News stories from Friday June 11, 1976

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

Representative Wayne Hays' doctor said that according to preliminary tests the Ohio Democrat took at least 10 times the prescribed amount of a sleeping medication that put him into a coma Thursday. Mr. Hays came out of the coma today and began what was described as a "dramatic recovery." "There is the possibility of a suicide attempt," his doctor said. [New York Times] Federal investigators, according to sources close to the inquiry, were said to be looking into charges by Elizabeth Ray that she was ordered by former Representative Kenneth Gray of Illinois into a sexual encounter with Senator Mike Gravel, Democrat of Alaska, Mr. Gray, the sources said, had hopes of securing Senator Gravel's assistance in passing legislation. [New York Times] In Springfield, Mo., President Ford and Ronald Reagan began personal appeals for the support of the remaining Republican National Convention delegates in 11 states who are vital to their campaigns. [New York Times] The government's inflation-monitoring agency said that recent price increases in the steel industry appeared to be justified by higher costs. William Killey, acting director of the Council on Wages and Price Stability, said both the steel industry's return on sales and its income as a proportion of equity were below 1972 levels and below the average for all manufacturers. [New York Times] Syria and the Palestinian guerrilla movement disagreed on how to use the "symbolic" peacekeeping force being sent to Lebanon by the Arab League, but outright opposition to any such force was expressed by Lebanon's right-wing Christian leader, Interior Minister Camille Chamoun, who warned that the league would be responsible for "drowning Lebanon in blood." The Libyan Prime Minister, Abdel Salam Jalloud, who has taken the role of mediator in Lebanon and who was a supporter of the Syrian position, was said to be leaning toward the Palestinian view that the peace-keeping force should "replace" Syrian troops. [New York Times] Syria reinforced its military occupation of the strategic Bekaa Valley area of Lebanon -- where some of the toughest battles of the Lebanese civil war took place -- with scores of tanks, communication camps and armed patrols at virtually every passable road leading to the main highway between Damascus and Beirut. It was estimated that Syria now has 350 to 400 tanks in Lebanon, and 12,000 troops, including soldiers stationed outside Beirut and near Saida in the south and Tripoli in the north. The scope and precision of the occupation indicated skepticism that the Lebanese war would be over soon and that Syria was prepared to stay in Lebanon indefinitely. [New York Times] Third-world representatives who dominated the United Nations Conference on Human Settlement in Vancouver endorsed sharp restrictions on the private ownership of land and asked that land be managed as a public resource rather than a profit-generating commodity. They also called for the redistribution of land in poor countries and a more equitable share of wealth. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 978.80 (+14.41, +1.49%)
S&P Composite: 100.92 (+1.36, +1.37%)
Arms Index: 0.46

	Issues	Volume*
Advances	1,051	15.16
Declines	384	2.57
Unchanged	407	1.74
Total Volume		19.47

* 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*
June 10, 1976	964.39	99.56	16.10
June 9, 1976	958.09	98.74	14.56
June 8, 1976	959.97	98.80	16.65
June 7, 1976	958.09	98.63	14.51
June 4, 1976	963.90	99.15	15.96
June 3, 1976	973.80	100.13	18.90
June 2, 1976	975.93	100.22	16.12
June 1, 1976	973.13	99.85	13.88
May 28, 1976	975.23	100.18	16.86
May 27, 1976	965.57	99.38	15.31