News stories from Friday August 1, 1975

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

President Ford, declaring that the summit meeting in Helsinki will be judged "not by the promises we make but by the promises we keep," joined leaders of the Soviet Union and 33 other nations in affirming a broad charter for peace and humanitarian progress throughout Europe. Mr. Ford said that "every signatory" would be held to account for the charter's promises of a freer flow of ideas, information and people across ideological frontiers. A few hours later, each of the Presidents, Prime Ministers, Chancellors, Communist party chiefs and the envoy of Pope Paul VI signed the 30,000-word charter of the Conference on Security and Cooperation in Europe. [New York Times] The Labor Department reported that the nation's unemployment rate dropped to 8.4 percent in July as the total number of persons employed rose by 630,000. The decline from 8.6 percent in June and the 8.9 percent average of the April-June quarter caught the experts by surprise and added strongly to the growing evidence that an upturn in the economy was no longer a forecast but a fact. [New York Times] Voting 48 to 42, the Senate unexpectedly rejected a $31 billion compromise military procurement bill after the new Senate Budget Committee warned that it would push the defense program over Congress's guidelines. The vote marked the first time in recent history that the Senate had rejected a major defense bill. [New York Times] State and local policemen in Michigan seeking the whereabouts of James Hoffa, the former president of the International Brotherhood of Teamsters, began to concentrate their investigation on organized crime figures, some of whom have been associated with the former labor leader. Mr. Hoffa's family reported him missing when he failed to return home Wednesday night. His son said he believed that his father had been abducted. [New York Times] Reversing earlier denials, the Lockheed Aircraft Corporation said that since 1970 it had paid at least $22 million that it knows or believes went to officials and political organizations in a number of foreign countries. In a news release, Lockheed also acknowledged that it had paid or committed itself to pay a total of $202 million to consultants in connection with its foreign sales since 1970. Lockheed repeated arguments that disclosure of the recipients of the payments could adversely affect the company's overseas contracts. [New York Times] Leaders of the opposing communities on Cyprus reached agreement in Vienna on the transfer of minorities. As explained by the Turkish Cypriote leader, Rauf Denktash, the accord reached with the Greek Cypriote negotiator, Glafkos Clerides, would allow 9,000 Turkish Cypriotes stranded in the south to move to the Turkish-held northern part of the island. About 10,000 Greek Cypriotes in the Turkish-controlled north would be allowed to stay there, and 800 Greeks in the south would be allowed to join them. [New York Times] The Arab diplomatic campaign against Israel had an unexpected setback when the Organization of African Unity, meeting in Kampala, Uganda, refused to adopt a resolution calling for the expulsion of Israel from the United Nations. Rebuffing Arab militants, the organization approved a milder version calling for moves "to reinforce the pressure exerted on Israel at the United Nations and its specialized agencies, including the possibility of eventually depriving it of its membership." [New York Times]

Stock Market Report

Dow Jones Industrial Average: 826.50 (-5.01, -0.60%)
S&P Composite: 88.75 (0.00, 0.00%)
Arms Index: 1.69

	Issues	Volume*
Advances	385	2.28
Declines	964	9.63
Unchanged	394	1.41
Total Volume		13.32

* 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 31, 1975	831.51	88.75	14.54
July 30, 1975	831.66	88.83	16.15
July 29, 1975	824.86	88.19	19.00
July 28, 1975	827.83	88.69	14.85
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