News stories from Monday November 8, 1976

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

Federal investigators have been told that President Park Chung Hee and other senior South Korean officials conceived, organized and directed an illegal effort to influence congressional policy. Federal sources said that the latest information represented the first such allegations from Koreans with first-hand knowledge of the inner operations of the Seoul government. [New York Times] Medicaid payments for elective abortions will continue, at least for the time being, the Supreme Court ruled. It refused a stay that would have blocked enforcement of a decision by the Federal District Court in Brooklyn that the new federal statute banning the use of federal funds for elective abortions was unconstitutional. This leaves the payments in effect pending appeal of that decision. [New York Times] Evidence for criminal charges against 10 to 20 former and present officials of the F.B.I. has reportedly been found by Justice Department prosecutors. Government sources said the F.B.I. officers had approved or were aware of illegal wiretaps, bugs, burglaries and mail openings by bureau agents in recent years, and also of an aborted plot by F.B.I. agents in New York City to kidnap a woman they believed linked to the Weather Underground terrorist group. [New York Times] The Conference of Mayors urged President-elect Carter to set a national tone of concern for the country's cities. As first priority for a new national urban investment policy, the conference recommended easy access for mayors to the White House to make the federal bureaucracy responsive. [New York Times] Gold prices soared as much as $5 an ounce in Europe, and the dollar and the pound fell sharply in heavy trading in currency markets. Dealers attributed the gold-buying rush to an apparent belief that President-elect Carter would seek substantial growth in the American economy to cut unemployment and that consequent spending might touch off increased world inflation. [New York Times] Stock prices fell across the board. The Dow Jones industrial average dropped by 9.39 to 933.68, bringing the loss in the indicator in the four sessions since the election of Jimmy Carter to 33.24 points. Credit market prices dropped in both the government and corporate sectors. [New York Times] Three crucial votes were narrowly won by Britain's Labor government. It gained passage of controversial motions for legislation, much of it demanded by the party's left wing, to limit debate in an effort to pass five bills in the few remaining weeks of Parliament's present session. The close votes showed that Prime Minister James Callaghan's position had suffered from recent by-election losses and raised the possibility of a constitutional clash with the House of Lords over its softening of the bills. [New York Times] Wall posters in Shanghai said that radicals there had planned a revolt against the Peking government last month and then abandoned the plot. The plans, the posters charged, involved distribution of guns and ammunition to 30,000 members of the militia two days after the arrests of four leading leftists. But, the posters said, the plans were dropped after three Shanghai radicals returned from Peking, apparently convinced that their scheduled rebellion was hopeless. [New York Times] Israeli leaders predict a renewal of diplomatic efforts next year for Middle East peace that may bring conflicts between Israel and the United States. Prime Minister Rabin has said that "neither the Republicans nor the Democrats have accepted our interpretation of what we call secure borders." [New York Times]

Stock Market Report

Dow Jones Industrial Average: 933.68 (-9.39, -1.00%)
S&P Composite: 99.60 (-1.22, -1.21%)
Arms Index: 1.45

	Issues	Volume*
Advances	374	2.67
Declines	1,124	11.62
Unchanged	370	2.23
Total Volume		16.52

* 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*
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
October 29, 1976	964.93	102.90	17.03
October 28, 1976	952.63	101.61	16.92
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