News stories from Thursday July 3, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Labor Department said that in June the nation's job picture apparently stabilized and inflation continued to be moderate. The statistics showed that the unemployment rate fell from 9.2 percent to 8.6 percent of the total labor force last month, but officials, ranging from the White House to Labor Department statisticians, emphasized that the apparent decline resulted from an unusual statistical aberration. Allowing for the aberration, the jobless rate appears at least to have stopped worsening. [New York Times]
- The Ford administration, warning of possible adverse effects on the economy, asked four major aluminum companies to delay proposed price increases for 30 days. Two of them, the Aluminum Company of America and the Reynolds Metals Company, immediately agreed. The Kaiser Aluminum and Chemical Corporation initially turned down the request, but later announced it would comply. The Alcan Aluminum Corporation said it would give the request "serious consideration." [New York Times]
- A report by the Environmental Protection Agency has concluded that there has been a "massive failure" of automobiles to meet federal antipollution standards and that "the data indicate that only at low mileage are any of the standards even approached." The report was made public by Ralph Nader, the consumer advocate, who told President Ford in a letter that 1974 model cars "put out more than twice as much pollution as standards would permit." [New York Times]
- In a unanimous decision, the Appellate Division of the State Supreme Court disbarred John Mitchell, the former United States Attorney General, from the practice of law in New York State. Mr. Mitchell was convicted of perjury and conspiracy to obstruct justice in the Watergate scandal. The disciplinary proceeding was initiated by the Association of the Bar of the City of New York. [New York Times]
- Lynn Townsend announced his intention to retire as chairman and chief executive officer of the embattled Chrysler Corporation on Oct. 1. Mr. Townsend, who is 56 years old, said in his unexpected statement that he thought the best interests of the company would be served by "an early and orderly transition of leadership to our younger executives." [New York Times]
- The Food and Drug Administration is proposing a strongly worded label for pills used by diabetics, warning them that they may be more likely to die of heart disease if they become regular users of the pills, usually designated as oral hypoglycemic. It is estimated that 1.5 million persons take the pills, which are intensely controversial. [New York Times]
- New York City's striking sanitation men returned to work following an accord in Albany giving the city $330 million in new tax powers -- but only after an unusual union agreement to guarantee their wages with $1.6 million in union funds. The police and firemen's unions, unable to come up with similar funds, were told that not all their members could be rehired. [New York Times]
- The State Department announced today that Secretary of State Kissinger and the Israeli Ambassador to the United States, Simcha Dinitz, met secretly in the Virgin Islands Tuesday night and Wednesday morning to discuss what concessions would be made to Israel if she yielded to Egypt's insistence on Israel's withdrawal from the Mitla and Gidi mountain passes in Sinai. The meeting was reportedly held at Israel's request. Israel, it was said, sought firm assurances of more future American economic, military and political support if she gave up the two mountain passes. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 871.79 (+1.41, +0.16%)
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* |
| July 2, 1975 | 870.38 | 94.18 | 18.53 |
| July 1, 1975 | 877.42 | 94.85 | 20.39 |
| June 30, 1975 | 878.99 | 95.19 | 19.43 |
| June 27, 1975 | 873.12 | 94.81 | 18.82 |
| June 26, 1975 | 874.14 | 94.81 | 24.56 |
| June 25, 1975 | 872.73 | 94.62 | 21.61 |
| 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 |