News stories from Tuesday September 2, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- William Simon, the Treasury Secretary, told the annual meeting in Washington of the International Monetary Fund and World Bank that another increase in the world oil price would seriously jeopardize global economic recovery. Most other finance ministers agreed privately but limited their formal addresses to congratulating the Organization of Petroleum Exporting Countries for increasing aid to the less-developed countries. Iran's Minister of the Interior, Jamshid Amouzegar, said at the United Nations that the OPEC countries would probably decide next month to raise the oil price, but not by 25 to 30 percent, as some have suggested. [New York Times]
- Iran, stung by United States criticisms of the oil-producing countries, responded skeptically in the United Nations to Secretary of State Kissinger's new proposals for bridging the economic gap between rich and poor countries Jamshid Amouzegar, Minister of the Interior, told the General Assembly that "proposals may appear brilliant on paper, but how they are implemented, that is the question," Delegates from developing countries gave his speech widespread applause but their prevailing mood continued to be favorable to the statement from Mr. Kissinger. [New York Times]
- Congress reconvenes tomorrow with immediate deliberations scheduled on the pressing issues of the Ford administration's Middle East agreement and the price of oil. Debate on the issues is expected to dominate proceedings for the rest of the year. Most legislators were noncommittal on the Israeli-Egyptian accord pending hearing directly from Secretary of State Kissinger. [New York Times]
- The water-supply plant of the city of Trenton broke down and by evening most of New Jersey's capital and its surrounding communities had run out of water. Governor Byrne and Mayor Arthur Holland proclaimed states of emergency. A population of 250,000 and its heavy industry were expected to be without water for at least two days and perhaps longer. [New York Times]
- Governor Carey, State Controller Arthur Levitt and Municipal Assistance Corporation officials discussed New York City's financial crisis with President Ford at the White House. Mr. Carey said Mr. Ford had taken an informed wait-and-see attitude; a Ford spokesman said the administration's position had not changed. [New York Times]
- Astrologers are charlatans without rational basis for the ancient belief that the stars influence people's lives and forecast events, according to a statement issued by 186 prominent scientists in The Humanist magazine. The drafter, Dr. Bart Bok, professor emeritus of astronomy at the University of Arizona and a past president of the American Astronomical Society, cautioned the public against unquestioning acceptance of predictions and advice given by astrologers. [New York Times]
- Gen, Carlos Fabian, chief of staff of Portugal's army, the dominant service branch, followed the head of the air force in opposing the appointment of Gen. Vasco Goncalves, the Communist-backed former Premier, as chief of staff of the armed forces. His statement that the appointment would divide rather than unite the army constituted further defiance of President Francisco da Costa Gomes. [New York Times]
- President Anwar Sadat of Egypt said he would visit Washington in late October for talks with President Ford following up the Sinai disengagement agreement. He praised Mr. Ford and Mr. Kissinger for their roles in the negotiations and said he was determined to push for other peace steps on other fronts, notably in Syria. Egyptian papers published the text of the agreement with maps of the new positions. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 823.59 (-11.75, -1.41%)
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* |
| August 29, 1975 | 835.34 | 86.88 | 15.48 |
| August 28, 1975 | 829.47 | 86.40 | 14.53 |
| August 27, 1975 | 807.02 | 84.43 | 11.11 |
| August 26, 1975 | 803.11 | 83.96 | 11.35 |
| August 25, 1975 | 812.34 | 85.06 | 11.25 |
| August 22, 1975 | 804.76 | 84.28 | 13.05 |
| August 21, 1975 | 791.69 | 83.07 | 16.61 |
| August 20, 1975 | 793.26 | 83.22 | 18.63 |
| August 19, 1975 | 808.51 | 84.95 | 14.99 |
| August 18, 1975 | 822.75 | 86.20 | 10.81 |