News stories from Friday May 24, 1974

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

Leon Jaworski, the Watergate special prosecutor, appealed directly to the Supreme Court in an effort to subpoena 64 presidential office conversations. He asked the Court to decide whether the claim of executive privilege can block the prosecution's access to evidence. [New York Times] Gerhard Gesell, the federal judge in the White House "plumbers" case, ruled that the President has no constitutional right to authorize a warrantless break-in and search even when national security and foreign intelligence are involved. He said that the Fourth Amendment -- which protects against unreasonable searches -- "is not theoretical, it lies at the heart of our free society." Judge Gesell's 10-page decision sharply conflicted with President Nixon's interpretation of the law as it affects such national security matters. [New York Times] Representative Peter Rodino, chairman of the House Judiciary Committee, will propose next week that the committee make public most, and perhaps all, of the Watergate evidence it has been examining in closed impeachment hearings, congressional officials said. Before he does so, they said, Mr. Rodino will first seek permission from the special Watergate prosecutor and officials of other congressional committees that provided confidential materials to the impeachment inquiry. [New York Times] Kenneth Rush, Deputy Secretary of State, will be named by President Nixon as his chief economic coordinator, high administration officials said. Mr. Rush will deal with deepening inflation problems and squabbling between other economic aides. The President has reportedly been concerned about friction between Secretary of the Treasury William Simon and Roy Ash, director of the Office of Management and Budget. [New York Times] A special committee at New York's Memorial Sloan-Kettering Cancer Center decided that a colleague, Dr. William Summerlin, had deliberately falsified and misrepresented research findings and recommended that his affiliation with the center be ended. The center's head said that Dr. Summerlin would be given a medical leave of absence while he underwent psychiatric care. [New York Times] Duke Ellington died at the age of 75. He had cancer of both lungs and in the last few days had developed pneumonia. When he wanted to express his highest praise for others he would say "beyond category." Those words apply to Mr. Ellington too, said a critic about his career, which spanned two generations. [New York Times] Foreign diplomats in Cairo said that the Soviet Union had resumed limited shipments of arms and spare parts to Egypt as part of an effort by both countries to improve their. recently strained relations. The shipments reportedly were the first in about six months. [New York Times] General endorsement was given by the Israeli cabinet to Secretary of State Kissinger's compromise plan, which he hopes will win Syria's approval tomorrow and lead to a rapid completion of the Syrian-Israeli troop separation agreement on the Golan Heights. [New York Times] The British government will make no concessions to the Protestant extremist groups that are crippling Northern Ireland with a strike that they hope will topple the provincial government and bring on new elections. After a meeting of nearly five hours with Ulster leaders in London, Prime Minister Wilson said there would be no negotiations with the Ulster Workers' Council, which has led the strike. [New York Times] The occasional levity and boisterousness of the six members of the United States Marine Corps guarding the United States liaison office in Peking was apparently more than the puritanical capital could stand and so the marines will be leaving for home at the request of Chinese authorities. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 816.65 (+11.42, +1.42%)
S&P Composite: 88.58 (+1.29, +1.48%)
Arms Index: 0.69

	Issues	Volume*
Advances	1,058	9.72
Declines	388	2.46
Unchanged	329	1.56
Total Volume		13.74

* 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*
May 23, 1974	805.23	87.29	14.77
May 22, 1974	802.57	87.09	15.45
May 21, 1974	809.53	87.91	12.19
May 20, 1974	812.42	87.86	10.55
May 17, 1974	818.84	88.21	13.87
May 16, 1974	835.34	89.72	12.09
May 15, 1974	846.06	90.45	11.24
May 14, 1974	847.85	90.69	10.88
May 13, 1974	845.59	90.66	11.29
May 10, 1974	850.44	91.47	15.27