News stories from Tuesday April 9, 1974

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

The White House told the House Judiciary Committee that it needs more time to decide how to respond to its request for tape recordings of 42 presidential conversations relating to Watergate. [New York Times] The Democratic majority on the House Judiciary Committee has informally agreed to support limited participation by the President's counsel, James St. Clair, in the impeachment inquiry. Mr. St. Clair would be allowed to be an observer in sessions in which evidence on President Nixon's conduct in office is presented to the committee. If formally adopted by the committee, the proposal could prevent widening of the partisan rift that has been developing as Democrats and Republicans debated the President's right of representation. [New York Times] The Senate, breaking an 11-day filibuster, voted 64 to 30 -- one more than the required two-thirds -- to close debate on a major campaign reform bill that would use public funds to finance presidential and congressional elections starting in 1976. The vote appeared to insure the eventual passage of a public campaign financing bill. [New York Times] Judge Lee Gagliardi of District Court in New York made two rulings that apparently damaged the defense of John Mitchell and Maurice Stans in their criminal conspiracy trial. During the day, Robert Finch, former Secretary of Health, Welfare and Education, and W. Clement Stone, Chicago millionaire, testified, among others, for the defense, but it was the judge's rulings that were more important. [New York Times] Nine former Grumman Aerospace Corporation employees and seven officers of companies that performed work for Grumman have pleaded guilty to an elaborate kickback scheme in the awarding of millions of dollars worth of Navy subcontracts, United States Attorney William Boyd announced in Brooklyn. He said that an inquiry by the Federal Bureau of Investigation into the Grumman case had found indications of possible similar payoff arrangements elsewhere in the nation's defense industry. [New York Times] Witnesses told a congressional subcommittee that major oil companies had been breaking antitrust laws for years with the knowledge and sometimes the approval of the Justice and the Interior Departments. Representative John Dingell, a Michigan Democrat who is chairman of a House subcommittee investigating federal oil and gas leasing policy, and three witnesses complained that the major oil companies are either dictating the terms of survival to smaller companies or forcing them out of business. [New York Times] India, Pakistan and Bangladesh reached a major breakthrough and signed an agreement to repatriate 195 Pakistani prisoners of war. The war crimes trial planned for the prisoners is to be dropped by Bangladesh. The pact opened the way for normal diplomatic and economic relations between the three nations and the easing of tensions and hostilities that followed the Bangladesh war in 1971. [New York Times] A political controversy over real estate deals involving associates of Prime Minister Wilson was enlivened with the reported destruction of a crucial letter. The letter, which was written on Mr. Wilson's personal House of Commons stationery bearing what he has said was a forgery of his signature, prodded a property dealer to complete a real estate transaction with Mrs. Marcia Williams, Mr. Wilson's secretary for 18 years, and members of her family. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 846.84 (+6.88, +0.82%)
S&P Composite: 92.61 (+0.58, +0.63%)
Arms Index: 0.70

	Issues	Volume*
Advances	735	5.96
Declines	614	3.47
Unchanged	429	1.90
Total Volume		11.33

* 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 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
March 26, 1974	883.68	97.95	11.84