News stories from Wednesday April 13, 1977

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

President Carter has decided to withdraw his request to Congress for a $50 rebate for most taxpayers, according to administration sources. They said that after several days of debate among his advisers, the President had decided to change his position because key economic indicators were pointing up. [New York Times] President Carter's energy program, still in the draft stage and subject to change, includes proposals to Congress that could raise the tax on gasoline by 5 cents a gallon each year for 10 years, put an end to gasoline price controls next autumn and offer subsidies in the form of tax credits to families who insulate their homes. Producers of natural gas may not welcome his intention of extending federal jurisdiction over pricing of natural gas even to new supplies used within the state of origin. Consumers may not like a proposed new formula for pricing gas. [New York Times] Labor leaders and textile workers urged President Carter to restrict imports of clothing and textiles to save American jobs. George Meany, A.F.L.-C.I.O. president, headed a delegation that called at the White House, with rallies in New York and other major cities. [New York Times] The stock market's net gain of 1.02 points for Dow Jones industrials cheered Wall Street analysts following Tuesday's 13.06 point advance. Although profit taking and an earnings disappointment for International Business Machines Corporation depressed the market at mid-session, it recovered to close at 938.18. [New York Times] Bulk sales of saccharin in tablet or powder form will be permitted, the Food and Drug Administration is planning to announce, but the ban on its use in prepared foods and beverages will stand. Consumers could thus buy the artificial sweetener in containers labeled with a warning that it might cause cancer and add it to beverages or foods prepared at home. [New York Times] Spectacular increases in crop yields have been achieved by adding trace amounts of triacontanol, a substance isolated from alfalfa hay, to soil under cultivation. Scientists at Michigan State University say yields from a broad range of food plants have been increased 10 to 40 percent. [New York Times] Mario Cuomo, now Secretary of State of New York, will have behind-the-scenes encouragement from Governor Carey when he runs for the Democratic nomination for mayor of New York City, according to high state sources. The expected move would strain and possibly rupture relations between Mr. Carey and Mayor Beame, who is expected to announce his bid for re-election next month. Mr. Cuomo, an old friend and close adviser of the Governor, could well become the focus of an effort to oust Mr. Beame from City Hall. [New York Times] A cash reward of $200 was offered by a federation of gun clubs to robbery and assault victims who kill their attackers in New York City. City officials promptly condemned the proposal, which a spokesman for Mayor Beame called "thoroughly sickening and reprehensible." Jerry Preiser, the president of the organization offering the reward, said the object, obviously, was to encourage citizens to defend themselves because of the complete breakdown of the criminal justice system in New York. [New York Times] Private Soviet-American talks are still at loggerheads on procedure for strategic arms negotiations as their public polemics have cooled following the breakdown of their talks in Moscow. Zbigniew Brzezinski, President Carter's adviser on national security, told reporters before a working lunch with the Soviet Ambassador that the Soviet Union has been pressing its own proposal as a basis, while the United States sought discussion of the Carter proposal as well.The United States is willing to revamp its strategic arms proposals but would block any Moscow attempt at bullying to win assent to a nuclear weapons control accord, Secretary of Defense Harold Brown declared. He said the United States would respond if the Soviet Union chose increased strategic forces, and would enable our forces to provide credible, stable deterrence in perceived equivalence. [New York Times] The villagers of Juffure in Gambia have accepted Alex Haley, author of "Roots," as one of their own, whether or not the American is descended from the African Kunta Kinte who became a slave. The late tribal historian who told Mr. Haley of his lineage left a deposition that Kunta Kinte was held on James Island nearby for seven years before being taken to America. [New York Times] Spain's top military leaders agreed after sometimes stormy debate to accept the Spanish government's decision to legalize the Communist Party. The Supreme Council of the Army was reliably reported to have accepted "out of patriotism." The decision was an important government victory. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 938.18 (+1.02, +0.11%)
S&P Composite: 100.16 (+0.01, +0.01%)
Arms Index: 0.89

	Issues	Volume*
Advances	780	10.42
Declines	625	7.42
Unchanged	498	3.96
Total Volume		21.80

* 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*
April 12, 1977	937.16	100.15	23.76
April 11, 1977	924.10	98.88	17.65
April 7, 1977	918.88	98.35	17.26
April 6, 1977	914.73	97.91	16.66
April 5, 1977	916.14	98.01	18.33
April 4, 1977	915.56	98.23	16.25
April 1, 1977	927.36	99.21	17.05
March 31, 1977	919.13	98.42	16.51
March 30, 1977	921.21	98.54	18.81
March 29, 1977	932.01	99.69	17.03