News stories from Thursday December 1, 1977
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Under pressure from investigators in his own department, Attorney General Griffin Bell said that he would delay the appointment of a United States Attorney in Pittsburgh pending an inquiry into allegations of payments by George Schumacher, the White House candidate for the post, to Representative Joseph Gaydos, a Democrat from western Pennsylvania. Federal officials said that the payments, totaling $60,000 over four years beginning in the early 1970's, were made to Mr. Gaydos through Mr. Schumacher's law firm. [New York Times]
- The stock market generally outperformed the Dow Jones industrial average by a substantial margin. The average fell 3.99 points to 825.71, but advancing stocks on the New York Stock Exchange outnumbered declining ones by a 4 to 3 margin. Several oil issues on the American Stock Exchange meanwhile made rather large gains, bringing the Amex market value index to near-record levels. [New York Times]
- New consumer protection regulations proposed by the Agriculture Department would require packaged poultry and meat products to weigh very close to what the labels on them say they do at the time of purchase by the consumer. The new rules would permit only a minute weight shrinkage in transit from processor to grocer. They would also require a "drained weight" listing that could not include moisture seepage. [New York Times]
- Latin Americans are angry over the 50 percent rise in United States sugar tariffs announced last month by President Carter and their resentment has been made deeper by his failure to consult Latin American sugar-producing countries, as he had promised. The sugar producers face a potential loss of $60 million a year because of the higher tariffs, which were accompanied by an additional import fee. The United States was committed to consult the sugar-producing countries through a special agency of the Organization of American States. [New York Times]
- A new era in energy imports will begin early next year when tankers carrying liquefied natural gas from Algeria start arriving at a Chesapeake Bay terminal in Cove Point, Md. Every two and one half days, on the average, one of a fleet of nine tankers will deliver enough LNG to heat a city of 100,000 for an entire month. The controversial fuel will pour into this country at an unprecedented volume, but the flow might be cut off by economics. Energy Secretary James Schlesinger has expressed reservations about how the gas imports will be priced. [New York Times]
- White South African voters gave Prime Minister John Vorster's National Party -- which has been in power 29 years -- the biggest majority of any government the country has had since its founding in 1910. In Wednesday's general elections, the National Party won 134 of the 165 Assembly seats, 18 more than it won in the 1974 election. The victory exceeded the government's most optimistic expectations and the Prime Minister said it was an answer to those abroad who have been "interfering in South Africa's internal affairs." [New York Times]
- Arab leaders opposed to Egypt's peace overtures to Israel gathered in Tripoli for a Libyan-sponsored "summit of resistance." "No negotiations, no settlement, no recognition," proclaimed signs posted along Tripoli's streets, reflecting the intransigence of Muammar Qaddafi, the Libyan leader. The assemblage of the Arab leaders, particularly President Hafez al-Assad of Syria, was a symbolic victory for Mr. Qaddafi's oil-financed Arab revolutionary brand of leadership opposed to any concessions to Israel. [New York Times]
|
Stock Market Report
Dow Jones Industrial Average: 825.71 (-3.99, -0.48%)
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 30, 1977 | 829.70 | 94.83 | 22.67 |
| November 29, 1977 | 827.27 | 94.55 | 22.95 |
| November 28, 1977 | 839.57 | 96.04 | 21.57 |
| November 25, 1977 | 844.42 | 96.69 | 17.91 |
| 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 |