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Wednesday January 8, 1975
. . . where the 1970s live forever!

News stories from Wednesday January 8, 1975


Summaries of the stories the major media outlets considered to be of particular importance on this date:

  • Judge John Sirica ordered the immediate release of John Dean, Herbert Kalmbach and Jeb Magruder, reducing the sentences of these major Watergate figures to time already served. The judge's order, which came as a surprise to the men, their lawyers and the prosecution, gave no reason beyond citing motions previously filed in their behalf. It was generally believed their cooperation with the prosecution and in the Watergate cover-up trial strongly influenced his decision. [New York Times]
  • President Ford will announce within the next two weeks an economic program differing considerably from his hands-off policies proposed in October, the White House indicated. Ron Nessen, White House press secretary, said Mr. Ford told a cabinet meeting the program was "tough, fully defendable," and "will give us the restoration of confidence that is essential for recovery." Alan Greenspan, chairman of his Council of Economic Advisers, briefing the cabinet, said an upturn was clearly not here. [New York Times]
  • Elmer Klassen announced that he would step down Feb. 15 as Postmaster General, and the governors of the semi-independent agency announced that Benjamin Bailer, his deputy, would succeed him. The White House said President Ford would nominate Betty Southard Murphy as the first woman member of the National Labor Relations Board and that following Senate confirmation she would become its chairman. [New York Times]
  • Washington officials said that President Ford would ask Congress for at least $300 million in military aid for South Vietnam in the current fiscal year, in addition to the $700 million already appropriated. They said he would propose $1.3 billion for the next year. Some officials said the request for this year was only partly related to the current Communist offensive. They cited Mr. Ford's earlier statement that $700 million was inadequate. They expressed confidence that with the new aid the Saigon government could survive without renewed American military intervention. [New York Times]
  • Glafkos Clerides, president of the Greek Cypriote House of Representatives, and Rauf Denktash, leader of the Turkish community on the island, reached agreement to resume negotiations to settle the island's future on the basis of a federal state. The Turkish leader had called off the talks shortly before Archbishop Makarios returned to Cyprus, saying they would be useless until the Archbishop had made his intentions clear. Previously the Archbishop had rejected a federal solution of the problem. [New York Times]
  • President Anwar Sadat of Egypt was quoted in a Beirut newspaper as having expressed dissatisfaction over the Soviet refusal to replace all arms the Egyptians lost in the 1973 Middle East war. In his interview, his first major comment on relations with the Soviet Union since the postponement of a visit by Leonid Brezhnev, the Soviet leader, he also expressed dissatisfaction over a Soviet refusal to supply advanced weapons to Egypt. [New York Times]
  • The official Soviet news agency rebutted speculation abroad about a Kremlin power struggle that might explain the recent absence of Leonid Brezhnev from public view. The unusual Tass response followed its report of the Soviet party leader's attending his mother's funeral in Moscow. Usually knowledgeable Western diplomats in Moscow had been unable to confirm rumors that he had leukemia, pneumonia, bronchitis, influenza or an abscessed tooth. [New York Times]


Stock Market Report

Dow Jones Industrial Average: 635.40 (-5.79, -0.90%)
S&P Composite: 70.04 (-0.98, -1.38%)
Arms Index: 1.84

IssuesVolume*
Advances6874.60
Declines7288.95
Unchanged3772.05
Total Volume15.60
* in millions of shares

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
DateDJIAS&PVolume*
January 7, 1975641.1971.0214.33
January 6, 1975637.2071.0717.55
January 3, 1975634.5470.7115.27
January 2, 1975632.0470.2314.80
December 31, 1974616.2468.5620.97
December 30, 1974603.2567.1618.52
December 27, 1974602.1667.1413.06
December 26, 1974604.7467.4411.81
December 24, 1974598.4066.889.54
December 23, 1974589.6465.9618.04


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