News stories from Thursday February 27, 1975

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

Secretary of Defense James Schlesinger told a House Appropriations subcommittee that the situation in Cambodia was grim, but not irretrievable if the United States were to provide additional military aid. He said he did not believe, as reported in yesterday's editions of The New York Times, that the Cambodian government would fall whether or not the United States provided the emergency military aid requested by the Ford administration. [New York Times] The House passed a $21.3 billion antirecession tax cut bill that included the repeal of the controversial oil depletion allowance for petroleum producers, which has been part of the tax law for nearly 50 years. The repeal vote, 248 to 163, was historic because, it was said by the repeal advocates to be the first ever taken in the House. The overall bill was approved 317 to 97, and it provides a $16.2 billion tax cut for individuals. The rest is for businesses. [New York Times] Secret files of derogatory information on presidents, members of Congress, federal officials and others who simply tried to oppose him, were kept by J. Edgar Hoover while he was head of the Federal Bureau of Investigation. This was disclosed by Attorney General Edward Levi in testimony to the House Subcommittee on Civil Rights and Constitutional Rights. Mr. Levi also said that he could confirm a series of incidents in which the F.B.I. had been misused for political purposes or to serve the whim of presidents. [New York Times] Vice President Rockefeller had a chat with newsmen while flying from Detroit to Washington and made remarks that appeared to foreclose any chances of his becoming a presidential candidate again. He said that President Ford was "bound to be the candidate" in 1976, and that he wanted to maintain what he said was a "low profile" and help the president. [New York Times] The Federal Communications Commission said that it would approve a $365 million annual rate increase for interstate service by the American Telephone and Telegraph Company and indicated that it would consider another increase later. The $365 million is about half the $717 million that A.T.&T. had requested. [New York Times] Peter Lorenz, the Christian Democratic candidate for mayor of West Berlin, was kidnapped three days before the election as he was being driven to his office. He and his captors, at least three persons, a woman and two men, vanished despite a wide search by the police, in which the American and British military joined. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 731.15 (+3.05, +0.42%)
S&P Composite: 80.77 (+0.40, +0.50%)
Arms Index: 0.89

	Issues	Volume*
Advances	841	8.90
Declines	518	4.89
Unchanged	413	2.64
Total Volume		16.43

* 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 26, 1975	728.10	80.37	18.79
February 25, 1975	719.18	79.53	20.91
February 24, 1975	736.94	81.44	19.15
February 21, 1975	749.77	82.62	24.44
February 20, 1975	745.38	82.21	22.26
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