News stories from Friday November 4, 1977
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Carter postponed his tour of nine countries that was scheduled to begin Nov. 22 because he wants to be in Washington while Congress completes work on his controversial energy program, administration officials said. A formal announcement of the decision has been delayed so the government of the nations that had invited the President could be informed first. A State Department source said that the trip had been postponed "Indefinitely" and that "an effort will be made to reschedule the trip," possibly as two shorter trips. [New York Times]
- Unemployment rose slightly in October by one-tenth of 1 percent to 7 percent of the nation's total work force. This was about the same as it has been for the last six months, "an unprecedented high level for an economic expansion period," Julius Shiskin, Commissioner of Labor Statistics, told the Joint Economic Committee of Congress. The White House called the report "a disappointment." [New York Times]
- Reader's Digest settled a sex bias suit for more than $1.5 million. The suit was filed in 1973 by eight women employees on behalf of 2,600 former and present women employees. The Digest acknowledged no discriminatory practices, but said it had agreed to the settlement to avoid long litigation. Under the accord, the 2,600 women will share $1,375.000 in back pay; $200,000 more will provide raises for 142 current employees. [New York Times]
- Stock prices rallied briskly across a broad front when investors learned that recent money market maneuvers by the Federal Reserve were of a technical nature. The Dow Jones industrial average rose 7.27 points to 809.94 Transportation and utility issues also advanced. [New York Times]
- Richard Helms was fined $2,000, given a suspended two-year prison sentence and rebuked by a federal judge for having failed to testify fully and accurately to a Senate committee in 1973 when he was director of Central Intelligence about the C.I.A.'s covert operations in Chile. Mr. Helms had pleaded "no contest" to misdemeanor charges on Monday. Judge Barrington Parker told Mr. Helms at the sentencing that "you now stand before this court in disgrace and shame." Mr. Helms told a reporter later that the conviction was a badge of honor and that he felt no disgrace. [New York Times]
- A rebate to consumers of some of the revenues from the proposed oil equalization tax must be agreed to by Senate conferees or no conference report could be passed by the House, said Representative Thomas Ashley, chairman of the House Ad Hoc Energy Committee. The rebates were essential to liberal support, he told reporters after his committee had quit for the weekend. The Senate voted no equalization tax, but suggested some ways in which the money might be spent, such as aid for mass transit and financing for high-risk energy development projects. [New York Times]
- Tentative merger plans were disclosed by the LTV Corporation and the Lykes Corporation, which control two of the country's largest steel companies, and the Justice Department immediately started an investigation of possible antitrust violations. Both parent companies have profitability problems. If completed, the merger would bring together Jones & Laughlin Steel, controlled by LTV, and Youngstown Sheet and Tube, owned by Lykes. [New York Times]
- Alcoa rolled back a price increase of 3 cents a pound on its common alloy sheet and plate that was to be absorbed by its distributors. It did so without a public announcement, but the company confirmed that the rollback of the price increase announced Oct. 7 was being made for competitive reasons. [New York Times]
- A worldwide arms embargo against South Africa was ordered by the Security Council of the United Nations, which also forbade its member nations to help South Africa develop nuclear weapons. The embargo was voted unanimously. It was the first time the Council had ever invoked sanctions against a member of the United Nations.
South Africa assailed the Western nations that joined in approving the United Nations arms embargo against the country. Foreign Minister Roelof Botha said the embargo was an incitement to violence and would stiffen the resolve of South Africans to defend their country.
[New York Times] - Canada told France that it was irritated by the French award of a Legion of Honor to Premier Rene Levesque of Quebec. In a note sent by the External Affairs Ministry, France was reminded that Canadians are not allowed to receive foreign decorations without Ottawa's approval. President Valery Giscard d'Estaing conferred the award while Premier Levesque was visiting Paris, and as the visit ended today the French government made another friendly gesture toward Quebec by agreeing to annual meetings with the Premier. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 809.94 (+7.27, +0.91%)
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 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 |
| October 28, 1977 | 822.68 | 92.61 | 18.05 |
| October 27, 1977 | 818.61 | 92.34 | 21.92 |
| October 26, 1977 | 813.41 | 92.10 | 24.86 |
| October 25, 1977 | 801.54 | 91.00 | 23.59 |
| October 24, 1977 | 802.32 | 91.63 | 19.21 |
| October 21, 1977 | 808.30 | 92.32 | 20.23 |