News stories from Wednesday October 5, 1977
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Vice President Mondale acted without instructions from President Carter when he helped break the Senate filibuster over natural gas, the Vice President said in an interview. He added that neither he nor Mr. Carter knew what the majority leader, Senator Robert Byrd, had in mind when he asked him to come to the Senate. He said he had no time to ask the leaders of the filibuster to drop their tactics. This was the chief Senate complaint about his role on Monday. [New York Times]
- President Carter visited the South Bronx and called the trip "sobering." while praising "the strong effort of tenant groups to rebuild." The trip was seen as an effort to demonstrate a commitment to cities. Mr. Carter said the federal government should help, but he made no commitment.
Mr. Carter offered Mayor Beame, his first important New York supporter, the chairmanship of the Advisory Commission on Intergovernmental relations when Mr. Beame leaves office. He also announced settlement of a long-standing suit against the Department of Health, Education and Welfare that will give 19 states $532 million.
Overtures of reconciliation came from both President Carter and Representative Edward Koch, the Democratic candidate for Mayor of New York City, following Mr. Koch's handing the President a letter of protest on his Middle Eastern policy. The President denied that he was disturbed, and Mr. Koch said he considered him a friend.
[New York Times] - James Schlesinger told energy ministers from other industrialized nations who met in Paris as the International Energy Agency that the Carter energy program was essential for the success of the new plan to limit the West's dependence on imported oil. Unless the plan is carried out, he warned, they would face a major economic and political crisis in the mid-1980's as a physical scramble for energy develops. [New York Times]
- The Carter energy program was set back again when the Senate Finance Committee refused to revive a plan to tax domestic crude oil that is at the heart of his oil conservation plan, adjourning after an hour's debate. Senator Abraham Ribicoff, Democrat of Connecticut, suggested that Mr. Carter draft a new energy program for congressional consideration. [New York Times]
- Stock prices slumped again under the continued impact of fears of rising interest rates. The Dow Jones industrial average dropped 4.68 points to close at 837.32. Wall Street was concerned that other major banks might follow the example of the Wells Fargo Bank, 11th largest in the nation, which raised its rate Tuesday. [New York Times]
- F.B.I. agents looking into organized crime have used information they obtained through illegal wiretaps in false affidavits presented to federal courts in the last five years, according to knowledgeable law enforcement sources. They said this was known to some lawyers in the organized crime section of the Department of Justice, but that the department did not investigate or criticize the practice. [New York Times]
- Stricter rules on drug safety were urged by Joseph Califano, Secretary of Health, Education and Welfare. He called for a "thorough overhaul" of federal laws regulating 100,000 prescription drugs and 250,000 over-the-counter formulations now sold throughout the country. [New York Times]
- A new mobile missile system has won the approval of Defense Secretary Harold Brown for full-scale development funds. It could be the costliest ever undertaken by the United States, and his decision could touch off congressional debate, The weapon would replace the Minuteman missile and could be launched from various points along a tunnel 10 to 12 miles long. [New York Times]
- An agreement on peace conference procedures between President Carter and Foreign Minister Moshe Dayan of Israel improved the chances for a new Middle East conference this year, according to American officials. But they and the Israelis cautioned that Arab countries might reject specific aspects of the "working paper," and the Americans said it would probably take a week or more before a conference could be announced. [New York Times]
- President Carter's signature on two 11-year-old covenants on human rights fulfilled a pledge he made at the United Nations in March and eliminated a source of embarrassment for advocates of a forceful rights campaign. One deals with political and civil, the other with economic and social rights. More than 40 countries, including the Soviet Union, Britain and France, have signed them, but previous American administrations had not acted. [New York Times]
- Burmese Communist guerrillas have significantly widened the range of their operations, with apparent support from traditionally anti-Communist separatist insurgents. With this pressure along Burma's eastern border, President Ne Win made an unexpected visit to Peking, which was interpreted as a request that China withdraw or reduce crucial support being given the Burmese Communists. In Peking he called the trip a "complete success," but Burmese optimism is tempered from past experience. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 837.40 (-4.68, -0.56%)
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* |
| October 4, 1977 | 842.08 | 96.03 | 20.85 |
| October 3, 1977 | 851.96 | 96.74 | 19.46 |
| September 30, 1977 | 847.11 | 96.53 | 21.17 |
| September 29, 1977 | 840.09 | 95.85 | 21.16 |
| September 28, 1977 | 834.72 | 95.31 | 17.96 |
| September 27, 1977 | 835.85 | 95.24 | 19.08 |
| September 26, 1977 | 841.65 | 95.38 | 18.23 |
| September 23, 1977 | 839.14 | 95.04 | 18.76 |
| September 22, 1977 | 839.14 | 95.09 | 16.66 |
| September 21, 1977 | 840.96 | 95.10 | 22.20 |