News stories from Friday May 7, 1976

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

President Ford vetoed a $4.4 billion foreign aid bill on the ground that "unprecedented restrictions" in the bill would "seriously inhibit my ability to implement a coherent and consistent foreign policy." He had told leaders in Congress two weeks ago that he would probably not approve the measure, which provided authorization for economic and military aid for the fiscal year ending June 30 and for the three-month interval before the start of the 1977 fiscal year on Oct. 1. [New York Times] The number of employed people rose in April, setting a record for a month, but the national unemployment rate was unchanged at the recession level of 7.5 percent, according to the Labor Department's monthly employment report. The number of employed persons last month rose by 707,000 to 87.4 million, exceeding the March 1975 recession low by nearly 3.3 million. The total number of unemployed people was 7,040,000, seasonally unchanged from March. [New York Times] A newspaperwoman whose alleged "special relationship" with the Federal Bureau of Investigation was reported to Congress last week has been dismissed by The Nashville Tennessean, where she had been employed as a copy editor and writer. Jacque Srouji said the dismissal had resulted from a charge that she had been an undercover agent for the F.B.I., which she denied. Mrs. Srouji's contacts with the bureau are of interest to Congress because of the recent report by the Senate Select Committee on Intelligence Activities that the bureau had used persons employed by news organizations as part of its broad effort to hurt the reputations of citizens and organizations selected as "targets." [New York Times] The Allied Chemical Corporation was indicted by a federal grand jury in Richmond on 1,094 criminal charges in the discharging of the ant poison Kepone into the James River. The discharges have forced a shutdown of a multimillion-dollar fishing industry. Employees of the Life Science Products Company, which produced Kepone for Allied Chemical, are suing Allied for more than $100 million, contending that they suffered Kepone poisoning after exposure to dust from the pesticide. [New York Times] The known death toll in the earthquake that struck northeastern Italy Thursday night climbed today into the many hundreds. Several hundred people were reported missing and more than 1,000 were injured. The quake turned villages at the foothills of the Alps into rubble and its tremors were felt in six countries. [New York Times] A long-delayed meeting of 28 East and West European Communist parties will be held in East Berlin after Italy's general elections in June, according to party members who attended a preliminary meeting in East Berlin. French and Italian Communists, supported at times by Yugoslavs and Rumanians, had held up the conference for more than a year by objecting to the Soviet Union's claim to leadership of the international Communist movement. The Russians reportedly have since made important concessions to supporters of an "independent" party line in the West. [New York Times] The Spanish government proposed a two-house parliament In which the entire lower house and most of the senate would be directly elected. The house would have 300 members and the senate 285. The proposals were more liberal than a general plan announced last week by Prime Minister Carlos Arias Navarro. The government also recognized for the first time the right of workers to form labor unions outside the state-run syndicates. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 996.22 (+6.69, +0.68%)
S&P Composite: 101.88 (+0.72, +0.71%)
Arms Index: 0.53

	Issues	Volume*
Advances	940	11.86
Declines	485	3.27
Unchanged	444	2.68
Total Volume		17.81

* 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 6, 1976	989.53	101.16	16.20
May 5, 1976	986.46	100.88	14.97
May 4, 1976	993.70	101.46	17.24
May 3, 1976	990.32	100.92	15.18
April 30, 1976	996.85	101.64	14.53
April 29, 1976	1002.13	102.13	17.74
April 28, 1976	1000.71	102.13	15.79
April 27, 1976	995.51	101.86	17.76
April 26, 1976	1002.76	102.43	15.52
April 23, 1976	1000.71	102.29	17.00