News stories from Monday February 23, 1976

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

The Ford administration disagreed with press interpretations that former President Richard Nixon's remarks in a toast at an official dinner in Peking on Sunday had seemed to be criticism of President Ford and Secretary of State Henry Kissinger. The White House press secretary said, "We have looked at the entire toast and we do not interpret it as being critical of United States foreign policy." [New York Times] Patricia Hearst startled the jury at her bank robbery trial in San Francisco by invoking the constitutional guarantee against self-incrimination 42 times. In addition to citing her Fifth Amendment protection, Miss Hearst said that if she responded to the questions being asked by the prosecution she feared she would be endangering herself and her family. [New York Times] CBS News relieved Daniel Schorr of all duties as a Washington correspondent pending the outcome of a congressional investigation into his having leaked the House intelligence report to The Village Voice, a New York weekly newspaper. Richard Salant, president of CBS News, said that CBS "will support Mr. Schorr by providing legal counsel insofar as investigations relating to his CBS News activities are concerned," and that he would be backed by CBS "against attempts to require him to reveal the source through which he obtained the report. These aspects of the matter involve fundamental issues of press freedom." [New York Times] Congress was urged by the General Accounting Office to place legislative controls on the Federal Bureau of Investigation's use of preventive measures to avoid violence by domestic dissidents. This was one of a series of recommendations and findings in a report after a year-long investigation by the G.A.O. which became the first government agency to join the Department of Justice in agreeing that the F.B.I. could take action to prevent violence without arrest or prosecution. [New York Times] Both houses of the New York state legislature passed a bill that apparently would be the first step toward banning the use of Kennedy International Airport by the Concorde supersonic jet. The bill would limit the noise level of planes taking off and landing at state-operated airports. Members of the legislature from areas around the airport exhorted their colleagues to prevent "jet alley from becoming a supersonic freeway." [New York Times] Fred Ikle, director of the Arms Control and Disarmament Agency, said that the United States and six other major industrial countries, to discourage the spread of atomic weapons, had concluded a secret agreement to cooperate in developing new safeguards and controls on exported nuclear facilities. Mr. Ikle told the Senate Foreign Relations subcommittee on arms controls that the agreement, completed last month, covered not only guidelines for preventing civilian nuclear exports from being turned into atomic weapons, but also follow-up efforts to improve safeguards. In addition to the United States, the participants in the agreement are understood to be the Soviet Union, Britain, West Germany, France, Japan and Canada. [New York Times] Japanese policemen and tax officials raided offices and homes of executives of the Lockheed Aircraft Corporation, the Marubeni Trading Company, Lockheed's sales agent, and Yoshio Kodama, Lockheed's lobbyist, in the first major investigation of the Lockheed bribery scandal in Japan. About 380 officers searched 26 offices and homes on suspicion of tax evasion, violation of foreign exchange laws, and possible bribery of public officials. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 985.28 (-2.52, -0.26%)
S&P Composite: 101.61 (-0.49, -0.48%)
Arms Index: 0.96

	Issues	Volume*
Advances	713	12.45
Declines	831	13.87
Unchanged	374	5.14
Total Volume		31.46

* 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*
February 20, 1976	987.80	102.10	44.51
February 19, 1976	975.76	101.41	39.21
February 18, 1976	960.09	99.85	29.90
February 17, 1976	950.57	99.05	25.46
February 13, 1976	958.36	99.67	23.87
February 12, 1976	966.78	100.25	28.61
February 11, 1976	971.90	100.77	32.30
February 10, 1976	968.75	100.47	27.66
February 9, 1976	957.18	99.62	25.34
February 6, 1976	954.90	99.46	27.36