News stories from Wednesday July 14, 1976

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

Jimmy Carter of Georgia won the Democratic presidential nomination on the first ballot. By an overwhelming margin, the convention ratified Mr. Carter's startling electoral ascendancy of the last six months, making him the first major-party nominee from the Deep South since Zachary Taylor in 1848 and installing him as the early favorite to capture the White House in November. [New York Times] Mr. Carter indicated he had made his choice of a vice-presidential running mate but took elaborate precautions to prevent disclosure before tomorrow. Senator Walter Mondale's name was most frequently mentioned by members of the Carter circle, but there was also informed betting on Senator Edmund Muskie. [New York Times] Organized labor is staging a comeback in Madison Square Garden after losing much of its political effectiveness in the Democratic convention of 1972. But the voices of George Meany and the old-line A.F.L.-C.I.O. unions no longer dominate. More than two-thirds of the 550 to 600 delegates who are union members are the product of an independent drive by a coalition of eight unions that decided to end their risky reliance on a single labor-backed presidential candidate. Many of the 418 Labor Coalition Clearinghouse delegates were chosen under the banner of Jimmy Carter but others as backers of Representative Morris Udall and Senator Henry Jackson. One of the coalition leaders, Leonard Woodcock of the United Automobile Workers, announced after a meeting with Mr. Carter that they favored Senator Mondale for Vice President but would he very comfortable with Senator Muskie. [New York Times] Interviewed in his Americana Hotel suite with nomination only 12 hours ahead, Mr. Carter seemed calm. He said he would inform the winner and five losers of the vice-presidential selection tomorrow morning by telephone a few minutes before making the announcement at a news conference. [New York Times] An unidentified United States ambassador solicited from the Aluminum Company of America at least $25,000 that was paid to officials and political parties of a foreign country, according to papers filed by the company with the Securities and Exchange Commission in Washington. The incident occurred in 1971 or 1972. The country was not identified hut was one of 13 in which the company did a substantial business, a spokesman said. [New York Times] Informed sources in Montreal reported a plan under preparation with strong United States support for Taiwan to take part in the Olympic Games. The five-member delegation would march as the Republic of China under its national flag, but the marchers would be accredited delegates already inside Canada. The sources said if Canada persisted in barring Taiwan, the United States was prepared to pull its 425-member squad out of the games. [New York Times] Blacks in South Africa are often forced by financial hardship to drop out of their optional school system, which is vastly inferior to the separate system for whites that is compulsory for those aged 6 to 16. The outlay for each white student will be 17 times more than for a black student starting next January, and despite a growing budget for black education the gap between the two systems has been widening. [New York Times] The United Nations Security Council ended four days of inconclusive debate on Israel's rescue of hijacked hostages in Uganda without condemning the Israeli raid or approving a rival resolution against hijacking and terrorism. African members withdrew a resolution to condemn Israel in the absence of the nine votes needed to carry it and with the prospect of a United States veto. The British-American resolution received only six votes. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 1005.16 (-0.90, -0.09%)
S&P Composite: 105.95 (+0.28, +0.26%)
Arms Index: 0.58

	Issues	Volume*
Advances	856	14.19
Declines	563	5.43
Unchanged	473	4.22
Total Volume		23.84

* 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*
July 13, 1976	1006.06	105.67	27.55
July 12, 1976	1011.21	105.90	23.75
July 9, 1976	1003.11	104.98	23.50
July 8, 1976	991.98	103.98	21.71
July 7, 1976	991.16	103.83	18.47
July 6, 1976	991.81	103.54	16.13
July 2, 1976	999.84	104.11	16.73
July 1, 1976	994.84	103.59	21.13
June 30, 1976	1002.78	104.28	23.83
June 29, 1976	1000.65	103.86	19.62