News stories from Tuesday November 15, 1977

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

The Shah of Iran's arrival at the White House was disturbed by drifts of tear gas as his supporters and opponents clashed outside the grounds, leaving 92 demonstrators and 27 policemen injured. President Carter at his first meeting with the Shah affirmed his full support of the special relationship between the two countries, according to a White House statement. [New York Times] Two parts of the death penalty law in New York state were declared unconstitutional by its highest court. The Court of Appeals ruled 4 to 3 that the sections mandating the death penalty for those convicted of intentionally killing police and prison officers who are performing their duties failed to meet the standards set by the Supreme Court of the United States in 1976. That decision said there must be opportunity to consider the individual offender and the circumstances of a particular offense. The decision did not rule on the constitutionality of a section mandating the death penalty for a murder by a convict already serving a life sentence. [New York Times] The armed forces are losing more than 40 percent of their recruits before completion of their first term in the service, according to an Assistant Secretary of Defense. The discharge rate is twice what it was in the days of the draft. The Pentagon official ascribed this to increasing difficulty in attracting high school graduates and said the discharge rate for non-graduates was as high as 50 percent. [New York Times] The oil industry's attitude toward President Carter's energy plan is laden with myths and paranoia, Energy Secretary James Schlesinger told the annual meeting of the American Petroleum Institute in Houston. He appealed for its support, saying the plan was intended to be balanced by national concepts of equity. The government's objective, he said, is to see the American oil industry flourish. [New York Times] Stock prices recovered after early weakness with glamour issues taking the lead. Trading volume increased. The Dow Jones industrial average regained a large part of Monday's drop to close at 842.78 points, a gain for the day of 4.42. [New York Times] I.B.M. will halt manufacturing and marketing in India, the computer giant announced, rather than comply with an Indian law requiring most foreign companies to divest 60 percent of their equity within India this year unless manufacture is strictly for export. Historically, International Business Machines has insisted it must run the show to keep it efficient. [New York Times] Removal of pornography and prostitution from the Times Square area was set as a goal by New York City's Mayor-elect, Edward Koch, in a speech to the Broadway Association. Later he said he had no specific measures to recite at the moment. He recalled his campaign proposal for "adult pleasure zones" in non-residential, non-commercial areas such as the deserted West Side piers. [New York Times] An experiment in chewing gum for the National Institute for Dental Research has been suspended by the New York State University at Stony Brook, Long Island, following reports that massive doses of the natural sweetener xylitol had caused cancer in laboratory animals. Affected were 160 sixth-graders at a school in Mastic Beach, L. I., who were three days into a three-year experiment in testing evidence that xylitol reduces tooth decay. [New York Times] Israel sent a formal invitation to President Anwar Sadat of Egypt to visit Jerusalem and to address Israel's Parliament. Prime Minister Menachem Begin's invitation, approved overwhelmingly by the Parliament, was given to the American Ambassador in Israel for relay by the American Ambassador in Egypt to Mr. Sadat. It was in response to the Egyptian leader's remarks that he was willing to visit Israel in his quest for Middle East peace.President Sadat said he was ready to make a visit to Israel as soon as possible and was not setting any conditions. Talking to visiting American Congressmen about his latest initiative, Mr. Sadat said real security for Israel would be to agree to live together with neighboring Arab countries in peace. Washington welcomed the projected visit, stressing its hope that the unprecedented event would improve the chances for a Geneva peace conference, not serve as a substitute for it. Carter administration officials indicated surprise. It was noted that there was no indication of any narrowing of the substantive issues between the two countries. Officials tended to see President Sadat's visit to Syria tomorrow to confer with President Hafez al-Assad as crucial to the convening of a conference. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 842.78 (+4.42, +0.53%)
S&P Composite: 95.93 (+0.61, +0.64%)
Arms Index: 0.61

	Issues	Volume*
Advances	978	18.53
Declines	486	5.60
Unchanged	436	3.61
Total Volume		27.74

* 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 14, 1977	838.36	95.32	23.22
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