News stories from Wednesday June 30, 1976

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

Senator Barry Goldwater endorsed President Ford, urging his nomination to a full term as a means to continue "turning this country back in the right direction." In a letter to Republican delegates, the Arizona Senator said he had reluctantly taken sides in the contest between Mr. Ford and former Gov. Ronald Reagan out of concern over the delegates' problem of trying to decide which of two conservative candidates was the more conservative. [New York Times] A tabulation and projection of Republican National Convention delegates by the New York Times has shown that on July 18, a month before the convention, President Ford will be 44 votes short of the nomination, Governor Reagan 48 votes short, with 91 uncommitted delegates holding the balance. The picture may shift before the convention opens, but few Republican professionals expect any drastic realignments. [New York Times] Clarence Kelley, the director of the Federal Bureau of Investigation, said in a statement that the bureau had carried out "a limited number" of burglaries in 1972 and 1973 directed at radical and terrorist groups, Mr. Kelley had previously insisted in congressional testimony and elsewhere that the F.B.I. halted illegal break-ins in 1966. Meanwhile, sources said that several F.B.I. officials had offered to tell Justice Department prosecutors what they knew about the burglaries in return for immunity against prosecution. [New York Times] New York City and most of its labor unions agreed in principle to new two-year contracts, ending the threat of a strike and clearing the way for new federal loans to avert the threat of default. The unions agreed to comply with city budget requirement calling for a reduction of $24 million in labor costs. The State Emergency Financial Control Board met and quickly approved the agreements and city officials were confident that Treasury Secretary William Simon would approve also and release the money the city needs. [New York Times] The Supreme Court ruled that judges could not generally issue gag orders against the press forbidding the publication of pretrial information in criminal cases. Three of the nine Justices said that gag orders were always unconstitutional, but the others left open the possibility that there could be some exceptional case in which a gag order would be allowed to assure a fair trial. [New York Times] Forty-seven of the passengers held by hijackers of a French airliner in Uganda were freed, but about 210 hostages, including more than 70 Israelis, remained in the hijackers' custody. President Idi Amin of Uganda said negotiations with five governments over the hijackers' demands for the release of 53 prisoners were deadlocked. The hijackers threatened to blow up the airplane and the hostages if their demands were not met by the governments. [New York Times] European Communist leaders ended their conference in East Berlin with a document endorsing the independence of each national party to find its own way to Socialism. The document made only a brief reference to Marx and Lenin and none at all to "proletarian internationalism," the concept that had come to signify the domination of the communist movement by the Soviet Union. [New York Times] One of the two besieged Palestinian camps in Beirut reportedly fell to right-wing Christian forces after eight days of attacks. The Christian radio reported that the camp had been cleared of "mercenary gunmen," and the military command of the alliance of Palestinian and Moslem leftist Lebanese said in a communique that the camp had been "penetrated." [New York Times]

Stock Market Report

Dow Jones Industrial Average: 1002.78 (+2.13, +0.21%)
S&P Composite: 104.28 (+0.42, +0.40%)
Arms Index: 0.77

	Issues	Volume*
Advances	960	14.89
Declines	457	5.48
Unchanged	441	3.46
Total Volume		23.83

* 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*
June 29, 1976	1000.65	103.86	19.62
June 28, 1976	997.38	103.43	17.49
June 25, 1976	999.84	103.72	17.83
June 24, 1976	1003.77	103.79	19.85
June 23, 1976	996.56	103.25	17.53
June 22, 1976	997.63	103.47	21.15
June 21, 1976	1007.45	104.28	18.93
June 18, 1976	1001.88	103.76	29.71
June 17, 1976	1003.19	103.61	27.81
June 16, 1976	988.52	102.01	21.62