News stories from Thursday September 19, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Ford lost his first test with Congress. The Senate, voting 64 to 35, rejected his proposal to delay for the three months a 5.52 percent pay increase for about 3.6 million federal employees. The increase will take effect on Oct. 1, as scheduled. Mr. Ford proposed to delay the increase in an effort to fight inflation. [New York Times]
- Vice President-designate Nelson Rockefeller revised the estimate of his net worth from $33 million to $62.5 million, including that of his wife, in addition to the income from two trusts worth $120 million. He said he was acting to counter "incomplete and therefore misleading data" leaked to the press. [New York Times]
- The administration sponsors of a conference in Washington on ways to fight inflation in social services agencies were criticized by delegates representing labor, religious, consumer, charitable and minority groups, who said that the meeting was being used to justify cuts in the nation's social programs. Alan Greenspan, chairman of the President's Council of Economic Advisers, was hooted and jeered. [New York Times]
- Former President Nixon has been subpoenaed by the special Watergate prosecutor, Leon Jaworski, to appear at the Watergate cover-up trial. A spokesman for the special prosecutor said the subpoena was delivered Wednesday night to the Federal Bureau of Investigation, which has been asked to serve it at Mr. Nixon's San Clemente estate. This was the second time that Mr. Nixon has been subpoenaed to appear at the trial. The first subpoena was served on behalf of John Ehrlichman, who wants Mr. Nixon as a defense witness. [New York Times]
- Supporters of a bill that would establish a national consumer protection agency failed for the fourth time since it was introduced in the Senate to break a conservative filibuster against it. The vote was 64 to 34, two short of the two-thirds majority needed to cut off debate on the bill, which may be shelved. [New York Times]
- Members of the House Ways and Means Committee, which originates all tax legislation, are getting large contributions from special interests that are trying to preserve or increase the favored treatment they now receive under the tax laws. The biggest contributors are the oil and gas industry, the real estate business and the securities industry. [New York Times]
- Intelligence sources in Washington disclosed that the Central Intelligence Agency secretly subsidized striking labor unions and trade groups in Chile for more than 18 months before Salvador Allende was overthrown. The C.I.A., the sources said, heavily subsidized the organizers of a nationwide truck strike in the fall of 1972 that disrupted Chile's economy. [New York Times]
- Secretary of State Kissinger strongly defended the policy of the Nixon and Ford administrations in pursuing better relations with Moscow in a long, mainly philosophical, statement on Soviet-American relations before the Senate Foreign Relations Committee. He said that reduction of tensions between the two countries had opened the way for a much broader East-West collaboration in meeting such crucial international problems as food, energy and the protection of the environment. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 674.05 (+22.14, +3.40%)
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 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 |
| 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 |