News stories from Monday January 6, 1975

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

Alan Greenspan, the chairman of President Ford's Council of Economic Advisers, said that the nation's economic slump could last longer and be deeper than anticipated. He predicted that unemployment would approach 8 percent of the work force this year. The administration, he said, still foresees a "bottoming out in economic activity by midyear." [New York Times] The Presidential Clemency Board announced that it would start a national radio and television campaign to stir interest in President Ford's offer of limited amnesty to Vietnam war draft evaders and deserters. Response to the offer, made last Sept. 16, has been poor. [New York Times] The Treasury accepted bids for only 750,000 ounces of the 2 million ounces of gold it offered at auction. The total of all bids submitted was for only 984,800 ounces. The lowest price accepted was $153 an ounce, and the highest was $185 an ounce. A total of 209 bids was received, most of them for the minimum quantity. [New York Times] The Central intelligence Agency was told by Senator John Sparkman, acting chairman of the Senate Foreign Relations Committee, to begin heeding new legislation that calls for an immediate stop to most foreign C.I.A. operations not solely aimed at the gathering of intelligence. The new restrictions on the agency came amid growing controversy over the make-up of the presidential panel named to investigate charges of domestic spying by the C.I.A. [New York Times] Defense Secretary James Schlesinger is seeking some way to justify the construction of a squadron of radar command planes that would be the most expensive aircraft ever built by the Air Force. The Pentagon proposes to build 34 of the aircraft -- basically Boeing 707 transports -- at a cost of nearly $4 billion, but its plans have been stymied by the strong, persistent opposition of Senator Thomas Eagleton. [New York Times] The Saigon command reported that the beleaguered garrison of the provincial capital of Phuoc Binh began to crumble early this morning under a North Vietnamese tank assault. The town's fall "is now only a matter of hours," a command spokesman said. [New York Times] Oil seeping from a Japanese supertanker that ran aground early today outside Singapore Harbor formed slicks three miles wide in one of the world's busiest shipping lanes. The tanker was carrying 237,000 tons of crude oil from the Persian Gulf to Japan. About 4,500 tons were spilled when the ship struck. The captain said there was no chance that the ship might break up. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 637.20 (+2.66, +0.42%)
S&P Composite: 71.07 (+0.36, +0.51%)
Arms Index: 1.32

	Issues	Volume*
Advances	1,244	11.51
Declines	316	3.87
Unchanged	264	2.17
Total Volume		17.55

* 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 3, 1975	634.54	70.71	15.27
January 2, 1975	632.04	70.23	14.80
December 31, 1974	616.24	68.56	20.97
December 30, 1974	603.25	67.16	18.52
December 27, 1974	602.16	67.14	13.06
December 26, 1974	604.74	67.44	11.81
December 24, 1974	598.40	66.88	9.54
December 23, 1974	589.64	65.96	18.04
December 20, 1974	598.48	66.91	15.84
December 19, 1974	604.43	67.75	15.90