News stories from Friday October 22, 1976

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

In their third and final debate, President Ford and Jimmy Carter both indicated they would stress issues rather than personalities during the final days of the campaign. The tone of the meeting was subdued and almost conciliatory as both men appeared relaxed during the 90-minute debate on the campus of the College of William and Mary in Williamsburg, Va. The two traded barbed comments toward the end of their nationally televised meeting but the exchange was brief. [New York Times] "The political surprise of the century" was predicted by President Ford, who said he would overtake Jimmy Carter in the closing days of the campaign and win the election. The President made the statement as he left the White House for the final debate with Mr. Carter and a dozen days of intensive campaigning. [New York Times] Eugene McCarthy's name was ordered removed from the ballot in New York state because of invalid nominating petitions for his independent presidential candidacy. The McCarthy organization said it would appeal the decision of Justice John Tennock of the state Supreme Court. The decision was seen as a victory for the Democratic Party, which was afraid the McCarthy candidacy would take away votes from Jimmy Carter. [New York Times] Wage increases were less in 1976 than they were in 1975, the Labor Department said in a report on collective bargaining agreements. The report supported the view of administration experts who had said that the increases had not added to inflationary pressures even though the raises continued to outstrip productivity and to push up business costs. [New York Times] Higher taxes for Americans working abroad may reduce their numbers considerably and may cause some United States companies to leave France. The tax revision bill signed early in the month by President Ford increased the taxes for Americans overseas, many of whom may have to pay higher taxes than Americans at home. In France, the government is debating a bill that would tax the total incomes of foreigners instead of only the portion earned in France. [New York Times] The average price for a new home is now $50,500, according to the Federal Home Loan Bank Board. Only a decade ago, the average price was just a bit below $30,000 and last year it was $34,500. The political implications of the soaring cost are not yet clear, but experts agree that young persons and old people on fixed incomes who no longer can afford a house are becoming increasingly discouraged. [New York Times] Stock prices closed lower in active trading. The Dow Jones industrial average lost 6.15 points to finish the week at 938.75. [New York Times] Ireland's President resigned in order, he said, to protect the "dignity and independence" of the office following what he termed an "irreparable breach" with the Defense Minister. The President, Cearbhall O Dalaigh, had been involved in a dispute with the government that culminated in a verbal assault by the Defense Minister. The minister later apologized, but Mr. O Dalaigh did not feel the apology was adequate. [New York Times] China's campaign against the leftists continued as hundreds of thousands of people marched through Peking denouncing the four senior leftists, including Mao Tse-tung's widow. Chinese television has scheduled a worldwide broadcast today in which the new leaders may reveal what happened to the leftists. [New York Times] A new government and Constitution for Thailand were approved by the King. The 17-member cabinet is dominated by the right wing and the military, who have ruled the country since a coup on Oct. 6. The new government contains several citizens with no ministerial experience, as well as two women. The Constitution guarantees only "rights and freedoms under law" with no mention of civil or human rights. [New York Times] A ban on Medicaid payments for abortions was declared unconstitutional by a Federal District judge in Brooklyn. The ban was included as an amendment to a social services appropriation bill passed by Congress over President Ford's veto. The ruling by Judge John Dooling came a day after Federal District Judge John Sirica refused to overturn the ban. [New York Times] Swine flu vaccinations can be safely given to children and teenagers, according to data from a national study made public by the National Institutes of Health. Earlier studies had indicated doubts about the effectiveness of vaccinating these younger than 18. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 938.75 (-6.15, -0.65%)
S&P Composite: 99.96 (-0.81, -0.80%)
Arms Index: 1.47

	Issues	Volume*
Advances	379	3.10
Declines	1,019	12.23
Unchanged	444	2.54
Total Volume		17.87

* 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 21, 1976	944.90	100.77	17.98
October 20, 1976	954.87	101.74	15.86
October 19, 1976	949.97	101.45	16.20
October 18, 1976	946.56	101.47	15.71
October 15, 1976	937.00	100.88	16.21
October 14, 1976	935.92	100.85	18.61
October 13, 1976	948.30	102.12	21.69
October 12, 1976	932.35	100.81	18.21
October 11, 1976	940.82	101.64	14.62
October 8, 1976	952.38	102.56	16.74