News stories from Tuesday November 16, 1976
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Carter transition staff, just assembled in Washington, said the President-elect had set Feb. 15 as a target date for presenting Congress his own budget-in-brief for the fiscal year 1978. This signals his intent for a rapid takeover and early action on the overall budget, defense spending, including the future of the B-1 bomber; jobs and stimulating the economy, and on income policy. [New York Times]
- The patronage powers of the incoming President could be seriously impaired, federal officials said, by a Supreme Court decision last June denying newly elected local officials the right to dismiss patronage employees merely because they belonged to the opposite party. Seven newly-elected governors whose parties have been out of power could also be affected. [New York Times]
- President Ford and Mr. Carter will meet in Washington next week to discuss transition problems, the President-elect announced. He also said Secretary of State Henry Kissinger would come to Plains, Ga., to meet with him Saturday morning, with Vice President-elect Walter Mondale present, for their talk on foreign policy and transition. [New York Times]
- An apparent suicide pact between Gary Gilmore, the Utah man condemned to death who has been seeking prompt execution, and his girlfriend sent both to hospital with separate overdoses of barbiturates. His condition was reported as serious, while hers was said to be critical. [New York Times]
- Housing starts in October dipped slightly from the September level but still remained above any other month in more than two years, the Commerce Department reported. They were 25 percent above the October 1975 figure. For single-family houses, the starts were the highest since February 1973, but apartment buildings remained sluggish and were down again. [New York Times]
- The Federal Reserve Board chairman, Dr. Arthur Burns, has indicated that he would be willing to support a tax cut of what he considers the right kind to stimulate the rate of economic growth and reduce unemployment. But his associates say he believes a "quickie" cut in the form of a rebate focused on lower-income taxpayers would be the wrong kind and might do damage to the economy. [New York Times]
- Stock prices were buoyant until mid-afternoon when a continuation of Monday's rally slumped, with the Dow Jones industrials down 0.08 points, closing at 935.34. New bond issues sold readily despite their heavy volume, with prices moving higher. [New York Times]
- A postponement is being weighed by the Organization of Petroleum Exporting Countries of its December meeting on oil prices at which increases might aim a new blow at the world economy. OPEC is under pressure not only from the United States and other Western nations but also from third-world countries that do not produce oil. [New York Times]
- Samuel Bronfman II, the liquor company heir, took the stand for the first time as a witness in the trial of two men accused of kidnapping him for ransom. He gave new and personal details but no major surprises. [New York Times]
- A $300 million loan to Portugal has received the Ford administration's quiet approval. The United States has decided to join a long-term $1.5 billion consortium to help the newly formed government of Mario Soares stay in power. Formal announcement is awaiting consultation with key members of Congress, Portuguese officials and other foreign governments. [New York Times]
- Quebec's separatists, who won a stunning legislative majority in Monday's provincial election, were under strong pressure from local and national federalists to make no attempt to break away from Canada. Prime Minister Pierre Trudeau, whose Liberal Party was turned out of provincial office, emphasized that the victorious leader of the Parti Quebecois, Rene Levesque, had a mandate to govern but not to seek independence. [New York Times]
- Italy's Prime Minister, Giulio Andreotti, is planning a December visit in Washington to seek aid from President Ford and in hopes of sounding out Jimmy Carter's aides and possibly the President-elect himself on the future administration's attitude toward Italy. If he comes, he would be expected to explain the present role of Italy's Communist Party, which keeps his cabinet in power by its votes. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 935.34 (-0.08, -0.01%)
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* |
| November 15, 1976 | 935.42 | 99.90 | 16.71 |
| November 12, 1976 | 927.69 | 99.24 | 15.55 |
| November 11, 1976 | 931.43 | 99.64 | 13.23 |
| November 10, 1976 | 924.04 | 98.81 | 18.89 |
| November 9, 1976 | 930.77 | 99.32 | 19.21 |
| November 8, 1976 | 933.68 | 99.60 | 16.52 |
| November 5, 1976 | 943.07 | 100.82 | 20.78 |
| November 4, 1976 | 960.44 | 102.41 | 21.70 |
| November 3, 1976 | 956.53 | 101.92 | 19.35 |
| November 1, 1976 | 966.09 | 103.10 | 18.39 |