News stories from Friday November 1, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Unemployment, increasing to 6 percent of the work force in October, was at its highest level in nearly three years. Labor Department figures indicated that there were fewer jobs in October for virtually every work group. The unemployment rate for adult white males, the group least prone to unemployment, rose to 3.9 percent from 3.5 percent. This was regarded as a very large increase for a single month. [New York Times]
- President Ford interrupted a political trip on the West Coast to visit former President Nixon in the intensive care section of Memorial Hospital Medical Center in Long Beach, Calif. Mr. Ford stayed eight minutes with the former President, and said afterward that "it was very obvious to me that he has been very, very ill." He also said that he gave Mr. Nixon a briefing on Secretary of State Kissinger's current diplomatic trip abroad. [New York Times]
- "We can't get rid of this burden," said a campaign aide to Houston Flournoy, the Republican candidate for the California governorship, when it became apparent that President Ford would visit former President Richard Nixon in the hospital. Mr. Ford's visit to California to help campaigning Republicans has demonstrated how the burden of Watergate continues to cling to both the new President and the Republican party. The Flournoy campaign aides made it plain that the hospital visit would be one more painful reminder of what was causing Mr. Flournoy to run behind his Democratic opponent, Jerry Brown. [New York Times]
- Harold Nelson and David Parr, two former leaders of the country's largest dairy cooperative, were sentenced to four months in prison for bribing politicians they believed could influence milk price decisions in the White House and Congress. Judge George Hart of Federal District Court in Washington fined each man $10,000, but suspended all but four months of their three-year sentences. [New York Times]
- In the wake of violent clashes between anti-government demonstrators and the police in Saigon, several opposition leaders denounced President Nguyen Van Thieu and Mr. Thieu assailed his domestic opponents as lackeys of the Communists. Duong Van Minh, a retired general about whom sections of the opposition are rallying, said in a statement that Mr. Thieu's government was "a regime that has completely lost the confidence of the people." [New York Times]
- Turkish Cypriotes are resettling in a large section of Cyprus occupied last summer by the Turkish army. One of the key questions about the future of Cyprus is whether the Greek Cypriote refugees who fled the Turkish invasion will be allowed to return to their homes. Thousands of Greek-owned houses, farms and businesses have already been taken over by Turkish Cypriotes who have moved into the occupied areas. [New York Times]
- Alberto Villar, Argentina's federal police chief, and his wife were killed when a bomb blew their cabin cruiser 30 feet out of the water. He was Argentina's equivalent of the director of the Federal Bureau of Investigation, and was widely dreaded, even by his own men, for his harsh tactics. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 665.21 (-0.31, -0.05%)
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 31, 1974 | 665.52 | 73.90 | 18.84 |
| October 30, 1974 | 673.03 | 74.31 | 20.13 |
| 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 |