News stories from Thursday September 4, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Ford administration agreed to give the Senate Select Committee on Intelligence access to the Nixon presidential papers -- a decision that sources said was forced by Secretary of State Kissinger's secret testimony before the committee last month. Under the arrangement, lawyers for former President Richard Nixon will review pertinent portions of the 42 million items that make up the Nixon papers and produce those that deal with United States-Chilean policy in 1970 and the formulation of a domestic intelligence plan. [New York Times]
- Louisville, Ky., and surrounding Jefferson County became the first major metropolitan area in the country to carry out the court-ordered cross-district busing of children between the central city and suburbs to achieve racial balance in public schools. It was done peacefully for the most part. [New York Times]
- After months of general hostility and general indifference, congressional leaders expressed mounting concern over New York City's fiscal crisis. Their new position was based on fear of the impact of a default on the rest of the country. Henry Reuss, Democrat of Wisconsin and chairman of the Banking and Currency Committee, said in a House speech that a New York default could make it impossible for other cities to obtain loans and lead to "a chain of municipal crises." He urged the Ford administration to act. House Speaker Carl Albert told an "emergency" meeting of the New York congressional delegation that he would support legislation to help New York. [New York Times]
- The Federal Trade Commission proposes to order manufacturers of protein food supplements, a multimillion-dollar business, to label their products with the statement that "Protein supplements are unnecessary for most Americans. The United States Public Health Service has determined that the daily diet of most Americans provides adequate protein." An official of the F.T.C. said that "it is the opinion of the staff that for the vast majority of people, the purchase of these products is a total waste of money." The proposed labeling would also carry the warning that improper use of concentrated protein supplements can result in serious illness. [New York Times]
- President Anwar Sadat of Egypt accused the Soviet Union of seeking to divide the Arab countries by staying away from the signing of the Egyptian-Israeli disengagement agreement in Geneva. In a bitter speech in Cairo, Mr. Sadat denounced the Soviet Union for an attitude of "flagrant incitement," and attacked Arab critics of the accord -- Syrian leaders and other Arab "brothers" -- and deplored anti-Egyptian demonstrations in Damascus this morning. [New York Times]
- Representatives of Egypt and Israel, seated at separate tables, signed their new interim peace agreement in Geneva. Representatives of the Soviet Union and the United States had been expected to attend, but stayed away. The Soviet Union reportedly shunned the ceremony in resentment over having been excluded from the negotiations, and over plans to send American surveillance technicians to Sinai; American officials reportedly wanted to avoid embarrassing the Russians. [New York Times]
- President Ford and Secretary of State Kissinger asked Congress to approve the stationing of Americans in Sinai within two and a half weeks, saying that quick congressional action was necessary before the Israeli-Egyptian agreement could become effective. Some 200 American technicians would monitor early-warning systems in Sinai. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 838.31 (+6.02, +0.72%)
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 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 |
| 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 |