News stories from Wednesday June 25, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Democratic majority in the House of Representatives for the fourth straight time failed to override a veto by President Ford -- this one of the emergency housing bill. The vote fell 16 short of the necessary two-thirds majority, despite an unusually fiery partisan attack on Mr. Ford by Speaker Carl Albert, The margin was closer than had been expected. [New York Times]
- At a news conference on the South Lawn of the White House, President Ford warned the oil-producing countries against new price increases which he said would have an adverse impact worldwide. He refused to rule out or endorse the use of tactical nuclear weapons to assist South Korea if a new war breaks out. He said more years of high unemployment were unacceptable and that if the economy has not improved measurably by next year he would seek an extension of income tax cuts. [New York Times]
- The Supreme Court ruled 5 to 4 that slum dwellers were not entitled to a trial on their charge that suburban zoning restrictions unconstitutionally exclude the poor and minorities. The majority found that inner-city residents in Rochester, N. Y., and other would-be plaintiffs, including home builders, lacked legal standing. A dissenting opinion accused the majority of using procedural grounds because it was hostile to the case on its merits. [New York Times]
- Members of Congress are not immune from surveillance by the Central Intelligence Agency while traveling abroad, a House subcommittee was told by Director William Colby. This drew an outburst from Representative Bella Abzug, Democrat of Manhattan, who doubted that it was appropriate for the C.I.A. even to maintain files on members, since they are judged by the electorate. [New York Times]
- The death toll in Tuesday's crash of an Eastern Airlines jetliner landing at Kennedy International Airport rose to 110 with the discovery that a two-month-old infant had not been listed on the manifest. Ten of the 14 survivors were reported in critical condition. Pilots of other airliners reported vicious downdrafts creating severe hazards during the landing approach at that time. The National Transportation Safety Board opened its investigation at the scene. [New York Times]
- President Fakhruddin All Ahmed of India declared a state of emergency early today after dozens of opposition Ieaders had been arrested in a severe crackdown against critics of Prime Minister Indira Gandhi. The arrests, the first of this magnitude in India's 28 years of independence, included Jaya Prakash Narayan and Morarji Desai, a former Deputy Prime Minister, who have been particularly sharp critics of her government. [New York Times]
- A former Federal Energy Administration aide told the agency and The New York Times that between December, 1973, and March, 1974, his office had received six to eight telephone calls from the office of Representative Hugh Carey, now Governor of New York, on behalf of a licensing deal involving Edward Carey, his brother. The aide, who withheld his name, said he had received two of the calls personally. [New York Times]
- London's fiscal problems are smaller and less serious than New York's, largely because of its much closer relation with the central government, making bankruptcy out of the question unless Britain herself goes broke. But wages and debts are soaring, with servicing charges running about 17 percent, as in New York. As warnings come from the central government, capital spending is gradually slowing and there have been small cutbacks in services, but no layoffs of municipal workers. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 872.73 (+3.67, +0.42%)
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 24, 1975 | 869.06 | 94.19 | 26.62 |
| June 23, 1975 | 864.83 | 93.62 | 20.72 |
| June 20, 1975 | 855.44 | 92.61 | 25.26 |
| June 19, 1975 | 845.35 | 92.02 | 21.45 |
| June 18, 1975 | 827.83 | 90.39 | 15.59 |
| June 17, 1975 | 828.61 | 90.58 | 19.44 |
| June 16, 1975 | 834.56 | 91.46 | 16.66 |
| June 13, 1975 | 824.47 | 90.52 | 16.30 |
| June 12, 1975 | 819.31 | 90.08 | 15.97 |
| June 11, 1975 | 824.55 | 90.55 | 18.23 |