News stories from Tuesday January 28, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Representative Al Ullman, chairman of the House Ways and Means Committee, said that a special committee of top-ranking members of Congress would seek a compromise plan to reduce oil imports, avoiding a confrontation with the White House. He also introduced an antirecession bill that would give 94 percent of the individual tax relief to individuals and families with incomes under $20,000. President Ford's proposal would give 43 percent to persons with incomes over $20,000. [New York Times]
- Agriculture Department figures to be released this week are expected to show that 17.1 million persons -- 8 percent of the country's population -- are using its food stamps to buy their groceries. For the first time, those who earn low salaries or recently became unemployed are said to outnumber persons on welfare in the food stamp program. [New York Times]
- The Army has successfully tested an artillery shell that can be guided by laser to change course in flight to hit its target. Officials believe it will revolutionize the battlefield role of artillery. With feasibility demonstrated, the Army is starting engineering development and hopes to reach the production stage in a few years. [New York Times]
- The Justice Department disclosed in Washington that a federal grand jury in New York is investigating alleged price-fixing by major sugar refiners during 1974 when prices soared some 400 percent. [New York Times]
- Secretary Kissinger said at a Washington news conference that he now believed a formula could be found to reconcile Israel's desire for progress toward peace with Egypt's insistence that additional Sinai territory be returned. But he cautioned that his next Middle East trip would be exploratory, not to settle anything or generate shuttle diplomacy. [New York Times]
- President Valery Giscard d'Estaing of France has ordered that all presidential invitations to holders of French titles of nobility be addressed simply to "Monsieur," "Madame" or "Mademoiselle." The only exception will be for the Count of Paris and the Prince Napoleon as heirs of the Bourbon monarchy and Napoleonic empire. [New York Times]
- France adopted a 10-year energy plan aimed at cutting overall dependence on imported fuel to 55 to 60 percent of consumption. It would limit reliance on any one exporting country to 15 percent of consumption. The goal set by the National Planning Council projects a sharp cutback in the growth of consumption. France imported 76 percent of her energy supplies in 1973. [New York Times]
- The Iranian government is planning a two-square-mile development in Teheran that is intended to make the capital a major world city. The cost is expected to be $3 to $5 billion. The senior partner in Llewelyn-Davis International, an architectural firm based in London, said the firm signed a contract to start the design. Jacquelin Robertson of New York, formerly in the Lindsay administration, will direct it. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 694.77 (+2.11, +0.30%)
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* |
| January 27, 1975 | 692.66 | 75.37 | 32.13 |
| January 24, 1975 | 666.61 | 72.98 | 20.67 |
| January 23, 1975 | 656.76 | 72.07 | 17.96 |
| January 22, 1975 | 652.61 | 71.74 | 15.33 |
| January 21, 1975 | 641.90 | 70.70 | 14.78 |
| January 20, 1975 | 647.45 | 71.08 | 13.45 |
| January 17, 1975 | 644.63 | 70.96 | 14.25 |
| January 16, 1975 | 655.74 | 72.05 | 17.11 |
| January 15, 1975 | 653.39 | 72.14 | 16.58 |
| January 14, 1975 | 648.70 | 71.68 | 16.61 |