News stories from Friday October 3, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Accusing Congress of greatly expanding school lunch subsidies for "non-needy" children, President Ford vetoed a $2.7 billion extension of federal child nutrition programs. Congressional Democratic leaders seemed optimistic that they could enact the bill over Mr. Ford's veto, his 39th. [New York Times]
- The nation's job situation improved a bit last month. The Labor Department reported that the overall unemployment rate eased to 8.3 percent from 8.4 percent in August and that total employment rose a little. However, the job situation was substantially better than last May, when the jobless rate rose to a high of 9.2 percent.
Nonetheless, the depth of the recession was still reflected in the number of long-term unemployed. About 1.6 million remain dislocated and frustrated nearly a year after the economy took its longest plunge in four decades. For most, the struggle is not against starvation -- jobless compensation rules protect them for up to 65 weeks -- but a fight to preserve a hard-won middle-class lifestyle.
[New York Times] - About 20 federal district judges from around the nation are to meet in Washington this weekend in closed sessions to discuss school desegregation cases and how to handle them. At least three judges scheduled to attend are among those now involved in desegregation litigation. The conference has been attacked by some lawyers who contend that such a meeting at a time when past orders by courts for busing as a means of ending segregation are under assault, is, as one lawyer said, "fraught with difficulties" if not improper. [New York Times]
- Terence Hallinan, a lawyer for Patricia Hearst, said that the story that she had been broken down by mistreatment by her kidnappers, recounted in an affidavit she signed, originated with an anonymous source and not with Miss Hearst. [New York Times]
- The Senate, by voice vote, gave final congressional approval to a bill to partly lift the embargo against the shipment of American arms to Turkey. President Ford, who had fought hard to end the embargo, issued a statement welcoming the congressional action.
Turkey's Foreign Minister lauded the easing of the arms embargo but said that American bases in Turkey would not be permitted to reopen for a while.
[New York Times] - The Senate Foreign Relations Committee ended a prolonged dispute with Secretary of State Kissinger by voting 12 to 2 to declassify four documents, already printed by the press, dealing with American assurances to Israel and Egypt during negotiations for a Sinai accord. Earlier, at a closed-door meeting, Mr. Kissinger told members of the panel that he could not approve of its planned action. He said that for the sake of relations with other governments the State Department would protest it. [New York Times]
- Daniel Patrick Moynihan, chief United States delegate to the United Nations, said in a speech in San Francisco that he agreed with a characterization of President Idi Amin of Uganda as a "racist murderer." Speaking to a convention of leaders of organized labor, Mr. Moynihan praised Israel as a democracy that despots seek to destroy. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 813.21 (+18.66, +2.35%)
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* |
| October 2, 1975 | 794.55 | 83.82 | 14.29 |
| October 1, 1975 | 784.16 | 82.93 | 14.07 |
| September 30, 1975 | 793.88 | 83.87 | 12.52 |
| September 29, 1975 | 805.23 | 85.03 | 10.58 |
| September 26, 1975 | 818.60 | 86.19 | 12.57 |
| September 25, 1975 | 820.24 | 85.64 | 12.89 |
| September 24, 1975 | 826.19 | 85.74 | 16.06 |
| September 23, 1975 | 819.85 | 84.94 | 12.80 |
| September 22, 1975 | 820.40 | 85.07 | 14.75 |
| September 19, 1975 | 829.79 | 85.88 | 20.83 |