News stories from Wednesday June 11, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Meeting at Libreville, Gabon, the Organization of Petroleum Exporting Countries made no immediate increase in oil prices, but made it clear that there would be a rise in prices at the end of the nine-month price freeze, Sept. 30th. Ministers of the 13 member nations said a meeting would be held Sept. 24th in Vienna to determine the level of the prices and announced that oil prices would no longer he quoted in dollars but in special drawing rights based on 16 major currencies. [New York Times]
- The House of Representatives, by a margin of nearly 5 to 1, has rejected any increase in the federal tax on gasoline. The gasoline tax, as high as an additional 23 cents a gallon, was the heart of the energy conservation measure proposed by the House Ways and Means Committee. Representatives of bath parties agreed that the bill was left with little that would actually reduce the consumption of oil? Although the Senate has not begun drafting major energy legislation, there has been little support for a gasoline tax evidenced there either. [New York Times]
- The White House has announced that President Ford plans to seek comments "as soon as possible" from the Secretaries of State, Defense and the Treasury, the Attorney General and the Director of Central Intelligence on the recommendations of the Rockefeller commission. When Mr. Ford has these in hand, he will make his decision regarding the changes in the C.I.A. he will recommend to Congress. [New York Times]
- Hungary's New Economic Model, which in the last seven years has turned that country into the consumer's paradise of the Soviet bloc, is in serious trouble. Although the difficulties are not yet apparent to most of Hungary's 10 million people, an imbalance of $700 million in trade with the non-Communist world last year may be even worse this year. [New York Times]
- The Senate has confirmed the nomination of former Gov. Stanley Hathaway of Wyoming, a Republican, as Secretary of the Interior. The vote was 60 to 36. Prior to the vote, the Senate rejected a motion by Senator Edmund Muskie, Democrat of Maine, to recommit the nomination to the Interior Committee to further examine what Senator Muskie called Mr. Hathaway's ambiguous and apparently conflicting statements on the strip mining bill. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 824.55 (+2.43, +0.30%)
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* |
| June 10, 1975 | 822.12 | 90.44 | 21.13 |
| June 9, 1975 | 830.10 | 91.21 | 20.67 |
| June 6, 1975 | 839.64 | 92.48 | 22.23 |
| June 5, 1975 | 842.15 | 92.69 | 21.61 |
| June 4, 1975 | 839.96 | 92.60 | 24.90 |
| June 3, 1975 | 846.14 | 92.89 | 26.56 |
| June 2, 1975 | 846.61 | 92.58 | 28.24 |
| May 30, 1975 | 832.29 | 91.15 | 22.67 |
| May 29, 1975 | 815.00 | 89.68 | 18.57 |
| May 28, 1975 | 817.04 | 89.71 | 21.85 |