News stories from Monday May 10, 1976

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

With increasing stridency the primary contest between Ronald Reagan and President Ford has developed into an unfocused -- and perhaps irrelevant -- debate over whether the United States is the number one military power. Two primaries tomorrow, in Nebraska and West Virginia, will give further evidence of the success of Mr. Reagan's tactic of making defense an issue in his campaign. [New York Times] Capt. Arthur Lincoln, an Army lawyer at West Point who has criticized the alleged abuse of the West Point honor code by officers and cadets, has been asked to leave the United States Military Academy. The Pentagon asked him to submit choices for reassignment even though his request to remain at West Point for a fourth year had been granted two months ago. Captain Lincoln, a West Point graduate, has defended a cadet against an apparent harassment campaign fallowing the reversal of charges that the cadet, Steven Verr, had violated the honor code. [New York Times] Jeremy Thorpe resigned as leader of Britain's Liberal Party following several months of newspaper reports about his financial affairs and private life -- he was alleged to have had a homosexual relationship with a former stable boy whom he had befriended. He accused some British newspapers of a "sustained witch hunt" and denied strongly that he had had a homosexual affair. He said he was resigning because the controversy could wreck the Liberal Party. He was the party's leader for nine years. He will remain a member of Parliament. [New York Times] Israel is planning to establish numerous additional settlements in occupied Arab territory over the next several years, government officials said today. The new settlements -- some will be small agricultural villages and others industrial towns -- will be in the Golan Heights, Jordan Valley, West Bank of the Jordan, and the Rafah area of the Gaza Strip. Since the 1967 war Israel has established 68 settlements in Arab territory. The government announcement followed a cabinet vote of 17 to 2 approving a resolution banning illegal Israeli settlements in the West Bank, but emphasizing that the government would continue to establish settlements in areas of its own choice. One of the illegal settlements is occupied by a group of extreme Israeli nationalists in an army camp at Kadum, near Nablus. The cabinet authorized the removal of the camp's inhabitants. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 1007.48 (+11.26, +1.13%)
S&P Composite: 103.10 (+1.22, +1.20%)
Arms Index: 0.49

	Issues	Volume*
Advances	1,092	17.23
Declines	416	3.22
Unchanged	378	2.31
Total Volume		22.76

* 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*
May 7, 1976	996.22	101.88	17.81
May 6, 1976	989.53	101.16	16.20
May 5, 1976	986.46	100.88	14.97
May 4, 1976	993.70	101.46	17.24
May 3, 1976	990.32	100.92	15.18
April 30, 1976	996.85	101.64	14.53
April 29, 1976	1002.13	102.13	17.74
April 28, 1976	1000.71	102.13	15.79
April 27, 1976	995.51	101.86	17.76
April 26, 1976	1002.76	102.43	15.52