News stories from Wednesday October 9, 1974

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

Secretary of State Kissinger arrived in Cairo on his first overseas mission for President Ford, who saw him off. He seemed confident that his Middle East trip would produce agreement on a time, place and format for the next round of Arab-Israel negotiations. He began discussions with President Anwar Sadat aimed at producing momentum toward a settlement. [New York Times] President Ford said he was "very confident" that his anti-inflation proposals could reduce inflation meaningfully by early next year if Congress and the people respond. His third press conference also elicited a statement that there was no illegality or impropriety in Vice President-designate Nelson Rockefeller's gifts to former associates. He said Mrs. Ford's surgery had not changed his mind about running for President in 1976. Other White House sources said later the administration's budget proposals in January would be the next major battleground against inflation. [New York Times] The House Ways and Means Committee reacted mildly to President Ford's tax proposals, with Democratic criticisms and Republican support relatively subdued. Other congressional critics were harsher, with the Senate majority leader, Mike Mansfield, saying he did not think Congress could complete action on them this year. [New York Times] President Ford, in an unusual comment on a court order, said he disagreed with the school desegregation order of a federal judge in Boston. But he added at his news conference that he thought it "of maximum importance that the citizens of Boston respect the law," and said he hoped it would not be necessary to involve federal enforcement agencies. [New York Times] The House Rules Committee held back the $11.8 billion mass transit bill from the floor of the House of Representatives in a move that surprised its proponents. The legislation would give New York City $170 million of the $200 million sought by city officials to save the 35-cent fare. House leaders pledged they would seek to revive the bill after the November election. [New York Times] Leonid Brezhnev, the Soviet leader, is believed to be pressing for a meeting with President Ford this fall while the President is in Asia. Some Soviet sources have leaked word that preparations for a meeting, preferably in Vladivostok after Mr. Ford visits Japan in November, are under way; other sources said the decision to meet would depend on the results of Secretary of State Kissinger's visit to Moscow this month. [New York Times] The Senate voted, 62 to 16, to send legislation cutting off military aid to Turkey to the White House. It later eased this challenge to President Ford's threat of a veto by passing an amendment, which goes to the House, giving the President authority until Dec. 15 to suspend the provisions of the foreign aid laws with respect to Turkey. He would have to determine that the suspension would help settle the Cyprus problem. [New York Times] Israeli police and army units turned back an organized challenge to the government's policy of restricting Israeli settlement in the occupied area on the West Bank of the Jordan River. About 500 of an estimated 5,000 would-be settlers broke through police barricades but were forcibly removed by Israeli soldiers. They were trying to dig in before Secretary of State Kissinger arrived in Israel on Saturday. [New York Times] The 1974 prize for economic science in memory of Alfred Nobel, the Swedish industrialist, was awarded to Prof. Gunnar Myrdal of Sweden and Prof. Friedrich von Hayek of Austria. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 631.02 (+28.39, +4.71%)
S&P Composite: 67.82 (+2.98, +4.60%)
Arms Index: 0.57

	Issues	Volume*
Advances	1,220	15.27
Declines	264	1.89
Unchanged	317	1.66
Total Volume		18.82

* 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 8, 1974	602.63	64.84	15.46
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