News stories from Friday August 29, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Ford proposed a 5 percent pay increase for all federal employees, including members of Congress. This would assure members of Congress, under a law enacted last month, the same pay increase granted other federal employees each year. Mr. Ford rejected the recommendation of his federal pay advisers of an 8.66 percent salary increase on the ground that it would be inflationary. But Congress will make the final decision on the size of the increase. [New York Times]
- Following a meeting with President Ford, Mike Mansfield, the Senate Democratic leader, said that Mr. Ford was willing to sign into law next month a 35-to-40 day revival of oil price controls. In that period, Mr. Mansfield said, the Democratic-controlled Congress would try to work out with the administration a mutually acceptable formula for a further extension of controls combined with a gradual phaseout. [New York Times]
- The interest ceiling on government-backed home mortgage loans will be raised to 9 percent Tuesday. Carla Hills, the Housing Secretary, said the rise from 8.5 percent, the rate effective since April, was necessary because home sellers were being charged excessively high penalties by mortgage lenders. By easing the effect of the penalty on the home seller, the burden of higher borrowing costs will be transferred to the homebuyer. [New York Times]
- Gen. Vasco Goncalves, opposed for weeks by overwhelming military and political forces for trying to promote Communist rule in Portugal, was dismissed today as Premier by President Francisco da Costa Gomes. He was replaced by Vice Adm. Jose Batista Pinheiro Azevedo, the 58-year-old Chief of Staff of the navy. But a new conflict was seen possible: General Goncalves has been appointed Chief of Staff of the armed forces, a move his opponents also resisted. [New York Times]
- Gen. Juan Velasco Alvarado, the President of Peru, who headed a leftist military government for seven years, was overthrown in an apparently bloodless coup and replaced by his Premier, Gen. Francisco Morales Bermudez, who is widely regarded as a more conservative and pragmatic leader. [New York Times]
- Foreign Minister Yigal Allon of Israel said that the presence of American technicians in the Sinai passes was "one of the central conditions" of Israel's willingness to agree to a new disengagement accord with Egypt. He called on Congress and the American public to support it. Mr. Allon and Secretary of State Kissinger said that they expected the accord to be initialed by Egyptians and Israelis "early next week." [New York Times]
- Eamon de Valera, a chief strategist and fighter in the cause of Irish independence, who had a key role in the Easter Monday Rebellion of 1916, died in a Dublin nursing home at the age of 92. He had been three times Prime Minister of the Republic of Ireland, and had served two consecutive seven-year terms as President, the last expiring in 1966. [New York Times]
- Five major art exhibitions will be exchanged between the Metropolitan Museum of Art in New York and the Soviet Union between now and 1980, it was announced in Moscow by Thomas Hoving, the Metropolitan's director. [New York Times]
|
Stock Market Report
Dow Jones Industrial Average: 835.34 (+5.87, +0.71%)
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* |
| August 28, 1975 | 829.47 | 86.40 | 14.53 |
| August 27, 1975 | 807.02 | 84.43 | 11.11 |
| August 26, 1975 | 803.11 | 83.96 | 11.35 |
| August 25, 1975 | 812.34 | 85.06 | 11.25 |
| August 22, 1975 | 804.76 | 84.28 | 13.05 |
| August 21, 1975 | 791.69 | 83.07 | 16.61 |
| August 20, 1975 | 793.26 | 83.22 | 18.63 |
| August 19, 1975 | 808.51 | 84.95 | 14.99 |
| August 18, 1975 | 822.75 | 86.20 | 10.81 |
| August 15, 1975 | 825.64 | 86.36 | 10.61 |