News stories from Monday June 7, 1976

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

The last of this year's 30 presidential primaries will he held tomorrow in three of the 10 largest states: New Jersey, Ohio and California. It seems that Jimmy Carter will win enough delegates to put him in relatively easy hailing distance of the Democratic nomination. Neither President Ford nor Ronald Reagan seems likely to resolve in these primaries their contest for the Republican nomination. Republicans in the three states will choose 331 convention delegates, a quarter of the total needed for nomination. Democrats will choose 540 delegates, more than a quarter of the total needed for nomination. [New York Times] President Ford announced the signing of documents that will lead to quotas on imports of specialty steel. Unemployment in the specialty steel field has been reported as high as 40 percent last year. Mr. Ford made the announcement at Middletown, Ohio, the home of the Armco Steel Corporation, a leading producer of specialty steel. He had said earlier that he would establish quotas unless voluntary restraints were observed by the main exporters. [New York Times] The Supreme Court ruled that a statute or other official act is not unconstitutional because it places a "substantially disproportionate" burden on one race. The Court said it was also necessary to prove a "racially discriminatory purpose" in a case that challenged an examination given to police force applicants in the District of Columbia, in which blacks failed in a higher proportion than whites. The Court rejected the challenge 7 to 2. [New York Times] To help support the declining British pound, the United States and other industrialized countries provided Britain with a $5.3 billion standby line of short-term credit. The United States contributed $2 billion of the total. The pound promptly rose strongly in foreign exchange markets, closing at $1.77 in New York. This compared with a low of $1.70 touched briefly last Thursday after a sustained decline. [New York Times] Beirut was held in a stranglehold by Syrian troops. Syrian armored columns were reported to have advanced toward the city from positions taken last week in eastern Lebanon. Reports from the stronghold of the Progressive Socialist Party of Kamal Jumblat in the mountains east of Beirut said that the Syrians had pushed from the advance positions at Makse, 21 miles east of Beirut, to Mureijat, within 19 miles of Beirut on the Beirut-Damascus road.In Cairo, the Arab League called an emergency meeting. [New York Times] Chile's military government was accused by the Inter-American Human Rights Commission of "arbitrary jailings, persecutions and torture" of political prisoners while issuing decrees and statements to "tranquilize or confuse" world opinion. The commission made many specific charges in a report issued at a meeting in Santiago of the foreign ministers of the Organization of American States. The commission is an affiliate of the O.A.S. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 958.09 (-5.81, -0.60%)
S&P Composite: 98.63 (-0.52, -0.52%)
Arms Index: 0.98

	Issues	Volume*
Advances	418	3.57
Declines	1,034	8.66
Unchanged	392	2.28
Total Volume		14.51

* 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*
June 4, 1976	963.90	99.15	15.96
June 3, 1976	973.80	100.13	18.90
June 2, 1976	975.93	100.22	16.12
June 1, 1976	973.13	99.85	13.88
May 28, 1976	975.23	100.18	16.86
May 27, 1976	965.57	99.38	15.31
May 26, 1976	968.63	99.34	16.75
May 25, 1976	971.69	99.49	18.77
May 24, 1976	971.53	99.44	16.56
May 21, 1976	990.75	101.26	18.73