News stories from Wednesday July 25, 1979
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Carter pressed energy plans at a televised news conference. Predicting a "massive struggle to gut the windfall profits tax" in the Senate, he pledged an all-out effort to win enactment of the proposed levy on oil company revenues. Mr. Carter said he had no apologies to make for his drastic cabinet shake-up and firmly defended his appointment of Hamilton Jordan as White House chief of staff. [New York Times]
- A curb on energy authority planned for President Carter was approved by the House, which voted to give Congress veto power over any standby gasoline rationing plan he proposed. Voting 232 to 187, the chamber approved a provision to give the House or Senate the right to quash the plan right after it was drafted. [New York Times]
- The House strongly backed Amtrak as it authorized spending of $2.7 billion for operating expenses and improved equipment for the rail-passenger service over three years. The chamber voted 397 to 18 to cut back Amtrak's 27,500 miles of annual service by only 20 percent, instead of the 43 percent proposed by the administration. Action by the Senate is expected soon. [New York Times]
- The new Federal Reserve Board chief named by President Carter is Paul Volcker, president of the Federal Reserve Bank of New York and a leading figure in international financial circles. He said he was committed to fighting inflation and restoring international confidence in the dollar and the American economy. [New York Times]
- Quick approval of Benjamin Civiletti as Attorney General was indicated as the Senate Judiciary Committee praised his nomination. The panel's staff said it was hoped that the nomination would be cleared for a vote by the full Senate next week. [New York Times]
- Control of Boston's Housing Authority was taken over by a state judge, who placed the patronage-plagued agency, which is the landlord of nearly 10 percent of the city's residents, in receivership. The judge acted after four years of hearings and suits by tenants aimed at improving conditions in the city's 62 public housing projects. Many of them lack heat, water and sanitary and maintenance services and suffer from crime and vandalism. [New York Times]
- Most of the ransom money was found in the kidnapping and release of Joan Dedrick, a bank executive's wife. The bulk of the missing $217,000 in small bills was discovered in a large garbage bag perched atop a trash container in Paterson, N.J., only 400 yards from the bank where it was prepared last Friday night for the kidnappers. The recovery resulted from a tip by an anonymous caller. A fifth suspect in the abduction was being sought. [New York Times]
- Israel returned more Sinai land to Egypt as controversy continued over what type of international force would monitor compliance with the Israeli-Egyptian peace treaty in the peninsula. The transfer of a 2,500-square-mile tract of desert populated by about 4,000 Bedouins marked the second phase of a six-stage withdrawal planned over three years.
The dispute over a U.N. peace force in the Sinai should be resolved in the next few weeks, according to Washington. The issue has strained American-Israeli relations.
[New York Times] - A vote against the arms pact was threatened by an influential Senator, Sam Nunn. The moderate Georgia Democrat said he would oppose the treaty with the Soviet Union unless President Carter made a firm commitment to raise military spending substantially. A White House attempt to bargain with him on the issue risks alienating liberal Senators opposed to higher defense spending. [New York Times]
- Nicaraguan businessmen worry over whether the new government will fulfill its pledge to encourage private enterprise. The rebel movement, which many businessmen backed, embraces views ranging from laissez-faire capitalism to doctrinaire Marxism, and many observers question how long the group can hold together. [New York Times]
- Elections seemed nearer in Japan amid signs of increased public support for the governing conservative party, aided by the resignation from Parliament of a former defense minister who was the top politician implicated in an aircraft payoff scandal. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 839.51 (+9.73, +1.17%)
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, 1979 | 829.78 | 101.97 | 29.69 |
| July 23, 1979 | 825.51 | 101.59 | 26.86 |
| July 20, 1979 | 828.07 | 101.82 | 26.37 |
| July 19, 1979 | 827.30 | 101.61 | 26.78 |
| July 18, 1979 | 828.58 | 101.69 | 35.95 |
| July 17, 1979 | 828.50 | 101.83 | 34.27 |
| July 16, 1979 | 834.90 | 102.74 | 26.62 |
| July 13, 1979 | 833.53 | 102.32 | 33.07 |
| July 12, 1979 | 836.86 | 102.69 | 31.77 |
| July 11, 1979 | 843.86 | 103.64 | 36.64 |