News stories from Friday June 20, 1975

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

The Labor Department said that inflation, as measured by consumer prices, continued to moderate in May. Despite a big jump in beef prices and higher gasoline prices, the Consumer Price Index in May rose by only four-tenths of 1 percent, both before and after adjustment for normal seasonal changes in some prices. [New York Times] Dr. Dixy Lee Ray has resigned as the State Department's senior science official, charging that Secretary of State Kissinger and other high officials with deliberately not consulting her office on key policy matters. Dr. Ray, the former head of the Atomic Energy Commission, has been well known in Washington for speaking her mind and after sending her letter of resignation to Mr. Kissinger, she was, as usual, outspoken in an interview. [New York Times] The Mayor of Los Angeles, a member of Congress, a former ambassador to Britain, a former United States Attorney General, the American Legion and the American Civil Liberties Union are listed in what appeared to be part of a master index of persons and organizations that were under scrutiny by the Internal Revenue Service. The list was made public by the House Government Operations Subcommittee, which is looking into improper enforcement activities of the I.R.S. [New York Times] Sam Giancana, the Chicago gangster who was said to have been a key participant in a Central Intelligence Agency pint to assassinate Premier Fidel Castro of Cuba, was shot to death Thursday night in his home in Oak Park, a Chicago suburb. An official of the Federal Bureau of Investigation said the murder was "a professional hit," and that friction between Mr. Giancana and other Chicago gangsters may have been the reason for the killing. [New York Times] The dedication of what is believed to be the first monument in the United States honoring achievement of Soviet citizens took place in Vancouver, Wash., on the 38th anniversary of the unplanned landing there of three Russian fliers completing the world's first airplane flight from Europe to North America over the North Pole, a journey of 5,288 miles. Two of the fliers, Georgi Baidukov, 69 years old, and Aleksandr Belyakov, 78, attended the ceremony. The son of the late Valery Chkalov, the chief pilot, also was present. [New York Times] Secretary of Defense James Schlesinger, in a review of recent Soviet missile developments at a Pentagon news conference, said that the Soviet Union in the last six months had deployed 60 intercontinental ballistic missiles armed with multiple independently targetable warheads. He said last Jan. 15 that the Soviet Union had begun deploying two new intercontinental missiles, presumably armed with warheads. At the news conference he said that he did not regard the deployment as especially surprising or alarming. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 855.44 (+10.09, +1.19%)
S&P Composite: 92.61 (+0.59, +0.64%)
Arms Index: 0.95

	Issues	Volume*
Advances	1,006	15.59
Declines	478	7.04
Unchanged	388	3.64
Total Volume		26.27

* 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 19, 1975	845.35	92.02	21.45
June 18, 1975	827.83	90.39	15.59
June 17, 1975	828.61	90.58	19.44
June 16, 1975	834.56	91.46	16.66
June 13, 1975	824.47	90.52	16.30
June 12, 1975	819.31	90.08	15.97
June 11, 1975	824.55	90.55	18.23
June 10, 1975	822.12	90.44	21.13
June 9, 1975	830.10	91.21	20.67
June 6, 1975	839.64	92.48	22.23