News stories from Monday June 14, 1976

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

Representative Morris Udall, who has the second largest bloc of Democratic convention delegates, conceded the Democratic presidential nomination to Jimmy Carter. "I will not be part of any stop-Carter drive," Mr. Udall said after a meeting with Mr. Carter in a New York hotel, but he did not officially withdraw as a candidate. Instead, he said, his candidacy, however hopeless, would continue and in this way he hoped to keep some influence over the party, the convention and the party platform. He gave Mr. Carter permission to approach the Udall delegates individually, "and if they want to go over, they're free to do so," he said. [New York Times] Labor leaders are moving toward public support of Jimmy Carter, but cautiously and with varying degrees of enthusiasm. Interviews with officials of the A.F.L.-C.I.O. and some of its affiliated unions indicated no inclination to back President Ford or Ronald Reagan, and they have no wish to appear neutral. [New York Times] The Supreme Court refused, without comment, to review the plan for desegregating Boston's public schools that was ordered a year ago by a federal judge in Boston, Busing is an important part of the plan, which has repeatedly been criticized by President Ford. No Justice recorded a dissent. The plan thus remains intact and the unanimous decision last January of the United States Court of Appeals that strongly endorsed the plan remains undisturbed. [New York Times] Eight letter bombs mailed in manila envelopes were delivered today to seven businesses and one business executive in four cities, including one device that exploded in a Manhattan brokerage house, injuring four women. None or the other devices went off. [New York Times] Treasury Secretary William Simon expressed "concern" at the pace of New York City's budget-cutting efforts and abruptly scheduled a meeting Thursday of his staff and the State Emergency Financial Control Board to discuss "questions" about the city's financial plan. [New York Times] With the statement that bribes paid by United States corporations to foreign officials threatened "to harm our foreign relations," President Ford called for legislation that would require the disclosure of all such "questionable payments." His proposal, however, would impose no penalty or sanction of any kind on companies that bribed foreign officials provided the companies reported the payments to a government agency. [New York Times] E.B. White, the writer, persuaded the Xerox Corporation, in an exchange of letters, to abandon plans for underwriting magazine articles. Mr. White's persuasive arguments began after Esquire published an article in February that was written by Harrison Salisbury and sponsored by Xerox. "I have great respect for all newspapers and magazines," Mr. White said in an interview. "This Xerox-Esquire arrangement would mean that any rich corporation or rich individual could pick out a reporter and put $50.000 on him and that would be the end of freedom of the press." David Curtin, vice president of communications for Xerox, said, "He stopped us in our tracks." [New York Times] Syrian troops were reported to have captured a garrison of the dissident group called the Lebanese Arab Army in southeastern Lebanon. The Voice of Palestine, the Palestinian radio, said that Syrian troops and armor had taken the garrison at Rasheiya, 15 miles southwest of the main Syrian encampment at Masnaa in Lebanon's Bekaa Valley. The Damascus radio had announced earlier that the Moslem soldiers at Rasheiya who had defected from the regular Lebanese armed forces had rallied to what were described as the Syrian-sponsored "vanguards of the Lebanese Army." [New York Times] West Berlin's city prosecutor announced that the press spokesman for West Berlin's Social Democratic Party and his former wife had been arrested on suspicion of spying for East Germany. He said that the party spokesman, Heinrich Burger, had been denounced as a Communist spy by his former wife, Kathryn Burger. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 991.24 (+12.44, +1.27%)
S&P Composite: 101.95 (+1.03, +1.02%)
Arms Index: 0.65

	Issues	Volume*
Advances	1,123	15.21
Declines	368	3.25
Unchanged	372	2.79
Total Volume		21.25

* 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 11, 1976	978.80	100.92	19.47
June 10, 1976	964.39	99.56	16.10
June 9, 1976	958.09	98.74	14.56
June 8, 1976	959.97	98.80	16.65
June 7, 1976	958.09	98.63	14.51
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