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Wednesday September 29, 1976
. . . where the 1970s live forever!

News stories from Wednesday September 29, 1976

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

  • President Ford vetoed the $56 billion appropriations bill for manpower, health, education and welfare programs. He said Congress had passed it for partisan political purposes and that although he was sympathetic to most of the programs his objection was on the issue of fiscal integrity. His election campaign posture is that of a foe of what he considers inflationary federal spending. [New York Times]
  • Congress challenged President Ford on another election issue by sending to the White House the $4.9 billion public works authorization bill, extending for three years a wide variety of programs to aid economically distressed areas. But on the issue of the $100 million authorization bill to develop and test more efficient auto engines, the Senate sustained Mr. Ford's veto after the House had overridden it. [New York Times]
  • Mr. Ford should discuss with reporters questions raised about his congressional campaign funding and acceptance of corporate hospitality, Jimmy Carter said at a news conference. Otherwise, he said, reports of the investigation could unfairly affect the election. The Democratic candidate acknowledged accepting transportation on private planes while governor of Georgia. [New York Times]
  • Stock prices rose briefly after Tuesday's plunge, then turned down again, Dow Jones industrials closed at 991.19, a loss of 3.74 for the day. Bond prices rose, led by coupon-bearing Treasury issues as the Federal Reserve intervened actively with repurchase agreements. [New York Times]
  • Lockheed Aircraft shareholders authorized a debt restructuring that would reduce their equity by 13 percent. They acted after the new management said the plan was essential to survival. The first shareholder meeting in more than two years heard angry questioning on overseas payments and the eight-year absence of dividends. [New York Times]
  • A procedural difficulty in the Senate over Arab boycott legislation may delay congressional ratification of major amendments to the charter of the International Monetary Fund until next year. Treasury Secretary William Simon had expected to announce American approval at the I.M.F.'s meeting next week. [New York Times]
  • Syrian troops in Lebanon using tanks and artillery drove Palestinian guerrilla forces out of most of their key mountain positions east of Beirut. They were apparently acting to settle by force their demand, shared by right-wing Lebanese Christians and opposed by Lebanese Moslem leftists, that they abandon the entire salient considered vital to the guerrilla positions in west Beirut and the southern part of the country. [New York Times]
  • A conference on Rhodesia to discuss forming an interim government for a transition to black majority rule was proposed by Anthony Crosland, Britain's Foreign Secretary. In a message to Prime Minister Ian Smith of Rhodesia he suggested that the conference, with a British chairman, meet in about two weeks in southern Africa. [New York Times]
  • African leaders meeting in the capital of Botswana to celebrate its independence anniversary reacted positively to Britain's call for a conference on Rhodesia. The president of the Rhodesian nationalist organization said he was confident that all the key nationalist leaders would attend. [New York Times]
  • To back the pound, Britain will seek a $3.9 billion standby loan from the International Monetary Fund. The pound recovered to $1.67 on this news, but an air of crisis persists. The new loan would give the United States and other industrialized countries strings on Britain's economic policies. The British government is reportedly confident they will be satisfied with its present spending cutbacks and controls. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 991.19 (-3.74, -0.38%)
S&P Composite: 105.37 (-0.55, -0.52%)
Arms Index: 1.18

Total Volume18.09
* 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
September 28, 1976994.93105.9220.44
September 27, 19761013.13107.2617.43
September 24, 19761009.31106.8017.40
September 23, 19761010.80106.9224.21
September 22, 19761014.05107.4632.97
September 21, 19761014.79107.8330.30
September 20, 1976994.51106.3221.73
September 17, 1976995.10106.2728.27
September 16, 1976987.95105.3419.62
September 15, 1976979.31104.2117.57

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