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Thursday February 12, 1976
. . . where the 1970s live forever!

News stories from Thursday February 12, 1976


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

  • At a news conference at the State Department, Secretary of State Henry Kissinger accused the House Select Committee on Intelligence of practicing "a new form of McCarthyism" by producing a leaked report that was "so distorted" that it amounted to "a malicious lie." [New York Times]
  • A national survey conducted by the New York Times and CBS News has found that the personalities that the candidates for president have projected appear to be a much more important source of support among potential voters than the stands they have taken on major issues. The issues that generate the largest majorities pro or con are abortion, busing and proposals that the government provide jobs for all and transfer its social programs to the states. [New York Times]
  • President Ford, fulfilling a campaign pledge, made public his personal finances. The details of Mr. and Mrs. Ford's financial affairs, dating to 1966, disclosed that Mr. Ford's personal financial worth at the time he became President increased by about $67,000 to $323,489 at the end of 1975. The documents also disclosed that $106,200 of Mr. Ford's $250,000 salary and expense allowance last year had been withheld for federal tax purposes and he had paid 42 percent of his gross income in federal, state and local taxes for 1974. [New York Times]
  • A federal judge signed an order providing for the liquidation within 60 days of the W.T. Grant Company, which last Oct. 2 filed for a voluntary Chapter XI proceeding under the Bankruptcy Act. The company's debts total $1.8 billion. The order permits Grant, which had been the country's largest variety store chain, to begin going-out-of-business sales at its remaining 359 stores in the Middle Atlantic and New England States, but there is a possibility that two of three potential bidders may continue the business or take over a large number of stores. [New York Times]
  • The Securities and Exchange Commission, asserting it had information that the Boeing Company might have made illegal payments to foreign governments to aid the sale of its aircraft, filed suit to compel the company to produce its records. Boeing denied any wrongdoing and said it would provide the information if it obtained a court order prohibiting the S.E.C. from making "needless disclosure" of information. [New York Times]
  • According to reports reaching Lusaka, Zambia, the Western-supported Angolan nationalist forces have decided to give up the major towns they still hold and prepare for guerrilla warfare. The order to withdraw, it was said, was given by the high command of the National Union for the Total Independence of Angola after its members had decided that conventional warfare was no longer possible against the advancing forces of the Soviet-supplied Popular Movement for the Liberation of Angola and its Cuban allies. The Popular Movement reportedly said in a broadcast from Luanda that it had won the civil war and that the opposing forces were fleeing toward the South-West African border. [New York Times]
  • A wall poster campaign against Deputy Prime Minister Teng Hsiao-ping has started at Peking University and there were other signs of increasing strain within the Chinese leadership. Foreigners who visited the campus said that posters clearly alluding to Mr. Teng accused of him being a "capitalist roader" -- the term used for Chairman Mao Tse-tung's enemies during the Cultural Revolution of the 1960's. [New York Times]


Stock Market Report

Dow Jones Industrial Average: 966.78 (-5.12, -0.53%)
S&P Composite: 100.25 (-0.52, -0.52%)
Arms Index: 0.98

IssuesVolume*
Advances75612.52
Declines75112.20
Unchanged3963.89
Total Volume28.61
* 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
DateDJIAS&PVolume*
February 11, 1976971.90100.7732.30
February 10, 1976968.75100.4727.66
February 9, 1976957.1899.6225.34
February 6, 1976954.9099.4627.36
February 5, 1976964.81100.3933.78
February 4, 1976976.62101.9138.27
February 3, 1976972.61101.1834.08
February 2, 1976971.35100.8724.00
January 30, 1976975.28100.8638.51
January 29, 1976968.75100.1129.80


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