News stories from Tuesday July 13, 1976

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

The Democratic National Convention, after sweeping aside a last potentially divisive issue, adopted early a platform bearing the clear imprint of Jimmy Carter. Only a few scattered "nays" were heard as the platform was approved on a ringing voice vote. Earlier, in its first recorded vote, it had defeated a proposal to discuss three issues for 20 minutes each by 1,957½ to 735. The Women's caucus had accepted a compromise committing the party to promote rather than require equal representation for women. Mr. Carter welcomed the prospect that the names of other candidates would be placed in nomination tonight. The convention responded warmly to speeches by party heroes past and present. [New York Times] Jimmy Carter said in a telephone interview that he had not told even his closest advisers who was pre-eminent in his mind as a vice-presidential running mate. He said he would hold a final working session this morning with his associates on information concerning the six United States Senators he has under consideration. Speculation, even among his staff, centered increasingly on Walter Mondale of Minnesota and Edmund Muskie of Maine. Many Democrats felt John Glenn's failure to capture the crowd in his keynote speech had hurt his chances, but Mr. Carter told his staff he had not told anyone that Mr. Glenn had been dropped from serious consideration. [New York Times] Deep in the heart of Manhattan, Texans and New Yorkers are mysteriously saying nice things about each other. Many members of the Texas delegation believe it is more than a temporary cease-fire between the capitals of the Sunbelt and of the Eastern establishment. [New York Times] High government sources in Washington said that federal agents were investigating additional allegations that Representative Otto Passman used his congressional powers to influence the awarding of a lucrative shipping agency contract. They said the investigators had been told that the Louisiana Democrat paved the way for replacing late last year a shipping agency that had represented Egypt with a new concern, Pan Mediterranean Shipping Corporation. formed by two of his friends. These are Tongsun Park, a wealthy South Korean with power and influence in Washington, and Grover Connell, head of America's biggest rice exporter. The sources said the shift was aborted in February after the Agriculture Department demanded full disclosure of all ownership and beneficial interest in Pan Mediterranean Shipping. [New York Times] The execution of 18 Ethiopian military leaders and merchants, including the third-ranking member of the ruling hierarchy, was announced on the Addis Ababa radio. It said they had committed crimes ranging from plotting a coup to food hoarding. Sources in the Ethiopian capital said the city was calm but they had no clear-cut analysis of the executions, There have been reports of division within the ruling council during recent months. [New York Times] A Syrian tank column entered Baalbek, a large Moslem center, in an advance seen by some as a Syrian effort to win military control of eastern Lebanon, including the fertile Bekaa valley. Libyan authorities said Syrian forces south of Beirut had begun a limited withdrawal from the city and port of Saida at the demand of the Libyan Prime Minister, Abdel Salam Jalloud, who has been mediating in Beirut and Damascus. [New York Times] Israel's chief delegate, Chaim Herzog, charged in the United Nations Security Council that Uganda was threatening foreign residents in an attempt to influence the Council's debate on the Israeli raid that freed hijacked hostages at Entebbe Airport. He alluded to a statement by President Idi Amin that the British would pay very heavily for talking on behalf of the Israelis and to a British warning earlier of threats to Britons in Uganda. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 1006.06 (-5.15, -0.51%)
S&P Composite: 105.67 (-0.23, -0.22%)
Arms Index: 1.00

	Issues	Volume*
Advances	743	11.70
Declines	711	11.18
Unchanged	439	4.67
Total Volume		27.55

* 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 12, 1976	1011.21	105.90	23.75
July 9, 1976	1003.11	104.98	23.50
July 8, 1976	991.98	103.98	21.71
July 7, 1976	991.16	103.83	18.47
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