News stories from Tuesday October 22, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The adjusted Consumer Price Index rose 1.2 percent in September. Food led the way with 1.9 percent, while other commodities showed their smallest increases of the year. The index reached 151.9 percent of average prices compard to the base year of 1967, according to the Labor Department. "Real" spendable earnings of typical workers rose slightly after adjustment. [New York Times]
- President Ford contended in a political speech in Oklahoma City that a wide Democratic margin in Congress after the Nov. 5 election would threaten chances for a bipartisan foreign policy and could jeopardize peace. But Republican leaders in cities he visited in a two-day swing acknowledged that he had not stirred the enthusiasm they sought to help faltering Republican candidates. [New York Times]
- John Dean, testifying under cross-examination in the Watergate cover-up trial, admitted that he had withheld damaging information for many months after he said he had told the authorities everything he knew. He acknowledged concealing his destruction of two notebooks of E. Howard Hunt. The questioning was by John Wilson, lawyer for H.R. Haldeman. Mr. Wilson sought to imply that Mr. Dean was not a credible witness now in the current trial. [New York Times]
- Vice President-designate Nelson Rockefeller said he would not answer press questions requiring research until after he appears before congressional committees weighing his nomination. He said it was "physically impossible" to do such research and fulfill his obligations to his family and to the committees for which he must complete his preparation. [New York Times]
- The Federal Energy Administration's unpublished analysis of ways to achieve national self-sufficiency in energy suggests a strong conservation effort including mandatory federal standards for cars, appliances and buildings. It supports drilling in the Atlantic for oil and gas rather than crash programs to tap new sources such as shale oil and solar heat. It suggests forbidding oil heat for new homes, to encourage demand for electricity generated by steam boilers, fueled by the country's tremendous coal reserves. [New York Times]
- The Canadian government announced tighter regulations for new immigrants. They are designed to make entry more difficult for the prospective settler who does not have a job waiting for him. The principal impact is expected to be on the flow of non-white immigrants. The government has been concerned over steeply rising numbers and changing racial patterns in the flow of immigrants. [New York Times]
- Mikhail Suslov, chief ideologist of the Soviet Union, told a Tashkent audience that the economic crisis in the West had strengthened Communist and other leftist parties in a number of countries. Domestically, he mentioned "quite a few shortcomings" in the economy and lingering nationalist influences in the republics. [New York Times]
- A Palestinian delegate, Faruk Kaddoumi, made the only speech from the floor before a meeting in Rabat of Arab League foreign ministers went into closed-door sessions to prepare a conference of Arab leaders. Mr. Kaddoumi stressed the Palestinian right to set up an "independent authority" on the West Bank of the Jordan River, disputing Jordan's position on this issue. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 662.86 (-6.96, -1.04%)
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 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 |
| October 11, 1974 | 658.17 | 71.14 | 20.09 |
| October 10, 1974 | 648.08 | 69.79 | 26.36 |
| October 9, 1974 | 631.02 | 67.82 | 18.82 |
| October 8, 1974 | 602.63 | 64.84 | 15.46 |