News stories from Monday November 17, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Ford is leaning toward a program of short-term federal assistance to New York City that would include $2.5 billion in loan guarantees for a three-year period, White House sources said. Most of Mr. Ford's economic advisers have recommended that he support loan guarantees of this amount and duration. Reportedly, $1.1 billion would be earmarked for the current fiscal year, with an additional $1.2 billion to be made available after next June 30. The remaining $200 million was described as a cushion if current estimates were too low. Mr. Ford was expected to announce his decision within 48 hours. [New York Times]
- Eldridge Cleaver, a former leader of the Black Panther Party and a fugitive from justice, said that he would give himself up in New York on his return from seven years of voluntary exile. He made the announcement in Paris at the office of one of his lawyers. He faces charges of murder in a shootout between Black Panthers and policemen in Oakland, Calif., in 1968. [New York Times]
- The Supreme Court ruled that states may not refuse unemployment benefits to women during their last three months of pregnancy and the six weeks following childbirth on the presumption that all such women are unable to work. The Court, overturning a Utah court ruling, said that the presumption was often inaccurate and violated the 14th Amendment. [New York Times]
- A national organization of surgeons and physicians lost a review motion in the Supreme Court in its effort to block a nationwide system that will monitor the treatment that hospitals and doctors give to Medicare and Medicaid patients. The Court affirmed without comment a lower federal court's ruling that upheld as constitutional the legislation for the medical overview. [New York Times]
- The Democratic majority in the New York state Assembly, to the consternation of the leadership and the Governor's office, apparently balked at the prospect of imposing $200 million in tax increases on New York City, one of President Ford's prerequisites for approving federal loan guarantees for the city. Last Friday, Deputy Mayor Stanley Friedman briefed the Assembly Democratic conference in Albany and said that the city had no immediate use in mind for the $200 million because its three-year fiscal plan had not contemplated any new taxes. "Why should we pass taxes when they don't even need the money?" a senior Assemblyman said. [New York Times]
- At the end of their three-day meeting in Rambouillet, France, leaders of the United States, Japan and four Western European industrial powers pledged today to work closely together to "assure the recovery" of their economies and put them on a course of "growth that is steady and lasting." They had sought to coordinate their activities more closely in five main fields -- currencies, trade, economic revival, energy and relations with developing countries -- and they announced in a joint statement that they had reached broad general agreements. The most important achievement apparently was an agreement to correct erratic fluctuations in monetary exchange rates through more active buying and selling of currencies by national banks. [New York Times]
- The Italian and French Communist parties, the largest in Western Europe, agreed in an unusual joint statement that the way to power was through their countries' democratic systems. The document, developed after months of negotiations and finally approved by the party leaders at a meeting in Rome over the weekend, reflected the growing insistence by Western Communist parties on independence from Moscow. The statement, it was said, had not been cleared with the Soviet Union. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 856.66 (+2.99, +0.35%)
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* |
| November 14, 1975 | 853.67 | 90.97 | 16.46 |
| November 13, 1975 | 851.23 | 91.04 | 25.07 |
| November 12, 1975 | 852.25 | 91.19 | 23.96 |
| November 11, 1975 | 838.55 | 89.87 | 14.64 |
| November 10, 1975 | 835.48 | 89.34 | 14.91 |
| November 7, 1975 | 835.80 | 89.33 | 15.93 |
| November 6, 1975 | 840.92 | 89.55 | 18.60 |
| November 5, 1975 | 836.27 | 89.15 | 17.39 |
| November 4, 1975 | 830.13 | 88.51 | 11.57 |
| November 3, 1975 | 825.72 | 88.09 | 11.40 |