News stories from Wednesday November 20, 1974

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

The House of Representatives overwhelmingly overrode President Ford's vetoes of two measures -- for vocational rehabilitation and for making government information more accessible to the public. The Senate is expected to take similar action by less dramatic margins. On a third measure, to compensate two reporters accidentally wounded by United States marines in 1965, the House vote failed to override by 31 votes. [New York Times] White House tapes played at the Watergate cover-up trial included a directive from President Nixon to his aides in April, 1973, to say they had indeed raised money for the original Watergate defendants to keep them from talking to the press, not to the authorities. This was deleted from the edited transcript that Mr. Nixon released last spring. [New York Times] The United Mine Workers will seek to reopen negotiations in the hope of "adjustments" to make the new contract acceptable to the union's bargaining council and ultimately the membership. Industry spokesmen said their negotiators would undoubtedly meet but there was no sign they would agree. The delay will mean that the nine-day-old miner's strike will probably run into December, affecting 400,000 persons in coal-dependent industries. [New York Times] The Department of Justice filed an anti-trust suit in federal court in Washington against the American Telephone and Telegraph Company, the world's largest privately owned corporation. Alleging an illegal monopoly of the telecommunications business, the suit seeks to force A.T.&T. to divest itself of its manufacturing subsidiary, the Western Electric Company. It would also require A.T.&T. to get out of much of the long-distance telephone business or else rid itself of some or all of the 23 local telephone companies owned in whole or in part. [New York Times] The federal bill to aid mass transit, on which hopes for saving the 35-cent fare in New York City are riding, cleared the Rules Committee of the House of Representatives by an overwhelming voice vote. The motion, reversing a previous action bottling up the bill, came from the panel's senior Republican, who said he had been prompted by a telephone call from President Ford. [New York Times] A Lufthansa airliner crashed and burned shortly after takeoff from Nairobi, in Kenya, going from Frankfurt to Johannesburg. There were 59 persons killed and 98 who survived the first fatal crash of a Boeing 747 jumbo jetliner. Most passengers were Germans. The airline said the survivors included 12 American citizens. [New York Times] President Ford proposed in Tokyo that Japan and the United States show the world how to deal with the new difficulties of inflation and recession. Declaring that the United States would remain a trustworthy ally, he said that the two countries share a resolve to maintain stability in East Asia, to aid development in countries needing help and jointly to seek diplomatic and political rather than military solutions. [New York Times] Britain, France and Italy urged a Middle East settlement enabling Israel to live peacefully within her pre-1967 war borders. In the United Nations General Assembly debate on the "Question of Palestine," they reflected the position taken by the European Economic Community and first stated by West Germany in Tuesday's debate. Britain's delegate stressed that the right of Palestinians must not infringe or challenge the right of Israel to exist as a state. [New York Times] At the burial in Beit Shean of four civilians killed in Tuesday's raid by Palestinian infiltrators, grief for the Israeli victims was mingled with shame over the burning of the bodies of three guerrillas killed by Israeli troops and the body of an Israeli mistakenly thought to be a Palestinian. Chief Rabbi Shlomo Goren declared that Jewish law prohibited the desecration of bodies even of one's enemies. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 609.59 (-4.46, -0.73%)
S&P Composite: 67.90 (-0.30, -0.44%)
Arms Index: 0.85

	Issues	Volume*
Advances	484	4.08
Declines	834	5.99
Unchanged	454	2.36
Total Volume		12.43

* 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 19, 1974	614.05	68.20	15.72
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