News stories from Thursday September 18, 1975

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

Patricia Hearst, who had been sought around the world since her alleged kidnapping on Feb. 7, 1974, was taken into custody by agents of the Federal Bureau of Investigation in San Francisco, along with two of her confederates in the so-called Symbionese Liberation Army, William and Emily Harris. Miss Hearst was wanted on a bank robbery charge. [New York Times] The Senate voted to limit pay increases for members of Congress and 3.5 million other federal employees to the 5 percent proposed by President Ford. The vote followed the rejection of a resolution, by a vote of 53 to 39, that would have vetoed Mr. Ford's 5 percent and automatically substituted salary raises of 8.66 per cent, effective Oct. 1. The final decision on the size of the increase now rests with the House. [New York Times] A Department of Defense engineer testified that Army scientists secretly spread simulated biological poison on two subway lines in Manhattan in the mid-1960's to test the vulnerability of New York City's subway system to a biological warfare attack. Charles Senseney, the engineer, told the Senate Select Committee on Intelligence that he had participated in the New York "vulnerability study," one of many such studies, he said, that tested the dangers of biological warfare. [New York Times] The National Football League strike ended in a temporary agreement between the N.F.L. Players Association and management, and the season will open on schedule Sunday. The truce followed a promise by the N.F.L. Management Council, representing the 26 owners, to make a substantial contract offer by Monday. Management also promised that there would be no reprisals against the New England Patriots, who started the strike. [New York Times] While the Lebanese government remained divided on whether to use troops to restore order, rival gangs of Christians and Moslems battled with automatic weapons, mortars and rockets in Beirut tonight. Heavy firing had broken out early today and continued through much of the day. President Suleiman Franjieh, a Maronite Christian, favors calling in the Army, but Premier Rashid Karami, a Moslem, believes that would make matters worse. [New York Times] Jordan rejected conditions set by President Ford for the sale of Hawk antiaircraft missiles as "insulting to national dignity" and indicated she might buy Soviet surface-to-air missiles instead. Premier Zaid Rifai said that he had informed the United States Ambassador, Thomas Pickering, that Jordan would "regretfully decline to sign the Hawk missile contract under the conditions and limitations contained in President Ford's message to Congress." [New York Times] Economists from various nations say that while the proposals on economic development made by the United States at the recent special session of the General Assembly of the United Nations have already had a dramatic political impact, their concrete economic effect will be slight. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 814.61 (+15.56, +1.95%)
S&P Composite: 84.06 (+1.69, +2.05%)
Arms Index: 0.49

	Issues	Volume*
Advances	1,008	11.14
Declines	361	1.95
Unchanged	403	1.47
Total Volume		14.56

* 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 17, 1975	799.05	82.37	12.19
September 16, 1975	795.13	82.09	13.09
September 15, 1975	803.19	82.88	8.67
September 12, 1975	809.29	83.30	12.23
September 11, 1975	812.66	83.45	11.10
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