News stories from Wednesday November 12, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- William O. Douglas retired from the Supreme Court because of failing health after a record 36½ years on the Court as one of the most adamant and controversial defenders of the liberal view of the Constitution. There was immediate speculation on whom President Ford would appoint as a successor. He was said to be actively considering naming a woman. His choice was expected to be far more conservative. [New York Times]
- The Senate Banking Committee voted to kill President Ford's nomination of Ben Blackburn, a former Representative from Georgia, to head the Federal Home Loan Bank Board. Opponents said he was too insensitive to the needs and rights of minorities to serve in a post setting federal policy on equal access to home mortgage money. The White House said Mr. Ford would look for a new nominee. [New York Times]
- Gov. George Wallace of Alabama formally announced his candidacy for the 1976 Democratic presidential nomination. He said his key issue would be the "survival" of the average middle-class American in an "ultra-liberal" age. Referring to the lower trunk and leg paralysis he has suffered since the 1972 attempt on his life, he said that his health was excellent. [New York Times]
- Governor Carey, saying he had the word he was awaiting of a softened White House attitude toward aiding New York City, will reconvene a special legislative session tomorrow morning and ask enactment of the mix of new taxes and debt restructuring set by President Ford as the prerequisite for federal action before a default. He said he had heard from Treasury Secretary William Simon that if the state enacted his plan the President would in turn consider support for loan guarantees.
President Ford said he was encouraged by the fiscal progress being made by New York state and city and by municipal labor unions. He told a White House meeting of magazine publishers that he attributed the progress to his tough stand. As his administration gave its first sign that it was considering short-term aid, he said he still opposed aid to avert city default.
[New York Times] - New York state Comptroller Arthur Levitt rejected a tentatively arranged $35 million loan to Yonkers, but said other sources of funds might be available by Friday, when the city faces default. Governor Carey said banks might be encouraged to help if the legislature establishes an Emergency Financial Control Board, like New York's, for the city of Yonkers. [New York Times]
- Congress and the Ford administration reached agreement on a long-term national policy for regulating the price of crude oil produced in the United States. The measure would mandate lower prices for petroleum products over the next two years. The price of a gallon of gasoline would be cut by 3½ cents immediately and then permitted to rise gradually to be about what they are today by late 1977. [New York Times]
- A federal court in Chicago convicted Ralph Newman, a literary appraiser and expert on the written memorabilia of Abraham Lincoln, on two charges of lying about his role in helping former President Richard Nixon claim an illegal tax deduction of $450,000. Mr. Newman, who is president of the Chicago Public Library Board, did not take the stand or call witnesses. [New York Times]
- The United States offered a draft resolution in the Social, Humanitarian and Cultural Committee of the United Nations General Assembly demanding unconditional amnesty for persons detained because of peaceful dissent with the policies of their governments. The move was viewed by many delegates as a counter to the resolution approved by the General Assembly branding Zionism as racism and appeared aimed at Communist and third-world countries that voted for it. [New York Times]
- Soviet authorities denied permission to Andrei Sakharov, the dissident advocate of human rights, to go to Oslo to receive his Nobel Peace Prize. They invoked a danger to national security in allowing travel to the West by Mr. Sakharov, a physicist who played a key role in the development of the Soviet hydrogen bomb and was in secret research until 1968. He called the refusal damaging to detente and expressed the hope that world public opinion would speak out decisively enough to bring a reversal of the decision. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 852.25 (+13.70, +1.63%)
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* |
| November 11, 1975 | 838.55 | 89.87 | 14.64 |
| November 10, 1975 | 835.48 | 89.34 | 14.91 |
| November 7, 1975 | 835.80 | 89.33 | 15.93 |
| November 6, 1975 | 840.92 | 89.55 | 18.60 |
| November 5, 1975 | 836.27 | 89.15 | 17.39 |
| November 4, 1975 | 830.13 | 88.51 | 11.57 |
| November 3, 1975 | 825.72 | 88.09 | 11.40 |
| October 31, 1975 | 836.04 | 89.04 | 12.91 |
| October 30, 1975 | 839.42 | 89.31 | 15.08 |
| October 29, 1975 | 838.63 | 89.39 | 16.11 |