News stories from Tuesday November 4, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A pressure group against the Ford administration's plans to transfer control of the American-built Panama Canal to the Republic of Panama is gradually growing and includes two potential presidential candidates -- Ronald Reagan and George Wallace. A concerned government official in Washington said the "Panama Canal lobby" confronts the administration with a serious problem. What it lacks in cohesiveness of its disparate elements it makes up for in virulent rhetoric. [New York Times]
- A nationwide public opinion poll last weekend by The New York Times and CBS News indicated that most Americans disagree with President Ford's assumptions that New York City's financial crisis is a special case and that default would have only local impact. By margins of more than 2 to 1, those surveyed said New York's problems resembled those of other cities and that default would have an impact on the national economy. Among Republicans, a majority felt the impact would be national. [New York Times]
- Senator Frank Church, head of a committee investigating federal intelligence agencies, rejected President Ford's request that the panel keep secret its findings of Central Intelligence Agency involvement in attempts to assassinate foreign heads of state. He wrote to Mr. Ford, noting the committee's vote to submit the report to the full Senate and, if it did not object, to make it public. The White House said the President would appeal to each Senator to keep the report confidential. [New York Times]
- White House officials close to both men said Vice President Rockefeller would campaign actively for President Ford's nomination as the Republican candidate next year. It was reported that before Mr. Ford's Monday night news conference he telephoned Mr. Rockefeller to ask if he could count on active and continued political support and received an affirmative answer. However, sources close to Mr. Rockefeller said he would not campaign with any great enthusiasm for Mr. Ford. [New York Times]
- The equal rights amendment proposals to the state constitutions of New Jersey and New York were defeated in New York and New Jersey despite New York City's support for the measure. A lead for the proposal in the city appeared to be overcome upstate where voters were turning out in relatively larger numbers. [New York Times]
- New Jersey voters overwhelmingly rejected the bond issue proposed by Governor Byrne and the legislature. The Democratic Governor's setback was softened by the party's success in holding firm to their lopsided majority in the elections to the state Assembly. [New York Times]
- Voters turned out in surprisingly large numbers for an off-year election in many parts of the country. Democratic incumbents won in Kentucky and Philadelphia. The Republican incumbent in Cleveland was easily re-elected, while in Boston the Democratic incumbent scored a narrow victory. Women lieutenant governors were elected to office in both Kentucky and Mississippi. [New York Times]
- Dr. Arthur Burns, chairman of the Federal Reserve Board, told the Senate Banking Committee that he was not yet convinced of a clear need for federal financial aid to New York City. He said his concern over possible consequences of a default had increased in the last three months and again in the last three weeks, but he did not yet believe it would be wise for Congress to pass legislation aiding the city. He discounted various pessimistic predictions about the consequences of default. [New York Times]
|
Stock Market Report
Dow Jones Industrial Average: 830.13 (+4.41, +0.53%)
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 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 |
| October 21, 1975 | 846.82 | 90.56 | 20.80 |