News stories from Tuesday November 5, 1974

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

Democrats swept toward domination of the next Congress with a two-thirds margin in the House and nearly the same margin in the Senate. Democrats captured Republican-held Senate seats in Florida, Colorado and Kentucky, and appeared on the verge of upset victories in Vermont and New Hampshire. It appeared to be the most stinging defeat in a decade for the Republicans. [New York Times] The Democrats captured two big-state prizes that had long eluded them - the governorships of New York and Massachusetts. Republican candidates won in Kansas and led in South Carolina. Michigan remained too close to call, but Democrats won in Connecticut and Tennessee and were leading in Colorado and Ohio. [New York Times] New Jersey voters decisively rejected casino gambling and gave Republicans their worst congressional defeat in recent state history. They unseated four of seven incumbent Republicans and gave the Democrats a 12-to-3 margin in the state's delegation in the House of Representatives. [New York Times] Arnold Miller, president of the United Mine Workers, said he would not ask union members to postpone strike activity set for next Monday night, although he agreed to resume talks with coal management. He said management knew that ratification by the rank and file would take 10 days even after tentative agreement at the bargaining table is reached. [New York Times] Federal Judge John Sirica overruled defense objections in the Watergate cover-up trial and said that the prosecution could proceed along the lines it had proposed for proving the admissibility of White House tapes as evidence. [New York Times] Henry Petersen resigned as chief of the Criminal Division of the Justice Department, effective Dec. 31, with a warm letter of regret from President Ford. Mr. Petersen's decision in early 1973 to give President Nixon details of the grand jury inquiry into the Watergate cover-up was widely questioned, but he expressed no regrets. [New York Times] Simas Kudirka, the seaman from Soviet Lithuania who jumped from a Soviet ship to a Coast Guard cutter off Martha's Vineyard in 1970, arrived in New York by plane from Moscow with his wife, two children and Brooklyn-born mother. The Coast Guard had let Soviet crewmen forcibly remove him, but in an apparent gesture to Washington he was released from prison in August and permitted to leave. The State Department considers him a U.S. citizen because his parents were American. [New York Times] Secretary of State Kissinger proposed three new international bodies in his address to the World Food Conference in Rome: an exporters' planning group, a food production and investment coordinating group, and a group to coordinate food reserves. He laid special emphasis on cooperation of the oil-producing countries in aid programs. He said the total food imports needed by developing nations would rise from 25 million tons at the present time to 85 million tons by 1985. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 674.75 (+17.52, +2.67%)
S&P Composite: 75.11 (+2.03, +2.78%)
Arms Index: 0.39

	Issues	Volume*
Advances	991	12.34
Declines	394	1.90
Unchanged	378	1.72
Total Volume		15.96

* 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 4, 1974	657.23	73.08	12.74
November 1, 1974	665.21	73.88	13.47
October 31, 1974	665.52	73.90	18.84
October 30, 1974	673.03	74.31	20.13
October 29, 1974	659.34	72.83	15.61
October 28, 1974	633.84	70.09	10.54
October 25, 1974	636.19	70.12	12.65
October 24, 1974	636.26	70.22	14.91
October 23, 1974	645.03	71.03	14.20
October 22, 1974	662.86	73.13	18.93