News stories from Thursday June 5, 1975

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

A continuing moderation of inflation and the prospect of a relatively slow recovery from the recession were indicated by two government reports. The Labor Department said that the Wholesale Price Index for May rose four-tenths of 1 percent after adjustment for normal seasonal changes in some prices. This was less than the 1.5 percent increase in April and was again caused mainly by higher farm prices. A Commerce Department report showed a small downward revision in business plans to invest in plant and equipment this year. [New York Times] Democrats in the House engineered passage of two more bills, one dealing with oil-price controls and the other with housing subsidies, that face almost certain presidential vetoes, especially in view of the inability of the House on Wednesday to override President Ford's veto of a widely supported appropriation for government-financed jobs. The oil bill would extend from five to 15 days the period in which Congress may block the removal by the President of oil-price controls. The other measure, one in a series of Democratic proposals to stimulate the economy, would provide various housing subsidies for the building industry. [New York Times] A majority of the Democratic members of the House Select Committee on Intelligence moved to oust the chairman, Representative Lucien Nedzi, on the ground that his alleged prior knowledge of involvement by the Central Intelligence Agency in assassination plots and domestic wrongdoing impaired his ability to conduct an impartial investigation of the agency. Meanwhile, Vice President Rockefeller's office announced that the final report of his commission's investigation of the C.I.A. would contain no information about charges that the agency was involved in plots to assassinate foreign leaders. [New York Times] Since the early 1970's, the Northrop Corporation has paid or committed more than $1.8 million in commissions to a Swiss-based organization that was formed to promote Northrop's overseas aircraft sales on a no-questions-asked basis, according to a confidential report prepared by Northrop's accounting firm. The report identified the Swiss organization as the Economic and Development Corporation, which apparently employs influential individuals abroad to assist Northrop in winning contracts in exchange for a share of commissions. [New York Times] Egypt informed the United States today that she was ready to resume negotiations for an interim Sinai agreement with Israel and to make concessions if Israel does. However, well-placed informants said that President Anwar Sadat had made it clear to President Ford in their talks in Austria that Egypt would still insist, as a minimum condition, that Israel withdraw from the Abu Rudeis oil field and the Mitla and Gidi Passes, all captured in the war of June, 1967. [New York Times] "This is the happiest day of my life," Egypt's President declared as the Suez Canal reopened to international shipping exactly eight years after it was closed during the Arab-Israeli war of June, 1967. President Sadat, in an admiral's white uniform, stood on the bridge of the Egyptian destroyer Sixth of October as she cut through a thin chain across the canal's entry and then led a ceremonial convoy from Port Said harbor. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 842.15 (+2.19, +0.26%)
S&P Composite: 92.69 (+0.09, +0.10%)
Arms Index: 0.80

	Issues	Volume*
Advances	700	10.13
Declines	725	8.38
Unchanged	392	3.10
Total Volume		21.61

* 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*
June 4, 1975	839.96	92.60	24.90
June 3, 1975	846.14	92.89	26.56
June 2, 1975	846.61	92.58	28.24
May 30, 1975	832.29	91.15	22.67
May 29, 1975	815.00	89.68	18.57
May 28, 1975	817.04	89.71	21.85
May 27, 1975	826.11	90.34	17.05
May 23, 1975	831.90	90.58	17.87
May 22, 1975	818.91	89.39	17.61
May 21, 1975	818.68	89.06	17.64