News stories from Tuesday December 10, 1974

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

The Senate voted 90 to 7 to approve the nomination of Nelson Rockefeller as Vice President. Four Democrats and three Republicans voted against the former New York Governor. The House Judiciary Committee chairman, Representative Peter Rodino of New Jersey, said the panel would consider on Thursday sending the nomination next week to the House, whose Speaker, Carl Albert, said his impression was that it would be confirmed. [New York Times] Testifying at the Watergate cover-up trial in his own defense, John Ehrlichman continued to implicate former President Richard Nixon, saying in effect that his chief had kept him in the dark. He broke down and cried at one point. He said that presidential tapes showed Mr. Nixon had been telling him and another aide, Charles Colson, "very different things." [New York Times] Representative Wilbur Mills, still hospitalized, relinquished his chairmanship of the House Ways and Means Committee. Representative Otis Pike of Suffolk County will replace Governor-elect Hugh Carey in the committee seat traditionally held by a New Yorker. Andrew Young of Georgia, one of the first blacks elected to Congress in this century, received a Democratic seat on the Rules Committee. [New York Times] President Ford heard the views of seven members of the National Commission on Critical Choices, formed by Nelson Rockefeller before his appointment for the vice-presidency, on problems of world energy, raw materials and food. The meeting in New York City with Mr. Rockefeller and his aides was seen as a bid for presidential support for the commission to continue. [New York Times] The Federal Trade Commission accused the Continental Baking Company of illegally attempting to monopolize the wholesale bakery business and said its parent company, International Telephone and Telegraph Company, concurred or acquiesced in most or all of the alleged illegal practices. It asked that Continental split into two or more companies and brand names be licensed to other bakery concerns. [New York Times] Reports that the Persian Gulf oil-producing states would stop taking the pound sterling in payment for their oil touched off a run on the currency, driving the pound to historic lows. The Bank of England had to spend an estimated $250 million in an effort to support the currency. It fell by more than 1½ cents against the dollar to $2.3195. [New York Times] The heads of the nine European Economic Community governments ended their two-day Paris meeting with a communique reflecting moves toward compromise on the key issues of oil diplomacy and the terms of Britain's participation. [New York Times] The press preview in Washington of an exhibition of Chinese archeological finds was canceled because the National Gallery of Art would not agree to Peking's demand that newsmen from Nationalist China, South Korea, South Africa and Israel be barred. Other events of the opening will continue as planned. [New York Times] Defense Secretary James Schlesinger warned colleagues in the North Atlantic Treaty Organization in Brussels that they should not cut back military strength for economic reasons in the belief that American power would be sufficient to protect them. He said they would be wise not to depend too much on the goodwill of those moving toward preponderant military power -- an apparent reference to the relative strength of the Soviet Union. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 593.87 (+13.93, +2.40%)
S&P Composite: 67.28 (+1.68, +2.56%)
Arms Index: 0.51

	Issues	Volume*
Advances	965	11.06
Declines	423	2.48
Unchanged	445	2.15
Total Volume		15.69

* 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*
December 9, 1974	579.94	65.60	14.66
December 6, 1974	577.60	65.01	15.50
December 5, 1974	587.11	66.13	12.89
December 4, 1974	598.64	67.41	12.58
December 3, 1974	596.61	67.17	13.62
December 2, 1974	603.02	68.11	11.14
November 29, 1974	618.66	69.97	7.40
November 27, 1974	619.29	69.94	14.81
November 26, 1974	617.26	69.47	13.60
November 25, 1974	611.94	68.83	11.30