News stories from Thursday September 25, 1975

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

Oil-exporting nations are expected to go into a third, unscheduled day of talks today in Vienna with differences over the size of a price increase described as tremendously wide. The leader of the Saudi Arabian delegation, Sheik Ahmed Zaki Yamani, left Vienna suddenly after what appeared to be almost a breakdown of the conference of ministers of the Organization of Petroleum Exporting Countries. But he said he would return for today's meeting. [New York Times] Restoration of the oil price controls that expired Sept. 1 and their extension through the middle of November was agreed on by President Ford and leaders in Congress. The agreement removed the threat of an abrupt rise in prices, but it did nothing to lessen the differences between Mr. Ford and Congress over a long-term energy policy. [New York Times] Representative Otis Pike, chairman of the House Select Committee on Intelligence, challenged the Ford administration's right to withhold classified information from Congress and charged the executive branch with "contempt of Congress." He said that he would ask the House to act on the question next week and that if the House backed him, he would name an official to be found in contempt. It is possible that President Ford would be named. [New York Times] The Federal Bureau of investigation committed at least 238 illegal burglaries against dissident American groups and individuals from 1942 to April, 1963, according to Senator Frank Church, chairman of the Senate Select Committee on Intelligence. Mr. Church said the F.B.I. had provided the committee with the figure, and that there were "numerous" but uncounted burglaries between 1952 and 1966. [New York Times] Currency taken in a California bank robbery in which a woman customer was killed was found in the San Francisco apartment of Patricia Hearst and Wendy Yoshimura and some investigators believe that Miss Hearst was in the bank when the robbery occurred, sources close to the investigation said. Guns, including two automatic carbines, and ammunition were also found in the apartment. [New York Times] Milton Shapp of Pennsylvania became the eighth Democrat to announce his candidacy for the presidential nomination. He made the announcement in Washington, confirming an intention disclosed two months ago. His platform will be "common sense" in government management, with emphasis on a businesslike approach, executive leadership and managerial skill. Mr. Shapp, 63 years old, made a fortune as a businessman before he entered politics. He is Jewish and is believed to be the first Jew to seek actively the presidential nomination of a major party. [New York Times] The Federal Communications Commission reversed a long-held policy by ruling that radio and television broadcasts of candidates' news conferences and political debates will no longer trigger equal-time access for all their opponents. The 5-to-2 ruling, over the Democratic National Committee's objections. could have important and immediate effects on the 1976 campaign. [New York Times] A five-mile-long, half-billion-dollar convoy of barges carrying equipment essential to the development of Alaska's oil-rich North Slope was forced by the worst Arctic icing conditions in 77 years to turn back at the start of a 180-mile trip from Point Barrow to the oil fields at Prudhoe Bay. As a result, full production in the oil fields by late 1977, as scheduled, could be delayed at least several months. [New York Times] Banking officials in Washington believe that 100 of the nation's 14,000 banks are holding such large quantities of New York City bonds and notes that they would be in serious trouble if the city defaulted. Their information was based on a recent survey by the Federal Deposit Insurance Corporation of the 9,000 banks that are not members of the Federal Reserve System. The survey found that about 60 of these banks hold New York City securities with a value equivalent to 50 percent or more of their total capital -- a situation that would put them In an extremely weak position in the event of a default. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 820.24 (-5.95, -0.72%)
S&P Composite: 85.64 (-0.10, -0.12%)
Arms Index: 1.00

	Issues	Volume*
Advances	567	4.92
Declines	705	6.12
Unchanged	471	1.85
Total Volume		12.89

* 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 24, 1975	826.19	85.74	16.06
September 23, 1975	819.85	84.94	12.80
September 22, 1975	820.40	85.07	14.75
September 19, 1975	829.79	85.88	20.83
September 18, 1975	814.61	84.06	14.30
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