News stories from Thursday June 3, 1976

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

Jimmy Carter said the Democratic Party should not adopt a "wish box or Christmas tree" platform filled with excessively costly and unrealistic promises. He said at a news conference in Cleveland that the nature of the party platform was of "great concern to me." The platform, he said, represented "the word of the Democratic Party" and should be written with the same "sense of responsibility as a budget," and that "I want to be sure people are not misled by promises that can't be kept." [New York Times] Senator Hubert Humphrey said that he would probably begin an active pursuit of the Democratic presidential nomination if Jimmy Carter does badly in next Tuesday's three primaries. He said he would end his non-candidacy only if he was convinced that Mr. Carter had fewer than 1,200 to 1,300 delegates of the 1,505 needed for nomination "really solidly nailed down." [New York Times] Attempting to placate his angry colleagues in the House, Representative Wayne Hays agreed to give up temporarily one of his four committee chairmanships, but only stirred new demands that he step down from his other posts as well. [New York Times] More than a million gallons of sludge flowed to dozens of nearby beaches when two sewage storage tanks on a small island off Long Island's south shore near Long Beach exploded. One of the two boys who had been fishing was rescued from the sludge, critically injured, but his companion was missing. The Nassau County Health Department closed 63 beaches, and inoculated policemen, Coast Guardsmen and public employees working in the explosion area against tetanus, typhoid and hepatitis. [New York Times] Egypt condemned Syria's military intervention in Lebanon and called for a meeting of Arab foreign ministers to put an end to it. Foreign Minister Ismail Fahmy said that Egypt supported the Palestine Liberation Organization's demand for Arab action to end the civil war between Moslems and Christians. [New York Times] Carrying out the Ford administration's new policy of helping to bring an end to white minority rule in Rhodesia, Secretary of State Henry Kissinger will meet in Europe this month with Prime Minister John Vorster of South Africa. The meeting is expected to take place in the week of June 20, when Mr. Kissinger plans to be in Paris and London. [New York Times] Art experts who had worked for a year and a half in an appraisal put a value of $260 million on Pablo Picasso's collection of his own works, including 1,185 paintings. The figure was disclosed in Paris in a court hearing on a petition by Picasso's 24-year-old granddaughter, Marina, one of his six heirs, for a renegotiation of an agreement on dividing the artist's estate. With real estate and Picasso's bank account, the estate's total value may be $1.01 billion. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 973.80 (-2.13, -0.22%)
S&P Composite: 100.13 (-0.09, -0.09%)
Arms Index: 1.06

	Issues	Volume*
Advances	656	7.22
Declines	704	8.23
Unchanged	488	3.45
Total Volume		18.90

* 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*
June 2, 1976	975.93	100.22	16.12
June 1, 1976	973.13	99.85	13.88
May 28, 1976	975.23	100.18	16.86
May 27, 1976	965.57	99.38	15.31
May 26, 1976	968.63	99.34	16.75
May 25, 1976	971.69	99.49	18.77
May 24, 1976	971.53	99.44	16.56
May 21, 1976	990.75	101.26	18.73
May 20, 1976	997.27	102.00	22.56
May 19, 1976	988.90	101.18	18.45