News stories from Tuesday March 23, 1976

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

Former Gov. Ronald Reagan upset President Ford in the North Carolina Republican presidential primary after five straight losses to the incumbent, guaranteeing that he would remain in the race. In the Democratic primary, former Gov. Jimmy Carter of Georgia trounced Gov. George Wallace of Alabama, defeating him for the third time in three weeks and leaving his campaign barely alive. Even before the tally, Mr. Wallace had decided to restructure his campaign, de-emphasizing his rallies and laying off many aides. Mr. Carter won a 53 percent majority. [New York Times] The National Opinion Research Center released a survey of Catholic attitudes, showing that overwhelming rejection of the 1968 papal ban on artificial birth control had led to drastic declines in religious devotion and the loss of nearly $1 billion in annual church income. But it showed that support for parochial schools remained strong despite the church's retreat from that field. [New York Times] A bodyguard in Mayor Kenneth Gibson's office in Newark put a pistol to the head of Councilman Anthony Carrino, who broke a locked door to the private office. Mr. Carrino and about 75 of his constituents who broke into the office with him were protesting the appointment of an out-of-town resident as police department precinct caplain in their district. The rally broke up when the police arrived. [New York Times] Representative Brock Adams, chairman of the House Budget Committee, proposed that the federal government spend $412.8 billion next year, $18.6 billion more than President Ford's recommendation. The Washington Democrat said the increase was needed to stop Mr. Ford's "drastic shift of priorities from human resources programs to defense" and to ensure that "restrictive budget policies do not arrest the beginning of economic recovery." [New York Times] The Supreme Court ruled 5 to 3 that state and local officials, such as policemen, who defame a citizen may not be sued in federal court for alleged civil rights violations if only the person's reputation suffers. [New York Times] The Civil Aeronautics Board announced that Braniff Airways has agreed to a record civil penalty of $300,000 for failure to report an illegal $40,000 contribution to the 1972 re-election campaign of President Richard Nixon and for a $1 million scheme to hide ticket discounts. In another illegal campaign contribution case, the chairman of the Occidental Petroleum Corporation, Dr. Armand Hammer, was fined $3,000 in Los Angeles and placed on probation for one year. [New York Times] Following a cabinet meeting in Salisbury, Prime Minister Ian Smith of Rhodesia rejected the British proposals for legalizing the country's independence on a basis of black majority rule in two years at most. He said the British plan disregarded realities and was as extreme as the African National Council's proposals. Four African presidents will meet with Rhodesian nationalist leaders in Zambia tomorrow, reportedly for new plans to end white rule. [New York Times] Moslem militiamen in Beirut continued their penetration of downtown sections traditionally held by Christian Phalangists. Syria was said to be seeking to persuade Kamal Jumblat, leader of Lebanon's leftists, to modify his opposition to its formula for a cease-fire. [New York Times] At the world trade negotiations in Geneva, the United States delegation proposed a formula under which industrialized countries would cut their tariffs as much as 60 percent. There was no immediate reaction from America's major trading partners. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 995.43 (+13.14, +1.34%)
S&P Composite: 102.24 (+1.53, +1.52%)
Arms Index: 0.41

	Issues	Volume*
Advances	936	16.12
Declines	564	3.95
Unchanged	369	2.38
Total Volume		22.45

* 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 22, 1976	982.29	100.71	19.41
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