News stories from Thursday October 28, 1976
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Ford, campaigning in Indiana and Ohio, pledged to make a new federal income tax cut "the number one priority in the next Ford administration." Mr. Ford, who met large and friendly crowds, said that the basic issue of the campaign was economic policy. Jimmy Carter's sharp drop in voter surveys, the President said, was the result of his reliance on a formula of more promises, more programs and more spending. [New York Times]
- The possibility of tax cuts was suggested by Jimmy Carter if he is elected, but then he indicated it should not be interpreted as a firm pledge. The Democratic presidential candidate campaigned in Pittsburgh and Erie, Pa., and in Cleveland and then made his second visit in two days to New York. [New York Times]
- Jimmy Carter's campaign for the Democratic presidential nomination was sometimes called "brilliant," but his fall campaign against President Ford has been less sure-footed and his standing in the polls has dropped precipitously. Mr. Carter's slippage has been attributed to many factors, including what some regard as intemperate attacks on Mr. Ford and in distractions that diverted attention from his major themes and that at times were frivolous and made him appear to be losing control of events. [New York Times]
- More money on campaign television advertising has been spent by the President Ford Committee than for any previous national candidate and more will be spent. By Oct. 18, the campaign had cost $9.9 million, and a campaign official estimated that the eventual total would be $12 million. [New York Times]
- The New York State senatorial campaign, which began on a low key, has increasingly become a hard-fought contest involving bitter charges. Daniel Patrick Moynihan, the Democratic-Liberal challenger, charged that the record of Senator James Buckley was "so consistently uncaring, so consistently arrogant toward us that if it did not exist it would be impossible to invent it."
Senator Buckley, campaigning hard in Harlem, won pledges of support amid expressions of coolness of traditionally Democratic black voters to Mr. Moynihan.
[New York Times] - John Ehrlichman, one of the Nixon administration's most powerful advisers, entered a federal prison camp in Arizona, even though appeals are pending. He will serve at least 30 months and no more than eight years for his roles in the White House "plumbers" operations and the Watergate cover-up. [New York Times]
- The nation's trade balance fell again last month as imports exceeded exports by $778.9 million, the Commerce Department announced. The deficit, widened from $757.7 million in August, brought the total trade imbalance for 1976 to $3.4 billion. [New York Times]
- Stock prices eased after two sessions of active advances. The Dow Jones industrial average, reflecting narrow changes throughout the trading day, dipped 3.49 points to close at 952.63. The credit markets, in a lackluster day, moved up and down in narrow ranges several times and closed with small gains. [New York Times]
- The trend of lower interest rates continued as the Continental Illinois National Bank and Trust Company said it would trim its prime lending rate to 6½ percent from 6¾ percent, effective at once. Continental is the nation's seventh largest bank with assets of more than $22 billion. There were no immediate followers, and officials of several large New York banks said they would resist a new cut in prime rates. [New York Times]
- The sale to China of a computer system with both military and industrial capability has been approved by President Ford. High administration officials said that, in approving the sale, Mr. Ford was waiving established safeguards on the advice of Secretary of State Kissinger as a gesture to China's new leaders. Some officials had objected to the sale on the ground that the computer can be used to make calculations on nuclear tests. [New York Times]
- The conference on Rhodesia that may offer the last chance for agreement on a peaceful transfer of power from the country's 270,000 whites to its six million blacks opened in Geneva's Palais des Nations. The opening was delayed more than 2½ hours after intensive efforts by Ivor Richard of Britain averted a possible boycott by two major black nationalist groups that demanded that Britain take a more aggressive role in the negotiations. [New York Times]
- Widespread allegations that Korean intelligence agents and other Koreans have been harassing and coercing and violating the civil rights of Korean aliens residing in the United States and of Korean-Americans are being investigated, federal authorities disclosed. Officials said that the investigation is separate from the inquiry into alleged South Korean efforts to bribe members of Congress. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 952.63 (-3.49, -0.37%)
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 27, 1976 | 956.12 | 101.76 | 15.79 |
| October 26, 1976 | 948.14 | 101.06 | 15.49 |
| October 25, 1976 | 938.00 | 100.07 | 13.31 |
| October 22, 1976 | 938.75 | 99.96 | 17.87 |
| 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 |