News stories from Monday November 14, 1977

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

President Carter endorsed a compromise version of the Humphrey-Hawkins full-employment bill that sets a goal of 4 percent unemployment by 1983. His endorsement came after weeks of negotiations between senior administration officials and the bill's two Democratic sponsors, Senator Hubert Humphrey of Minnesota and Representative Augustus Hawkins of California. A spokesman for Congress's black caucus said that its members were satisfied with the bill, which also is supported by 32 non-government groups. [New York Times] The Coast Guard patrolled waters near airports in New York, Philadelphia and Boston, on the watch for craft that might be floating rocket launchers prepared to shoot down West German planes. The patrol was made at the request of the West German government, which has received terrorist threats against Lufthansa airplanes. [New York Times] House and Senate energy conferees made no progress in the first day of debate on an electricity rate bill that would set federal minimum standards for state rate making. Each side announced its willingness to compromise, but voted quickly to reject the other side's position. House conferees spent much of the time defending their bill from charges by utility industry lobbyists that the bill would provide the means for a federal takeover of the rate-setting process. [New York Times] Stock prices dropped despite a rally last Thursday and Friday that provided the best recovery of 1977. The Dow Jones industrial average declined 7.53 points to 838.36, and the transportation and utility averages were slightly lower. Analysts said that the market's decline was not unexpected in view of the sharp rise last week. [New York Times] Successful farm tests increased the possibility that food production might be increased by treating plants with a substance originally isolated from hay alfalfa. Field trials conducted by scientists at Michigan State University indicate that the natural substance derived from alfalfa can raise yields of some crops by as much as 63 percent. [New York Times] The Air Force will allow women enrolled in the Air Force Academy to continue studies if they become pregnant, but the rule against married students attending the academy will still stand. In a policy break with the other armed services, the Air Force will become the first to keep pregnant students in school. [New York Times] A young man took over a small oil refinery in Indiana that had been shut down for eight years and, in only a year, seems to be heading it toward profitability. But he has a silent partner, the federal government, which is diverting $10,000 a day in special benefits to the refinery under a controversial program known as "small refiner bias," which is intended to help small refiners compete against the major oil companies. The program has become the focus of an intense struggle in Washington. [New York Times] President Anwar Sadat of Egypt said he would address the Israeli Parliament on Middle East peace within the next week if he received an invitation from Prime Minister Menachem Begin. Mr. Begin, when told of Mr. Sadat's statement, announced that he would ask the United States to send the invitation on Israel's behalf. It would be the first time any Arab leader has publicly visited Israel since its founding in 1948. [New York Times] South African police officers denied assaulting Stephen Biko, a young black leader who died after 26 days in detention, but they acknowledged that they kept him naked in a cell for 19 days before interrogating him around the clock in an office where he was kept shackled almost steadily for 50 hours. The police testimony brought gasps and whistles from black spectators at the inquest, and revealed more about the procedure of police security than it did about the circumstances in which Mr. Biko died. [New York Times] Cuba's military role in Ethiopia has expanded, according to the State Department, and some individual Cuban soldiers may be fighting against Somali forces in the Ogaden region. Following Somalia's diplomatic break with Cuba and an order to Soviet advisers to leave within a week, the State Department spokesman said this placed Somalia in a far better position to pursue a non-aligned foreign policy. [New York Times] A hotel fire in Manila killed at least 44 people, most of whom were tourists. Two of the dead were said to be Americans. The fire was made worse by 127-mile-an-hour typhoon winds that caused widespread damage on Luzon Island. The fire destroyed the Filipinas Hotel, where 28 persons were still missing. [New York Times] Ethiopia's second-ranking leader, Col. Atnafu Abate, was subjected, according to official sources, to "a revolutionary measure," a euphemism that in the past has meant execution. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 838.36 (-7.53, -0.89%)
S&P Composite: 95.32 (-0.66, -0.69%)
Arms Index: 1.57

	Issues	Volume*
Advances	679	6.72
Declines	817	12.72
Unchanged	399	3.78
Total Volume		23.22

* 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*
November 11, 1977	845.89	95.98	35.26
November 10, 1977	832.55	94.71	31.98
November 9, 1977	818.43	92.98	21.33
November 8, 1977	816.27	92.46	19.21
November 7, 1977	816.44	92.29	21.27
November 4, 1977	809.94	91.58	21.70
November 3, 1977	802.67	90.76	18.09
November 2, 1977	800.85	90.71	20.76
November 1, 1977	806.91	91.35	17.17
October 31, 1977	818.35	92.34	17.07