News stories from Tuesday October 26, 1976
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Ford said Jimmy Carter's election would be a danger to world stability, American security and the bipartisan foreign policy of the last three decades. Striking hard in a Pittsburgh campaign speech that contrasted with his previous tone, Mr. Ford said the Democratic candidate proposed "venturing into the unknown" with an untested doctrine. [New York Times]
- Senator Dole qualified his recent characterization of World War II and the Vietnam conflict as "Democrat wars," saying they were not partisan wars but that American weakness led to the first and American indecision to the second. The Republican vice-presidential candidate, addressing a campaign rally in Ohio, said both were fought for what was perceived at the time to be in the national interest. [New York Times]
- Mr. Carter campaigned in Columbia, S.C., and then in Illinois from south to north with a promise of aggressive but prudent action to replace "stagnation." He said the time was past for bluffing other nations by saying the United States would send in troops. Asked if he would intervene if Israel were losing a war, he said he would not start naming every country and what he would or would not do. [New York Times]
- Stocks advanced broadly after opening higher. Dow Jones industrials rose 10.14 points to close at a high for the day of 948.14. Bond prices rose moderately after a week-long slide, with investor demand for some new issues stronger. [New York Times]
- The White House tapes used as evidence in the Watergate cover-up trial may be reproduced, broadcast and sold to the public in records, the United States Court of Appeals in Washington ruled, as soon as a suitable plan for their distribution is developed. By a vote of 2-1, it reversed last year's decision of District Judge John Sirica banning their distribution at least pending final decision on the appeals of four former Nixon aides in the Watergate cover-up trial. [New York Times]
- Corruption and personal scandal, when charged against congressional candidates for re-election, are widely ignored by their constituents despite the concern since the Watergate case over political ethics. [New York Times]
- Nassau and Suffolk Counties may be crucial in the presidential contest for New York State's electoral votes. President Ford, Vice President Rockefeller and Jimmy Carter will all be campaigning there this week. A New York Times survey, as well as other polls, indicate that there is a large undecided vote on Long Island. The Times survey also sees the suburbanite of Long Island and Rockland and Westchester Counties as the middle-of-the-road swing voter, who is also more likely to vote than other residents of the state. [New York Times]
- The New York State election ballot was changed, not yet finally, by two court rulings. The Appellate Division of the State Supreme Court overturned a lower-court ruling and put the name of Eugene McCarthy, Independent candidate for President, back on the ballot. In another reversal, it ruled that Daniel Patrick Moynihan, the Democratic candidate for the United States Senate, could also appear on the Liberal Party line. The Court of Appeals will hear arguments in both cases today. [New York Times]
- New York State's death penalty law is unconstitutional, Justice Peter McQuillan ruled in state Supreme Court in the first legal test since the United States Supreme Court's landmark decision last summer. He found that the law mandating execution for murder of a policeman or prison guard was "cruel and unusual" in that it gave judge and jury no leeway in deciding an appropriate sentence. [New York Times]
- The West Point lawyer who first challenged the United States Military Academy's handling of the problem of honor code violations has resigned from the Army after being passed over for promotion. Capt. Arthur Lincoln, a West Point graduate with 10 years' service, will take a legal position with a Boston-based corporation. [New York Times]
- European bankers are concerned at the implications for world financial stability of Britain's third monetary crisis this year. They feel Prime Minister James Callaghan is trying to raise the stakes in the bargaining for new financial assistance.
The pound had a last-minute slump on the London market after gradually strengthening during most of the day's trading. It closed at $1.59, down from Monday's $1.595.
[New York Times] - The Cairo meeting of Arab leaders produced no accord on the makeup of an expanded peacekeeping force for Lebanon, but their closing statements seemed to imply that Syria would dominate it. This was in spite of objections by Iraq, Libya and the Palestine Liberation Organization to Syria's role with 23,000 of its soldiers in the country. [New York Times]
- A General Assembly resolution urging United Nations members to bar contacts with the Transkei, just given independence by South Africa, was adopted, 134 to 0. The vote reflected a feeling that granting independence to a South African black homeland was part of the apartheid policy. The United States was the only country to abstain, explaining it planned no relations but that this was a sanction only the Security Council could invoke. [New York Times]
- Mao Tse-tung's widow, Chiang Ching, removed several of his documents front the Communist Party's special archives and reworded them, according to a report in an independent Hong Kong newspaper. His successor, Hua Kuo-feng, discovered that they were missing and then that they had been altered, the paper said, adding that this was one of several of Miss Chiang's actions that led to her arrest. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 948.14 (+10.14, +1.08%)
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 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 |
| October 13, 1976 | 948.30 | 102.12 | 21.69 |
| October 12, 1976 | 932.35 | 100.81 | 18.21 |