News stories from Thursday November 7, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Federal Judge John Sirica ruled that the special prosecution had provided sufficient proof of the authenticity of 26 White House tape recordings to enable it to introduce them as evidence at the Watergate cover-up trial. His ruling, made over the objections of defense lawyers, was one of several developments in the trial. [New York Times]
- President Ford may be having second thoughts about his announced intention to nominate Andrew Gibson as Federal Energy Administrator. Ron Nessen, the press secretary, confirmed at a press briefing that Mr. Ford and his staff did not know on Oct. 29, the day Mr. Ford made the announcement, that Mr. Gibson had a 10-year employment separation contract paying $88,000 a year with a company that operates oil tankers and is half-owned by Cities Service, a large oil company. [New York Times]
- "Who said I was optimistic. Do I look optimistic? I'm disillusioned," George Meany replied at a news conference when he was asked if he was more optimistic about dealing with the expanded majorities in the next Congress. He scorned suggestions that the Democrats will have a mandate in the new Congress and challenged the sincerity of the Senate majority leader, Mike Mansfield, and others for advocating mandatory wage and price controls. [New York Times]
- The administration apparently made a major reversal in policy when a Justice Department official said the government now opposed establishing minimum price guidelines for trans-Atlantic charter air fares. The guidelines were one of seven specific steps that President Ford less than two months ago recommended that government take to help Pan American World Airways avoid a serious financial crisis. The guidelines were adopted by the Civil Aeronautics Board two weeks ago. [New York Times]
- The government proposed to force food advertisers who assert that their products are nutritional to meet minimum standards of quality and to make extensive disclosures of important ingredients. The proposal, if adopted by the Federal Trade Commission, would require detailed substantiation in advertisements of such phrases as "packed with vitamins" and "more wholesome than brand X." [New York Times]
- In what was regarded as a major accomplishment at the World Food Conference in Rome, the principal grain-producing nations -- including the United States, the Soviet Union and China -- have agreed to consider a program to limit their foreign sales in an effort to free grain supplies for emergency aid to hungry people. [New York Times]
- China, in an apparent policy change, informed the Soviet leadership of her interest in a non-aggression pact with Moscow, but linked the idea to the separation of military forces along their disputed frontier. The Chinese message said the idea of a non-aggression pact was part of an agreement between Premier Chou En-lai and Premier Aleksei Kosygin when they last met in Peking in 1969. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 671.93 (+2.81, +0.42%)
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 6, 1974 | 669.12 | 74.75 | 23.93 |
| November 5, 1974 | 674.75 | 75.11 | 15.96 |
| November 4, 1974 | 657.23 | 73.08 | 12.74 |
| November 1, 1974 | 665.21 | 73.88 | 13.47 |
| 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 |