News stories from Tuesday November 1, 1977

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

President Carter withdrew membership of the United States in the International Labor Organization, touching off bitter criticism at the United Nations, of which the agency is a part. Secretary General Kurt Waldheim called it a retrogressive step and others used stronger language. Reaction was strong from Western as well as third-world diplomats. [New York Times] Employers would pay heavier Social Security taxes than employees for the first time under a bill approved by the Senate Finance Committee. The House has already voted a measure that would maintain the traditional equality of payments. Senate floor debate on Social Security financing is expected to start tomorrow. [New York Times] The American people seem less sure of President Carter's ability to restore their trust in government, according to the latest quarterly New York Times/CBS News poll. It found that out of every six Americans who believed six months ago that he could achieve this, one has changed his mind. Mr. Carter's overall approval rating was down to 55 percent. [New York Times] Justice John Starkey withdrew as trial judge in the case of David Berkowitz, accused of being the "Son of Sam" killer, in New York state Supreme Court. He said only that he had been relieved at his own request. Justice Joseph Corso was appointed to hear the case. [New York Times] The Federal Reserve's tightening of interest rates has further heightened the conflict between the system's chairman, Arthur Burns, and President Carter. The White House had warned two weeks ago against further credit tightening, fearing the effect would choke economic expansion. The discord between the two men on personality as well as policy has become public as the question of Dr. Burns' succession comes up with the expiration of his term Jan. 31. [New York Times] Most of the Carter energy goals are represented in the legislation that might ultimately emerge from Congress, but passage by the Senate of the last of five bills in this field indicates that the final version will have more loopholes and fewer teeth than he sought. Some major provisions he wanted, including the standby gasoline tax, are likely to be missing. [New York Times] Stock prices fell following signs that the Federal Reserve is letting short-term interest rates move higher. Most of last week's 14-point rebound in the Dow Jones industrial average was wiped out when it tumbled 11.44 to close at 806.91. More than 1,000 issues fell in price. [New York Times] Payment of $190,000 to Otto Passman, one of the most powerful Democratic members of the House of Representatives until he lost his Louisiana seat last year, by Tongsun Park, central figure in the investigation of alleged South Korean influence buying, was reported by London sources close to Mr. Park. They said the money was the most he gave to any Congressman and was intended to win support both for his government and for his own business friendships. [New York Times] Personal appeals from President Carter and Secretary of State Vance have gone to Soviet leaders not to go ahead with pending trials of Anatoly Sharansky, an activist on behalf of human rights and Jewish causes, and other dissidents. They have warned such trials would stir up anti-Soviet sentiment and imperil Soviet-American relations. But Washington officials still expect a series of trials on charges of working for Western spy services. [New York Times] The release of Maurits Caransa, the Dutch millionaire who was kidnapped last Friday, was reported by Amsterdam police. He was said to be in good health. A spokesman said Mr. Caransa had been brought to police headquarters during the night but refused to divulge how the kidnapped man had won his freedom. There had been telephoned claims that various terrorist groups were holding him, but police had said none had given any proof that they had him. [New York Times] The Carter Middle East policy was endorsed by slightly over half the Americans who follow developments in that area, according to a New York Times/CBS News poll Oct. 23-26. A similar percentage felt the United States should give its strongest support to Israel even at the risk of an Arab oil boycott. Only 27 percent of those interviewed in he national telephone survey thought the United States should pay more attention to Arab demands at the risk of antagonizing Israel. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 806.91 (-11.44, -1.40%)
S&P Composite: 91.35 (-0.99, -1.07%)
Arms Index: 1.41

	Issues	Volume*
Advances	358	2.84
Declines	1,103	12.32
Unchanged	396	2.01
Total Volume		17.17

* 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 31, 1977	818.35	92.34	17.07
October 28, 1977	822.68	92.61	18.05
October 27, 1977	818.61	92.34	21.92
October 26, 1977	813.41	92.10	24.86
October 25, 1977	801.54	91.00	23.59
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