News stories from Wednesday August 6, 1975

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

Federal agents in Detroit questioned Charles O'Brien, foster son of James Hoffa, as the key figure in the disappearance of the former teamster president. Mr. O'Brien's lawyer said later that his client knew nothing of the matter but might make a public explanation later of his own disappearance. One theory was that Mr. Hoffa might have arranged to disappear since he had been refusing to testify in an investigation of possible irregularities in the affairs of the union. [New York Times] Former Senator Edward Gurney, Republican of Florida, was acquitted in Federal Court in Tampa of five felony charges stemming from an election campaign fundraising operation. The jury returned no verdict on three other felony charges. The chief prosecutor declined to say if these charges would be filed for a new trial. Mr. Gurney later hailed the jury system and said he might try to return to public life. [New York Times] William Colby, director of Central Intelligence. testified before a House committee that the National Security Agency eavesdropped on telephone calls made by Americans in this country. He said that this was incidental to monitoring foreign telephone calls, and that traffic with Americans on one end could not he separated on some occasions. Representative Les Aspin, Democrat of Wisconsin, a committee member, said that it was more than incidental and violated the Constitution and laws against warrantless wiretapping. [New York Times] Ten years after Watts, the black ghetto on the south side of Los Angeles, was devastated by fires and upheaval, the mood is one of desperation. Watts became for a time a laboratory for new ideas and bold invention, but public and private money and manpower have dried up, leaving discouragement behind. [New York Times] The Security Council refused to consider South Korea's application for United Nations membership, when the vote to place it on the agenda fell two short of the required nine. The United States retaliated by announcing that it would veto the membership applications of South Vietnam and North Vietnam. These were placed on the agenda 14 to 9, with the United States abstaining. A State Department spokesman had said earlier that a package proposal to admit all three would be supported but that this country would reject a "selective program of universality." [New York Times] Five Japanese terrorists who had been holding hostages in Kuala Lumpur agreed on terms to release 15 remaining hostages, take two Japanese and two Malaysian volunteers as hostages in their place, and fly to Libya on a Japanese airliner. They moved with the remaining hostages from the office building in the Malaysian capital to the airport in preparation for final release and takeoff to Libya. [New York Times] Premier Takeo Miki of Japan and President Ford agreed in Washington to cooperate in international efforts lo prevent the spread of nuclear weapons. It was the 30th anniversary of the detonation over Hiroshima of the first atomic bomb, killing 80,000. Neither mentioned this. The leaders reiterated support of a security treaty with a statement that the United States nuclear deterrent "is an important contributor to the security of Japan." [New York Times]

Stock Market Report

Dow Jones Industrial Average: 813.67 (+3.52, +0.43%)
S&P Composite: 86.25 (+0.02, +0.02%)
Arms Index: 0.94

	Issues	Volume*
Advances	518	5.39
Declines	825	8.08
Unchanged	446	2.80
Total Volume		16.27

* 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*
August 5, 1975	810.15	86.23	15.47
August 4, 1975	818.05	87.15	12.62
August 1, 1975	826.50	88.75	13.32
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