News stories from Tuesday February 17, 1976

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

President Ford announced the most sweeping reform and reorganization of the country's intelligence agencies since 1947. It gave new powers to the Director of Central Intelligence, set up an independent three-man oversight board, and curtailed covert operations abroad. Overall policy directions for intelligence, he said, will be centralized in the future in the National Security Council. [New York Times] In a nationally televised news conference, Mr. Ford said Ronald Reagan was too conservative to be elected President. After placing Mr. Reagan to his right philosophically, he said their differences were not too philosophical but that Mr. Reagan was "to the right of me in a pragmatic way." [New York Times] A three-drug combination treatment after surgery for breast cancer has dramatically reduced its recurrence among patients who face a high risk of suffering a relapse, according to preliminary findings reported by Italian researchers. The research was carried on in Milan with support from the National Cancer Institute here. [New York Times] Governor Carey asked the New York legislature to delay indefinitely the implementation of major parts of the State Environmental Quality Review Act. In a special message painting a bleak picture of the state's financial and industrial health, he also urged other measures to return New York's competitive edge with other states. [New York Times] Henry Kissinger, in Venezuela on his first diplomatic mission to South America as Secretary of State, urged in a speech that the United States and others in the hemisphere "turn from rhetoric to resolve" on economic and other problems. He said that in the past Washington had not taken sufficiently into account the years of Latin American frustration. He proposed concentration on "concrete problems." [New York Times] The Ford administration has broken off talks with India on the resumption of economic aid, according to State Department officials, in order to show displeasure with India's policies toward the United States. An official said the decision was linked to no single event but to "India's doing things overall that we're not happy about." Another official said American policy now is to let no nation "get away scot free with using us as a whipping boy in its domestic politics or in the United Nations." [New York Times] France recognized the Popular Movement for the Liberation of Angola as the legitimate government of the former Portuguese colony. This initiative annoyed several non-Communist European nations the French had vainly been trying to persuade to make a joint announcement of recognition. [New York Times] In the world of multi-national corporate dealings, Prince Bernhard of the Netherlands is known as a master public relations man. Currently under a cloud because of allegations, which he denies, of receiving $1.1 million from the Lockheed Aircraft Corporation to promote its sales in the Netherlands in the early 1960's, he has long been active on many corporate boards. [New York Times] The government of Iran is reported to have decided not to extend its order for F-14 fighter planes beyond the 80 aircraft currently being produced for its air force. The Long Island manufacturer had been hoping to sell an additional 40, but Iranian military leaders were said to consider them too costly at $22 million each. There is also a controversy over whether Grumman had agreed to pay Iran a $28 million commission out of its profits. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 950.57 (-7.79, -0.81%)
S&P Composite: 99.05 (-0.62, -0.62%)
Arms Index: 0.85

	Issues	Volume*
Advances	673	10.90
Declines	845	11.63
Unchanged	389	2.93
Total Volume		25.46

* 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 13, 1976	958.36	99.67	23.87
February 12, 1976	966.78	100.25	28.61
February 11, 1976	971.90	100.77	32.30
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