News stories from Tuesday May 25, 1976

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

The French and British Concordes that opened trans-Atlantic supersonic service to Dulles International Airport outside Washington flew home with full passenger loads. The French plane unwittingly gave ammunition to those who would ban it by greatly exceeding on takeoff the perceived sound level that would let it land in New York. An offsetting factor was that reactions from nearby communities were mild. [New York Times] President Ford scored an upset victory over Ronald Reagan in the Kentucky primary and was threatening a similar surprise in a tight Tennessee race while the former California Governor swept to wins in Arkansas, Idaho and Nevada but lost his bid to defeat the President in Oregon. On the Democratic side, the day's six primaries, the most ever on a single day, brought former Georgia Governor Jimmy Carter landslide victories in the three Southern states and losses in the Western primaries. Senator Frank Church of Idaho won in Idaho and in a close Oregon race while Governor Jerry Brown of California took the Nevada primary. [New York Times] Representative Wayne Hays acknowledged in an emotional speech before 316 colleagues in the House chamber that he had had a "personal relationship" with Elizabeth Ray, who asserted that she was paid a public salary of $14,000 to be his mistress. He said that he had erred grievously in his previous statement that "I never had a relationship" with the woman. He stood by his denial that she was hired to be his mistress. Her lawyer denied that she had tapes of conversations with men. [New York Times] A federal grand jury in San Diego has indicted 19 persons, eight of them Americans, on charges of international conspiracy to smuggle the drug Laetrile, outlawed in the United States, to thousands of cancer sufferers in this country. [New York Times] Speculators holding almost 1,000 contracts involving 50 million pounds of Maine potatoes failed to meet the delivery deadline on the New York Mercantile Exchange, subjecting themselves to severe financial and legal penalties. Specialists said the largest recorded default in commodity trading cast doubt an the exchange's future role in potato trading and tarnished all markets where raw materials are traded. [New York Times] Secretary of State Henry Kissinger said that Prime Minister Fidel Castro of Cuba had informed Sweden's Prime Minister, Olof Palme, that Cuban withdrawal of troops from Angola at the rate of 200 a week had begun or would begin soon, and would reduce Cuban forces there by one half by Dec. 31. Mr. Kissinger, in Luxembourg, called the development "positive" but said that the rate should be speeded up and that the Central Intelligence Agency had been asked to verify it. [New York Times] The intellectual climate in India since the government's suspension of civil liberties 11 months ago is characterized by fear and gloom, exemplified by a New Delhi journal of opinion that reported difficulty in obtaining contributions on controversial subjects. It said the social sciences in India were dying slowly. Relatively few intellectuals and scholars are believed to he among the political prisoners except for members of a right-wing movement, but there has been a chilling effect on campus dissent. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 971.69 (+0.16, +0.02%)
S&P Composite: 99.49 (+0.05, +0.05%)
Arms Index: 0.72

	Issues	Volume*
Advances	482	6.09
Declines	983	8.95
Unchanged	401	3.73
Total Volume		18.77

* 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 24, 1976	971.53	99.44	16.56
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