News stories from Thursday October 9, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Ford emphasized that he "would not hesitate" to veto a permanent tax cut bill, even in the face of clear political risk, if Congress did not couple it with a cut in federal spending. At his first broadcast news conference in more than three months, Mr. Ford said that the tax and spending cut plan he outlined Monday was directed more toward fiscal and tax reform than at "affecting the economy." [New York Times]
- President Ford also told reporters that he had canceled a scheduled trip to Louisville, Ky., next Thursday because he had been warned that racial tensions over school busing there posed a potential threat to his security. [New York Times]
- In Los Angeles, Federal District Judge Warren Ferguson dismissed all charges against Frank DeMarco, former tax lawyer for Richard Nixon, on the ground that Mr. Demarco had been deprived of a fair trial by the conduct of the special Watergate prosecutor. Mr. DeMarco had been accused of making false statements to tax officials and of obstructing a congressional inquiry into a large tax deduction the former President received for a donation of his pre-presidential papers. [New York Times]
- Near San Clemente, Mr. Nixon emerged from seclusion and played golf in a tournament with the leadership of the Teamsters' union and several men linked by law enforcement officials to organized crime. The tournament was held at La Costa Country Club, a resort built largely with loans from the Teamsters' pension funds. [New York Times]
- President Ford, at his news conference, said that he saw no justification for enactment of legislation to "bail out New York City" and that he did not believe Congress would pass such legislation. Earlier, Treasury Secretary William Simon told a Senate committee that if Congress insisted on providing emergency aid to the city it should impose "financial terms so punitive that no other city will be tempted to turn down the same road." [New York Times]
- Also on Capitol Hill, a House subcommittee voted, 8-2, to require federal agencies to identify 616 banks around the country that hold New York City obligations totaling at least 20 percent of their assets. Federal officials had declined to identify the banks on the ground that such identification could lead to a run on the banks and create a financial panic. [New York Times]
- Andrei Sakharov became the first Soviet citizen to win the Nobel Peace Prize. Dr. Sakharov, father of the Soviet hydrogen bomb, has incurred governmental wrath by becoming his country's most outspoken advocate of civil liberties. The decision by a panel of the Norwegian Parliament was viewed as a test of Moscow's sincerity in its official acknowledgment of the importance of respect by all nations for human rights and basic freedoms.
In Moscow, Dr. Sakharov, surrounded by friends drinking vodka toasts, responded to his Nobel Prize with an appeal for the release of Soviet political prisoners.
[New York Times] - In Washington, a high State Department officer said that the department had prepared an emergency economic aid package of more than $80 million for Portugal. The package, the official said, is awaiting approval by President Ford. [New York Times]
- The Senate voted decisively, 70 to 18, to approve the stationing of up to 200 American civilian technicians in the Sinai passes to help monitor the Israeli-Egyptian accord. President Ford may sign the bill tomorrow. [New York Times]
- Lebanese Christians and Moslems exchanged rocket and mortar fire and casualties rose in Beirut as Premier Rashid Karami sought the aid of the Syrian government to end the six-month crisis in his country. He announced that Yasser Arafat, the Palestinian guerrilla leader, would come to Beirut "to do his best to help restore peace." [New York Times]
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Dow Jones Industrial Average: 824.54 (+0.63, +0.08%)
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| Market Index Trends | |||
|---|---|---|---|
| Date | DJIA | S&P | Volume* |
| 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 |
| October 1, 1975 | 784.16 | 82.93 | 14.07 |
| September 30, 1975 | 793.88 | 83.87 | 12.52 |
| September 29, 1975 | 805.23 | 85.03 | 10.58 |
| September 26, 1975 | 818.60 | 86.19 | 12.57 |
| September 25, 1975 | 820.24 | 85.64 | 12.89 |