News stories from Wednesday April 10, 1974

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

The Commissioner of Internal Revenue has asked for a grand jury investigation into a possible criminal conspiracy stemming from President Nixon's claim of a $576,000 tax deduction for his vice-presidential papers, according to well-placed sources. The sources said that Donald Alexander had discussed the matter with Leon Jaworski, the special Watergate prosecutor, last week and given him a list of former presidential associates to be investigated. [New York Times] Republican members of the House Judiciary Committee warned the White House that the committee was virtually certain to issue a subpoena today if there has been no concession to the committee's long-standing request for certain White House documents and recordings. [New York Times] Former Attorney General John Mitchell testified in his own defense, swearing that he never tried to fix or impede a federal investigation in return for a contribution to President Nixon's re-election campaign. Appearing calm and self assured, Mr. Mitchell directly refuted the testimony of four government witnesses, including John Dean. Mr. Mitchell, who will continue on the stand when the trial resumes Monday after a postponement, is expected to be followed by his co-defendant, former Commerce Secretary Maurice Stans. [New York Times] Governor Wilson has indicated that New York state will not meet an April 15 federal deadline to agree on a plan to clean up New York City's air, thus raising the possibility that the federal government will impose its own plan on the state. In a letter to the head of the Environmental Protection Agency, Mr. Wilson said the state could not implement federal air quality standards for transportation in New York City before the government provided $200 million in aid for mass transportation in New York and also took a variety of other steps. [New York Times] Premier Golda Meir of Israel announced her resignation, bringing down her month-old coalition government and setting the stage for new elections in the next several months. Mrs. Meir said she had found it impossible to continue because of deep divisions within her Labor party over the issue of assigning responsibility for Israel's military shortcomings at the beginning of the October war. Mrs. Meir and her cabinet will operate on a caretaker basis until a new government is formed later on. [New York Times] Diplomats and administration officials in Washington said they expected the United States to continue its efforts for an Israeli-Syrian disengagement agreement despite Mrs. Meir's resignation. Though warning that her resignation could cause problems, the experts expressed confidence that a caretaker government headed by Mrs. Meir would be able to negotiate an accord. [New York Times] The second-largest French labor union has endorsed Francois Mitterrand, the lone candidate of the political Left in the nation's presidential campaign. The unsolicited move by the French Democratic Confederation of Labor, which has never before endorsed a leftist candidate for the presidency, is a major worry to the Gaullist-led government coalition. Since the lively, 700,000-member union is largely Roman Catholic, the government is afraid other traditionally centrist Catholics may be swayed by the endorsement to vote for Mr. Mitterrand. [New York Times] Soviet trade with capitalist nations rose more than 40 percent last year, according to figures released by Moscow, which indicated that for the first time the West accounted for more than a quarter of Soviet international trade. By the Soviet accounting, American trade more than doubled to $1.56 billion in 1973. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 843.71 (-3.13, -0.37%)
S&P Composite: 92.40 (-0.21, -0.23%)
Arms Index: 1.16

	Issues	Volume*
Advances	694	4.56
Declines	635	4.86
Unchanged	429	1.74
Total Volume		11.16

* 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*
April 9, 1974	846.84	92.61	11.33
April 8, 1974	839.96	92.03	10.74
April 5, 1974	847.54	93.01	11.67
April 4, 1974	858.89	94.33	11.65
April 3, 1974	858.03	94.33	11.50
April 2, 1974	846.61	93.35	12.01
April 1, 1974	843.48	93.25	11.47
March 29, 1974	846.68	93.98	12.15
March 28, 1974	854.35	94.82	14.94
March 27, 1974	871.17	96.59	11.69