News stories from Monday December 15, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Senate passed the tax-cut-bill with a vote of 73 to 19 last night, despite what appeared to be the final collapse of efforts to reach a compromise with President Ford on the issue of a ceiling on next year's government spending. Mr. Ford said that he would veto the bill if it did not contain the ceiling provision. The measure now goes to a joint Senate-House conference committee, where the final version of the extension of individual and corporate tax reductions will be written. [New York Times]
- Frank Church, annoyed at published suggestions to the contrary, denied that the Senate Intelligence Committee had attempted to cover up evidence that President Kennedy and two reputed organized crime leaders had enjoyed the close friendship of the same woman. He said that the details of the relationship briefly mentioned in the committee's report on C.I.A. assassination plots last month had been withheld by unanimous agreement of the committee's 11 Senators on the ground that they were irrelevant. [New York Times]
- The Ford Motor Company raised prices of its 1976 model cars an average of $97 or 2.2 percent. The announcement was unexpected. This is the second increase this year for Ford, which raised the prices of its cars by $216, or 5 percent, last September. Company sources said the latest rise was necessary to recover cost increases which caused Ford's domestic operations to lose about $109 per car in 1975 and that the company needed to improve its profit margins to finance an expensive revamping of its future products. Meanwhile, the Chrysler Corporation announced an increase of about $3 on its average equipped 1976 model cars, and the General Motors Corporation said it planned next month to raise prices of its light trucks an average of $35. [New York Times]
- General Electric Company plans to take over Utah International, Inc., a mining company, for an estimated $1.9 billion in stock. General Electric said that its directors and those of Utah International have authorized the negotiation of a definitive merger agreement, which if consummated would probably be the biggest in American history. General Electric would offer 1.3 shares of its common stock for each share of Utah International common. [New York Times]
- Secretary of State Henry Kissinger went back to his hometown of Furth in West Germany to accept Furth's Gold Medal for Distinguished Native Citizens in a simple ceremony that his parents attended. Heinz Alfred Kissinger was a 15-year-old secondary school student when he left Furth in August 1938, just ahead of the Nazi onslaught that took the lives of most of the 3,000 members of the Jewish community and destroyed seven of the town's eight synagogues. [New York Times]
- A major dispute over the scale of American fundraising for the Irish Republican Army has pitted authorities in the United States, Britain and Ireland against a Bronx-based relief organization for Roman Catholic women and children in Ulster. Officials of the three governments assert that within the last four years the Irish Northern Aid Committee has served as the principal source of foreign funds to the I.R.A.'s provisional wing, financing the purchase of thousands of weapons for the I.R.A. terror campaign. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 836.59 (+3.78, +0.45%)
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 12, 1975 | 832.81 | 87.83 | 13.10 |
| December 11, 1975 | 832.73 | 87.80 | 15.30 |
| December 10, 1975 | 833.99 | 88.08 | 15.68 |
| 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 |