News stories from Thursday May 22, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The dollar was battered anew and the price of gold rose sharply as fresh turbulence struck European financial markets. Gold jumped $4 in London, closing at $174.50 an ounce, partly reflecting lack of confidence in the dollar, which fell against all major currencies, even the shaky British pound. Both the Federal Reserve Bank of New York and the Bank of France were reported to have entered the money markets to stem the dollar's slide. In West Germany, the Bundesbank lowered two principal lending rates in an attempt to speed economic recovery. [New York Times]
- The Internal Revenue Service announced that tax-exemption would henceforth be denied church affiliated primary and secondary schools that refuse to accept children from all racial and ethnic groups. Tax-exempt status will be denied even when the denomination running the school claims that its exclusionary policies are required by its religious beliefs. [New York Times]
- Portugal's Socialist party, concerned over what it fears is the erosion of its freedom and power, made its most open challenge yet to the Armed Forces Movement, which rules the country. At a news conference, the party's leader, Mario Soares, accused the Armed Forces Movement of discriminating in favor of the Communist party and said that if such one-sidedness did not end the Socialists would quit the coalition cabinet. Nearly 50,000 supporters of the Socialists marched through downtown Lisbon in one of the biggest public demonstrations since the revolution last year. Meanwhile, the ruling council of the Armed Forces Movement held another meeting and made an emergency appeal for unity by all Portuguese political parties. It ruled out any form of political dictatorship. [New York Times]
- Gov. George Wallace of Alabama is attracting more campaign money as an unannounced candidate for president than five declared Democrats put together. His appeals, mostly through the mails, have brought in more than $3.5 million. It appears, however, that the fundraising effort is an unusually expensive one, operating in what some professional fund raisers and election officials consider a murky gap in the new campaign-financing law. [New York Times]
- The United States, at the request of the Laotian government, has agreed to end all activities of the Agency for International Development in Laos outside of Vientiane and to negotiate for the complete termination of the agency's programs. Late today, United States Embassy officials said that student demonstrators in the southern town of Savannakhet had released the 14 Americans they held under house arrest for eight days. It was not known whether the accord on aid programs had any connection with the release. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 818.91 (+0.23, +0.03%)
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* |
| May 21, 1975 | 818.68 | 89.06 | 17.64 |
| May 20, 1975 | 830.49 | 90.07 | 18.31 |
| May 19, 1975 | 837.69 | 90.53 | 17.87 |
| May 16, 1975 | 837.61 | 90.43 | 16.63 |
| May 15, 1975 | 848.80 | 91.41 | 27.69 |
| May 14, 1975 | 858.73 | 92.27 | 29.05 |
| May 13, 1975 | 850.13 | 91.58 | 24.95 |
| May 12, 1975 | 847.47 | 90.61 | 22.41 |
| May 9, 1975 | 850.13 | 90.53 | 28.44 |
| May 8, 1975 | 840.50 | 89.56 | 22.98 |