News stories from Monday December 8, 1975

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

Facing a possible contempt citation, Secretary of Commerce Rogers C. B. Morton agreed to provide a House subcommittee with a list of American companies that have reported that they have been asked to support an Arab boycott of Israel, and a list of companies doing business with Israel. [New York Times] On the opening day of his Senate confirmation hearings, Judge John Paul Stevens, President Ford's nominee to the Supreme Court, replied to a series of questions about his record on sex discrimination cases. He defended his record and said he believed that "women should have exactly the same rights under law as men." However, he questioned the value of the proposed Equal Rights Amendment and said he was not sure that it would accomplish more than the 14th Amendment. The E.R.A., he said, has symbolic value, "but as for its legal importance," he was "just not sure" of its significance. [New York Times] CBS News has apparently lost $10,000 that it had advanced in an effort to find James Hoffa, and a tough-talking man -- later identified by the Justice Department as an ex-convict -- who promised to lead a television team to the body of the former Teamster leader, has disappeared. [New York Times] Thirteen local drug traffickers -- four whites, five blacks and four Hispanics -- are now believed by narcotics investigators to be the dominant figures in New York City's heroin and cocaine underworlds. The 13 have been confidentially identified by law enforcement officials as being either principal dealers or the money men behind much of the drug trafficking. The white traffickers are believed to be associated with the Mafia. [New York Times] Gunmen were in control of much of Beirut today. Moslems and leftists, attacking on a broad front, swarmed into the downtown section of the city, the uptown Kantari section and hotel district along the Mediterranean coast, where they laid siege to a number of hotels, including the Holiday Inn, which had Phalangist gunmen trapped inside. They reportedly captured the Regent Hotel at Martyrs Square in downtown Beirut, where they had made a foray on a shopping center. [New York Times] The United States vetoed a resolution of the United Nations Security Council that would have condemned Israel for last week's air raids on Palestinian targets in Lebanon and given a "solemn warning" that a repetition of such military acts would bring United Nations sanctions upon it. The resolution did not mention Arab violence against Israel. It was because of this that Daniel Patrick Moynihan, the chief American delegate, told the council, the United States had reluctantly vetoed the resolution. [New York Times] Administration officials and diplomatic sources in Washington said that Israel had turned down a request by Secretary of State Henry Kissinger to drop its boycott and agree to debate Middle East issues in the United Nations Security Council with the Palestine Liberation Organization next month. Mr. Kissinger's request was made in a secret message to the Israeli Foreign Minister, Yigal Allon, last Friday. [New York Times] For the second day, the Spanish government cracked down on the leftist opposition with a strong display of police force. In Madrid, more than a dozen persons were arrested and others were severely injured from clubbings when the police refused to allow members of the Spanish Socialist Workers Party and its labor branch, the General Union of Workers, to meet in a Madrid cemetery to pay tribute to the founder of both organizations, Pablo Iglesias, on the 50th anniversary of his death. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 821.63 (+2.83, +0.35%)
S&P Composite: 87.07 (+0.25, +0.29%)
Arms Index: 0.63

	Issues	Volume*
Advances	511	5.46
Declines	850	5.71
Unchanged	508	2.99
Total Volume		14.16

* 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*
December 5, 1975	818.80	86.82	14.05
December 4, 1975	829.11	87.84	16.38
December 3, 1975	825.49	87.60	21.32
December 2, 1975	843.20	89.33	17.93
December 1, 1975	856.34	90.57	16.05
November 28, 1975	860.67	91.24	12.87
November 26, 1975	858.55	90.94	18.78
November 25, 1975	855.40	90.71	17.49
November 24, 1975	845.64	89.70	13.93
November 21, 1975	840.76	89.53	14.11