News stories from Wednesday February 11, 1976

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

William Scranton, former Governor of Pennsylvania, emerged as President Ford's choice to succeed Daniel Patrick Moynihan as chief American delegate to the United Nations. Mr. Scranton, with the reputation of holding moderate views on foreign and domestic policies, was President Nixon's special fact-finder in the Middle East in 1968. On his return he advocated a "more evenhanded" policy between Israel and other countries in the area, which is the current American policy. [New York Times] Patricia Hearst lost her fight to suppress a great amount of evidence that the prosecution will now use in seeking to show she took part willingly in the bank robbery for which she is on trial in San Francisco. Judge Oliver Carter ruled that the preponderance of evidence established that her statements after the robbery, whether by tape, oral conversation or writing, were made voluntarily. Her lawyer said be had advised her to expect the adverse ruling. [New York Times] The Central Intelligence Agency, responding to growing criticism, announced it would no longer recruit agents from among reporters for American news organizations, or American clergymen and missionaries. A senior official said fewer than 20 persons would be affected and they would be phased out. The practice of sending C.I.A. employees abroad under the "cover" of accreditation representing American news organizations will also end. [New York Times] The chairman of Lockheed Aircraft Corporation and at least one other top official are expected to step clown "very soon" because of the scandal over millions in payoffs for plane sales abroad, government and industry sources said. Otherwise, they said, the furor would threaten the company's existence. In Washington, Arthur Burns, Federal Reserve chairman and a member of the board supervising government loans to Lockheed, said paying bribes overseas should be made a crime in the United States. [New York Times] Governor Byrne of New Jersey said the state was preparing to relax air pollution emission standards for certain areas of South Jersey to let industries and power companies burn fuels with higher sulfur content. He said this relief would be granted for companies in those rural areas where air quality was well within federal standards. Governor Carey of New York has also decided to stress economic recovery at the expense of some recent gains made by the environmental movement. [New York Times] The secretariat of the Organization of African Unity in Addis Ababa announced the group's recognition of the Soviet-supported Angolan nationalist movement as the legitimate government of Angola. The People's Republic of Angola proclaimed by that movement becomes the O.A.U.'s 47th member. The statement came as the movement's military forces and their Cuban allies were reported driving deep into territory once held by factions supported by the West. [New York Times] Troops of the Popular Movement for the Liberation of Angola and their Cuban allies took the military headquarters of the Western-supported faction at Silva Porto in the center of the country, according to a spokesman for the latter group in neighboring Zaire. He said a new headquarters would be established farther south. This left one major town -- Luso -- on the Benguela railroad crossing the center of Angola in its hands. Its fall appeared to be near. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 971.90 (+3.15, +0.33%)
S&P Composite: 100.77 (+0.30, +0.30%)
Arms Index: 0.84

	Issues	Volume*
Advances	969	18.62
Declines	570	9.17
Unchanged	388	4.51
Total Volume		32.30

* 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*
February 10, 1976	968.75	100.47	27.66
February 9, 1976	957.18	99.62	25.34
February 6, 1976	954.90	99.46	27.36
February 5, 1976	964.81	100.39	33.78
February 4, 1976	976.62	101.91	38.27
February 3, 1976	972.61	101.18	34.08
February 2, 1976	971.35	100.87	24.00
January 30, 1976	975.28	100.86	38.51
January 29, 1976	968.75	100.11	29.80
January 28, 1976	951.35	98.53	27.37