News stories from Friday September 27, 1974

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

President Ford appealed again for bipartisan cooperation on economic policy as he opened the national conference on inflation in Washington, but almost from the moment he finished his brief speech, political and ideological differences with Democrats became apparent. The Speaker of the House, Carl Albert, Oklahoma Democrat, immediately followed Mr. Ford with a tough speech that emphasized wide divergence of economic views between Democrats and Republicans and made it clear that the President could not automatically count on Democratic support in Congress. [New York Times] Deep and seemingly unbridgeable differences on how to curb inflation and meet other economic problems emerged at the inflation conference. President Ford got anything but unanimous support for his view, and that of all his principal economic advisers, that the root of the inflation problem is excessive government spending and borrowing. [New York Times] Energy conservation was a major issue at the inflation conference. Americans were called on to save oil and gasoline, even if it meant some personal discomfort, as a means of lessening the country's dependence on imported oil and, consequently, weakening the prices set by the oil-exporting countries. George Meany, president of the A.F.L.-C.I.O., said, "I think we should get back to where we were last winter, to where we have some restrictions on pleasure driving." Senator Gaylord Nelson, Wisconsin Democrat, called for a federal requirement that all automobiles should get 25 miles to the gallon "within an appropriate time, which wouldn't have to be very far away." [New York Times] Stanley Van Ness, the New Jersey public defender, called for a new trial for Rubin (Hurricane) Carter, a former boxer, and John Artis, who are serving life sentences for a triple homicide, because of newly discovered evidence of perjury by two key witnesses. The Passaic County prosecutor Joseph Courley, said he would "resist strenuously" any court move to upset the 1967 convictions. [New York Times] Senators Jacob Javits and Claiborne Pell flew to Havana on a fact-finding trip, more than 13 years after the United States broke diplomatic relations with Cuba. Both are members of the Senate Foreign Relations Committee. They said they would confer with Premier Fidel Castro on the possibility of resuming relations. The trip was the Senators' idea and was made without the expressed approval of the State Department, which had reportedly twice asked them to postpone it "in the national interest." [New York Times] Barbara Hutchison, director of the United States Information Service in Santo Domingo in the Dominican Republic, was kidnapped by armed men who then took over the Venezuelan consulate, where they seized seven more hostages. The kidnappers, identified as Dominican leftists, planted bombs throughout the consulate and threatened to blow it up unless the United States paid them $1 million. [New York Times] Silvio Frondizi, a brother of former President Arturo Frondizi of Argentina, was kidnapped and murdered in Buenos Aires by right-wing terrorists. He was a well-known leftist who defended political prisoners and guerrilla suspects. His son-in-law was also killed when he tried to prevent the kidnapping. The Argentine Anti-Communist Alliance took responsibility for the murder. [New York Times] Pope Paul VI opened the fourth Synod of Bishops of the Roman Catholic Church in Rome. The synod, whose theme is "evangelization in the modern world," is an advisory body established after Ecumenical Council Vatican II, the meeting of the church of 1962-65. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 621.95 (-16.03, -2.51%)
S&P Composite: 64.94 (-1.52, -2.29%)
Arms Index: 2.81

	Issues	Volume*
Advances	368	1.23
Declines	970	9.10
Unchanged	407	1.90
Total Volume		12.23

* 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 26, 1974	637.98	66.46	9.06
September 25, 1974	649.95	67.57	17.62
September 24, 1974	654.10	68.02	9.84
September 23, 1974	663.72	69.42	12.13
September 20, 1974	670.76	70.14	16.25
September 19, 1974	674.05	70.09	17.00
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