News stories from Friday November 22, 1974

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

Canada, the largest single supplier of foreign oil to the United States, announced that exports of crude oil to this country would be reduced by 100,000 barrels a day, to 800,000 from 900,000, effective Jan. 1. A further reduction to 650,000 a day may be ordered by next July if the oil-producing provinces of Alberta and Saskatchewan concur, a government statement said. Canada needs the oil for her own use, and she plans to eventually stop exports completely. [New York Times] The Senate Rules Committee voted, 9 to 0, to recommend to the full Senate the confirmation of Nelson Rockefeller as Vice President. The vote was taken as Mr. Rockefeller began to undergo a second day of questioning before the House Judiciary Committee. [New York Times] The week-long deadlock in efforts to end the coal miners' strike ended temporarily with brief, exploratory talks on the union's steeply increased demands. The outlook for an early end to the strike remained pessimistic, however. [New York Times] Henry Ford II, chairman of the Ford Motor Company, proposed that the federal tax on gasoline be increased by 10 cents to provide aid for people hit hardest by the recession -- the poor and the unemployed. He said that "many people in our industry don't share my views on this matter, but I think the idea deserves a lot of consideration now." The federal tax, now 4 cents a gallon, raised $4.2 billion in revenue last year. It is estimated that an increase to 10 cents would raise about $11 billion more. [New York Times] The Defense Department announced that it would undertake a consolidation of military bases and headquarters around the country that would result in the elimination of 11,600 civilian jobs -- about 1 percent of the Pentagon's $14 billion annual civilian payroll -- and the transfer of 11,500 military personnel to other jobs. The department said that the consolidation would bring about increased combat strength but not a reduction in the defense budget. [New York Times] The biggest obstacles to the financial overhauling of the troubled Lockheed Aircraft Corporation with a huge infusion of funds from Textron, Inc., were removed. The two companies announced that they had agreed to an increase in Lockheed write-offs to $800 million, and to the elimination of a former condition that Lockheed sell 45 more of its L-1011 jumbo-jet airliners. [New York Times] The General Assembly approved two resolutions declaring that the Palestinian people have the right to independence and sovereignty and giving the Palestine Liberation Organization observer status in United Nations affairs. [New York Times] Three Palestinian guerrillas who hijacked a British airliner with 47 persons aboard Thursday night in the Persian Gulf sheikdom of Dubai landed in Tunis and demanded the release of 13 terrorists held in Cairo. An Egyptian plane was reported to have brought the 13 to Tunis, but official sources in Cairo denied that the men had left the Egyptian capital.The hijacking of the British airliner from Dubai to Tunis was regarded in Beirut as a challenge to the authority of Yasser Arafat, chairman of the Palestine Liberation Organization. The three hijackers belong to a splinter group that opposes the Arafat organization, which denounced the hijacking as "an irresponsible act." [New York Times]

Stock Market Report

Dow Jones Industrial Average: 615.30 (+6.73, +1.11%)
S&P Composite: 68.90 (+0.72, +1.06%)
Arms Index: 0.63

	Issues	Volume*
Advances	911	8.44
Declines	462	2.71
Unchanged	399	1.87
Total Volume		13.02

* 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 21, 1974	608.57	68.18	13.82
November 20, 1974	609.59	67.90	12.43
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