News stories from Wednesday November 16, 1977
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Donald Tarleton has resigned as head of the regional office of the Comptroller of the Currency in Atlanta. His actions in handling the bank in Georgia of former Budget Director Bert Lance are still under Justice Department investigation. He was said to have accepted a post with a bank holding company in the Northwest with branches in three states. [New York Times]
- Jobs in many cities for the foreseeable future will get federal financing, Secretary of Labor Ray Marshall said in New Orleans where he went to address the United States Conference of Mayors. Even after the economy improves, he said, billions of dollars will have to be retained to finance public service jobs in areas of particularly high unemployment. [New York Times]
- The fragility of the international financial system is illustrated in a Senate subcommittee report showing how the insolvency of Indonesia's state oil monopoly in 1975 almost triggered a series of defaults on foreign bank loans of at least $6.5 billion. Active intervention by the State Department helped prevent a major crisis, but international banking still faces the need to finance the oil-importing countries' enormous deficits. The International Monetary Fund is creating a new $10.2 billion fund to increase its role of supplementing private lending. [New York Times]
- Stock prices continued the week's see-saw pattern, turning lower late in the session. The Dow Jones industrial average closed down 5.72 points at 837.06. [New York Times]
- New federal standards for setting rates for retail electricity, aimed at encouraging its use in off-peak hours, appeared closer following a meeting of House and Senate conferees. Both sides made it clear that the Power Authority of the state of New York would not be required to equalize upstate and downstate rates. [New York Times]
- Non-smokers are more aggressive, abetted in part by evidence that tobacco burned by others may harm them. Thirty-three states and many more cities and counties now have some restrictions on smoking of tobacco in public places. [New York Times]
- The Shah of Iran said before leaving Washington that as a result of his talks with President Carter his country would work actively against an increase in oil prices next year. Iran, once a leader in the call for increased oil prices, earlier had decided to let others take the lead and planned to remain neutral. Iran is now willing, he said, to "give you a break." [New York Times]
- A pivotal House of Commons vote gave Britain's Labor government a comfortable 313-287 victory in its historic effort to grant partial self-government to Scotland and Wales. Prime Minister James Callaghan, who has been arguing for months that this was essential to Labor's election prospects, especially in Scotland, succeeded in bringing many formerly rebellious party members into line. [New York Times]
- Talks began in Damascus between President Anwar Sadat of Egypt, who is seeking to rally the Arab countries for a new Middle East peace conference in Geneva, and President Hafez al-Assad of Syria, where separate moves such as President Sadat's offer to go to Jerusalem have been traditionally opposed as undercutting Arab unity. After apparently intense discussions, a communique said they agreed to coordinate their efforts, but it did not mention the proposed visit to Israel. [New York Times]
- Disturbed at Cuba's African role, with a steadily expanding military presence in Angola, Ethiopia and other countries, the Carter administration sees no hope of re-establishing full diplomatic relations with Havana in these circumstances. High administration officials disclosed new evidence of several hundred Cuban combat deaths in Angola. They interpret the Cuban buildup there and in 11 other countries as a deliberate plan by Prime Minister Fidel Castro to intervene in Africa much as he did earlier in Latin America. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 837.06 (-5.72, -0.68%)
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 15, 1977 | 842.78 | 95.93 | 27.47 |
| 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 |