News stories from Thursday February 6, 1975

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

President Ford has now asked for a total of $497 million for military aid to Cambodia, but figures obtained in Cambodia and the administration's own estimates show that as recently as a few weeks ago American officials believed a far lower figure would be sufficient. The $497 million may be more than the government actually needs for this fiscal year, which will end June 30, and some observers believe that there are serious questions whether the Ford administration is trying to establish a kind of buffer arms stock for next year, when Congress can be expected to give even less aid for Indochina than this year. [New York Times] The House Ways and Means Committee gave all-but-final approval to an antirecession tax-cut bill that would give almost everyone a cash rebate of $100 to $200 this spring. The bill would provide $8 billion in cash rebates of 1974 taxes to individuals; $8.4 billion in reductions of 1975 taxes for individuals, mainly those in the low and lower-middle-income brackets, and $3.8 billion in business-tax reductions. [New York Times] President Ford spoke harshly of Congress, accusing it through his press secretary of inaction on his energy and economic programs and of doing "basically nothing" in the last month. Ron Nessen, the press secretary, said that so far "all they've done is stop action." The President's attack was regarded as one of the more striking manifestations of the widening gulf between the White House and a Congress dominated by the Democratic party. [New York Times] Senator Henry Jackson of Washington announced his candidacy for the Democratic presidential nomination, betting that his traditional liberalism would prove popular in hard times. His declaration was contained in a five-minute television commercial over the CBS-TV network. [New York Times] Because of opposition from residents of surrounding neighborhoods, the John F. Kennedy Library Corporation dropped its plans for a museum honoring the late president near Harvard Square in Cambridge, Mass. Stephen E. Smith, the corporation's president, said that the Kennedy archives might remain in Cambridge, or the entire complex might be moved elsewhere. [New York Times] The official Chinese news agency, Hsinhua, indicated that the epicenter of a major earthquake in southern Manchuria this week was in a heavily populated industrial area and 35 miles from Anshan, the country's leading iron and steel complex. It gave no casualty figures or damage estimates. [New York Times] Three invaluable Renaissance paintings -- one by Raphael and two by Piero della Francesca -- were stolen from the national gallery in Urbino, Italy. The paintings are Raphael's portrait of a noblewoman, known as "The Mute One," and della Francesca's "The Flagellation of Christ," and "Madonna of Senigallia." Italy's minister for the nation's cultural patrimony linked the thefts with "the industry of blackmail." [New York Times]

Stock Market Report

Dow Jones Industrial Average: 714.17 (-3.68, -0.51%)
S&P Composite: 78.56 (-0.39, -0.49%)
Arms Index: 1.31

	Issues	Volume*
Advances	860	14.81
Declines	642	14.51
Unchanged	339	2.70
Total Volume		32.02

* 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*
February 5, 1975	717.85	78.95	25.83
February 4, 1975	708.07	77.51	25.04
February 3, 1975	711.44	77.82	25.40
January 31, 1975	703.69	76.98	24.64
January 30, 1975	696.42	76.21	29.74
January 29, 1975	705.96	77.26	27.41
January 28, 1975	694.77	76.03	31.75
January 27, 1975	692.66	75.37	32.13
January 24, 1975	666.61	72.98	20.67
January 23, 1975	656.76	72.07	17.96