News stories from Tuesday October 25, 1977

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

Hubert Humphrey responded happily to a 30-minute tribute from fellow Senators when he returned, broken in health but not in spirit. He spoke of his love of the Senate, his faith in America and, in a message obviously directed both to his colleagues and to President Carter, of the need for patience and compromise. Drawing on President Johnson's frequent quotation from Isaiah, he said, "Come, let us reason together." [New York Times] Philadelphia's school fiscal crisis was eased when the state of Pennsylvania, responding to urgent appeals, said it would provide $20 million to meet Friday's payroll. Commercial banks said they could not provide short-term credits to the school system pending a state Supreme Court ruling on the legality of a long-term loan for $50 million. A lower court finding that the loan was illegal has been appealed to that body. [New York Times] The oil industry got its way when the Outer Continental Shelf Bill that had already passed the Senate was scuttled in the House Rules Committee. The measure, aimed at more orderly development of offshore oil and natural gas reserves, had been thought sure of passage, but following intense industry lobbying the committee voted 10 to 5 to postpone consideration until next year's session. [New York Times] An ex-officer of Firestone was indicted in a federal court for allegedly stealing most of $1 million in corporate money supposedly being used for illegal political campaign contributions. Robert Beasley, who resigned last year as executive vice president for finance and vice chairman of the board, was accused in effect of cheating his company by taking the money for himself instead of illegally making the contributions. [New York Times] Governor Byrne is running even in the New Jersey gubernatorial race with his Republican challenger, state Senator Raymond Bateman, according to a New York Times-WCBS poll. The incumbent, a decided underdog a month ago, appears to be gaining in popularity, and more than 70 percent of those polled believe that the state income tax, the most important issue, will remain in effect. [New York Times] An inquiry into John Murphy's relations with foreign governments has been started by the Department of Justice. According to officials close to the investigation, they are looking into reports that the Staten Island member of the House of Representatives has used his influence on behalf of Nicaragua and Iran. [New York Times] Stock prices rallied late in the session after initial sharp declines. The Dow Jones industrial average, which had plunged below the 800-point level, recovered to a closing of 801.54 with net loss for the day of 0.78. Some analysts thought this might he a long overdue technical rebound after the dropping of the Dow Jones transportation average had signaled a bear market and probably touched off the day's early selling. [New York Times] U.S. support of an arms embargo that may be imposed on South Africa by the Security Council has been agreed to in principle, according to administration officials. The United states has voluntarily banned such shipments since 1963, but has resisted all previous U.N. efforts to make such action mandatory. [New York Times] A common struggle against terrorism was urged on all political leaders -- East and West -- by President Walter Scheel of West Germany. Speaking at a memorial tribute to Hanns-Martin Schleyer, the industrial leader killed by terrorists, he said the weeks following his kidnapping had been the republic's worst since the war. He said terrorism threatens to spread like a brush fire all over the world. [New York Times] Greece's Premier blames Washington for not using its potential to solve eastern Mediterranean problems. Constantine Caramanlis said serious negotiations on Cyprus would begin promptly if the United States would express indifference to Turkish threats to close American bases in that country. The Prime Minister, who has set parliamentary elections for Nov. 20, said his campaign goal was to demobilize the extreme right and left in Greece by demonstrating broad support for his New Democracy Party. [New York Times] Assassins in Abu Dhabi killed a high official of the United Arab Emirates who was accompanying Syria's visiting Foreign Minister Abdel Halim Khaddam, apparently their intended target. Police officials said a Palestinian living in Syria had been arrested. Three other gunmen were reported to have escaped after the shooting. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 801.54 (-0.78, -0.10%)
S&P Composite: 91.00 (-0.63, -0.69%)
Arms Index: 1.12

	Issues	Volume*
Advances	336	4.22
Declines	1,154	16.27
Unchanged	394	3.10
Total Volume		23.59

* 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 24, 1977	802.32	91.63	19.21
October 21, 1977	808.30	92.32	20.23
October 20, 1977	814.80	92.67	20.52
October 19, 1977	812.20	92.38	22.03
October 18, 1977	820.51	93.46	20.13
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