News stories from Tuesday October 15, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- John Ehrlichman's defense in the Watergate cover-up trial placed the blame for his own actions and the cover-up squarely on former President Richard Nixon. His attorney told the jury that Mr. Ehrlichman had been "had" by Mr. Nixon, who was trying "to save his own neck." The lawyer attacked the credibility of John Dean, the source of most of the prosecution's allegations against Mr. Ehrlichman. [New York Times]
- The Supreme Court left standing the question whether the President has authority to order wiretaps to counter foreign espionage when it declined by 5 to 3 to review the conviction in 1964 of Igor Ivanov in a conspiracy to pass military information to the Soviet Union. [New York Times]
- Nelson Rockefeller asked the chairmen of the Senate Rules Committee and the House Judiciary Committee to convene "immediate" hearings on his nomination as Vice President. He said that he was being tried in the press without a chance to present all the facts, on the basis of "selective leaks" from tax returns "submitted to the committees in confidence." A spokesman for the House committee chairman said a full hearing could not begin before "sometime in November." [New York Times]
- The New Jersey Assembly, by an overwhelming voice vote, adopted a resolution that called for investigation of the $550,000 gift to Dr. William Ronan, chairman of the Port Authority of New York and New Jersey, from Nelson Rockefeller, now Vice President-designate, The resolution said the gift raised "serious questions" about Dr. Ronan's ability to continue in office. It called on Governor Byrne to veto all Port Authority decisions during the investigation. [New York Times]
- In a move to narrow financial losses, Pan American World Airways and Trans World Airlines have tentatively agreed to halt head-to-head competition on several routes between the United States and points in Europe and Asia. The agreement is subject to approval by the Civil Aeronautics Board and President Ford. [New York Times]
- President Ford's veto of a measure to cut off military aid to Turkey was sustained when the House of Representatives failed by 16 votes to readopt the measure by a two-thirds majority. The House Appropriations Committee then drafted a compromise measure that would let the President delay the cutoff until Dec. 10. [New York Times]
- Secretary of State Kissinger returned from his Middle Eastern trip and said he had found "a general receptivity to a step-by-step approach," to negotiations between Israel and the Arab states. Earlier, Mr. Kissinger had worked out plans for the resumption of American-Algerian relations and had conferred with Algeria's President, Houari Boumediene, on ways to ease the oil crisis -- a discussion that reportedly left Mr. Kissinger optimistic that there would be no further price increase. [New York Times]
- The Nobel prize in chemistry was awarded to Prof. Paul Flory of Stanford University for his work in the physical chemistry of macromolecules, The Nobel prize in physics was given for the first time for achievements in astrophysics. It will be shared by two British astronomers at Cambridge University, Sir Martin Ryle and Antony Hewish. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 658.40 (-15.10, -2.24%)
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 14, 1974 | 673.50 | 72.74 | 19.77 |
| October 11, 1974 | 658.17 | 71.14 | 20.09 |
| October 10, 1974 | 648.08 | 69.79 | 26.36 |
| October 9, 1974 | 631.02 | 67.82 | 18.82 |
| October 8, 1974 | 602.63 | 64.84 | 15.46 |
| October 7, 1974 | 607.56 | 64.95 | 15.00 |
| October 4, 1974 | 584.56 | 62.34 | 15.91 |
| October 3, 1974 | 587.61 | 62.28 | 13.15 |
| October 2, 1974 | 601.53 | 63.38 | 12.23 |
| October 1, 1974 | 604.82 | 63.39 | 16.89 |