News stories from Monday June 23, 1975

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

The Supreme Court postponed any re-examination of its 1972 ruling that capital punishment is unconstitutional. A new ruling is unlikely before early 1976. Without an explanation, the Justices announced that they were putting hack on the calendar a North Carolina murder case that was argued last April for a second hearing when the Court returns from the summer recess in October. The validity of new state capital punishment laws that attempted to meet the Court's objections remain in question, as does the fate of 287 convicted criminals condemned to death under the new state laws and court interpretations. [New York Times] The executive branch must get a warrant before it can wiretap domestic organizations that are neither agents of nor collaborators with a foreign power, even where foreign affairs and national security are involved, according to a ruling by the United States Court of Appeals for the District of Columbia Circuit. The court also said that officials who conducted or ordered such warrantless wiretapping were liable for damages if they could not show that they had acted in a "good faith" belief that their action was constitutional. [New York Times] The Federal Energy Administration decided to conduct what a spokesman termed "a sweeping in-house investigation" of charges that political pressures were exerted by New York Governor Carey and Senator John Sparkman of Alabama to obtain federal licenses in an oil deal allegedly benefiting the Governor's brother, an oil man. [New York Times] Virtual agreement on a draft accord to outlaw techniques for changing the weather for military purposes has been reached between the United States and the Soviet Union, officials in Washington said today. The document's language was worked out in discussions in Geneva last week and is now being submitted to both governments for further study before final agreement can be announced, the officials said. [New York Times] Turkey and American allies in general were warned by Secretary of State Kissinger against thinking they are "doing us a favor by remaining in an alliance with us." This was the first substantive response to last week's Turkish note calling for talks with Washington within 30 days and threatening implicitly to close American bases if the military-aid ban voted by Congress was not lifted. He made his remarks in Atlanta in a speech to the Southern Council on International and Public Affairs and the Atlanta Chamber of Commerce. It was one of a series Mr. Kissinger plans to deliver around the country in an effort to rebuild an American consensus on foreign policy following the United States withdrawal from Indochina. [New York Times] The Canadian government introduced a record budget of nearly $36 billion, calling for increased personal income taxes in the upper brackets, a stiff rise of 15 cents a gallon in the price of gasoline and other measures intended to arrest a sharp dip in the economy. It reflected a reversal in the country's bright economic outlook at the end of last year. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 864.83 (+9.39, +1.10%)
S&P Composite: 93.62 (+1.01, +1.09%)
Arms Index: 0.57

	Issues	Volume*
Advances	990	14.42
Declines	478	3.99
Unchanged	375	2.31
Total Volume		20.72

* 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 20, 1975	855.44	92.61	25.26
June 19, 1975	845.35	92.02	21.45
June 18, 1975	827.83	90.39	15.59
June 17, 1975	828.61	90.58	19.44
June 16, 1975	834.56	91.46	16.66
June 13, 1975	824.47	90.52	16.30
June 12, 1975	819.31	90.08	15.97
June 11, 1975	824.55	90.55	18.23
June 10, 1975	822.12	90.44	21.13
June 9, 1975	830.10	91.21	20.67