News stories from Tuesday November 11, 1975

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

The Coast Guard found lifeboats and minor debris but no survivors of the 729-foot ore carrier Edmund Fitzgerald, which sank in a storm in Lake Superior Monday night with a crew of 29 aboard. [New York Times] Senator Frank Church, the Idaho Democrat who heads the Select Committee on Intelligence, opposed in a Senate speech the nomination of George Bush as Director of Central Intelligence, calling President Ford's choice ill-advised. The committee vice chairman, Senator John Tower, Republican of Texas, strongly backed the appointment of Mr. Bush. [New York Times] Two influential conservative Republicans moved toward support of federal action to prevent a New York City default. Representative John Rhodes of Arizona, the House minority leader, said he would support short-term loan guarantees to assure the city's cash flow if the city adopted a plan to put its fiscal house in order. Dr. Arthur Burns, chairman of the Federal Reserve Board, told a House Republican conference that his concern had deepened and that he might support federal assistance if the financial markets began to deteriorate noticeably. [New York Times] The Supreme Court agreed to decide whether private schools may refuse admission to black children because of their race. It will review a 4-to-3 ruling by the United States Court of Appeals that the current version of the Civil Rights Act of 1966 prohibits rejection of a black applicant when race is the only basis for rejection. The Supreme Court's action is almost certain to affect the future of private schools for white children set up in the South since public school desegregation. [New York Times] Reacting to the General Assembly vote equating Zionism and racism, both houses of Congress voted unanimously for a reassessment of the American relationship to the United Nations. A statement from President Ford deplored the Assembly's resolution, which he said undermined the principles on which the organization is based. A spokesman said Mr. Ford would not consider withdrawal from the world organization. [New York Times] The General Assembly resolution was protested by tens of thousands of persons who gathered at noon in the garment district in Manhattan. In an atmosphere of quiet emotion they heard Jewish and other prominent speakers call it an "outrage," a "curse" and an "abomination." Feelings appeared to reach a peak when Israel's permanent representative at the United Nations stepped to a podium decked with United States and Israeli flags. [New York Times] Australia faced what may be its bitterest election campaign after the Governor General, Sir John Kerr, unexpectedly dismissed the Prime Minister, Gough Whitlam, and dissolved both houses of Parliament. Mr. Whitlam called the act unconstitutional and hinted that if his Labor Party wins he might try to abolish both the usually-figurehead office of Governor General as well as the Senate. The crisis began when the Opposition majority in the Senate, a coalition of the Liberal and National Country parties, refused to pass the budget adopted by the Labor majority in the House of Representatives. Sir John named the Liberal leader, Malcolm Fraser, to be caretaker Prime Minister. [New York Times] Two competing governments were proclaimed in Angola on its first day of independence from Portugal. Dr. Agostinho Neto, head of a Soviet-backed Popular Movement for the Liberation of Angola, was installed in Luanda as head of a People's Republic. Two other groups, one pro-Western, the other backed by China and Zaire, announced the joint formation of a Democratic People's Republic with its interim capital in Nova Lisboa, which reverted officially to its older name of Huambo. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 838.55 (+3.07, +0.37%)
S&P Composite: 89.87 (+0.53, +0.59%)
Arms Index: 0.68

	Issues	Volume*
Advances	870	8.97
Declines	483	3.37
Unchanged	457	2.31
Total Volume		14.65

* 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 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
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