News stories from Sunday August 14, 1977

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

David Berkowitz. the accused .44-caliber killer, is expected to be indicted for murder today in state Supreme Court in Brooklyn. The proceedings may be tangled by a dispute over which of two lawyers may represent him. [New York Times] The strong friendship between President Carter and Bert Lance, rooted in their Georgia backgrounds, is showing signs of stress. There was hardly a day from January to July when they did not see each other. Now, as the two men await the findings of a federal investigation into Mr. Lance's banking affairs, it was 17 days as of Saturday since the President had talked with his budget director. [New York Times] President Carter's son Chip and his wife, Caron, whose imminent separation has been reported, attended First Baptist Church in Washington with their 5-month-old son and the senior Carters. As if to counter the reports, they smiled at each other frequently and after the service walked out holding hands. [New York Times] The question of whether the federal funds rate should be set higher than 6 percent will most likely be considered on Tuesday in Washington by the Federal Reserve's 12-man policy-setting open market committee. [New York Times] New restrictions on electronic surveillance that are often favored by the Federal Bureau of Investigation are being opposed by the Carter administration. The administration's view will be presented in a Justice Department brief to the Supreme Court this fall. It appears to conflict with a recent speech by Vice President Mondale that favored strengthening the power of Congress and the courts over electronic monitoring. [New York Times] There are some rays of hope for the stock market's recovery from the slide it took last week after getting a big shove from the higher short-term rates set by the Federal Reserve. Good signs for a pickup this week are the bond market where prices have been remarkably stable while stock prices skidded, and the big institutional investors who have been doing very well. If the institutionals decide the time is right, the stock market could benefit mightily from an influx of their funds. [New York Times] President Carter announced that he would meet with the foreign ministers of Israel and the Arab states when they visit the United States next month. He pledged that despite wide differences between the two sides he would "do all that is possible" to bring about a peace settlement. [New York Times] Prime Minister Menachem Begin's emergence as a leader of unquestioned domestic strength in Israel reflects, according to politicians and ordinary people, not only a remarkably rapid growth of authority in the less than three months he has been in office, but some underlying changes in Israeli society. Some people compare him to Israel's first chief of state, the doughty David Ben-Gurion. [New York Times] Meanwhile, Israel announced that it was extending government services to inhabitants of the occupied West Bank and Gaza Strip, granting them equal rights, the same as those enjoyed by residents of the state of Israel. This puzzled Israelis and Arabs. Some government critics said they suspected a tacit move toward annexation of the territories. [New York Times] The Principality of Monaco has pulled out of a state of decline as a resort for the very rich who had favored it, and is again firmly established as a popular summer resort and its prospects for regaining its winter tourist business are said to be good. The rich are coming back. "Today, Monaco is the last place in Europe where the rich feel at ease," said one of the officials who guide Monaco's economy. The resort's turn for the better dates back 10 years to when the government of Prince Rainier forced the late Aristotle Onassis out as the biggest investor in the Societe des Bain de Mer, which owns most of Monte Carlo's hotels and casinos, and nationalized it. [New York Times]