News stories from Monday March 4, 1974

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

Judge John Sirica ordered an open courtroom hearing for the grand jury's special report which allegedly deals with President Nixon's involvement with the Watergate cover-up. Sirica's decision was made after conferring with White House lawyers and the staff of the special prosecutor's office.Before meeting with attorney James St. Clair, Sirica intended to turn the report over to the House Judiciary Committee to be used in its impeachment probe. Vice President Gerald Ford stated that he now believes the report should be reviewed by the judge or the grand jury; earlier Ford approved turning the report over to the House Judiciary Committee. [CBS] The House Judiciary Committee is anxious to get White House documents and tapes to be used in its impeachment inquiry. Committee chairman Peter Rodino said that the committee has waited a reasonable amount of time for the White House to turn over evidence. White House attorney James St. Clair insisted that a reply will be made soon. [CBS] The White House press room was filled with Watergate questions. Press secretary Gerald Warren reported that President Nixon has no intentions of blocking the grand jury's report from the House Judiciary Committee. Warren stated that the President stands by his statement of last August concerning the payment of hush money to the Watergate defendants. H.R. Haldeman was indicted on that specific point among other charges. [CBS] Former White House aide H.R. Haldeman held a news conference in Los Angeles. Haldeman refused to comment on the March conversation between President Nixon and himself regarding the Watergate defendants. Questioned about his role in the Watergate scandal, Haldeman admitted some wrongdoing but declared that his innocence will be proven. [CBS] The trial of Maurice Stans and John Mitchell got underway in New York City after Judge Lee Gagliardi denied a defense motion for a mistrial. Peter Fleming, defense lawyer for John Mitchell, attacked the character of the prosecution's witnesses. Maurice Stans' lawyer, Walter Bonner, revealed that Stans will take the witness stand in his own defense. [CBS] Edward Heath, his Conservative party defeated last week by Britain's voters, gave up his effort to hold power, and Harold Wilson, the Labor party leader, took over as Prime Minister. Mr. Wilson, who led the nation for six years until 1970, returned in triumph to 10 Downing Street. He had been asked by Queen Elizabeth to form a new government, but his cabinet will be the first in 45 years to lack a majority in the Commons. [New York Times] The nine European Common Market countries -- with a tentative agreement by the British because of the government's election difficulties in London -- made a joint offer of long-term economic, technical and cultural cooperation with the entire Arab world. Secretary of State Kissinger, who was reported to be unenthusiastic about the separate European initiative, was informed during his visit to Brussels today, but did not give an opinion publicly before leaving for Washington. [New York Times] Premier Golda Meir of Israel reversed herself and agreed -- under pressure from her Labor party colleagues -- to try to form a new coalition Labor cabinet by tomorrow. As a result, she is expected to continue as Premier and to proceed with her plans to organize a coalition with other parties nine weeks after the voters deprived her Labor grouping of a parliamentary majority. [New York Times] Leaflets dropped over Addis Ababa, Ethiopia's capital, said that some military units would "take action" unless Emperor Haile Selassie made sweeping political, economic and social changes, but it was not immediately clear how large the forces involved were. Meanwhile, the Ethiopian labor unions discussed plans to call a general strike Thursday. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 853.18 (+1.26, +0.15%)
S&P Composite: 95.53 (0.00, 0.00%)
Arms Index: 0.80

	Issues	Volume*
Advances	706	5.78
Declines	707	4.62
Unchanged	378	1.88
Total Volume		12.28

* 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 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
February 25, 1974	851.38	95.03	12.90
February 22, 1974	855.99	95.39	16.36
February 21, 1974	846.84	94.71	13.93
February 20, 1974	831.04	93.44	11.67
February 19, 1974	819.54	92.12	15.94
February 15, 1974	820.32	92.27	12.64