News stories from Wednesday September 11, 1974

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

Sharply reversing their position, White House spokesmen said President Ford was not giving consideration to blanket amnesty or pardons for the Watergate defendants. The change in course was made known by several sources after widespread opposition was expressed to an official White House statement Tuesday that "the entire matter" of possible pardons had been put under study by the President. [New York Times] A special Gallup Poll indicates that President Ford's decision to pardon former President Nixon and to consider pardons for alleged Watergate conspirators sapped his support among the general public. The survey, conducted for the New York Times after the White House announced that pardons for all Watergate defendants were under study, showed that 32 percent of those polled believed Mr. Ford was doing a good job as President, 33 percent felt he was doing a fair job and 25 percent a poor job. Ten percent had no opinion. [New York Times] Sixty-nine of the 82 persons aboard an Eastern Airlines DC-9 jet were killed when the plane crashed into a woods while attempting to land at Charlotte, N.C. Some of the 13 survivors were thrown clear and escaped with minor injuries on impact, but others were seriously injured. [New York Times] Governor Malcolm Wilson of New York, the incumbent Republican who has already gained conservative support for his election campaign, sought to rule out Watergate as an issue in the state gubernatorial debate. He repeatedly declined to offer his personal opinion of the pardon extended by President Ford to former President Richard Nixon, declaring: "It would not serve a useful purpose to express a personal judgment." [New York Times] Already stripped of much of his power, Emperor Haile Selassie lost the support of the Ethiopian Orthodox Church, which called for a blessing on the military revolutionary movement that has all but taken over control of Ethiopia. The 82-year-old Emperor was also denounced anew by military leaders who sent troops to seize the palace of his daughter. [New York Times] Violence and rioting appeared to have subsided in the black neighborhoods of the East African city of Lourenco Marques as the Portuguese territory of Mozambique moved nearer to self-government under black leadership. An official Portuguese government communique said about 100 persons had been killed and 250 injured. [New York Times] Greece's decision to pull out of the military structure of the North Atlantic Treaty Organization has been accepted as final by the NATO Secretary General, Joseph Luns. After a meeting in Brussels with Foreign Minister George Mavros of Greece, Mr. Luns said that the withdrawal had begun and would be completed before the end of the year. [New York Times] The Israeli Premier, Yitzhak Rabin, after the first of a round of talks with Secretary of State Kissinger, told Washington newsmen he was confident that the United States would meet Israel's security requirements as part of an overall effort to insure peace in the Middle East. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 654.72 (-3.45, -0.52%)
S&P Composite: 68.55 (-0.69, -1.00%)
Arms Index: 1.48

	Issues	Volume*
Advances	424	2.39
Declines	884	7.35
Unchanged	433	2.08
Total Volume		11.82

* 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 10, 1974	658.17	69.24	11.98
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