News stories from Monday October 28, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- At the Watergate cover-up trial, E. Howard Hunt, one of the seven men who were allegedly paid off to keep silent about the break-in, testified that until now he had withheld the "entire truth" on the subject. Mr. Hunt said he lied to the Watergate grand jury in the spring of 1973, and to the Senate Watergate committee in September, 1973. [New York Times]
- Vice President-designate Nelson Rockefeller has announced a new list of loans made to friends, associates and family members. The total in the last 17 years comes to $507,656, of which $147,733 has not been repaid. The new list is in addition to an earlier one listing gifts, some in the form of forgiven loans, to past or present officials and staff members, which amounted to a total of about $2 million. [New York Times]
- As World War II ended, Washington embarked on an unusual and far-reaching program to feed millions of hungry people overseas, at little or no cost to the recipients. Now, with even more people in desperate need of food, Washington is quietly winding down its "Food for Peace" programs. One program, ended a year ago, was the shipment of powdered milk, upon which millions of children depended. [New York Times]
- The Federal Energy Administration has published two regulations that could force some international oil companies to cut gasoline and oil prices temporarily by a penny or two a gallon. The regulations deal with "transfer" prices paid by American oil companies for imported crude oil purchased from their foreign affiliates. The agency estimated that of the 16 million barrels of oil consumed daily in this country, about three million are bought by refiners from their foreign affiliates. [New York Times]
- Arab heads of state including Jordan's King Hussein have unanimously issued a declaration calling for the creation of an independent Palestinian state and recognizing the Palestine Liberation Organization as the "sole legitimate representative of the Palestine people." The decision was a victory for Yasser Arafat, the Palestinian leader. [New York Times]
- Secretary of State Kissinger has called on India, as the newest nuclear power, to join the United States and other nations in an effort to prevent the spread of nuclear technology that could be used in weapons. In a major speech in New Delhi, Mr. Kissinger urged India to support efforts to drive down the price of oil at this time of food crisis, reminding his audience that high prices directly affected food prices. [New York Times]
- Saudi Arabia plans to announce shortly a modest unilateral reduction in the price of her oil and the freezing of the price at its new level for a year according to an Arab source at the Rabat, Morocco, meeting of Arab leaders. The cut, said to be less than 10 percent, will be announced next week and other oil-producing countries are expected to announce similar reductions soon afterward. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 633.84 (-2.35, -0.37%)
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 25, 1974 | 636.19 | 70.12 | 12.65 |
| October 24, 1974 | 636.26 | 70.22 | 14.91 |
| October 23, 1974 | 645.03 | 71.03 | 14.20 |
| October 22, 1974 | 662.86 | 73.13 | 18.93 |
| October 21, 1974 | 669.82 | 73.50 | 14.50 |
| October 18, 1974 | 654.88 | 72.28 | 16.46 |
| October 17, 1974 | 651.44 | 71.17 | 14.47 |
| October 16, 1974 | 642.29 | 70.33 | 14.79 |
| October 15, 1974 | 658.40 | 71.44 | 17.06 |
| October 14, 1974 | 673.50 | 72.74 | 19.77 |