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Wednesday May 21, 1975
. . . where the 1970s live forever!

News stories from Wednesday May 21, 1975

Summaries of the stories the major media outlets considered to be of particular importance on this date:

  • An April upturn in food prices produced a seasonally adjusted increase of six-tenths of 1 percent in the consumer price index -- the largest in three months reported by the Labor Department. But in a separate report the Commerce Department said there was a huge increase in April in new orders to manufacturers of durable goods, giving the strongest sign yet that the recession may be at or near the bottom. [New York Times]
  • President Ford met with senior economic and energy advisers to discuss action on energy policy he would take if, as seems almost certain, Congress recesses today without acting in this field. Administration officials said he was virtually sure to announce a major action before leaving for Europe May 28. [New York Times]
  • The Democratic leadership of the House of Representatives decided to postpone rather than face a possible failure in attempting to override President Ford's veto of the strip mine control bill. By a vote of 208 to 195, with defections by supporters of the measure from both parties, the question of overturning the veto was postponed until June 10. [New York Times]
  • Three terrorists shot and killed two United States Air Force officers in Teheran on their way to their Military Assistance Advisory Group at Iran's armed forces headquarters. The killers fled after scattering leaflets said to be in Persian and English. They used Israeli-designed Uzi submachine guns, which are widely used by security forces. [New York Times]
  • Administration spokesmen in Washington disclosed that 23 American servicemen killed in a helicopter crash in Thailand were being transported from one air base to another there for possible use in the Mayaguez rescue. But they were not actually taking part in the operation, for which the latest and final casualty total was given as 15 killed, three missing and 50 wounded. [New York Times]
  • A joint letter from 75 Senators to President Ford urged him to submit to Congress a foreign aid request responsive to Israel's military and economic needs. The Israelis have asked for $1.8 billion in military grants and $700 million in economic assistance loans. The administration has delayed its recommendations on the request pending its Middle East policy reassessment. [New York Times]
  • Up to 100 persons, in addition to the nine privately employed grain inspectors already indicted for corruption in certifying grain for export, are under investigation in the continuing federal investigation at New Orleans and other ports. There is said to be evidence of thefts from elevators by employee rings. [New York Times]
  • Syria accepted a six-month extension of the United Nations peace-keeping force separating Syrian and Israeli troops on the Golan Heights. Israel had agreed much earlier to the extension through November. Many at the United Nations had expected that Syria would limit the extension to two months. Secretary General Waldheim welcomed Syria's action as providing additional time for diplomatic efforts to reach a Middle East peace agreement. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 818.68 (-11.81, -1.42%)
S&P Composite: 89.06 (-1.01, -1.12%)
Arms Index: 1.32

Total Volume17.64
* in millions of shares

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
May 20, 1975830.4990.0718.31
May 19, 1975837.6990.5317.87
May 16, 1975837.6190.4316.63
May 15, 1975848.8091.4127.69
May 14, 1975858.7392.2729.05
May 13, 1975850.1391.5824.95
May 12, 1975847.4790.6122.41
May 9, 1975850.1390.5328.44
May 8, 1975840.5089.5622.98
May 7, 1975836.4489.0822.25

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