News stories from Monday April 12, 1976

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

Final sentencing of Patricia Hearst, convicted last month of armed robbery, was postponed, and Judge Oliver Carter of Federal District Court in San Francisco sent her, at the request of her defense counsel, to a federal institution for 90 days of diagnostic study. Miss Hearst faces a maximum of 25 years in prison, but Judge Carter said he intended to reduce that. [New York Times] An official Treasury Department report disclosed that in 1973 Donald Alexander, the Commissioner of the Internal Revenue, personally ordered subordinates to shelve an audit of Senator Joseph Montoya's tax returns. In addition, the Treasury's investigation disclosed that Mr. Alexander subsequently said things to various subordinates that subordinates "erroneously" understood to mean that no action was to be taken against the Senator without Mr. Alexander's approval. The Treasury report was released simultaneously with a separate statement from Attorney General Edward Levi, who said that a Justice Department investigation of alleged criminal misconduct by Mr. Alexander "has revealed no evidence to support any of these allegations." [New York Times] Agents of the Federal Bureau of Investigation until recently routinely obtained unsecured loans at preferred interest rates from the Security National Bank of New Jersey, according to papers filed in federal court in Newark. Apparently the agents only had to show their identification to get the loans, ranging up to $25,000, according to bank officials. [New York Times] The grand jury investigating Patrick Cunningham, the Democratic state chairman of New York, has broadened its inquiry to include questions about the financing of Governor Carey's election campaign. This was disclosed by James Tully, the state Tax Commissioner and an official of the 1974 Carey campaign, who said he was questioned by the jury last week about charges that had previously been made involving loans to the campaign. Mr. Cunningham, meanwhile, spent more than two hours on the floor where the jury was meeting in an armory in the Bronx. He did not say he had appeared before the jury. [New York Times] The Northrop Corporation has paid the Defense Department $2.3 million in final settlement of claims for improper billings relating to payments to foreign agents and other claims, the company told shareholders. Last fall, a draft copy of a report by the Defense Department suggested that Northrop had billed the government for millions of dollars of questionable costs involving payments to foreign consultants, lobbying entertainment and related expenses. [New York Times] Greece and the United States have reached virtual agreement on a four-year accord under which the four American military bases in Greece will continue operation. The accord, which parallels a four-year agreement on American bases signed with Turkey last month that aroused deep concern in Athens, promises Greece $700 million in military assistance. [New York Times] Syrian troops were said to be establishing encampments six miles inside eastern Lebanon and there were other conflicting, uncertain reports that Syrian troops were moving elsewhere in Lebanon. The reports eclipsed Lebanon's preoccupation with the question of who will be the country's next President. [New York Times] The Club of Rome, which aroused intense controversy three years ago with the report it commissioned on "The Limits to Growth," now recognizes that further global growth is essential if the problems of world poverty and threats to peace are to be solved. The club, whose members are scholars and businessmen, held a meeting In Philadelphia In honor of the Bicentennial and there Aurelio Peccei, the club's founder, said that the limits-to-growth report, which sold more than 2 million copies worldwide, had served its purpose of "getting the world's attention" focused on the ecological dangers of unplanned and uncontrolled population and industrial expansion. It was also announced that the club had commissioned a new, major study from the Nobel Laureate, Prof. Jan Tinberger of the Netherlands, on the creation of "a new international order." [New York Times]

Stock Market Report

Dow Jones Industrial Average: 971.27 (+2.99, +0.31%)
S&P Composite: 100.20 (-0.15, -0.15%)
Arms Index: 0.97

	Issues	Volume*
Advances	631	5.95
Declines	810	7.42
Unchanged	439	2.66
Total Volume		16.03

* 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 9, 1976	968.28	100.35	19.05
April 8, 1976	977.09	101.28	20.86
April 7, 1976	986.22	102.21	20.19
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