News stories from Monday July 19, 1976

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

President Ford proposed a permanent special prosecutor's office to investigate wrong-doing by government officials, and said that it would be "up to the American people" to decide whether his pardon of President Nixon would be a campaign issue. He made the statements in replies to frequently sharp questioning at a White House news conference. The President said that he was "very close right now" to getting the Republican presidential nomination. [New York Times] Ronald Reagan currently has the support of 1,140 delegates to the Republican National Convention, or 10 more than the necessary majority for the nomination, the executive vice- chairman of his campaign, John Sears, said. [New York Times] The A.F.L.-C.I.O., which refused to endorse a candidate in the 1972 presidential campaign, pledged "all-out support" for the Carter-Mondale ticket. George Meany, the federation's president, brushed aside suggestions at a news conference that he had been cool to Jimmy Carter's candidacy and said that Mr. Carter's "overall purpose is our overall purpose: to put America back to work." He said that the Republicans' choice was between 'Tweedledee Ford and Tweedledum Reagan.'" "We know who the candidates are and it's Ford and Carter," he said. "I cannot find anyone in the American labor movement who is for Gerald Ford." He acknowledged that he had not taken Mr. Carter seriously as a candidate early this year. [New York Times] The Justice Department is investigating the possibility that funds contributed by the Federal Bureau of Investigation's employees for recreational purposes were diverted to the use of J. Edgar Hoover, the late F.B.I. director, and other senior officials of the agency. Sources close to the inquiry said that the fund was controlled for several years by Nicholas Callahan, the associate director of the F.B.I. who was dismissed last Friday. [New York Times] Project officials at Jet Propulsion Laboratory in Pasadena said that preparations were proceeding smoothly for a landing by the Viking 1 spacecraft on Mars tomorrow morning. The craft is expected to touch down at 7:53 A.M., Eastern daylight time, when the exploration of Mars by camera, soil scoop and life-detection instruments is to begin. [New York Times] The International Olympic Committee said that 17 nations and 465 delegates had officially left Olympic Village in Montreal or made final plans to do so. The withdrawal, led by predominantly black African countries, resulted from New Zealand's approval of a rugby team's tour of South Africa despite that country's apartheid policy. Among the departing countries were Kenya, Nigeria and Ethiopia. [New York Times] Boris Onischenko, a fencer and a star Soviet athlete, was disqualified from the Olympic Games in Montreal when he was caught using an illegal electronic device in his epee in the fencing event in the modern pentathlon. Jeremy Fox of Britain was his opponent. Onischenko had been considered a leading candidate for the gold medal. [New York Times] Diplomatic sources in London said that the United States and Britain, which are seeking to persuade the Rhodesian government to negotiate a transfer to black majority rule, are developing a joint policy that would assure financial aid and property guarantees to the white minority. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 990.83 (-2.38, -0.24%)
S&P Composite: 104.29 (-0.39, -0.37%)
Arms Index: 1.09

	Issues	Volume*
Advances	644	6.71
Declines	766	8.73
Unchanged	452	2.76
Total Volume		18.20

* 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 16, 1976	993.21	104.68	20.45
July 15, 1976	997.46	105.20	20.40
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