News stories from Monday October 3, 1977
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- An end to the Senate filibuster against deregulation of natural gas prices was forced by the majority leader, Robert Byrd, through an unusual maneuver that overrode Senate customs. The strategy outraged many Republicans and Democrats and nearly resulted in an extraordinary repudiation of the majority leader, but made possible a quick vote, probably tomorrow, on the pricing issue. [New York Times]
- The United States issued its first ruling against "dumping" in many years, against the Japanese steel industry. The ruling affects five exporters of carbon steel plate that were found to be selling in the American market at prices substantially below their costs. The finding by the Treasury Department could have the effect of reducing imports by sharply increasing the American tariff on the structural steel that comes from the five Japanese suppliers, even though the ruling was limited to a specific product. [New York Times]
- Starting in 1982, participation in the Social Security System would be mandatory for all federal, state and local government employees, under a vote by the House Ways and Means Committee. The panel has been working on a Social Security financing bill that would ease deficits that have been draining the federal old-age disability trust funds. [New York Times]
- The Supreme Court began the first day of its new term with the announcement that it will review an appeals court's decision prohibiting the allegedly monopolistic joint ownership of newspapers and radio and television stations in the same community, consolidating six cases.
The Court left standing a court-ordered desegregation plan for Wilmington, Del., merging the city's heavily black district with 11 surrounding suburban counties. The Court also left standing a Washington state court ruling that homosexual teachers can be dismissed, and also declined to review a case involving a homosexual teacher and a local school board in New Jersey.
[New York Times] - Two mayoral candidates in New York City attacked President Carter for the American-Soviet declaration on a new Middle East peace conference. Representative Edward Koch, Democrat, who was about to receive Mr. Carter's campaign blessing, called the American move "outrageous," while Mario Cuomo, the Liberal nominee, said Mr. Carter was using "mailed-fist" techniques to make Israel submit to the P.L.O. [New York Times]
- Wall Street's biggest merger of securities companies has been proposed. If stockholders approve, the parent companies of Dean Witter and Reynolds Securities will be combined into the Dean Witter Reynolds Organization Inc. The principal brokerage subsidiaries of the two corporations, Dean Witter & Company, and Reynolds Securities Inc. would be linked as Dean Witter Reynolds Inc. Stockholders of both parent corporations will vote on the proposal at special meetings in December. [New York Times]
- Stock prices rose, encouraged by further signs that the economy was improving. The Commerce Department reported that factory orders in August were up 2.3 percent and shipments 1.6 percent, reversing July declines. The Dow Jones average gained 4.85 points, closing at 851.96, The advance would have been greater if investors had not been anticipating another credit tightening by the Federal Reserve. [New York Times]
- Indira Gandhi was arrested at her home in New Delhi on two charges of official corruption, while many of her supporters shouted in protest. Four of Mrs. Gandhi's former cabinet ministers and several other associates were arrested on related charges. Her arrest, the former Prime Minister said, was "political." [New York Times]
- The United States is concerned, Secretary of State Vance said, about Israel's condemnation of the Soviet-American declaration of principles to govern a Middle East peace conference. The vehemence of the pro-Israeli reaction stung U.S. officials on the eve of President Carter's visit to address the United Nations. [New York Times]
- The hijackers of a Japanese airliner surrendered in Algeria, where the plane landed after a six-day trip that included stops in Bangladesh, Kuwait and Syria. The five gunmen, members of the extreme leftist Japanese Red Army, freed the remaining 19 of their original 151 hostages. Six Japanese terrorists who had been freed from jail as part of the hijackers' demands also surrendered. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 851.96 (+4.85, +0.57%)
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 30, 1977 | 847.11 | 96.53 | 21.17 |
| 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 |