News stories from Thursday August 28, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Vice President Rockefeller said that he knew of poor conditions in some New York nursing homes as early as 1965, but that he had been powerless to prevent Medicaid abuses by nursing-home operators because of state budgetary restrictions affecting audits and inspections. In testimony before the Moreland Commission investigating nursing home abuses, Mr. Rockefeller defended his administration while he was Governor, under sharp questioning by Morris Abram, the commission's chairman. [New York Times]
- The Food and Drug Administration announced plans to halt the packaging of many food items -- cold cuts for example -- in semi-rigid or rigid polyvinyl chloride plastic because the plastic has a cancer-causing potential. The F.D.A. commissioner, Alexander Schmidt, said the action was being taken because the "F.D.A. and the scientific community agree that vinyl chloride poses certain risks to human health." The use of the film-type polyvinyl chloride plastic widely used to wrap fresh meats and fruits would be permitted, for the time being. [New York Times]
- The Federal Trade Commission completed a two-year investigation of the nation's $2 billion-a-year funeral industry and found "a compelling need for consumer protection," according to J. Thomas Rosch, director of the commission's bureau of consumer protection. The F.T.C. proposes regulations that would prohibit a number of funeral industry practices -- including unnecessary embalming and bait-and-switch sales techniques -- that inflict "economic and emotional injuries" on the consumer. The agency also ordered the Service International Corporation, which operates 139 funeral homes in 16 states, to refund alleged overcharges on cremations dating to Jan. 1, 1971. [New York Times]
- President Anwar Sadat said today that he had "no hesitation" about giving his approval to the initialing by Egypt of the Sinai agreement with Israel, which is in the final stages of negotiation. He made the remark at a news conference at his summer residence in Alexandria in the presence of Secretary of State Kissinger. However, reporters flying back to Israel on Mr. Kissinger's plane were told that problems still existed between Egypt and Israel on the language of the final draft, but that any problems still remaining were, in Mr. Sadat's opinion, caused by Israel. [New York Times]
- Arab delegates to the conference of non-aligned countries in Peru agreed not to press demands for Israel's expulsion from the United Nations. This was a success for Egypt, which has opposed the radical stand against Israel by Syria, Iraq, Libya and the Palestine Liberation Organization. The decision was announced after several countries had indicated that they would not support another call to oust Israel. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 829.47 (+22.45, +2.78%)
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 27, 1975 | 807.02 | 84.43 | 11.11 |
| August 26, 1975 | 803.11 | 83.96 | 11.35 |
| August 25, 1975 | 812.34 | 85.06 | 11.25 |
| August 22, 1975 | 804.76 | 84.28 | 13.05 |
| August 21, 1975 | 791.69 | 83.07 | 16.61 |
| August 20, 1975 | 793.26 | 83.22 | 18.63 |
| 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 |