News stories from Tuesday November 19, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The House Ways and Means Committee acted tentatively for tax relief next year in the lower and medium brackets and definitely to end the oil depletion allowance for all companies next year. The 13-to-12 margin on oil depletion is not subject to reconsideration. The tax relief for nearly 40 million individuals and couples, about half with incomes under $7,000 and most of the rest with incomes under $15,000, could be reviewed in committee. [New York Times]
- In a tape recording played at the Watergate cover-up trial, former President Nixon told two aides he would give "full pardons" to various participants before leaving office. Mr. Nixon's version of the transcript last spring did not include this comment. Judge John Sirica received formal notification that Mr. Nixon agreed to examination by three court-appointed physicians on his ability to testify. [New York Times]
- The House of Representatives has passed legislation greatly increasing penalties for criminal violations of the antitrust laws such as fixing prices. The maximum fines would rise from $50,000 to $1 million for corporations and from $50,000 to $500,000 for individuals, and maximum jail sentences would be increased from one year to three years, thus making criminal antitrust offenses a felony. The measure now goes back to the Senate. [New York Times]
- A report of the Senate Subcommittee on Long-Term Care accused federal and state governments of persistent failure to enforce laws and administrative standards against abuses in nursing homes. It said that most of the million Americans in nursing homes still received inadequate care. It said the regulatory standards issued by Department of Health, Education and Welfare were watered-down, vague and misleading. [New York Times]
- The $11.8 billion federal mass-transit program including $170 million toward saving the New York City 35-cent transit fare sailed through the Senate in a 64 to 17 vote. The measure, in a form developed by a joint committee with the House of Representatives and endorsed by President Ford, now goes to the House with added momentum. [New York Times]
- President Ford was formally greeted by Emperor Hirohito and Premier Kakuei Tanaka of Japan as he began a state visit to America's major ally in East Asia. The welcoming ceremony in the garden of the state guest house was followed immediately by Mr. Ford's courtesy call on the Emperor. Then Mr. Ford held the first of his meetings with Mr. Tanaka. [New York Times]
- An Arab guerrilla raid on an Israeli apartment house five miles from the Jordanian border killed four residents and ended with the killing of the three raiders by an army unit. Angry neighbors attempted to burn their bodies. The guerrillas were identified as members of the Popular Front for the Liberation of Palestine. Defense Minister Shimon Peres said terrorist bases would be hit unceasingly "in their centers in Lebanon and in their roots on both sides of the border."
In Damascus the operations chief of the Popular Democratic Front said it had carried out the attack with authorization of the Palestine Liberation Organization. He called it a legal military action and said attacks in Israel would continue until the Israelis agreed to negotiate with the P.L.O. headed by Yasser Arafat.
[New York Times]
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Stock Market Report
Dow Jones Industrial Average: 614.05 (-10.87, -1.74%)
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, 1974 | 624.92 | 69.27 | 15.23 |
| November 15, 1974 | 647.61 | 71.91 | 12.48 |
| 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 |