News stories from Friday August 8, 1975

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

Gerald Ford took over as President pledging to pursue the same foreign policies that had brought wide respect to Richard Nixon. A year later, Mr. Ford has neither altered those policies significantly nor left a discernible imprint of his own on international affairs. The fact that he has not produced a personalized foreign policy has worried White House aides who are looking toward the 1976 elections, according to the second of a series of three articles assessing Mr. Ford's first year in office. [New York Times] The United States Steel Corporation, the nation's largest steel producer, announced price changes that would raise the company's prices an average of 3.8 percent between now and Oct. 1. The increases, although bringing about a delay in larger price rises announced earlier this week by two smaller steel makers, confirm that there will be a general price increase. [New York Times] Federal officials ended a two-hour meeting in Washington with representatives of New York City's Municipal Assistance Corporation still resolutely opposed to government backing of the corporation's municipal bonds but full of encouragement for the city's efforts at self-help. [New York Times] Governor Carey of New York signed a bill requiring both parties in a divorce action to file sworn statements of net worth before the start of the trial. The bill, which had been sought by the women's movement, requires complete disclosure of all income and assets, including any transfer of assets during the preceding three years. This provision was intended to prevent a husband or wife contemplating divorce from deceptively lowering his or her net worth in a last-minute financial manipulation. [New York Times] Seeking to escape the bloodshed that has already taken 5,000 lives in Angola, whites are abandoning their homes, farms and jobs and are fleeing by air, land and sea. About 20,000 whites were crowded into schools and exhibit halls in Nova Lisboa, Angola's second largest city; another 20,000 were trying to reach South-West Africa, and plans were under way to airlift out 20,000 more. This is the largest exodus of whites from a black African country since the chaos in the former Belgian Congo in the early 1960's. Three black independence movements are fighting for control of Angola, which will be freed from Portugal on Nov. 11. [New York Times] President Francisco da Costa Gomes of Portugal swore in a new cabinet devoid of any strong political base but leaning toward the Communists. He said the cabinet, formed earlier in the day by Premier Vasco Goncalves, was a stop-gap government that he hoped would provide for a political pause during which "we may construct something more definitive." He was warned on Thursday by political parties and fellow military officers of the threat of a Communist dictatorship. [New York Times] Israel has submitted to the United States her latest proposals for a new agreement with Egypt, and there was increasing optimism about the chances of reaching a new accord in the next several weeks. A final, intensive round of diplomatic shuttling by Secretary of State Kissinger was believed by Israeli officials to be likely. [New York Times] The Civil Aeronautics Board announced a "major liberalization" of charter rules that will make ticket-plus-hotel bargains in the United States and overseas available to anyone at prices that will "frequently be less" than the cost of a scheduled airline ticket. The new charter flights will omit the requirement that a traveler be a bona fide member of a club, society or union or other "affinity" group, The new rules become effective Sept. 13. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 817.74 (+1.95, +0.24%)
S&P Composite: 86.02 (-0.28, -0.32%)
Arms Index: 1.16

	Issues	Volume*
Advances	477	3.12
Declines	841	6.40
Unchanged	460	2.14
Total Volume		11.66

* 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*
August 7, 1975	815.79	86.30	12.39
August 6, 1975	813.67	86.25	16.28
August 5, 1975	810.15	86.23	15.47
August 4, 1975	818.05	87.15	12.62
August 1, 1975	826.50	88.75	13.32
July 31, 1975	831.51	88.75	14.54
July 30, 1975	831.66	88.83	16.15
July 29, 1975	824.86	88.19	19.00
July 28, 1975	827.83	88.69	14.85
July 25, 1975	834.09	89.29	15.11