News stories from Wednesday December 11, 1974

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

President Ford told the Business Council that "the economy is in difficult straits" but said he had no intention of introducing any major new anti-recession programs. He ruled out an immediate return to wage and price controls. He saw hope that price pressures were beginning to ease. He said that as conditions changed his policies would be flexible to meet them. [New York Times] Racial violence in South Boston, tense over the school busing controversy, erupted when a black youth knifed a white youth in a high school corridor. A white mob surrounded the building and fought with police, who finally evacuated some 135 black students after four hours. [New York Times] Superior Court Judge Samuel Lerner rejected an appeal by Rubin (Hurricane) Carter and his co-defendant, John Artis, for a new trial on the triple-murder charges for which he had sentenced them to life imprisonment seven years ago. He found in Jersey City that recanted testimony by two former prosecution witnesses lacked the "ring of truth." Lawyers for both men said they would appeal the ruling. [New York Times] Joseph McCrane, a former New Jersey state Treasurer, was convicted on four counts of assisting corporations to file fraudulent income tax returns. He was found guilty of giving them phony vouchers that enabled them to disguise contributions to the 1969 gubernatorial campaign of William Cahill as business expenses which were tax-deductible. [New York Times] Government and diplomatic sources in Washington said that Attorney General William Saxbe was expected to be named Ambassador to India soon, succeeding Daniel Moynihan, who has indicated he will return to Harvard University. The announcement is expected to be made after the Indian government approves the appointment. It was reported that when Mr. Saxbe met with the President on Monday they discussed his desire to resign that post. [New York Times] Prime Minister Ian Smith of Rhodesia announced an immediate cease-fire after years of fighting with black nationalists on the northern border, the immediate release of all detained black Rhodesian leaders and followers, and a conference to be held on how the overwhelming black majority can enter the government. In a nationwide broadcast he said that a settlement had not been achieved but that the steps would create the right atmosphere for holding a constitutional conference. [New York Times] Delegates from Arab and other developing nations to the United Nations General Assembly rejected American charges that it is shackled by a "tyranny of the majority." The delegate of Southern Yemen accused the United States and its allies of "duplicity, double standards and self-righteous statements." Guinea's delegate accused the Western powers of blackmail and intimidation. China's chief delegate praised the third world bloc as the main force opposing colonialism, imperialism and what he called "manipulation by the superpowers." [New York Times] Rock-throwing youths rioted in Rangoon after troops and policemen invaded the university campus and removed the body of U Thant from a student-built mausoleum. The Burmese government declared martial law as troops in battle gear took to the streets. Smoldering student and Buddhist resentment of the rule of President Ne Win turned into the most dramatic protest in his 12 years in power. He overthrew Premier U Nu, a political mentor of Mr. Thant, the retired United Nations Secretary General, who died Nov. 25 in New York. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 595.35 (+1.48, +0.25%)
S&P Composite: 67.67 (+0.39, +0.58%)
Arms Index: 0.82

	Issues	Volume*
Advances	810	7.94
Declines	566	4.53
Unchanged	446	3.23
Total Volume		15.70

* 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 10, 1974	593.87	67.28	15.69
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