News stories from Tuesday April 13, 1976

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

The campaigns of nearly all leading presidential candidates are slowing since the last federal matching funds were paid out three weeks ago. All except President Ford have severe money problems. The three leading Democrats in the Pennsylvania primary are barely meeting operating expenses. [New York Times] Senate and House conferees agreed on extensive changes in the law governing the presidential election campaign, but acted too late to permit final action before the Easter recess. Federal subsidies for the candidates therefore cannot be restored before mid-May. This could materially assist President Ford, whose challenger for the Republican nomination, Ronald Reagan, is deep in debt. Some believe it will also help the undeclared candidacy of Senator Hubert Humphrey by penalizing his active rivals for the Democratic nomination. [New York Times] President Ford told the editors that "ethnic heritage" was a great treasure but said he would never use the phrase "ethnic purity" that Jimmy Carter, a Democratic presidential candidate, used and then withdrew under criticism. [New York Times] New York's Democratic state Chairman, Patrick Cunningham, has refused to sign a waiver of immunity before a special state grand jury, and has challenged in federal court the constitutionality of the state election law requiring his removal from office. At issue also is his position as Bronx County Democratic leader. Judge Charles Tenney tentatively set a hearing for Friday and temporarily set aside the automatic application of the state law until Monday. He said he hoped by then to convene a special three-judge federal constitutional panel. [New York Times] Governor Byrne has issued an executive order directing all New Jersey cities, towns and suburbs to provide the zoning and planning necessary for a "fair share" of housing for the poor, the elderly, and families with small children. He said he was ready, if necessary, to withhold state aid by giving a low priority to non-compliers. [New York Times] A new, militant leadership dominated by Palestinian nationalists and Arab radicals has emerged in the Israeli-occupied West Bank of the Jordan River following the count in Monday's local elections. Communists, Syrian Baathists and candidates sympathetic to the Palestine Liberation Organization swept to power in many major towns and villages. The extent of the gains over the older, more conservative Arab leadership surprised Israeli authorities. Defense Minister Shimon Peres sought to minimize the political impact but called it a national challenge that must be met. [New York Times] Addressing the American Society of Newspaper Editors, Secretary of State Henry Kissinger warned forcefully that if Italian Communists entered the Italian government, other European countries would be tempted to move in the same direction. Earlier, three of his possible successors if a Democrat is elected president -- George Ball, Paul Warnke and Zbigniew Brzezinski -- attacked his policies, refusing to equate the rise of Communism in Italy with the demise of the North Atlantic Treaty Organization. [New York Times] The Securities and Exchange Commission and the Lockheed Aircraft Corporation agreed on a settlement of S.E.C. charges that the company had violated securities laws by paying at least $25 million secretly to foreign officials between 1968 and 1975. The names of the recipients were not disclosed, under the terms of a continuing court order. The settlement clears the way for Lockheed's recapitalization plan, a key step in assuring the company's survival. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 984.26 (+12.99, +1.34%)
S&P Composite: 101.05 (+0.85, +0.85%)
Arms Index: 0.75

	Issues	Volume*
Advances	836	8.89
Declines	589	4.69
Unchanged	426	2.41
Total Volume		15.99

* 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 12, 1976	971.27	100.20	16.03
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