News stories from Monday July 14, 1975

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

Preparations proceeded smoothly at the Kennedy Space Center, at Cape Canaveral, Fla., for the launching tomorrow of the Apollo spacecraft and its three astronauts into a nine-day journey into space and a link-up with the Soviet Union's Soyuz spacecraft. The takeoff is scheduled at 3:50 P.M., Eastern daylight time. The weather forecast was favorable.Ready for rendezvous with Apollo, two Soyuz spaceships, one of them held in reserve, were ready atop their launching rockets for a takeoff tomorrow at 8:20 A.M., Eastern daylight time, from the Baikonur Cosmodrome in Soviet Central Asia, about 1,400 miles southeast of Moscow. Soyuz will be manned by two astronauts. The flight plans calls for a link-up with Apollo on Thursday. [New York Times] President Ford announced a plan for the gradual removal of all price controls on domestic oil over a 30-month period. He said that it was a "reasonable compromise" that would stimulate the production of oil in the United States. The administration estimates that if the plan is accepted by Congress the price of gasoline and fuel oil would be increased by 7 cents a gallon at the end of the 30 months. [New York Times] Democrats in Congress were sharply critical of President Ford's plan to remove price controls on oil and moved ahead with plans to act this week on legislation that that will put Congress on a collision course with the President over energy policy. "There is no chance of his selling decontrol," Representative Tip O'Neill, the House Democratic leader, said. [New York Times] Clarence Kelley, director of the Federal Bureau of Investigation, acknowledged that after World War II, agents of the F.B.I. had committed break-ins and burglaries not authorized by search warrants to secure "information relative to the security of the nation." His statement provided the first official confirmation of a practice that former F.B.I. officials have alluded to. [New York Times] Secretary of State Kissinger warned the third world majority of the United Nations today that its "arbitrary tactics" in the General Assembly were alienating the support of the American people for the organization. He made the statement in a speech at the Institute of World Affairs in Milwaukee. It appeared to be an oblique warning to the third world nations that if they suspend Israel from the General Assembly this fall, as they did South Africa last year, the United States might withhold financial support from the United Nations or withdraw from the session. [New York Times] Israelis resentful of American pressure for an Israeli pullback in occupied Sinai stoned the United States Embassy in Tel Aviv. The attack followed a demonstration by about 15,000 people organized by the generally pro-American Likud party and other Israeli nationalist groups. [New York Times] After nearly two years of negotiations, the 35 countries attending the European security conference in Geneva decided on July 30 as the target date for their leaders to meet to sign a charter on relations between the East and West. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 875.86 (+4.77, +0.55%)
S&P Composite: 95.19 (+0.53, +0.56%)
Arms Index: 0.72

	Issues	Volume*
Advances	890	13.07
Declines	558	5.93
Unchanged	410	2.90
Total Volume		21.90

* 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 11, 1975	871.09	94.66	22.21
July 10, 1975	871.87	94.81	28.88
July 9, 1975	871.87	94.80	26.35
July 8, 1975	857.79	93.39	18.99
July 7, 1975	861.08	93.54	15.85
July 3, 1975	871.79	94.36	19.00
July 2, 1975	870.38	94.18	18.53
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