News stories from Tuesday November 9, 1976

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

Patricia Hearst, who had been serving her bank robbery sentence in the campus-like Federal Correctional Institution in Pleasanton, Calif., was suddenly transferred to the 12-story Metropolitan Correction Center in San Diego. There was no official explanation, but sources at Pleasanton said she had been throwing tantrums, beating her fists against the wall and refusing to do her assigned job. [New York Times] Melvin Laird, who was Secretary of Defense in 1970, confirmed reports that a South Korean lobby tried to influence Congress against the decision to withdraw 20,000 of the 60,000 American soldiers then in Korea. He said in a Washington telephone interview that he had warned and suggested to the State Department that the Justice Department be asked to investigate the legality of the lobby's operation. There was no investigation until 1973. [New York Times] A former Congressman said in an interview that while a member of the House he became a silent partner in an import-export venture of the Korean businessman Tongsun Park that brought him $60,000 to $70,000 in a three-year period. Richard Hanna said that during their 10-year relationship he was pressed for introductions to many in government office. Feeling "used" and "abused," he said he had cooperated fully with Department of Justice lawyers investigating South Korean bribery and influence peddling. [New York Times] Under pressure from Congress, figures are published for the first time on loans by American banks and their foreign branches to the developing nations. They show some $32.6 billion outstanding at midyear to five of them -- Argentina, Brazil, Mexico, Peru and Indonesia -- all reputedly big borrowers with actual repayment problems. [New York Times] Stock prices lost ground for the third straight day, with the Dow Jones industrial average falling 2.91 points to 930.77, its lowest close since Jan. 16. Bond Investors absorbed a $100 million Bell System issue, priced to give a yield of 8.30 percent. [New York Times] Congress will help New York, in the opinion of the chairmen of three key committees, by legislating President-elect Carter's campaign pledges in areas that will ease the city's fiscal problems. Prospects are good, they said, for welfare reform, federal loan guarantees, job programs, housing and mass transit. But they warned Congress would probably insist on the city's completing its three-year financial plan on schedule. [New York Times] A Japanese film that was removed from the New York Film Festival after the Customs Service threatened to confiscate it for possible obscenity will be shown next month as the result of a federal court decision. Without ruling on obscenity, Judge Marvin Frankel barred Customs from interfering with "In the Realm of the Senses" on the ground that it had already been admitted in Los Angeles and the local Customs office had no right to re-inspect it. [New York Times] African and other U.N. members who form a third-world majority in the General Assembly started a major new campaign against apartheid, naming the United States, other Western powers and Israel as leading "collaborators" of the South African government. But as many as two dozen nations abstained from voting on key resolutions, including Britain, France, West Germany and the United States, the countries that are South Africa's most needed trading partners. Many diplomats had doubts about the campaign's ultimate impact. [New York Times] Lebanese right-wing Christian leaders met with President Sarkis in Beirut and agreed to the stationing of Syrian troops of the Arab peacekeeping force in Christian areas of the Lebanese capital. The Christian leaders said they had been persuaded that such a move was necessary to carry out the peace agreement worked out at an Arab leadership meeting last month. [New York Times] The International Energy Agency, formed by 19 Western industrial nations, announced in Paris a series of cooperative procedures to reduce their dependence on imported oil by 1985. This step, taken before the December meeting of the Organization of Petroleum Exporting Countries, which is expected to raise prices, reflects their concern about the problem. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 930.77 (-2.91, -0.31%)
S&P Composite: 99.32 (-0.28, -0.28%)
Arms Index: 0.92

	Issues	Volume*
Advances	565	6.69
Declines	873	9.54
Unchanged	459	2.98
Total Volume		19.21

* 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*
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
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