News stories from Tuesday May 18, 1976

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

President Ford swept to victory over Ronald Reagan in the Michigan Republican presidential primary -- a vital victory after five losses to the former California Governor. In the Democratic primary, Jimmy Carter, the former Governor of Georgia, and Representative Morris Udall of Arizona were locked in a close struggle, considered vital for Mr. Udall, who had made a major effort in Michigan to slow what he called Mr. Carter's bandwagon. [New York Times] Governor Jerry Brown of California won a major victory in the Maryland Democratic primary by defeating Mr. Carter in the non-binding preferential contest. The Georgian led in the separate voting for convention delegates. Mr. Ford easily defeated Mr. Reagan in the Republican primary and won all of the 43 convention delegates. Representative Paul Sarbanes won the Democratic nomination for the Senate, crushing the comeback hopes of former Senator Joseph Tydings. [New York Times] President Ford refused to swear in three Democratic and two Republican members of the reconstituted Federal Elections Commission until the Senate has confirmed the sixth appointee, a Republican whose committee hearing has not been held. The effect was to hold up payment of more than $2 million in campaign subsidies for another week, until after the six primaries next Tuesday. In all of these Ronald Reagan, who has back claims for more than $1 million in matching funds, is challenging Mr. Ford. [New York Times] President Ford has asked Attorney General Edward Levi to seek an appropriate case in which to ask the Supreme Court to "re-examine" the use of busing as a means of integrating schools. His press secretary said Mr. Ford had left it to Mr. Levi to decide whether the Boston school case would be appropriate. [New York Times] It was Treasury Secretary William Simon who warned that if New York City failed to maintain its three-year wage freeze, the federal government would end its $2.3 billion in annual seasonal loans. He said any wage increase, including a cost-of-living increase, would "blow the plan out of the water.' High Treasury officials expressed skepticism at the Emergency Financial Control Board's proposal to link cost-of-living increases for employees with productivity. [New York Times] Reports reaching Addis Ababa said guerrillas seeking independence from Ethiopia for the northern province of Eritrea have stalled the peasant volunteers sent to oppose them. At least one key bridge or more, according to some reports, have been blown up, stranding thousands of the peasants who have been promised land grants in Eritrea. [New York Times] Israeli border policemen menaced by a crowd of stone-throwing demonstrators in a narrow alley in Jerusalem's Old City opened fire, killing a 21-year-old Arab. As tension rose throughout the former Jordanian part of the city, the victim's funeral was followed by the blockading of a gate to the Old City and the raising of a Palestinian flag atop the walls. Border police broke up the renewed demonstration with riot batons and tear gas. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 989.45 (+1.81, +0.18%)
S&P Composite: 101.26 (+0.17, +0.17%)
Arms Index: 0.80

	Issues	Volume*
Advances	730	7.96
Declines	701	6.12
Unchanged	482	3.33
Total Volume		17.41

* 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 17, 1976	987.64	101.09	14.72
May 14, 1976	992.60	101.34	16.80
May 13, 1976	1001.10	102.16	16.73
May 12, 1976	1005.67	102.77	18.51
May 11, 1976	1006.61	102.95	23.59
May 10, 1976	1007.48	103.10	22.76
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