News stories from Monday September 16, 1974

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

President Ford offered conditional amnesty to thousands of Vietnam war draft evaders and deserters who agree to work for up to two years in public service jobs. He also established a nine-member presidential clemency board that will review the cases of those already convicted or punished for desertion or draft evasion. He designated Charles Goodell, a former Republican Senator from New York, who had opposed the United States involvement in the Vietnam war, as chairman of the clemency board. [New York Times] Gen. Alexander Haig, the White House chief of staff, was appointed by President Ford as Supreme Allied Commander in Europe. The appointment becomes effective Dec. 15 and was approved today in Brussels by the Defense Planning Committee of the North Atlantic Treaty Organization. General Haig was also appointed as Commander of United States Forces in Europe, effective Nov. 1. [New York Times] An old friend of former President Nixon, who had been a member of his presidential staff, said that General Haig was "primarily responsible" for President Ford's pardon for Mr. Nixon. General Haig reportedly persuaded Mr. Ford to reverse his publicly stated position on a presidential pardon after being advised of the "alarming state" of Mr. Nixon's health. [New York Times] President Ford strongly defended his pardon of former President Nixon under a barrage of questions about the matter at his televised White House news conference. He said that he had made "no deal" with Mr. Nixon and insisted that the major reason for the pardon was "to heal the nation." [New York Times] Judge Fred Nichol of the Federal District Court in St. Paul, Minn., strongly criticized the prosecution, the Justice Department and the Federal Bureau of Investigation for "misconduct" and then dismissed the charges against two men who led last year's Indian takeover of the reservation community of Wounded Knee, S.D. [New York Times] Resounding support for the Ford administration's proposals for a balanced budget and cuts in federal spending was expressed by 40 of the country's leading businessmen at a conference on inflation in Pittsburgh. A majority, however, departed from basic administration policy and recommended an easing of tight money, joining the economists, housing specialists and labor leaders who do not share the administration's views on tight money. [New York Times] President Ford, at a televised news conference at the White House, declared his support for the clandestine use of the Central Intelligence Agency to help carry out foreign policy and protect national security. He made the statement in response to questions about the alleged involvement of the C.I.A. in the overthrow of the late President Salvador Allende of Chile last year. He denied C.I.A. involvement in the Chilean coup d'etat. [New York Times] In another development related to Chile, it was learned that the staff of a Senate Foreign Relations subcommittee has recommended that contempt of Congress charges be placed against Richard Helms, the former C.I.A. director, and three retired Nixon administration officials, including Edward Korry, Ambassador to Chile from 1967 to 1971, because of allegedly misleading Senate testimony on Chile. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 639.78 (+12.59, +2.01%)
S&P Composite: 66.26 (+1.06, +1.63%)
Arms Index: 0.60

	Issues	Volume*
Advances	746	9.96
Declines	690	5.53
Unchanged	386	2.88
Total Volume		18.37

* 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 13, 1974	627.19	65.20	16.07
September 12, 1974	641.74	66.71	16.92
September 11, 1974	654.72	68.55	11.82
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