News stories from Wednesday January 28, 1976

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

The Senate voted into law the $45 billion health, welfare and labor bill by overriding President Ford's veto, which the House had overridden a day earlier. It includes an anti-busing restriction prohibiting busing of students past schools nearest their homes except where the busing is court-ordered. [New York Times] The Ford administration is considering withdrawing its support for major pending antitrust legislation following complaints from Wall Street figures such as Felix Rohatyn, Bernard Lasker, a former Stock Exchange chairman, and Gustave Levy. Mr. Lasker and Mr. Levy are Ford fundraisers. The bill, awaiting action in the Senate Judiciary Committee, contains a section that would expand the powers of the Justice Department to delay large corporate mergers pending litigation of questions under the antitrust laws. [New York Times] Jury selection in the Patricia Hearst trial in San Francisco was moved by federal Judge Oliver J. Carter into a locked courtroom, where the only witnesses were her parents and sister and the wife of F. Lee Bailey, her chief defense counsel. Judge Carter did not explain the unusual action barring reporters and the public from the questioning by the prosecution and defense staff. As he left the bench, the judge said he wanted to question jurors individually on the impact of pretrial publicity. [New York Times] In a case brought by the City of Hartford, which contended that more than 90 percent of the poor people in the region had crowded into its limits because they had no place else to go, a federal judge enjoined the federal government from giving about $4 million in community development funds to relatively affluent suburbs. The city argued the money was needed more for housing the poor than for suburban roads, sewers, parks and other improvements. [New York Times] Governor Carey of New York joined Representative William Hughes of Ocean City, N.J., and other New Jersey coastal mayors and freeholders In urging postponement of federal plans to lease land off the state's coast to oil companies that want to drill. They urged environmental safeguards. Mayor Beame of New York City backed witnesses emphasizing the urgency of oil production to provide needed energy and jobs. [New York Times] The Senate voted 77 to 19 to broaden the United States fishing jurisdiction to a distance of 200 miles off the coasts starting July 1, 1977. The action was opposed by the State and Defense Departments and by a few Senators, who contended that it contravened international law and would invite retaliation. The bill goes to a House-Senate conference, the House having passed a similar bill last October. [New York Times] In a speech to the Spanish Parliament broadcast live to the people, Prime Minister Carlos Arias Navarro promised to move toward a "Spanish democracy" that copied no others. The program, to he achieved "without hurry and without pause," included a two-chamber Parliament, the lower one popularly elected and holding equal power, and revision of the electoral law to allow some moderate political groups but to bar subversive or totalitarian groups; and revision of the laws on illegal association and the right of assembly. Its general and restrictive terms left most opposition groups dissatisfied. [New York Times] Prime Minister Yitzhak Rabin, the first Israeli leader to address a joint session of Congress, said his government was ready to negotiate with any Arab state but not with the Palestine Liberation Organization. Despite repeated pleas from President Ford and Secretary of State Henry Kissinger for flexibility on negotiation, he offered no new initiatives, blaming the Arabs for failure to achieve a Middle East settlement. [New York Times] The White House and State Department publicly assured Daniel Patrick Moynihan, United States representative to the United Nations, of their support and approval. But privately senior officials of the department -- where he has charged there is a large faction trying to undercut him -- have often said that his outspoken style is seriously damaging United States interests. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 951.35 (-6.46, -0.67%)
S&P Composite: 98.53 (-0.54, -0.55%)
Arms Index: 0.99

	Issues	Volume*
Advances	507	7.95
Declines	982	15.23
Unchanged	406	4.19
Total Volume		27.37

* 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*
January 27, 1976	957.81	99.07	32.07
January 26, 1976	961.51	99.68	39.64
January 23, 1976	953.95	99.21	33.64
January 22, 1976	943.48	98.04	27.42
January 21, 1976	946.24	98.24	34.47
January 20, 1976	949.86	98.86	36.69
January 19, 1976	943.72	98.32	29.45
January 16, 1976	929.63	97.00	25.94
January 15, 1976	924.51	96.61	38.45
January 14, 1976	929.63	97.13	30.34