News stories from Friday November 7, 1975

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

The Labor Department said that the nation's unemployment rate rose from 8.3 percent to 8.6 percent in October, and that the number of unemployed people was over 8 million for the first time since May. The increase was the first in four months and seemed to indicate that the economic recovery, which began vigorously four months ago, was weakening. But a Labor Department economist said that "on balance, the evidence shows that the economic recovery continued in October." [New York Times] The House Ways and Means Committee gave approval to legislation modifying and extending into 1976 and beyond the tax reductions that were voted earlier this year for 1975. The committee also prepared for a series of votes on amendments to its bill that would strengthen the tax reform provisions. It also agreed that Republicans should have a chance, on the House floor, to force a roll-call vote to adding a spending ceiling to the bill, as demanded by President Ford. [New York Times] President Ford told Massachusetts Republican supporters that he intended to enter all the Republican presidential primaries -- about 30 -- next year. He predicted he would be a winner through the primary campaign, at the party convention in Kansas City, and in the general election. Mr. Ford did not say he planned to campaign in all primary states. [New York Times] Patricia Hearst was ruled competent to stand trial in San Francisco on federal charges of armed bank robbery and the use of a firearm to commit a felony. Federal Judge Oliver Carter ordered her to court at 2 P.M. Monday. [New York Times] Chemical "fingerprints" led environmental detectives on a four-month ship hunt that ended in Philadelphia with the arrest of a Greek sea captain on charges arising from the spill of more than 40,000 gallons of oil off the Florida Keys last July. [New York Times] The New York Rangers continued their full-scale house cleaning by trading their captain, Brad Park, and another top player, Jean Ratelle, to the Boston Bruins in exchange for Phil Esposito, one of the highest scorers in National Hockey League history. Esposito and Carol Vadnais went to the Rangers in exchange for Park, Ratelle and Joe Zanussi, a minor league player. [New York Times] India's Supreme Court reversed Indira Gandhi's conviction on two electoral offenses in June, ending her long entanglement with the courts and removing the possibility of her having to step down as Prime Minister. The verdict was not based on any new interpretation of the case against her, but rather on a change in the law under which she had been convicted of two electoral improprieties. In August, Parliament, dominated by Mrs. Gandhi's Congress Party, retroactively amended the election law in language specifically tailored to the circumstances of her case. The amendment provided that the things that Mrs. Gandhi was found to have done during the 1971 election campaign were no longer illegal. [New York Times] Under orders from the military leadership, Portuguese soldiers blew up the transmitter of a radio station operated by the extreme left in Lisbon. The High Council of the Revolution, the supreme policy-making group of the ruling Armed Forces Movement, charged the station with "counter-revolutionary activities," and with "provocations and disturbance of public order and tranquility." [New York Times] For the time being at least, the Moroccan march into Spanish Sahara has flagged. The marchers pitched tents and camped six miles from the Moroccan border. Gendarmes blocked the road in front of them and put up a whitewashed milestone to mark the limit of the advance. Spanish armored vehicles parked across a ravine about two miles ahead served as a further deterrent, as did the fear that the space separating the marchers from the vehicles might be mined. Meanwhile, more truckloads of Moroccans were reported to have crossed the border into the Spanish territory. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 835.80 (-5.12, -0.61%)
S&P Composite: 89.33 (-0.22, -0.25%)
Arms Index: 1.26

	Issues	Volume*
Advances	708	6.13
Declines	696	7.58
Unchanged	422	2.23
Total Volume		15.94

* 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 6, 1975	840.92	89.55	18.60
November 5, 1975	836.27	89.15	17.39
November 4, 1975	830.13	88.51	11.57
November 3, 1975	825.72	88.09	11.40
October 31, 1975	836.04	89.04	12.91
October 30, 1975	839.42	89.31	15.08
October 29, 1975	838.63	89.39	16.11
October 28, 1975	851.46	90.51	17.06
October 27, 1975	838.48	89.73	13.10
October 24, 1975	840.52	89.83	18.12