News stories from Monday November 25, 1974

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

Frank Zarb, a 39-year-old Wall Street management expert who has been shaping energy policy in recent weeks, was designated by President Ford to take on the added responsibility of heading the Federal Energy Administration. He will give up his present job as an associate director in the Office of Management and Budget, but keep his present additional assignment as executive director of the Energy Resources Council, a new cabinet-level interagency body whose responsibility is to shape energy policy choices and recommendations for the President. [New York Times] The prosecution rested its case at the Watergate cover-up trial at noon, and a few hours later the jury heard the start of one of the five defendants' cases, that of John Mitchell, the former Attorney General. His lawyer told the jury that Mr. Mitchell had been "kept in the dark" about the cover-up by people at the White House who wanted to "set him up." [New York Times] Margaretta Rockefeller underwent surgery for the removal of her right breast, five weeks after her left breast was removed following the discovery of a tumor. Doctors said the chances of a normal life expectancy were virtually unchanged from those described as excellent after Mrs. Rockefeller's first operation. [New York Times] A government staff study his found that "all sectors of the United States sugar industry" have realized "very large windfall gains" from the recent big increases in sugar prices. The study, made public as the new Council of Wage and Price Stability began two days of hearings on the sugar situation, did not attempt to fix any blame for the jump in sugar prices. [New York Times] Twenty-one major American publishing houses were accused of conspiring with British publishers to suppress competition by dividing a major part of the world book market into exclusive territories. The Justice Department made the accusation in an antitrust suit filed in United States District Court seeking a permanent injunction to end the alleged conspiracy. [New York Times] At a hospital in Cape Town, South Africa, Dr. Christiaan Barnard implanted a second heart in the chest of a 58-year-old man to ease the burden on the man's own diseased heart. The patient was reported in satisfactory condition with both hearts beating together. It was the first implant of a new heart without removing the old heart, "The old heart takes care of as much as it can. What it can't handle is taken care of by the new heart," Dr. Barnard said. [New York Times] The British government asked Parliament to approve emergency legislation outlawing the Irish Republican Army, giving the police sweeping powers of arrest and detention and imposing new controls on travel between England and Ireland. The measures were outlined in the House of Commons by Roy Jenkins, the Home Secretary, who described them as "unprecedented in peacetime." [New York Times] The United States and the Soviet Union have agreed to keep their offensive nuclear arsenals limited to fewer than 2,500 bombers and missiles each under the tentative accord worked out by President Ford and the Soviet leader, Leonid Brezhnev, over the weekend in Vladivostok. American officials said that under the proposed accord, which would last until 1985, the United States would probably not have to make any substantial cuts in the current strength of its nuclear force but that the Soviet Union would. [New York Times] Secretary General Waldheim of the United Nations had a meeting in Damascus with President Hafez al-Assad of Syria and said afterward that he expected a six-month extension of the life of the United Nations peacekeeping force now separating Syrian and Israeli troops in the Golan Heights. Mr. Waldheim said that he believed tension had relaxed in the Middle East as a result of his talks with the Syrian President. [New York Times] U Thant, the Burmese schoolteacher who became the third Secretary General of the United Nations and held that post longer than any other person, until his retirement in 1971, died today at Columbia-Presbyterian Medical Center in New York. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 611.94 (-3.36, -0.55%)
S&P Composite: 68.83 (-0.07, -0.10%)
Arms Index: 0.97

	Issues	Volume*
Advances	559	3.85
Declines	793	5.28
Unchanged	444	2.17
Total Volume		11.30

* 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 22, 1974	615.30	68.90	13.02
November 21, 1974	608.57	68.18	13.82
November 20, 1974	609.59	67.90	12.43
November 19, 1974	614.05	68.20	15.72
November 18, 1974	624.92	69.27	15.23
November 15, 1974	647.61	71.91	12.48
November 14, 1974	658.40	73.06	13.54
November 13, 1974	659.18	73.35	16.04
November 12, 1974	659.18	73.67	15.04
November 11, 1974	672.64	75.15	13.22