News stories from Wednesday March 3, 1976

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

Senator Birch Bayh of Indiana is expected to withdraw from the presidential campaign tomorrow following his seventh-place finish in the Massachusetts Democratic primary, but aides said he would endorse no other candidate for the moment. Sargent Shriver, who was sixth, may do the same soon. The complicated Massachusetts proportional count gave the winner, Senator Henry Jackson, 30 delegates, followed by Governor George Wallace with 21, Representative Morris Udall with 20, Governor Jimmy Carter with 16 and 8 for Mr. Shriver. [New York Times] Following their one-two finish in Massachusetts, Senator Jackson and Representative Udall face each other next month in the New York Democratic primary in a major test of strength, The Senator is the acknowledged front-runner, while Mr. Udall in a New York news conference called himself the lone "mainstream progressive liberal" in the New York primary. [New York Times] Ronald Reagan enters the most critical phase of his challenge to President Ford for the Republican nomination ready to attack Mr. Ford's foreign and domestic policy in the Florida primary. Mr. Ford's primary victories in Massachusetts and Vermont have added pressure on him to abandon the policy of avoiding direct attacks. [New York Times] Indications of some basic and potentially damaging divisions among Democratic voters on the emotional issues of race, social policy and foreign affairs emerge from the latest New York Times-CBS News survey of primary voters. There were signs in the Massachusetts primary that many Wallace and Carter backers might resist coalescing behind other Democratic candidates if their choice was not nominated. [New York Times] The House of Representatives gave overwhelming backing to the investigation into the leaking of the Pike committee intelligence report when it voted 321 to 85 to widen the powers of its ethics committee to question witnesses under oath. [New York Times] The Canada Southern Railway Company, a subsidiary of the bankrupt Penn Central, announced a plan to pay a dividend of $60 a share two days before Canada Southern's transfer to the new government-backed rail corporation. Trading in its stock was immediately suspended. The trustees' proposed action faced a sharp challenge from the United States Railway Association. [New York Times] Mozambique closed its borders, cut all links with Rhodesia and mobilized for defense against what it called aggression from Rhodesia. Rhodesian property in Mozambique was ordered seized. But President Samora Machel's announcement was explained by an information official in his capital as not constituting a declaration of war. Rhodesia's Foreign and Defense Minister denied that his country planned war and said a "diabolical" campaign of "disinformation" was seeking to spread panic among Rhodesians. [New York Times] The Ford administration has told key members of Congress it would like to encourage Egypt on a moderate path by lifting the embargo on military sales, initially with selling six C-130 military transport planes. Officials said the decision was extremely sensitive and care was being taken to avoid provoking supporters of Israel into blocking the $40 million sale. [New York Times] The House of Representatives, in a final 240 to 169 vote, approved the $4.8 billion foreign aid authorization bill including funds to carry out the Middle East peace accords negotiated last year by Secretary of State Henry Kissinger. The bill also phases out the giving of weapons to foreign governments and greatly increases the power of Congress to halt shipment of weapons overseas -- a facet of the measure to which the Ford administration objects. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 978.83 (-6.29, -0.64%)
S&P Composite: 99.98 (-0.58, -0.58%)
Arms Index: 1.17

	Issues	Volume*
Advances	629	8.42
Declines	902	14.09
Unchanged	352	2.94
Total Volume		25.45

* 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*
March 2, 1976	985.12	100.56	25.59
March 1, 1976	975.36	100.02	22.07
February 27, 1976	972.61	99.71	26.94
February 26, 1976	978.83	100.11	34.32
February 25, 1976	994.57	101.69	34.68
February 24, 1976	993.55	102.03	34.38
February 23, 1976	985.28	101.61	31.46
February 20, 1976	987.80	102.10	44.51
February 19, 1976	975.76	101.41	39.21
February 18, 1976	960.09	99.85	29.90