News stories from Wednesday April 7, 1976

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

Scientists have begun to take seriously after years of ridicule the reports of a Loch Ness monster in the depths of the Scottish lake. Recent publications from institutions such as Harvard University and the Massachusetts Institute of Technology treat last summer's evidence as plausible. The director of Harvard's Museum of Comparative Zoology has urged an intensive search. [New York Times] The three principal contenders for the Democratic presidential nomination converged on Pennsylvania to prepare for that state's April 27 primary, which could prove the most important of the campaign so far. Representative Morris Udall of Arizona, Senator Henry Jackson of Washington and former Gov. Jimmy Carter of Georgia all claimed victory as they interpreted the results in New York's and Wisconsin's primaries, but impartial Democrats felt that all three had been hurt by falling short of their declared goals.Mr. Carter won three votes for every two gained by Mr. Udall among Wisconsin Republicans who chose to vote in the Democratic primary. They may have given him his narrow edge over Mr. Udall, judging from voter responses in the New York Times-CBS News poll. On issues, the surveys in Wisconsin and New York suggest that Mr. Udall had prevailed among Democratic liberals, and that Mr. Carter and Mr. Jackson are battling for command of the center-right constituency. [New York Times] Knowledgeable associates of the late Howard Hughes, the eccentric billionaire, are increasingly doubtful that he left a will. It was long assumed that he had signed a will giving his estate to the nonprofit Howard Hughes Medical Institute. A federal tax expert said more than three-quarters of the estate would go for federal taxes if no will had been left. [New York Times] The Ford administration has decided against recommending legislation to let cable television compete against over-the-air broadcasts. Administration officials said this followed a series of meetings with those whom changes in the present law would affect, including the networks, cable operators, movie makers and sports groups. [New York Times] The Chinese leadership, moving in a deteriorating political situation, deposed Deputy Prime Minister Teng Hsiao-ping and appointed Hua Kuo-feng as Prime Minister of China and First Deputy Chairman of the Communist Party. Mr. Hua thus emerged from China's power struggle as the leading potential successor to 82-year-old Chairman Mao Tse-tung. Young people were driven through the streets of Peking in trucks, beating drums and cymbals in celebration. But strict security measures were still evident around the square where rioting acted as a catalyst for the political shake-up. [New York Times] Analysts in Washington and Hong Kong saw Mr. Hua's sudden elevation as an attempt at compromise rather than a clear-cut victory for the so-called "radical" faction that led the campaign against Mr. Teng. Mr. Hua was aligned with none of China's rival factions in a decade of struggles. [New York Times] President Ford told congressional leaders that the $2.2 billion in aid to Israel in the current fiscal year and the $1.8 billion proposed for 1977 were adequate for it to maintain its security. He said he would veto efforts for a $500 million increase this year. This could lead to another confrontation with Israel's supporters in Congress. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 986.22 (-15.43, -1.54%)
S&P Composite: 102.21 (-1.15, -1.11%)
Arms Index: 1.62

	Issues	Volume*
Advances	335	2.66
Declines	1,199	15.39
Unchanged	348	2.14
Total Volume		20.19

* 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 6, 1976	1001.65	103.36	24.17
April 5, 1976	1004.09	103.51	21.94
April 2, 1976	991.58	102.25	17.42
April 1, 1976	994.10	102.24	17.91
March 31, 1976	999.45	102.77	17.52
March 30, 1976	992.13	102.01	17.93
March 29, 1976	997.40	102.41	16.10
March 26, 1976	1003.46	102.85	18.51
March 25, 1976	1002.13	102.85	22.51
March 24, 1976	1009.21	103.42	32.61