News stories from Thursday July 10, 1975

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

Completing nearly five years of preparation, the United States and the Soviet Union are now set to launch an unprecedented space mission -- a manned-flight linking American and Soviet spacecraft in earth orbit. The spacecraft will be launched Tuesday: an Apollo from the Kennedy Space Center in Florida and a Soyuz that will take off 1,400 miles southeast of Moscow. There will be two astronauts aboard the Soyuz, and three Americans in the Apollo. [New York Times] Secretary of the Treasury William Simon said that he no longer fears a budget deficit in the present fiscal year of $80 billion to $100 billion -- something he said seemed "a certainty" six months ago. He said he was now "optimistic" that the deficit could be held to about $60 billion, President Ford's latest official estimate, though he conceded this depends on several things, one of which is the expiration on schedule at the end of this year of the 1975 tax reductions enacted in March. [New York Times] John Mitchell, the former United States Attorney General, and Richard Helms, former Director of Central Intelligence, authorized a secret program to infiltrate the Bureau of Narcotics and Dangerous Drugs with agents, authoritative sources said. The Rockefeller commission found the program illegal in its recent investigation of the domestic activities of the C.I.A. [New York Times] The House Rules Committee took action to abolish the strife-ridden House Select Committee on Intelligence and replace it with a larger, reconstituted panel that would retain the same authority to investigate the C.I.A. and other federal agencies. [New York Times] Secretary of State Kissinger met for seven hours in Geneva tonight with Foreign Minister Andrei Gromyko of the Soviet Union and "made progress" on nuclear-missile negotiations, Mr. Kissinger said. He declined to give details on the nuclear-arms discussion, but said it would be continued tomorrow. [New York Times] Portugal's Socialist leaders withdrew from the military government in protest against the takeover by the military of the Socialist newspaper Republica. Mario Soares, the Socialist Secretary General and Minister Without Portfolio, and Francisco Salgado Zenha, the Minister of Justice, chose to resign with a number of deputy ministers solely on the Republica issue. [New York Times] France expelled three high-ranking Cuban diplomats who were believed to have been associated with a man called Carlos, a suspect in an international terrorist network. A worldwide search is being made for Carlos, wanted for the killing of two French counterintelligence agents and a Lebanese informer in Paris on June 27. French officials said that the Cubans had been "constant visitors" to Carlos in Paris. [New York Times] The reversal of the nearly century-long trend toward federal supervision of key industries and national resources, directed at regulating competition and representing consumer interests, appeared imminent under action taken by President Ford. He summoned the chairmen of the federal regulatory agencies to the White House and in the name of "maximum freedom for private enterprise" asked them to dispense with as much regulation as possible. [New York Times] Francois Rossi, a 36-year-old Corsican and the reputed kingpin of the "Latin-American connection" in heroin, was held in $5 million bail -- a record -- following the opening of a sealed indictment in Federal Court in Brooklyn. He had been extradited from Spain after a two-and-a-half-year fight to remain there. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 871.87 (0.00, 0.00%)
S&P Composite: 94.81 (+0.01, +0.01%)
Arms Index: 1.00

	Issues	Volume*
Advances	866	14.52
Declines	598	10.00
Unchanged	384	4.36
Total Volume		28.88

* 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*
July 9, 1975	871.87	94.80	26.35
July 8, 1975	857.79	93.39	18.99
July 7, 1975	861.08	93.54	15.85
July 3, 1975	871.79	94.36	19.00
July 2, 1975	870.38	94.18	18.53
July 1, 1975	877.42	94.85	20.39
June 30, 1975	878.99	95.19	19.43
June 27, 1975	873.12	94.81	18.82
June 26, 1975	874.14	94.81	24.56
June 25, 1975	872.73	94.62	21.61