News stories from Tuesday February 11, 1975

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

President Ford announced the release of up to $2 billion in impounded highway funds to help stimulate the sagging economy. Addressing a joint session of the Kansas legislature in Topeka, he said he had made the decision on the recommendation of a number of state governors who assured him the money would he spent by June 30 on pending projects including mass transit. White House officials estimated that the money, with lesser amounts of matching state funds, would lead to 125,000 new jobs. [New York Times] Britain's Conservative party decisively elected Margaret Thatcher as leader, succeeding Edward Heath, who resigned after losing to her in an earlier round of the contest. She started her bid last year as an outside challenger from the party's right wing. Asked after the vote how much she would shake up the party, she promised "a blend of continuity and change." [New York Times] Secretary of State Kissinger ended his first full day of discussions with Israeli leaders in Jerusalem with the comment that he remained optimistic on the prospects of a new interim agreement between Israel and Egypt. He emphasized that he was not attempting actual negotiations on this trip, which takes him to Cairo tomorrow and back to Jerusalem Thursday. [New York Times] The National Academy of Sciences made public a major study, "Mineral Resources and the Environment," warning that the world faces shortages, the first perhaps only a few years away, in materials that are vital to modern industrial civilization. The report said it was essentially impossible for domestic oil supplies to replace foreign supplies in the next decade. The chairman of the study panel, Dr. Brian Skinner of Yale, told reporters that all government estimates of total American oil and gas resources have been over-optimistic. [New York Times] At the first federal hearing on the environmental impact of offshore oil and gas development on the Outer Continental Shelf, Governor Byrne of New Jersey threatened to sue the Department of Interior unless it postponed its call for oil companies to name areas they would like to lease. He said the department had promised to take no action pending a Supreme Court decision in a 1969 federal case involving Maine and 11 other Atlantic coastal states. [New York Times] The British government announced that it would set up a network of centers in Northern Ireland to maintain contact with Irish Republican Army units to safeguard and monitor the current cease-fire. It was the most formal structure for this purpose that Britain has ever accepted. If the cease-fire holds, the British Army's presence will become less obtrusive, the Secretary of State for Northern Ireland indicated. [New York Times] The health ministers of the nine Common Market countries agreed in Brussels to let the approximately 400,000 physicians in the member countries practice wherever they want within the European community. The accord, which Denmark has not yet ratified pending formation of her new government, gives 18 months for each member country to change administrative rules to let foreign doctors practice. It was the first such agreement for any profession. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 707.50 (-0.89, -0.13%)
S&P Composite: 78.58 (+0.22, +0.28%)
Arms Index: 0.67

	Issues	Volume*
Advances	598	7.66
Declines	799	6.83
Unchanged	401	1.98
Total Volume		16.47

* 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*
February 10, 1975	708.39	78.36	16.12
February 7, 1975	711.91	78.63	20.06
February 6, 1975	714.17	78.56	32.02
February 5, 1975	717.85	78.95	25.83
February 4, 1975	708.07	77.51	25.04
February 3, 1975	711.44	77.82	25.40
January 31, 1975	703.69	76.98	24.64
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