News stories from Friday October 29, 1976

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

The future of Secretary of State Kissinger has aroused wide speculation in Washington. He has indicated to confidants that if President Ford wins Tuesday's election be will stay in his post at least two more years. If Jimmy Carter is elected, Mr. Kissinger will review lucrative offers from publishers for his memoirs and may consider a special post at Harvard. [New York Times] Wisconsin teachers applauded President Ford when he accused Jimmy Carter of bidding for teachers' support with the prospect of federal tax dollars. "You are too sophisticated, too experienced, too knowledgeable to simply throw your weight to the highest bidder," Mr. Ford told 4,000 members of the Wisconsin affiliate of the National Education Association, which has endorsed Mr. Carter. In a busy day, the President campaigned in Milwaukee, Cleveland, St. Louis and Houston. [New York Times] A steady attack on Republican economics was intensified by Jimmy Carter, who likened the Ford policies to the pre-Depression policies of Herbert Hoover and who warned of "more hard times ahead" if President Ford wins next Tuesday. Addressing a big, receptive audience in Philadelphia, the Democratic nominee derided Mr. Ford's assurance that the economy was improving. Mr. Carter also campaigned in New York, Toledo and St. Louis in a westward trek toward California. [New York Times] The Philadelphia rally posed a possibly disastrous threat to Mr. Carter's campaign in Pennsylvania. Mayor Frank Rizzo refused to attend because the Carter staff had invited some leaders of an abortive recall drive against Mayor Rizzo last summer. However, the mayor was persuaded to meet Mr. Carter later and told him he would "win big" in Philadelphia. [New York Times] For broadcast advertising President Ford has spent $4 million more than Mr. Carter. The latest reports show that the Ford campaign committed $11.3 million, while his challenger spent $7.1 million. [New York Times] Eugene McCarthy's bid to regain his place on the New York state ballot as an independent candidate for president was unanimously rejected by the United States Supreme Court. The action came less than five hours after he filed a plea with the court. [New York Times] Economic statistics that have at times given warning of an economic downturn declined in September for the second successive month. The Commerce Department reported a drop of seven-tenths of 1 percent in its index of leading indicators. The report was cited by Jimmy Carter as new evidence that the economy was still in trouble. President Ford and his advisers discounted the significance of the report, the last broad economic index to appear before Election Day. [New York Times] In the agriculture sector of the economy, the government reported that the average prices that farmers got for raw products declined 5 percent from Sept. 15 to Oct. 15. [New York Times] Banks across the country followed the lead of the Continental Illinois National Bank and Trust Company by cutting their prime lending rate to 6½ percent from 6¾ percent, the second quarter-point reduction in barely a month. Among those adopting the lower rate where the nation's two largest banks -- Bank of America and Citibank. [New York Times] Stock prices posted a sharp advance in expanded trading, with gains outnumbering losses by better than a 2-to-1 ratio. The Dow-Jones industrial average rose 12.30 points to close at 964.93, its high for the session. [New York Times] Scathing condemnation of the white Rhodesian government was expressed by black nationalist leaders, who demanded that Britain take full responsibility for a speedy transfer of power to the black majority. On the second day of the Geneva conference, the Africans charged that the government of Prime Minister Ian Smith condoned "brutal atrocities" against prisoners. Mr. Smith called the charges "a complete pack of lies." [New York Times] Koreans in Los Angeles are being intimidated by the South Korean Intelligence Agency for voicing opposition to the Seoul government, according to leaders of the 70,000-member community and law enforcement officials. They said that reprisals ranged from beatings to economic boycotts. An immigrant who criticized the Seoul regime was beaten up in a bar and then vanished, and a Korean-language newspaper lost much of its advertising. [New York Times] A newly disclosed federal inquiry has raised the possibility that American citizens are working illegally on behalf of the South Korean government. Federal officials said that the Justice Department was investigating many groups and persons connected with the Rev. Sun Myung Moon. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 964.93 (+12.30, +1.29%)
S&P Composite: 102.90 (+1.29, +1.27%)
Arms Index: 0.60

	Issues	Volume*
Advances	1,067	12.05
Declines	375	2.56
Unchanged	429	2.42
Total Volume		17.03

* 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*
October 28, 1976	952.63	101.61	16.92
October 27, 1976	956.12	101.76	15.79
October 26, 1976	948.14	101.06	15.49
October 25, 1976	938.00	100.07	13.31
October 22, 1976	938.75	99.96	17.87
October 21, 1976	944.90	100.77	17.98
October 20, 1976	954.87	101.74	15.86
October 19, 1976	949.97	101.45	16.20
October 18, 1976	946.56	101.47	15.71
October 15, 1976	937.00	100.88	16.21