News stories from Thursday February 20, 1975

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

The White House press secretary insisted that "there can be no compromise" on the goals of President Ford's energy and economic proposals despite the wide margin of the Senate vote on Thursday that delayed for 90 days Mr. Ford's increased fees on imported crude oil. Mr. Ford, who has announced his intention to veto the Democratic bill delaying the import fees, was described as hopeful that his veto would be upheld, the press secretary said. [New York Times] In rare public testimony, William Colby, Director of Central Intelligence, warned Congress that "exaggerated" charges of improper conduct by the agency had "placed American intelligence in danger." He said that "misrepresentations" by critics of the C.I.A. in the news media and elsewhere had jeopardized relations with intelligence agencies in other nations, raised the specter of peril to American spies abroad and lowered morale in the C.I.A. [New York Times] The superior parliamentary skill of Senator James Allen, Alabama Democrat, foiled an attempt by reformers to modify the Senate's filibuster rule. "Jim Allen is a very good practitioner of the rules, and he found a mistake we had made," said Senator Walter Mondale, Minnesota Democrat, a chief sponsor of a proposal that would have allowed three-fifths of voting Senators, rather than two-thirds, to close off a Senate debate and bring a bill to a vote. [New York Times] The American Medical Association filed suit in Chicago to block implementation of regulations that would establish a system of peer review among physicians. In the first suit ever filed by the association against the federal government, 10 patients and five physicians joined in asking a federal court for a preliminary injunction. [New York Times] The Greek Cypriote government called on the Security Council to fix a deadline for the withdrawal of the 40,000 Turkish troops from the island and for the return of Greek Cypriote refugees to their homes. Unless the Council acts firmly, Glafkos Clerides, the Speaker of the Cypriote House of Representatives, warned "neither the sovereignty, the independence, the territorial integrity can be saved nor can a solution be arrived at." [New York Times] Inflation during 1974 was worse than originally thought -- the final rate was established at 14.4% for the year. [CBS] Although the campaign reform law passed, many are finding that politics as usual is continuing. President Ford signed the bill with reservations four months ago, but supporters of the law say that the President and congressional leadership are trying to weaken the law through their appointments to the new Federal Election Commission which is the body responsible for enforcement.Senator Mike Mansfield's choice for the commission asked that his name be withdrawn. Senator Hugh Scott defended his choice, a Pennsylvania fashion show consultant, as being well qualified. In the House, Tip O'Neill and John Rhodes chose defeated congressmen from their respective parties. So far, the White House hasn't announced its nominees. [CBS] The Boston chapter of the NAACP declared that the abortion-related manslaughter conviction of Dr. Kenneth Edelin by a predominantly Catholic jury was motivated by racial and/or religious bias. [CBS] Richard and Pat Nixon are currently in Palm Desert, California, relaxing at the estate of Walter Annenberg. Another Nixon friend, Charles "Bebe" Rebozo, has come up with a plan concerning the ex-President's Key Biscayne, Florida, home -- a "Nixon historical association" will be set up to raise money to purchase the Key Biscayne property and turn it into a tourist attraction. [CBS]

Stock Market Report

Dow Jones Industrial Average: 745.38 (+8.99, +1.22%)
S&P Composite: 82.21 (+0.77, +0.95%)
Arms Index: 0.71

	Issues	Volume*
Advances	829	12.60
Declines	579	6.27
Unchanged	410	3.39
Total Volume		22.26

* 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 19, 1975	736.39	81.44	22.19
February 18, 1975	731.30	80.93	23.99
February 14, 1975	734.20	81.50	23.29
February 13, 1975	726.92	81.01	35.16
February 12, 1975	715.03	79.92	19.79
February 11, 1975	707.50	78.58	16.47
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