News stories from Tuesday October 18, 1977

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

Argument on energy legislation began in the House-Senate conference committee with the question of letting public utilities insulate homes, fix furnaces and provide loans for insulation. No decision was reached and the pace indicated little hope for speedy completion of even the least controversial of four energy measures. [New York Times] A nuclear waste disposal plan was unveiled by the Carter administration, under which the federal government would undertake the responsibility for the storage and disposal of spent fuel from atomic reactors at home and abroad. It is designed to solve a problem that might otherwise impede the development of nuclear power, an important element in the Carter energy program, and to aid the President's work for nuclear non-proliferation by involving the United States in disposal of foreign reactor fuel. [New York Times] Stocks remained about even, with the Dow Jones industrials registering a fractional gain of 0.17 to close at 820.51 points, while the New York Stock Exchange's index for all common stocks stood unchanged at 51.19. Investors were alert to newly issued earnings reports and possible takeover targets. [New York Times] Complaints of harassment by the National Security Agency are coming from computer scientists and mathematicians whose research touches on secret codes. They speak of a growing threat of sanctions or even prosecution for publishing articles about work they have done, some for universities, some for private industry and some for the government itself. [New York Times] Oral contraceptive users, especially those who are older and those who smoke cigarettes, face a higher risk of pill-related death than previously reported, according to a continuing British study. It found that pill users face an overall death rate 40 percent above that for other women. The study showed that virtually all the greater risk was the result of increased deaths from circulatory diseases. [New York Times] The suicide of Andreas Baader and two other West German terrorist leaders in a maximum security prison followed a few hours after West German commandos stormed a hijacked Lufthansa plane in Somalia, ending an attempt to force their release, according to Bonn officials. A fourth imprisoned terrorist failed in a suicide attempt, Justice Ministry officials in Bonn announced. Public rejoicing at the freeing of the hostages was overshadowed by shock that the three had been able to kill themselves in their cells.Hostages freed in Mogadishu arrived in Frankfurt, West Germany, tense and unsmiling, many barefoot or in stockings with swollen feet from their ordeal. After a reunion with relatives, and with clean clothing, they filed into a hangar for a solemn tribute to the hijacked plane's captain, Jurgen Schumann, killed by the terrorists. The shooting of the pilot prompted the International Association of Airline Pilots Associations to call for a 48-hour strike starting next Tuesday unless the United Nations agreed to meet on ways of preventing hijacking and airborne terrorism. Officials of countries with strict airport security feel their efforts are often useless because of laxity in other countries, including Spain, where the terrorists boarded the plane. [New York Times] More troops for Europe to counter the possibility of a Soviet ground attack on short notice will be provided under a decision announced today by Gen. Bernard Rogers, the Chief of Staff. General Rogers said equipment and manpower would be taken from units in the United States to increase the ability of the Atlantic allies to blunt any Soviet attack in its critical first 30 days. The disclosure underlined Pentagon concern as to the adequacy of forces to counter modernized Soviet forces. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 820.51 (+0.17, +0.02%)
S&P Composite: 93.46 (-0.01, -0.01%)
Arms Index: 0.98

	Issues	Volume*
Advances	697	8.26
Declines	622	7.19
Unchanged	560	4.68
Total Volume		20.13

* 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*
October 17, 1977	820.34	93.47	17.34
October 14, 1977	821.64	93.56	20.41
October 13, 1977	818.17	93.46	23.87
October 12, 1977	823.98	94.04	22.44
October 11, 1977	832.38	94.93	18.11
October 10, 1977	840.26	95.75	10.58
October 7, 1977	840.35	95.97	16.25
October 6, 1977	842.08	96.05	18.49
October 5, 1977	837.40	95.68	18.30
October 4, 1977	842.08	96.03	20.85