News stories from Thursday December 12, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Congress approved by large margins legislation intended to reduce the effects of the nation's rapidly growing unemployment. The House and the Senate passed a measure that would provide hundreds of thousands of federally financed public service jobs for the unemployed, and unemployment compensation for up to 3 million persons not now covered by the federal unemployment insurance system. In addition, the House, voting 374 to 2, approved a bill that would give at least 13 more weeks of unemployment compensation to persons already covered by federal insurance. A similar measure is expected to be approved by the Senate in a few days. [New York Times]
- Auto industry and labor leaders urged President Ford at a White House meeting to consider an income tax cut and a "pause" on federal emission and safety standards to bolster sagging car sales and the general economy. Gov. William Milliken of Michigan, who also attended the meeting, said he had the impression that the President would consider a tax cut. [New York Times]
- The Labor Department reported that the nation's inflation, as measured by the sensitive Wholesale Price Index, abated further in November, though prices were still going up. The overall index, after adjustment for normal seasonal changes in some prices, rose by 1.2 percent last month, one of the smallest increases this year and only half the October rise. [New York Times]
- The House Judiciary Committee recommended, by a vote of 26 to 12, the confirmation of Nelson Rockefeller as Vice President. All 17 of the committee's Republican members voted to approve the nomination; 12 of the 21 Democrats voted against approval. A vote by the full House is expected Dec. 20. [New York Times]
- Gov. Jimmy Carter of Georgia, a Democrat who is regarded as a moderate, announced his candidacy for President. He is the second formally declared candidate for the 1976 Democratic nomination. Representative Morris Udall of Arizona is the other. [New York Times]
- A deadlock of 50 years over the 1925 Geneva protocol on chemical warfare was ended today when the Senate Foreign Relations Committee voted unanimously to send the treaty to the Senate for approval. The United States is the only country among the major powers that has not ratified the treaty, which bans the use of chemical and bacteriological warfare. It appears virtually certain that the treaty will be approved by the Senate and ratified by President Ford. [New York Times]
- The United States welcomed as "an extraordinary and unprecedented step" a declaration signed in Peru by eight Latin American countries that they intend to limit armaments and cease acquiring offensive weapons. The signers were Peru, Chile, Bolivia, Ecuador, Venezuela, Argentina, Colombia and Panama. [New York Times]
- Well-informed sources in Athens said that Greece intends to allow the United States to keep military bases in Greece that serve mutual interests, but may request the removal of bases that are used only by the United States. It is uncertain how this will be done, but it appears likely that most bases will remain. [New York Times]
- The West German government scrapped the remains of its anti-inflation program and announced an anti-unemployment and anti-recession economic policy instead. It did so "with fingers crossed," as one official said, that the United States will soon follow suit to avoid a world depression. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 596.37 (+1.02, +0.17%)
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 11, 1974 | 595.35 | 67.67 | 15.70 |
| 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 |