News stories from Tuesday September 10, 1974

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

Amid defensiveness and confusion at the White House, a spokesman said President Ford was studying the possibility of pardoning those persons convicted or accused of crimes in the Watergate and related scandals. While confirming that "the entire matter" was "under study," other White House officials declined to say how serious Mr. Ford really was about pardoning any or all of the 48 individuals involved. [New York Times] Strong bipartisan opposition developed in Congress to the idea of a blanket presidential pardon for former Nixon aides charged with Watergate offenses. The House Republican leader, John Rhodes of Arizona, re-affirmed his support of President Ford's pardon of his predecessor but said the cases of Nixon assistants were not the same as that of a "fallen President." [New York Times] Philip Buchen, White House counsel, said that granting a pardon to former President Nixon implied guilt since there was "no other reason for granting a pardon." He spoke to newsmen as the White House released a memorandum from the special Watergate prosecutor listing 10 areas of possible criminal activity by Mr. Nixon. [New York Times] Federal drug officials said they had broken "a group of interlocking conspiracies" that supplied the illicit drug market with billions of amphetamine tablets. The announcement was made as authorities began unsealing 102 federal indictments in 11 cities. [New York Times] Labor leaders due to meet at the White House tomorrow on the inflation issue seemed in no mood to ease their pay demands as long as real wages lag and tight money policies squeeze the economy. At the White House meeting -- the second in a series of 12 -- labor is to be heard on how to curb inflation and spur the economy. [New York Times] White settlers in Mozambique gave up organized resistance to Portugal's decision to hand over the government to a black guerrilla movement. A short-lived show of defiance by white crowds collapsed suddenly in the face of rising black anger, vented in rioting and blockage of the highway to South Africa. [New York Times] Citing national security, the Central Intelligence, Agency censored the first printed account of some of its operations against President Salvador Allende of Chile from a recently published book, "The C.I.A. and the Cult of Intelligence," according to Washington sources. Before the censorship, the book reportedly contained a detailed account of the discussions that preceded the Nixon administration's covert activities to prevent the Marxist election victory in Chile in 1970. [New York Times] A debate is underway within the Pentagon and the State Department over the status of American nuclear warheads in Greece which, officials acknowledged, are there illegally because Athens has withdrawn from the military command of the North Atlantic alliance. Pentagon civilians and some State Department officials call the situation dangerous and in violation of the Atomic Energy Act, but the Joint Chiefs of Staff and aides of Secretary of State Kissinger assert that removal of the warheads would only alienate Greece further. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 658.17 (-4.77, -0.72%)
S&P Composite: 69.24 (-0.48, -0.69%)
Arms Index: 1.54

	Issues	Volume*
Advances	398	2.06
Declines	969	7.74
Unchanged	401	2.18
Total Volume		11.98

* 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*
September 9, 1974	662.94	69.72	11.16
September 6, 1974	677.88	71.42	15.13
September 5, 1974	670.76	70.87	14.21
September 4, 1974	648.00	68.72	16.93
September 3, 1974	663.33	70.52	12.75
August 30, 1974	678.58	72.15	16.23
August 29, 1974	656.84	69.99	13.69
August 28, 1974	666.61	70.76	16.67
August 27, 1974	671.54	70.94	12.97
August 26, 1974	688.13	72.16	14.63