News stories from Tuesday July 8, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Ford made his formal announcement that he would seek the Republican nomination for the presidency to which he succeeded 11 months earlier after President Nixon's resignation. He pledged an open and lawful campaign and said he would never neglect his first duty as President. He told reporters later that he assumed he would succeed in his first quest for election to national office. [New York Times]
- The Central Intelligence Agency revealed for the first time portions of the report on domestic spying in the late 1960's and early 1970's that it delivered to President Ford last December. The report discloses that the spying, although begun under President Johnson, expanded significantly under President Nixon. It also discloses that Senator Stuart Symington and Representative Lucien Nedzi were briefed on the operations. [New York Times]
- A federal grand jury in Newark is investigating allegations of widespread corruption among present and former leaders of the National Maritime Union, following two years of groundwork by the United States Attorney's office and the Internal Revenue Service. Allegations include many years of possible kickbacks by the union's present attorney to top officers, payoffs to them by shippers or investment brokers and misappropriation of union funds, according to sources close to the investigation. [New York Times]
- The return of the updated streetcar system for cheap, pollution-free mass transit is being weighed in cities that abandoned it. In cities such as Boston, San Francisco, Philadelphia, Pittsburgh and others where trolley service has continued, "light rail transit" is again appreciated. This new image includes rights of way separate from other vehicular traffic for speedier service. [New York Times]
- Argentine labor leaders who ordered the general strike that began on Monday called it off after the government gave in to their wage demands. A few hours later, legislators at a surprise session quickly elected a provisional president of the Senate, next in line for the presidency of the republic. Filling the vacant post was viewed as another blow against President Isabel Martinez de Peron, who had opposed such a move on the ground that ft would be interpreted as an invitation for her to resign. The new Senate president is Italo Luder, a member of the Peronist majority, considered a moderate with good relations with most opposition legislators and military leaders. [New York Times]
- British mineworkers voted against demanding an immediate 60 percent wage increase when the next round of negotiations opens next winter. Their decision was viewed as aiding Prime Minister Wilson's efforts to control Britain's soaring inflation. The resolution, adopted after intense negotiation at the union's policy-making conference, set a goal of wage rises eventually amounting to 60 percent, but said it should be sought without a specific time limit. [New York Times]
- Yitzhak Rabin, the first Israeli Premier to make an official visit to West Germany, began with a prayer at the monument to the 50,000 Jews who perished in the Bergen-Belsen concentration camp in World War II. He flew next to West Berlin and will go to Bonn today for two days of talks with Chancellor Helmut Schmidt and other West German leaders. The visit is seen by Israelis as a bridge between past and future in their relations, and an opportunity to speak through West Germany to all of Europe in an effort to present his country's view of the Middle East crisis, [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 857.79 (-3.29, -0.38%)
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 7, 1975 | 861.08 | 93.54 | 15.85 |
| July 3, 1975 | 871.79 | 94.36 | 19.00 |
| 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 |