News stories from Monday October 6, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Ford, in a TV address, proposed to put $11 billion in additional tax cuts into effect next year and to make permanent, with major changes, the $17 billion of anti-recession tax cuts enacted last spring. But he conditioned the proposal on a congressional commitment to reduce total federal spending by $28 billion in the next fiscal year. [New York Times]
- Two of the three major television networks, CBS-TV and NBC-TV, refused to carry President Ford's speech, saying that if they did they would have to give equal time to other contenders for the Republican presidential nomination. [New York Times]
- A court-appointed panel of firearms experts has found no evidence that more than one weapon was used in the 1968 slaying of Senator Robert F. Kennedy. [New York Times]
- Terence Hallinan resigned as Patricia Hearst's top defense counsel, apparently clearing the way for F. Lee Bailey to lead her defense to a charge of armed bank robbery. The defense is now expected to base its case on the ground that Miss Hearst is emotionally too frail to stand trial. [New York Times]
- Diana Nyad, a 25-year-old marathon swimmer, swam around Manhattan Island in her second attempt in 11 days. Her time was 7 hours 57 minutes. [New York Times]
- On the opening day of a new term, the Supreme Court agreed to a full review of the new law on campaign financing. The Court accepted the case just 2½ weeks after challengers had appealed a lower court decision upholding most parts of the statute. The Court, which convened with all nine Justices on the bench, also set the stage for a review of the legislative reaction to its 1973 rulings striking down anti-abortion laws as unconstitutional. [New York Times]
- In an early ruling, the Supreme Court affirmed the rights of states to tax railroads at a higher rate than other industries. The Justices upheld a Tennessee law providing higher levies for the carriers, which most states list as utilities, not industries. [New York Times]
- The Justice Department filed lawsuits designed to establish the principle that a director of a major bank cannot also simultaneously be a director of a major insurance company without violating the antitrust laws. The department argued that the two businesses were competitors in many ways. In two separate lawsuits, the Justice Department challenged directorship arrangements involving three of the nation's largest banks -- the Bank of America, Bankers Trust and Crocker -- and four of the largest insurance companies -- Prudential, Metropolitan Life, Equitable and Mutual Life. [New York Times]
- African and Arab delegates denounced Daniel Patrick Moynihan, the chief United States delegate to the United Nations, in the General Assembly for his use of the term "racist murderer" to describe President Idi Amin of Uganda. Mr. Moynihan had done so in a speech in San Francisco last Friday in protesting a demand for the extinction of Israel made by President Amin. [New York Times]
- Many European economic specialists warned that the value of the dollar abroad, the international level of interest rates and even world stock markets might be affected by financial default by New York City. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 819.55 (+6.34, +0.78%)
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* |
| 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 |
| September 24, 1975 | 826.19 | 85.74 | 16.06 |
| September 23, 1975 | 819.85 | 84.94 | 12.80 |
| September 22, 1975 | 820.40 | 85.07 | 14.75 |