News stories from Thursday September 9, 1976

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

Mao Tse-tung is dead. The 82-year-old leader of the Chinese Communist revolution was a figure of almost religious significance to his nation. A brief announcement over public loudspeakers and on radio and television of the death of the Chairman of the Communist Party sent China's people into mourning for the man who had guided a largely backward country to a pre-eminent place.Chinese-American relations will not be set back by Mao's death, Secretary of State Kissinger told a news conference. But, he added, whenever a major figure disappears there is no certainty about what might follow. Moscow's relations with Peking may relax somewhat In the wake of the death of Chairman Mao, but some Soviet experts on China feel that a generation may have to pass before there is any substantial changes. China's political situation seems more uncertain than ever following the death of Chairman Mao. Analysts believe that a transitional collective leadership centered on the new Prime Minister, Hua Kuo-feng, may emerge. [New York Times] Independents and moderates, without whose support no Republican has been elected President since World War II, are supporting Jimmy Carter over President Ford, according to a poll taken by the New York Times and CBS News. The poll also showed, however, that an unusually large number of voters were still undecided. [New York Times] Abortion is a serious problem for him, Mr. Carter said, but the issue might backfire on any presidential candidate who attempted to exploit it. Mr. Carter was presumably referring to a suggestion by Mr. Ford that he intended to make abortion a central campaign issue. The Democratic candidate also took issues with Mr. Ford's assertion that there was no safe way to curtail defense spending. [New York Times] Sweeping tax revisions would result front a bill agreed on by Senate-House conferees after they had adopted the first major estate tax reforms in 35 years. The bill, it was estimated, would provide about $1.6 billion in new revenue to the Treasury in fiscal 1977. The large bill includes new taxes for those who use various tax "shelters." [New York Times] An inadequate defense would result from Pentagon budget cuts and the lowering of troop levels overseas, President Ford told B'nai B'rith. Departing from a prepared text, Mr. Ford read notes sharply critical of Jimmy Carter's national security proposals given to the same audience Wednesday. [New York Times] Denying he took a bribe, Lt. Frederick Borman, a 1974 West Point graduate, said he thought the accusation against him might have been made to embarrass his father, former astronaut Frank Borman, who had been named to head a panel investigating the cheating scandal at West Point. Lieutenant Borman was accused of taking $1,200 to change his vote on an honor-code board by two cadets accused of cheating. [New York Times] Radar images of Venus, obtained by American astronomers, have revealed the first relatively clear picture of what the cloud-enveloped planet looks like. The images showed a possible lava flow the size of Oklahoma, an impact basin similar to those on the moon and evidence of earth-like mountain-building processes. [New York Times] Chrysler's 1977 cars were introduced in Detroit with a forecast by company officials that compact cars will become the "family car" of the 1980's. Chrysler also said that it would make a special short-term effort to sell more of its bigger cars, thereby joining the Ford Motor Company in trying to capitalize on what is seen as a continuing demand for larger automobiles. [New York Times] Stock prices dropped, with the Dow Jones industrial average off 6.07 points, finishing at 986.87. Bond prices eased slightly despite the good reception given new issues. [New York Times] Fifteen people died as the police opened fire on demonstrators in a group of non-white townships around Cape Town. It was the worst single day's death toll in years for "colored" people, as South Africa calls those of mixed ancestry. The deaths shocked many whites, some of whom have attempted to bring the country's 2.3 million colored into an alliance against the country's blacks. [New York Times] Britain's economic strategy faces a serious threat from a seamen's strike called for Saturday. The government and its allies within the labor movement held urgent meetings to find ways to avert the walkout that could seriously damage the government's voluntary system of wage restraints. [New York Times] The Bonhomme Richard, John Paul Jones's flagship, which sank after a victorious battle with the H.M.S. Serapis, may have been found off the English coast. An expedition using a ship normally employed in searching for oil pinpointed with sonar and a magnetometer what is believed to be the remains of the privateer. [New York Times] Russia's grain harvest will be about 10 million tons larger than previous estimates, according to the latest forecasts by the Agriculture Department. The department experts said the Soviet Union would therefore import less grain from the United States. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 986.87 (-6.07, -0.61%)
S&P Composite: 104.40 (-0.54, -0.51%)
Arms Index: 1.30

	Issues	Volume*
Advances	529	4.29
Declines	867	9.11
Unchanged	481	3.14
Total Volume		16.54

* 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*
September 8, 1976	992.94	104.94	19.75
September 7, 1976	996.59	105.03	16.31
September 3, 1976	989.11	104.30	13.28
September 2, 1976	984.79	103.92	18.92
September 1, 1976	985.95	104.06	18.64
August 31, 1976	973.74	102.91	15.48
August 30, 1976	968.92	102.07	11.14
August 27, 1976	963.93	101.48	12.12
August 26, 1976	960.44	101.32	15.27
August 25, 1976	970.83	102.03	17.40