News stories from Monday March 22, 1976
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Pressure is being put on Patricia Hearst to testify against her former associates in exchange for possible leniency from the federal government. Judge Oliver Carter of San Francisco's Federal District Court told Miss Hearst after her conviction Saturday on bank robbery charges that the degree to which she cooperated in an interview later this week with a federal probation officer would influence her sentence. [New York Times]
- The Federal Trade Commission charged the General Motors Corporation with monopoly control of crash replacement parts for its cars, a practice that is allegedly costly to the public and to independent repair shops. The F.T.C.'s antitrust complaint, while formally directed at G.M,, could force all the major auto makers into greater repair competition. [New York Times]
- Mayor Beame filed notice that New York City would withdraw from the Social Security System two years from now if studies in the meantime confirmed tentative estimates that withdrawing might save the city up to $200 million a year. The mayor did not actually make the decision, but only started the two-year notice period required under federal law. This was regarded as a bargaining move in the mayor's fight for more federal aid for the city. [New York Times]
- Eugene Gold, the Brooklyn District Attorney, reportedly was investigating an alleged $250,000 to $275,000 payoff to organized crime figures by Seward Mellon, the Pittsburgh banker, to carry out the abduction of his two daughters from the Brooklyn apartment of his former wife. [New York Times]
- Britain proposed a two-stage plan to end the Rhodesian crisis and offered to join other countries in providing Rhodesia with financial aid to insure an orderly transition to a multi-racial society. But Foreign Secretary James Callaghan said that no assistance -- diplomatic or financial -- would be offered unless Prime Minister Ian Smith agreed to accept the principle of majority rule and to hold democratic elections in 18 months to two years. [New York Times]
- Right-wing Christian militiamen in Lebanon, supported by artillery fire, counterattacked in an all-day effort to recapture their hotel stronghold in downtown Beirut. It was not clear who held the scarred 26-story hotel, the Holiday Inn, which Moslem and leftist gunmen seized Sunday. Prime Minister Rashid Karami called on President Suleiman Franjieh at his palace in Baabda east of the capital. Mr. Franjieh continued to reject civilian and military demands that he resign. However, an emergency cabinet meeting followed Mr. Karami's visit at which a procedure for the president's departure was agreed upon. [New York Times]
- Gen. Duilio Fanali, the former chief of the Italian air force, and a prominent Rome lawyer were arrested in Rome in connection with a reported $1.6 million bribe by the Lockheed Aircraft Corporation. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 982.29 (+2.44, +0.25%)
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 19, 1976 | 979.85 | 100.58 | 18.09 |
| March 18, 1976 | 979.85 | 100.45 | 20.33 |
| March 17, 1976 | 985.99 | 100.86 | 26.19 |
| March 16, 1976 | 983.47 | 100.92 | 22.78 |
| 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 |