News stories from Wednesday November 27, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Arthur Burns, chairman of the Federal Reserve Board, predicted a "permanent decline of our nation's economic and political power" unless world oil prices could be forced down, mainly through a new oil conservation effort in this country. In grim testimony before a congressional committee, he suggested as possible approaches to energy conservation "a sizable tax on gasoline, or on imported oil, or on automobiles according to their weight or horsepower." [New York Times]
- James Neal, chief prosecutor at the Watergate cover-up trial, wound up his long and often bitter cross-examination of former Attorney General John Mitchell with the charge that he was "stonewalling" and hiding the truth. Mr. Mitchell heatedly denied the charges. In answering many questions, he said that he could not recall; to others he said that some allegedly perjurious testimony was "literally true." [New York Times]
- An official recount in New Hampshire of the United States Senate vote showed the Democratic candidate, John Durkin, the winner by 10 votes over Representative Louis Wyman, a Republican. Mr. Wyman said he would appeal the decision to the state's three-member ballot law commission. [New York Times]
- Dr. Christiaan Barnard, the South African heart transplant surgeon, is encouraged but not yet reporting success for the operation on Monday in which he gave a patient a second heart. In a telephone interview at his Cape Town home, he said he was eager to do the same operation on a waiting patient as soon as a suitable donor is found. He said the two hearts beat independently at different rates. [New York Times]
- Burton Pugach, who was convicted 13 years ago of hiring three thugs to blind his girlfriend, Linda Riss, so that "no one else will want you," married her today. She had terminated their engagement when she found out that he was married. While he was in prison his wife divorced him. Released in March, he proposed marriage to Miss Riss on a television program she saw. The lye attack left her legally blind but she reportedly has some sight in one eye. [New York Times]
- Shafiq al-Hout, who heads the Palestine Liberation Organization's office in Beirut, announced that the organization had arrested 26 persons in Lebanon and other Arab countries on suspicion of involvement in the hijacking of a British airliner to Tunis last weekend. He said at a news conference that they would be tried in open court and that such incidents harmed the Palestine cause. [New York Times]
- Criticism of the tentative arms control agreement reached by President Ford and Leonid Brezhnev has begun to develop in Washington, with some administration officials expecting a fight in Congress. The chief focus of the critics was on letting each side place multiple warheads on more than 1,200 of its missiles. Since the Russians have developed larger land-based missiles than the United States, some experts said that with multiple warheads they might be able to endanger American missile sites. [New York Times]
- By a 56 to 54 vote, the General Assembly decided to let the Cambodian government of President Lon Nol keep its seat in the United Nations in the face of a campaign to seat the representatives of Prince Sihanouk's rival government-in-exile. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 619.29 (+2.03, +0.33%)
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 26, 1974 | 617.26 | 69.47 | 13.60 |
| November 25, 1974 | 611.94 | 68.83 | 11.30 |
| November 22, 1974 | 615.30 | 68.90 | 13.02 |
| November 21, 1974 | 608.57 | 68.18 | 13.82 |
| November 20, 1974 | 609.59 | 67.90 | 12.43 |
| November 19, 1974 | 614.05 | 68.20 | 15.72 |
| November 18, 1974 | 624.92 | 69.27 | 15.23 |
| November 15, 1974 | 647.61 | 71.91 | 12.48 |
| November 14, 1974 | 658.40 | 73.06 | 13.54 |
| November 13, 1974 | 659.18 | 73.35 | 16.04 |