News stories from Friday March 14, 1975

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

The Senate Finance Committee finished work on legislation that would reduce the taxes of individuals and corporations by $29.2 billion this year and by smaller amounts in future years. Most of the tax cut this year -- $21.2 billion -- would benefit individual taxpayers. [New York Times] Reflecting the worsening recession, the nation's industrial production declined in February for the fifth consecutive month, the Federal Reserve Board announced in Washington. Industrial output was down 3 percent last month, compared with a January decline of 3.6 percent, which was the sharpest drop for a single month since December, 1937. The Federal Reserve's index of industrial production was 110.3 percent of the 1967 average, down from 113.7 percent in January. [New York Times] Virtually all White House authorizations of foreign and domestic intelligence activities going back nearly three decades, over the terms of five presidents, have been requested of President Ford by the Senate Select Committee on Intelligence. Several members of the committee said they regard the request as the test of President Ford's willingness to cooperate with the committee. [New York Times] Fred Larue, a White House aide in the Nixon administration, was sentenced to six months in prison for his admitted role in the Watergate cover-up. He was a key prosecution witness in the cover-up trial and pleaded guilty in June, 1973, to a single count of conspiracy to obstruct justice, the first Watergate defendant to plead guilty. He was also the last of the eight Watergate defendants to be sentenced. [New York Times] Jack Scott, university athlete, writer and educator, who has been sought across the United States in connection with the Patricia Hearst kidnapping case, told a reporter by telephone that his lawyer was discussing his situation with federal authorities. [New York Times] David Hall, a 44-year-old former governor of Oklahoma, was convicted by a federal jury on four counts of bribery and extortion. W.W. Taylor, a Dallas mortgage broker, was also convicted. The government had alleged that Mr. Hall and Mr. Taylor had conspired to bribe the Oklahoma Secretary of State, John Rogers Jr., to approve an investment of $10 million in state retirement funds in one of Mr. Taylor's companies. [New York Times] At a rally organized by the Communist party, thousands of Portuguese gathered in the rain in Lisbon to cheer a decision to nationalize the country's banking system that had been decreed by the new leftist High Council of the Revolution. Premier Vasco dos Santos Goncalves said that it was "the first firm, irreversible step" to put the economy at the service of the people. [New York Times] Israel said that Egypt's latest proposals for a new Sinai agreement were short of what was needed for an accord. An official said that he expected Israel would give Secretary of State Kissinger concrete views of her own to keep the negotiations going, and that he expected the government would recommend and get from the cabinet on Sunday a mandate authorizing more flexible negotiating terms. [New York Times] Several hundred leftist, anti-government students shouted abuse and showered President Luis Echeverria Alvarez of Mexico with bottles and pieces of brick when he tried to address the opening of the academic year at the National University in Mexico City. He was the first Mexican president to enter the campus in more than eight years. He was grazed by the debris but not seriously hurt, an official spokesman said. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 773.47 (+10.49, +1.37%)
S&P Composite: 84.76 (+1.02, +1.22%)
Arms Index: 0.57

	Issues	Volume*
Advances	1,114	18.36
Declines	328	3.09
Unchanged	350	3.40
Total Volume		24.85

* 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*
March 13, 1975	762.98	83.74	18.62
March 12, 1975	763.69	83.59	21.56
March 11, 1975	770.89	84.36	31.28
March 10, 1975	776.13	84.95	25.89
March 7, 1975	770.10	84.30	25.93
March 6, 1975	761.81	83.69	21.78
March 5, 1975	752.82	82.90	24.12
March 4, 1975	757.74	83.58	34.10
March 3, 1975	753.13	83.03	24.10
February 28, 1975	739.05	81.59	17.56