News stories from Monday May 24, 1976

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

On the eve of six crucial primaries, 119 New York Republican delegates -- 77 percent of the state delegation -- voted to endorse President Ford. This gave Mr. Ford a 156- delegate lead over Ronald Reagan. The lead is probably large enough to enable Mr. Ford to stay in front despite his possible loss of five of today's six primaries. [New York Times] Britain and France, barred from landing their Concorde jets in New York over a dispute on noise, began flights from London and Paris to Dulles International Airport near Washington, their second-choice destination. Two of the supersonic planes, one carrying 75 passengers and the other 80, arrived at Dulles in four hours, half the time of a conventional jet. The Federal Aviation Administration said that noise-measuring equipment showed both Concordes to have been quieter than a Boeing 707 monitored at the same time. [New York Times] Charges that Representative Wayne Hays, Democrat of Ohio, placed a woman in a $14,000-a-year government job in exchange for sexual favors are being investigated by the Department of Justice, federal officials said. A new division of the Justice Department that deals with public integrity was said to have started the inquiry. [New York Times] Carmine De Sapio, the former Tammany Hall leader, pleaded not guilty to a charge that he had lied to a special grand jury investigating how information gathered in a confidential inquiry by Maurice Nadjari's office had been divulged to subjects of the inquiry. Specifically, Mr. De Sapio was accused of perjury when he testified that he had not sent a "messenger" last December to tell Thomas Fitzgerald, Manhattan's public administrator, "to go up and see" Mr. De Sapio. In a second indictment, Mr. Fitzgerald was charged with three counts of perjury and three of criminal contempt. He also pleaded not guilty. [New York Times] Two post office employees at Kennedy International Airport were accused of stealing $800,000 from the mail. This is believed to he the largest theft in the history of the United States Postal Service. Most of the stolen money was said to have been shipped from an Italian Bank to the Irving Trust Company. David Walker, 48 years old, a foreman, and Helen Helton, 47, a clerk, were charged with the theft. [New York Times] In what was regarded as a landmark victory for the consumer movement, the Supreme Court ruled 7 to 1 that states may not forbid pharmacists from advertising the prices of prescription drugs. The Federal Trade Commission staff said last year that lifting restrictions on drug price advertising could save consumers over $300 million a year. The Court also ruled that advertising in general -- even when it is "purely commercial" with the sole purpose of offering a product for sale -- is entitled to at least some protection under the First Amendment's guarantee of free speech. This was regarded as a major reinterpretation of the free speech guarantee. [New York Times] Hearings in the House of Representatives wilt be held next month on the political activities in the United States of the religious movement of the Rev. Sun Myung Moon, the wealthy Korean industrialist and evangelist. Mr. Moon's central organization in the United States is the Unification Church, which claims 30,000 American members. According to former South Korean and American officials and former members of the Moon organization, a number of persons and organizations connected with Mr. Moon have intimate ties with and have received assistance from the South Korean government and the South Korean Central Intelligence Agency. Representative Donald Fraser, Democrat of Minnesota, whose subcommittee on international organizations has been investigating the operation of the Korean C.I.A. in be United States, said that "our information shows a pattern of activity that raises serious questions as to the nature and purpose of Moon's various organizations." [New York Times]

Stock Market Report

Dow Jones Industrial Average: 971.53 (-19.22, -1.94%)
S&P Composite: 99.44 (-1.82, -1.80%)
Arms Index: 2.23

	Issues	Volume*
Advances	239	1.16
Declines	1,283	13.89
Unchanged	315	1.51
Total Volume		16.56

* 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 21, 1976	990.75	101.26	18.73
May 20, 1976	997.27	102.00	22.56
May 19, 1976	988.90	101.18	18.45
May 18, 1976	989.45	101.26	17.41
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