News stories from Tuesday September 3, 1974

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

President Ford may put off until next week a decision on leniency for Vietnam draft evaders and deserters pending further talks with the Departments of Justice and Defense. Leaders of veterans groups who met with Mr. Ford said he might appoint a board to deal with the issue. [New York Times] President Ford's effort to make the management of the economy a bipartisan matter, much like foreign policy, takes on a new dimension with the start of a number of "summit" talks on inflation. Mr. Ford also spurred budget cooperation with congressional Democrats. [New York Times] William Seidman, the man who is orchestrating President Ford's forthcoming series of conferences on inflation, cautioned against expectations that the meetings might generate dramatic new departures. While not ruling out some policy changes this year, Mr. Seidman said that the "real action period will be next year." [New York Times] Amid tight security at Newark [N.J.] City Hall, officials ordered a curfew for adolescents in a wide area and banned demonstrations to prevent a recurrence of the disorders that beset that city Sunday and Monday. Only a few incidents were reported today as Mayor Kenneth Gibson issued "An Appeal to Reason," addressed to the Puerto Rican and other Hispanic residents of his city. [New York Times] A special New York state grand jury has reportedly voted indictments against-seven big oil companies, charging them with illegally restraining competition in the sale of gasoline by practices designed to eliminate independent filling stations. Another reported charge concerned efforts to thwart open bidding for gasoline sales to public agencies. [New York Times] Gen. Alexander Haig, the chief of the White House staff, is expected to be appointed to the top military position in the North Atlantic Treaty Organization in Europe, despite repeated assertions that President Ford had asked him to stay on "indefinitely." High administration sources, reporting the possible shift, said General Haig would be recalled to active duty as a four-star general, the status from which he retired in 1973 after replacing H.R. Haldeman as President Nixon's aide. [New York Times] State Department officials disclosed that East Germany has agreed to discuss possible compensation for Jews and other victims of Nazism following tomorrow's establishment of diplomatic relations. In contrast with West Germany, the East Germans previously refused to pay, but Washington made it clear during recent talks that unless the matter was formally negotiated there would be no diplomatic recognition from this country -- and no trade relations. [New York Times] Progress toward a Cyprus settlement was indicated by the leader of the Turkish Cypriote community, Rauf Denktash, who said that Greece and the Greek Cypriote government had privately conceded that the island might be partitioned into autonomous zones for the Greek and Turkish communities. Mr. Denktash said formal negotiations toward such a solution could begin in a few weeks in Switzerland. [New York Times] A new left-wing movement was formed In Greece by Andreas Papandreou, who sharply rebuked the government of Constantine Caramanlis for not acting quickly enough to purge public offices of the remnants of seven years of military rule. Mr. Papandreou, the son of a former premier, is regarded as a serious political threat to Mr. Caramanlis, and his initiative heralded a campaign that was expected to culminate -- perhaps before the end of the year -- in general elections. [New York Times] The South Korean Ambassador to Japan warned in Tokyo that relations between his country and Japan had reached a "dangerous" stage and left little doubt that a diplomatic rupture was possible. American interests are involved in the increasingly quarrelsome situation between Seoul and Tokyo because Washington has security treaties with both capitals and American troops in South Korea depend on support from United States bases in Japan. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 663.33 (-15.25, -2.25%)
S&P Composite: 70.52 (-1.63, -2.26%)
Arms Index: 2.29

	Issues	Volume*
Advances	454	1.91
Declines	986	9.52
Unchanged	358	1.33
Total Volume		12.76

* 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*
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
August 23, 1974	686.80	71.55	13.59
August 22, 1974	704.63	72.80	15.69
August 21, 1974	711.59	73.51	11.65
August 20, 1974	726.95	74.95	13.82
August 19, 1974	721.84	74.57	11.67