News stories from Tuesday September 9, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The House of Representatives easily overrode President Ford's veto of a $7.9 billion education appropriation bill with 99 votes more than the needed two-thirds majority. The Senate is expected to override the veto. The Senate will also be undertaking earlier tomorrow the more difficult task of trying to override Mr. Ford's veto of the oil price control measure. [New York Times]
- The White House announced a temporary agreement under which union workers will resume for one month the stalled shipment of American grain to the Soviet Union. In return President Ford said he would try to arrange new long-term purchasing and shipping agreements with the Soviet Union and would extend the present moratorium on new grain sales to the Soviet Union until mid-October. [New York Times]
- Satellite observations and other experiments have given support to the hypothesis that the distribution in the stratosphere of fluorocarbons such as those used in aerosol spray cans are breaking down the earth's ozone shield, according to participants in the study. Government specialists are not as yet convinced that the actual depletion of ozone has been demonstrated. Dr. Warren Muir, co-chairman of a task force representing federal agencies, said that recent observations reinforce rather than diminish the reasons for concern. [New York Times]
- Annual losses by American banks from frauds and embezzlements have jumped more than fivefold in the last six years. In the first half of 1975, according to the Federal Bureau of Investigation, these crimes cost banks $71.3 million -- almost five times as much as the $15.1 million they lost in armed robberies. [New York Times]
- Federal officials responsible for the integrity of American grain shipments have frequently upgraded without justification the quality ratings for export shipment under industry pressures, according to government officials. This pattern of federal aides favoring the industry and victimizing the buyers survived at least until late last year. It had previously been ascribed to federally licensed private inspectors. [New York Times]
- Chase Manhattan Bank, as manager for a syndicate of underwriters of a New York State offering, informed state Controller Arthur Levitt that the state would have to pay record interest rates for some of its own needs as well as for notes issued to meet New York City's cash needs. Financial experts saw this as the first concrete sign that investors were beginning to view the state as more of a credit risk since its pledge of held to the city to avert default. [New York Times]
- Secretary of State Kissinger assured Israel privately, as part of the Sinai agreement with Egypt, that the United States would make every effort within certain limits to be "fully responsive" to Israel's defense, energy and economic needs. But the actual language of United States commitments, as disclosed to The New York Times by a highly reliable informant, seems less binding than Israel had initially sought. Many of the key provisions of the unpublished assurances and undertakings were qualified by references to the need for congressional approval and the limits on American resources. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 827.75 (-12.36, -1.47%)
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* |
| September 8, 1975 | 840.11 | 85.89 | 11.50 |
| September 5, 1975 | 835.97 | 85.62 | 11.68 |
| September 4, 1975 | 838.31 | 86.20 | 12.81 |
| September 3, 1975 | 832.29 | 86.03 | 12.26 |
| September 2, 1975 | 823.59 | 85.48 | 11.46 |
| 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 |