News stories from Friday July 25, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Ford sent to Congress a new and more complicated plan for a gradual rise in oil prices that included some concessions intended to make it acceptable to the Democrat majority. Most Democrats still expressed strong opposition, and the House majority leader, Tip O'Neill, said that Mr. Ford's proposal "will be defeated" next week. [New York Times]
- Mr. Ford also vetoed a $7.9 billion education-aid bill on the ground that it was inflationary. [New York Times]
- House and Senate conferees agreed on a military procurement bill that would authorize preliminary funding for production of a B-1 strategic bomber that will cost $84 million a plane, and the construction of a nuclear-powered Navy cruiser that will cost $1.2 billion. [New York Times]
- The Apollo astronauts entered Tripler Hospital in Honolulu for observation and treatment of respiratory irritations caused by a noxious gas, of unknown origin, that filled their spaceship during their return to earth Thursday. [New York Times]
- Officials of the Municipal Assistance Corporation were told by Treasury Secretary William Simon in Washington that the federal government was not likely to ease New York City's fiscal crisis, even if the city put an austerity program into effect or defaulted on its bonds. [New York Times]
- The Turkish government announced today that it would halt virtually all activities at American military installations in Turkey starting today. The action was taken in retaliation for the refusal Thursday by the United States House of Representatives to approve the resumption of arms shipments to Turkey. Ankara said existing joint defense agreements had "lost their legal validity." The air base at Incirlik in southern Turkey was excepted from the order, but Ankara specified that it would allow only defense activities there on behalf of the North Atlantic Treaty Organization. [New York Times]
- President Ford said it was "essential" for the House of Representatives to reverse itself and lift the arms embargo against Turkey. In a statement that he read to newsmen soon after the announcement was made in Ankara, Mr. Ford said that "in view of these damaging developments, I urge the House of Representatives to reconsider its refusal to restore the traditional United States-Turkish defense relationship." [New York Times]
- Portugal's Armed Forces Movement put three generals in charge of the government and the military -- President Francisco da Costa Gomes, Premier Vasco Goncalves, and Otelo Saraiva de Carvalho, the head of the internal security force. The Armed Forces Movement said. its 240-member assembly had agreed on the country's need for "a strong political direction." [New York Times]
- Premier Yitzhak Rabin of Israel said that Egypt's proposals for a new disengagement agreement in Sinai were still "substantially not acceptable." But he said they were better than those proposed in March when Secretary of State Kissinger's shuttle mediation broke down. Thus, he said, Israel would not summarily reject the latest proposals, but would offer counterproposals. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 834.09 (-6.18, -0.74%)
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* |
| July 24, 1975 | 840.27 | 90.07 | 20.55 |
| July 23, 1975 | 836.69 | 90.18 | 20.15 |
| July 22, 1975 | 846.76 | 91.45 | 20.06 |
| July 21, 1975 | 854.74 | 92.44 | 16.69 |
| July 18, 1975 | 862.41 | 93.20 | 16.87 |
| July 17, 1975 | 864.28 | 93.63 | 21.42 |
| July 16, 1975 | 872.11 | 94.61 | 25.25 |
| July 15, 1975 | 881.81 | 95.61 | 28.34 |
| July 14, 1975 | 875.86 | 95.19 | 21.90 |
| July 11, 1975 | 871.09 | 94.66 | 22.21 |