News stories from Monday September 27, 1976

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

An "outsider" is needed to correct the "bloated mess" in Washington, Jimmy Carter told a crowd in Portland, Ore, The Democratic candidate said that the leadership in Washington was too close to lobbyists and special interests, using them, instead of the people, for guidance and financing. Mr. Carter made no references to President Ford's recently disclosed golfing weekends paid for by United States Steel, but the implications seemed clear. [New York Times] In a major speech on crime, President Ford told an audience of police chiefs in Miami that the first 100 days of a new administration would be used to help "tear away the shroud of fear" caused by crime. Mr. Ford called for action against juveniles who commit crimes and against repeat offenders. He said that many juveniles used their age as a cloak of immunity. [New York Times] New York state's Liberal Party, as expected, endorsed the Senate candidacy of Daniel Patrick Moynihan after an incipient rebellion was headed off by a promise from Governor Carey. The party's policy committee approved Mr. Moynihan after meeting with him and after hearing the governor say he would personally help to bring about a closer understanding between the Liberals and the Democrats. [New York Times] The third largest U.S. trade deficit in history was reported by the Commerce Department for August. The report said that the country imported $757.7 million more in goods than it exported, although both imports and exports dropped during the month. The August deficit, the seventh reported this year, was exceeded only by the deficit for July and the record $887.8 million deficit of August 1974. [New York Times] Stock prices advanced in moderate trading. The Dow Jones industrial average gained 3.82 points to close at 1,013.13. Interest rates rose in the credit markets as investment bankers sought to reduce holdings of unsold bonds. [New York Times] Scientists doing cancer research with highly toxic substances have not been protected by the federal agency they are working for, according to a government report. The draft report, prepared by the Government Accounting Office, said that the Environmental Protection Administration had largely ignored laws and regulations requiring it to establish health monitoring programs for researchers. [New York Times] The statement by African leaders that they would not accept Ian Smith's plans for a temporary government in Rhodesia was not, in the State Department's view, meant as a rejection of the British-American proposals for black rule in Rhodesia. One of Secretary of State Kissinger's closest advisers on Africa said that several of the leaders had informed Washington that the negotiations to end white minority rule in Rhodesia were still "on track." [New York Times] African diplomats at the United Nations said they hoped that the British could help negotiate the misunderstandings over procedures that seemed to have arisen between Rhodesian Prime Minister Smith and five black African presidents. The diplomats said, however, that until agreement had been reached on a temporary government for Rhodesia, the United Nations would not move to ease the economic sanctions against Rhodesia. [New York Times] An intense lobbying effort was launched by the administration in an effort to stop Congress from blocking the sale of Maverick missiles to Saudi Arabia. A State Department official warned that blocking the sale could lead to higher oil prices and there were reports, later denied, that Saudi Arabia had threatened an oil embargo if it did not receive the missiles. [New York Times] The British pound fell to a new low against other currencies as a wave of selling hit the world's foreign exchange markets. Sterling closed at $1.6810 in London and $1.6710 in New York, marking the first time it had fallen through the psychologically important $1.70 barrier. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 1013.13 (+3.82, +0.38%)
S&P Composite: 107.26 (+0.46, +0.43%)
Arms Index: 0.60

	Issues	Volume*
Advances	827	10.22
Declines	568	4.22
Unchanged	478	2.99
Total Volume		17.43

* 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 24, 1976	1009.31	106.80	17.40
September 23, 1976	1010.80	106.92	24.21
September 22, 1976	1014.05	107.46	32.97
September 21, 1976	1014.79	107.83	30.30
September 20, 1976	994.51	106.32	21.73
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