News stories from Friday October 11, 1974

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

Vice President-designate Nelson Rockefeller has made public a letter sent to the Senate Rules Committee in which he acknowledged making gifts since 1957 to 18 present or former public officials and members of his staff totaling more than $1.77 million. Mr. Rockefeller said in the letter he had paid federal and state taxes on the gifts amounting to about $840,000. [New York Times] The publishers of a derogatory biography of Arthur Goldberg have disputed Nelson Rockefeller's statement that his brother Laurance invested $60,000 in the book purely as a business venture. The book was published when Mr. Goldberg was running as the Democratic candidate for Governor against Mr. Rockefeller in 1970. [New York Times] Papers made public by Judge John Sirica contend that both John Ehrlichman and H.R. Haldeman urged former President Nixon in the summer of 1972 to make "a full and complete disclosure" of the Watergate affair. The two former Nixon aides make numerous other assertions in the papers, which seek to place much of the blame for the Watergate cover-up on Mr. Nixon, who cannot be prosecuted for it because of President Ford's pardon. [New York Times] The country's electric utility companies, hit by rising costs and slower growth in energy consumption, have cut back their construction budgets by 18 percent over the next four years. Nuclear energy has been hard hit, with little more than half the planned nuclear power capacity postponed or canceled. [New York Times] Two of the nation's largest banks, the First National City Bank and the First National Bank of Chicago, have cut their prime interest rate from 11¾ percent to 11½ percent, effective early next week. The move is expected to be followed by similar reductions at other large banks. [New York Times] A vice president of the Northrop Corporation, the Los Angeles based aerospace company, has admitted that the defense contractor maintained a political slush fund of up to $12 million including an illegal contribution of $150,000 to the 1972 Nixon re-election campaign. [New York Times] The House of Representatives narrowly defeated a compromise measure that would have enabled the President to delay until Dec. 15 a cutoff of military aid to Turkey. After the 187 to 171 vote, Republican congressional leaders said that the President would definitely veto a resolution continuing appropriations for foreign aid, which contains the disputed provision suspending aid to Turkey. [New York Times] Prime Minister Harold Wilson and his Labor party have been returned to power by the voters but by a margin far short of the seats Mr. Wilson had hoped for in the 635-member House of Commons. Final returns from Britain's second general election in eight months showed Labor with a bare three-seat majority over the combined strength of Conservatives, Liberals and other parties. [New York Times] The Soviet leader, Leonid Brezhnev, has urged that the Middle East peace talks in Geneva be reconvened at the earliest date, contending that further delay would mean sitting "on a powder keg which might blow up at any moment." He charged that Israel and "her traditional foreign patrons" were trying to evade the resumption of such negotiations. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 658.17 (+10.09, +1.56%)
S&P Composite: 71.14 (+1.35, +1.93%)
Arms Index: 0.93

	Issues	Volume*
Advances	1,063	13.23
Declines	422	4.89
Unchanged	339	1.98
Total Volume		20.10

* 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 10, 1974	648.08	69.79	26.36
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