News stories from Friday September 26, 1975

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

The oil exporters' cartel failed again to reach agreement but appeared to be nearing a compromise on what qualified sources said would probably be a 10 percent price increase followed by a price freeze. Ministers of the 13-nation Organization of Petroleum Exporting Countries have been struggling for three days in Vienna to adopt a new price structure that would take effect Oct. 1. [New York Times] A day after it was agreed on by President Ford and congressional leaders, legislation that would temporarily reinstate oil price controls that expired Sept. 1 was quickly approved by wide margins in Congress and sent to the White House. President Ford's approval is certain. The bill would extend controls to Nov. 15. Its basic purpose is to give Mr. Ford and Congress time to set a long-range energy policy. [New York Times] President Ford, seeking to avert a threatened citation for contempt of Congress, met with House leaders to try to resolve a dispute over congressional access to intelligence information. But the chairman of the House Select Committee on Intelligence, Representative Otis Pike, Democrat of Suffolk, said Mr. Ford and congressional leaders were "a long way from an agreement." Nevertheless, Mr. Ford and Representative Robert McClory of Illinois. the committee's ranking Republican, made statements that were more optimistic. [New York Times] In a report to the Securities and Exchange Commission, the Phillips Petroleum Company said it had illegally contributed corporate funds to the campaigns of dozens of congressional candidates, including those of Gerald Ford in 1970 and 1972 and to the presidential campaigns of Richard Nixon and Lyndon Johnson. The company said it had illegally made two contributions of $1,000 each to Mr. Ford's campaigns of 1970 and 1972. Mr. Ford was then serving as a Representative from Michigan. The White House said that Mr. Ford "had no idea" that the contribution consisted of company funds. Phillips already has been convicted of making an illegal gift of $100,000 to President Nixon's 1972 re-election campaign. [New York Times] Law enforcement officials in Washington said that the Secret Service decided that Sara Jane Moore did not represent a serious threat to President Ford's life largely because the San Francisco police department had told it that she had served the department and two federal agencies as an informer over the last 18 months. [New York Times] Patricia Swinton was acquitted in Federal District Court of being part of a conspiracy to bomb several large buildings in Manhattan in 1969. "It's our gift to the Bicentennial," one of the jurors said, as the rest of the jury nodded in agreement. [New York Times] The White House said today that the United States would consider Egypt's request for American military equipment to help President Anwar Sadat end his reliance on Soviet arms. The announcement, and remarks by President Ford in Los Angeles the other day indicated that the administration was giving serious thought to ending the long-standing arms embargo against Egypt. [New York Times] Generalissimo Francisco Franco of Spain refused to commute the death sentences of five terrorists convicted of killing policemen but he spared the lives of six others. The decision to commute some of the sentences appear to be a response both to international protests and strong internal pressures from aroused policemen and Civil Guards and rightist elements backing them. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 818.60 (-1.64, -0.20%)
S&P Composite: 86.19 (+0.55, +0.64%)
Arms Index: 0.82

	Issues	Volume*
Advances	710	6.48
Declines	565	4.25
Unchanged	468	1.84
Total Volume		12.57

* 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 25, 1975	820.24	85.64	12.89
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