News stories from Thursday April 11, 1974

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

Rejecting a last-minute White House attempt at compromise, the House Judiciary Committee issued a subpoena ordering President Nixon to turn over all tapes and documents previously requested by the committee. The subpoena, which sets an April 25 deadline for compliance, is reportedly the first ever served on a President by a House committee. It was authorized by a 33-to-3 vote, with only a minority of the Republicans dissenting, after the committee had rejected a White House compromise offer to provide some of the material.Shortly after receiving the committee subpoena, the White House said it would "have an answer" for the committee after Congress returns from its Easter recess on April 22. However, a presidential spokesman indicated that Mr. Nixon would not provide all the material sought by the committee. [New York Times] The Watergate prosecutor has reportedly subpoenaed the income tax returns of two of President Nixon's closest friends -- Charles Rebozo and Robert Abplanalp -- in connection with an investigation into a $100,000 cash campaign contribution from Howard Hughes. Prosecution investigators have been trying to determine if there was any misuse of the money before it was returned. [New York Times] After 13 days of debate and 51 roll call votes, the Senate passed a sweeping campaign reform bill that would replace private donations with public financing for presidential and congressional campaigns beginning in 1976. Nevertheless, the bill, which cleared the Senate by a vote of 53 to 32, faces stiff opposition in the House and the threat of a presidential veto. [New York Times] A Nixon administration program to spur domestic oil production by allowing price increases has failed to produce more oil. It has, however, led to price increases that are reportedly costing consumers $4.5 billion a year and providing oil companies with soaring profits. [New York Times] W.A. "Tony" Boyle, the former president United Mine Workers of America, was convicted on three counts of first-degree murder in the slayings of Joseph Yablonski, a union rival, and Mr. Yablonski's wife and daughter in 1969. [New York Times] Three Arab terrorists stormed an apartment building in Qiryat Shemona, Israel, near the Lebanese border, and killed 18 people, mostly women and children, before the terrorists were themselves killed. It was the worst such attack since 1972, when 27 people were killed at the Tel Aviv airport.Describing the attack as "murder for murder's sake," Premier Golda Meir declared that Israel was holding the government of Lebanon responsible for the deaths along with Lebanese "who collaborated with the terrorists." Mrs. Meir issued the denunciation just three hours after she and her cabinet formally resigned from office. Mrs. Meir will head a caretaker government until a new government is formed, probably after new elections. [New York Times] Secretary of State Kissinger has reportedly given the Senate Foreign Relations Committee a gloomy report on the immediate prospects for a Middle East settlement, improved United States relations with Western Europe and a nuclear arms agreement with the Soviet Union. Sources close to the committee said that Mr. Kissinger told a closed session on Wednesday that despite progress made during his visit to Moscow, the Soviet position regarding the arms talks was "unacceptable" to the United States. [New York Times] Commerce and industry came to a virtual halt in Japan as some 6.3 million workers walked off their jobs in the nation's largest strike. The strikers included railway, airline, bus, subway and taxi workers, who crippled Japan's transportation system, forcing many businesses to close. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 844.81 (+1.10, +0.13%)
S&P Composite: 92.12 (-0.28, -0.30%)
Arms Index: 1.29

	Issues	Volume*
Advances	563	3.00
Declines	732	5.03
Unchanged	430	1.94
Total Volume		9.97

* 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 10, 1974	843.71	92.40	11.16
April 9, 1974	846.84	92.61	11.33
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