News stories from Monday July 12, 1976
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Strong attacks were made on the Republicans at the opening of the 37th Democratic National Convention at Madison Square Garden. Robert Strauss, the party's national chairman, called for an end to "eight years of Nixon-Ford, eight long years of Kissinger, Simon, Morton and Butz." The keynote speeches were delivered by Senator John Glenn of Ohio and Representative Barbara Jordan of Texas. [New York Times]
- Jimmy Carter completed his interviews with possible vice-presidential running mates. He said he might reach a decision tomorrow night. Mr. Carter gave no sign of his preference, but it seemed that Senator Walter Mondale of Minnesota and Senator Edmund Muskie were at the top of the list, followed by Senator John Glenn of Ohio. However, political sources said that Mr. Glenn's prospects might be fading. [New York Times]
- A negotiating team of leading Democratic feminists won commitments from Jimmy Carter concerning the future role of women in the Democratic Party and in a Carter administration that they said were acceptable. A caucus of all the women delegates to the convention was scheduled for tomorrow morning, when a decision will be made on whether to accept the commitments. [New York Times]
- Baseball's owners and players reached agreement on a four-year pact that for the first time gives the players freedom of movement from one team to another. The agreement replaces the so-called reserve system, which traditionally has restricted a player to one club until that club traded, sold or released him. The 24 club owners and the 630 players must ratify the agreement. [New York Times]
- The United States chief delegate to the United Nations, William Scranton, praised Israel's rescue of hostages from pro-Palestinian hijackers in Uganda at a meeting of the Security Council. He said the rescue was a "combination of guts and brains that has seldom if ever been surpassed." But he conceded that the Israeli raid "involved a temporary breach of the territorial integrity of Uganda." [New York Times]
- The Agriculture Department said that the nation's largest corn crop would be harvested this year and that there would be a bumper wheat crop. The department forecast a total yield of 6.55 billion bushels of corn, up 14 percent from last year's record 5.77 billion bushels. The total winter and spring wheat crop is expected to be 2.04 billion bushels, 4 percent below last year. [New York Times]
- New York City's precipitous population losses over the last few years may be coming to an end, according to new figures of the Census Bureau. Manhattan is gaining new people and the departure from the Bronx and Brooklyn is now only a trickle. Fred Cavanaugh of the bureau's population division said, "The decrease has tapered off significantly -- we were very surprised." However, he cautioned that the new figures were still provisional and subject to some later correction. [New York Times]
- Israeli sources gave further details of the rescue of the hostages at the Entebbe airport a week ago. The Israeli units brought with them a Mercedes limousine carrying an Israeli officer in blackened face impersonating President Idi Amin of Uganda and two Land Rovers full of men dressed as Palestinian bodyguards. The ruse confused the Uganda soldiers at the airport and gave the rescue party a few more precious seconds in which to reach the hostages. [New York Times]
- The United States has sent a warship and a Navy patrol plane to Kenya in a symbolic show of support for the East African country in its dispute with neighboring Uganda. A Pentagon spokesman said that the frigate Beary arrived at the Kenya port of Mombasa. A Navy P-3 Orion, an anti-submarine-warfare plane, landed Saturday at the Nairobi airport, where it is expected to stay a few days. [New York Times]
- Newly unified Vietnam took a major step to improve relations with its Southeast Asian neighbors by agreeing to establish diplomatic ties with the Philippines and to receive a delegation from Thailand next month for discussion of relations. Until a month ago Hanoi -- now capital of north and south -- had assailed the Philippines, Thailand and other members of the Association of Asian Nations for being part of a "neo-colonialist" organization controlled by the United States. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 1011.21 (+8.10, +0.81%)
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 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 |
| June 28, 1976 | 997.38 | 103.43 | 17.49 |
| June 25, 1976 | 999.84 | 103.72 | 17.83 |