News stories from Wednesday November 5, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Voters in various parts of the country indicated a preference for curbs on government spending by rejecting most bond proposals in Tuesday's elections, sometimes apparently in reaction to New York City's financial crisis. They rejected $5.87 billion of the $6.33 billion in proposals, with Ohio's turndown of $4.5 billion in proposals accounting for most of the amount. [New York Times]
- Democrats won most of the major contests in Tuesday's state and local elections, with Republicans showing a bit more strength than they did a year ago and incumbents running well in most areas. Democrats won governorships in Kentucky and Mississippi and mayoral races in Philadelphia, Boston, Baltimore and Gary, Ind. No discernible national pattern emerged, and few politicians saw any augury for 1976. [New York Times]
- Supporters and opponents of the equal-rights amendments proposed to the New York and New Jersey state constitutions agreed that it was women, not men, who defeated them in both states. They also agreed that the stunning defeat was a psychological blow to the women's movement and to public figures such as Representative Bella Abzug who are identified with it. Opponents in both states announced drives to repeal their ratification of the federal equal rights amendment. [New York Times]
- In a surprise move, Robert Sarnoff resigned effective Dec. 31 as chairman and a director of the RCA Corporation. The company said he had indicated he would "pursue other interests of a personal nature." The board promptly named Anthony Conrad, president and chief operating officer, to become chief executive officer immediately, leaving the chairmanship vacant, at least for now. [New York Times]
- The 66-year-old National Association for the Advancement of Colored People is in grave financial trouble, barely meeting payrolls and failing to meet increasing legal expenses. Officials insist there is no danger of its closing but inside sources say that a deficit of nearly $250,000 is reaching a point that could imperil its vital programs. [New York Times]
- Governor Carey of New York formally asked the Federal Reserve Bank for a 90-day loan of $576 million to avert "imminent default" in four state agencies over the next three months. He said the agencies had been shut out of the credit markets because of the "contagion" of New York City's fiscal crisis. [New York Times]
- Mayor Beame said at the National Press Club in Washington that President Ford's rejection of federal help for New York reflected a philosophy that had triggered hatred, disunity and confusion by portraying the city as a pariah. He pleaded for federal loan guarantees as the key to the city's fiscal salvation. [New York Times]
- Prime Minister Harold Wilson presented a new economic program for Britain revoking for at least five years the policies that successive governments have endorsed since the end of World War II. Nationalized health care and heavily subsidized housing would yield priority to aid to industry. He said that the objective of the program "is to transform a declining economy into a high output, high earning economy." [New York Times]
- King Hassan II ordered the 350,000 unarmed Moroccans who have gathered near the border of Spanish Sahara to move into the colony today and claim it. The Moroccan ruler gave the order despite Spain's warning that it would repel any invasion. He told his subjects to be friendly toward Spanish civilians and soldiers but to continue the march in case of resistance. [New York Times]
- The government radio of Bangladesh announced the resignation of Khandaker Moshtaque Ahmed, who became President in a coup d'etat in August. It said Chief Justice A.M. Sayem would be sworn in as President. His designation was thought to show that the military junta would still be in control but that it sought at least the semblance of a civilian government. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 836.27 (+6.14, +0.74%)
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 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 |
| October 22, 1975 | 849.57 | 90.71 | 16.06 |