News stories from Tuesday June 24, 1975

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

An Eastern Airlines Boeing 727 jetliner flying nonstop from New Orleans with at least 115 passengers and a crew of eight crashed in flames while attempting to land at Kennedy International Airport during an electrical storm. At least 109 persons in the plane died. It struck in a relatively open section of Rosedale, Queens, at the northeastern fringe of the airport and there were no casualties reported among persons on the ground. The plane fell just short of the runway, with no immediate indication of the cause. Suspicions centered on heavy rain and shifting winds in the area at about that time. It was the first major airline disaster in the New York area since Feb. 8, 1965, when an Eastern DC-7B went down in the Atlantic shortly after takeoff from Kennedy, causing the loss of 84 lives. [New York Times] President Ford vetoed a $1.2 billion emergency housing measure, contending that it would damage both the housing industry and the economy. At the same time he ordered the immediate release of $2 billion for government purchase of home mortgages at subsidized rates. He also asked Congress to authorize $7.75 billion for the existing mortgage assistance program. He called these steps the best way to meet current housing problems. [New York Times] John Roselli, a former member of the Al Capone gang, told a closed meeting of the Senate Select Committee on Intelligence that the Central Intelligence Agency had recruited him in a plot to kill Premier Fidel Castro of Cuba, according to committee members. He was said to have filled in details without departing from previously published press reports about the plot. [New York Times] United States Attorneys in Newark, New York, Philadelphia and Los Angeles who have been investigating payola in the record industry have obtained indictments of 19 persons, including the presidents of Gamble-Huff Records, The Brunswick Record Corporation and Arista Records. The indictments include illegal payments to radio station personnel, income-tax evasion, mail fraud and also the interstate transportation of stolen goods. [New York Times] Governor Carey of New York formally asked the Justice Department to investigate allegations that, while in Congress, he had used his influence to help his brother's oil company with a lucrative oil contract. He noted that the story persisted after his public statement that newspaper reports of the allegations were unfounded. [New York Times] Two of the largest international grain companies and an American affiliate of a third company are undergoing investigations as part of the spreading inquiry into the United States grain export trade, according to sources close to the inquiry. They are the Bunge Corporation, Cook Industries, Inc., and Mississippi River Grain Elevator, Inc., which is owned by Serafino Ferruzzi, an Italian financier. [New York Times] Government officials in Jerusalem said Israel had offered a withdrawal from the western portion of the Sinai mountain passes and a corridor leading to the Abu Rudeis oilfield as part of a new interim agreement with Egypt that would last three to four years. In return, Israel would retain control of the eastern ends of the passes and access to electronic surveillance stations in the Gidi Pass. Many expected that the initial Egyptian reply would he negative but felt that the proposal might open the way to an agreement. [New York Times] The Supreme Court of India ruled that Indira Gandhi could continue as Prime Minister for the near future but could not vote in Parliament pending the court's full review of her appeal of a lower-court conviction on charges of electoral corruption. Her party urged her to remain in office hut opposition leaders said they would stage a nationwide campaign of passive resistance unless she stepped down. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 869.06 (+4.23, +0.49%)
S&P Composite: 94.19 (+0.57, +0.61%)
Arms Index: 0.75

	Issues	Volume*
Advances	1,006	17.07
Declines	509	6.45
Unchanged	360	3.10
Total Volume		26.62

* 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 23, 1975	864.83	93.62	20.72
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