News stories from Wednesday October 13, 1976
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A wide-ranging federal inquiry has found that 14 persons in nine states died within 48 hours after receiving swine flu inoculations since the national immunization program began less than two weeks ago, but federal officials said their investigation had found no evidence that any of the deaths were caused by the vaccine. At the 45 vaccination centers in New York City, meanwhile, few people showed up for the shots. [New York Times]
- The first three reported deaths of persons who had been inoculated occurred in a Pittsburgh clinic and touched off nationwide concern and suspension of the swine flu immunization program in a number of states. The director of the Allegheny County Health Department said in an interview that preliminary results of medical tests into the deaths had shown no evidence that the vaccine was responsible. [New York Times]
- President Ford campaigned through four New York metropolitan area counties, attacking Jimmy Carter as a Democrat who would raise taxes and "spend, spend, spend." Mr. Ford portrayed his Democratic challenger as an advocate of programs that would cost at least $100 billion to carry out. The President was well received in New York and New Jersey. [New York Times]
- Gov. George Wallace quietly ordered that the United States flag be flown over the Alabama Capitol, replacing the Confederate battle flag at the top of the staff for the first time in 15 years. The Confederate flag was placed in the No. 3 position on the staff, under the state flag. The Governor's symbolic gesture angered some Alabamians. [New York Times]
- The stock market's slump was checked by a technical rally. The Dow Jones industrial average rose 15.95 points to close at 948.30. Since reaching its 1976 high of 1,014.79 on Sept. 21, the average had plunged 82.44 points, or 8 percent because of the slowing economy. Credit markets were generally sluggish except for a strong showing by the Duke Power Company's $100 million offering of 30-year bonds, which will yield 8.42 percent. [New York Times]
- The trustee of the bankrupt W.T. Grant Company accused the Morgan Guaranty Trust Company and 26 other leading banks for which it acted as agent of having controlled Grant's management "to serve their own interests." [New York Times]
- CBS Inc. announced the dismissal of Arthur Taylor as president and the appointment of John Backe, head of the CBS publishing division, to succeed him. High-ranking executives were also stunned by an announcement by William Paley, chairman of CBS since 1928, who is 75, that he would step down as chief executive officer. [New York Times]
- A special task force to press criminal charges in corporate bribery cases has been formed by the Justice Department, a senior official disclosed. The government has forced about 225 companies to acknowledge having made illegal or questionable payments in the last two years, but the cases to be pressed would be the first to involve possible prison terms. [New York Times]
- A voluminous and detailed guide to help governments narrow the gap between rich and poor nations by the year 2000 was prepared by a group of economists and issued at the United Nations. After three years of study, the team compiled data showing that global resources would be sufficient to support growing populations and higher living standards without environmental harm. Limits to growth, the report said, are not physical but political and institutional inadequacies in the developing countries and faulty relations between third world countries and developed ones. [New York Times]
- Syrian troops, aided by artillery and tank fire, pressed Palestinian forces defending the strategic towns of Aleih and Bhamdun on the Damascus highway east of Beirut. The new Syrian offensive forced the cancellation of cease-fire talks because Palestinian and Arab League negotiators would have been required to go through the towns under Syrian shelling. [New York Times]
- Thailand's new military leadership announced that democratic elections would not be held for at least four years and that full democracy might not be restored for a decade, The broadcast statement was made amid reports of potential unrest among left-wing students. [New York Times]
- Up to 100 persons were killed when a cargo plane crashed in a main avenue in the eastern Bolivian city of Santa Cruz. The Miami-bound jet careened for more than 300 yards and struck a school. [New York Times]
- X-rays of the skulls of Egyptian mummies and tests of their hair samples have enabled a team of American scientists to identify the mummy of King Tut's grandmother, who lived more than 3,300 years ago. The mummy was found in 1898, but it had lacked identification. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 948.30 (+15.95, +1.71%)
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 12, 1976 | 932.35 | 100.81 | 18.21 |
| 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 |