News stories from Wednesday November 23, 1977

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

Bert Lance is under investigation by a federal grand jury in Atlanta, Justice Department sources said in Washington. A three-man Justice Department panel appointed two months ago by Deputy Attorney General Peter Flaherty has been inquiring into his personal and business finances. The inquiry was expanded to include the grand jury after the panel told Mr. Flaherty that "additional steps" were needed to complete its task. [New York Times] Farm land prices are down in most major grain-growing areas for the first time in many years because of the sharp decline in farm income, according to agricultural economists and real estate brokers. The trend could mean deeper trouble for farmers who have borrowed heavily during the long decline in grain prices, using what had been increasing land values to support their credit needs. Bankers say a farm credit squeeze has begun and that a continued decline in land values could further limit farm financing. [New York Times] No retreat on energy was the word from the White House, where presidential assistants said recent remarks by the Secretary of Energy, James Schlesinger, did not signal any shift. They added that Mr. Carter might veto energy legislation if it is seriously weakened or transformed into an undue bonanza for oil companies. They said he would accept only those compromises palatable to House Democrats who have backed his program. [New York Times] The dollar hit all-time lows against Japanese, West German and Swiss currencies, with the stagnant performance of the American economy cited for the lack of confidence. At a meeting in Paris, American monetary experts warned their industrial allies that the heavy United States deficit in international accounts would continue, but they argued that such deficits need not further weaken the dollar. [New York Times] Stock prices forged ahead across a broad front with volume exceeding 29 million shares. Although the Dow Jones industrial average recorded only a modest 0.78 rise to close at 843.30, gainers on the New York Stock Exchange outnumbered losers by 5 to 2. [New York Times] No-frills Florida air fares between New York and Miami or Fort Lauderdale won approval from the Civil Aeronautics Board, enabling the service to go into effect as scheduled on Dec. 1. One-way will be $55 on Mondays through Wednesdays and $75 on Thursdays through Sundays. [New York Times] The case of Dr. James Cramer, a sociologist who alleged sex discrimination when two university jobs for which he applied were given to women with lower qualifications, does not stand alone. More white males are filing suits against affirmative action programs that favor women and minorities and are finding support in federal courts. Federal officials say the programs are in serious jeopardy. [New York Times] Secretary of State Vance's effort to persuade the President of Venezuela, Carlos Andres Peres, to impose an oil price freeze next year has been unsuccessful. Mr. Vance said after a three-hour meeting in Venezuela that they agreed on everything except oil prices. President Peres, who has advocated a Jan. 1 increase of 5 to 8 percent, said after the meeting that increases in prices of imports from industrial countries justify an increase. [New York Times] Israel must decide soon, Foreign Minister Moshe Dayan told the nation, on its "last ditch" positions in negotiations for which the time is ripe with all its Arab foes. These are the questions of ultimate borders, of the Palestinians and of the nature of the peace to be negotiated. He said Israel must be ready to move during peace talks, and equally ready with a thought-out plan to stand firm if the Arabs proved too adamant in their demands. [New York Times] Indian villagers are struggling to put their lives back together following the cyclone and flood that took at least 7,000 lives -- fewer than estimated earlier -- along the southeastern coast. Where the storm was worst there was almost nothing left of at least two dozen villages, and no one left alive to do the work. [New York Times] An earthquake killed at least 70 people, injured hundreds and demolished thousands of homes in western Argentina, the government reported. The government dispatched doctors, medicine and blood plasma to the agricultural region and called out soldiers to help dig through rubble for victims. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 843.30 (+0.78, +0.09%)
S&P Composite: 96.49 (+0.40, +0.42%)
Arms Index: 0.68

	Issues	Volume*
Advances	1,048	19.44
Declines	441	5.59
Unchanged	412	4.12
Total Volume		29.15

* 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 22, 1977	842.52	96.09	28.30
November 21, 1977	836.11	95.25	20.11
November 18, 1977	835.76	95.33	23.93
November 17, 1977	831.86	95.16	25.11
November 16, 1977	837.06	95.45	24.95
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