News stories from Monday February 10, 1975

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

President Ford charged those who oppose his plan to conserve energy by taxing oil imports are taking a "reckless gamble" with the American economy. He made the statement in a speech at an energy conference sponsored by the Chamber of Commerce in Houston, Tex., attended by leading oil and gas producers. Mr. Ford also renewed his attack on Congress for its response to his economic and energy policies. [New York Times] Key Senate Democrats have agreed on a plan aimed at allowing a vote on a bill that would stop President Ford from imposing increased import fees on oil. Under the arrangement, which is also intended to thwart a possible filibuster, the Senate would be assured of a chance to vote on a bill that would revoke the $1-a-barrel import fee imposed by the President and keep him from making any other change in oil fees for 90 days. Democrats who oppose the fee want time to work out their own oil program. [New York Times] The South, once the national pacesetter for economic growth, appears to have been hit harder than any other region by the recession. The Federal Reserve Bank of Atlanta predicts that economic recovery, once it begins, will take longer in the South than elsewhere, and it puts a large part of the blame for the region's decline on an unusually large construction industry. [New York Times] The New York Stock Exchange, signaling what may be a change in the financial prospects of the ailing brokerage industry, reported that most of its member firms recorded a strong profit increase during the final quarter of 1974 and finished the year solidly in the black. The surprise improvement, covering the results of 425 exchange members, was attributed largely to two increases in commission rates granted stockbrokers since September, 1973. [New York Times] Secretary of State Kissinger began talks with Israeli leaders shortly after his arrival in Jerusalem today in an effort to reconcile differing Egyptian and Israeli views on achieving a new interim agreement in Sinai. Mr. Kissinger told reporters who accompanied him on his flight from Washington that he had not received any formal proposals from Israel or Egypt on a new agreement, but had received "ideas" from both sides. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 708.39 (-3.52, -0.49%)
S&P Composite: 78.36 (-0.27, -0.34%)
Arms Index: 1.07

	Issues	Volume*
Advances	664	6.40
Declines	735	7.55
Unchanged	414	2.17
Total Volume		16.12

* 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 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
January 29, 1975	705.96	77.26	27.41
January 28, 1975	694.77	76.03	31.75
January 27, 1975	692.66	75.37	32.13