News stories from Friday July 11, 1975

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

The Central Intelligence Agency has "detailed" its staff employees to serve for various periods in White House offices and in such executive departments as Commerce and the Treasury, according to a 1973 report of the C,I.A.'s Inspector General, Part of the report providing a summary of what employees of the agency believed were improper or inappropriate C.I.A. activities was read to reporters by Representative Lucien Nedzi, chairman of the House Select Committee on Intelligence. He said he had received the report Thursday and had found "nothing" to support recent allegations that a C.I.A. agent had been placed in the Nixon White House. [New York Times] Authorities said that a man believed to have been a Central Intelligence Agency employee withheld major facts from the Manhattan Medical Examiner's office about the death of Frank Olson, a biochemist, who had allegedly been given LSD in a drug experiment conducted by the agency 22 years ago. Dr. Dominick Di Maio, acting Chief Medical Examiner of New York City, said he was reopening the case because of new disclosures. [New York Times] Prime Minister Harold Wilson, in an address to the House of Commons, proposed a series of measures that would limit wage increases for nearly 25 million British workers, both public and private, to $13.20 a week for the next year at least. The wage controls, it was hoped, would cut Britain's 25 percent rate of inflation to 10 percent. The $13.20 limit would be an average wage increase of 10 percent, about one-third of the wage settlements made earlier this year that frightened foreign investors and weakened the pound. [New York Times] The Ford administration informed key members of Congress that it would sell Jordan an air-defense system costing about $350 million, more than three times the cost estimated in May when it was announced that the United States would sell Hawk ground-to-air missiles to Jordan. There was no explanation for the larger figure. The proposed sale brought expressions of concern on Capitol Hill, and there was talk of whether the sale would be permitted. [New York Times] President Isabel Martinez de Peron of Argentina named a new eight-man cabinet that did not include Jose Lopez Rega, the controversial right-wing strong man who has been in the center of the country's political and economic crisis. But most of the cabinet members are considered supporters of Mr. Lopez Rega, who was said to have virtually controlled the government through his influence over Mrs. Peron. Despite the new cabinet, it was doubtful that it would stave off mounting opposition from Mrs. Peron's own party, organized labor, non-Peronist politicians and the armed forces. [New York Times] Anonymous donors distributed an estimated 12 tons of food in an impoverished section of Beirut, apparently in an attempt to achieve the release of a United States Army colonel, Ernest Morgan, who was kidnapped on June 29 by a group describing itself as the Revolutionary Socialist Action Organization. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 871.09 (-0.78, -0.09%)
S&P Composite: 94.66 (-0.15, -0.16%)
Arms Index: 0.88

	Issues	Volume*
Advances	780	10.94
Declines	652	8.01
Unchanged	410	3.26
Total Volume		22.21

* 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 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
June 27, 1975	873.12	94.81	18.82
June 26, 1975	874.14	94.81	24.56