 840.09 | 95.85 | 21.16 |
| September 28, 1977 | 834.72 | 95.31 | 17.96 |
| September 27, 1977 | 835.85 | 95.24 | 19.08 |
| September 26, 1977 | 841.65 | 95.38 | 18.23 |
| September 23, 1977 | 839.14 | 95.04 | 18.76 |
| September 22, 1977 | 839.14 | 95.09 | 16.66 |
| September 21, 1977 | 840.96 | 95.10 | 22.20 |
| September 20, 1977 | 851.78 | 95.89 | 19.03 |
| September 19, 1977 | 851.52 | 95.85 | 16.89 |
| September 16, 1977 | 856.81 | 96.48 | 18.34 |