News stories from Thursday July 22, 1976

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

The House enacted the $4 billion public works bill that President Ford vetoed, but sustained the President's veto of legislation that would have delayed the closing of military bases. The House voted 310 to 96 to enact the public works bill, 39 votes more than the two-thirds majority needed to override the veto. The Senate on Wednesday voted 73 to 24 to overturn the veto. A vote of 270 to 131 in the House overrode the President's veto of the military base bill, but the Senate vote of 51 to 42 was less than a two-thirds majority. [New York Times] Jimmy Carter, in New York City to present his views on how American business and industry would fare under a Carter administration, especially in relation to taxes, said that he would "depend very heavily on business leaders to help me in government." At a meeting of 52 leading corporate executives, Mr. Carter said that he would move cautiously on tax reform, emphasizing that he would not make substantive changes in "our tax law or propose any as president until at least a full year of very careful analysis," His hosts at the meeting were the chairmen of the Coca-Cola Company, the Seagram Company Ltd., and the Ford Motor Company, and it appeared that a businessmen-for-Carter committee might be established. [New York Times] The White House rejected Ronald Reagan's charge that President Ford's campaign aides were using questionable "heavy-handed" methods in courting uncommitted convention delegate votes by disclosing that the President had ordered cabinet officers to spurn any attempts by Republican National Convention delegates to trade their votes for government jobs or favors. The order went out early this week, the White House press secretary said. [New York Times] Officials in Alameda County, Calif., issued a national all-points bulletin for the arrest of three young men for questioning in the kidnapping last Thursday of 26 schoolchildren and their bus driver near Chowchilla. Sheriff Tom Houchins said the men were to be considered "armed and dangerous." He also said that while no arrest warrants had been issued, law enforcement agencies had been asked to make arrests "on probable cause." He said arrest warrants would be issued today. [New York Times] The United States men continued their domination in swimming at the Olympic Games in Montreal with two more gold-medal victories, both in world-record time. They have won all nine of the events thus far. Brian Goodell gained his second gold medal of the games by winning the 400-meter freestyle in 3 minutes 51.93 seconds, breaking his own record. [New York Times] An apparent malfunction of the Viking I lander's soil collection scoop on Mars was reported by James Martin, the Viking project manager at the Jet Propulsion Laboratory in Pasadena. He said that if the problem was not "understood and solved in short order" it could delay plans to begin gathering soil for biological examination next Wednesday. [New York Times] A Renoir painting that was stolen from the Brooklyn Museum 19 months ago -- the 6-by-13 inch oil "Still Life With Blue Cup," valued at $50,000 -- was returned undamaged and anonymously in the mail Wednesday. But a warning scrawled on the wrapper said that museums needed armed guards and suggested other thefts were coming. [New York Times] Britain announced that it was going to cut government spending next year by about $1.78 billion, by today's exchange rate, to protect the pound, rescue its budget deficit and sustain its fragile economic recovery. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 991.08 (+1.64, +0.17%)
S&P Composite: 103.93 (+0.11, +0.11%)
Arms Index: 0.88

	Issues	Volume*
Advances	673	6.68
Declines	700	6.11
Unchanged	489	2.81
Total Volume		15.60

* 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 21, 1976	989.44	103.82	18.35
July 20, 1976	988.29	103.72	18.61
July 19, 1976	990.83	104.29	18.20
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