News stories from Thursday October 16, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Federal Reserve Board further confirmed that the nation's economic recovery has been much sharper than expected. The board reported that industrial production rose more in September than it had in the previous four months of gains. The increase in output was 1.9 percent -- the biggest advance in one month since November, 1964, after an auto strike was settled. [New York Times]
- Merrill Lynch, Pierce, Fenner and Smith submitted to the S.E.C. a "model" it had requested for an electronic national market system for securities transactions. The plan Is expected to raise strong opposition among traditionalists on the New York Stock Exchange because it would limit the exchange's ability to restrict most trading in its listed securities to its own floor. [New York Times]
- Persons who have been denied credit by a lender will have the right to be told the reason for the denial under new rules implementing the Equal Credit Opportunity Act that were issued in final form by the Federal Reserve Board. The law is intended primarily to bar discrimination by lenders against women. [New York Times]
- In a bitter clash, 32 families face eviction from dilapidated homes in Hutchinson, W. Va., to make way for a $15 million coal-processing plant. The plant promises major economic benefits to the region, but the proposed evictions have evoked unexpected anger from Appalachian residents long cowed by authority. [New York Times]
- The United States has suggested to Syria that President Ford would be willing to confer with President Hafez al-Assad in Europe next month before or after Mr. Ford attends a Western economic meeting in France. The Syrians have not replied to the month-old informal offer, but some Ford administration officials are still hopeful that Mr. Assad will accept it. [New York Times]
- King Hassan II of Morocco announced he would soon lead a march of 350,000 unarmed Moroccans, including more than 30,000 women, into the Spanish Sahara to claim that territory for his country. His broadcast announcement followed a statement by the World Court in The Hague that it could not "establish any tie of territorial sovereignty" over the Spanish Sahara for either Morocco or Mauritania. [New York Times]
- President Jomo Kenyatta of Kenya has governed better than most African leaders, but he faces mounting public disenchantment. He has alienated some Kenyans by abuses of power, by amassing a fortune and by moving to stifle a freer society.
President Kenyatta, who has just placed two prominent leaders of Kenya's Parliament in detention, warned other legislators that dissidents would not be tolerated.
[New York Times] - The 1975 Nobel Prize in Physiology or Medicine was awarded to two Americans and an Italian for findings involving the interaction between tumor viruses and the genes. The researchers are Drs. David Baltimore, Howard Martin Temin and Renato Dulbecco. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 837.85 (+0.63, +0.08%)
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* |
| October 15, 1975 | 837.22 | 89.23 | 14.44 |
| October 14, 1975 | 835.25 | 89.28 | 19.96 |
| October 13, 1975 | 837.77 | 89.46 | 12.02 |
| October 10, 1975 | 823.91 | 88.21 | 14.88 |
| October 9, 1975 | 824.54 | 88.37 | 17.77 |
| October 8, 1975 | 823.91 | 87.94 | 17.80 |
| October 7, 1975 | 816.51 | 86.77 | 13.53 |
| October 6, 1975 | 819.55 | 86.88 | 15.47 |
| October 3, 1975 | 813.21 | 85.95 | 16.36 |
| October 2, 1975 | 794.55 | 83.82 | 14.29 |