News stories from Wednesday November 24, 1976

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

George Bush, who has headed the Central Intelligence Agency since January, announced his resignation effective when the Ford administration leaves office Jan. 20. There was no comment from the White House or the President-elect. People close to Mr. Carter expect him to appoint someone he has known for a long time. [New York Times] Bert Lance, Georgia banker and long-time backer of President-elect Carter, will receive a cabinet-level appointment, a Carter press aide said. Commenting on published reports that he would head the Office of Management and Budget, the aide said there had been no final decision on where he would serve. [New York Times] The Carter administration will take several months and in some cases a year to gain control of many federal agencies, mostly because of the slow processes of selection and confirmation. But in some agencies dealing with major parts of the economy, there will be continued domination for longer periods by Nixon and Ford appointees. [New York Times] The Wampanoag Indians, who helped the Pilgrims at Plymouth celebrate the first Thanksgiving in 1621, want their land back. Their lawsuit in federal court has cast doubt on land titles in the Cape Cod town of Mashpee. [New York Times] Car sales in mid-November were up less than 1 percent over last year and a Detroit analyst described the market as still flat. Executives at General Motors and American Motors said gains in small-car sales were a result of rebates and price-cut programs. [New York Times] Two major steelmakers said they planned to raise the price of sheet steel Dec. 1. The move comes a little over three months after an effort by steelmakers to raise prices failed, The Council on Wage and Price Stability immediately announced a study of the latest move toward higher prices. [New York Times] Stock prices moved ahead, with Dow Jones industrials closing at the day's high of 950.96, up 1.66 points. [New York Times] Charges against Peter Reilly, convicted in one trial for the 1973 killing of his mother, were dismissed in Superior Court in Litchfield, Conn., after the State's Attorney, Dennis Santoro, who took office Nov. 5, announced he had found evidence in the files of his late predecessor that tended to clear the young man. Arthur Miller, the playwright, who took up the defendant's cause in 1975, called for an investigation of what went wrong. [New York Times] An earthquake in eastern Turkey took at least 574 lives, according to first reports, and the government said the total could be at least 3,000. Striking at mid-afternoon in Van Province, it was recorded at 7.9 on the Richter scale -- the same intensity as the shock that killed 30,000 in the Erzincan area in December 1939. [New York Times] Canada's Prime Minister, his position shaken by the victory of the separatist party in Quebec's provincial elections, broadcast an appeal for a renewal of national unity. It was taped for simultaneous release in English and French versions. Pierre Trudeau insisted that the aspirations of the five million French-speaking Canadians in Quebec could be satisfied within the federal framework but conceded that an enhancement of provincial powers might be required. [New York Times] Palestinian rights as defined by third-world countries, calling for immediate restoration of rights in advance of other elements of an Arab settlement with Israel, won approval in the United Nations General Assembly by 90 to 16, with 30 members abstaining. The effect was to enhance the negotiating position of the Arabs. [New York Times] A blunt warning to third world countries by William Scranton, American delegate to the United Nations, accused the Soviet Union of trying to manipulate their development and undermine free societies by discrediting the industrialized democracies as "neo-colonial." He said the United States still insisted that the Soviet Union carry out its Helsinki commitments on human rights. The candor of his statement appeared to startle many of the delegates who gave full attention as he made his statement to the social committee of the General Assembly. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 950.96 (+1.66, +0.17%)
S&P Composite: 102.41 (+0.45, +0.44%)
Arms Index: 0.74

	Issues	Volume*
Advances	968	12.62
Declines	476	4.61
Unchanged	451	3.19
Total Volume		20.42

* 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 23, 1976	949.30	101.96	19.09
November 22, 1976	955.87	102.59	20.93
November 19, 1976	948.80	101.92	24.55
November 18, 1976	950.13	101.89	24.00
November 17, 1976	938.08	100.61	19.90
November 16, 1976	935.34	100.04	21.02
November 15, 1976	935.42	99.90	16.71
November 12, 1976	927.69	99.24	15.55
November 11, 1976	931.43	99.64	13.23
November 10, 1976	924.04	98.81	18.89