News stories from Friday November 14, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The House Select Committee on intelligence voted overwhelmingly to hold Secretary of State Henry Kissinger in contempt of Congress for his failure to respond to three subpoenas that would have required him to provide the committee with classified information concerning United States intelligence activities. The contempt proceedings, which cited Mr. Kissinger for "contumacious conduct," must be approved by a House majority before the Justice Department could determine whether Mr. Kissinger should be charged with criminal liability. [New York Times]
- The Federal Reserve Board said that industrial production rose for the sixth consecutive month in October but that the pace of advance slowed markedly. The rise was four-tenths of 1 percent last month, compared with 1.8 percent in September and 1.6 in August. This was further evidence that economic recovery in the fourth quarter has been slower than in the third quarter, as economists had predicted. But production is continuing to increase, in contrast to big declines before last May. [New York Times]
- President Ford, in a historic deposition on videotape, testified at the trial of Lynette Fromme in Sacramento that he had no recollection of hearing a gun click when Miss Fromme allegedly pointed a Colt .45 pistol at him last Sept. 5. This was the first time that a President of the United States had given videotape testimony for use in a courtroom. Mr. Ford's deposition is likely to set a precedent. [New York Times]
- Many Republicans in Congress criticized President Ford because of his apparent willingness to sign legislation that would lower oil prices over the next two years. Mr. Ford told a group of Republican legislators Thursday that he had not made up his mind about the bill, but most of those at the meeting said afterward that they had the impression that the President was likely to allow the measure to become law. Others said there was an even chance that he would veto the bill. [New York Times]
- A Justice Department study has found only "token" compliance with the 1972 landmark Supreme Court ruling that required the appointment of lawyers to represent any indigent defendant facing a possible jail term. "The Sixth Amendment right to counsel is an empty one for many defendants," the study said. [New York Times]
- A witness has told federal investigators that the top two executives of the Bunge Corporation, one of the world's largest grain dealers, once discussed at a meeting with junior company officials a budget item allegedly used to cover income from systematic thefts of grain. [New York Times]
- Spain agreed to abandon Spanish Sahara by the end of February and to share its administration until then with Morocco and Mauritania under a settlement reached after three days of negotiations by representatives of the three countries. The agreement apparently opens the way for complete Moroccan and Mauritanian control of the Spanish territory. [New York Times]
- The Portuguese government suffered a major blow to its dwindling authority with the capitulation to angry construction workers who had held the Prime Minister hostage for 36 hours. After insisting that the government was on the verge of bankruptcy and could not afford to meet the workers' demands, Prime Minister Jose Pinheiro de Azevedo's office issued a statement giving them satisfaction. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 853.67 (+2.44, +0.29%)
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 13, 1975 | 851.23 | 91.04 | 25.07 |
| November 12, 1975 | 852.25 | 91.19 | 23.96 |
| November 11, 1975 | 838.55 | 89.87 | 14.64 |
| November 10, 1975 | 835.48 | 89.34 | 14.91 |
| November 7, 1975 | 835.80 | 89.33 | 15.93 |
| 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 |