News stories from Tuesday March 4, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The closely divided House Appropriations subcommittee on foreign operations delayed action on the administration proposal for $222 million in emergency military aid to Cambodia until the assistance is authorized in separate legislation. The decision, on ostensibly parliamentary grounds, complicated the already slim chance for approval by Congress. [New York Times]
- President Ford announced a 60-day postponement of the last two stages of his oil import tax to encourage Congress to work out a compromise energy program by May 1 and to move faster on cutting the income tax. The word came with his veto of legislation mandating a 90-day delay on the three-stage oil import tariff. [New York Times]
- Informed sources in Washington said that William Colby, Director of Central Intelligence, reported orally to President Ford about several plans in the past for assassinating foreigners overseas, rather than including the information in his written report. Officials said the planned killings either failed or were canceled. [New York Times]
- The Senate Finance Committee agreed in principle that the issue of repeal of the oil depletion allowance, which was included in the antirecession tax-cut bill passed by the House, should be handled separately. Supporters of this move said it was necessary to make sure that the tax bill gets through Congress before a two-week Senate recess starting March 21. [New York Times]
- Unemployment in major Midwest cities rose more rapidly last week but remained below the adjusted national average. Business and financial leaders in the Midwest expected the difference to continue because of the cushioning effect of the region's industrial diversity and its general lack of dependence on automotive manufacturing. Farmers remain good customers. [New York Times]
- The United States and Iran announced in Washington an economic agreement under which Iran will spend $15 billion on American goods and services in the next five years. At a joint news conference with Finance Minister Hushang Ansary, Secretary of State Kissinger called it the largest agreement of its kind between any two countries. Iran also agreed in principle to spend about $7 billion in the next decade on eight nuclear power plants. [New York Times]
- The government of Rhodesia arrested the Rev. Ndabaningi Sithole, a black leader, on charges of plotting to murder black rivals and said he would be tried before a special closed court. Bishop Abel Muzorewa, president of the African National Congress, called off talks with the government until Mr. Sithole was freed. [New York Times]
- Peter Lorenz, kidnapped leader of West Berlin's Christian Democrats, was released unharmed six hours after the West German government fulfilled all demands of his leftist abductors. He was dropped off on a West Berlin street. Police there and in West Germany immediately began large-scale raids on suspected anarchist groups. Mr. Lorenz is scheduled to tell the full story of the six days of his kidnapping to the public today. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 757.74 (+4.61, +0.61%)
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* |
| March 3, 1975 | 753.13 | 83.03 | 24.10 |
| February 28, 1975 | 739.05 | 81.59 | 17.56 |
| February 27, 1975 | 731.15 | 80.77 | 16.43 |
| February 26, 1975 | 728.10 | 80.37 | 18.79 |
| February 25, 1975 | 719.18 | 79.53 | 20.91 |
| February 24, 1975 | 736.94 | 81.44 | 19.15 |
| February 21, 1975 | 749.77 | 82.62 | 24.44 |
| February 20, 1975 | 745.38 | 82.21 | 22.26 |
| February 19, 1975 | 736.39 | 81.44 | 22.19 |
| February 18, 1975 | 731.30 | 80.93 | 23.99 |