News stories from Tuesday April 16, 1974

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

The Watergate special prosecutor, Leon Jaworski, asked the Federal District Court in Washington to issue a subpoena directing President Nixon to turn over tape recordings and other documents relating to 64 conversations between President Nixon and four of his former top aides. It was the first step in what could be another major confrontation between the President and the Watergate prosecution. [New York Times] Richard Kleindienst, former Attorney General, took the stand on behalf of John Mitchell -- "one of the closest, most intimate friends I ever had in my life" -- in an attempt to refute the testimony of John Dean. But the defense effort was not entirely successful, since almost all that Mr. Kleindienst could swear to was that he did not recall conversations Mr. Dean testified he had had with him about this case. Mr. Kleindienst would not deny them flatly. [New York Times] The Federal Bureau of Investigation said that Donald DeFreeze, an escaped convict, was among the band of terrorists it believes may have forced Patricia Hearst to take part in a daring bank robbery in San Francisco Monday. Mr. DeFreeze was identified by the F.B.I. from surveillance photographs taken while the bank was being held up. [New York Times] The Secretary of the Army halved the 20-year sentence imposed on Lieut. William Calley for the murder of 22 South Vietnamese civilians at My Lai in 1968. Although the action concludes the case as far as the military is concerned, President Nixon has said that he would make a final review of the matter in his capacity as Commander in Chief. A complete record of the trial and all papers associated with the case have been delivered to the White House, a Pentagon spokesman said. [New York Times] The United States volunteer military forces, nine months after the end of the draft, are in a period of transition marked by manifold problems and some encouraging successes. The long-term problem facing all the services, particularly the Army, is recruiting, not only finding enough men and women, but also finding the right ones. [New York Times] Victor De Costa, a cowboy from Rhode Island, has won a court judgment against the Columbia Broadcasting System, claiming that he, not C.B.S., created the character Paladin and essential ideas C.B.S. used in its successful television series "Have Gun, Will Travel." [New York Times] India, a democracy in anguish, is immersed in a deepening economic and political crisis, marked by agitation, self-questioning and drift. What makes the crisis especially painful to critics as well as supporters of the government is that the nation is a genuine democracy -- a rarity in Asia -- and its myriad problems are in part a result of an open system that combines free-wheeling politics and government accountability with tough economic choices. [New York Times] The Pentagon has found an accounting error that will allow it to provide an extra $266 million in military aid to South Vietnam in the fiscal year ending June 30. The Senate Armed Services Committee has approved the method of getting around a spending ceiling imposed by Congress, and the House Armed Services Committee has also reportedly agreed to go along with the procedure. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 861.23 (+17.44, +2.07%)
S&P Composite: 93.66 (+1.61, +1.75%)
Arms Index: 0.46

	Issues	Volume*
Advances	1,073	11.39
Declines	356	1.75
Unchanged	364	1.39
Total Volume		14.53

* 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 15, 1974	843.79	92.05	10.13
April 11, 1974	844.81	92.12	9.97
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