News stories from Thursday October 3, 1974

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

Administration sources said there was little chance that President Ford's economic policy message next week would include measures capable of causing an early, significant reduction in energy consumption and oil imports. The administration's highest councils were depicted by participants as torn between the sense that the time for dramatic action had come and the reluctance of politicians, including the President, to go to the public with unpleasant measures before congressional elections. [New York Times] Serious differences of opinion have emerged among the top policymakers of the Ford administration who are trying to work out a program that would both fight inflation and, at the same time, reduce the nation's consumption of energy. Only one aspect of the argument is the battle for and against a large tax on gasoline. Those opposing the increase in the gasoline tax appeared to be winning when a statement from a White House spokesman declared that President Ford "does not favor this kind of tax on gasoline." [New York Times] As expected, former President Nixon has asked Federal District Judge John Sirica to quash two subpoenas commanding his appearance as a witness at the Watergate cover-up trial. The request was contained in two motions filed by Mr. Nixon's attorneys at the federal courthouse in Washington as the selection of a jury went into its third day. Judge Sirica said the motions would remain under seal until he decides "what action I'll take, if any." [New York Times] Frank Robinson has been named the first black manager in major league baseball history. The 39-year-old slugger, who has a career record of 574 major league home runs, was given a one-year contract to succeed Ken Aspromonte and become the 28th manager in the history of the Cleveland Indians. [New York Times] Six years of exile in Canada as an American military deserter have ended for Gary Della Bitta. Upon accepting President Ford's amnesty program, he has returned to his parents' home in Gilroy, Calif., only to find his first hours at home filled with tension he had carried with him from Vancouver, B.C. [New York Times] The deep financial troubles that have been threatening the Grumman Corporation's production of F-14A fighter planes was resolved when a group of American banks and a state-owned Iranian bank agreed to put together a $200 million package. A revolving credit of up to $125 million will be provided by nine banks in this country. The other $75 million will come as a subordinated loan by Bank Melli Iran, the national bank of Iran, which has ordered 80 of the F-14's. [New York Times] A House-Senate conference committee has voted to remove bans on military aid to Turkey and Chile from a stopgap resolution to continue foreign aid spending. The vote, which supports the administration, was expected. Almost all members of the joint committee had previously indicated their opposition to the restrictive amendments. Senator Thomas Eagleton said today he would continue his fight to cut off military aid to Turkey when the Senate considers the recommendations of the committee. [New York Times] Two Swedish writers, regarded as literary giants in their own country but virtually unknown abroad, have been named co-winners of the 1974 Nobel Prize in Literature. Eyvind Johnson and Harry Martinson, both members of the Swedish Academy, are the first Swedish winners since 1951. Besides gold medals, the two will share about $124,000 in cash. Of the scores of novels, short stories and poems the two winners have written, only a half dozen have been published in English, and none are in print in the United States, [New York Times]

Stock Market Report

Dow Jones Industrial Average: 587.61 (-13.92, -2.31%)
S&P Composite: 62.28 (-1.10, -1.74%)
Arms Index: 2.20

	Issues	Volume*
Advances	403	1.83
Declines	957	9.55
Unchanged	414	1.77
Total Volume		13.15

* 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 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
September 20, 1974	670.76	70.14	16.25
September 19, 1974	674.05	70.09	17.00