News stories from Monday October 27, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Generalissimo Francisco Franco remained critically ill. For five days, the 82-year-old Spanish Chief of State has gone from crisis to crisis in his fight against a heart illness, but his will to live seemed strong. [New York Times]
- Two major opposition groups in Spain -- one basically Socialist, one basically Communist -- are preparing a joint effort to assure that a "new, democratic Spain" will follow the end of the Franco regime. But they are divided on a key issue. The Socialists accept a succession of Prince Juan Carlos de Borbon as king, as General Franco arranged, but the Communists seek a provisional government and perhaps a referendum on a monarchy or a republic. [New York Times]
- A clandestine group of Spanish military officers predicted that a new civil war could follow the Franco era "if it becomes apparent that the only alternative is 40 more years of fascism." Two officials of the underground group said it had 900 members or supporters in the armed forces and was relying on the sympathy of thousands of others. [New York Times]
- Senator William Proxmire, chairman of the Senate Banking Committee, said he hoped to achieve the panel's approval tomorrow of a compromise measure to provide federal guarantees for New York City loans. The bill would grant $6 billion in federal guarantees that city and state officials say are needed to avert a city default by early December.
The prospect arose that New York City might default several weeks earlier than Dec. 1, the date now assumed. Leading state fiscal advisers said they had not yet found a source for $150 million that the state must give the city under a temporary rescue plan to meet the city's November debts.
[New York Times] - The Teamsters union has sold its services as bargaining agent for non-unionized policemen in 12 California municipalities, including San Diego. Organizations representing 2,300 policemen have signed "representation contracts" with the Teamsters in the last year, paying fees up to $190,000 a year. [New York Times]
- Dr. James S. Coleman urged a school desegregation program to permit black pupils in city schools to enroll in suburban schools. The sociologist spurred a controversy when he recently repudiated mandated busing after having done research that backed busing. [New York Times]
- In Westchester County, the City of Yonkers was informed that it might default next month largely because it borders New York City. Officials of nine banks doing business with Yonkers said that investors were linking the city with New York as a fiscal risk. Some of the bankers said the problem also affected other municipalities in the state. [New York Times]
- Rex Stout, creator of Nero Wolfe, died at his home in Danbury, Conn., at the age of 88. Mr. Stout was the dean of American practitioners of the mystery-murder-detective novel. His 46th Wolfe mystery, "A Family Affair," was published last month. [New York Times]
- As gun battles spread in Beirut, the United States Embassy urged American citizens to evacuate dependents and nonessential personnel from Lebanon. The factional fighting was so fierce that, according to one estimate, 128 persons were killed and 300 wounded in 48 hours. [New York Times]
- President Ford, at a colorful White House ceremony, warmly welcomed President Anwar Sadat of Egypt and pledged later that the United States was determined "not to tolerate stagnation or stalemates" in the search for peace in the Middle East.
Resisting pressure from Washington, Mayor Beame declined to welcome President Sadat to New York tomorrow.
[New York Times] - A leftist group, demanding independence for Puerto Rico, said it was responsible for nine nearly simultaneous early-morning bomb blasts at government buildings, corporate offices and banks in New York City, Chicago and Washington. No one was hurt in the explosions, which caused minor damage to the structures, including the United States Mission to the United Nations and the State Department building. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 838.48 (-2.04, -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 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 |
| October 17, 1975 | 832.18 | 88.86 | 15.65 |
| October 16, 1975 | 837.85 | 89.37 | 18.91 |
| October 15, 1975 | 837.22 | 89.23 | 14.44 |
| October 14, 1975 | 835.25 | 89.28 | 19.96 |
| October 13, 1975 | 837.77 | 89.46 | 12.02 |