News stories from Friday November 26, 1976
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Bert Lance, the first person assured of a cabinet-level post in the Carter administration, will soon go to Washington to work on "transitional budgetary matters," a spokesman for the President-elect said. The announcement was seen as a new signal that the Georgia banker might become director of the Office of Management and Budget, but the spokesman said there had been no final decision. [New York Times]
- Trustees of the Teamster union's major pension fund have agreed to begin talks with the federal government about the management of the fund's $1.4 billion in assets, the Internal Revenue Service announced. The assent was the price the service got for granting a third suspension of the revocation of the fund's tax-exempt status. [New York Times]
- Import duties on some European brandies were raised by President Ford in a partial restoration of tariffs reduced in 1974. An administration trade official said that the increases had been ordered because, despite intensive bargaining, the Common Market had refused to cut its import duties on American poultry, particularly turkeys. [New York Times]
- Higher prices for sheet steel are planned by four more of the nation's top 10 steelmakers. Armco, Inland, Youngstown Sheet and Tube and Wheeling-Pittsburgh said they would raise the price by 6 percent on Dec. 1. Their actions followed the lead of National Steel and Jones & Laughlin. There was no word on the plans of the industry's three leading manufacturers -- United States Steel, Bethlehem Steel and Republic Steel. [New York Times]
- Stock prices rose on a broad front in low, semi-holiday volume. There was special interest in lesser-known issues. The Dow Jones industrial average advanced steadily, gaining 5.66 points to close at 956.62. [New York Times]
- A new inquiry into the 1973 murder of Barbara Gibbons was ordered by Gov. Ella Grasso of Connecticut, who also asked an inquiry into the prosecution of murder charges against Peter Reilly, the slain woman's son. Charges against the 21-year-old youth were dropped Wednesday after a county prosecutor said he had found evidence exonerating the youth in the files of his predecessor. [New York Times]
- The global economic crisis was attributed to bad management by governments, not ideology, by West German Chancellor Helmut Schmidt, Addressing leaders of 62 Socialist parties from the non-Communist world, Mr. Schmidt said in Geneva that the crisis affected all countries, no matter what type of governments they had, and that a solution lay in each government's will to combat inflation at home. [New York Times]
- A deadlock was broken at the Geneva conference on Rhodesia when two black nationalist holdouts accepted a British formula fixing March 1, 1978, as the date for the territory's formal independence under black control. The conferees can now discuss the structure of a projected biracial interim government to supervise transition of power from the 270,000 whites to the six million blacks. [New York Times]
- Major changes in the concordat that has governed Italy's church-state relations since 1929 are embodied in proposals agreed on by the Rome government and the Vatican. The proposals include ending recognition of Roman Catholicism as the state religion and concessions by the Vatican on marriage laws and religious education. Parliament must approve the plan. [New York Times]
- Initial use of nuclear arms by either side in a conflict would be barred under a proposal made to Western nations by the Soviet-led Warsaw Treaty Organization. Leaders of the seven Eastern European countries, meeting in Bucharest, also approved the first major structural change in the alliance since 1969. According to Rumanian sources, the change would dilute the military character of the alliance by developing its political functions. [New York Times]
- A chemical company owned by the Canadian government was accused in 1973 of paying nearly $2 million in kickbacks to foreign customers. A report of the allegations was given to Parliament by Prime Minister Pierre Trudeau, who acknowledged under questioning he had not pursued the matter in the 3½ years since he first learned of it. [New York Times]
- Rescue efforts were widened to aid victims of a severe earthquake in eastern Turkey. Sources predicted the final death toll would total 4,000. [New York Times]
- British industrial leaders unexpectedly opposed stringent deflationary measures that London is expected to take soon to qualify for a $3.9 billion loan from the International Monetary Fund. The industrialists urged the government to channel resources from the public to the private sector. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 956.62 (+5.66, +0.60%)
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* |
| November 24, 1976 | 950.96 | 102.41 | 20.42 |
| November 23, 1976 | 949.30 | 101.96 | 19.09 |
| November 22, 1976 | 955.87 | 102.59 | 20.93 |
| November 19, 1976 | 948.80 | 101.92 | 24.55 |
| November 18, 1976 | 950.13 | 101.89 | 24.00 |
| November 17, 1976 | 938.08 | 100.61 | 19.90 |
| November 16, 1976 | 935.34 | 100.04 | 21.02 |
| November 15, 1976 | 935.42 | 99.90 | 16.71 |
| November 12, 1976 | 927.69 | 99.24 | 15.55 |
| November 11, 1976 | 931.43 | 99.64 | 13.23 |