News stories from Friday October 8, 1976

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

President Ford apologized for having said in Wednesday's debate that the Soviet Union did not dominate Eastern Europe to a leader of a Polish-American group. Ron Nessen, the White House spokesman, said he "would not quarrel" with the account of Mr. Ford's apology that the head of the Polish-American Congress said came in a conversation with Mr. Ford. [New York Times] In a harsh attack on President Ford, Jimmy Carter called on him to "tell the truth" about administration policies and his personal finances. He asked Mr. Ford to explain how he lived on $5 a week in 1972, as a reported Internal Revenue Service audit said he had. He also called for clarifications in Mr. Ford's policies on Eastern Europe and the Arab boycott. [New York Times] One of the nine black "Scottsboro boys," who spent 15 years in prison -- five on death row -- on never-proven charges of having raped two white women, applied for a full pardon from a 1946 Alabama parole violation. Clarence (Willie) Norris, a New York City warehouseman, said he was tired of being a fugitive. Although his application has the support of Alabama's Attorney General, the state Parole Board chairman said the pardon could not be granted as long as Mr. Norris remained a fugitive. [New York Times] Unemployment fell slightly during September, according to the last Labor Department report on unemployment before the Nov. 2 election. The drop to 7.8 percent of the labor force from 7.9 percent did not, the department said, reflect any basic change in the employment picture. [New York Times] Stock prices resumed a plunge that have carried them to their lowest levels since mid-February. The Dow Jones industrial average lost 12.71 points to close at 952.38. [New York Times] The Federal Reserve is encouraging banks to maintain artificially high interest rates that are seriously damaging the economic recovery, according to Representative Henry Reuss, the chairman of the House Banking Committee. The Wisconsin Democrat cited the spread between the rates at which banks borrow money and then re-lend. The Reserve disputed the charge. [New York Times] A conference on Rhodesia will be held in Geneva in two weeks in an effort to set up a transitional government leading to black rule for the country, Foreign Secretary Anthony Crosland of Britain announced. The names of those who will attend were expected to be announced next week. It was presumed that Prime Minister Ian Smith of Rhodesia and several of the country's black leaders would take part in the meeting. [New York Times] All demands for participation in the Arab boycott made on or after Oct. 7 will have to be made available for public scrutiny under new rules issued by the Commerce Department. All companies that receive such demands must report it within 15 days and say whether or not they will comply with the demands. [New York Times] The military junta that seized control of Thailand on Wednesday announced that a civilian had been named as Prime Minister. The naming of Thanin Kraivichien, a Supreme Court justice, to head the government was accompanied by the announcement that the military planned to step aside within two weeks after a cabinet had been formed and the situation in the country stabilized. [New York Times] Ending its refusal to take part in cabinet-level Soviet-American commissions, the United States proposed last month that a joint commerce commission convene in Washington in two weeks. High administration officials said, however, that the Soviet Union had not responded to the proposal and that there was a possibility that it would wait until after the election to do so. [New York Times] Britain's Conservative Party ended its annual conference hoping for an early return to power and buoyed by the closing speech of the party leader, Margaret Thatcher. In a hard-hitting address, Mrs. Thatcher said the Labor Party had impoverished and failed the nation. Despite the Conservatives' new-found enthusiasm, however, party members saw little prospect of an early general election. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 952.38 (-12.71, -1.32%)
S&P Composite: 102.56 (-0.98, -0.95%)
Arms Index: 1.73

	Issues	Volume*
Advances	463	3.09
Declines	954	11.03
Unchanged	450	2.62
Total Volume		16.74

* 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*
October 7, 1976	965.09	103.54	19.83
October 6, 1976	959.69	102.97	20.87
October 5, 1976	966.75	103.23	19.20
October 4, 1976	977.98	104.03	12.63
October 1, 1976	979.89	104.17	20.62
September 30, 1976	990.19	105.24	14.70
September 29, 1976	991.19	105.37	18.09
September 28, 1976	994.93	105.92	20.44
September 27, 1976	1013.13	107.26	17.43
September 24, 1976	1009.31	106.80	17.40