News stories from Thursday May 27, 1976

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

The most thorough and technically sophisticated search for the Loch Ness monster in the Scottish lake will be made this summer by a team of American, British and Canadian scientists and engineers. The expedition was organized by Dr. Robert Rines, a Boston lawyer and educator, and is sponsored by the Academy of Applied Science of Boston and the New York Times. Zoologists from Harvard and Cambridge Universities, the Smithsonian Institution and the British Museum of Natural History are advisers. [New York Times] The Senate Finance Committee voted to make permanent all but one aspect of the individual income tax cuts that have been in effect since March 1975, Withholding taxes and individual income tax liabilities will be unchanged through the rest of this year and at least through the middle of 1977. The special $35-per-person tax credit was the only element of the 1975 tax reduction that would not be made permanent. It would expire June 30, 1977. [New York Times] At this stage of the 1976 campaign, voter support for the leading presidential candidates appears to he divided more sharply along regional lines than on political or ideological issues, according to a survey by the New York Times and CBS News. The regional divisions were not as apparent in the 1972 and 1968 campaigns. [New York Times] Stung by the public outcry over the Elizabeth Ray disclosures, members of the House began a quiet but determined drive to divest Representative Wayne Hays of his three committee chairmanships. The move has the tacit approval of the Democratic leadership. Mr. Hays is a Democrat. [New York Times] A federal court of appeals ruled that the nuclear power industry could not use plutonium in commercial nuclear reactors until a thorough study of health and safety factors had been completed. The United States Court of Appeals in New York reversed an order of the Nuclear Regulatory Commission that permitted the interim commercial licensing of plutonium before the completion of the complex study and public hearings. [New York Times] Secretary General Kurt Waldheim of the United Nations said in Damascus that Syria had agreed to extend the United Nations observer force on the Golan Heights for another six months. When asked whether President Hafez al-Assad of Syria had attached any conditions to his fourth renewal of the buffer force, Mr. Waldheim said: "The President has put a number of questions to me in the course of our long conversations, but otherwise the matter did not come up." [New York Times] The murder in Beirut of Linda Atrash, the sister of Kamal Jumblat, leader of the alliance of leftists and Moslems in the Lebanese civil war, brought fears of an upsurge of violence and set back attempts by President-elect Elias Sarkis to bring the opposing factions together. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 965.57 (-3.06, -0.32%)
S&P Composite: 99.38 (+0.04, +0.04%)
Arms Index: 0.91

	Issues	Volume*
Advances	548	5.52
Declines	850	7.82
Unchanged	422	1.97
Total Volume		15.31

* 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*
May 26, 1976	968.63	99.34	16.75
May 25, 1976	971.69	99.49	18.77
May 24, 1976	971.53	99.44	16.56
May 21, 1976	990.75	101.26	18.73
May 20, 1976	997.27	102.00	22.56
May 19, 1976	988.90	101.18	18.45
May 18, 1976	989.45	101.26	17.41
May 17, 1976	987.64	101.09	14.72
May 14, 1976	992.60	101.34	16.80
May 13, 1976	1001.10	102.16	16.73