News stories from Monday May 3, 1976

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

Leaders of the Democratic Party's establishment have begun to rally around Jimmy Carter, whom they had scorned until recently, believing now that his nomination for president is virtually assured. Expressions of willingness to work for party unity behind Mr. Carter were exchanged in hundreds of telephone calls last weekend among labor leaders, governors, mayors, members of Congress and local and state party officials. Robert Strauss, the Democratic national chairman, said: "I am now convinced that we will have our most united effort since 1964 this November. Carter will not cause the kinds of antagonisms that George McGovern did in 1972." [New York Times] Ronald Reagan's top aides said that his presidential campaign would face a financial crisis unless federal matching campaign funds were freed. His campaign is said to be nearly $1 million in debt. While Mr. Reagan was campaigning for the Indiana primary today, his staff was preoccupied with developing new sources of campaign funds. Mr. Reagan has avoided public allegations that the White House has deliberately helped to delay the allocation of federal matching funds, but his aides were complaining that President Ford's campaign strategists have created a situation that contributed to the campaign debt. [New York Times] President Ford campaigned energetically to try to prevent his loss in the Texas primary last Saturday from spreading to the three states conducting primaries tomorrow. He conceded that he was unlikely to win the majority of the 37 Alabama delegates or the 48 Georgia delegates, but he said in Indianapolis that the battle for the 54 Indiana delegates was "crucial" to his prospects, and that he thought his chances in Indiana were "very good." [New York Times] A government spokesman said that the Spruce Goose, the World War II seaplane built of wood and bequeathed to the city of Long Beach, Calif., in a will attributed to Howard Hughes, was owned by the General Services Administration when the will was purportedly written. Richard Vawter, a public information officer for the G.S.A., said he found it odd that a will dated March 19, 1968, would attempt to give the plane away when Mr. Hughes would presumably have known that it belonged to the government. It was also reported that according to court records in Hawthorne, Nev., Melvin Dummar, a beneficiary in the purported will, was tried for forgery in a case that was dismissed when the jury failed to reach a verdict. [New York Times] Following the collapse of Prime Minister Aldo Moro's cabinet last week, the Italian government set June 20 and 21 as the dates for national elections that could give the Communist Party a share of power. The Christian Democrats, the dominant party, also decided to hold regional elections in Sicily and local elections in various cities, including Rome and Genoa. The local voting is expected to result in a city administration in Rome run by the Communists, who already control the major cities north of Rome. [New York Times] The Pulitzer prize for fiction was awarded to Saul Bellow, who lost it once, for his latest novel, "Humboldt's Gift." "A Chorus Line" won the prize for drama. Pulitzer journalism awards were given to two staff members of the New York Times?Sydney Schanberg for his coverage of the Communist takeover of Cambodia and the uprooting of its people, and Walter (Red) Smith for his sports column. In addition to 11 journalism awards there were seven other prizes in letters, drama and music and a special award to Scott Joplin, "the king of ragtime," who died 59 years ago. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 990.32 (-6.53, -0.66%)
S&P Composite: 100.92 (-0.72, -0.71%)
Arms Index: 1.07

	Issues	Volume*
Advances	376	3.14
Declines	1,087	9.72
Unchanged	411	2.32
Total Volume		15.18

* 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*
April 30, 1976	996.85	101.64	14.53
April 29, 1976	1002.13	102.13	17.74
April 28, 1976	1000.71	102.13	15.79
April 27, 1976	995.51	101.86	17.76
April 26, 1976	1002.76	102.43	15.52
April 23, 1976	1000.71	102.29	17.00
April 22, 1976	1007.71	102.98	20.22
April 21, 1976	1011.02	103.32	26.60
April 20, 1976	1003.46	102.87	23.50
April 19, 1976	988.11	101.44	16.50