News stories from Wednesday December 18, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Ford's decision to rent a larger home for his skiing holiday in Vail, Colo., led to a controversy because of the owner, Richard Bass, a Dallas oil millionaire and resort developer. Mr. Bass will be forced to pay, or could save, more than $100 million, depending on whether Mr. Ford vetoes or signs into law a strip-mine control bill. He has said he will veto it. Mr. Bass holds a 20,700-acre federal coal lease in northern Wyoming suitable for strip mining. [New York Times]
- A federal judge in Washington ordered the Treasury Department to cut off general revenue-sharing funds to Chicago for using the money in a discriminatory way. Chicago, which has already drawn $184 million in these funds, was scheduled to receive a quarterly check for more than $19 million on Jan. 6. The funds will be held, a Treasury official said. It was the first city to lose funds under the program. [New York Times]
- The General Motors Corporation announced additional layoffs and production cutbacks for the first quarter of 1975. This reflected one of the severest declines in the automobile industry since World War II and indicated no recovery is expected early in the year. General Motors alone will have 91,000 workers permanently and another 41,000 temporarily laid off in January. The sales slump, with unit volume down 30 percent, is expected to continue into 1975. [New York Times]
- The Food and Drug Administration has decided to approve an artificial food coloring known as Amaranth, although some of the agency's own scientists say there are questions whether it may cause cancer and fetal death. It has long been widely used in the nation's food industry. [New York Times]
- The Soviet Union denied having given any specific assurances of easier emigration in return for American trade benefits and government credits. An official Tass statement said "leading circles" rejected as unacceptable any attempts to attach conditions to United States tariff reductions or otherwise interfere in internal Soviet affairs. It published a letter, dated Oct. 26, from Foreign Minister Andrei Gromyko to Secretary of State Kissinger rejecting any interpretation that emigration from the Soviet Union would increase. It has in fact shown a tendency to decline, Mr. Gromyko said. [New York Times]
- In Washington, Senate-House conferees agreed on a final draft lowering American tariffs on Soviet products. They acted after the Ford administration and key legislators indicated they expected emigration would be eased despite the Soviet statement. Senator Henry Jackson will seek enactment in both houses this week. [New York Times]
- In Moscow, Deputy Premier Nikolai Baibakov said in a report to the Supreme Soviet that an attempt to reorient the economy in favor of the consumer in the current five-year plan had failed. He attributed the setback to incomplete fulfillment of the tasks given to the sectors responsible for production facilities and raw materials. He said this year's grain harvest would be 195.5 million tons, compared with a planned goal of 205.6 million. [New York Times]
- Lionel and Ivan Cruse, heads of one of France's proudest wine houses, were found guilty in Bordeaux of illegally doctoring their product and falsifying the pedigrees of their wines. After 160 years, the Cruse concern is up for sale. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 603.49 (+5.95, +1.00%)
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 17, 1974 | 597.54 | 67.58 | 16.88 |
| 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 |