News stories from Wednesday July 2, 1975

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

The Central Intelligence Agency has retained Arnold & Porter, a leading Washington law firm, as consulting counsel during Senate and House hearings on the agency. A partner and prominent civil rights lawyer, Mitchell Rogovin, will head the work for the C.I.A. Some lawyers were surprised at the move. The agency has its own legal staff and also can get the assistance of Justice Department attorneys. [New York Times] The long-dormant volcano Mount Baker in the state of Washington is coming back to life and may provide the first volcanic activity in more than 60 years within the 48 contiguous states. Authorities have closed almost 10,000 acres of recreational lands because of the threat of landslides, avalanches and mudflows from the steaming mountain, just as the vacation season is getting underway. [New York Times] Prime Minister Indira Gandhi said that democracy in India had given too much license to newspapers and opposition leaders trying to abuse it and weaken the nation's confidence. Arrests of large numbers of anti-government demonstrators were reported in parts of Northern India. Strict censorship rules were extended to cartoons, photographs and advertisements likely to come within the purview of the regulations. [New York Times] West Germany was shaken by the American withdrawal from Indochina, not into reappraising its nearly indissoluble trans-Atlantic ties but into worry that the United States might consider pulling out some of its troops. The American role in West Germany is nevertheless considerably less powerful than immediately after World War II. [New York Times] The debate in Israel whether to accede to Egypt's demand of a complete withdrawal from the Sinai mountain passes has opened deep divisions in the Israeli government, the ruling Labor party and the smaller parties. No decision is expected before Sunday and it might take a week longer, depending on clarifications of the Egyptian demand and the American attitude. [New York Times] The International Women's Year World Conference in Mexico City adopted a 10-year plan of action intended to improve the status of women. As the conference wound up, some saw it as the beginning of a new world and others cautioned that it could lead only to token gestures. A separate Declaration of Mexico was also voted, over U.S. and Israeli opposition, urging an end to colonialism, Zionism and apartheid. [New York Times] The Securities and Exchange Commission accused the bankrupt Stirling Homex Corporation, once one of the nation's leading modular homebuilders, of creating phantom sales, making illegal political contributions, using illegal bugging equipment and making payoffs to union officials. Also named among defendants in a fraud suit was the brokerage firm of Merrill Lynch, Pierce, Fenner & Smith, Inc., which underwrote the sale of the company's preferred stock in 1971. It was charged with inadequate inquiry into its financial condition. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 870.38 (-7.04, -0.80%)
S&P Composite: 94.18 (-0.67, -0.71%)
Arms Index: 1.42

	Issues	Volume*
Advances	405	3.38
Declines	1,079	12.81
Unchanged	369	2.34
Total Volume		18.53

* 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*
July 1, 1975	877.42	94.85	20.39
June 30, 1975	878.99	95.19	19.43
June 27, 1975	873.12	94.81	18.82
June 26, 1975	874.14	94.81	24.56
June 25, 1975	872.73	94.62	21.61
June 24, 1975	869.06	94.19	26.62
June 23, 1975	864.83	93.62	20.72
June 20, 1975	855.44	92.61	25.26
June 19, 1975	845.35	92.02	21.45
June 18, 1975	827.83	90.39	15.59