News stories from Tuesday March 16, 1976

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

President Ford won decisively in the Illinois Republican presidential primary, dealing another, perhaps fatal, blow to his challenger, Ronald Reagan. In the Democratic preference primary, former Gov. Jimmy Carter of Georgia won, followed by Gov. George Wallace of Alabama, former vice-presidential candidate Sargent Shriver and former Senator Fred Harris of Oklahoma. In that order. Senator Henry Jackson of Washington and Representative Morris Udall of Arizona were not entered.The machine of Mayor Richard Daley of Chicago scored in the Democratic gubernatorial primary when its candidate, State Secretary Michael Howlett, defeated the incumbent., Gov. Daniel Walker, a maverick. But in the mostly black First Congressional District, the incumbent Representative, Ralph Metcalfe, led the Daley candidate. [New York Times] The Fred Harris campaign in the New York Democratic presidential primary virtually collapsed, with his delegates jumping to other candidates. The chief gainer from the switching was Representative Morris Udall of Arizona, with other delegates going to Jimmy Carter. [New York Times] The Ford administration is expected to unveil later this week legislation aimed at virtually ending federal electronic surveillance of American citizens without a court order. Administration sources said the draft now before the President was worked out in six months of negotiations between members of the Senate Judiciary Committee led by Edward Kennedy, Democrat of Massachusetts, and the Attorney General, Edward Levi. [New York Times] Randolph Hearst, the publisher, took the stand to defend his daughter Patricia at her bank robbery trial, calling her strong-willed and independent, but denying that he had seen signs of resentment and anger in her. Her close friend Patricia Tobin, whose father owned the bank that was robbed, said that she had no political or feminist views before her abduction. [New York Times] In the first major decision under the import-limiting provisions of the 1974 Trade Act, President Ford found that imports were injuring domestic producers of stainless and other "specialty" steels. He held up for 90 days the imposing of import quotas pending an effort to negotiate an "orderly marketing agreement" with the main foreign supplying countries. [New York Times] Two armored columns, apparently from the Lebanese Arab army, headed toward the heavily guarded mansion of President Suleiman Franjieh of Lebanon to back demands that he resign, but halted a few miles away. One of the columns was blocked by Syrian-backed guerrillas, increasing speculation that a political solution to Lebanon's tangled constitutional crisis might be near. It appeared that Syria, which helped bring about the cease-fire of Jan. 22 in the Lebanese civil war, was trying to work out an agreement under which Mr. Franjieh would quit. [New York Times] Prime Minister Harold Wilson of Great Britain, the Labor Party's leader for 13 years, announced his resignation to take effect when the Labor members of the House of Commons have elected a successor. He cited his length of service and the desire to give his successor time to establish his authority as Prime Minister before the next elections, in 1979 or sooner. The leading candidates appeared to be James Callaghan, the Foreign Secretary, and Denis Healey, Chancellor of the Exchequer. [New York Times] State Department officials, citing Soviet military involvement in Angola, said the United States would not take part for the time being in cabinet-level Soviet-American joint commissions set up when detente was in vogue. In contrast with this signal of irritation with the Soviet Union, 10 Senators including Henry Jackson of Washington introduced a resolution supporting efforts to improve Soviet-American relations. [New York Times] Political observers in Rhodesia divide the great majority of whites in Rhodesia into four groups: the more or less ardent supporters of Prime Minister Ian Smith; a significant and vocal wing to the right of his government; those who would do nothing to change the easy life where blacks do all menial work, and an ineffectual opposition. Most would fight for white rule. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 983.47 (+8.97, +0.92%)
S&P Composite: 100.92 (+1.12, +1.12%)
Arms Index: 0.54

	Issues	Volume*
Advances	956	15.39
Declines	562	4.90
Unchanged	372	2.49
Total Volume		22.78

* 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*
March 15, 1976	974.50	99.80	19.57
March 12, 1976	987.64	100.86	26.02
March 11, 1976	1003.31	101.89	27.30
March 10, 1976	995.28	100.94	25.90
March 9, 1976	993.70	100.58	31.77
March 8, 1976	988.74	100.19	25.06
March 5, 1976	972.92	99.11	23.03
March 4, 1976	970.64	98.92	24.41
March 3, 1976	978.83	99.98	25.45
March 2, 1976	985.12	100.56	25.59