News stories from Friday November 15, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A prolonged coal miners' strike became an increasing possibility tonight when the union's officers failed unexpectedly for the second day to obtain approval of the tentative contract agreement. Another complication developed when a top union officer, Sam Littlefield, was shot and killed in an apparent burglary attempt in a motel. His death seemed certain to delay resumption of consideration of the contract proposal by the union's bargaining council until Monday or Tuesday. [New York Times]
- The Federal Reserve Board reported that the output of the nation's factories, utilities and mines all declined in October. The drop, six-tenths of 1 percent in the board's index of industrial production, added a significant element to the emerging statistical picture of an economy in recession. [New York Times]
- The Chrysler Corporation is seriously considering closing most of its United States assembly plants for the month of December because of a severe decline in automobile sales. One of the Chrysler plants was closed indefinitely. [New York Times]
- President Ford, under strong pressure from the United States sugar industry, is expected to announce within the next few days a new quota system for United States purchases of foreign sugar that in effect continues the provisions of the expiring Sugar Act. The advantage claimed by the administration for maintaining a quota system is that such a system would preclude a rise in the tariff on sugar that would otherwise occur when the Sugar Act expires on Dec. 31. However, the quota will continue to limit foreign access to the American market, where sugar prices have tripled this year. [New York Times]
- Laurance Rockefeller told the Senate Rules Committee that he invested $65,000 in the publication of an unflattering biography of Arthur J. Goldberg as a business venture in 1970 on the basis of five minutes of conversation and forgot all about the matter until it came under investigation. [New York Times]
- President Ford has refused to permit the American delegation to the World Food Conference in Rome to commit the United States to a million-ton increase in food aid, though the White House says increased commitments will be met. The decision overshadowed other developments in which progress was reported on plans for more food in the future. President Ford's decision was announced by Secretary of Agriculture Butz, who criticized three Democratic Senators who had pressed for the increase. [New York Times]
- The Ford administration has received reports that Israel has called up one-third of her reserves. American military sources said, however, that this did not necessarily mean preparation for war, but could be in advance of a major border raid. Earlier Secretary of State Kissinger said that war did not seem imminent in the Middle East. [New York Times]
- Recent rulings -- affecting South Africa and Israel, for example -- by the President of the current General Assembly, Foreign Minister Abdelaziz Bouteflika of Algeria, have caused uneasiness among Western delegates at United Nations headquarters and general disillusionment with the organization. But the President has wide support in his own Arab bloc and among representatives of emerging countries. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 647.61 (-10.79, -1.64%)
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 14, 1974 | 658.40 | 73.06 | 13.54 |
| November 13, 1974 | 659.18 | 73.35 | 16.04 |
| November 12, 1974 | 659.18 | 73.67 | 15.04 |
| November 11, 1974 | 672.64 | 75.15 | 13.22 |
| November 8, 1974 | 667.16 | 74.91 | 15.89 |
| November 7, 1974 | 671.93 | 75.21 | 17.15 |
| November 6, 1974 | 669.12 | 74.75 | 23.93 |
| November 5, 1974 | 674.75 | 75.11 | 15.96 |
| November 4, 1974 | 657.23 | 73.08 | 12.74 |
| November 1, 1974 | 665.21 | 73.88 | 13.47 |