News stories from Thursday November 14, 1974

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

Nelson Rockefeller, on the second day of questioning by the Senate Rules Committee, agreed to pledge to make no gifts or loans to federal employees if confirmed as Vice President, except for "nominal" gifts for birthdays or weddings or "in the event of medical hardships of a compelling human character." He spent five and a half hours at the hearing. Former Associate Justice Arthur Goldberg was then called as a witness. He was the subject of a derogatory campaign biography that involved financing by Mr. Rockefeller and a brother, Laurance Rockefeller. [New York Times] President Ford declared that it was time for Congress "to fish or cut bait" in confirming his nomination of Nelson Rockefeller as Vice President, made nearly three months ago. "There should be a specific deadline for both the President to nominate and for the Congress to confirm a Vice President," Mr. Ford said. He will ask the next Congress to re-examine the seven-year-old 25th Amendment under which Mr. Rockefeller was nominated and Mr. Ford became Vice President last year. [New York Times] The government issued new figures on the economy that showed a resumption of the steep climb in wholesale food prices in October, some abatement in the upward movement of other prices and further evidence of an overall slowdown in the economy. Wholesale food prices last month rose 4.7 percent, increasing the overall index of wholesale prices by 2.3 percent. [New York Times] The Ford administration is taking a gloomier view of the nation's economic prospects in the coming months because of a worse-than-expected decline in automobile sales and increasing layoffs in assembly plants. The President's economic advisers are revising their estimates downward for economic activity and upward for unemployment throughout the economy. [New York Times] President Ford personally rebuked Gen. George Brown for his critical comments about American Jews but said later that he had "no intention" of replacing him as chairman of the Joint Chiefs of Staff. Mr. Ford reaffirmed his support of General Brown at a news conference in Phoenix, Ariz. Earlier in the day he had summoned General Brown to the Oval Office to reprimand him for his comments at Duke University last month suggesting that the Jewish community had undue influence in Congress and controlled banks and newspapers. [New York Times] Renouncing her days as a militant radical, 27-year-old Jane Alpert gave herself up to federal authorities in New York City, more than four years after she jumped bail and disappeared following her conviction for a series of local bombings in 1969. "This is the happiest day of my life," she said. [New York Times] Over protests by Israel, the General Assembly voted 75 to 23 to limit each nation to one major speech in the current debate on Palestine. The decision was denounced by Yosef Tekoah, the Israeli delegate, who said it was clearly a move to "muzzle Israel's freedom to speak." It was believed to be the first time that such a restriction had been approved in the history of the United Nations. [New York Times] Secretary of State Kissinger announced that the United States was undertaking a vast new effort on an international scale to deal with the world energy crisis and the deteriorating financial situation in many countries. In a speech in Chicago to a University of Chicago group, addressed as much to foreign governments as to the American public, Mr. Kissinger outlined a strategy for consumer-nation cooperation. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 658.40 (-0.78, -0.12%)
S&P Composite: 73.06 (-0.29, -0.40%)
Arms Index: 1.32

	Issues	Volume*
Advances	643	4.69
Declines	674	6.48
Unchanged	459	2.38
Total Volume		13.55

* 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*
November 13, 1974	659.18	73.35	16.04
November 12, 1974	659.18	73.67	15.04
November 11, 1974	672.64	75.15	13.22
November 8, 1974	667.16	74.91	15.89
November 7, 1974	671.93	75.21	17.15
November 6, 1974	669.12	74.75	23.93
November 5, 1974	674.75	75.11	15.96
November 4, 1974	657.23	73.08	12.74
November 1, 1974	665.21	73.88	13.47
October 31, 1974	665.52	73.90	18.84