News stories from Tuesday June 10, 1975

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

President Ford says he believes world oil prices should not be increased more than 7 or 8 percent and perhaps ought to be cut. Mr. Ford's press secretary, Ron Nessen, said the President termed any $4-a-barrel increase -- the highest figure mentioned for a possible Oct. 1 price rise -- would be a "serious act" and not in the best interests of the oil-producing countries. Mr. Nessen said the President's statement did not amount to a veiled threat. [New York Times] The Pentagon is still seeking President Ford's approval for an $800 million foreign military aid program for the 1976 fiscal year although more than half of this amount originally was earmarked for Cambodia before the Communist takeover there. Pentagon officials say they want to take the $425 million previously scheduled for Cambodia and make it available to other countries including Greece, Turkey, South Korea and Indonesia. [New York Times] The Ford administration has won its third consecutive veto battle of the year with the Democratic-controlled Congress by defeating an attempt in the House of Representatives to override the President's veto of the strip mine control bill. The bill appeared to be dead as the House vote fell three short of the required two-thirds majority. [New York Times] The Rockefeller commission has charged that the Justice Department "abdicated its statutory duties" for more than 20 years through a secret agreement that gave the Central Intelligence Agency the power to decide whether or not to prosecute criminal charges involving agency employees. The commission also charged that the agreement "involved the agency directly in forbidden law enforcement activities" in violation of the law that created the agency and limited its power. [New York Times] Secretary of Defense James Schlesinger says the Soviet Union has begun storing anti-ship missiles at a large new facility at a Somalian port, supporting Soviet naval operations in the Indian Ocean. Mr. Schlesinger made the statement to Senate Armed Services Committee members in Washington while defending the administration's proposed $108 million naval base at the British island of Diego Garcia in the Indian Ocean. [New York Times] The Central Intelligence Agency has conducted a vast network of unlawful or uncontrolled operations that resulted in the creation of files on nearly a half-million Americans, mail openings, wiretapping, room bugging, burglaries, "monitoring" of overseas telephone calls, secret drug testing and the infiltration of American political groups, the Rockefeller commission's report has revealed. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 822.12 (-7.98, -0.96%)
S&P Composite: 90.44 (-0.77, -0.84%)
Arms Index: 1.21

	Issues	Volume*
Advances	419	4.49
Declines	1,038	13.43
Unchanged	382	3.21
Total Volume		21.13

* 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*
June 9, 1975	830.10	91.21	20.67
June 6, 1975	839.64	92.48	22.23
June 5, 1975	842.15	92.69	21.61
June 4, 1975	839.96	92.60	24.90
June 3, 1975	846.14	92.89	26.56
June 2, 1975	846.61	92.58	28.24
May 30, 1975	832.29	91.15	22.67
May 29, 1975	815.00	89.68	18.57
May 28, 1975	817.04	89.71	21.85
May 27, 1975	826.11	90.34	17.05