News stories from Friday February 13, 1976

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

Government reports disclosed that the economy continued its recovery from recession in January and that there was further gradual progress in reducing the rate of inflation. The Federal Reserve Board said industrial production last month rose seven-tenths of 1 percent, continuing the regular and sometimes strong monthly increases that began last May. The Labor Department said the Wholesale Price Index (after adjustment for normal seasonal increases in some prices) showed no change in January, following a small decline in December and no change in November. [New York Times] President Ford vetoed a $6.2 billion bill whose sponsors said would have provided 600,000 to 800,000 jobs in state and local public works programs. It was his 46th veto since taking office. In his veto message, Mr. Ford said the bill was an "election year pork barrel" and that its sponsors' estimates of the jobs it would provide were "badly exaggerated." The administration's own estimates, he said, indicate that at most 250,000 jobs would be created. Democratic leaders in Congress were confident that the veto would be overridden. [New York Times] Patricia Hearst took the witness stand in her own defense and told the story of her kidnapping by a band of revolutionaries who, she said, sought to use her to accomplish their schemes to overthrow established authority. [New York Times] The State Emergency Financial Control Board was notified by Mayor Beame that New York City's estimated deficit had increased by $297 million to $1 billion. This prompted Governor Carey to suggest "stretching out" the current three-year plan for balancing the city's budget. He said that he would take up this idea with federal officials. Mr. Beame presented the board with a revised fiscal plan that would require $410 million more in cutbacks in each of the next two years, twice the amount scheduled in this year's austerity budget. "The basic cause of our problem is that we've been carrying the problems of the state and federal governments on our backs," the Mayor said. [New York Times] At a meeting of the board of directors In Burbank, Calif., Daniel Haughton and A. Carl Kotchian, the two top executives of the Lockheed Aircraft Corporation, quit in the furor of a worldwide bribery scandal and Robert Haack, a Lockheed director and former president of the New York Stock Exchange, was elected chairman "pro-tem" to see the company through its crisis. "The board had a very difficult meeting this morning," Mr. Haack said. [New York Times] Lily Pons, the leading coloratura soprano at the Metropolitan Opera for more than 25 years, died of cancer of the pancreas in a Dallas hospital. She was 71 years old. She gave her last public performance on May 31, 1972, at a New York Philharmonic promenade concert. [New York Times] Self-described "young revolutionaries" tried to seize control of Nigeria's military government early today, but the Nigerian radio said the attempt had been crushed. Gen. Muritala Rufai Mohammed, who became head of state in a coup seven months ago, was said to have been caught in a blaze of gunfire, but his fate was unknown. [New York Times] An ideological campaign against alleged rightist party officials has suddenly intensified and spread through China. The campaign follows reports on Thursday that senior Deputy Prime Minister Tang Hsiao-ping may be under attack. The two attacks against the right appear to be broadening, with the focus shifting from educational issues to economic issues. [New York Times] An Arab-inspired resolution accusing Israel of having committed "war crimes" in the occupied Arab territories was approved in Geneva by the United Nations Commission on Human Rights. The vote was 23 to 1, with 8 abstentions. The United States cast the only negative vote. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 958.36 (-8.42, -0.87%)
S&P Composite: 99.67 (-0.58, -0.58%)
Arms Index: 0.86

	Issues	Volume*
Advances	622	9.12
Declines	868	10.97
Unchanged	404	3.78
Total Volume		23.87

* 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, 1976	966.78	100.25	28.61
February 11, 1976	971.90	100.77	32.30
February 10, 1976	968.75	100.47	27.66
February 9, 1976	957.18	99.62	25.34
February 6, 1976	954.90	99.46	27.36
February 5, 1976	964.81	100.39	33.78
February 4, 1976	976.62	101.91	38.27
February 3, 1976	972.61	101.18	34.08
February 2, 1976	971.35	100.87	24.00
January 30, 1976	975.28	100.86	38.51