News stories from Tuesday July 22, 1975

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

A June rise in the Consumer Price Index reversed at least temporarily the nation's progress toward a lower rate of inflation. Higher prices for meat, gasoline and used cars were mainly responsible for an increase of eight-tenths of 1 percent -- the largest in any month this year. [New York Times] The House of Representatives voted 262 to 167 to reject President Ford's energy plan, which would have let the average price of oil produced in the United States rise by more than 60 percent in the next 30 months. Since the Democrats lack the votes to override a veto of legislation to reduce oil prices, the deadlock remains. John Rhodes, the House Republican leader, said that he was hopeful of reaching a compromise before the August recess. [New York Times] Members of the family of Frank Olson said that President Ford has instructed the Central Intelligence Agency to make available all relevant materials and documents concerning his death as a result of a C.I.A. experiment with the drug LSD. The White House confirmed the report. [New York Times] The House of Representatives followed the Senate in voting to restore the citizenship of Robert E. Lee, the Confederate commander in the Civil War, who had sought to regain it by taking an oath of allegiance in 1865 after the surrender. Ten House members voted against the measure, with some objecting that it should include amnesty for draft evaders in the Vietnam war. [New York Times] A statement from Interior Secretary Stanley Hathaway disclosed that he was in the Bethesda Naval Medical Center suffering from moderate depression brought on by overwork. Reports circulated that he wished to resign but had been persuaded to wait for a possible improvement. [New York Times] The Soyuz astronauts landed safely on the steppes of Soviet Central Asia, successfully completing their rendezvous in space with the American Apollo astronauts. The landing took place on schedule at 1:51 P.M. Moscow time (6:51 A.M., Eastern daylight time) 34 miles northeast of Arkalyk in Central Kazakhstan. Col. Aleksei Leonov and Valery Kubasov were described by Soviet space officials as feeling fine. Colonel Leonov said the flight was "hard, very hard." [New York Times] India's upper house of parliament gave its expected overwhelming approval to Prime Minister Gandhi's sweeping emergency powers, and the main opposition parties then walked out in a boycott of the session, called to ratify the state of emergency. An opposition member said the session could not function as a free and democratic Parliament. He cited the suspension of rules under which members could question cabinet ministers, and the government's decision to apply to speeches in Parliament the ban on publishing statements by the opposition. The ban applies also to foreign publications but a number of correspondents reported them anyway. Two British journalists and one American left under an expulsion order early today. [New York Times] President Anwar Sadat told the opening session of the annual congress of the Arab Socialist Union, Egypt's political organization, that there was not sufficient ground at the moment to renew the mandate of the United Nations forces in Sinai. He did not mention the American-sponsored negotiations for a new interim agreement on Sinai with Israel. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 846.76 (-7.98, -0.93%)
S&P Composite: 91.45 (-0.99, -1.07%)
Arms Index: 1.16

	Issues	Volume*
Advances	308	3.43
Declines	1,146	14.82
Unchanged	372	2.41
Total Volume		20.66

* 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*
July 21, 1975	854.74	92.44	16.69
July 18, 1975	862.41	93.20	16.87
July 17, 1975	864.28	93.63	21.42
July 16, 1975	872.11	94.61	25.25
July 15, 1975	881.81	95.61	28.34
July 14, 1975	875.86	95.19	21.90
July 11, 1975	871.09	94.66	22.21
July 10, 1975	871.87	94.81	28.88
July 9, 1975	871.87	94.80	26.35
July 8, 1975	857.79	93.39	18.99