News stories from Wednesday January 30, 1974

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

Indictments charging Howard Hughes and four of his associates with stock manipulation pertaining to the purchase of Air West Airlines were dismissed. [CBS] President Nixon will deliver his State of the Union address personally to a joint session of Congress and to America by television; it is not known if Watergate will be mentioned. The President hopes to use the speech as a foundation for rebuilding and revitalizing his leadership. Nixon is highly unlikely to resign at this time.One important aspect of the President's proposals involves health care. The nation's health costs have skyrocketed; a national health insurance plan will be proposed by the President. Senator Edward Kennedy, who has also proposed national health insurance, believes that Nixon's plan means windfall profits for private insurance companies. Health, Education and Welfare Secretary Caspar Weinberger said he doesn't think windfall profits will be a problem. The Nixon plan builds around private enterprise as opposed to a complete government takeover. [CBS] Attorney General William Saxbe will try to keep courts around the country from subpoenaing President Nixon. The President will not abide by a California subpoena to appear at John Ehrlichman's trial; he declined to attend on "constitutional grounds". Sources close to Ehrlichman reported that the subpoena of the President was simply a legal maneuver. If the President refused to testify, Ehrlichman could say his legal rights were violated.H.R. Haldeman appeared before a federal grand jury to discuss the erased White House tapes. President Nixon's personal secretary Rose Mary Woods will testify on Friday. [CBS] Bebe Rebozo's lawyers demanded that Rebozo be given equal time during coverage of the Watergate hearings to rebut the committee's "false and malicious" news leaks. [CBS] Senators and witnesses at a congressional hearing traced an intricate pattern of international financial arrangements involving oil companies, including a secret cabinet-level decision in 1950 to subsidize increased royalty payments to Arab oil nations by reducing taxes paid by the companies to the United States. [New York Times] In an effort to head off a threatened work stoppage by independent truckers, the Nixon administration offered the truckers the prospect of relief from fuel shortages and rising costs. The offer included a proposed rule that would allow truckers to pass on to shippers, through higher rates, the equivalent of fuel-cost increases. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 862.32 (+10.00, +1.17%)
S&P Composite: 97.06 (+1.05, +1.09%)
Arms Index: 0.83

	Issues	Volume*
Advances	982	10.93
Declines	459	4.25
Unchanged	340	1.61
Total Volume		16.79

* 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*
January 29, 1974	852.32	96.01	12.85
January 28, 1974	853.01	96.09	13.41
January 25, 1974	859.39	96.63	14.85
January 24, 1974	863.08	96.82	15.98
January 23, 1974	871.00	97.07	16.89
January 22, 1974	863.47	96.55	17.33
January 21, 1974	854.63	95.40	15.63
January 18, 1974	855.47	95.56	16.47
January 17, 1974	872.16	97.30	21.04
January 16, 1974	856.09	95.67	14.93