News stories from Thursday April 29, 1976

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

Senator Hubert Humphrey tearfully rejected the pleas of his friends that he undertake a fourth campaign for the presidency, but he repeated what he has been saying for a year: that he would still be willing, in the "unlikely" event that a deadlocked convention wished it, to accept the Democratic nomination. He said that he would neither enter the New Jersey primary June 13, whose filing deadline passed this afternoon. nor authorize a committee to solicit support among delegates on his behalf. [New York Times] Soon after Senator Hubert Humphrey announced that he would not campaign for the presidency, Governor Byrne of New Jersey sent telegrams to the country's 36 other Democratic governors urging them to rally behind Jimmy Carter in a national demonstration of party unity. [New York Times] The House passed the budget resolution by a vote of 221 to 155, setting a target for federal spending for the coming fiscal year that is $19.6 billion higher than the total recommended by President Ford, but about $10 billion less than what would have been spent if all present government programs were continued unchanged. [New York Times] A will purportedly made by Howard Hughes six years ago that named the Mormon Church as one of his beneficiaries was said by the church officials to have been found last Tuesday on a desk in an unoccupied office in the church headquarters in Salt Lake City. A lawyer for the church delivered the handwritten three-page stained document to the county clerk's office in Las Vegas today. Church officials did not vouch for the will's authenticity. The will bequeathed the church one-sixteenth of Mr. Hughes's estate -- a sum that could total $100 million. His business associates said the will looked "suspicious." [New York Times] The Soviet press agency Tass reported that an explosion at the gates of the Soviet Embassy in Peking had killed two Chinese guards. It was not known how the blast occurred or whether it was politically motivated. Tanyug, the official Yugoslav hews agency, also reported the explosion, which Western repartees in Peking had not been aware of, and said that the Chinese guards had been seriously injured and not killed. The explosion followed a high-level policy article in Pravda, the official Soviet Communist Party newspaper, caning on the Chinese to take a more conciliatory attitude toward resolving the six-year deadlock in negotiations for a settlement of frontier claims. The article also reported Soviet denunciations of Mao Tse-tung and his followers. [New York Times] Dmitri Ustinov, civilian head of the Soviet Union's military-industrial complex, was named as Minister of Defense, succeeding Marshal Andrei Grechko, who died last Monday. The appointment surprised many Western military specialists who had expected that another professional military man would be chosen. He was given the rank of General of the Army, in an apparent gesture to make the appointment more acceptable to Soviet military professionals. [New York Times] The Bank of England said it was investigating its staff. The announcement astonished London's international banking fraternity and disrupted the House of Commons. It was clear that Britain's central bank, long a symbol of security and integrity, fears bribery and forgery among its officers. The activities under investigation are probably related to the year-long decline in the value of the pound, which more and more Britons are exchanging for stronger currencies, often by devious means. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 1002.13 (+1.42, +0.14%)
S&P Composite: 102.13 (0.00, 0.00%)
Arms Index: 1.07

	Issues	Volume*
Advances	768	7.87
Declines	638	6.98
Unchanged	471	2.89
Total Volume		17.74

* 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 28, 1976	1000.71	102.13	15.79
April 27, 1976	995.51	101.86	17.76
April 26, 1976	1002.76	102.43	15.52
April 23, 1976	1000.71	102.29	17.00
April 22, 1976	1007.71	102.98	20.22
April 21, 1976	1011.02	103.32	26.60
April 20, 1976	1003.46	102.87	23.50
April 19, 1976	988.11	101.44	16.50
April 15, 1976	980.48	100.67	15.10
April 14, 1976	974.65	100.31	18.44