News stories from Tuesday August 31, 1976

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

Clarence Kelley, the Director of the Federal Bureau of Investigation, acknowledged that he had been questioned by Justice Department investigators about possible misuse by him of government services and property in his home. His office released a statement that he had told members of the department's panel looking into F.B.I. improprieties that carpenters from the bureau had constructed window valances in his suburban apartment. [New York Times] The Senate broke a filibuster against a major antitrust bill, apparently clearing the way for its enactment before Congress adjourns. The bill's sponsors and outside experts regarded the filibuster as the major obstacle, although it still must overcome considerable opposition in the House of Representatives and the White House. [New York Times] A spokesman for the Roman Catholic hierarchy said after a meeting of six Bishops with Jimmy Carter that the Democratic presidential candidate had continued to withhold support for a constitutional amendment to ban abortion and that they remained "disappointed" with his position. Mr. Carter confirmed later that he would not oppose an effort to obtain such an amendment. The meeting apparently did not improve his position with the Catholic leadership, and the Bishops did not conceal their desire for maximum public pressure on him. [New York Times] If Mr. Carter is elected president, he plans to dispose of his stocks, divest himself of his peanut business and divert royalties from his popular autobiography to a philanthropic foundation. But he said in a recent interview in Plains, Ga., that he does not know how to resolve a potential conflict of interest between his sizable holdings of farmland and the substantial power over agriculture he would obtain. He promised a solution avoiding even the appearance of using office for personal gain. [New York Times] Representative Wayne Hays, until three months ago one of the most powerful members of Congress, was on the verge of resignation according to Capitol Hill sources. The effective date was said to be Sept. 8, a week before the scheduled opening of a House ethics committee hearing on charges that he improperly placed friends and a mistress on the congressional payroll. [New York Times] William and Emily Harris received sentences of up to life imprisonment on charges of armed robbery, kidnapping and auto theft stemming from their two-day trip with Patricia Hearst in the Los Angeles area in 1974. Under the California "indeterminate sentence" law, they could he released in six years and eight months. [New York Times] The government of Ireland moved against the Irish Republican Army by proposing a drastic increase in penalties for I.R.A. membership and emergency legislation to quell terrorists. Prime Minister Liam Cosgrave told the Irish Parliament that the I.R.A. represented a direct challenge to the nation and called it an armed organization dedicated to the overthrow of the state's institutions. He said its crimes had discredited the name of Irishmen and brought "death and damage to our own people." Although the main opposition party announced opposition to some proposals, government officials were confident of enactment by mid-September. [New York Times] Secretary of State Henry Kissinger appealed to black African leaders not to abandon hope that the United States and Britain could negotiate a formula to end white minority control in Rhodesia and South-West Africa without warfare. He also renewed a pledge that the United States would use all its influence for peaceful change, equality of opportunity and basic human rights in South Africa. He was addressing a mainly black audience in Philadelphia. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 973.74 (+4.82, +0.50%)
S&P Composite: 102.91 (+0.84, +0.82%)
Arms Index: 0.46

	Issues	Volume*
Advances	1,003	10.92
Declines	399	2.00
Unchanged	450	2.56
Total Volume		15.48

* 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*
August 30, 1976	968.92	102.07	11.14
August 27, 1976	963.93	101.48	12.12
August 26, 1976	960.44	101.32	15.27
August 25, 1976	970.83	102.03	17.40
August 24, 1976	962.93	101.27	16.74
August 23, 1976	971.49	101.96	15.45
August 20, 1976	974.07	102.37	14.92
August 19, 1976	983.88	103.39	17.23
August 18, 1976	995.01	104.56	17.15
August 17, 1976	999.34	104.80	18.50