News stories from Wednesday September 17, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- New York City's fiscal crisis will become a major issue in the 1976 presidential campaign, in the opinion of several Democratic presidential candidates and potential candidates interviewed in Washington. They saw it as the focus of a contest between what they considered President Ford's traditional, laissez-faire, middle-American Republicanism and the Democratic view that was city-oriented, favoring more liberal spending and greater federal intervention. [New York Times]
- Heightened federal spending in the next fiscal year could cause a budget deficit of $50 billion or even $60 billion, high administration officials said, if the "temporary" 1975 tax cut expiring Dec. 31 is extended. President Ford has not yet decided whether to recommend this. Treasury Secretary William Simon said the current huge deficit was partly responsible for the "extremely troubling" rise in interest rates. [New York Times]
- Representative Otis Pike, chairman of the House Select Committee on Intelligence, refused a last-minute White House proffer of subpoenaed classified materials, saying that they were incomplete, pre-screened and delivered on the condition that they not be made public. He said that the committee supported his action, but had decided not to go to court right away to seek enforcement of its subpoenas, because that would delay its investigation. The committee adopted a procedure, which some called conciliatory, to give the White House a day's notice before releasing classified information so the White House could have a chance to urge that it be kept secret. [New York Times]
- Senator Richard Schweiker of the Senate Select Committee on Intelligence said the Public Health Service had been deeply involved In producing the shellfish poison stored by the Central Intelligence Agency despite a presidential order to the contrary. The Pennsylvania Republican called this a perversion of the health service's role. A spokesman of the agency confirmed that it had provided the raw toxin to the Army, which is believed to have done the final laboratory work to make it a weapon. [New York Times]
- Israel's Defense Minister, Shimon Peres, asked the United States to supply his country with battlefield support missiles. He told the National Press Club in Washington that his government was ready to guarantee that they would be armed only with non-nuclear warheads. He said the Lance missile, with a 60-mile range, and the Pershing, with a 450-mile range, were needed to offset missiles supplied by the Soviet Union to the Arabs. [New York Times]
- A correspondent visiting the Mitla Pass in Israeli-occupied Egypt found the road nearly deserted. The few military installations that could be seen showed no traces of preparation for withdrawal, and military personnel were not even visible. The area is one that Israel is due to give up under her new disengagement accord with Egypt. [New York Times]
- A confidential memorandum to Secretary of State Kissinger from Webster Todd, inspector general of foreign assistance, said the Agency for International Development in its present form "cannot succeed in its mission" of administering aid abroad. The July 10 memorandum, made available to The New York Times, said the programs were "universally strangled in bureaucratic red tape." Mr. Todd had just visited Ghana, Nigeria, Tanzania and Somalia. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 799.05 (+3.92, +0.49%)
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* |
| September 16, 1975 | 795.13 | 82.09 | 13.09 |
| September 15, 1975 | 803.19 | 82.88 | 8.67 |
| September 12, 1975 | 809.29 | 83.30 | 12.23 |
| September 11, 1975 | 812.66 | 83.45 | 11.10 |
| September 10, 1975 | 817.66 | 83.79 | 14.78 |
| September 9, 1975 | 827.75 | 84.60 | 15.79 |
| September 8, 1975 | 840.11 | 85.89 | 11.50 |
| September 5, 1975 | 835.97 | 85.62 | 11.68 |
| September 4, 1975 | 838.31 | 86.20 | 12.81 |
| September 3, 1975 | 832.29 | 86.03 | 12.26 |