News stories from Thursday September 11, 1975

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

President Ford, evidently wearing a protective vest under his shirt, mingled with large crowds as he made a 118-mile political trip across southern New Hampshire on behalf of a local candidate for the Senate. At 13 communities and nearly as many crossroads along Highway 101, Mr. Ford called on thousands of friendly people who lined the way to vote for Louis Wyman, the Republican nominee in a rerun election with John Durkin, a Democrat. [New York Times] Lynette Alice Fromme, who has been indicted for the attempted assassination of President Ford, interrupted an arraignment proceeding in Federal District Court in Sacramento when she told the judge "the gun is pointed, your honor, the gun is pointed -- whether it goes off is up to you." Her remark was not taken as a direct threat to the judge, but as a threat of more violence from the followers of the murderer Charles Manson, of whom Miss Fromme is one. [New York Times] Congressional sources said that a House Appropriations subcommittee, responding to the new budgetary guidelines adopted by Congress, has cut the defense budget by the unusually large amount of about $7 billion. There were signs that the Defense Department was distressed by the size of the reduction and would seek to prevent it. [New York Times] The House unanimously approved stopgap legislation extending oil price controls through the end of October, but a partisan dispute in the Senate delayed action on similar legislation until next week. Meanwhile, there will be no regulation of oil prices even though the legislation rushed through Congress was intended to prevent a price rise. [New York Times] American farmers are still expected to harvest a record corn crop next month, though it may be smaller than the Agriculture Department or the grain trade had been expecting earlier. The Agriculture Department predicted that a record 1975 corn crop of 5.69 billion bushels and bumper soybean crop of 1.44 billion bushels would be harvested in October. [New York Times] New and more comprehensive plans to insulate the nation's economy from the effects of a possible default of New York City bonds have been made by the three federal agencies that regulate the nation's banks. They include an arrangement under which the banks that own defaulted bonds would be permitted to postpone for about six months writing down the bonds' value -- a step aimed at preventing a shrinkage of the capital against which banks made their loans and, consequently, at preventing a contraction in general economic activity. [New York Times] The United States has assured Egypt that it will make "a serious effort" to help bring about further negotiations between Israel and Syria for another accord on the Golan Heights. The New York Times learned today that in addition to the "secret" undertakings assumed by the United States on Israel's behalf in the published and unpublished documents making up the recent Sinai agreement there was also an unpublished memorandum outlining American "assurances" to Egypt. [New York Times] The British government, concerned about the race situation in Britain, proposed stronger laws to deal with discrimination in employment, housing, schools and clubs. The proposals, which go beyond the race relations act of 1965, Britain's first such law, were contained in a white paper on race discrimination. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 812.66 (-5.00, -0.61%)
S&P Composite: 83.45 (-0.34, -0.41%)
Arms Index: 1.16

	Issues	Volume*
Advances	496	3.33
Declines	731	5.70
Unchanged	520	2.07
Total Volume		11.10

* 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, 1975	817.66	83.79	14.78
September 9, 1975	827.75	84.60	15.79
September 8, 1975	840.11	85.89	11.50
September 5, 1975	835.97	85.62	11.68
September 4, 1975	838.31	86.20	12.81
September 3, 1975	832.29	86.03	12.26
September 2, 1975	823.59	85.48	11.46
August 29, 1975	835.34	86.88	15.48
August 28, 1975	829.47	86.40	14.53
August 27, 1975	807.02	84.43	11.11