News stories from Thursday July 24, 1975

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

The three Apollo astronauts returned to earth in the Pacific, successfully concluding the first international manned space flight and ending an era of American space exploration that began In 1961. No further manned space trips are planned by the United States until 1979 at the earliest. [New York Times] President Ford, affirming that he and Gov. George Wallace of Alabama share "a good many similarities" on domestic issues, is nearing the end of his first year in the White House with apparent confidence in the conservative course he has set. In an interview marking the approach of his anniversary, Mr. Ford credited his administration with having restored faith in the White House at home and abroad and with having "kept our cool" during a simultaneous recession and inflation. The fall of South Vietnam and Cambodia were his biggest disappointments, he said. [New York Times] Robert Strauss, chairman of the Democratic National Committee, said that before his party could select New York for its 1976 convention it had to have assurances from municipal unions that they would not disrupt city affairs during the convention. "If the committee was to vote today, my judgment is that it would tilt toward New York," he said, But, he added, New York's deepening economic problems are creating serious misgivings within the site selection committee that will choose either New York or Los Angeles. [New York Times] Pennsylvania asked the United States Supreme Court to enjoin New Jersey from taxing the incomes of Pennsylvanians who work in New Jersey. The Pennsylvania Department of Justice said there was "no distinction whatsoever" between the Jersey tax and a New Hampshire tax on non-residents which was declared unconstitutional by the Supreme Court last March. [New York Times] Informed government officials said that the Central Intelligence Agency last year informed the Justice Department that Richard Helms, the former Director of Central Intelligence, may have committed perjury in testimony regarding Chile before a Senate committee. They said that William Colby. the present intelligence director, decided after reviewing the results of a three-month internal inquiry by the C.I.A. to inform the Justice Department voluntarily. [New York Times] The House of Representatives rejected by a close vote of 223 to 206 a major effort by the administration to partly lift the six-month-old arms embargo against Turkey. The vote followed a day of often bitter debate and weeks of intensive lobbying by pro-Greek forces. It was regarded as a significant personal setback for Mr. Ford, who gained 103 votes from Democratic and Republican members of the House, but failed to carry 184 Democrats and 39 members of his own party. [New York Times] Egyptian proposals for a new Sinai accord, including a map detailing Cairo's recommendation for a new cease-fire line, were received in Jerusalem from Washington. High Israeli officials said they were "serious and well-considered," but that important differences remained on several issues before the time would be right for another attempt at shuttle diplomacy by Secretary of State Kissinger. [New York Times] In a move to maintain the fragile five-month Ulster cease-fire, the British government announced plans to end the controversial policy of interning suspected terrorists without trial in Northern Ireland and to release all internees by Christmas. The announcement by Merlyn Rees, the Secretary of State for Northern Ireland, brought immediate protests from Protestant leaders in Ulster. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 840.27 (+3.58, +0.43%)
S&P Composite: 90.07 (-0.11, -0.12%)
Arms Index: 0.88

	Issues	Volume*
Advances	387	5.36
Declines	1,047	12.73
Unchanged	376	2.46
Total Volume		20.55

* 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 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
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