News stories from Wednesday October 8, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Ford administration expects the President's new tax and budget proposals to be a major issue in his campaign to retain his office. The White House press secretary, Ron Nessen, ridiculed as "nonsense" congressional statements that it could not enact the proposed $395 billion budget ceiling for fiscal 1977. He said that Mr. Ford would make it a political issue if Congress failed to do his bidding. At a news conference, Treasury Secretary William Simon said the country faced "a classic choice between freedom and socialism." [New York Times]
- President Ford proposed legislation to reduce government economic controls over domestic airlines. He said federal regulations caused excessive fares. The proposed measure is designed to make it easier for airlines to compete in prices and services. The Air Transport Association, representing most scheduled airlines, said it would adversely affect passengers, shippers, businesses, mail, employees and shareholders and also threaten the financial integrity of the airport system. [New York Times]
- Dr. Arthur Burns, chairman of the Federal Reserve Board, eased his stand against federal intervention in New York City's fiscal crisis, proposing five guidelines for congressional action. Testifying before the Joint Economic Committee of the Congress, he said he now felt city default could trigger a recession but thought this was unlikely. He said he no longer dismissed the idea of federal action. He said if Congress decided to act it should act quickly to avoid market uncertainty. [New York Times]
- The Bunge Corporation, a major grain concern, was judged guilty in federal courts in New Orleans and Houston of conspiracy to steal grain and conceal the theft. The company pleaded no contest and agreed to spend more than $2 million in the next three years on procedures to guard against future corruption. It faces possible heavy additional costs from civil suits. [New York Times]
- Heavy fighting in Beirut and northern Lebanon shattered the latest truce between warring Christian and Moslem factions proclaimed on Monday. At least 25 were reported killed in rocket and mortar attacks in residential districts of Beirut. In the north, 11 soldiers were reported killed trying to stop fighting between Moslems of Tripoli and nearby Christians. [New York Times]
- The executive board of the United Nations Educational, Scientific and Cultural Organization voted overwhelmingly in Paris to soften the anti-Israeli action taken last November. It recommended procedures that would make it more difficult to bar Israel from its European regional group. [New York Times]
- The Soviet Union has moved rapidly to enlarge its influence in Laos since the Pathet Lao takeover last spring ended the era of American dominance. An estimated 300 to 500 Soviet diplomats, pilots, engineers and technicians are active in communications, geological surveys and building a city of 200,000 on the devastated Plain of Jars. The Soviet build-up is part of an intense rivalry for influence in Laos with both North Vietnam and China. [New York Times]
- Chinese geologists attending a colloquium in this country say they have concluded from explorations in Central Asia that the Asian continent is the product of several continental collisions, one of which is still crumpling and twisting the landscape. They also reported that the process has enabled China to become one of the world's richest sources of oil. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 823.91 (+7.40, +0.91%)
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* |
| October 7, 1975 | 816.51 | 86.77 | 13.53 |
| October 6, 1975 | 819.55 | 86.88 | 15.47 |
| October 3, 1975 | 813.21 | 85.95 | 16.36 |
| October 2, 1975 | 794.55 | 83.82 | 14.29 |
| October 1, 1975 | 784.16 | 82.93 | 14.07 |
| September 30, 1975 | 793.88 | 83.87 | 12.52 |
| September 29, 1975 | 805.23 | 85.03 | 10.58 |
| September 26, 1975 | 818.60 | 86.19 | 12.57 |
| September 25, 1975 | 820.24 | 85.64 | 12.89 |
| September 24, 1975 | 826.19 | 85.74 | 16.06 |