News stories from Wednesday January 29, 1975

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

An early-morning explosion at the State Department damaged 20 rooms on three floors. A group calling themselves the Weather Underground claimed responsibility. Anonymous threats against other federal buildings in Washington caused the evacuation of nearly 6,000 government employees. There was no specific political motive for the later threats, the Federal Bureau of Investigation said. [New York Times] President Ford indicated willingness to compromise with Congress on tax cut legislation at a meeting with a small group of reporters. But he appeared to rule out any concessions on his program to reduce oil imports. His answers on tax reduction suggested he was resigned to having Congress pass its own program and would not veto it. He remained adamant against changing any details of his energy conservation program and his plan for three $1-a-barrel fee increases on imported oil. [New York Times] Cracks in the pipes of the emergency cooling system of the Dresden nuclear power plant near Morris, III., have forced the government to order utilities operating 23 reactors to shut them down within 20 days to check for similar faults. A similar check for a different set of pipes in most of the same plants was ordered by the government four months ago. [New York Times] A House Democratic study group unanimously adopted a motion of Lucien Nedzi, chairman of the Subcommittee on Intelligence, to recommend creation of a bipartisan select committee to investigate all government intelligence agencies. [New York Times] China's Foreign Ministry disclosed that Teng Hsiao-ping has been named army chief of staff. In the past year the 71-year-old Communist party veteran and army political commissar has also become the principal deputy premier under Chou En-lai and one of five deputy party chairmen under Mao Tse-tung. Purged and vilified during the Cultural Revolution, he now holds a central position to oversee the succession to Chairman Mao, 81, and Mr. Chou, nearly 77. [New York Times] President Ford has instructed American negotiators to work out a nuclear arms accord with the Soviet Union in accordance with the principles he agreed to last November with Leonid Brezhnev at Vladivostok. According to administration officials, the President has rejected demands by congressional critics that the projected ceilings on offensive nuclear arms be lowered even before they are written into a formal agreement in the next stage of the arms talks, resuming today. [New York Times] Federal export curbs on wheat and soybeans, imposed last October to head off domestic shortages and soaring food prices, will be relaxed, returning the export trade "virtually to a free basis," according to Earl Butz, the Secretary of Agriculture. The move followed Soviet cancellation of orders for 3.7 million bushels, with cancellation of orders for another 7.5 million said to be under negotiation. China canceled an order for about 22 million on Monday and other foreign cancellations are expected. Domestic prices have fallen sharply and a bumper crop is forecast. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 705.96 (+11.19, +1.61%)
S&P Composite: 77.26 (+1.23, +1.62%)
Arms Index: 0.64

	Issues	Volume*
Advances	1,022	19.00
Declines	457	5.45
Unchanged	361	2.97
Total Volume		27.42

* 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*
January 28, 1975	694.77	76.03	31.75
January 27, 1975	692.66	75.37	32.13
January 24, 1975	666.61	72.98	20.67
January 23, 1975	656.76	72.07	17.96
January 22, 1975	652.61	71.74	15.33
January 21, 1975	641.90	70.70	14.78
January 20, 1975	647.45	71.08	13.45
January 17, 1975	644.63	70.96	14.25
January 16, 1975	655.74	72.05	17.11
January 15, 1975	653.39	72.14	16.58