News stories from Tuesday July 29, 1975

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

President Ford, in Poland, laid a wreath at the monument to four million victims at Auschwitz, the Nazi death camp of World War II, and wrote in the guest book that it further inspired the pursuit of peace, cooperation. and security for all peoples. In a speech in Krakow he spoke of growing ties of kinship and friendship between Poland and the United States. He then went on to Helsinki for the final stage of the 35-nation Conference on Security and Cooperation in Europe. [New York Times] Congress overrode a presidential veto for the first time this session when the House voted the $2 billion health bill by 348 to 43. following the Senate's overriding vote of 67 to 15 on Saturday. Jubilant Democrats applauded and cheered the count, which broke President Ford's string of successful vetoes on several key issues. The new law authorizes grants to the states for public health service programs, family planning, community and migrant worker health centers, rape prevention, treatment of drug addicts and alcoholics, and education of nurses. [New York Times] The General Motors Corporation's second quarter earnings were 8.8 percent above its corresponding figure during the depressed period last year. Chrysler reported a loss of $58.7 million, which was less than in the previous two quarters. Ford and American Motors are expected to show a turnaround profit after first quarter losses. [New York Times] An empty Penn Central commuter train bound for Pennsylvania Station in New York City rammed the rear of another empty train in an East River tunnel, killing one crewman and injuring another. The afternoon crash caused extensive delays for 50,000 passengers who normally ride the Long Island Railroad to their homes. [New York Times] The Organization of American States abolished its 1964 embargo on Cuba for fostering Communist guerrilla activities in the hemisphere. The United States was among 16 members out of 21 at the meeting in San Jose, Costa Rica, that voted for the decision. Each member may now decide how it wishes to deal with Cuba. [New York Times] Gen. Yakubu Gowon, Nigeria's chief of state for nine years, was deposed in a bloodless coup while he was away at the meeting of the Organization of African Unity in Kampala, Uganda. The announcement on the Lagos radio was made by Col. Namvan Garba, commanding the Elite Guards Brigade, who had been regarded as one of General Gowan's closest friends. Colonel Garba said that he and fellow officers had decided on removal of General Gowon as chief of state and commander in chief "after what has been happening in our country in the last few months." He did not elaborate. The announcement said that both posts had been given to Brig. Muritala Rufai Mohammed. There had been labor and student unrest in recent months, with demands for civilian rule. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 824.86 (-2.97, -0.36%)
S&P Composite: 88.19 (-0.50, -0.56%)
Arms Index: 1.33

	Issues	Volume*
Advances	455	4.43
Declines	949	12.33
Unchanged	407	2.24
Total Volume		19.00

* 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 28, 1975	827.83	88.69	14.85
July 25, 1975	834.09	89.29	15.11
July 24, 1975	840.27	90.07	20.55
July 23, 1975	836.69	90.18	20.15
July 22, 1975	846.76	91.45	20.06
July 21, 1975	854.74	92.44	16.69
July 18, 1975	862.41	93.20	16.87
July 17, 1975	864.28	93.63	21.42
July 16, 1975	872.11	94.61	25.25
July 15, 1975	881.81	95.61	28.34