News stories from Friday November 25, 1977

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

A national strike by coal miners on Dec. 6 is "inevitable," Arnold Miller, president of the United Mine Workers of America, said as he walked out of contract negotiations. Today was the effective deadline for averting a walkout by that date, but stockpiles of coal at electric and steel plants were termed unusually large this year. [New York Times] The nation's basic money supply rose modestly in the latest banking week, Federal Reserve figures showed. The slower growth in money, to $333.9 billion for the week ended Nov. 16, continues a longer-run decline. The Fed's statistics also show that the money market's basic lending rate averaged 6.51 percent in the week, reflecting what analysts consider a more stable money market interest rate position by the Reserve. [New York Times] Steel plants can be reopened with federal funds available under existing programs, according to the chief of the Carter administration's task force on aiding the steel industry. He urged officials from the Youngstown, Ohio, area to make a study in the hope of reopening the Campbell Works. The plant is being phased out, leading to the permanent layoff of 5,000 workers. [New York Times] Stock prices gained modestly amid a semi-holiday mood on Wall Street. Advances outpaced declines on the New York Stock Exchange by a ratio of 7 to 5. The Dow Jones industrial average advanced 1.12 points to 844.42, bringing the indicator's gain for the week to 8.5 points. [New York Times] An abundance of crops that are benefiting few, economically or politically, is causing problems for the Agriculture Secretary, Bob Bergland. Farm prices for grain and livestock have improved slightly in recent weeks, but many farmers complain that the Carter administration did not press for higher price supports and subsidies in its new farm bill. What Mr. Bergland and the administration do about farm problems may determine whether Democratic Congressmen from rural districts win re-election.Farmers threatened a national strike over high production costs and low crop prices. In their protest, more than 4,000 tractors and 10,000 farmers and their families rolled into President Carter's hometown of Plains, Ga. [New York Times] Arrests of rioters in last July's blackout in New York City "at no point" led to a complete breakdown in the city's criminal justice system, according to a committee appointed by Governor Carey. But the 18-member study panel concluded that nearly two-thirds of those arrested had to wait at least three days in "overcrowded" and "inhumane" conditions before their first court appearance and said that the city had no updated, comprehensive plan for such an emergency. [New York Times] Syria ruled out participation in a Geneva conference on the Middle East under present circumstances. However, it left the door open to a negotiated settlement by saying it was not ready to join a "rejectionist" camp. The top spokesman in Damascus said that the visit to Israel by President Anwar Sadat of Egypt had created a serious obstacle to a Geneva meeting because it divided the Arabs and "made the Israeli leaders more adamant in their rejection of the Palestine Liberation Organization" and withdrawal from Arab lands. [New York Times] Israel was condemned for occupation of Arab lands by the United Nations General Assembly despite a plea by Israel that it not interfere with a "new spirit of peace" following the visit to Jerusalem by President Anwar Sadat of Egypt. The vote was 102 to 4, with 29 abstentions. The United States, Canada, Israel and El Salvador voted against the resolution. [New York Times] Thailand has hardened its attitude toward Vietnamese refugees. Until this fall the country was a major haven for those fleeing Indochina in small boats during the two and a half years since the Communist victory. Thailand has given reluctant shelter to nearly 100,000 refugees, mainly from Laos, but the Thais have now begun sending the "boat people" back to sea. [New York Times] A death sentence was imposed on a former Philippine senator who was the main political rival of President Ferdinand Marcos. Benigno Aquino, Jr. was sentenced by a seven-member military court to die by a firing squad on charges of subversion, murder and illegal possession of firearms. Two co-defendants were also condemned to death. Mr. Aquino has been under arrest since 1972. [New York Times] A critical battle in the Ogaden war was taking place in and around the ancient walled city of Harar, which Somali forces are seeking to take from Ethiopian control. Neither side has yet claimed victory. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 844.42 (+1.12, +0.13%)
S&P Composite: 96.69 (+0.20, +0.21%)
Arms Index: 0.75

	Issues	Volume*
Advances	871	10.16
Declines	518	4.55
Unchanged	434	3.20
Total Volume		17.91

* 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 23, 1977	843.30	96.49	29.15
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