News stories from Tuesday November 18, 1975

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

Price reductions for consumers under the compromise energy bill expected to reach President Ford next month are expected to amount to only about a penny a gallon instead of the 3½ cents mentioned by lawmakers last week, according to congressional and administration aides. If it is signed into law, about which some doubt persists, its principal effect would be more profit for refiners, wholesalers and retailers, they said. [New York Times] The Senate approved a $90.7 billion defense appropriation bill after rejecting a proposed additional cut of $564 million to bring the measure down to the level approved by the House. The Senate earlier voted 95-2 to approve the nomination of Donald Rumsfeld to succeed James Schlesinger as Secretary of Defense. [New York Times] The Federal Election Commission issued a ruling that clears the way for corporations to invest millions of dollars in voluntary contributions from their stockholders and employees in the political campaigns of candidates regarded as friendly to business. It also voted, 4 to 2, that the operating expenses of political action programs could be financed from corporation treasuries. [New York Times] President Ford told the Republican congressional delegation from New York that if the state legislature acted on Governor Carey's plan he would be sympathetic toward short-term federal assistance to New York City. Meanwhile, the House Democratic leadership postponed floor action on a bill to aid the city. Mr. Ford's support is believed essential to passage of a bill. [New York Times] A bomb thrown from a passing car into Walton's, a fashionable restaurant in London, killed at least two persons. Scotland Yard and the Home Office assume it was the work of the Irish Republican Army or a breakaway group. As in a London restaurant bombing last Wednesday, no warning was given before the blast. [New York Times] The State Department has reported to Congress that it has cited no foreign nations for gross violations of human rights because it found "no adequately objective way" of distinguishing which countries engaged in more reprehensible violations than others. The 1974 Foreign Assistance Act included a "sense of the Congress" amendment calling on the President to reduce significantly or terminate except in extraordinary circumstances American security assistance to any government that consistently engaged in gross violations. Aides said Secretary Henry Kissinger had decided that since almost all countries do violate human rights it served no purpose to single out American allies and friends for criticism. [New York Times] Mayor Vladimir Promyslov of Moscow said in an interview that he was glad not to be New York's mayor. The problems of Moscow that he described are almost the opposite of New York's -- labor shortage instead of unemployment, too much industry instead of industry moving out, and too many people trying to move in instead of fleeing to the suburbs. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 855.24 (-1.42, -0.17%)
S&P Composite: 91.00 (-0.46, -0.50%)
Arms Index: 1.50

	Issues	Volume*
Advances	665	6.36
Declines	779	11.14
Unchanged	431	3.26
Total Volume		20.76

* 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 17, 1975	856.66	91.46	17.66
November 14, 1975	853.67	90.97	16.46
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