News stories from Tuesday October 8, 1974

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

Urging a "new mobilization against inflation," President Ford proposed a broad program that included a call for a reduction of oil imports and a one-year tax increase for corporations and many individuals. In an address to a joint session of Congress,. Mr. Ford called on all Americans to enlist in the fight to "whip inflation now." The President's proposals would provide tax incentives for business, help unemployed workers, stimulate home construction and expand agricultural production. [New York Times] Congressional reaction to the President's economic proposals was restrained, with key members of both houses hailing the spirit of the program while many Democrats and Republicans alike voiced sharp disagreement with its substance -- particularly Mr. Ford's call for a 5 percent surcharge on middle-income and high-income taxpayers, The Senate Republican leader, Hugh Scott of Pennsylvania called the Ford program "courageous," but added that there was a "reluctance to share the President's enthusiasm for sacrifice." [New York Times] Under the President's many-faceted tax proposals, the working poor would get a small reduction, corporations and many individuals would get a one-year increase and businesses would get two permanent programs of tax relief. Mr. Ford also endorsed a complex tax-revision bill before a House committee, apparently enhancing the possibility that some sort of tax legislation would be passed by Congress this year. [New York Times] In his address to Congress, Mr. Ford called on the American people to adopt a variety of energy-saving measures from driving less to using cold water for laundry. He also called for increased domestic oil production, and named Secretary of the Interior Rogers C, B. Morton to head a new national energy board. Ruling out an increase in the federal gasoline tax, he urged motorists to form car pools, use public transportation or walk. [New York Times] Vice President-designate Nelson Rockefeller has been requested to turn over to the Senate Rules Committee "detailed background information" of financial gifts he has given to his aides and associates. The request for the information came following the disclosure that Mr. Rockefeller had given $550,000 to William Ronan, now chairman of the New York-New Jersey Port Authority. The gift was in the form of canceling a number of loans to Dr. Ronan. [New York Times] The presence of United States marshals was requested by Boston Mayor Kevin White to maintain order in the city's schools while a program of court-ordered school busing for integration is carried out. Despite the request, at the same time, widespread stoning of cars by black youths developed in a previously peaceful black neighborhood. A white taxi driver was seriously injured when he was beaten by black youths. [New York Times] In the largest failure in American banking history, the Franklin National Bank of New York was declared insolvent and promptly taken over by a local bank owned by six of the largest financial institutions in Europe. Under an agreement designed to protect them from loss, all Franklin depositors will become depositors of the European-American Bank and Trust Company, which will operate all of branch offices. [New York Times] Plans to establish an Office of Hispanic Affairs in Newark -- regarded as a major concession to the city's Spanish-speaking community after last month's racial disturbances -- appear to be languishing in a morass of bureaucratic red tape and opposition. In addition, several Hispanic leaders have begun to question the commitment of Mayor Kenneth Gibson and his administration to redress grievances. [New York Times] Former Japanese Premier Eisaku Sato and Sean MacBride of Ireland, the United Nations commissioner for South-West Africa, were jointly awarded the Nobel Peace Prize. Mr. Sato was cited for stabilizing conditions in the Pacific area by his signing of the treaty to prevent the spread of nuclear weapons. Mr. McBride, who was Ireland's Foreign Minister from 1948 to 1951, was honored for his work in human rights. [New York Times] The six terrorists holding seven hostages in the Venezuelan Consulate in Santo Domingo accepted an offer of safe conduct out of the country, the American Ambassador, Robert Hurwitch, announced. The offer assures the six safe conduct to any country of their choosing under guarantees from the American, Spanish and Venezuelan embassies in Santo Domingo. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 602.63 (-4.93, -0.81%)
S&P Composite: 64.84 (-0.11, -0.17%)
Arms Index: 1.83

	Issues	Volume*
Advances	875	6.21
Declines	547	7.10
Unchanged	378	2.15
Total Volume		15.46

* 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*
October 7, 1974	607.56	64.95	15.00
October 4, 1974	584.56	62.34	15.91
October 3, 1974	587.61	62.28	13.15
October 2, 1974	601.53	63.38	12.23
October 1, 1974	604.82	63.39	16.89
September 30, 1974	607.87	63.54	15.00
September 27, 1974	621.95	64.94	12.23
September 26, 1974	637.98	66.46	9.06
September 25, 1974	649.95	67.57	17.62
September 24, 1974	654.10	68.02	9.84