News stories from Friday October 25, 1974

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

A group of black civil rights leaders told President Ford that his recent public statement on the Boston school violence had the effect of encouraging whites to violate the law. Mr. Ford, in reply, said he understood their concern and promised there would be full enforcement of the civil rights law that makes it a federal crime to interfere with court-ordered school desegregation. [New York Times] Judge John Sirica thinks the Watergate cover-up trial defense lawyers have done a "pretty good job" at making the prosecution's chief witness, John Dean, out as a liar. After saying this in the presence of the jury, he appeared to regret it and seemed to be amending his remarks to limit them to the fact that the defense lawyers had brought out Mr. Dean's admitted participation in the cover-up case. [New York Times] The General Motors Corporation has reported that its third quarter profits dropped 94 percent from the same period last year. Net income for G.M. for the quarter fell to $16 million, or 5 cents a share, from 1973's third quarter net income of $267 million, or 92 cents a share. [New York Times] The United States Air Force, moving a step forward in the development of a mobile strategic missile, has successfully test-fired an intercontinental ballistic missile after it was dropped from an airplane. The Defense Department has announced that a Minuteman 1, normally launched from an underground silo, was fired after being dropped from a C-5A transport flying high over the Pacific Ocean. [New York Times] Certain species of fish are disappearing from the oceans of the world -- the haddock off New England and Canada's Atlantic coast, the sardines off California and the herring from the Atlantic and North Sea coasts of Europe -- indicating that over-fishing is threatening the abundance of food from the sea. In various ways, at a time when world food needs are sharply increasing, mankind is putting unprecedented strain on the resources of the seas and showing them to be finite. [New York Times] Secretary of State Kissinger and the Soviet Communist party leader, Leonid Brezhnev, talked for more than five hours in Moscow about the key problem of placing further curbs on each side's arsenal of offensive strategic Weapons. In a communique issued at the close of the session, both sides said they regarded the exchange of views as "useful." Mr. Kissinger is scheduled to leave for New Delhi Sunday on the second leg of his three-week trip to more than a dozen countries. [New York Times] At Rabat, Morocco, foreign ministers of 19 Arab countries voted to support the claim of the Palestine Liberation Organization to control all territories on the West Bank of the Jordan River that might be evacuated by Israel. The ministers also re-affirmed the right of the Palestinians to set up a "national authority in the liberated area" -- a state of their own. [New York Times] Anthropologists in Ethiopia, members of a joint American-French-Ethiopian expedition, reported finding fossilized human remains believed to be more than three million years old that could revolutionize thinking on the origins of man. Preliminary dating indicates the fossils may be as much as 1.5 million years older than those discovered in Kenya by American anthropologist Richard Leakey. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 636.19 (-0.07, -0.01%)
S&P Composite: 70.12 (-0.10, -0.14%)
Arms Index: 0.86

	Issues	Volume*
Advances	666	5.80
Declines	640	4.80
Unchanged	445	2.05
Total Volume		12.65

* 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*
October 24, 1974	636.26	70.22	14.91
October 23, 1974	645.03	71.03	14.20
October 22, 1974	662.86	73.13	18.93
October 21, 1974	669.82	73.50	14.50
October 18, 1974	654.88	72.28	16.46
October 17, 1974	651.44	71.17	14.47
October 16, 1974	642.29	70.33	14.79
October 15, 1974	658.40	71.44	17.06
October 14, 1974	673.50	72.74	19.77
October 11, 1974	658.17	71.14	20.09