News stories from Wednesday September 8, 1976

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

Jimmy Carter was "contradictory" in his statements about F.B.I. Director Clarence Kelley, President Ford said at a news conference. He said that Mr. Carter "showed a lack of compassion" in saying that Mr. Kelley should have been dismissed for accepting gifts from subordinates at a time when his wife was terminally ill. The President also said he was "confused" by Mr. Carter's statement that he was uncertain whether he would retain Mr. Kelley at the F.B.I. [New York Times] Morality in foreign affairs would be the goal of a Carter administration, the Democratic candidate told the B'nai B'rith convention. While he gave no details, Mr. Carter suggested the United States would do more good by using its foreign policy as a lever to advance human rights in Communist countries and in repressive regimes friendly to the United States. [New York Times] Admitting error, former Gulf Oil lobbyist Claude Wild said he never gave Senator Robert Dole $2,000 in 1970 for Republican candidates as he had said he had done. He explained that he had come to believe that he had put the money in a safe deposit vault. Mr. Wild made a public apology to Mr. Dole, who accepted it. [New York Times] The first debate between the presidential candidates will be held in a 167-year-old theater in Philadelphia, the League of Women Voters announced. Almost simultaneously, however, the candidates of a minor party filed suit in federal court to halt the debates on the ground they violated the communications and election laws. [New York Times] "Are you now a member of the Communist Party, U.S.A., or any subdivision of the Communist Party, U.S.A." will no longer be asked of applicants for federal jobs. The Civil Service Commission ordered the deletion of all political loyalty questions from standard job applications to comply with a recent court ruling. [New York Times] Pervasive cheating and other dishonest practices at West Point were alleged in sworn affidavits from 65 cadets accused of cheating. The statements asserted that nearly 700 other cadets had engaged in such practices as cheating in academic courses, lying to officers and even "fixing" student honor boards to obtain not-guilty verdicts. [New York Times] Stock prices encountered profit-taking pressures and the Dow Industrial average closed down 3.65 at 992.94. Credit markets were quiet and firm as the corporate sector awaited new low rates for utilities. [New York Times] A public warning about conditions at Attica prison made in July has cost the man who made it his job. Scott Christianson, chief of the State Commission of Correction team that reported on conditions at the troubled prison, said it had been made clear to him that the commission did not approve of his independent disclosure. [New York Times] Rhodesian whites will receive financial guarantees under a United States-British plan agreed to by the South African Prime Minister, John Vorster, diplomatic sources said. However, the role of Ian Smith, the leader of Rhodesia's white government, in any transfer to black rule is still a subject of disagreement. [New York Times] The first meeting of the leaders of South Africa and Rhodesia since Prime Minister Vorster committed his country to support moves for black rule in Rhodesia will take place next week. Mr. Vorster made the announcement at a rally during which he said he would never consent to sharing power with blacks in South Africa. [New York Times] Violence in South Africa spread to the diamond town of Kimberley, where blacks stoned buses and cars. Policemen charged the crowds with staves and made several arrests. In downtown Cape Town, the police fired on demonstrators protesting the closing of high schools for students of mixed race. No serious injuries were reported after policemen used shotguns and tear gas to disperse the demonstrators. [New York Times] Soviet foreign policy, for all the election-year talk about the United States losing ground to the Soviet Union, has experienced as many setbacks as failures in the past year. Advances in Africa and Southeast Asia were offset by Middle Eastern failures, the continuing chill with China and stalled accommodation with Washington. [New York Times] Britain's second-largest company has admitted it made questionable payments of $2.4 million to various governments or government-owned businesses since 1972. The company, Imperial Chemical Industries, made the report to the Securities and Exchange Commission. I.C.I. does virtually no business in the United States, but does have bonds outstanding here. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 992.94 (-3.65, -0.37%)
S&P Composite: 104.94 (-0.09, -0.09%)
Arms Index: 1.02

	Issues	Volume*
Advances	765	8.70
Declines	666	7.75
Unchanged	493	3.30
Total Volume		19.75

* 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 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
August 24, 1976	962.93	101.27	16.74