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Wednesday November 13, 1974
. . . where the 1970s live forever!

News stories from Wednesday November 13, 1974


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

  • President Ford's energy chief, Rogers C.B. Morton, expressed strong interest in a big increase in the federal gasoline tax -- perhaps 10 cents a gallon -- to help discourage consumption, reduce oil imports and drive down world oil prices. Mr. Morton, who is Secretary of the Interior, said that despite Mr. Ford's decision not to ask Congress for the tax increase, the matter was still alive. [New York Times]
  • Vice President-designate Nelson Rockefeller told a Senate Committee that his involvement with a biography of Arthur Goldberg, his political opponent in 1970, was the most embarrassing episode of his political life, but he angrily denied it was comparable to the "dirty tricks" of the Watergate period. [New York Times]
  • Negotiators for the coal industry and the United Mine Workers have announced an agreement on a new labor-management contract that could end the two-day miners' strike by Nov. 25, after only a two-week work stoppage. [New York Times]
  • Six and a half years after American soldiers massacred civilians at My Lai in South Vietnam, the Army has formally released a report telling how the crime was covered up throughout the military command structure. The release of the report, according to Secretary of the Army Howard Callaway, concludes "a dark chapter" in the Army's history. [New York Times]
  • Gen. George Brown, chairman of the Joint Chiefs of Staff, has expressed his regret for comments made a month ago in which he suggested Israel has undue political influence here and that Jews control the newspapers and the banks in this country. General Brown says that his remarks, made Oct. 10 at Duke University, were "unfortunate," "ill-considered," "unfounded," and "all too casual" and do not represent his convictions. [New York Times]
  • Mayor Joseph Alioto of San Francisco, after a meeting In New York City with Mayor Beame, predicted that Congress would pass a mass-transit aid bill before Christmas. Mayor Beame said the federal aid would "come very close" to saving New York City's 35-cent transit fare. "We're sanguine about getting a bill before Christmas," Mr. Alioto said. "We'll come close to meeting the needs of the 35-cent fare," Mr. Beame said hesitantly, adding, "If there's a small difference, we'll try very hard to work it out." [New York Times]
  • Yasser Arafat, the head of the Palestine Liberation Organization, told the United Nations General Assembly that his organization's goal remained a Palestinian state that would include Moslems, Christians and Jews. Israel's delegate, Yosef Tekoah, said in rebuttal that this would mean the destruction of Israel and the substitution of an Arab state. [New York Times]
  • A dawn trip by Arab leader Yasser Arafat by Army helicopter from Kennedy International Airport to the United Nations headquarters highlighted one of the most exceptional efforts by security forces here to protect a foreign dignitary from hostility and possible assassination attempts. Mr. Arafat's associates were moved from the airport to the United Nations in a motorcade causing morning rush-hour traffic jams. [New York Times]
  • In the Israeli-occupied Arab town of Nablus on the Jordan's West Bank, shopkeepers staged a general strike and hundreds of children demonstrated in the town square in a display of support for the Palestine Liberation Organization and its leader, Yasser Arafat. Israeli policemen and paratroopers wielding clubs charged the jeering and whistling crowds of schoolchildren, chasing them into narrow side streets. No injuries were reported. [New York Times]


Stock Market Report

Dow Jones Industrial Average: 659.18 (0.00, 0.00%)
S&P Composite: 73.35 (-0.32, -0.43%)
Arms Index: 0.92

IssuesVolume*
Advances4865.21
Declines8728.63
Unchanged4362.20
Total Volume16.04
* 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
DateDJIAS&PVolume*
November 12, 1974659.1873.6715.04
November 11, 1974672.6475.1513.22
November 8, 1974667.1674.9115.89
November 7, 1974671.9375.2117.15
November 6, 1974669.1274.7523.93
November 5, 1974674.7575.1115.96
November 4, 1974657.2373.0812.74
November 1, 1974665.2173.8813.47
October 31, 1974665.5273.9018.84
October 30, 1974673.0374.3120.13


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