News stories from Monday November 3, 1975

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

Vice President Rockefeller told President Ford that he would not be his running mate in 1976, and added to the sudden upheaval in the administration. Mr. Rockefeller disclosed his decision in a letter to Mr. Ford which he delivered to the White House this morning. Mr. Ford and Mr. Rockefeller then had a 20-minute meeting in an atmosphere described by the White House press secretary as "extremely cordial." The letter gave no reason for Mr. Rockefeller's decision. But a source close to the President said that Mr. Rockefeller would inevitably have had to step aside because he had become "detrimental" to Mr. Ford's efforts to win the Republican Party nomination. Members of Mr. Rockefeller's staff and other associates said that he was growing increasingly uncomfortable in his role as Vice President. [New York Times] President Ford announced that he would nominate Elliot Richardson, now Ambassador to Britain, to replace Rogers C. B. Morton as Secretary of Commerce and confirmed other major changes in his administration in a nationally televised news conference. Mr. Ford said he "wanted a team that was my team" as he discussed a major shakeup in the national security hierarchy. Among the changes was the nomination of Donald Rumsfeld, the White House chief of staff, to succeed James Schlesinger as Secretary of Defense, and Richard Cheney as Mr. Rumsfeld's successor. [New York Times] Voting 23 to 16, the House Banking Committee approved legislation authorizing $7 billion in loan guarantees to New York City before or after default. The legislation thus passed its third consecutive test in Congress and continued to gain support under pressure from the Democratic leadership, despite the determined opposition of conservatives and moderates in both parties. The legislation would require New York state to levy taxes equal to one-third of the city's deficit, a restructuring of the municipal debt and renegotiation of wages and pensions. [New York Times] "On to the streets! On with the leaflets!" shouted City Council President Paul O'Dwyer, and a crowd of placard-carrying officials swarmed into crowds in midtown to urge support of the women's rights amendment that will be on the New York State ballot tomorrow. New York City voters will also decide whether to adopt 10 amendments to the City Charter. [New York Times] Gen. Daniel Graham, chief of the Defense Intelligence Agency which coordinates military intelligence, has resigned because, according to defense and intelligence officials, he felt personally associated with the administration of Defense Secretary James Schlesinger, who has been dismissed by President Ford. His resignation was voluntary, officials said. [New York Times] Generalissimo Francisco Franco of Spain underwent a three-hour emergency operation to halt large-scale hemorrhaging in the stomach and doctors said early today that his vital signs had become normal but "the prognosis is very grave." General Franco, 82 years old, has been battling for his life since he was stricken with an acute heart ailment Oct. 21. He is being treated by a team of 24 physicians at Pardo Palace in Madrid. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 825.72 (-10.32, -1.23%)
S&P Composite: 88.09 (-0.95, -1.07%)
Arms Index: 1.78

	Issues	Volume*
Advances	444	2.09
Declines	915	7.68
Unchanged	445	1.63
Total Volume		11.40

* 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
Date	DJIA	S&P	Volume*
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
October 22, 1975	849.57	90.71	16.06
October 21, 1975	846.82	90.56	20.80
October 20, 1975	842.25	89.82	13.25