News stories from Wednesday November 19, 1975

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

Generalissimo Francisco Franco died after 36 years of dictatorial rule over Spain. He was 82 years old. The death of the Chief of State, who led rightist military forces to victory in the Spanish Civil War that ended in 1939, came at the La Paz Hospital on the northern edge of Madrid. He had been rushed there on Nov. 7 from the Pardo Palace. [New York Times] The Democratic caucus of the House of Representatives voted, 172 to 96, to table a resolution that would have forced an anti-busing amendment to the Constitution out of the Judiciary Committee. The move killing the resolution was a victory for Speaker Carl Albert and the committee chairman, Peter Rodino of New Jersey. Under new caucus rules, the public and press watched the proceedings for the first time. [New York Times] President Ford said he would not now support federal financial aid to prevent a New York City default, but would reconsider his position next week if the city and state took further concrete action. His language was generally conciliatory. In Albany, legislative leaders of both parties met with Governor Carey to try to fashion a compromise package of revenues, with the Democrats against higher sales taxes and Republicans against higher income taxes that would hit commuters. [New York Times] The Senate passed by 52 to 45 a long-disputed bill greatly broadening the authority of building trades unions to picket at construction sites. It would let a union try to picket and thus close down an entire construction site because of its dispute with a single subcontractor. The measure was sent back to the House for reconciliation, probably in December, of minor differences between the two versions. [New York Times] The Director of Central Intelligence. William Colby, appealed to a Senate committee not to make public the names of 12 individuals, some of them C.I.A. officials, who were allegedly involved in agency plots against the lives of foreign heads of states. He said that he feared retaliation against them from "unstable and extremist groups." His unusual news conference marked an all-out effort by the Ford administration to block disclosure. [New York Times] James Adams, assistant deputy director of the Federal Bureau of Investigation, said there was no statutory basis or justification for its six-year campaign to discredit the late Rev. Dr. Martin Luther King Jr. He confirmed, in testimony before the Senate Select Committee on Intelligence, that in 1964 the F.B.I mailed Dr. King a tape recording in an apparent attempt to frighten him. [New York Times] A weather inversion over the Pittsburgh area caused the Allegheny County Commissioners to declare an emergency in eight communities with a population of 53,250. Many industrial plants were forced to curtail operations. The worst episode was in the heart of the area's steel industry. [New York Times] Strip mining in Wyoming's Powder River Basin, halted by a federal court injunction growing out of an environmental lawsuit, could be held up for months or years. The Interior Department has rejected the suggestion by 10 Western Governors for a quick out-of-court settlement. [New York Times] Britain's Labor Party government announced through Queen Elizabeth's speech opening Parliament that it intended to give Scotland and Wales some form of home rule. Prime Minister Harold Wilson said later that the government would issue a white paper on the subject to start an extended debate and would submit a detailed bill for the profound constitutional change later in the session. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 848.24 (-7.00, -0.82%)
S&P Composite: 89.98 (-1.02, -1.12%)
Arms Index: 1.69

	Issues	Volume*
Advances	379	2.64
Declines	1,043	12.29
Unchanged	408	1.90
Total Volume		16.83

* 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 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
November 10, 1975	835.48	89.34	14.91
November 7, 1975	835.80	89.33	15.93
November 6, 1975	840.92	89.55	18.60
November 5, 1975	836.27	89.15	17.39