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Friday June 18, 1976
. . . where the 1970s live forever!

News stories from Friday June 18, 1976

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

  • Representative Wayne Hays resigned under pressure by his colleagues as chairman of the House Administration Committee, a move that had been sought by the Democratic leadership since it was alleged that Mr. Hays had appointed his mistress to the committee's staff. His removal from the most powerful of his four chairmanships whetted demands by members of both parties for sweeping reforms in the House. [New York Times]
  • Representative Allan Howe of Utah, who was recently arrested on charges of soliciting prostitutes in Salt Lake City, told a group of his supporters there that he would run for re-election. He said that his constitutional rights had been abused by the police and the press and he repeated his assertion that the arrest was a "setup or trap by vindictive and politically motivated people." [New York Times]
  • A federal district court judge in Washington issued a "preliminary" injunction that will prevent the Ford administration from implementing its proposed cutbacks in food stamps. Judge John L. Smith included the injunction in a ruling that found that the Agriculture Department had "exceeded its congressional mandate" when it promulgated regulations that would cut $1 billion from food stamp benefits. [New York Times]
  • Government economists said that the growth in the gross national product, the nation's total output of goods and services, was likely to slow substantially in the current quarter to considerably less than 5 percent on an annual basis. The rate was 8.7 percent in the first quarter. [New York Times]
  • Baseball Commissioner Bowie Kuhn nullified the biggest sale of talent in baseball history with an order to the New York Yankees and Boston Red Sox to return the three stars they had bought from the Oakland A's for $3.5 million. He also may have provoked the biggest series of lawsuits in baseball. Charles Finley, owner of the Oakland team, declared he would sue and said the commissioner "sounds like the village idiot." [New York Times]
  • Leaders of a Roman Catholic missionary order in Baltimore acknowledged that its representatives raised about $20 million in the last two years "to feed and clothe the poor" abroad but spent only about $500,000 on overseas missions. Instead, the fundraising arm of the Society of the Catholic Apostolate, also known as the Pallottine Fathers, spent $16 million to conduct its extensive direct-mail charity appeal, invested other millions in Florida real estate, and also made loans to politicians. [New York Times]
  • Rioting spread to a number of black townships around Johannesburg. Prime Minister John Vorster assured the country over radio and television that "there is definitely no reason for any panic" and said that orders had been given to maintain law and order at all costs. "This government will not be intimidated," he said. On the third day of the rioting, the police stopped giving out official casualty figures when the death toll reached 60. [New York Times]
  • William Eteki, secretary general of the Organization of African Unity, said in Addis Ababa that the shootings in Soweto -- he spoke before news had arrived of the spread of the South African riots to other townships -- "constituted a new affront by the minority racist regime in Pretoria against the international community." He said that the O.A.U. was willing "to oppose violence with violence if such is the method adopted by the retrograde Pretoria regime." [New York Times]
  • The United States Embassy in Beirut "strongly urged" all remaining American citizens in Lebanon to leave the country. But Beirut stayed relatively quiet and the Americans seemed to show little interest in doing so. A 13-vehicle convoy organized by the British Embassy was on its way to Damascus and it included a van carrying coffins containing the bodies of the United States Ambassador, Francis Meloy, and the American economic counselor, Robert Waring, who were slain on Wednesday. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 1001.88 (-1.31, -0.13%)
S&P Composite: 103.76 (+0.15, +0.14%)
Arms Index: 0.93

Total Volume25.72
* 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
June 17, 19761003.19103.6127.81
June 16, 1976988.52102.0121.62
June 15, 1976985.92101.4618.44
June 14, 1976991.24101.9521.25
June 11, 1976978.80100.9219.47
June 10, 1976964.3999.5616.10
June 9, 1976958.0998.7414.56
June 8, 1976959.9798.8016.65
June 7, 1976958.0998.6314.51
June 4, 1976963.9099.1515.96

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