News stories from Tuesday August 10, 1976
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Ronald Reagan's managers in Kansas City are probing for weaknesses in President Ford's defenses, hoping to inflict an early and psychologically damaging defeat on the incumbent when the Republican National Convention opens next week. This could be a floor fight on some procedural question that might lure some of Mr. Ford's delegates or stir enough passions to cloud the outcome. Meanwhile, Mr. Ford still held a clear but undecisive lead. [New York Times]
- The House of Representatives passed the long-delayed energy bill by 293 to 88 and sent it to President Ford, who was said to be likely to sign it. The measure would allow increases in domestic oil prices that would cost consumers an estimated $1 billion a year more for home heating oil and gasoline. It would give American oil companies an incentive to increase domestic production from marginal wells, reducing reliance on imported crude oil. [New York Times]
- The bill to end the impasse over insurance protection for vaccine manufacturers and others involved in the national immunization program against swine influenza was passed by the Senate in a voice vote and in the House of Representatives by a vote of 250 to 83. President Ford had telephoned House leaders to urge approval. [New York Times]
- A board of West Point officers hearing appeals from guilty verdicts under the honor code at the United States Military Academy recommended to its superintendent a major investigation of "widespread cheating." This surprised cadets and Army lawyers who have been calling for such an inquiry. The board further recommended testimonial immunity to guilty cadets to facilitate the investigation; recall of some recent graduates to face possible court martial for allegedly attempting to subvert the cadet honor committee and permitting a penalty expulsion for violators. [New York Times]
- Hurricane Belle blew into history over New England, leaving less property damage in the New York metropolitan region than had been expected. It appeared to have spared human lives, in large measure because hundreds of thousands left coastal communities. A Long Island woman killed by a falling tree was the only death directly due to the hurricane in the area, while in Huntington, Vt., a woman and her seven-year-old son were drowned. [New York Times]
- Scientists in Pasadena, Calif., agreed that the result so far of the Viking 1 search for evidence of life processes on Mars has been a cloud of ambiguities. Biology readings show an active chemistry in Martian soil and have spurred the first steps to mimic the new-found conditions in laboratories on earth. But neither the biology instruments nor a related organic chemistry probe, which has not yet delivered any data, has indicated whether the chemistry detected results from recognizable life forms or from unusual inorganic processes stimulated by ultraviolet rays from the sun. [New York Times]
- Rhodesian forces have killed more than 300 black nationalist guerrillas at a camp in Mozambique used as a base for attacks on Rhodesia, according to a statement from the Rhodesian government. It said 30 Mozambican soldiers and 10 civilians were also killed in Sunday's raid about 20 miles south of the border town of Umtali, while Rhodesians suffered only slight wounds. It was the first confirmed incursion into Mozambique since Prime Minister Ian Smith announced that he had authorized frontier crossing in hot pursuit. [New York Times]
- Iran is negotiating with Britain to barter Iranian oil for as much as $600 million in British-made arms, according to well-placed Iranian and Western officials. It is being suggested that the negotiations are being used in part as a reminder that Iran can buy arms from West European countries if snubbed by the United States. [New York Times]
- Britain has begun a quiet diplomatic initiative with United States support to obtain a constitutional settlement and prevent racial warfare in South-West Africa, where a majority black population is controlled by the white regime in South Africa. A British diplomat has been meeting with African leaders to insure that the wishes of the South-West Africa People's Organization, a radical black group thus far excluded from constitutional talks there, are reflected in any settlement that is reached. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 993.43 (+9.97, +1.01%)
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* |
| August 9, 1976 | 983.46 | 103.49 | 11.70 |
| August 6, 1976 | 986.00 | 103.79 | 13.93 |
| August 5, 1976 | 986.68 | 103.85 | 15.53 |
| August 4, 1976 | 992.28 | 104.43 | 20.65 |
| August 3, 1976 | 990.33 | 104.14 | 18.50 |
| August 2, 1976 | 982.26 | 103.19 | 13.87 |
| July 30, 1976 | 984.64 | 103.44 | 14.83 |
| July 29, 1976 | 979.29 | 102.93 | 13.33 |
| July 28, 1976 | 981.33 | 103.05 | 16.00 |
| July 27, 1976 | 984.13 | 103.48 | 15.58 |