News stories from Thursday February 13, 1975

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

President Ford appealed to the Democratic-controlled Congress for a return to "nonpartisanship" in setting the nation's foreign policy. He asked for "an open-minded spirit of enlightened national concern to transcend any partisan or internal party politics that threaten to bring our successful foreign policy to a standstill." Mr. Ford spoke in New York last night at a $175-dollar-a-plate dinner at the Waldorf Astoria, sponsored by the New York State Republican Committee in honor of Vice President Rockefeller. [New York Times] President Ford, expressing "tough-minded optimism," said that he did not think the unemployment rate would reach the "magnitude" of 9 to 10 percent, as some economic analysts have been predicting. He told a meeting of the New York Society of Security Analysts that the nation's unemployment rate would stop rising by the end of 1975, "and we'll be starting in a more optimistic direction." [New York Times] The White House announced that President Ford would nominate a woman, Carla Anderson Hills, as Secretary of Housing and Urban Development, and if her nomination is confirmed by the Senate, she will be the third woman in history to hold a cabinet post. Mrs. Hills, 41 years old and the wife of a lawyer, is Assistant Attorney General in charge of the Civil Division of the Justice Department. Her nomination is already opposed by the head of the Senate committee that must confirm it. [New York Times] The Federal Reserve Board reported that industrial production underwent an exceptionally large decline of 3.6 percent last month, following a drop of 3.1 percent in December, providing further confirmation that the nation is in its deepest recession since World War II. The principal causes of last month's steep decline were a reduction in consumer purchasing, the slump in housing starts and a general effort by businesses to reduce excessive inventories. [New York Times] The Turkish Cypriotes proclaimed a separate state in the Turkish-occupied northern part of Cyprus and offered to join with the Greek Cypriote community in a federation. "This is not a unilateral declaration of independence," Rauf Denktash, the Turkish Cypriote leader, told newsmen. He said the proclamation was issued "because it was necessary for the existence of our community," and that "there is no other way for a Cyprus solution than a federal state." [New York Times] Greece denounced the proclamation of an independent Turkish zone on Cyprus as an "arbitrary and illegal" act that "endangers the peace in this delicate region." There was no sign, however, that Greece would try to intervene militarily in Cyprus. [New York Times] Government officials in Egypt said they were encouraged by their talks with Secretary of State Kissinger, but emphatically reiterated their position that Egypt will not give a pledge of nonbelligerency to Israel in exchange for a second-stage withdrawal in Sinai. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 726.92 (+11.89, +1.66%)
S&P Composite: 81.01 (+1.09, +1.36%)
Arms Index: 0.86

	Issues	Volume*
Advances	1,033	22.78
Declines	475	8.98
Unchanged	338	3.40
Total Volume		35.16

* 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*
February 12, 1975	715.03	79.92	19.79
February 11, 1975	707.50	78.58	16.47
February 10, 1975	708.39	78.36	16.12
February 7, 1975	711.91	78.63	20.06
February 6, 1975	714.17	78.56	32.02
February 5, 1975	717.85	78.95	25.83
February 4, 1975	708.07	77.51	25.04
February 3, 1975	711.44	77.82	25.40
January 31, 1975	703.69	76.98	24.64
January 30, 1975	696.42	76.21	29.74