News stories from Monday October 13, 1975

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

A House subcommittee, its chairman said, has begun an inquiry into the F.B.I.'s relationship with Lee Harvey Oswald and Jack Ruby before President Kennedy's assassination. Representative Don Edwards of California, the panel's chairman, said that the investigation "is not to reopen the Warren Commission" inquiry "but to set the record straight on just what went on." [New York Times] Attorney General Edward Levi disclosed that he had appointed a special committee in the Justice Department to develop means to coordinate and consider ways to improve law enforcement efforts against white-collar crime. [New York Times] Gov. George Wallace of Alabama, arriving in London to begin his first European tour, was accorded a correct and complete reception. Governor Wallace, expected to announce another bid for the Democratic presidential nomination soon, got a briefing on diplomatic problems from the American Ambassador, had a meeting with Prime Minister Harold Wilson and got plenty of exposure, via TV, to curious Britons. [New York Times] Democratic party officials, whose 1968 and 1972 national conventions were marked by strife, moved harmoniously to make their 1976 convention in New York a model of regulated decorum. Under rules adopted unanimously by the party's executive committee, fewer persons will be allowed to challenge delegates' credentials, with narrower grounds to do so.The 1976 Democratic convention may not reflect total harmony. A group of prominent Democratic women announced the formation of an alliance aimed at insuring that both the party's platform and its nominees back a long list of "women's issues." One leader called this a time to nominate a woman to be Vice President. [New York Times] New York City's fiscal crisis took an unexpected turn as Mayor Beame's office asserted that the city's debt, and therefore its budget-cutting burden, for the next two years might have been overestimated by up to $200 million. The Mayor's budget aides said that revised figures indicated that earlier estimates of an $800 million deficit, to be closed with sharp austerities, might be reduced by up to $200 million. [New York Times] Even if the nation's economy recovers and inflation is slowed, New York City, according to a state Labor Department forecast, will have 313,000 fewer jobs by 1980 than it had in 1970. That would be a net loss of 8.2 percent. The city has already lost about 500,000 jobs from its June, 1969, employment peak, so that, given the brightest prospects, the latest forecast would assume a maximum recovery of not quite 200,000 jobs in the next five years. [New York Times] The General Accounting Office reported that the federal government spent $2.6 billion last year to employ 169,625 persons for police, investigative and intelligence-gathering activities in 33 agencies. The cost totaled more than 8 percent of federal outlays and did not include expenses for the C.I.A., the National Security Agency or the Pentagon's intelligence branches. [New York Times] Prime Minister Pierre Trudeau announced that he would ask the Canadian Parliament today for authority to impose restraints on rises in prices and wages. The program, he said in a national broadcast, aims to cope with a more than 11 percent rate of inflation and a jobless rate of more than 7 percent. [New York Times] Premier Jose Pinheiro de Azevedo of Portugal told his people that the nation's economic plight made austerity inevitable. In a broadcast address, he denounced "interminable and sterile political discussions" and said the Portuguese people "must produce more and consume less." [New York Times] With returns almost complete, the opposition Republican People's party in Turkey scored gains in midterm parliamentary elections. Since the government failed to win a clear mandate, it appeared doubtful whether it would make unpopular decisions on such critical issues as Cyprus. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 837.77 (+13.86, +1.68%)
S&P Composite: 89.46 (+1.25, +1.42%)
Arms Index: 0.47

	Issues	Volume*
Advances	921	8.91
Declines	378	1.71
Unchanged	421	1.40
Total Volume		12.02

* 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*
October 10, 1975	823.91	88.21	14.88
October 9, 1975	824.54	88.37	17.77
October 8, 1975	823.91	87.94	17.80
October 7, 1975	816.51	86.77	13.53
October 6, 1975	819.55	86.88	15.47
October 3, 1975	813.21	85.95	16.36
October 2, 1975	794.55	83.82	14.29
October 1, 1975	784.16	82.93	14.07
September 30, 1975	793.88	83.87	12.52
September 29, 1975	805.23	85.03	10.58