News stories from Thursday July 31, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- After rejecting successive presidential proposals for a gradual decontrol of oil prices, Congress sent President Ford a bill extending the present legal authority for controls for six months beyond the expiration date of Aug. 31. Frank Zarb, the Federal Energy Administrator, and Ron Nessen, the White House press secretary, said the bill would be vetoed. It seemed likely that all oil price controls would be removed at the beginning of September. [New York Times]
- Copies of the "pumpkin papers" -- a set of five microfilms presented as evidence that Alger Hiss was a Communist spy at his two trials in 1949 and 1950 -- were released by the Justice Department. One film had been overexposed and was totally blank. Two others were faintly legible copies of Navy Department documents relating to life rafts, parachutes and fire extinguishers. The other two were photographs of State Department documents. Mr. Hiss was convicted of perjury and imprisoned for 44 months. He was present when the microfilms were made public in New York. [New York Times]
- Administration efforts to lift the arms embargo against Turkey appeared to collapse when the House of Representatives refused to act on ending the ban before starting a month's recess.
Earlier, in Helsinki, Finland, Premier Suleyman Demirel of Turkey rejected a plea to reopen United States military bases in exchange for a gift of $50 million in arms.
[New York Times] - Portugal's High Council of the Revolution approved the setting up of a three-man military junta that will rule the country. Soon after the announcement, nine officers and four sergeants of a special commando unit stationed near Lisbon were removed from their posts. Some of the commandos were reportedly arrested. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 831.51 (-0.15, -0.02%)
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 30, 1975 | 831.66 | 88.83 | 16.15 |
| July 29, 1975 | 824.86 | 88.19 | 19.00 |
| July 28, 1975 | 827.83 | 88.69 | 14.85 |
| July 25, 1975 | 834.09 | 89.29 | 15.11 |
| July 24, 1975 | 840.27 | 90.07 | 20.55 |
| July 23, 1975 | 836.69 | 90.18 | 20.15 |
| July 22, 1975 | 846.76 | 91.45 | 20.06 |
| July 21, 1975 | 854.74 | 92.44 | 16.69 |
| July 18, 1975 | 862.41 | 93.20 | 16.87 |
| July 17, 1975 | 864.28 | 93.63 | 21.42 |