News stories from Monday July 28, 1975

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

Huge crowds welcomed President Ford as he arrived in Warsaw for a visit before the opening of the European security conference in Helsinki tomorrow. Mr. Ford, speaking a few words of Polish, greeted the crowd at Okecie Airport with "Niech zyje Polska"? "Long live Poland!" Edward Gierek, the Communist party leader, lavished praise on Mr. Ford, calling him a partner in the search for world harmony. He and Mr. Ford issued a joint statement reaffirming their commitment to pursue military -- not only political -- detente in Europe. [New York Times] The Commerce Department reported that in June the nation had its biggest foreign trade surplus on record, as imports continued to reflect the deep recession in the United States economy. The slowdown in imports has affected oil as well as most other products. Oil imports in June were the lowest for any month since early 1974 after prices were increased sharply by the exporting countries. [New York Times] By a vote of 346 to 56, the House passed and sent to President Ford a bill extending the Voting Rights Act of 1965 for seven years and broadening its protection to Spanish-speaking Americans and other "language minorities." Mr. Ford is expected to sign it. The voting rights legislation is credited with aiding the registration of large numbers of black voters -- and the election of many black officials -- in the South since 1965. [New York Times] Unemployment in New York City rose by nearly 1 percent in June to 11.7 percent, the highest level since the recession began in 1973 and the highest level in the quarter century that records have been kept on a comparable basis, according to the city's Industrial Commissioner, Louis Levine. The increase confirmed that New York was one of the cities hardest hit by the recession. [New York Times] Facing overwhelming opposition in Congress, the Ford administration today suspended plans to sell 14 batteries of Hawk antiaircraft missiles to Jordan. Congress has opposed the sale on the ground that the 14 batteries -- with six missile launchers to a battery -- gave Jordan an offensive capacity against Israel and was more than she needed for her air defense. [New York Times] High Turkish officials said that some United States bases in Turkey would stay closed permanently even if Congress ultimately lifted the Turkish arms embargo. The officials believe that it would be politically impossible for any Turkish government to restore the relationship that existed with the United States before last Friday, when Turkey announced she was taking control of the American bases. "It was easy to close the bases, but it would be very difficult to make them operational again, that's why we waited six months before we acted," one of the Turkish officials said. "No government would dare move against the pressure of public opinion." [New York Times]

Stock Market Report

Dow Jones Industrial Average: 827.83 (-6.26, -0.75%)
S&P Composite: 88.69 (-0.60, -0.67%)
Arms Index: 1.14

	Issues	Volume*
Advances	358	2.97
Declines	1,071	10.10
Unchanged	358	1.78
Total Volume		14.85

* 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 25, 1975	834.09	89.29	15.11
July 24, 1975	840.27	90.07	20.55
July 23, 1975	836.69	90.18	20.15
July 22, 1975	846.76	91.45	20.06
July 21, 1975	854.74	92.44	16.69
July 18, 1975	862.41	93.20	16.87
July 17, 1975	864.28	93.63	21.42
July 16, 1975	872.11	94.61	25.25
July 15, 1975	881.81	95.61	28.34
July 14, 1975	875.86	95.19	21.90