News stories from Tuesday December 17, 1974

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

President Ford ordered the Council on Wage and Price Stability to obtain immediately from the United States Steel Corporation its justification for price increases averaging 8 to 10 percent on about two thirds of its product line. He was described as "concerned and very disappointed." Mr. Ford's press secretary acknowledged that the Council had no authority to delay or roll back the increases. The company had no direct comment on the move. [New York Times] Senate and House conferees agreed on legislation to provide 375,000 public service jobs in 1975 and to pay cash benefits to up to 3 million workers who lack unemployment compensation coverage, It may clear both houses tomorrow. The Senate approved a "work bonus" bill for direct cash payments to working families with incomes under $5,600 a year, but its future in the House was uncertain. [New York Times] Former President Richard Nixon and his neighbors on Bay Lane in Key Biscayne, Fla., lost a move to have it declared a private drive to keep tourists off the road in front of his two houses. Attorneys for Mr. Nixon and his close friend and neighbor said they had become "objects of curiosity to visitors and tourists." The Dade County Board of Commissioners rejected the petition 5 to 3. [New York Times] The White House announced the resignation of Roy Ash as Director of the Office of Management and Budget. He will leave after the new budget is completed in late January or early February. James Lynn,. now Secretary of Housing and Urban Development, is scheduled to succeed him. The Secretary of Transportation, Claude Brinegar, will probably be next to leave the cabinet, according to administration officials, with a former Under Secretary, John Robson, his likely successor. [New York Times] The United States has decided to boycott a special fund for emergency relief and development aid to countries in the worst economic straits, created at the special General Assembly session in April. Earlier the United States had expressed deep misgivings about the fund. The decision is the United States' first refusal to take part in a major new United Nations undertaking. It was clearly a reaction to votes by what it regards as a tyrannical majority in the General Assembly. [New York Times] A serious rift has developed between Egypt and Syria over United States proposals for a second step in the disengagement of Arab and Israeli armies. Syria has warned Egypt against another agreement for a limited withdrawal in the Sinai, unless it provides for a total pullback of Israeli troops from the Golan Heights. President Sadat of Egypt would give immediate support to the Syrians if they were attacked by Israel, but reportedly has refused a commitment of support if Syria strikes Israel without having received his consent. [New York Times] Saudi Arabia and the International Bank for Reconstruction and Development jointly announced that Saudi Arabia will lend it $750 million for loans to dozens of less developed nations, Robert McNamara said this means a big addition to the World Bank's lending resources and will help "recycle" money from oil-producing countries to invest in less developed areas. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 597.54 (+10.71, +1.83%)
S&P Composite: 67.58 (+1.12, +1.69%)
Arms Index: 0.60

	Issues	Volume*
Advances	701	8.86
Declines	661	5.00
Unchanged	493	3.02
Total Volume		16.88

* 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 16, 1974	586.83	66.46	15.37
December 13, 1974	592.77	67.07	14.00
December 12, 1974	596.37	67.45	15.39
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