News stories from Wednesday February 5, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The House of Representatives voted 309 to 114 to suspend for 90 days President Ford's power to increase fees on imported oil. It acted despite Mr. Ford's major lobbying effort to persuade members from both parties that he must act immediately to push up the price of petroleum products to force a cut in their use. The measure goes to the Senate where passage is certain but a two-thirds majority to override a veto or silence a filibuster is not. [New York Times]
- The Senate voted 76 to 8 to freeze the price of food stamps for the rest of the year. The measure, identical with one passed by the House, is the first to go from the new Congress to the President's desk. A White House aide said the President would "reflect on the vote and the alternatives." The overwhelming vote in both houses indicated that a veto would not stand. [New York Times]
- Nearly 10,000 members of the United Automobile Workers met in the District of Columbia Armory to demand action by the President and Congress to end the recession and provide jobs. Leaders of the union and Democratic politicians addressed them. They lustily cheered those who attacked tax advantages for the rich and Vietnam spending -- and also those who promised to run the Republicans out of office unless more jobs are provided. [New York Times]
- Vice President Rockefeller has proposed that two of his top assistants be put in charge of the White House Domestic Council and reorganize its functions, but the suggestion has run into resistance on the President's staff. [New York Times]
- Peruvian troops and tanks crushed a revolt by policemen demanding wage increases in Lima, the capital. This set off rioting by civilians that led the leftist military government to declare a national state of emergency under which all constitutional guarantees were suspended. Lima is under curfew. There were unconfirmed reports of police strikes in other cities. [New York Times]
- President Ford in his first round of talks with Zulfikar All Bhutto, the visiting Prime Minister of Pakistan, promised active consideration to lifting the arms embargo on sales of military equipment. The White House left the impression that it was moving toward modifying the embargo despite Indian pressure to keep it on. [New York Times]
- President Ford urged Congress to reconsider its cutoff of military aid to Turkey. He said the congressional action might trigger far-reaching and damaging consequences for Western security in the eastern Mediterranean and was likely to impede the negotiation of a just Cyprus settlement. Turkey's response to the cutoff was to threaten to revise her security arrangements with the United States. Turkey's Foreign Minister, Melih Esenbel, canceled a meeting in Brussels with Secretary of State Kissinger and with Foreign Minister Dimitrios Bitsios of Greece. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 717.85 (+9.78, +1.38%)
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* |
| February 4, 1975 | 708.07 | 77.51 | 25.04 |
| February 3, 1975 | 711.44 | 77.82 | 25.40 |
| January 31, 1975 | 703.69 | 76.98 | 24.64 |
| January 30, 1975 | 696.42 | 76.21 | 29.74 |
| 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 |