News stories from Wednesday February 12, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Senate Finance Committee approved by 12 to 2 the House-passed measure that would bar President Ford for 90 days from raising import fees on oil. It was another step toward a showdown with Mr. Ford over how to reduce dependence on imported oil. The White House reaction was to renew the charge that Congress is wasting time when it ought to be working on the Ford program. Senate Democrats are drafting a measure to increase energy prices much more slowly than the Ford plan. [New York Times]
- President Ford has been getting a mixed reception in his travels to win support for his economic and energy policies. There are high marks for his efforts and considerable support for cutting income taxes to stimulate the economy, but almost universal coolness to his energy conservation plan. He shows no sign of changing strategy or policy and is planning to step up his campaign. [New York Times]
- The Interior Department withdrew its invitation to oil companies to designate mid-Atlantic Coast drilling sites they might want to bid on. This followed the threat of a lawsuit by Governor Byrne of New Jersey over alleged violation of a prior agreement to defer the tract nominations pending a Supreme Court ruling in a boundary dispute between federal and state governments. Ogden Reid, newly named New York Commissioner of Environmental Conservation, said that the state was ready to join New Jersey in the lawsuit against the department. [New York Times]
- Following a detailed discussion of the Middle East situation with President Anwar Sadat of Egypt, Secretary of State Kissinger said progress had been made in clarifying issues between Israel and Egypt. Mr. Sadat called their talks "very good." Mr. Kissinger flies from Cairo to Damascus and then on to Jerusalem tomorrow. [New York Times]
- A Kuwaiti firm withdrew from two international lending syndicates led by Merrill Lynch, Pierce, Fenner & Smith, Inc. of New York because underwriters on the Arab boycott list will participate in the marketing. A spokesman in Kuwait said it could not co-manage an issue involving a contract with a blacklisted firm. He was referring to Lazard Freres, which was blacklisted for financial support of Israel. [New York Times]
- The flow of surplus oil revenues from Arab nations and other oil producers into the United States was substantially larger in 1974 than government figures indicate, according to a number of bankers, brokers and economists. Government analysts and economists welcome the inflow because it provides capital for government use, eases pressures in the market for Treasury securities, and helps the balance of payments. The so-called petrodollars also provide capital for American businesses but are not expected to be used for corporate control. [New York Times]
- Queen Elizabeth asked for a $1 million increase in her living allowance because of rising expenses. Her spokesman in the House of Commons, Prime Minister Harold Wilson, called it necessary but drew jeers, hoots and catcalls from leftist members. The increase would amount to some 49 percent of what is already budgeted for the royal household, including cooks' pay. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 715.03 (+7.53, +1.06%)
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 11, 1975 | 707.50 | 78.58 | 16.47 |
| February 10, 1975 | 708.39 | 78.36 | 16.12 |
| February 7, 1975 | 711.91 | 78.63 | 20.06 |
| February 6, 1975 | 714.17 | 78.56 | 32.02 |
| February 5, 1975 | 717.85 | 78.95 | 25.83 |
| 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 |