News stories from Wednesday October 22, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Consumer prices rose five-tenths of 1 percent in September. The increase was more than in August, but only half the worrisome inflation rate of early summer. The Labor Department reported that food prices essentially stabilized last month, but increases in many other items, including New York City transit fares, pushed up the index for September to 7.8 percent above September of last year. [New York Times]
- The House of Representatives, by a vote of 257 to 148, killed a proposed regulation of the Federal Election Commission that would have required members of Congress to file their campaign financial reports with the new agency. Representative Wayne Hays, Democrat of Ohio, who led the fight against the regulation, said the vote was a "warning" to the commission "not to be capricious and not to rewrite the law." [New York Times]
- In other action on Capitol Hill, Richard Helms, the former Director of Central Intelligence, testified that he knew the C.I.A.'s mail-opening program was illegal. But he said he assumed that Allen Dulles, the C.I.A. director who started the operation in 1953, had "made his legal peace with it." [New York Times]
- President Ford warned against "the false anticipation of an easy solution" to New York City's fiscal plight. Speaking through the White House press secretary, Ron Nessen, Mr. Ford said he had been "irritated" by published accounts of his willingness to sign legislation to aid the city. According to Mr. Nessen, the President said there was "no legislation I've seen or heard of that I would approve," including measures being drafted by members of the Senate and House committees. [New York Times]
- Action in Congress to enable New York City to avert a default suffered a parliamentary setback in the Senate but gained support in the House. Southern opponents prevented the Senate Banking Committee from meeting on the subject, while the House Policy and Steering Committee voted 11 to 2, with 2 undecided, to support legislation to avert default. [New York Times]
- High administration officials said that the State Department, breaking with precedent, will submit for congressional approval the military, political, economic and cultural agreement with Spain that is close to completion. Previous accords with Spain have been regarded by successive administrations as "executive agreements" requiring no congressional action. [New York Times]
- Secretary of State Kissinger's four-day visit to Peking ended as it began -- with disagreement over Washington's policy of detente with Moscow, but with relations between the United States and China still intact. Foreign Minister Chiao exchanged public toasts with Mr. Kissinger in a chilly atmosphere, suggesting that in their private conversations they had not removed differences over policy toward the Soviet Union. [New York Times]
- Generalissimo Francisco Franco was reported to be recovering quickly from an acute heart ailment. However, the question of his remaining in power remained unresolved. The 82-year-old Spanish leader was stricken Tuesday after an attack of flu that set off a wave of rumors and speculation about the end of his 36 years of rule. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 849.57 (+2.75, +0.32%)
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 21, 1975 | 846.82 | 90.56 | 20.80 |
| October 20, 1975 | 842.25 | 89.82 | 13.25 |
| October 17, 1975 | 832.18 | 88.86 | 15.65 |
| October 16, 1975 | 837.85 | 89.37 | 18.91 |
| October 15, 1975 | 837.22 | 89.23 | 14.44 |
| October 14, 1975 | 835.25 | 89.28 | 19.96 |
| October 13, 1975 | 837.77 | 89.46 | 12.02 |
| October 10, 1975 | 823.91 | 88.21 | 14.88 |
| October 9, 1975 | 824.54 | 88.37 | 17.77 |
| October 8, 1975 | 823.91 | 87.94 | 17.80 |