News stories from Wednesday October 30, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Former President Nixon showed "some improvement" after three blood transfusions under intensive care in the Memorial Hospital Medical Center in Long Beach, Calif., his physician said. His internal bleeding had apparently stopped but he remained on the critical list. A hospital source said Mr. Nixon's heart did not suffer cardiac arrest while in shock on Tuesday. Ron Ziegler, his former press secretary, told reporters that "We almost lost President Nixon [this] afternoon." [New York Times]
- Ford Motor company's profits for the third quarter were down. The auto industry is in trouble. Chrysler Corporation chairman Lynn Townsend blamed President Ford for the lack of automobile sales. General Motors Vice President Thomas Murphy stated that the President meant only for Americans to show prudence in buying. [CBS]
- White House officials and others close to President Ford say that he will make sweeping cabinet changes between Tuesday's election and Jan, 1, replacing some but not all Nixon appointees. Secretary of State Kissinger, Interior Secretary Rogers C.B. Morton and Treasury Secretary William Simon are virtual certainties to remain, at least for a number of months. There is disagreement as to whether Defense Secretary James Schlesinger will be replaced, but no such move is imminent according to several of the sources. [New York Times]
- Productivity for the third quarter was down, but labor costs soared 13.9% during the quarter; more unemployment could result. [CBS]
- The recession in which Wall Street, the automobile and the construction industries have been mired all year is spreading into industries producing goods such as appliances, textiles, television sets, furniture, lumber and semiconductors. Corporate executives are cutting investment in new plants and equipment. Many economists do not expect recovery before late in the summer of 1975. [New York Times]
- Evidence of negligence in the design and development of the DC-10 was offered in federal court in Los Angeles by a lawyer for plaintiffs in the crash near Paris in March of a Turkish Airlines DC-10 killing 346. Lee Kreindler contended that a subcontractor had given early warning that there would be structural failure if a DC-10 lost its cargo door. [New York Times]
- President Nguyen Van Thieu of South Vietnam removed three army corps commanders accused of corruption. This apparent bow to opposition pressure was spurned by Rev. Tran Huu Thanh, a Catholic priest who has been spearheading an opposition coalition. Policemen offset any impressions of softness by raiding the National Press Club and barring the priest's supporters from downtown Saigon. The priest was hurt trying to hold back some of his stone-throwing supporters. [New York Times]
- Secretary of State Kissinger was preoccupied with Middle East developments as he flew from New Delhi to Dacca, capital of Bangladesh. He said he did not think the decisions at Rabat to give increased status to the Palestine Liberation Organization had foreclosed further Arab-Israeli negotiations. He planned urgent consultations with both sides. [New York Times]
- Yasser Arafat, the Palestinian leader, will meet with the leaders of Egypt, Syria and Jordan to coordinate strategy against Israel -- political and military. King Hassan II of Morocco indicated that the Palestinians might have agreed at the Arab conference in Morocco to let King Hussein try to negotiate with Israel for a first-stage military disengagement from the West Bank. [New York Times]
- Dutch marines and police units stormed the prison chapel at Scheveningen near The Hague and liberated 15 hostages who had been held for four days by four convicts. The surprise move at 4 A.M. was carried out without injuries, a government spokesman said; the captors were arrested. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 673.03 (+13.69, +2.08%)
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 29, 1974 | 659.34 | 72.83 | 15.61 |
| October 28, 1974 | 633.84 | 70.09 | 10.54 |
| 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 |