News stories from Wednesday May 26, 1976

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

The June 8 primaries are expected to clarify the presidential nomination races for both parties -- the California contest for Republicans and the Ohio contest for Democrats. The six primaries on Tuesday did little to change the long-range outlook in either party, though President Ford cut into his Republican challenger Ronald Reagan's Southern strength, and Jimmy Carter saw further erosion of the idea of his inevitable victory among Democrats. [New York Times] West Point cadets who are accused of cheating or who are critical of the United States Military Academy's honor code are compiling lists of hundreds of their classmates who they say were also involved. Their apparent intention is to confront the Academy with a difficult choice: prosecution of all whom they suspect, leading to widespread expulsions, or general acquittal, and re-examination of the code. [New York Times] Dorothy Schiff, editor in chief and publisher of the New York Post, says in a new biography that she had a personal relationship with President Franklin D. Roosevelt from 1936 to 1943 and that her husband, the late George Backer, was proud of it. She also implies that Mrs. Roosevelt knew and may even have approved. [New York Times] Patrick Cunningham, the Democratic New York State chairman; his law partner, Joseph Kerning, and Judge Anthony Mercorella of Civil Court in the Bronx were indicted in what could be the state's biggest political scandal in years. Mr. Cunningham was accused of arranging to nominate Mr. Mercorella, then a city councilman, for the bench in return for a promised payoff to him and the Bronx County Democratic Committee. The special grand jury, under the supervision of Maurice Nadjari, also indicted Mr. Cunningham and his partner on a separate charge of conspiracy and tampering with evidence. They allegedly tried to conceal from the jury the fact that a Bronx bank, seeking state government deposits, had paid them $50,000 in legal fees for legal work they did not perform. [New York Times] In a sudden turnabout, Governor Carey said Mr. Nadjari should remain as special state prosecutor beyond a June 29 deadline to complete a backlog of trials. He carefully avoided, however, specifying that Mr. Nadjari should retain his powerful post as head of the office investigating corruption in the criminal justice system while resolving pending indictments. Politicians believed Mr. Carey changed his mind to avoid possible charges of blocking a Republican from completing important cases affecting several prominent Democrats. [New York Times] Defense Department officials in Washington disclosed that Secretary Donald Rumsfeld was interceded on behalf of the Lockheed Aircraft corporation in an attempt to overcome Japanese reluctance to purchase $250 million worth of patrol aircraft directly from the company. The sale has been jeopardized by disclosure of the company's payment of bribes and commissions in Japan. Mr. Rumsfeld has proposed an arrangement under which his department would become the contracting agent. [New York Times] The 24 countries of the Organization for Economic Cooperation and Development have agreed in Paris on a strict code of conduct for multinational corporations following disclosures of bribery and other illicit practices by some of them. The guidelines, scheduled for formal adoption June 21, are voluntary but are expected to carry considerable political and moral weight. [New York Times] The British government put on its biggest show of the year to celebrate the loss 200 years ago of the 13 colonies that became the United States. In Westminster Hall, cradle of the Mother of Parliaments, a congressional delegation received a reproduction of Magna Carta to symbolize a common heritage. The British are getting more mileage out of the anniversary than any country except perhaps the United States. [New York Times] Martin Heidegger, the German philosopher who was one of the most seminal thinkers of his time, died at the age of 86 In the town of Messkirch, where he was born. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 968.63 (-3.06, -0.31%)
S&P Composite: 99.34 (-0.15, -0.15%)
Arms Index: 1.09

	Issues	Volume*
Advances	671	6.37
Declines	718	7.46
Unchanged	472	2.92
Total Volume		16.75

* 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*
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
May 20, 1976	997.27	102.00	22.56
May 19, 1976	988.90	101.18	18.45
May 18, 1976	989.45	101.26	17.41
May 17, 1976	987.64	101.09	14.72
May 14, 1976	992.60	101.34	16.80
May 13, 1976	1001.10	102.16	16.73
May 12, 1976	1005.67	102.77	18.51