News stories from Wednesday October 15, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Ford's chief of staff has asked the Secret Service for a full report explaining why the President's limousine was struck broadside by another vehicle in Hartford. The Hartford police took the blame for leaving an intersection uncovered, which allowed the car that struck the President's to go through. [New York Times]
- A report from the special Watergate prosecutor's office said responsibility for erasure of the key recorded conversation between former President Nixon and his chief of staff, H.R. Haldeman, about the Watergate break-in in 1972 had not been established. It concluded that "a very small number of persons" were responsible but the investigators were unable to get enough evidence to prosecute any one individual. The report, also listing other unresolved questions, is not final because Attorney General Edward Levi has ordered the office to be kept intact for appeals and a few pending matters. [New York Times]
- The Commerce Department reported a rise in business inventories in August following six months of massive inventory liquidation, as further evidence of economic recovery. Reflecting an earlier pickup in sales, both retailers and wholesalers substantially increased their stocks more than offsetting continued inventory reduction by manufacturers. This all but guarantees a strong rise in the gross national product for the third quarter. [New York Times]
- In sharp contrast to Secretary of State Kissinger's expressed confidence in the outcome of the talks with the Soviet Union on strategic arms limitations, several authoritative administration officials say the talks are in trouble. Among the unresolved issues that some believe are of first-order importance are the Soviet Backfire bomber, the American air-breathing cruise missile and the definition of a large missile. Some of these issues arose because they were not properly considered at the Vladivostok negotiations last November. [New York Times]
- Renewed violent clashes in downtown Beirut between right-wing Christian strongmen and Palestinians emptied the streets, closed banks that had reopened Tuesday and caused 12 reported deaths. It came as Arab foreign ministers were meeting in Cairo to consider the Lebanese crisis. Syria, Libya and Palestine Liberation Organization boycotted the meeting. The Christian Phalangist party in Lebanon is seeking to reopen the question of Palestinian guerrilla presence in the country. [New York Times]
- President Giovanni Leone sent Italy's Parliament the first state of the union message in 12 years, reporting dire conditions of corruption, crime, bureaucracy, absenteeism and a host of other ills. His aides said he broke the traditional presidential silence because of a general crisis in Italy and his feeling that although he should be above politics he should tell members to open their eyes to the problems and tackle them. There were indications that he was hoping to revitalize his faltering Christian Democratic party. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 837.22 (+1.97, +0.24%)
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 14, 1975 | 835.25 | 89.28 | 19.96 |
| October 13, 1975 | 837.77 | 89.46 | 12.02 |
| October 10, 1975 | 823.91 | 88.21 | 14.88 |
| October 9, 1975 | 824.54 | 88.37 | 17.77 |
| October 8, 1975 | 823.91 | 87.94 | 17.80 |
| October 7, 1975 | 816.51 | 86.77 | 13.53 |
| October 6, 1975 | 819.55 | 86.88 | 15.47 |
| October 3, 1975 | 813.21 | 85.95 | 16.36 |
| October 2, 1975 | 794.55 | 83.82 | 14.29 |
| October 1, 1975 | 784.16 | 82.93 | 14.07 |