News stories from Tuesday March 12, 1974

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

President Nixon drew the battle line for a confrontation with the House Judiciary Committee and its request for White House evidence. Press secretary Ron Ziegler reported that the President is likely to refuse the committee's request for more evidence, and he challenged the committee to define "impeachable offense" before asking for more White House evidence. The White House said that the Judiciary Committee would get the same evidence as special prosecutor Leon Jaworski, but Jaworski has declared that not enough evidence was turned over to him.Vice President Gerald Ford cautioned against the President taking too tough a stance. The House Judiciary Committee is considering a subpoena. There were complaints that the White House leaked committee counsel John Doar's request for evidence before committee members learned what was contained in the request. Committee chairman Peter Rodino stated that the committee's requests for evidence were as specific as possible. Representative Jerome Waldie warned that the White House has placed a barrier between the Judiciary Committee and itself, which makes the use of subpoenas highly likely. Waldie threatened that the President could now be impeached on obstruction of justice charges. Even Republican Representatives Robert McClory and Thomas Railsback conceded that the committee has the right to any White House evidence it wants. [CBS] President Nixon's attorney James St. Clair spoke with reporters about the impeachment issue. St. Clair maintained that the White House wants to cooperate with House Judiciary Committee counsel John Doar regarding the impeachment probe. He declared that the committee has been supplied with all of the evidence it requested regarding ITT and the milk fund. Questioned about impeachable offenses, St. Clair said he doesn't forsee the President facing impeachment for refusing to comply with a subpoena.St. Clair insisted that President Nixon ordered an investigation of alleged hush money for the Watergate defendants, and the attorney indicated that the President wouldn't honor a subpoena to testify in the trials of his former aides who have been indicted on Watergate charges. [CBS] Representative Wilbur Mills again stated that Congress' investigation of President Nixon's income tax returns will lead to the President's resignation. [CBS] The defense continued to cross-examine star prosecution witness Harry Sears in the conspiracy trial of John Mitchell and Maurice Stans. [CBS] The finance committee to re-elect President Nixon no longer exists; the money left over in it will go into a trust fund. [CBS] Prime Minister Harold Wilson told Parliament that his minority Labor government intends to renegotiate Britain's membership in the European Economic Community and then put the results to a nationwide referendum. [Chicago Tribune]

Stock Market Report

Dow Jones Industrial Average: 887.12 (-1.33, -0.15%)
S&P Composite: 99.15 (+0.27, +0.27%)
Arms Index: 1.12

	Issues	Volume*
Advances	755	7.38
Declines	636	6.99
Unchanged	385	2.89
Total Volume		17.26

* 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*
March 11, 1974	888.45	98.88	18.47
March 8, 1974	878.05	97.78	16.21
March 7, 1974	869.06	96.94	14.50
March 6, 1974	879.85	97.98	19.14
March 5, 1974	872.42	97.32	21.98
March 4, 1974	853.18	95.53	12.27
March 1, 1974	851.92	95.53	12.88
February 28, 1974	860.53	96.22	13.68
February 27, 1974	863.42	96.40	18.73
February 26, 1974	859.51	96.00	15.86