News stories from Tuesday July 27, 1976
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Former Gov. John Connally of Texas endorsed President Ford's candidacy for the Republican nomination in Mr. Ford's presence on the White House grounds. Mr. Connally said that Ronald Reagan's selection of Senator Richard Schweiker of Pennsylvania as his prospective running mate had helped to prompt him to abandon his neutrality. He had been courted by both sides. Other conservative Republicans were rebelling against Mr. Reagan's designation of a liberal. Mr. Connally's stand seemed to strengthen the view of leading Republicans that the gamble would backfire. [New York Times]
- Mr. Reagan's chief campaign strategist, John Sears, defended the selection of Mr. Schweiker as a "tough" decision designed not only to win the Republican nomination but also the November election, ending "the game that Mr. Ford would somehow get Ronald Reagan to run with him." Mr. Sears acknowledged initial griping among some conservatives but he said they were beginning to accept it, They agreed it was wiser to "take the heat from the conservatives" before the convention than to win the nomination narrowly and face a fight from the right wing over the vice-presidential nomination. [New York Times]
- William and Emily Harris, on trial in Los Angeles, suddenly rested their defense without calling a witness. In an earlier dramatic turn, Patricia Hearst, their absent co-defendant, had agreed to testify against her former revolutionary companions without immunity. This was precluded by the Harris decision to rest their case. [New York Times]
- Under a tax bill provision approved by the Senate and awaiting action in the House of Representatives, American concerns that boycott Israel or use bribery as a foreign sales tool stand to lose millions of dollars in tax benefits. Business executives could be jailed for failing to report any corporate income derived as a result of a bribe or earnings in any country that requires participation in a boycott. [New York Times]
- The Federal Power Commission almost tripled the amount producers can charge for interstate natural gas. The move is expected to cost consumers up to $1.5 billion a year. Unless challenges are successful, the increase will go into effect almost at once, raising the average consumer's gas bill by $15.60 a year. [New York Times]
- Mayor Beame moved in federal court to stop a six-month-old investigation of past and present New York City fiscal practices by the Securities and Exchange Commission. Later in the day, the S.E.C. asserted its right to investigate, and charged that city Comptroller Harrison Goldin had failed to comply with subpoenas requesting his testimony. Mr. Beame contended that the S.E.C. was violating the constitutional protection of local government prerogatives by inquiring into its issuance of tax-exempt bonds and notes in recent years. [New York Times]
- At the Olympic Games in Montreal, the United States men's basketball team won the title, defeating Yugoslavia 95 to 74. [New York Times]
- Former Prime Minister Kakuei Tanaka of Japan was arrested in Japan early today for alleged involvement in the multi-million dollar Lockheed Aircraft Corporation bribery scandal. He was taken to the Tokyo prosecutor's office for questioning and 90 minutes later was charged with having violated Japan's foreign exchange and currency regulations by accepting money illegally brought into Japan.
Prime Minister Takeo Miki vowed amid mounting political turmoil to pursue a thorough investigation of the Lockheed Aircraft bribery scandal following the arrest of his predecessor. Following intensive questioning, Mr. Tanaka said he resigned from the ruling Liberal-Democratic Party.
[New York Times] - The United States Navy evacuated 308 Americans and other foreigners from Beirut without incident. Units of the Palestine Liberation Army and Al Fatah, the main guerrilla group, provided protection. [New York Times]
- Viktor Korchnoi, a Soviet grandmaster who ranks second in world chess, asked political asylum in the Netherlands after competing in an Amsterdam tournament. A Netherlands official said he would remain at a secret address pending a ruling. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 984.13 (-7.38, -0.74%)
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 26, 1976 | 991.51 | 104.07 | 13.53 |
| July 23, 1976 | 990.91 | 104.06 | 15.87 |
| July 22, 1976 | 991.08 | 103.93 | 15.60 |
| 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 |