News stories from Thursday September 26, 1974

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

"No one can dictate to us,", the Shah of Iran said, rejecting President Ford's call for reduced oil prices. The Shah said that industrial nations should lower the prices of their exports first. He made his remarks at a press club luncheon in Canberra, Australia, where he had been asked for his reaction to Mr. Ford's demand. Oil prices, he said, contributed only 1 percent to 1.5 percent to world inflation. [New York Times] White House economic advisers believe that it will take 18 to 36 months to achieve a major reduction in the rate of inflation. They do not believe the country faces a depression and mass unemployment. This was reported by the White House press secretary, Ron Nessen, who had asked several presidential advisers their opinions preliminary to President Ford's so-called "summit" conference on inflation that will be held in Washington tomorrow and Saturday. [New York Times] The special Watergate prosecutor, at the request of the White House, is investigating many of president Ford's appointments to high office to insure that the appointees have not been tainted by the Watergate scandal. Among those investigated, according to officials close to the investigation was Vice President-designate Nelson Rockefeller. [New York Times] Angela Davis, the black Communist scholar who was acquitted two years ago of charges of murder and kidnapping, and more than a dozen other witnesses testified for and against Nelson Rockefeller's Senate confirmation as Vice President. The issues of abortion and Attica dominated the final day of hearings, which were recessed for an indefinite period. [New York Times] New evidence has been obtained that raises serious doubts about the guilt of Rubin (Hurricane) Carter and another man who were sentenced to life imprisonment seven years ago for a triple murder in Paterson, N.J. The two principal prosecution witnesses have recanted their testimony. [New York Times] Criminal penalties for users of marijuana would be abolished in New Jersey under a report being drafted by the state Attorney General's office. In addition to recommending to Governor Byrne the abolition of penalties, the report proposes the creation of a new state agency that would administer medical and other therapeutic treatment for hard-drug users who would no longer be sent to prison, provided they entered such a program and were not criminally involved in the use of drugs. [New York Times] Secretary of State Kissinger has told associates and foreign visitors in recent weeks of his grave concern that failure to solve the world's economic problems -- mainly spiraling oil prices -- could lead to a break-up of the political fabric of the West, and possible Communist takeovers in some countries. He is expected to express this view Saturday at Camp David when he and treasury Secretary William Simon meet with foreign and finance ministers from Japan, Britain, West Germany and France, to discuss the economic crisis. [New York Times] Congressional leaders met with President Ford and Secretary of State Kissinger and agreed to support a weaker version of legislation on suspending military aid to Turkey that the House voted Tuesday. The leaders reportedly agreed to support a proposal that aid be suspended unless the President certified that Turkey "is making good-faith efforts" to reach a Cyprus settlement. [New York Times] A Soviet destroyer of a type armed with guided missiles reportedly exploded and sank recently in the Black Sea. It is believed to be the worst peacetime naval disaster since the loss of the United States submarine Thresher in 1963 with a crew of 129. The destroyer may have had a crew of several hundred men. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 637.98 (-11.97, -1.84%)
S&P Composite: 66.46 (-1.11, -1.64%)
Arms Index: 2.02

	Issues	Volume*
Advances	357	1.22
Declines	967	6.66
Unchanged	383	1.18
Total Volume		9.06

* 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 25, 1974	649.95	67.57	17.62
September 24, 1974	654.10	68.02	9.84
September 23, 1974	663.72	69.42	12.13
September 20, 1974	670.76	70.14	16.25
September 19, 1974	674.05	70.09	17.00
September 18, 1974	651.91	67.72	11.76
September 17, 1974	648.78	67.38	13.73
September 16, 1974	639.78	66.26	18.37
September 13, 1974	627.19	65.20	16.07
September 12, 1974	641.74	66.71	16.92