News stories from Thursday July 8, 1976

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

With more support from uncommitted delegates, President Ford's prospects of winning the Republican presidential nomination have improved substantially. He has received in recent days expressions of qualified support from 22 delegates who told the New York Times in a second canvass of uncommitted delegates that they were strongly inclined to vote for Mr. Ford on the first ballot in Kansas City next month. The President also won 12 of the 18 North Dakota delegates chosen at the Republican State Convention in Fargo. Ronald Reagan won four, leaving two others uncommitted. [New York Times] Suggestions that Senator Walter Mondale of Minnesota was too liberal to run for Vice President on the Carter ticket were dismissed as unfounded by Jimmy Carter, who has been meeting with possible vice-presidential candidates at his home in Plains, Ga. Senator Mondale had a discussion that lasted for several hours with Mr. Carter, who afterward began talks with Senator John Glenn of Ohio. [New York Times] Former President Richard Nixon was disbarred by the Appellate Division of the New York state Supreme Court, which in a 4-to-1 opinion sustained five charges, all related to Watergate, that he obstructed "the due administration of justice" and thus had violated the Code of Professional Responsibility. The charges were brought by the Association of the Bar of the City of New York. [New York Times] After more than a decade of intense resistance by the legislature, New Jersey tonight became the 43rd state to adopt an income tax. The Senate, by a vote of 22 to 18, approved the income tax bill passed late Wednesday night by the Assembly. Governor Byrne signed the bill into law and said he would ask the state Supreme Court to lift the injunction on educational funds that closed the state's public schools in a school-financing dispute. [New York Times] A growing number of past and present executives of the Federal Bureau of Investigation, including two aides close to its director, Clarence Kelley, have come under the scrutiny of the Justice Department's inquiry into the bureau, sources close to the inquiry said. [New York Times] An 800-foot glass fiber cable, as fine as a human hair, that carries pulses of light from a fixed source, replaced the standard three-quarter-inch copper coaxial cable in the transmission equipment of a commercial cable television concern. Engineers said it was the biggest advance in electronics since the introduction of the transistor in the early 1950's. The fiber was not expected to be ready for wide use in television until the end of the century. [New York Times] Mahmoud Riad, the head of the Arab League's mediation effort in Lebanon, returned to Cairo from a fruitless talk and said the Arab peacekeeping force in the Beirut area was powerless to act. He and the two other members of the mission, the foreign ministers of Tunisia and Bahrain, will attend a meeting of the 20 Arab League countries on Monday to consider further steps in the mediation attempt. In Beirut it was believed that the situation was too heated and bitter for effective mediation now, and the pessimism was increased by a report from Yasser Arafat, head of the Palestine Liberation Organization, that Syrian troops were about to attack Beirut. [New York Times] More than 9,000 people died in the earthquake and subsequent landslides on the Indonesian part of the island of New Guinea on June 26. The Indonesian government's official estimate of the number of people killed is 9,011, and it may increase. The Social Welfare Minister said 15,000 survivors were waiting to be taken out of the earthquake area. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 991.98 (+0.82, +0.08%)
S&P Composite: 103.98 (+0.15, +0.14%)
Arms Index: 0.96

	Issues	Volume*
Advances	801	10.60
Declines	579	7.33
Unchanged	475	3.78
Total Volume		21.71

* 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*
July 7, 1976	991.16	103.83	18.47
July 6, 1976	991.81	103.54	16.13
July 2, 1976	999.84	104.11	16.73
July 1, 1976	994.84	103.59	21.13
June 30, 1976	1002.78	104.28	23.83
June 29, 1976	1000.65	103.86	19.62
June 28, 1976	997.38	103.43	17.49
June 25, 1976	999.84	103.72	17.83
June 24, 1976	1003.77	103.79	19.85
June 23, 1976	996.56	103.25	17.53