News stories from Tuesday November 25, 1975

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

Former President Richard Nixon has agreed to testify on covert operations while he held office but will reserve the right not to answer certain questions, according to sources familiar with the investigation by the Senate Select Committee on Intelligence. His testimony will be taken in California in late December or early January, with Mr. Nixon ready to invoke either the Fifth Amendment or executive privilege, under a written agreement with his lawyers. Among the areas expected to be covered are the overthrow and assassination of President Salvador Allende of Chile and aid to Kurdish rebels in Iraq. [New York Times] Senator Hugh Scott, the Pennsylvania Republican who has been minority leader for six years, has decided not to seek re-election in 1976, according to well-placed sources. Friends and others said he would announce his retirement next week. They added that he has all but abandoned his dream of being Ambassador to China for much the same reasons -- age, political uncertainties, the health of his wife and some recent allegations of scandal. [New York Times] Documents filed in a Washington court in connection with a Securities and Exchange Commission lawsuit show a pattern of illegal domestic political activity by the Gulf Oil Corporation overshadowing, according to federal investigators, anything yet uncovered at other companies. A detailed report is due by Dec. 15 from Gulf's outside directors concerning the illegal activities of the company. [New York Times] With last-minute compromises winning support from both blacks and Republicans in the New York state Assembly, the legislature passed the main elements of the $200 million New York City tax package designed to persuade President Ford to support federal aid to avert default. Enactment and acceptance by banks and employee pension funds of their share in a $6.6 billion tax package were the city's last major hurdles. Administration officials expected Mr. Ford to act before Thanksgiving. [New York Times] Portuguese paratroopers and other regiments went into open rebellion against the government. Military leaders reacted strongly: commando units loyal to the government recaptured two air bases that the paratroopers had occupied and freed their commander, whom they had been holding. President Francisco da Costa Gomes proclaimed a state of emergency in the Lisbon region. [New York Times] The Spanish government announced a general pardon for political prisoners to mark the accession of Juan Carlos de Borbon as King. The measure, approved at a cabinet meeting without his presence, came two days before the final ceremony marking the transition from the rule of Generalissimo Francisco Franco. Opposition figures had been anxiously awaiting a clemency measure as a gesture of good will. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 855.40 (+9.76, +1.15%)
S&P Composite: 90.71 (+1.01, +1.13%)
Arms Index: 0.57

	Issues	Volume*
Advances	928	11.65
Declines	490	3.49
Unchanged	427	2.35
Total Volume		17.49

* 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*
November 24, 1975	845.64	89.70	13.93
November 21, 1975	840.76	89.53	14.11
November 20, 1975	843.51	89.64	16.46
November 19, 1975	848.24	89.98	16.82
November 18, 1975	855.24	91.00	20.76
November 17, 1975	856.66	91.46	17.66
November 14, 1975	853.67	90.97	16.46
November 13, 1975	851.23	91.04	25.07
November 12, 1975	852.25	91.19	23.96
November 11, 1975	838.55	89.87	14.64