News stories from Thursday November 6, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- "Party squabbles" made him decide to withdraw as President Ford's running mate in 1976, Vice President Rockefeller explained at a nationally televised news conference in Washington. The squabbles, he said, arose from conservative opposition to his presence in the administration and caused President Ford difficulty. He said he believed Mr. Ford would be nominated by the Republican Party and added "he is my candidate." But his statements of support for Mr. Ford were viewed by many listeners as lukewarm. He sidestepped repeated opportunities to declare that he would not be a candidate if Mr. Ford's campaign for the nomination ran into trouble. [New York Times]
- Inflation increased in October as the nation's Wholesale Price Index moved up by 1.8 percent, the largest monthly Increase in a year, according to the Labor Department. The news surprised most government and private economists. It could mean an acceleration in consumer prices. [New York Times]
- The American Federation of Labor and Congress of Industrial Organizations opposed as regressive pending congressional legislation that would authorize loan guarantees to New York City. This erosion of expected support, coupled with the determined opposition of conservatives and some moderates in Congress, led House Speaker Carl Albert to postpone a floor debate on the bill, scheduled for Tuesday. The A.F.L.-C.I.O. opposed placing the city's fiscal affairs under a federal board that would have the power to cancel labor contracts, alter pensions and change the terms and conditions of municipal employment. If the labor group continues its opposition, the legislation is regarded as doomed. [New York Times]
- The state was not successful in raising $150 million which New York City needs to meet its debts through next week, but officials continued to express the conviction that the city would not default this month. [New York Times]
- Deep concern over the potential consequences of a New York City default has spread through the overseas banking community and could result in foreign withdrawals from New York banks if a default occurs. Many foreign bankers, according to interviews and a survey, also feel that a default would have a major negative impact on the international financial markets and might create problems in municipal financing in other parts of the world. [New York Times]
- A ceiling on immigration in Canada has been proposed by a joint parliamentary policy committee on the basis of public hearings held across the country on the sensitive immigration issue. The limit would be set annually for the ensuing year by the Immigration Department. The committee's report suggests that the figure might be as high as 150,000. The number of newcomers in recent years has ranged from 147,713 in 1970 to 218,465 in 1974. [New York Times]
- Tens of thousands of Moroccans, shouting the glory of Allah, entered Spanish Sahara this morning to carry out the attempt by King Hassan II to annex the colony without recourse to arms. They met no resistance and the area that the marchers intend to occupy appeared to have been totally deserted by Spanish troops. Whether their advance will continue unhindered depends on continuing diplomatic efforts and on whether Algeria, the major contesting party, will stand by idly while its rival and neighbor aggrandizes its territory. [New York Times]
- The House Intelligence Committee has obtained what its staff director, A. Searle Field, termed "substantial information" indicating an effort within the Ford administration to distort official American estimates of Soviet nuclear weapons strength and deployment. [New York Times]
- Lionel Trilling, a literary critic of international reputation and University Professor Emeritus at Columbia, died Wednesday of cancer at his home near the Columbia campus. He was 70 years old. [New York Times]
|
Stock Market Report
Dow Jones Industrial Average: 840.92 (+4.65, +0.56%)
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 5, 1975 | 836.27 | 89.15 | 17.39 |
| November 4, 1975 | 830.13 | 88.51 | 11.57 |
| November 3, 1975 | 825.72 | 88.09 | 11.40 |
| October 31, 1975 | 836.04 | 89.04 | 12.91 |
| October 30, 1975 | 839.42 | 89.31 | 15.08 |
| October 29, 1975 | 838.63 | 89.39 | 16.11 |
| October 28, 1975 | 851.46 | 90.51 | 17.06 |
| October 27, 1975 | 838.48 | 89.73 | 13.10 |
| October 24, 1975 | 840.52 | 89.83 | 18.12 |
| October 23, 1975 | 855.16 | 91.24 | 17.90 |