News stories from Friday January 31, 1975

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

Federal District Court Judge Charles Richey ruled that the government owns almost all of the documents, tape recordings and other items assembled during former President Richard Nixon's five years in the White House, and that presidents are stripped of claims of privilege when they leave office. The only exception to government ownership, Judge Richey said, are purely personal items. Administration papers had been regarded as personal property of presidents since George Washington. [New York Times] The Bank of the Commonwealth, one of the largest in Michigan, announced that a Saudi Arabian businessman had agreed in principle to acquire a substantial interest in the bank. The prospective investor was identified as Ghaith Pharaon, an American-educated Saudi with broad international interests who hopes "to establish Detroit as a major center for trade between the Middle East and the United States." [New York Times] Official Portuguese sources said that the Soviet Union had urgently requested port facilities in Portugal for its Atlantic fishing fleet. Soviet fishing boats in the Atlantic have long been suspected by officials of the North Atlantic Treaty Organization, whose members include Portugal, of having sophisticated electronic intelligence equipment aboard. Some Portuguese officials believe that if Portugal were to grant port rights to the Soviet Union, the move would be a major breach of NATO security on the approaches to the Mediterranean and the South Atlantic. A treaty with the Soviet Union was reported to be in preparation, but because of the political and strategic implications it was expected to meet strong opposition in the Portuguese cabinet. [New York Times] The State Department has informed Congress that it intends to grant $25 million to Syria from a special Middle East contingency fund to provide an incentive for the Syrians to pursue a moderate course. This would be the first economic aid to Syria, except for food assistance, since 1965, and the administration has lobbied vigorously to persuade key members of Congress not to block the grant. [New York Times] Trans World Airlines, which has been having financial difficulties, announced that the Iranian government had bought six of its 19 Boeing 747 jumbo jets for $99 million. It was believed to be the largest used-plane sale on record. Negotiations for the purchase of six more of the airline's 747's were said to be continuing. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 703.69 (+7.27, +1.04%)
S&P Composite: 76.98 (+0.77, +1.01%)
Arms Index: 0.61

	Issues	Volume*
Advances	972	16.93
Declines	508	5.40
Unchanged	346	2.31
Total Volume		24.64

* 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*
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
January 22, 1975	652.61	71.74	15.33
January 21, 1975	641.90	70.70	14.78
January 20, 1975	647.45	71.08	13.45
January 17, 1975	644.63	70.96	14.25