News stories from Tuesday October 7, 1975

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

Congress easily overrode President Ford's veto of a $2.7 billion extension and broadening of the school lunch and child nutrition programs. After the House of Representatives had voted 397-18, the Senate followed with a 79-13 vote to extend them. [New York Times] The chairman of the House Ways and Means Committee where all tax legislation starts, Representative Al Ullman of Oregon, called President Ford's proposed package of tax and expenditures reductions "totally preposterous." His chief criticism was that Mr. Ford wanted Congress to commit itself now to major reductions in next year's federal budget before anyone has any idea what that budget will look like. [New York Times] President Ford defended the feasibility of his proposal of a tax-and-budget cut at a regional conference on the economy in Knoxville, Tenn. at which he said he was trying to "sell" it to the American people. Without mentioning Representative Ullman by name, he said he disagreed with its critics in Congress and said he believed Congress could handle both spending restraints and tax reductions. [New York Times] Two lawyers in New York will present oral arguments next week to three judges of the Federal Court of Claims sitting in Washington, linked by Picturephones so that those at either end of the connection can see as well as hear each other. It will be the first use of this device in an actual court proceeding, under the sponsorship of the Appellate Judges Conference. [New York Times] Representative Henry Reuss, chairman of the House Committee on Banking, Currency and Housing, proposed legislation to provide $7 billion in federal loans and loan guarantees to New York State to ease New York City's fiscal crisis. But he said the legislation would not go forward unless city and state got an "ironclad" agreement from holders of city and Municipal Assistance Corporation securities to defer sufficient interest and principal payments to allow repayment of the federal loan. [New York Times] More than 60 percent of the bankers polled at the current meeting here of the American Bankers Association said they believed that the New York City's financial crisis had worsened to the point that it faced certain default of some of its securities. Mayor Beame had appealed to them Monday to urge Washington to help the city regain its financial integrity, but the bankers still felt that the federal government should assume no role in the crisis. [New York Times] A San Francisco urologist has developed a technique of microscopic surgery that he says has thus far proved completely effective in reversing a vasectomy, a means of male sterilization ordinarily regarded as permanent. Dr. Sherman Silber of the University of California said he had operated on 24 men, and that the wives of the first 16, who were operated on more than three months ago, have become pregnant. [New York Times] The Senate Foreign Relations Committee approved by a vote of 10 to 2 the stationing of 200 American technicians in the Sinai passes to monitor the Egyptian-Israeli agreement. It had heard Secretary of State Kissinger assert in open session that congressional approval of the American presence did not imply anything more. But, his appearance left some confusion as to what it signified. Mr. Kissinger conceded that the administration did regard as binding on it some of the undertakings in its memorandum of agreement with Israel. He insisted that these undertakings were consistent with current policy. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 816.51 (-3.04, -0.37%)
S&P Composite: 86.77 (-0.11, -0.13%)
Arms Index: 0.95

	Issues	Volume*
Advances	555	4.83
Declines	776	6.40
Unchanged	458	2.30
Total Volume		13.53

* 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*
October 6, 1975	819.55	86.88	15.47
October 3, 1975	813.21	85.95	16.36
October 2, 1975	794.55	83.82	14.29
October 1, 1975	784.16	82.93	14.07
September 30, 1975	793.88	83.87	12.52
September 29, 1975	805.23	85.03	10.58
September 26, 1975	818.60	86.19	12.57
September 25, 1975	820.24	85.64	12.89
September 24, 1975	826.19	85.74	16.06
September 23, 1975	819.85	84.94	12.80