News stories from Tuesday May 27, 1975

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

President Ford told the nation that, as expected, he would impose a second $1-a-barrel tax on imported oil beginning next Sunday and would start phasing out price controls on domestic oil supplies later in June, In a brief, nationally televised address, the President accused Congress of wasting four months in unproductive debate on energy conservation and said he is taking action now because "the Congress cannot drift, dawdle and debate forever with America's future." [New York Times] The United States Supreme Court has declined to change a lower court order under which a former Central Intelligence Agency employee must submit all his future writing about the agency to the C.I.A. for pre-publication censorship. Only Associate Justice William O. Douglas dissented to the court's decision in declining to review a lower court ruling that bars Victor Marchetti, co-author of "The C.I.A. and the Cult of Intelligence," from restoring to his book material the agency struck from the manuscript as classified. [New York Times] The Food and Drug Administration has backed away from its controversial 1973 decision that super-potent vitamins and minerals should be regulated as drugs. Instead, the F.D.A. has proposed a new regulation that would treat such products as foods when they are generally recognized as safe and sold as dietary supplements The agency's decision promptly drew criticism from spokesmen for the Public Citizens Health Research Group. [New York Times] On the eve of President Ford's week-long trip to Europe, White House advisers are saying the President is reducing his reliance on Secretary of State Kissinger and assuming increasing command over his own foreign policy. The advisers said the President retained full confidence in Mr. Kissinger and generally shared his views on diplomacy. Recent interviews with White House and other administration officials indicate that Mr. Ford is determined to put his own stamp on foreign policy and has substantially broadened his circle of foreign policy advisers. [New York Times] In a significant change in its foreign economic policy, the United States says it is willing to consider arrangements for greater price stability for the raw materials exported by developing countries. At a meeting in Paris of the International Energy Agency, an 18-nation grouping of major oil consumers, Secretary of State Kissinger told the ministers, "Our interdependence will make us thrive together or decline together." The United States told its Western partners that it hoped the new efforts to deal "seriously" with the problems of the developing world would break a deadlock between oil producers and consumers and help avoid another energy confrontation. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 826.11 (-5.79, -0.70%)
S&P Composite: 90.34 (-0.24, -0.26%)
Arms Index: 0.95

	Issues	Volume*
Advances	733	7.70
Declines	675	6.73
Unchanged	420	2.62
Total Volume		17.05

* 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*
May 23, 1975	831.90	90.58	17.87
May 22, 1975	818.91	89.39	17.61
May 21, 1975	818.68	89.06	17.64
May 20, 1975	830.49	90.07	18.31
May 19, 1975	837.69	90.53	17.87
May 16, 1975	837.61	90.43	16.63
May 15, 1975	848.80	91.41	27.69
May 14, 1975	858.73	92.27	29.05
May 13, 1975	850.13	91.58	24.95
May 12, 1975	847.47	90.61	22.41