News stories from Wednesday August 20, 1975

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

President Ford urged all sides to "cool" the dispute over the shipments of grain to the Soviet Union. He telephoned George Meany, president of the American Federation of Labor and Congress of Industrial Organizations, urging that the maritime unions work out terms for ending their boycott with the Department of Labor. He asked exporters for restraint to help settle the issue without further confrontation. [New York Times] Officials declared a state of emergency in San Francisco and asked Mayor Joseph Alioto to summon at least 200 state highway patrolmen to replace striking city policemen. The Mayor did not immediately respond, pending results of his mediation efforts. Concern grew as the city's firemen also walked off the job. [New York Times] New York City is backing its bid for the Democratic National Convention next July with an agreement to rent and refurbish Madison Square Garden, close off adjacent streets for security and parking, provide free transportation in town and for airport connections, and offer Shea or Yankee Stadium for the final session. Neil Walsh, Deputy Commissioner of Civic Affairs, said there had been some "slippage" in support for the bid on the site selection committee, but that New York still commanded a majority. [New York Times] Former President Nixon's deposition last month in support of his claim to his presidential documents and files was made public in federal court in Washington. He swore that he would make the material public "as expeditiously as possible," but contended that only he and his family had the right to decide what should be released. The 168-page deposition included his statement that the Oval Office taping system at the White House was installed on the recommendation of the previous president, Lyndon B. Johnson. [New York Times] Edgar Bronfman, head of the billion-dollar Seagram Company, Ltd., married Georgiana Eileen Webb, a 25-year-old Englishwoman, in a ceremony at his Westchester County estate that had been postponed until after the rescue of his kidnapped son, Samuel II. The 21-year-old son of the first of his three marriages appeared fit and relaxed and exchanged toasts with his father. [New York Times] President Francisco da Costa Gomes of Portugal, yielding to pressure from anti-Communist military and political forces, revealed that the government of Premier, Vasco Goncalves would be replaced in a matter of days. Two competing military groups had presented him with a common platform to govern the country and were said to have threatened force if he did not oust the Premier quickly. [New York Times] A United Nations committee, under strong United States pressure, voted to put off indefinitely its consideration of a resolution affirming "the inalienable right of the people of Puerto Rico to self-determination and independence," Washington had cautioned governments represented on the Decolonization Committee that a vote for the resolution would be considered unfriendly. [New York Times] President Park Chung Hee said in an interview that in five years South Korea would no longer need American ground, air or naval forces or even logistic support to defend itself against a North Korean attack unaided by China or the Soviet Union. This appeared to open the way for their reduction and eventual withdrawal. [New York Times] Egypt and Israel were reported by well placed informants in Washington to have narrowed their differences on one of the issues holding up a new Sinai agreement. Cairo has agreed to let Israeli technicians continue to run an early-warning system west of the Gidi Pass which Israeli forces would vacate. This was regarded as a major Egyptian concession. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 793.26 (-15.25, -1.89%)
S&P Composite: 83.22 (-1.73, -2.04%)
Arms Index: 2.15

	Issues	Volume*
Advances	193	1.12
Declines	1,292	16.11
Unchanged	316	1.41
Total Volume		18.64

* 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*
August 19, 1975	808.51	84.95	14.99
August 18, 1975	822.75	86.20	10.81
August 15, 1975	825.64	86.36	10.61
August 14, 1975	817.04	85.60	12.46
August 13, 1975	820.56	85.97	12.00
August 12, 1975	828.54	87.12	14.51
August 11, 1975	823.76	86.55	12.35
August 8, 1975	817.74	86.02	11.66
August 7, 1975	815.79	86.30	12.39
August 6, 1975	813.67	86.25	16.28