News stories from Thursday July 15, 1976

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

Jimmy Carter picked Senator Walter Mondale of Minnesota as his running mate and delegates to the Democratic National Convention jubilantly endorsed the vice-presidential nominee at the closing session tonight. Then the presidential nominee, in his acceptance speech, promised that 1976 "would not be a year of politics as usual," but a year of "quiet and sober reassessment of out nation's character and purpose" of "inspiration and hope." Mr. Mondale brought the delegates to their feet when he denounced President Ford as "a president who pardoned the person" responsible for "the worst political scandal in American history." [New York Times] Jimmy Carter ended his methodical and prolonged search for a running mate with a move that immediately helped reconcile his liberal critics. Mr. Carter said his choice of Senator Walter Mondale was motivated less by political consideration than by regard for Mr. Mondale's personal qualities and the choice was widely acclaimed for both reasons. [New York Times] Jimmy Carter's Republican opposition immediately seized upon Senator Walter Mondale's nomination as Vice President as the basis for a clash over ideology in the election campaign. President Ford and Ronald Reagan acted independently to make Mr. Carter and Mr. Mondale, a Minnesota liberal, the focus of conservative opposition regardless of who wins the Republican presidential nomination next month. [New York Times] As joyous Carter delegates swirled about the convention floor, Aaron Henry, a black veteran of the worst of Mississippi's civil rights battles, put an arm around the neck of the smiling white man at his side and hugged him. "Is this the New South?," somebody yelled. "Just ask Ross Barnett, Jr." Mr. Henry shot back and grinned. "That's right! That's right!" Mr. Barnett exclaimed. He is the son of the die-hard segregationist governor who led an all-white Mississippi delegation out of the 1960 Democratic convention in a dispute over civil rights. [New York Times] The way was cleared for the Olympic Games to open on schedule in Montreal on Saturday after Canada made a compromise "final offer" that would allow Taiwan to take part in the games under its own flag and anthem, but not as representatives of the Republic of China. All 42 Taiwanese athletes, most of whom have been barred from Canada, would be allowed to participate. [New York Times] Jamaica was the country in which an American ambassador solicited contributions, apparently for officials and political partners, from the Aluminum Company of America, which has substantial bauxite investments there. That Jamaica was the country was confirmed by a source close to the transaction. [New York Times] Diplomats in Europe, the Middle East and the United States believe that Libya's leader, Col. Muammar Qaddafi, is arming and financing a terrorist network reaching from the Middle East to Africa and Europe. His goal, the diplomats say, is to combine the Arab nations into a radical Islamic union and to achieve it he would crush Israel and undermine the governments of such nations as Egypt, the Sudan, Tunisia, Jordan, Lebanon and Morocco. The terrorist campaigns are being financed by Libya's huge oil income, which has enabled the country to purchase military equipment, much of it from the Soviet Union, in such plentiful amounts that Libyan arms have been sent to the Irish Republican Army in Northern Ireland, to Moslem guerrillas in the Philippines and Thailand and to rebels in Chad and Ethiopia. Sources in London say that the terrorists who murdered 11 members of the Israeli team in the Olympics at Munich four years ago were trained in Libya, had weapons smuggled through Libyan diplomatic couriers and were given substantial awards by Col. Qaddafi. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 997.46 (-7.70, -0.77%)
S&P Composite: 105.20 (-0.75, -0.71%)
Arms Index: 1.59

	Issues	Volume*
Advances	544	4.78
Declines	867	12.09
Unchanged	454	3.53
Total Volume		20.40

* 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 14, 1976	1005.16	105.95	23.84
July 13, 1976	1006.06	105.67	27.55
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