News stories from Tuesday March 15, 1977
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The value of Howard Hughes's estate was listed at about $168 million in papers filed by its administrators. Mr. Hughes had almost always been identified as a billionaire. Some of his former associates said that they believed the appraisal was too low. [New York Times]
- The drought has been eased in the Northern Plains and Rocky Mountain states by driving rains and snowstorms, but the storms did cause some damaging side effects, according to Washington meteorologists. Since compilation of data for last week there has been new precipitation in the West Coast as well as in the Central and Northern Plains. [New York Times]
- A February comeback in industrial production after the slump triggered by January's cold was reported by the Federal Reserve Board. There were indications that the trend was continuing in March, with the automobile industry planning a major production catch-up and the steel industry reporting that its output was up for the fifth consecutive week. Even the January decline was smaller than originally estimated, the Reserve said, revising its figure from 1 percent to 0.8 percent. [New York Times]
- The Carter administration is stepping up pressure to get its tax stimulus program through the Senate, where the President's plan for a $50 income tax rebate, which narrowly passed the House, was also reported to be in trouble. Senator Russell Long, the Finance Committee chairman, lunched in the Oval Room with Mr. Carter where they discussed a wide range of economic issues. [New York Times]
- Stock prices continued to rise on the biggest volume in five weeks. with Dow Jones industrials closing up 6.65 points at 965.01. Bond prices rose moderately and some key issues sold relatively quickly. [New York Times]
- Japanese color television makers called the increase in import duties recommended to President Carter by the United States International Trade Commission much more severe than expected. Tokyo officials said Japan would soon propose government-level talks with the United States on the issue. [New York Times]
- The Central Arizona Project, biggest of the 19 federal water projects trimmed by President Carter from his proposed budget, could well be scaled down in the opinion of many state officials. Its most controversial element, the Orme Dam, which many environmentalists oppose vehemently, seems likely to he abandoned. [New York Times]
- A "super-saver" air fare proposed by American Airlines for service between New York and the West Coast at rates 35 to 45 percent below standard fares won Civil Aeronautics Board approval and will go into effect April 24. Other airline discount-fare proposals are under consideration. [New York Times]
- Walter Annenberg withdrew his proposed gift of $40 million to the New York Metropolitan Museum of Art to finance a fine-arts center a day after a public hearing on the project. He had threatened to cancel the arrangement unless it got overwhelming approval from the trustees and those responsible for civic affairs, and opposition persisted. This threat appeared in an "open letter" from Mr. Annenberg published as an advertisement in the New York Times. [New York Times]
- A New York City police officer was convicted in a departmental trial of causing the "wrongful death" of a student even though he was acquitted in Brooklyn Supreme Court last month of murder charges in the fatal shooting. The department's trial commissioner said he did not criticize the earlier jury, but said there was no doubt that the white officer had killed the black student and had planted a toy gun by his body. [New York Times]
- Tomorrow's election in India is viewed as crucial for the country's democracy by both the governing party of Prime Minister Indira Gandhi and the opposition, with the harsh emergency rule of the last year and a half virtually the only issue. With 318 million voters eligible to choose the new Parliament, it will once again be the largest exercise of popular franchise ever recorded in history. [New York Times]
- Aid for Zaire, urgently requested to help repel invading forces from Angola, was announced by the State Department. Military equipment in the form of spare parts, parachutes, medical supplies, combat backpacks, communications materials, combat rations and mobile fuel containers, will be sent tomorrow by chartered air freighter, with another departure later this week. Unconfirmed reports from Zaire said Cubans based in Angola were leading the attacking forces. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 965.01 (+6.65, +0.69%)
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* |
| March 14, 1977 | 958.36 | 101.42 | 19.29 |
| March 11, 1977 | 947.72 | 100.65 | 18.23 |
| March 10, 1977 | 946.73 | 100.67 | 18.52 |
| March 9, 1977 | 942.90 | 100.10 | 19.68 |
| March 8, 1977 | 952.04 | 100.87 | 19.52 |
| March 7, 1977 | 955.12 | 101.25 | 17.41 |
| March 4, 1977 | 953.46 | 101.20 | 18.95 |
| March 3, 1977 | 948.64 | 100.88 | 17.56 |
| March 2, 1977 | 942.07 | 100.39 | 18.01 |
| March 1, 1977 | 944.73 | 100.66 | 19.48 |