News stories from Tuesday September 14, 1976

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

A higher military budget for 1978 is in line for President Ford's approval. Some ascribe this to a more favorable public mood on defense spending and a White House desire to show Mr. Carter as soft on defense, but others say it reflects more sober assessment of the Soviet threat. It was also pointed out that the increase was virtually inherent in the defense budget approved by Congress this year. [New York Times] Jimmy Carter predicted that if he became president, by 1981 the economy would produce more than $60 billion in new federal funds. He told reporters in Phoenix that this was a realistic expectation and would make possible new expenditures for federal programs. He apparently was seeking to rebut charges that his promises would mean more deficit financing. [New York Times] The Ford Motors strike is on, Leonard Woodcock of the United Auto Workers announced after neither side moved on major issues at their meeting. How long it may last must await indications when negotiations resume; an official of the U.A.W. Ford local said either two weeks or two months. [New York Times] The Attorney General told the F.B.I. to stop its investigation of the Socialist Workers Party, which has gone on since 1938. Edward Levi acted after review committees said that the party's activities did not warrant it. [New York Times] Stock prices fell in expectation of a strike at Ford Motors. The Dow Jones Industrials, dropping 4.65 points, closed at 978.64. Bond yields for top-grade state issues fell to their lowest level since early 1975 as South Carolina sold $70 million of them. [New York Times] Daniel Patrick Moynihan narrowly edged out Representative Bella Abzug in the contest for the Democratic nomination to the United States Senate from New York. The three other candidates trailed far behind. In the Republican primary, the incumbent, James Buckley, defeated his challenger by a margin of 3 to 1, with Representative Peter Peyser conceding within 90 minutes of the closing of the polls. [New York Times] A U.N. seat for Vietnam will be considered by the Security Council after the American elections in November. The surprise postponement followed French negotiations with Hanoi to head off an immediate vote that the United States was ready to veto. Secretary of State Kissinger was said to have suggested this formula. [New York Times] Secretary Kissinger was received in Tanzania with some skepticism about his efforts to convince black leaders of American sincerity in seeking to solve the future of South-West Africa and Rhodesia peacefully. As he arrived in Dar es Salaam, the Tanzanian government issued a statement questioning the depth of American commitment to black majority rule in southern Africa. The leaders of Botswana, Zambia, Angola and Mozambique were said to share this view. [New York Times] The Moscow-Peking breach survives, as evidenced by China's rejection of messages of condolences on Chairman Mao's death from the Communist parties of the Soviet Union and its allies. Observers outside China also note that the previous itinerary for former Defense Secretary James Schlesinger to the border areas of Tibet and Sinkiang had been restored by his Chinese hosts. [New York Times] The pound fell again despite a sharp improvement in Britain's foreign trade balance. This indicated continued pessimism about the painstaking efforts to rebuild its economy, with threats of major strikes, more inflation and attacks on Prime Minister Callaghan by his Labor Party's left wing. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 978.64 (-4.65, -0.47%)
S&P Composite: 103.94 (-0.35, -0.34%)
Arms Index: 1.00

	Issues	Volume*
Advances	556	5.05
Declines	826	7.48
Unchanged	486	3.02
Total Volume		15.55

* 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 13, 1976	983.29	104.29	16.10
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