News stories from Wednesday August 27, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A federal jury in Cleveland exonerated Gov. James Rhodes, 27 Ohio National Guardsmen and the former president of Kent State University of any responsibility for the 1970 shootings at Kent State in which four students were killed and nine wounded. The jurors voted 10 to 2 that there were no grounds to hold them personally and financially liable. They had deliberated more than 33 hours. [New York Times]
- The Democratic party chose New York over Los Angeles for its 1976 convention. Tense balloting by the site selection committee in Washington gave New York an initial 11-9 margin that shifted quickly to the necessary two-thirds majority and was finally made unanimous. Mayor Beame called the decision a timely gesture of confidence. The convention will be the first in New York since the Democrats nominated John W. Davis in 1924. It will meet in Madison Square Garden next July 11. [New York Times]
- Senate Democratic strategists disclosed that they would not try immediately to override President Ford's expected veto of the bill to extend oil price controls for another six months starting at midnight Sunday. Senate sources said the Democrats were uncertain that they could muster immediately the necessary two-thirds majority to override a veto. Their hope is that added time will bring added pressure on a dozen Senators whose votes are now in doubt. [New York Times]
- Employment in the New York-Northeastern New Jersey area declined by 241,000 in the year ended last June. The United States Bureau of Statistics said it was the largest loss for any one year in the 25 for which data were available. In New York City, employment was down by 115,000, the largest one-year drop since November, 1971. In the five counties in the state outside New York City, manufacturing employment dropped by 6.7 percent. [New York Times]
- New York City's three biggest banks rejected Governor Carey's proposal that they help raise the $2 billion in cash to avert municipal default next month. The action by Chase Manhattan Bank, Morgan Guaranty Trust and First National City Bank threw into question the future of Mayor Beame's agreement to share fiscal authority with the state government. Aides to Mr. Carey and the Municipal Assistance Corporation scrapped previous plans and turned to alternatives. some of which were said to have been suggested by the three banks. [New York Times]
- Emperor Haile Selassie, ruler of Ethiopia for more than half a century until deposed by a military coup last September, died in his palace, apparently from the effects of a prostate operation, at the age of 83. [New York Times]
- The Argentine army officer corps forced President Isabel Martinez de Peron to appoint a hard-line opponent, Gen. Jorge Videla, as commander in chief, replacing Gen. Alberto Numa Laplane, who had supported her government and tried to involve the army in Peronist politics. For two days the country had been on the brink of a military coup, General Videla's designation seems to have given the President another temporary respite in her struggle to stay in power. [New York Times]
- The West German government, faced with a stubbornly continuing recession, adopted a $2.2 billion recovery program for the building industry and raised the projected 1975 federal deficit to a record of nearly $15 billion. The Opposition Christian Democrats are preparing to campaign on the recession issue in next year's elections. [New York Times]
- The French government announced that it planned a massive injection of money to boost the lagging economy. The priorities are being shifted from the fight against inflation to the fight against unemployment. There were reports of a $5.5 billion increase in public spending, including $2 billion for improving roads, canals and railroads. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 807.02 (+3.91, +0.49%)
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* |
| August 26, 1975 | 803.11 | 83.96 | 11.35 |
| August 25, 1975 | 812.34 | 85.06 | 11.25 |
| August 22, 1975 | 804.76 | 84.28 | 13.05 |
| August 21, 1975 | 791.69 | 83.07 | 16.61 |
| August 20, 1975 | 793.26 | 83.22 | 18.63 |
| August 19, 1975 | 808.51 | 84.95 | 14.99 |
| August 18, 1975 | 822.75 | 86.20 | 10.81 |
| August 15, 1975 | 825.64 | 86.36 | 10.61 |
| August 14, 1975 | 817.04 | 85.60 | 12.46 |
| August 13, 1975 | 820.56 | 85.97 | 12.00 |