News stories from Thursday January 30, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- With the claim that North Vietnam was moving one and perhaps two other combat divisions into South Vietnam, the administration began an uphill battle for additional military aid for the Saigon government. Officials of the State and Defense Departments indicated that North Vietnam might be preparing for a major offensive. [New York Times]
- Secretary of the Treasury William Simon told Congress that the buildup of petrodollars in the oil-exporting countries would be much less in the years ahead than had been estimated last year after the sharp increase in the price of oil. He said that new estimates, based on a new Treasury analysis, "support the view that the international financial aspects of the oil situation are manageable." [New York Times]
- A multi-billion-dollar program of emergency aid for city and state governments was urged on Congress by a delegation from the United States Conference of Mayors, who said that President Ford's economic program could not cope with the financial crisis facing the nation's cities. Mayor Beame of New York said that "the impact of the national recession on New York City and other large cities is so severe that only strong, quick and massive federal initiatives will be able to turn us around this year." [New York Times]
- Arthur Burns, chairman of the Federal Reserve Board, told the House Ways and Means Committee that inflation was still a major problem, and that he was adamantly opposed to a permanent tax cut -- though, he said, he supported President Ford's proposed one-time $12 billion individual tax rebate. He indicated that the board would not quickly ease credit to bolster the economy. [New York Times]
- President Ford extended to March 1 his clemency offer to Vietnam war draft evaders and deserters. His clemency program had been scheduled to expire today. In a statement issued by the White House, Mr. Ford said that he had reviewed the program, and "I believe that many of these who could benefit from it are only now learning of its application to their cases." [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 696.42 (-9.54, -1.35%)
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* |
| January 29, 1975 | 705.96 | 77.26 | 27.41 |
| January 28, 1975 | 694.77 | 76.03 | 31.75 |
| January 27, 1975 | 692.66 | 75.37 | 32.13 |
| January 24, 1975 | 666.61 | 72.98 | 20.67 |
| January 23, 1975 | 656.76 | 72.07 | 17.96 |
| January 22, 1975 | 652.61 | 71.74 | 15.33 |
| January 21, 1975 | 641.90 | 70.70 | 14.78 |
| January 20, 1975 | 647.45 | 71.08 | 13.45 |
| January 17, 1975 | 644.63 | 70.96 | 14.25 |
| January 16, 1975 | 655.74 | 72.05 | 17.11 |