News stories from Thursday October 10, 1974

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

Boston's Mayor, Kevin White, lashed out at President Ford because of an anti-busing statement, saying that Mr. Ford had "fanned the flames of resistance" to school integration and possibly contributed to the endangerment of Boston's school children. Mayor White told a news conference that he would continue to enforce the law but would not voluntarily implement a second phase of school busing for integration without federal support. [New York Times] The mood on Wall Street ranged from jubilant to bewildered as stock prices surged for the second consecutive day, completing one of the largest two-day advances in the history of the New York Stock Exchange. With some 26.36 million shares traded, the exchange experienced the fifth busiest day in its 182-year history. [New York Times] For the first month in almost a year, wholesale prices remained almost unchanged in September. The rise, only one-tenth of 1 percent, as announced by the Labor Department, resulted from the interaction of a decline in food prices, coupled with some continued rise in prices of industrial commodities. Offsetting this good news was a report from the Agriculture Department showing a reduction in the outlook for corn and soybean production, caused by a summer drought and an early fall frost. [New York Times] Dr. William Ronan says there was nothing "immoral or illegal" in his acceptance of a gift of $550,000 from Nelson Rockefeller. The amount, originally a loan, given over a 17-year period, could have been paid back, Dr. Ronan said, because his net worth is more than enough to do so. The Vice President-designate was reported to be upset and depressed over the potential effect the disclosures of the gifts might have on his confirmation by the Senate. [New York Times] The Senate has passed legislation which would outlaw credit discrimination based on sex or marital status. The House took similar action on Wednesday. The anti-discrimination provision is an amendment to a federal deposit insurance bill and applies to all types of personal and business credit. [New York Times] New Jersey's Attorney General, William Hyland, revealed that his office was investigating the possible embezzlement of funds in the 1969 campaign of former Gov. William Cahill. Mr. Hyland's remarks were the first reference to possible theft of money from the campaign. [New York Times] Britain's governing Labor party has won the general election. With more than three-quarters of the votes counted, Prime Minister Harold Wilson's party took seat after seat from the Conservatives and was assured of a working majority in the House of Commons. Computers had predicted a five-vote majority. [New York Times] Congress has approved and sent to the White House legislation providing for the most extensive reform of federal campaign finance practices in American history. The bill, which is expected to be signed by President Ford, was an outgrowth of the Watergate scandal and was designed to limit the political influence of special interest groups and wealthy individuals. [New York Times] The House Judiciary Committee has begun a broad investigation of the extent of Nelson Rockefeller's possible involvement in a derogatory campaign biography of Arthur Goldberg, his Democratic gubernatorial opponent in 1970. The Federal Bureau of Investigation has indicated that Mr. Rockefeller, through intermediaries, may have been involved in underwriting Victor Lasky's biography on Mr. Goldberg. Mr. Rockefeller said that, without his knowledge, his brother Laurence had invested $60,000 in the book "as a business venture." [New York Times]

Stock Market Report

Dow Jones Industrial Average: 648.08 (+17.06, +2.70%)
S&P Composite: 69.79 (+1.97, +2.90%)
Arms Index: 1.23

	Issues	Volume*
Advances	1,338	19.16
Declines	261	4.61
Unchanged	258	2.59
Total Volume		26.36

* 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 9, 1974	631.02	67.82	18.82
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