News stories from Wednesday November 26, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Lynette Alice Fromme, a 27-year-old follower of Charles Manson, was found guilty of attempting to assassinate President Ford during an appearance at Sacramento's Capitol Park last Sept. 5. Miss Fromme, who had declined to testify in her own behalf, was not in the courtroom when the federal jury of eight women and four men returned the verdict after more than 19 hours of deliberation. Her lawyers had contended that she had not intended to kill the President, but had merely sought publicity. [New York Times]
- A surge in agricultural exports and a drop in the volume of imported oil gave the country its ninth consecutive monthly trade surplus in October and a record total surplus of $9.5 billion for the year to date, according to the Commerce Department. This was attributed to an earlier start and stronger performance of the economic recovery in the United States than in foreign countries. In a separate report, the Labor Department said third quarter productivity had increased at a higher rate than was previously indicated. [New York Times]
- President Ford urged that some responsible group or organization investigate new developments concerning the assassinations of President Kennedy and the Rev. Dr. Martin Luther King Jr. The Department of Justice has been ordered to review its investigation of the death of Dr. King following testimony that he was harassed by the Federal Bureau of Investigation. [New York Times]
- President Ford, in a policy reversal, proposed legislation for $2.3 billion in short-term seasonal federal loans that New York City has said would enable it to avert default. They would extend through June 1978 and the city would pay interest at a rate 1 point above the federal bill rate, which is now 7 percent. In each year the loans would be repaid in April through June, when the bulk of the city's revenues come in. He said at a news conference there would be no cost to other taxpayers. Congressional leaders have said they will accept the President's proposal instead of the pending legislation to provide loan guarantees.
Governor Carey called President Ford's proposal "a vindication of New York's case, of the merit of our position." He said he was pleased at President Ford's policy switch, and he thanked the American people for compassion, strength and solidarity. He said that bankruptcy for the city was "now behind us" and that talk of chaos and collapse should now disappear.
[New York Times] - Financial experts say that although President Ford's support of federal assistance will do much to ease the city's crisis, it does not insure that it is over. Until other legal, financial and practical obstacles to solvency are resolved, they said, the crisis could reappear, perhaps almost overnight. The most immediate significant problem, they said, is the lawsuit challenging the three-year moratorium on repayment of principal to note-holders as an unconstitutional impairment of contracts. [New York Times]
- Portugal's military leaders virtually crushed a military rebellion against the government. In the only real fighting, two loyal commandos and one insurgent military policeman were killed. Remaining pockets of resistance were mostly civilian supporters of the insurgents and were not considered a significant threat. The death blow to the revolt came from the Communist party in a statement acknowledging serious errors committed by leftist forces and insisting on a political solution for the government crisis. Martial law, including censorship, was declared in the Lisbon region, where the uprising occurred. [New York Times]
- The Spanish government's clemency decree was condemned as insufficient by the left in Madrid. Critics said it affected only a small percentage of those serving sentences or in prison awaiting trial for politically motivated offenses. At the same time the government prohibited an effort by the leader of the Spanish Socialist Workers Party to hold an open press conference with members of the Foreign Press Association by threatening mass arrests and locking the International Press Club, where it had been scheduled. [New York Times]
- President Ford said that differences with the Soviet Union over a new agreement limiting arms had not been narrowed enough to justify a trip by Secretary of Slate Kissinger to Moscow at this time. Replying to a question at a televised news conference, he agreed it was worthwhile to go on trying to reach an agreement and that if prospects were brighter Mr. Kissinger would go. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 858.55 (+3.15, +0.37%)
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* |
| November 25, 1975 | 855.40 | 90.71 | 17.49 |
| November 24, 1975 | 845.64 | 89.70 | 13.93 |
| November 21, 1975 | 840.76 | 89.53 | 14.11 |
| November 20, 1975 | 843.51 | 89.64 | 16.46 |
| November 19, 1975 | 848.24 | 89.98 | 16.82 |
| November 18, 1975 | 855.24 | 91.00 | 20.76 |
| November 17, 1975 | 856.66 | 91.46 | 17.66 |
| November 14, 1975 | 853.67 | 90.97 | 16.46 |
| November 13, 1975 | 851.23 | 91.04 | 25.07 |
| November 12, 1975 | 852.25 | 91.19 | 23.96 |