News stories from Wednesday December 10, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Senate Finance Committee voted to keep individual income tax withholding rates at present levels through the first half of 1976. Four of seven Republicans on the committee opposed President Ford's insistence on a spending ceiling in any tax-cut bill. Democrats argued that to set a ceiling would destroy the new procedures for congressional budget control calling for a decision next May. [New York Times]
- The House Select Committee on Intelligence withdrew its recommendation that Secretary of State Henry Kissinger be held in contempt of Congress for withholding subpoenaed documents on covert operations abroad. Representative Otis Pike, the chairman, said a briefing on the contents of the documents constituted substantial compliance. The confrontation ended in the usual compromise between executive and legislative with neither side pressing its position to an absolute conclusion. [New York Times]
- The United States Commission on Civil Rights said the federal government had failed to build housing for poor and moderate-income families and called for construction of at least 600,000 units a year. It said the Department of Housing and Urban Development and other federal agencies had been ineffective in enforcing bans on discrimination In both sale and occupancy. Unequal access by minorities and women, and a general shortage of low-cost housing, have led to a national housing emergency, the commission reported, causing untold suffering, especially for those at the lower end of the economic scale. [New York Times]
- South Boston High School's first day under federal court supervision to carry out desegregation began with denunciations outside the building and fighting inside despite reinforcements of state police patrols. By midmorning, a semblance of order was restored. The night before, fires were set in a park behind the school and a fire bomb was thrown into a local office of the National Association for the Advancement of Colored People, where damage was $2,000. [New York Times]
- A group of top New York City bankers went to Albany within hours of the public rejection by Republican legislative leaders of Governor Carey's new tax and budget-trimming call and said immediate tax increases were essential for the state and its agencies to re-enter the credit market. After meeting for an hour with the Governor and legislative leaders they said the market would not tolerate further delay, which could do "irreparable damage" to the entire state. [New York Times]
- Diabetes is now the third-ranking cause of death in the nation and programs for federal research should be tripled, a national commission reported to Congress. It estimated that at the current rate of increase the number of Americans with diabetes would double every 15 years. It said approximately 10 million people have the disease now, about half of them unwittingly. [New York Times]
- Moslem gunmen continued to battle with Christians for control of Beirut despite clashes with Lebanese troops in the hotel and commercial district. The mission of the troops was to separate the factions. Several luxury hotels were set afire and the St. Georges Hotel was burned out. Police sources set the two-day death toll at 235. [New York Times]
- The wife of Andrei Sakharov, the dissident Soviet physicist and human rights advocate, accepted his Nobel Peace Prize in Oslo, reading his message that he shared the honor with "all prisoners of conscience in the Soviet Union and in other Eastern European countries." Dr. Sakharov, who had been refused Soviet permission to go to Oslo for the award, was trying vainly to attend the trial of a fellow dissident in Soviet Lithuania during the ceremony. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 833.99 (+9.84, +1.19%)
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* |
| December 9, 1975 | 824.15 | 87.30 | 16.04 |
| December 8, 1975 | 821.63 | 87.07 | 14.15 |
| December 5, 1975 | 818.80 | 86.82 | 14.05 |
| December 4, 1975 | 829.11 | 87.84 | 16.38 |
| December 3, 1975 | 825.49 | 87.60 | 21.32 |
| December 2, 1975 | 843.20 | 89.33 | 17.93 |
| December 1, 1975 | 856.34 | 90.57 | 16.05 |
| November 28, 1975 | 860.67 | 91.24 | 12.87 |
| November 26, 1975 | 858.55 | 90.94 | 18.78 |
| November 25, 1975 | 855.40 | 90.71 | 17.49 |