News stories from Tuesday June 22, 1976

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

Led by a jump in food prices, the Consumer Price Index rose by six-tenths of 1 percent in May, according to the Labor Department. The increase was the largest last November, but when compared with 1974's double-digit inflation, the inflation rate was 6.2 percent over last year and at an annual rate of only 4.9 percent for the last three months. [New York Times] The House Democratic leadership proposed 13 changes in the House of Representatives' administrative system in an effort to modernize bookkeeping and prevent future scandals. The proposals will be voted on by the full Democratic caucus and two of the proposals need full House approval. The proposals would reduce the power of the Administration Committee and its chairman by ending its power to increase expense allowances. [New York Times] Fifteen members of the New York delegation to the Democratic National Convention agreed to give up half their vote to allow for the appointment of 15 women and young persons as half-vote delegates. The move was made in an effort to avoid a potentially embarrassing Credentials Committee challenge of the convention's host delegation on a charge of underrepresentation of women and young persons. [New York Times] Nassau County (New York) health officials ordered all of the county's oceanfront beaches closed for bathing because of the still-mysterious incursion of various types of sewage. Suffolk County officials, after earlier saying that some of their beaches were now safe for swimming, reported a new outbreak of debris in an area between Southampton and East Hampton and ordered beaches in that area closed. [New York Times] Final returns in Italy's national elections showed that the Communists had gained a substantial number of seats in Parliament. Although the Christian Democrats had a wide lead in the percentage voting, they lost three seats in the Chamber for a total of 263. The Communists gained 49 for a total of 228. The narrowing gap between the two parties was seen as critical to the fate of future governments and legislation.Secretary of State Henry Kissinger said in Paris that the results of the Italian elections left "fundamentally" unchanged the basis of his concern earlier in the year over the possibility the Communists would be invited to join a coalition. [New York Times] Heavy shelling duels erupted between Lebanese leftist and rightist factions in Beirut as some Syrian troops began withdrawing from the embattled city's airport. Both the Lebanese Christian rightists and the Moslem leftists and their Palestinian allies accused the other side for the resumption of shooting. [New York Times] The former managing director of the Marubeni Trading Corporation and three officials of All Nippon Airways were arrested by Japanese authorities in the first legal steps stemming from the Lockheed Aircraft bribery scandal. According to testimony given in Washington by Lockheed officials, it was Toshiharu Okubo, the former managing director of the trading company, who was the first to advise Lockheed officials to pay bribes to promote sales. [New York Times] The President of Rhodesia attacked both the United States and Britain in a speech in Parliament saying that both nations were abetting guerrilla incursions from Mozambique. The president, John Wrathall, said the "terrorists" were encouraged by the attitudes of the Western governments, which hoped to forestall further Communist penetration in Africa by seeking an early handover to black rule in Rhodesia. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 997.63 (-9.82, -0.97%)
S&P Composite: 103.47 (-0.81, -0.78%)
Arms Index: 1.43

	Issues	Volume*
Advances	552	5.53
Declines	881	12.60
Unchanged	456	3.02
Total Volume		21.15

* 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 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
June 15, 1976	985.92	101.46	18.44
June 14, 1976	991.24	101.95	21.25
June 11, 1976	978.80	100.92	19.47
June 10, 1976	964.39	99.56	16.10
June 9, 1976	958.09	98.74	14.56
June 8, 1976	959.97	98.80	16.65