News stories from Thursday June 10, 1976

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

Alan Greenspan, the Ford administration's top economist, told Congress that the general economy this year -- productive growth, unemployment, the inflation rate -- would probably be better than was forecast at the beginning of the year. He said revisions of the official forecast were not complete, but he gave some tentative estimates, including a decline in the unemployment rate below 7 percent by the end of the year. The rate was 7.3 percent in May. [New York Times] Daniel Patrick Moynihan, former United Slates representative at the United Nations, announced that he would he a candidate for the Senate seat of James Buckley, the Conservative-Republican of New York, joining five others who are seeking to run against Mr. Buckley. [New York Times] A former congressional secretary said she was paid a premium salary by Representative John Young, Democrat of Texas, for sexual favors in addition to her assigned work. The woman, 30-year-old Colleen Gardner, said Mr. Young had paid her more than $20,000 a year for more than two years, but did not give her responsibilities commensurate with her salary. Mr. Young, 59 years old, has served 10 terms in Congress and is a member of the House Rules Committee. He is in line to become the next chairman of the congressional Joint Atomic Energy Committee. [New York Times] There is opposition in Washington to the prospective appointment of the son of Representative James Delaney of Queens to the Securities and Exchange Commission. There are charges that Mr. Delaney is trying to use his influence to put his son, Patrick, on the public payroll. The Delaneys have lined up congressional leaders of both parties to press Patrick's candidacy with President Ford. He may not, by law, name a Republican because three of the four present commissioners are Republicans. But the appointment is opposed by the S.E.C., some members of Congress and the White House. [New York Times] Officials of the National Council on Alcoholism attacked a Rand Corporation study suggesting that some alcoholics could resume "normal" drinking. They said that the report was "dangerous and misleading" and should not have been made public. But the officials said they had not seen a copy or read any part of the report. A Rand spokesman said that the report had been "very carefully" reviewed by experts, and that it would have been "absurd" to withhold publication. [New York Times] Adolph Zukor, a pioneer motion picture producer who offered the American public its first feature length movie, died in Los Angeles at the age of 103. He was chairman of the board emeritus of the Paramount Pictures Corporation. [New York Times] The vanguard of a "symbolic" peace-keeping force --100 Sudanese troops -- that the Arab League had said it would send to Lebanon arrived at Beirut's airport today, and Algerian troops were said to be arriving overland from Syria. Fighting in Beirut and elsewhere in the country died down. [New York Times] The Syrian government announced that it was obliged to take "urgent and appropriate measures" to counter a reported building of Iraqi military forces near the Syrian-Iraqi border. The Iraqi soldiers, the government said, were hurting the efforts of Syria and other Arab nations to stop the war in Lebanon. There were unconfirmed reports in Damascus that Syria had flown troops toward the Iraqi border. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 964.39 (+6.30, +0.66%)
S&P Composite: 99.56 (+0.82, +0.83%)
Arms Index: 0.53

	Issues	Volume*
Advances	920	10.67
Declines	444	2.71
Unchanged	463	2.72
Total Volume		16.10

* 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 9, 1976	958.09	98.74	14.56
June 8, 1976	959.97	98.80	16.65
June 7, 1976	958.09	98.63	14.51
June 4, 1976	963.90	99.15	15.96
June 3, 1976	973.80	100.13	18.90
June 2, 1976	975.93	100.22	16.12
June 1, 1976	973.13	99.85	13.88
May 28, 1976	975.23	100.18	16.86
May 27, 1976	965.57	99.38	15.31
May 26, 1976	968.63	99.34	16.75