News stories from Monday September 13, 1976

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

An auto workers' strike against the Ford Motor Company appeared almost certain, although the deadline is not until 11:59 tomorrow night. Leonard Woodcock, president of the union, said the company's revised offer left too big a gap to be bridged before the deadline. A company spokesman said he was not optimistic. [New York Times] Nuclear policy guidelines will be issued soon by President Ford, administration officials said. The statement is intended to counter pressure from Congress, where legislation restricting export of nuclear technology is under consideration, and to take the issue away from Jimmy Carter. [New York Times] The gases in spray cans will almost certainly have to be curtailed in their use because of damage to the atmosphere's ozone layer, a committee of the National Academy of Sciences reported. But it recommended a wait of at least two years before any action against the use of the gases, known as fluorocarbons, is taken so that attempts can be made to resolve many of the uncertainties about them. [New York Times] Bail of $1 million each was set at the arraignment of the five hijackers who seized a T.W.A. jet Friday and took it on a 30-hour trans-Atlantic journey before surrendering in Paris. The five were also confronted with a murder charge filed by the Manhattan District Attorney's office. They were charged in the complaint with placing a bomb in the Grand Central subway station that killed a police officer during a deactivation attempt. [New York Times] Files on "subversives" kept by police departments have been routinely checked by the Civil Service Commission, which investigates applicants for federal jobs. The disclosure was made by a House subcommittee, whose chairman, Representative Bella Abzug, said such files often contained erroneous material. A commission spokesman said the files were checked only when it was believed necessary. [New York Times] In return for a $1 million campaign contribution, a Nixon administration official offered the President's help in arranging an aircraft sale to Japan, a former head of a Grumman Corporation subsidiary told a Senate subcommittee. The former Grumman official said he subsequently arranged meetings between other company officials and Richard Allen, a Nixon assistant, but he did not know if any contributions were made. Mr. Allen denied ever asking for the contribution and Grumman denied that it had made any contribution. [New York Times] The "Sunshine Act," a bill designed to open the meetings and records of many federal agencies, was signed by President Ford. The bill's sponsor, Senator Lawton Chiles, said the law would discourage "cozy" relationships between regulatory agencies and the industries they regulate. [New York Times] Stock prices fell toward the end of the session in slow trading, The Dow Jones Industrial average closed down 5.07 points at 983.29. Bond prices were little changed in light trading activity. [New York Times] As the New York Senate primary campaign ended, the five Democratic Senate hopefuls wound up debating nuances and images rather than issues. In the Republican primary, Senator James Buckley continued to ignore the challenge of Representative Peter Peyser, who went on saying that the Senator's record was not in the best interests of New York. [New York Times] An American veto will be cast against Vietnam's bid for membership in the United Nations. President Ford made the decision to veto the application, Ambassador William Scranton said, because Hanoi's failure to make a full accounting of Americans still listed as missing in the Vietnam war showed that Vietnam lacked the commitments to peace and humanitarianism that membership required. [New York Times] China's army has gained new prominence after several years out of the public's attention. Its new role could give it a key voice in the selection of Mao Tse-tung's successor, analysts believe. In an unusual move last week, the Communist Party's military commission, made up of top military and party leaders involved with the army, was given equal footing with the Central Committee and the government in announcing Mao's death. [New York Times] South Africa will not force Rhodesia into accepting a black government, Prime Minister Vorster said at a rally on the eve of his meeting with the Rhodesian leader, Ian Smith. Mr. Vorster described the Rhodesians as a proud people who would not take orders from anyone. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 983.29 (-5.07, -0.51%)
S&P Composite: 104.29 (-0.36, -0.34%)
Arms Index: 1.18

	Issues	Volume*
Advances	661	5.39
Declines	747	7.19
Unchanged	477	3.52
Total Volume		16.10

* 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 10, 1976	988.36	104.65	16.93
September 9, 1976	986.87	104.40	16.54
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