News stories from Monday October 7, 1974

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

When President Ford addresses a joint session of Congress tomorrow afternoon, he will present a "package" program for controlling inflation by July 4, 1976, according to the White House press secretary, Ron Nessen. The President's proposals, Mr. Nessen said, must be looked at and carried out as a "package, not as a shopping list for picking and choosing." [New York Times] President Ford's testimony to Congress about his pardon of former President Nixon may be postponed to avoid prejudicing potential jurors in the Watergate cover-up case. The President is scheduled to testify to the House Judiciary Committee's subcommittee on criminal laws this Thursday, but this may be put off if the jury for the Watergate trial has not been selected. [New York Times] There were more disorders in south Boston where court-ordered busing of school children entered its fourth week. The tensions are not only racial but are also developing into confrontations between whites and the Police Tactical Patrol Force. A. black motorist was beaten by a crowd of whites before being rescued by a police official. Fifteen persons were arrested and scattered fights reported in various sections of the troubled area. [New York Times] A special New York state grand jury investigating the petroleum industry said that the country's major oil companies had access to each other's inventories, knew in advance that fuel shortages would exist last year, yet failed to produce sufficient consumer products despite the capability to do so. In its findings, reported to a Supreme Court Justice, the grand jury does not explicitly charge the oil companies with conspiring to create last winter's fuel shortages. [New York Times] The chairman of the Federal Trade Commission has attacked a number of federal regulatory agencies, including the Civil Aeronautics Board and the Interstate Commerce Commission, charging them with protecting the industries they regulate in an unhealthy relationship that raises the cost to the consumer unnecessarily and thus contributes to inflation. [New York Times] The Senate has voted to end four national emergencies dating from the Depression and to curb the authority of the President to govern by emergency proclamation. The action, by voice vote and without debate, reflected a continued effort by Congress to regain powers that its members have ceded to the White House over several decades. [New York Times] The Ford administration has announced a limited system of controls over large grain export sales to prevent sudden, excessive drains on diminished supplies and to avert a recurrence of last weekend's "very embarrassing" cancellation of two large deals with the Soviet Union. The plan calls for advance approval of sales above 50,000 tons of wheat, corn, sorghum, soybeans and soybean meal. [New York Times] For the second time in less than two weeks the House of Representatives has voted to cut off military aid to Turkey after having overwhelmingly rejected a milder restriction on aid sought by President Ford and Secretary of State Kissinger. The voice vote directs a cutoff of military aid to Turkey until the President certifies to Congress that progress has been made toward settlement of the Cyprus conflict. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 607.56 (+23.00, +3.93%)
S&P Composite: 64.95 (+2.61, +4.19%)
Arms Index: 0.68

	Issues	Volume*
Advances	1,301	12.38
Declines	228	1.48
Unchanged	289	1.14
Total Volume		15.00

* 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*
October 4, 1974	584.56	62.34	15.91
October 3, 1974	587.61	62.28	13.15
October 2, 1974	601.53	63.38	12.23
October 1, 1974	604.82	63.39	16.89
September 30, 1974	607.87	63.54	15.00
September 27, 1974	621.95	64.94	12.23
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