News stories from Tuesday January 13, 1976
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A federal judge in Montgomery, Ala., ordered Gov. George Wallace and other Alabama officials to put into effect within six months minimum constitutional standards for the state prison system. It was the first comprehensive federal court ruling in this field. Judge Frank Johnson referred to "rampant violence and jungle atmosphere" throughout the system and called for more guards for internal security. He said the force should reflect the racial and cultural composition of the prisoners. [New York Times]
- Ronald Reagan disavowed the figure of $90 billion he used in announcing his plan to transfer federal programs to state and local governments but said he would stand on the proposal itself. He denied as "totally incorrect" reports quoting him as calling it a mistake. [New York Times]
- Some Democratic leaders are quietly exploring prospects of moving their national convention, set for New York on July 12, to another city because of concern that it might coincide with revelations of party corruption here. For the record, officials insist there is no likelihood of a shift, but a prominent party official did call Miami Beach officials a few days ago to see if a switch could be made. [New York Times]
- The stock market had its second busiest day in Wall Street history as sustained profit taking sent the Dow Jones industrial average down 9.45 points after climbing nearly 70 points in the previous sessions. Analysts regarded the setback as a normal market reaction. [New York Times]
- New York State Supreme Court Justice John Murtagh collapsed and died in his chambers as he prepared to decide whether Maurice Nadiari had the authority to investigate Patrick Cunningham, the state Democratic chairman. His death, apparently from a heart attack, is expected to delay further the politically explosive investigation in into which the Governor and Attorney General have been drawn for various reasons. [New York Times]
- Egypt, Syria and Jordan asked the United Nations Security Council to insure Israel's withdrawal from all occupied Arab territory and give new importance to acceptance of "the national rights" of the Palestinians. Syria used the harshest rhetoric against Israel. Arab diplomats were drafting a resolution, calling on the council to set a timetable for an Israeli pullback, which the United States has already told them it would veto. [New York Times]
- Heavy fighting spread to many parts of Lebanon as leftists and Palestinian guerrillas apparently sought to force Christian militiamen to lift their siege of three Palestinian camps. [New York Times]
- The Japanese government indicated its readiness to conclude a peace treaty with China ending World War II formally despite Soviet warnings against it. In a news conference hours after the Soviet Foreign Minister, Andrei Gromyko, left Tokyo, Prime Minister Takeo Miki disclosed Japan's willingness to accede to China's demand that the pact include a provision stating that both countries oppose the efforts of any third nation to achieve "hegemony" in Asia. Until today the Japanese had resisted this provision, which Russian officials believe to be aimed at the Soviet Union. [New York Times]
- A nationwide investigation into the possibility of price fixing in the women's apparel industry was announced by the Federal Trade Commission. It said such selling practices could cost the public as much as $1 billion a year. New York, with 70 percent of the industry's national volume, will be the focal point of the civil investigation. The F.T.C.'s regional director said it would deal with practices of manufacturers and retailers, seeking to determine if price fixing, boycotts and other unfair methods of competition had occurred. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 912.94 (-9.45, -1.02%)
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* |
| January 12, 1976 | 922.39 | 96.33 | 30.44 |
| January 9, 1976 | 911.13 | 94.95 | 26.51 |
| January 8, 1976 | 907.98 | 94.58 | 29.03 |
| January 7, 1976 | 898.69 | 93.95 | 33.17 |
| January 6, 1976 | 890.82 | 93.53 | 31.27 |
| January 5, 1976 | 877.83 | 92.58 | 21.96 |
| January 2, 1976 | 858.71 | 90.90 | 10.30 |
| December 31, 1975 | 852.41 | 90.19 | 16.97 |
| December 30, 1975 | 852.41 | 89.77 | 16.04 |
| December 29, 1975 | 856.66 | 90.13 | 17.07 |