News stories from Tuesday June 29, 1976

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

Jimmy Carter, speaking at the United States Conference of Mayors in Milwaukee, said that while he would try to be a sympathetic and responsive president, he would also be a demanding partner who would expect the mayors to endorse some of his political enthusiasms, such as governmental reorganization. [New York Times] Cadet Steven Verr, who challenged the West Point honor code through 18 disciplinary actions and honor board hearings over the code's administration, was found deficient in mathematics by an academic board and will be separated from the corps of cadets. Cadet Verr said that he had been harassed by mathematics instructors, removed from classes for interrogations and prevented from studying. [New York Times] An agreement in principle was reportedly reached between New York City officials and city labor unions to comply with the budget for the next fiscal year, which calls for a $24 million cut in fringe benefits. The agreement is expected to satisfy Treasury Secretary William Simon, who must approve the federal loans needed by the city to avoid default Thursday. Specific cuts would not be part of the agreements, sources said, but in exchange, city workers would receive cost-of-living raises financed by productivity savings. [New York Times] The Supreme Court ruled that the seizure of a person's private business papers and their use as evidence was not in violation of the Fifth Amendment guarantee against self-incrimination. The Court said, however, that the Fifth Amendment might protect a person against subpoenas for his private papers. [New York Times] Hijackers holding 256 hostages, including 80 to 100 Israelis, aboard a French airliner In Kampala, Uganda, demanded the release of 53 Palestinians and pro-Palestinians from jails in Israel and four other countries. The hijackers warned of "severe and heavy penalties" if the demands were not met. Israel, which holds 40 of the 53 prisoners, began urgent consultations on the demands. [New York Times] Leaders of Communist parties from Eastern and Western Europe opened their long-delayed conference in East Berlin. Leonid Brezhnev, the Soviet leader, took a conciliatory stand in his keynote address toward those seeking independence from Moscow's tutelage. The Communist leaders, including Enrico Berlinguer of Italy and President Tito of Yugoslavia, attending his first international meeting since 1948, assembled to ratify a new declaration of principles as the basis of solidarity. [New York Times] Efforts to find a solution for the civil war in Lebanon reached a deadlock as the Libyan Prime Minister ended a 10-day stay in Beirut during which he had attempted to mediate the conflict and as right-wing Christian militiamen intensified their efforts to capture two Palestinian camps they have been attacking for more than a week.High-ranking officials in Washington said that the situation in Lebanon was at a low point and that the future seemed to hold only worse developments. There seemed to be unanimity that all efforts to find a political solution to the civil war had failed and that no one would be able to halt the bloodshed. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 1000.65 (+3.27, +0.33%)
S&P Composite: 103.86 (+0.43, +0.42%)
Arms Index: 0.62

	Issues	Volume*
Advances	808	11.33
Declines	604	5.29
Unchanged	461	3.00
Total Volume		19.62

* 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 28, 1976	997.38	103.43	17.49
June 25, 1976	999.84	103.72	17.83
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