News stories from Wednesday July 9, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Ford's campaign organization chief, Howard Callaway, said it would make no effort to assure the renomination of Vice President Rockefeller. The strategy was to shield Mr. Ford from deep-rooted opposition to Mr. Rockefeller among Republican conservatives. [New York Times]
- Paramount Pictures has leased to the television networks the rights to 42 recent motion pictures, including "The Godfather" and "Godfather II" in a treatment that will merge the two into a television series. Previously cut footage will be added to make a version running 9 or 10 hours. NBC-TV has reportedly paid $15-million to run the new version once. [New York Times]
- The widow and three children of Frank Olson, an Army researcher who committed suicide in 1953 after being used unwittingly in a Central Intelligence Agency drug experiment, said that they planned to sue the agency for his "wrongful death." They said that they learned the circumstances of the death when the Rockefeller commission disclosed that a suicide had stemmed from a test of administering L.S.D. to unsuspecting subjects. [New York Times]
- The staff director of the House Select Committee on Intelligence has seen documents indicating that a high-level member of the Nixon White House staff was reporting to the Central Intelligence Agency on activities in and around the Oval Office, according to a source close to the investigation. The source said there was no indication that the "penetration" was known to Mr. Nixon or those around him. A C.I.A. spokesman said there was no infiltration or penetration. [New York Times]
- The United States and Israel are working on a formula to break the deadlock in Egyptian-Israeli negotiations and to solve the issue of the extent Israel would have to withdraw from Sinai mountain passes. Washington sources familiar with the exchanges said the key to the approach would be its ambiguity, leaving the easternmost slopes in Israeli hands. There was no certainty that a formula, if reached, would be accepted by Egypt. [New York Times]
- Portugal's military rulers decided to give the people a direct role in government, bypassing the political parties. They approved the creation of a system of neighborhood and worker committees linked directly to the Armed Forces Movement. Leaders would be chosen and other decisions made by a show of hands. This system of "direct democracy" was announced at a time of deepening economic crisis and feuding between political parties, particularly the Communists and Socialists, while the Constituent Assembly elected by universal suffrage was planning a new constitution. [New York Times]
- The General Council of Britain's Trades Union Congress voted to limit wage increases in support of Prime Minister Wilson's efforts to curb inflation. The move buoyed his government but the vote is not binding on member unions. [New York Times]
- President Ford said he had accepted a congressional proposal for a partial lifting of the embargo on arms delivery to Turkey, imposed by Congress after Turkey was said to have used American-made arms in the invasion of Cyprus. A bipartisan compromise has been drafted but faces opposition from the so-called Greek lobby. [New York Times]
- The Palestine Liberation Organization said in Beirut that it had demanded the release of Col. Ernest Morgan, an American officer assigned to Turkey who has been kidnapped by a group calling itself the Revolutionary Social Action Organization, but that the group had refused. The group has said they would kill him unless the United States provided, aid to the poor in a Beirut neighborhood. [New York Times]
|
Stock Market Report
Dow Jones Industrial Average: 871.87 (+14.08, +1.64%)
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 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 |
| June 25, 1975 | 872.73 | 94.62 | 21.61 |
| June 24, 1975 | 869.06 | 94.19 | 26.62 |