News stories from Friday October 10, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Israel formally signed in Jerusalem the Sinai accord with Egypt, setting in motion her withdrawal from about 1,900 square miles of Egyptian territory within five months. Egypt signed the agreement Sept. 22. In a first step to carry out the accord, the Israeli government surrendered the oil field at Sudr, on the Gulf of Suez, to three American technicians representing Egypt. [New York Times]
- Financial pressures are taking a toll on the large field of 1976 Democratic presidential contenders, threatening to narrow the race even before the election year begins. Financial reports filed with the Federal Election Commission showed that Senator Lloyd Bentsen of Texas, Representative Morris Udall of Arizona and former Governor Terry Sanford of North Carolina spent more than they received in the third quarter of the year. [New York Times]
- Gov. George Wallace of Alabama is to travel to Europe today on a two-week fact-finding journey that he hopes will convince voters that he is healthy enough to run for president and is well informed on international, as well as national, issues. [New York Times]
- The Congressional Budget Office said that an effort to force New York City rapidly toward a balanced budget would speed the exodus of businesses and middle- and upper-income families from the city. A 34-page analysis also said that the effort would make it harder for the city to finance even a trimmed level of public services and suggested that the state or federal government pay some expenses, particularly welfare payments, now borne by the city. [New York Times]
- William Proxmire of Wisconsin, chairman of the Senate banking committee, said after a hearing that support in the Senate for federal aid to New York City was "gaining momentum."
Treasury Secretary William Simon acknowledged that a crucial element of his plan to meet the city's financial plight -- a moratorium, or stretching out of the city's debt -- would require a change in the country's bankruptcy law.
[New York Times] - Mayor Beame's administration got an oral pledge from the regional office of the federal Labor Department for funds to rehire more than 2,000 municipal workers who have been laid off. Those to be rehired are expected to include 450 sanitationmen, 100 Parks Department laborers, 688 para-professionals in the schools and 800 participants in a federal job-training program. [New York Times]
- The New York City Budget Bureau estimated that it would cost the city $66.4 million to buy and rehabilitate Yankee Stadium. That is $42.4 million more than the original estimate made in 1971 by Mayor John Lindsay and nearly $10 million more than has already been spent. [New York Times]
- Influential Arabs in countries other than Egypt have grave misgivings about the Sinai disengagement agreement. They believe it removes Egypt from the Arab front against Israel and is an obstacle to peace rather than a step toward it. [New York Times]
- President Ford and the leaders of France, West Germany, Britain, Italy, Japan and possibly Canada will hold a three-day economic conference in France in mid-November. The summit parley was first suggested in July by President Valery Giscard d'Estaing of France. He said that the Western nations must coordinate their economic policies more closely to deal with inflation, recession, monetary turmoil and relations with the third world. [New York Times]
- The Department of Agriculture released a new estimate of record wheat and corn harvests that seemed to be large enough to allow resumed sales to the Soviet Union. The sale of American grain to the Soviet Union and Poland was suspended last summer after their large purchases raised fears that American consumers might face a new round of rapidly rising food prices. President Ford immediately lifted the embargo on grain sales to Poland and said at a news conference in Detroit he hoped for agreement soon on resuming long-term sales to the Russians. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 823.91 (-0.63, -0.08%)
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 9, 1975 | 824.54 | 88.37 | 17.77 |
| October 8, 1975 | 823.91 | 87.94 | 17.80 |
| 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 |