News stories from Monday October 25, 1976
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Organized labor has been waging the biggest, most costly and most sophisticated campaign in its history in support of a presidential candidate -- Jimmy Carter. Most national political authorities agree that if labor's effort succeeds, Mr. Carter will be President. If it fails, he very likely will not. [New York Times]
- The sole surviving "Scottsboro Boy," Clarence Norris, was pardoned by Gov. George Wallace of Alabama. Mr. Norris, now 64 and a warehouseman working for New York City, said at a news conference that "a man should never give up hope." In 1931 he and eight other black youths were charged with raping two white women. After 15 years in prison, five on death row, he was released on parole and left Alabama without permission. [New York Times]
- A massive search was under way for the arsonist responsible for a fire that killed 25 persons in a social club in the Bronx. The police had first suspected a man who had an argument with his wife during the club dance, but they said that this likelihood was increasingly doubtful. Investigators said that the case was now wide open. [New York Times]
- American colleges, reversing a trend of recent years. are restoring the concept of a "general education." This holds that a student should take courses in each of the major branches of learning. Faculties that abandoned or relaxed such requirements under pressure to give students increased freedom have made the shift as a new mood of academic seriousness grows among students. [New York Times]
- Stock prices moved narrowly and closed slightly lower in one of the most sluggish sessions of the year. Declines barely exceeded advances on the Big Board, and the Dow Jones industrial average eased 0.75 to chose at 938. Credit markets continued their severe slump. Bond prices dropped sharply and interest rates rose, as the yield on the Treasury's new two-year notes rose to 6.11 percent from 5.96 percent. [New York Times]
- Bill Arnsparger was dismissed as coach of the New York Giants after his team lost seven successive games. His assistant, John McVay, was appointed to succeed him. Wellington Mara, president of the club, said that at this point it had to "see if the people we have can respond to a personality other than Bill." [New York Times]
- Canada is embroiled in a political crisis that its leaders fear may break up its confederation, with possible separation by French-speaking Quebec, its biggest province. Long-simmering hostilities between French-speaking and English-speaking Canadians have been fueled by widespread economic insecurity over inflation and unemployment. [New York Times]
- The British pound plunged in a record setback, dropping more than 5 cents to close at $1.595. The decline followed an article in the Sunday Times of London that said that the United States and the International Monetary Fund had agreed that the pound should drop to $1.50 as a prerequisite for a $3.9 billion loan that London wants from the fund. England's Central Bank tried and then gave up efforts to stem the selling pressure. [New York Times]
- The Soviet Union, after vigorous United States encouragement, has applied to join major rate-setting conferences covering two key North Atlantic shipping routes. Bringing the fast-expanding Russian merchant fleet into the conferences is expected to prevent chaos on world trade routes and a Soviet-American confrontation over the Russians' slashing of rates. [New York Times]
- The International Monetary Fund, after lending heavily for two years, has less available money. If the world economic slump continues, the fund may face problems in meeting loan demands next year. The I.M.F.'s stock of lendable funds has dropped from $11.5 billion 18 months ago to about $6.3 billion and may fall to $4.6 billion by the end of the year, it is estimated. [New York Times]
- A bumper Soviet grain harvest was announced by Leonid Brezhnev, the Communist Party leader. He told the Central Committee that the harvest could reach or exceed the record crop of 222.5 million tons reaped in 1973. The big crop, which contrasted markedly with a disastrous harvest last year, was attributed by specialists to good weather, including timely rains. [New York Times]
- About 30 Moscow Jews who had been demonstrating over delays in receiving permission to emigrate to Israel were arrested in a move to cut off further protests. Reports from friends and families said that some had been arrested at home or while leaving, and others intercepted as they approached the site of their protests. [New York Times]
- Transkei's independence from South Africa was accepted by Chief Kaiser Matanzima at a formal ceremony in Umtata, the capital. But the new state, the first of South Africa's black homelands to receive this status, has not been recognized by other nations, which regard the step as part of South Africa's apartheid policy. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 938.00 (-0.75, -0.08%)
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 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 |
| October 11, 1976 | 940.82 | 101.64 | 14.62 |