News stories from Tuesday October 29, 1974

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

Former President Nixon was on the critical list in Memorial Hospital Medical Center in Long Beach, Calif. Sudden intensive internal bleeding sent him into shock about six hours after surgeons completed an operation to combat a potentially lethal blood clot. A bulletin issued at 8:45 P.M. New York time said a stable vascular condition had been restored, indicating that his blood pressure at that time was back to normal or near-normal levels. [New York Times] The surgery was performed to a stop blood clot from breaking off and going to the former president's heart; Nixon is in stable condition now, though his basic ailment, chronic phlebitis, may not be helped much by today's surgery.Dr. William Wolff of the Beth Israel Medical Center in New York City discussed chronic phlebitis and stated that if special arrangements were made, Nixon could sustain a cross-country flight to testify at the Watergate cover-up trial. Nixon's attorneys requested that the White House immediately send tapes and documents which are needed for his testimony. A hearing regarding that request is set for tomorrow. [CBS] Testifying in the Watergate cover-up trial, Jeb Magruder, who was a deputy to one of the defendants, John Mitchell, at the Committee for the Re-election of the President, said Mr. Mitchell heard about -- and did not object to -- a plan to bug a hotel room that George McGovern was to occupy at the 1972 Democratic National Convention at Miami Beach. [New York Times] During cross-examination at the Watergate cover-up trial, E. Howard Hunt admitted that his latest book on Watergate is filled with lies. [CBS] Alfred Bello and Arthur Bradley, prosecution witnesses in the 1967 trial that convicted Rubin (Hurricane) Carter and John Artis of a triple murder, recanted their testimony in a Jersey City courtroom. They said they had lied under pressure from Passaic County detectives investigating the Paterson deaths. [New York Times] At an impromptu news conference, President Ford announced the resignation of Federal Energy Administration director John Sawhill. Atomic Energy Commission chairman Dixy Lee Ray will move to the State Department.Ford introduced the new members of his staff and denied that his administration and Sawhill were at odds, but made it clear that chief energy adviser Rogers Morton wanted Sawhill out. In an interview, Sawhill discussed his removal from the FEA. Sawhill said that he's not a politician, and perhaps his decisions weren't politically popular moves. On a related topic, President Ford said that stiff new quotas on oil may be imposed if America's dependence on oil can't be reduced voluntarily. [CBS] Attorney General William Saxbe said the Justice Department is investigating whether price-fixing or other illegal behavior may have caused recent increases in sugar, beef, eggs, tuna and other basic items. He asked Congress to repeal the federal law that permits "fair trade" laws now on the books in 39 states prohibiting sale of certain items below fixed prices. [New York Times] The index of economic indicators dropped 2.5% in September, the biggest drop in 23 years. [CBS] The Arab summit meeting in Rabat agreed on a program of aid to countries and forces confronting Israel -- $1 billion a year each to Egypt and Syria, $300,000 a year to Jordan and $50 million a year to the Palestine Liberation Organization, conference sources said. The Arab League will also make a single $150 million payment to Southern Yemen for the lease of the strategic Perim Island at the southern entrance to the Red Sea. The final communique marked the yielding of King Hussein of Jordan to the insistence of the others on recognition of the P.L.O. as sole representative of the Palestinian Arabs. [New York Times] The Labor government of Britain announced its legislative plans for more nationalization in a speech read in Parliament by Queen Elizabeth II. Proposals include state ownership of the shipbuilding and aircraft industries and a new national oil corporation to control development and profits of North Sea oil. In the debate that followed the ceremony, Edward Heath of the opposition Conservatives called the program "totally irrelevant" to Britain's problems. [New York Times] Secretary of State Kissinger discussed India's food shortage in New Delhi with senior officials. Diplomats said the United States tentatively would supply 500,000 tons of food grain on concessional terms. A senior Indian official said past troubles had been removed and a "mature and friendly relationship" achieved. They said Prime Minister Indira Ghandi's departure for Kashmir during the day was not a snub. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 659.34 (+25.50, +4.02%)
S&P Composite: 72.83 (+2.74, +3.91%)
Arms Index: 0.59

	Issues	Volume*
Advances	1,030	11.82
Declines	351	2.36
Unchanged	379	1.43
Total Volume		15.61

* 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 28, 1974	633.84	70.09	10.54
October 25, 1974	636.19	70.12	12.65
October 24, 1974	636.26	70.22	14.91
October 23, 1974	645.03	71.03	14.20
October 22, 1974	662.86	73.13	18.93
October 21, 1974	669.82	73.50	14.50
October 18, 1974	654.88	72.28	16.46
October 17, 1974	651.44	71.17	14.47
October 16, 1974	642.29	70.33	14.79
October 15, 1974	658.40	71.44	17.06