News stories from Thursday June 24, 1976

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

The Supreme Court, in what was regarded as a landmark ruling, struck down laws that extended federal minimum wage and maximum hour provisions to 3.4 million state and municipal employees. The Court responded affirmatively to challenges by 21 states, several cities, the National League of Cities and the National Governors Conference, which had opposed a 1974 law that made the extension possible. The opposition contended that the legislation would be prohibitively expensive and would bring the federal government into matters that should he left to states and municipalities. [New York Times] President Ford would be at least as strong a Republican presidential nominee in the South and West as would Ronald Reagan, according to the latest national survey of voter attitudes by the New York Times and CBS News. But the survey also found that if the election were held today, Jimmy Carter would swamp either Republican by a margin of about 2 to 1. [New York Times] President Ford proposed legislation that would restrict the power of the courts to order busing as means to desegregate schools. He said that "our domestic tranquility and the future of American education" were at stake, and that the intention of his proposed legislation was to make busing "a last resort." [New York Times] The tax bill being considered by the Senate contains separate provisions that appear likely to provide benefits of thousands of dollars, possibly millions, for relatives of Senator Russell Long, Democrat of Louisiana, chairman of the Senate Finance Committee. Members of Senator Long's family are beneficiaries of numerous trusts that receive royalties from oil land leases that were acquired years ago by Huey Long, the Senator's father. [New York Times] Agents of the Federal Bureau of Investigation kidnapped a radical political figure in an attempt to frighten him and deter his political activities, according to a source close to the bureau. The incident, which is said to have occurred in the last five years, could become part of an intensive Justice Department investigation into the alleged use of other illegal techniques by the F.B.I. -- including burglary. [New York Times] The Supreme Court in a 5 to 4 decision upheld as constitutional municipal zoning regulations that attempt to restrict the number of local motion pictures theaters that show pornographic films. The Court specifically upheld a Detroit law that an "adult theater" may not be within 1,000 feet of any two other "regulated uses," including not only "adult" theaters but adult bookstores and bars and hotels. The Detroit law had been challenged as unconstitutional by operators of two adult theaters. [New York Times] Most of Long Island's beaches were reopened for swimming. But Jones Beach State Park will remain closed because sewage, which had closed the other beaches, had washed up in the last 24 hours, There was some question whether the beaches would qualify for disaster aid. [New York Times] Secretary of State Henry Kissinger said that "a process is in motion" that he hopes will produce a negotiated solution and avoid a racial war in southern Africa. It was apparent at a news conference In Munich, following two days of talks in Bavaria with Prime Minister John Vorster of South Africa, that Mr. Kissinger believed Mr. Vorster was amenable to such a solution and that it could be worked out with South African, West European and American cooperation. [New York Times] Poland ended a five-year experiment in food price controls with the announcement of a series of food price increases. Prime Minister Piotr Jaroszewicz said basic foods would rise by up to 100 percent and that farmers would be paid more for their produce. Low-income groups will be compensated for the increases. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 1003.77 (+7.21, +0.72%)
S&P Composite: 103.79 (+0.54, +0.52%)
Arms Index: 0.67

	Issues	Volume*
Advances	940	12.70
Declines	455	4.12
Unchanged	424	3.03
Total Volume		19.85

* 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 23, 1976	996.56	103.25	17.53
June 22, 1976	997.63	103.47	21.15
June 21, 1976	1007.45	104.28	18.93
June 18, 1976	1001.88	103.76	29.71
June 17, 1976	1003.19	103.61	27.81
June 16, 1976	988.52	102.01	21.62
June 15, 1976	985.92	101.46	18.44
June 14, 1976	991.24	101.95	21.25
June 11, 1976	978.80	100.92	19.47
June 10, 1976	964.39	99.56	16.10