News stories from Tuesday July 15, 1975

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

The Soyuz 19 spaceship blasted off without major complications from the Baikonur Cosmodrome in Soviet Kazakhstan toward its rendezvous in orbit with American astronauts, whose Apollo spacecraft was launched seven and a half hours later from Cape Canaveral in Florida. Flight controllers said the only problem with the Apollo ship was a helium bubble which should be easily eliminated. The meeting and link-up of the two vessels is scheduled to take place tomorrow. [New York Times] Industrial production, one of the most important economic indicators, turned upward in June after eight months of mostly steep decline, the Federal Reserve Board reported. A continued upswing would leave May as the low point of the recession, but it would take many months of recovery to reduce the high unemployment rate significantly. Consumer goods led last month's gains, including some rebound in the production of automobiles. [New York Times] The Senate approved stop-gap legislation that would let crude oil price controls continue until next March, and there were indications that President Ford would permit this or similar action to become law. The House also approved a bill that would set fuel-efficiency standards for automobiles and penalize manufacturers whose cars get poor gasoline mileage. [New York Times] The Democratic National Committee is prepared to hold the party's 1976 convention in Madison Square Garden if problems involving the Garden's facilities can be worked out within a month. Robert Strauss, the national chairman, said there was "a definite tilt" toward New York City. The question is whether the Garden could support the volume and kind of activity involved. [New York Times] At least 12 present and former executives of three large corporations are under investigation in the federal inquiry into alleged corruption in the grain export trade, according to sources close to the case. They are or were officers of the Bunge Corporation, Cook Industries, Inc., and Mississippi River Grain Elevator, Inc., an American affiliate of an international company. The investigation is clearly broader than had been previously apparent. [New York Times] Torrential rains pounded the New York metropolitan area for the seventh straight day. New Jersey was especially hard hit as rivers crested, and homes and factories were flooded. Crop and property damage was estimated in the millions of dollars, and Governor Byrne asked President Ford to declare the state a disaster area. In New York City, the old record for the day was surpassed when a fall of 1.58 inches was reported by 10:30. A.M. [New York Times] Foreign Minister Ismail Fahmy announced in Cairo that Egypt would refuse to renew the mandate of the United Nations peace-keeping force in Sinai unless the Security Council acted to secure speedy Israeli withdrawal from occupied Arab territories. The present mandate expires July 24. He accused Israel of procrastination and obstruction of further steps toward peace. Cairo officials have been angered by reports from Tel Aviv that it might take several more months to conclude an agreement. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 881.81 (+5.95, +0.68%)
S&P Composite: 95.61 (+0.42, +0.44%)
Arms Index: 0.78

	Issues	Volume*
Advances	978	17.67
Declines	536	7.57
Unchanged	369	3.10
Total Volume		28.34

* 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*
July 14, 1975	875.86	95.19	21.90
July 11, 1975	871.09	94.66	22.21
July 10, 1975	871.87	94.81	28.88
July 9, 1975	871.87	94.80	26.35
July 8, 1975	857.79	93.39	18.99
July 7, 1975	861.08	93.54	15.85
July 3, 1975	871.79	94.36	19.00
July 2, 1975	870.38	94.18	18.53
July 1, 1975	877.42	94.85	20.39
June 30, 1975	878.99	95.19	19.43