News stories from Thursday April 1, 1976

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

Senator Hubert Humphrey outlined a "Marshall plan for the cities" at a meeting of the National Conference of Democratic Mayors at the Waldorf-Astoria Hotel in New York, where he was greeted by politicians and the press with the deference customarily accorded an active presidential candidate, which Mr. Humphrey insists he is not. He proposed a full employment policy, federal assumption of "primary responsibility" for welfare and health costs, a "major public works investment program" and regional councils through which local officials could get a White House hearing. The attention shown to Mr. Humphrey brought a shout, "Hey, Senator, you're not even a candidate -- imagine that!" from a Manhattan Democratic leader. [New York Times] Secretary of Labor W.J. Usery continued to prod both sides in the Teamsters' strike to compromise and reach an agreement. He said that if no settlement was reached "the overriding issue" would soon be the protection of the public. This meant that it was possible that an injunction under the Taft-Hartley Act to halt the strike for 80 days would be sought. [New York Times] Work on their budget proposals was completed by the House and Senate budget committees and both decided to recommend to Congress total spending of somewhat more than $410 billion for the 1977 fiscal year. The figures arrived at independently by the two committees would create deficits of about $50 billion, more than $7 billion above President Ford's recommendation. [New York Times] A former official of the Central Intelligence Agency and Japanese sources said that many of the details of the bribery of Japanese politicians by the Lockheed Aircraft Corporation in the late 1950's were reported at that time to the C.I.A. in Washington. Although the C.I.A. was aware of the bribery -- in connection with the sale of the F-104 fighter plane to Japan -- almost two decades ago, public disclosure was not made until last Feb. 4 at a Senate hearing on multinational corporations. [New York Times] In an unusually blunt speech titled "Conspiracy of the Majority," Leonard Garment, the United States member of the Human Rights Commission in the United Nations, attacked the way rights issues were dealt with in the United Nations and said a Soviet-third world coalition had muzzled Western protest and twisted resolutions to legitimize its own repressive practices. The speech was prepared for a Washington conference of the American Jewish Congress. Mr. Garment said it expressed his views as the American delegate. [New York Times] Lebanon's warring factions agreed on a 10-day truce to give Parliament time to elect a new president to replace Suleiman Franjieh who has refused to resign. The truce became possible when Kamal Jumblat, the Moslem Druse and Socialist leader who heads the leftist-Moslem alliance, said after a long meeting with his associates that his side would be willing to stop the fighting temporarily under these circumstances. [New York Times] Max Ernst, the surrealist painter, sculptor and writer who had also been prominent in the Dada movement, died in Paris on the eve of his 85th birthday. Paul Strand, an American photographer whose work ranks with that of Alfred Stiezlitz and Edward Steichen and other camera masters died Wednesday in Oregeval, France, at the age of 85. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 994.10 (-5.35, -0.54%)
S&P Composite: 102.24 (-0.53, -0.52%)
Arms Index: 0.41

	Issues	Volume*
Advances	576	9.66
Declines	828	5.73
Unchanged	436	2.52
Total Volume		17.91

* 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 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
March 23, 1976	995.43	102.24	22.45
March 22, 1976	982.29	100.71	19.41
March 19, 1976	979.85	100.58	18.09
March 18, 1976	979.85	100.45	20.33