News stories from Monday September 20, 1976

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

Taxes for middle-income families would go up if Jimmy Carter's proposals were enacted, President Ford contended. The President, ignoring Mr. Carter's statement on Sunday he would never raise taxes for the working people, said that his administration would seek tax relief for moderate wage earners. [New York Times] "The Democratic Whistlestop" train left Pennsylvania Station in New York carrying Jimmy Carter on a two-day trip through three Eastern states. Mr. Carter, at every stop, focused on past presidents -- honoring the Democrats and castigating the Republicans -- and offered himself as a candidate out of the best tradition of his party. [New York Times] The Ford-Carter debate will be shown by all three commercial networks and the Public Broadcasting System Thursday despite reservation over arrangements made by the league of Women Voters. A statement by CBS News president Richard Salant complained about the participation of representatives of the candidates in the selection of the journalists who will question Mr. Ford and Mr. Carter. [New York Times] Senator James Buckley was endorsed by Abraham Hirschfeld, who ran last in the five-candidate New York Democratic Senatorial primary. However, the Senator will not be supported by his Republican colleague in the Senate, Jacob Javits. Two years ago, Mr. Buckley refused to endorse Mr. Javits. [New York Times] A new Book of Common Prayer will soon be used in the Episcopal Church. The House of Bishops almost unanimously approved revisions in the book, the most extensive in more than 400 years, at the church's convention. The House of Delegates, the lay and clerical part of the convention, approved a different set of revisions last Saturday. Final action was delayed until either the delegates accept the bishops' revisions or a committee works out a compromise. [New York Times] Unexpected opposition by California to oil deliveries by tanker to Los Angeles from the Alaska pipeline has forced a stunned Washington to reconsider some of the basic assumptions about the long fought-over pipeline. Environmental concerns and a projected West Coast oil surplus have forced Washington to think about such alternatives as exporting the oil to Japan or bringing it through the Panama Canal to refineries. [New York Times] Prime rate reductions were announced by the Morgan Guaranty Trust Company and the First National Bank of Chicago. The two banks, both among the largest in the country, lowered their rates to 6¾ percent from 7 percent. None of the other major banks followed their lead. Many were expected to wait until Citibank decides what it will do. [New York Times] Stock prices closed mixed in slower trading with the Dow Jones industrial average off by 0.59 at 994.51. Bond prices declined despite the lowering of the prime rate by two major banks. [New York Times] "Concrete results" were reported by Ian Smith, the head of Rhodesia's white minority government, as he returned to his country following talks with Secretary of State Kissinger in South Africa. In a broadcast interview, Mr. Smith said he thought that there was now a chance for a settlement of the 11-year-old Rhodesian problem. [New York Times] Reporting on his talks in South Africa, Secretary Kissinger met with Kenneth Kaunda of Zambia. The Zambian leader made no public comment on what Mr. Kissinger told him about his meeting with the Prime Ministers of Rhodesia and South Africa, which Mr. Kissinger earlier had said resulted in "considerable progress" on the questions of black rule in Rhodesia and South-West Africa. [New York Times] In an attempt to reassure Soviet leaders about election-year speeches on detente, Averell Harriman met with Leonid Brezhnev, the Soviet leader, to tell him that statements made during the heat of a campaign did not necessarily become policy. Mr. Harriman, who is serving as a foreign policy adviser to Jimmy Carter, said Mr. Brezhnev was upset over anti-detente and anti-Soviet statements. [New York Times] Sweden's Prime Minister resigned following a decisive defeat for his Social Democratic Party in parliamentary elections. Olof Palme, who had held office since 1969 and whose party had been in power for 44 years, was asked to remain as head of a caretaker government until the new Prime Minister, expected to he Thorbjorn Falldin, officially takes over on Oct. 4. [New York Times] A major loan for Mexico by the International Monetary Fund has been arranged, and the United States will extend short-term credit until the I.M.F. funds are available. The package, which will be used to help Mexico overcome balance of trade problems, will total about $1.2 billion. The United States Treasury and the Federal Reserve are to make about $600 million available for the loans. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 994.51 (-0.59, -0.06%)
S&P Composite: 106.32 (+0.05, +0.05%)
Arms Index: 0.91

	Issues	Volume*
Advances	888	11.44
Declines	576	6.75
Unchanged	448	3.54
Total Volume		21.73

* 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 17, 1976	995.10	106.27	28.27
September 16, 1976	987.95	105.34	19.62
September 15, 1976	979.31	104.21	17.57
September 14, 1976	978.64	103.94	15.55
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