News stories from Monday September 2, 1974

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

In the presence of 200 labor and business leaders, in addition to members of Congress, President Ford signed into law a pension reform bill aimed at protecting the retirement benefits of 23 million employees from company bankruptcies and looting by union officials. The new law will establish a new federal agency that will insure that pension benefits are paid. Officials of the Labor and Treasury Departments said the insurance provision would also aid 3 million to 4 million retired employees and their beneficiaries who now draw pensions. [New York Times] Doubling of the global yields of food grains may be possible in coming years through the crossbreeding of different varieties by scientists at the International Maize and Wheat Improvement Center in El Batan, Mexico. The center has produced new grain varieties that are said to combine such characteristics as disease resistance and richer protein content, among other beneficial traits. [New York Times] A day after his physicians pronounced him cured of a recent serious illness -- phlebitis complicated by blood clots -- Generalissimo Francisco Franco was back in full power as chief of state of Spain. He had delegated his office to his prospective successor, Prince Juan Carlos de Borbon, when be became ill in July. [New York Times] Courageous, the 12-meter yacht whose syndicate leaders almost lost the courage to build last winter at a time of financial crisis, was selected to defend the America's Cup against Australia following her victory over her competitor Intrepid. The margin at the end of the 24.3-mile course in the ninth race off Newport in the final selection series was 1 minute 47 seconds. [New York Times] A congressional subcommittee will begin hearings this month into illegal dogfighting, gambling and other unlawful activity associated with the fights throughout the country. A congressional aide said recently that inquiries had corroborated newspaper accounts of widespread, organized pit-fighting of trained and untrained animals across the country. [New York Times] Young Puerto Ricans and blacks, supporters of the newly named People's Committee Against Repression and Police Brutality, took part in new disturbances in Newark, N.J., following Sunday night's eruption, in which three men were shot and 13 other persons wounded. City police with nightsticks and some also with shotguns swept up Broad Street after an outbreak of smashing of store windows. [New York Times] Repeating an overture made about a month ago, the leadership of the Palestinian liberation movement has informed the United States, through third parties, that it would like to enter into direct discussion with Washington, preferably at a meeting of Secretary of State Kissinger and Yasser Arafat, head of the Palestine Liberation Organization. Sources said the proposal was repeated last week when it became known that Mr. Kissinger planned to visit the Middle East soon. [New York Times] Rauf Denktash, the Turkish Cypriote leader, canceled a meeting with Glafkos Clerides, the Greek Cypriote President of Cyprus, that had been arranged for today by Secretary General Waldheim of the United Nations. Mr. Denktash charged that Greek Cypriote soldiers had committed mass murder of Turkish Cypriote civilians and that consequently he was "physically and mentally" unable to hold the meeting. [New York Times] Lloyds Bank, Ltd., one of Britain's Big Four banks, reported losses of up to $75 million because of "irregularities," including unauthorized foreign exchange dealings at its branch in Lugano, Switzerland. Because of its closeness to Italy, Lugano is a center for trading in Italian lire. The Federal Banking Commission of Switzerland announced in Bern that it had begun an investigation to determine whether criminal offenses were committed in Lugano. [New York Times]