News stories from Friday June 25, 1976

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

President Ford headed toward the capture of all or nearly all of Minnesota's 18 at-large convention delegates, a victory that would put under 100 the additional votes he needed for the Republican presidential nomination. The Ford supporters seemed to be solidly in control of the 1,976 delegates to the Independent-Republican convention in St. Paul, where Betty Ford led her husband's forces, and where Ronald Reagan spoke but did not get many new votes. [New York Times] Senate and House conferees agreed to proceed with production plans for the controversial B-1 supersonic bomber. In approving a compromise bill authorizing the purchase of $32.5 billion in weapons, the conference deleted a Senate-approved restriction that would have delayed a production contract until at least next Feb. 1. [New York Times] The Supreme Court ruled 7 to 2 that private schools may not exclude black children because of their color. The Court in effect ruled against the so-called "freedom schools" that were established in the South by whites following the Court's 1954 Brown decision that banned racial segregation in public schools. The Southern Independent School Association, representing about 375 schools, was one of the parties in the legal dispute that resulted in today's ruling. The association had conceded that many of its member schools excluded students for racial reasons and had argued that the schools could not be forbidden to do so under the Constitution. [New York Times] In another 7-to-2 decision, the Supreme Court ruled that civil rights laws give the same protection to whites as they do to blacks and made it clear that those laws were not intended only for non-whites. The ruling was made in a case in which two white men charged that they were illegally discriminated against on the basis of race when their employer dismissed them for allegedly stealing company property, but did not dismiss a third man, a black, who was implicated. [New York Times] Senator Russell Long of Louisiana said that he will ask the Senate to strike from the pending tax bill a provision that could benefit members of his family. [New York Times] President Ford assigned 100 Job Corps trainees to help clean up the beaches on Long Island that were polluted by sewage in the last week, but the beaches were not made eligible for federal disaster aid. Almost all the beaches were open today. Jones Beach State Park is expected to open most of its beaches tomorrow. [New York Times] The Polish government withdrew its plan to raise food prices sharply after workers protesting the increases had torn up railroad tracks near Warsaw and struck in other parts of the country. Prime Minister Piotr Jaroszewicz, in a brief television statement, said that the government had decided to give the proposal further consideration. This could take months. [New York Times] In an address on the political, economic and military prospects of the West before the Institute of Strategic Studies in London, Secretary of State Henry Kissinger was philosophical and optimistic and possibly valedictory. The institute regularly publishes studies on the balance of world forces. Mr. Kissinger's aides, with whom he spent several weeks preparing the speech, said that it might have been his final major address in Europe as Secretary of State. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 999.84 (-3.93, -0.39%)
S&P Composite: 103.72 (-0.07, -0.07%)
Arms Index: 0.93

	Issues	Volume*
Advances	776	8.83
Declines	611	6.47
Unchanged	452	2.53
Total Volume		17.83

* 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 24, 1976	1003.77	103.79	19.85
June 23, 1976	996.56	103.25	17.53
June 22, 1976	997.63	103.47	21.15
June 21, 1976	1007.45	104.28	18.93
June 18, 1976	1001.88	103.76	29.71
June 17, 1976	1003.19	103.61	27.81
June 16, 1976	988.52	102.01	21.62
June 15, 1976	985.92	101.46	18.44
June 14, 1976	991.24	101.95	21.25
June 11, 1976	978.80	100.92	19.47