News stories from Wednesday July 7, 1976

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

Queen Elizabeth II was received at the White House with top-grade honors, looking cool despite Washington's sultry heat. The state dinner at the White House was televised live, the first time this had been done. Earlier, the Queen, Prince Philip and the Fords had a private lunch in the family dining room. [New York Times] Authoritative government sources in Washington said that the likelihood of delay in the scheduled July 1977 startup of the Alaska oil pipeline has increased because of problems with the pipeline company's records of quality-control radiographs of its welds. At the same time Interior Secretary Thomas Kleppe has advised President Ford that the pipeline service company expects no consequential delay. [New York Times] President Ford appears to have a dozen or more "hidden" supporters among nominally uncommitted New York State delegates to the Republican National Convention. A New York Times canvass showed a behind-the-scenes shift toward the President in a contest in which even half a dozen delegates could he crucial. Their chief reasons for shifting to Mr. Ford appear to be his incumbency and the belief that, at least in New York, he would be a stronger candidate than Ronald Reagan. [New York Times] Inspectors of the Internal Revenue Service are investigating allegations that its employees who reviewed tax matters of the Gulf Oil Corporation regularly accepted gratuities from its representatives. Many employees of the I.R.S. office in Pittsburgh, where Gulf has its headquarters, have undergone questioning, and some are understood to have declined to answer, relying on their constitutional right not to testify against their own records. [New York Times] At a meeting in Monte Carlo of the International Lawn Tennis Federation, the United States Tennis Association did an about-face in deciding against withdrawing from the Davis Cup international tennis competition. Britain and France, which in sympathy with the United States had withdrawn from the Cup for one year on the ground that it had become too political also reversed their decision. The three had cited Mexico's refusal to play South Africa as the latest example of politics in tennis. [New York Times] A State Department spokesman said in Washington that in recent months the Soviet Union had sharply reduced the level of microwave radiation beamed at the American Embassy in Moscow. He nonetheless rebuked the Russians for continuing the waves even at the current insignificant level, and said that they thus showed a lack of concern for the living and working conditions of Americans. [New York Times] A correspondent visiting Lhasa from Peking reports that in the former holy city of Tibet, Peking-style maxims in Chinese and Tibetan have replaced the traditional mantras painted on walls and rocks. Modern Lhasa is like other towns of frontier China, with wide streets, new low buildings, industries, and department stores stocking sensible and enjoyable goods. The Jorkang. a temple dating from the seventh century and a focus of Buddhist pilgrimage, is now little more than a splendid museum. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 991.16 (-0.65, -0.07%)
S&P Composite: 103.83 (+0.29, +0.28%)
Arms Index: 0.84

	Issues	Volume*
Advances	813	9.84
Declines	577	5.86
Unchanged	474	2.77
Total Volume		18.47

* 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*
July 6, 1976	991.81	103.54	16.13
July 2, 1976	999.84	104.11	16.73
July 1, 1976	994.84	103.59	21.13
June 30, 1976	1002.78	104.28	23.83
June 29, 1976	1000.65	103.86	19.62
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