News stories from Tuesday October 12, 1976

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

President Ford, campaigning in New York City for the first time, made a strong appeal for support by Jewish and middle-class voters. He stressed his backing for Israel and deplored "terrorism" in the world and on the streets of American cities and heavy taxation of the middle class. The President, in a motorcade through Brooklyn, received lukewarm greetings in two Jewish neighborhoods and was hailed in heavily Republican Bay Ridge. [New York Times] Swine flu immunization programs in a number of states and the Pittsburgh area were halted after the death of three elderly persons who received the vaccine at a Pittsburgh clinic. All three were known to have had heart ailments. Health officials said there was no evidence that the deaths had been caused by the vaccinations but they ordered an investigation. States halting the program included Wisconsin, Louisiana, Vermont, Maine, New Mexico, Texas, Virginia, Illinois and Alaska. [New York Times] A federal appeals court reversed the conviction of former Assistant Attorney General Robert Mardian, who had been found guilty of having conspired to cover up the 1972 Watergate break-in. In a separate opinion, the appellate judges upheld the convictions of three other former aides of President Nixon -- H.R. Haldeman, John Ehrlichman and John Mitchell. [New York Times] The 15 trustees of the Teamsters' union major pension fund, according to informed sources, have agreed that at least 11 of them will resign by the end of this month. The decision was made under mounting pressure by three government inquiries and to try to forestall the government from placing the fund in receivership under supervision of a federal judge. [New York Times] Retail sales in the nation moved up last month only one-tenth of 1 percent from a lower, revised August level, but sales were 10 percent above the year earlier total, the Commerce Department reported. Sales in September reached $54.59 billion compared with August's $54.53 billion level. The trend was adversely affected by a steep drop in car sales. [New York Times] The stock market fell again on a broad front in more active trading. The Dow Jones industrial average lost 8.47 to close at 932.35. Since Sept. 21, the index has plummeted 82.44 points, or 8 percent. In credit markets, government notes and bonds rose sharply in price, and corporate and tax-exempt bonds also gained. [New York Times] The nation's corn crop was estimated by the Agriculture Department at a record 5.87 billion bushels, which would be 2 percent above last year's crop. The estimate on corn, a major ingredient of livestock feed, was one-half of 1 percent below the 5.89 billion bushels indicated earlier. [New York Times] Major climatic changes in the next two centuries were predicted in a report by a committee of the International Council of Scientific Unions. The report said it was "alarming" that industrial activity was expected to raise the carbon dioxide content of the world's atmosphere from four to eight times present levels. [New York Times] A federal grand jury indicted Matthew Feldman, president of the New Jersey Senate, on charges of bribing a restaurant chain official to gain $240,000 in business for Mr. Feldman's liquor distribution company. The grand jury said that Mr. Feldman had paid $6,400 in bribes and it also indicted Daniel Feldman, the political leader's son. [New York Times] The appointment of Prime Minister Hua Kuo-feng as Chairman of the Chinese Communist Party to succeed Mao Tse-tung was confirmed by an official spokesman in Peking. Mr. Hua, a little-known party administrator only a year ago, will also be chairman of the powerful Military Commission and will remain, for now, as Prime Minister, the spokesman said. Not even Mao ever held all three posts. The spokesman refused to comment on the reported arrest of Mao's widow and three other leading radicals who were said to have been accused of distorting Mao's words. [New York Times] A new offensive against Palestinian guerrillas in southern Lebanon was begun by tank-led Syrian forces. Syria's objective was believed to be to cut off Saida, the last port of supply for leftist-controlled West Beirut. [New York Times] The Rhodesian government is said to doubt that an accord on an interim regime under a black leader can be achieved at the Geneva conference this month. A government official said that the negotiations would probably be stalemated by demands by principal black nationalist leaders. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 932.35 (-8.47, -0.90%)
S&P Composite: 100.81 (-0.83, -0.82%)
Arms Index: 1.34

	Issues	Volume*
Advances	410	3.56
Declines	987	11.47
Unchanged	500	3.18
Total Volume		18.21

* 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 11, 1976	940.82	101.64	14.62
October 8, 1976	952.38	102.56	16.74
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