News stories from Wednesday April 14, 1976

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

Patricia Hearst has agreed to testify against William and Emily Harris and other members of the self-styled Symbionese Liberation Army in an apparent move to gain judicial leniency. She began giving federal officials new information on the S.L.A. immediately after Federal District Judge Oliver Carter postponed her final sentencing on bank robbery charges. [New York Times] Batteries of lawyers for the late Howard Hughes's closest associates applied in probate courts in Texas, California and Nevada to act as temporary administrators of his holdings in those states. A spokesman for them said both they and his relatives believe he executed an effective will which has not yet been found. [New York Times] When New York City Mayor John Lindsay urged renovation of Yankee Stadium in 1971, the City Council president, Sanford Garelik, remarked that it would cost the city "$24 million and six judgeships." The political favors he alluded to as a price for the project may never be fully known, although a Bronx grand jury has been studying some of the ramifications. City officials have consistently understated the financial price tag but now concede it will be near $100 million, exclusive of interest. [New York Times] A consortium of electric companies announced cancellation of the controversial $3.5 billion Kaiparowits power plant project in a scenic area of southern Utah. The surprise move, attributed to economic, regulatory and environmental reasons, was a major victory for conservationists and a significant setback to the aims of the national energy development program. [New York Times] Roman Catholic clergy and laity are concerned at possible anti-Semitic overtones in a section of the liturgy for Good Friday called the "Improperia,' which was overlooked when the church authorities revised other similar references. It is an optional section for singing during the "Veneration of the Cross," The spokesman for the Bishops' liturgical commission in Washington said its advisory council would take up the matter. [New York Times] The anti-detente sentiments running through the American presidential campaign are stimulating shifts in Moscow's mood. Some Soviet insiders predict a new restraint in foreign military involvement during the coming months. They foresee a period of only minor improvements in Soviet-American relations. In their view there are two main reasons for the relationship -- prevention of a nuclear disaster and expansion of trade with the West. Other issues, such as rivalry in Indochina, the Middle East and Africa, seem secondary to Moscow. [New York Times] Secretary of State Henry Kissinger told a Senate Appropriations subcommittee that recent Syrian military movements into Lebanon were getting very close to the borderline of Israeli tolerance. He warned that the situation could blow up despite some political progress in Beirut. Stressing the fragility of the situation in Lebanon, he said "we're walking through a mine field" in seeking to help promote a political solution and prevent a Syrian-Israeli clash. [New York Times] Italy is deep in a political and economic crisis, and the Communist Party is again benefiting and in line for further enhancement of its image among voters. The Communists have adopted a strategy of moderation and cautious criticism with the lira down and the Christian Democratic government near collapse. They say they do not want elections now and advocate a political accord of all parties to deal with the crisis. They express willingness to staying outside the government to help solve the country's problems. The Communists seem to be improving their prospects of becoming Italy's largest party and overtaking the Christian Democrats in the next election. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 974.65 (-9.61, -0.98%)
S&P Composite: 100.31 (-0.74, -0.73%)
Arms Index: 1.52

	Issues	Volume*
Advances	573	4.81
Declines	861	10.97
Unchanged	421	2.66
Total Volume		18.44

* 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 13, 1976	984.26	101.05	15.99
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