News stories from Monday November 24, 1975

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

Gov. Marvin Mandel of Maryland and five of his friends and political supporters were indicted by a federal grand jury on charges of mail fraud, bribery and "a pattern of racketeering activity." Mr. Mandel, who is serving his second term as Governor, and one other defendant, were also accused of falsifying their federal income tax returns. The indictment charged that the Governor and the others had engaged since 1969 in "corrupt practices, fraud and deception" to enrich themselves. [New York Times] Despite its $5.7 billion investment, the Defense Department is planning to shut down the Safeguard anti-ballistic missile system, which academic and congressional critics said would never work. The department has yet to announce its decision to place the only ABM station that had been established, in Grand Forks, N.D., on a stand-by status or even to give a reason for it, even though Congress voted to dismantle the installation. It is believed that the Pentagon may be reluctant to make an official announcement that could be interpreted as a vindication of the system's critics. [New York Times] The family and friends of President Kennedy have abandoned plans, begun soon after his assassination, to build his memorial library of presidential papers near Harvard University in Cambridge and have chosen a site in Boston. Instead of the Harvard Square area, where community opposition to the library developed, the archives and museum will be on the new campus of the University of Massachusetts in the Dorchester section of Boston. [New York Times] President Ford, according to the White House press secretary, expressed "complete confidence" in Daniel Patrick Moynihan, the controversial United States delegate at the United Nations, who had been planning to resign because of what he regarded as insufficient support from the State Department. Mr. Moynihan had a 40-minute meeting with Mr. Ford at the White House and apparently told the President that he would remain at his post at least for the time being. [New York Times] Secretary of State Henry Kissinger, apparently reflecting growing administration concern, warned that "the United States cannot remain indifferent" to Soviet and Cuban military intervention in Angola's civil war and said that this could have consequences for East-West detente. In a speech he delivered to the Economic Club of Detroit, Mr. Kissinger urged the Soviet Union particularly to exercise restraint. [New York Times] New York City held a rally in Times Square to show that, despite its fiscal condition, its people stood united against Gerald Ford, but relatively few New Yorkers -- estimates ranged from 5,000 to 15,000 -- showed up. Mayor Beame was there but Governor Carey, who called for the rally, was not. [New York Times] Governor Carey said tonight that the Democratic and Republican leaders of the legislature had "reached broad understandings" and were now optimistic that the $200 million New York City tax package, stalled since last Friday, could pass both houses tomorrow. Mr. Carey said the understandings consisted of "refinements" in the language of the tax bills, rather than changes in the kinds and amounts of taxes proposed. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 845.64 (+4.88, +0.58%)
S&P Composite: 89.70 (+0.17, +0.19%)
Arms Index: 0.77

	Issues	Volume*
Advances	742	6.86
Declines	646	4.62
Unchanged	441	2.45
Total Volume		13.93

* 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, 1975	840.76	89.53	14.11
November 20, 1975	843.51	89.64	16.46
November 19, 1975	848.24	89.98	16.82
November 18, 1975	855.24	91.00	20.76
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