News stories from Tuesday July 1, 1975

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

Four major oil companies raised gasoline prices at the refinery up to 3 cents a gallon. Other companies were expected to follow them, with speedy effect on retail pump prices as the high season for summer vacations and motoring began. John Hill, deputy administrator of the Federal Energy Administration, predicted markups of 3 to 5 cents this summer. He said part of the rise was seasonal and would probably be rolled back after Labor Day. [New York Times] President Ford told the 66th convention of the National Association for the Advancement of Colored People meeting in Washington that an unstable economy was the enemy of equal opportunity. He urged support for fiscal restraint as a key to fulfillment of equality for American minorities. The audience reacted with restraint. [New York Times] New York City's financial crisis at the start of the new fiscal year moved from offices into the streets. The city's 10,000 sanitation men, protesting layoffs of 2,934 of their number, walked off their jobs, leaving tons of garbage piling up. There was danger of the wildcat strikes spreading to the Police and Fire Departments. The Patrolmen's Benevolent Association president said the union's board would consider a job action today, and the firemen's president was reported to have instructed his members by letter to "take care of your health." First Deputy Mayor James Cavanagh said that more than 5,000 employees had already been dismissed and that the planned layoffs of 27,000 would continue. [New York Times] New Yorkers reacted with apparent resignation to the crisis that left their garbage where they put it. There was fear that it would be set on fire in the South Bronx and East Harlem; in middle-class neighborhoods there seemed to be more resentment. Park Avenue building superintendents were planning to use private haulers. [New York Times] An angry crowd of 500 newly dismissed police officers, wearing civilian clothes, marched on City Hall in protest and then stormed onto the approaches to Brooklyn Bridge, creating major traffic tie-ups during the evening rush hour in lower Manhattan. Officers on duty pleaded with them to clear the roadways. Three persons were arrested, but the police generally refrained from harsh steps to disperse the demonstrators. The president of the Patrolmen's Benevolent Association was booed for inaction. [New York Times] Britain's Chancellor of the Exchequer, Denis Healey, warned labor and management that the government would move toward statutory controls on incomes and prices unless they devised a voluntary plan limiting wage increases to 10 percent. The surprise statement in the House of Commons was the strongest move yet to curb Britain's soaring inflation. The pound sterling, which had been sliding, rose slightly on international markets, while the Labor party's left wing said legal restraints an free bargaining would violate government pledges. [New York Times] Prime Minister Indira Gandhi, appealing to the Indian public for support to end the political crisis, announced economic reforms to better the average citizen's lot, especially in rural areas. The program to bring down prices, peasant debt and achieve fairer land distribution was expected to be widely popular. Critics said it was intended to deflect attention from recent authoritarian moves by her government. [New York Times] Brazil, striving to attain big-power status by the end of the century, is modeling her efforts after the United States. At the same time, Brazilians are trying to keep their distance from the United States, especially in economic development, partly because of what they see as the declining United States role in world leadership. [New York Times] A new Soviet law effective next year will tax 30 percent of all money sent to Soviet citizens from abroad, It is apparently aimed at depriving dissident groups and individuals, especially those who are jobless while waiting for permission to emigrate, of help from friends or relatives abroad. It will not apply to certain payments including alimony, inheritance and royalties. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 877.42 (-1.57, -0.18%)
S&P Composite: 94.85 (-0.34, -0.36%)
Arms Index: 1.13

	Issues	Volume*
Advances	658	7.17
Declines	784	9.63
Unchanged	403	3.59
Total Volume		20.39

* 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*
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
June 24, 1975	869.06	94.19	26.62
June 23, 1975	864.83	93.62	20.72
June 20, 1975	855.44	92.61	25.26
June 19, 1975	845.35	92.02	21.45
June 18, 1975	827.83	90.39	15.59
June 17, 1975	828.61	90.58	19.44