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Friday July 16, 1976
. . . where the 1970s live forever!

News stories from Friday July 16, 1976

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

  • Twenty-six school children and their bus driver disappeared Thursday near Chowchilla, CA. Only the abandoned bus has been found so far. There were no signs of violence at the bus site. The FBI is coordinating a search in the San Joaquin Valley. There has been no word from any abductors, nor is the motive known. [CBS]
  • Jimmy Carter and Senator Walter Mondale urged Democratic leaders not to be overconfident. In New York City, the two Democratic candidates breakfasted with the Democratic National Committee. Carter said he doesn't intend to lose the general election. Afterwards, Carter left for Georgia to plan his campaign. [CBS]
  • In a federal court affidavit, the C.I.A. admitted breaking into the homes of left-wing Americans living abroad. The C.I.A. also bugged U.S. citizens traveling overseas. [CBS]
  • A federal judge upheld the Air Force's decision to discharge Sgt. Leonard Matlovich after he acknowledged his homosexuality. However, Judge Gerhard Gesell asked the military to reexamine its policy of not letting homosexuals serve. Matlovich will appeal the decision. [CBS]
  • Administration economists say that the economy is improving faster than predicted. Alan Greenspan, chairman of the Council of Economic Advisers, said that the number of unemployed persons will drop below 7 million by the end of this year. Consumer prices are expected to rise 5%. James Lynn, director of the Office of Management and Budget, noted how President Ford's policies improved the economy. [CBS]
  • The Ford and Reagan campaigns agreed not to file credential challenges at the Republican National Convention. Fourteen unseated Reagan delegates from Washington, DC have filed challenges, and the Ford camp is considering challenging 44 Reagan Texas delegates. The search for uncommitted delegates continues.

    Ronald Reagan spoke to uncommitted delegates in Pennsylvania. Reagan toured the Civil War battleground at Gettysburg today. Reagan will also try to woo uncommitted delegates in West Virginia and New York. [CBS]

  • President Ford and West German Chancellor Helmut Schmidt met at the White House regarding NATO defense and the world economy. Schmidt placed a wreath at the Tomb of the Unknown Soldier. Ford and Schmidt then visited Baltimore for a reception on a West German tall ship.

    Ford also met with American Indian leaders. Some suspect that the meeting was politically motivated. [CBS]

  • A federal jury in Cedar Rapids, Iowa, acquitted two members of the American Indian Movement, Robert Robideau and Darrelle Butler, of murdering two FBI agents on the Pine Ridge Indian Reservation last year. [CBS]
  • Taiwan withdrew from the 1976 Summer Olympics because Canada banned their using the "Republic of China" name. The International Olympic Committee agreed with Canada that Taiwan could march under its flag and sing their national anthem but not call themselves the Republic of China. Premier Pierre Trudeau said that the International Olympic Committee knew about this problem with Taiwan a year ago, and noted that Taiwan called itself Formosa in the 1960 Olympics. [CBS]
  • The U.S. Embassy in Lebanon scheduled an evacuation for next Tuesday and urged 1,000 Americans to leave the country. The United States fears that Christians will soon begin an offensive against the Moslem part of Beirut, where the embassy is located. The embassy is cutting its staff to 15 and Ambassador Talcott Seelye may leave. Secretary of State Henry Kissinger is pushing for a peace conference. [CBS]
  • A mental patient went berserk on an airplane, beating up a boy and shooting a policeman upon landing in San Juan, P.R. The FBI is investigating the incident. [CBS]
  • Author and 1930's sportswriter, Paul Gallico, 78, died at his Monte Carlo home. "The Snow Goose" and "The Poseidon Adventure" are two of Gallico's works. [CBS]

Stock Market Report

Dow Jones Industrial Average: 993.21 (-4.25, -0.43%)
S&P Composite: 104.68 (-0.52, -0.49%)
Arms Index: 1.21

Total Volume20.45
* 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
July 15, 1976997.46105.2020.40
July 14, 19761005.16105.9523.84
July 13, 19761006.06105.6727.55
July 12, 19761011.21105.9023.75
July 9, 19761003.11104.9823.50
July 8, 1976991.98103.9821.71
July 7, 1976991.16103.8318.47
July 6, 1976991.81103.5416.13
July 2, 1976999.84104.1116.73
July 1, 1976994.84103.5921.13

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