News stories from Friday December 20, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Some of President Ford's economic advisers are projecting a huge budget deficit -- as much as $35 billion -- for the next fiscal year even without the income tax cut that is under intense debate within the administration. [New York Times]
- The Labor Department reported that consumer prices rose nine-tenths of 1 percent in November. This, combined with a reduction in weekly pay because of a cut in average hours worked, brought a record drop of 1.7 percent in the workers' "real" after-tax incomes. [New York Times]
- John Wilson, the chief defense lawyer for H.R. Haldeman, in his final argument before the jury at the Watergate cover-up trial said that the prosecution's chief witness, John Dean, was a "mastermind of chicanery" and a "perjurer." He told the jurors not to believe Mr. Dean's testimony, and he challenged the government's case in a number of other areas. [New York Times]
- The 93d Congress adjourned tonight after giving approval to a foreign trade bill that rewrites the nation's basic trade law for the first time in 12 years, and to several less significant measures. The Senate approved the trade bill, which was a compromise, by a vote of 72 to 4. The House adopted it by 323 to 36. President Ford's signature is believed to be certain. The adjournment was the calmest in many years, free of the tendentious wrangles that often mark the last days of a session. [New York Times]
- In a historic decision that is believed certain to be appealed, Federal District Judge William Sweigert in San Francisco ruled that the National Football League's contract and player-reserve system is illegal. In an antitrust suit brought by Joe Kapp, a former Minnesota Vikings quarterback, Judge Sweigert said that the league's "Rozelle" rule under which the N.F.L. can perpetually restrain a player's employment choice was "patently unreasonable and illegal." [New York Times]
- More than a dozen foreign and domestic airlines agreed to admit to federal prosecutors that they have made illegal rebates -- allegedly totaling many millions of dollars -- to travel agents who gave the airlines favored status in regard to booking passengers. The airlines face prosecution. [New York Times]
- "It is like decommissioning a battleship and putting it in mothballs," Benjamin Malcolm, New York City's Corrections Commissioner said as the "Tombs" was finally shut down. The prison, officially known as the Manhattan House of Detention for Men, at 123 White Street in Lower Manhattan, was closed under a federal court order, in which the judge said that conditions at the Tombs would "shock the conscience of any citizen who knew them." [New York Times]
- Ethiopia's governing military council -- with a motto of "Ethiopia first" -- announced that it would turn the nation into a socialist country with a one-party system, collective farms and direct government control over all property useful for economic progress. The policy statement was broadcast on the 100th day after the ouster of Haile Selassie as Emperor. [New York Times]
- President Ford was urged by several leaders of American Jewish groups not to use his new authority to grant lower tariffs to the Soviet Union until he was convinced that Moscow would carry out a controversial commitment to ease its emigration policies. The foreign trade bill passed by Congress today allows the President to authorize non-discriminatory tariffs to the Soviet Union for 18 months if he certifies that he has received "assurances" that Moscow will adopt freer emigration policies. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 598.48 (-5.95, -0.98%)
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 19, 1974 | 604.43 | 67.75 | 15.90 |
| December 18, 1974 | 603.49 | 67.90 | 18.05 |
| 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 |