News stories from Wednesday August 28, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Ford ruled out the re-imposition of wage and price controls in combating inflation. At his press conference he said he would consider a massive public employment program, responding "with compassion and action" if necessary. Meanwhile he urged federal and individual belt-tightening as under President Nixon. [New York Times]
- Nelson Rockefeller, the Vice President designate, met in Washington with Republican party chairmen from 12 of 13 Southern states. He said as he emerged that it had been "very friendly." Clark Reed of Mississippi, chairman of the group, added that "we expect him to be down there more than the rest of the country." He said he thought Rockefeller could do much to erase the image of the "bad, rich Yankee" and help reconcile the North and the South. [New York Times]
- President Ford agreed with the view that former President Richard Nixon had been punished enough for the Watergate scandals. He said that until any legal process was undertaken, it would be untimely to commit himself on protection from prosecution or a pardon. At his first presidential news conference, he said that Leon Jaworski, the special prosecutor, had the responsibility for acting as he saw fit against "any and all individuals." [New York Times]
- Chief Justice Warren Burger denied the request of John Ehrlichman that the Watergate conspiracy trial be postponed until next year. The move virtually assured that the trial will open on schedule in Washington on Sept. 30. [New York Times]
- New York City is negotiating to buy the bankrupt Penn Central Railroad's 100-acre Mott Haven yard in the South Bronx for conversion to an industrial park, at a price in the area of $10 million to $12 million. Senator Jacob Javits, in whose office here public and private agencies and legislators have met several times on the subject, said he wanted to make the neighborhood "my pet project and bring it the kind of self-help effort that Senator Bobby Kennedy got started in Bedford-Stuyvesant." [New York Times]
- President Ford said that any United States move to improve relations with Cuba would be taken in concert with the Organization of American States. He said it was up to Cuba to change her policy first. His reply to a question at his first formal presidential news conference came as moves were under way in the O.A.S. to lift its 1974 embargo on trade and diplomatic relations with the Castro regime in Cuba. [New York Times]
- Jubilant South Vietnamese officials announced that the first traces of oil had been discovered 190 miles south of Saigon's coastal resort city of Vung Tau. It was the first exploratory hole of uncertain potential, drilled by a joint venture of Shell and Cities Service. Three other concerns hold exploration rights in a vast area off the coast and are expected to start drilling soon. [New York Times]
- A Moscow announcement said abruptly without explanation that the two-man spaceship Soyuz had landed safely. A link-up with the orbital station Salyut had been expected. Western scientific observers concluded that the spacecraft's docking mechanism might have failed, or that Salyut's condition may have deteriorated seriously since it was orbited last June. [New York Times]
- The 83-year-old father-in-law of President Luis Echeverria Alvarez of Mexico has been kidnapped, according to the police in Guadalajara. They said that four armed bandits had intercepted the car of J. Guadalupe Zuno Hernandez, beaten off his chauffeur and taken him away in another vehicle. It brings a test for the President's policy of not negotiating with kidnappers. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 666.61 (-4.93, -0.73%)
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 27, 1974 | 671.54 | 70.94 | 12.97 |
| August 26, 1974 | 688.13 | 72.16 | 14.63 |
| August 23, 1974 | 686.80 | 71.55 | 13.59 |
| August 22, 1974 | 704.63 | 72.80 | 15.69 |
| August 21, 1974 | 711.59 | 73.51 | 11.65 |
| August 20, 1974 | 726.95 | 74.95 | 13.82 |
| August 19, 1974 | 721.84 | 74.57 | 11.67 |
| August 16, 1974 | 731.54 | 75.67 | 10.51 |
| August 15, 1974 | 737.88 | 76.30 | 11.13 |
| August 14, 1974 | 740.54 | 76.73 | 11.75 |