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Thursday September 12, 1974
. . . where the 1970s live forever!

News stories from Thursday September 12, 1974


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

  • A White House spokesman said that President Ford does not intend to pardon any of the Watergate defendants before trial, as he did former President Nixon. James Hushen, deputy White House press secretary, gave his assessment of Mr. Ford's intentions shortly before the Senate adopted by a vote of 55 to 24, a resolution urging the President to refrain from using his pardoning power until after the judicial process has been completed in each case. The resolution only expresses the wish of the Senate and does not have the force of law. [New York Times]
  • Federal Judge John Sirica denied requests by three of the six defendants in the Watergate cover-up case that charges against them be dropped on the ground that the pardoning of former President Nixon had created the public impression that they were guilty. He agreed, however, to delay by one day the starting date of the trial to permit the assembling of a new panel of prospective jurors. [New York Times]
  • The Bureau of Labor Statistics announced that wholesale prices in August recorded their biggest gain in a year as food prices rose sharply for the second consecutive month and industrial commodities generally continued upward. The Wholesale Price Index rose 3.9 percent in August, after allowing for normal seasonal changes, bringing the index to 167.4 percent of its 1967 base of 100. [New York Times]
  • At another of the preliminary meetings on inflation scheduled by President Ford, a coalition of industry groups affected by the severe depression in home building presented to skeptical government officials a nine-point rescue program. [New York Times]
  • Rock-throwing, jeering crowds in South Boston marred the start of a busing program designed to integrate Boston's public schools, and tonight Mayor Kevin White banned any gatherings in South Boston streets. Other parts of the city were calm as the busing program began. [New York Times]
  • Clearly indicating that he intended to maintain the sort of support of previous administrations for the Saigon government, President Ford appealed personally to congressional leaders to restore the hundreds of millions of dollars cut from the administration's foreign aid budget for South Vietnam and the rest of Indochina. In a special message to Congress on foreign aid priorities, Mr. Ford also said that he was "concerned" that restrictive amendments to the bill approved by the Senate Foreign Relations Committee would "severely limit" his ability to "conduct United States foreign policy." Initial reaction on Capitol Hill to the President's request for the restored funds was unenthusiastic. [New York Times]
  • Emperor Haile Selassie of Ethiopia, who ruled his country for 58 years, was deposed peacefully by the military. He was taken from his palace in Addis Ababa to army headquarters and later reportedly to a palace outside the capital for his "personal safety," He had been progressively stripped of his absolute powers amid charges of corruption against his government. [New York Times]


Stock Market Report

Dow Jones Industrial Average: 641.74 (-12.98, -1.98%)
S&P Composite: 66.71 (-1.84, -2.68%)
Arms Index: 2.30

IssuesVolume*
Advances1820.89
Declines1,27414.30
Unchanged3271.73
Total Volume16.92
* 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
DateDJIAS&PVolume*
September 11, 1974654.7268.5511.82
September 10, 1974658.1769.2411.98
September 9, 1974662.9469.7211.16
September 6, 1974677.8871.4215.13
September 5, 1974670.7670.8714.21
September 4, 1974648.0068.7216.93
September 3, 1974663.3370.5212.75
August 30, 1974678.5872.1516.23
August 29, 1974656.8469.9913.69
August 28, 1974666.6170.7616.67


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