News stories from Friday April 19, 1974

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

A survey by the New York Times indicates that many foreign leaders now believe that President Nixon will have to leave office because of his Watergate-related problems, This marks a significant switch in attitudes since last year when Mr. Nixon was believed likely to ride out the political storm. [New York Times] The rapid rate of inflation of consumer prices continued in March, the Labor Department reported. The rise in the Consumer Price Index was 1.1 percent, both before and after adjustment for normal seasonal increases in some prices. While this was a shade less than in February -- because food prices rose less rapidly -- the March increase was still the third largest for a month in 25 years. From January to March, consumer price inflation in the first quarter of this year was at an annual rate of 14.5 percent, a rate that Arthur Burns, chairman of the Federal Reserve Board, recently termed a "Latin American kind of inflation." [New York Times] The defense rested in the Mitchell-Stans trial with Maurice Stans badly shaken and ashen faced, conceding that there were discrepancies between his grand jury and trial testimony. But in an emotional plea to the jury, he attributed the discrepancies to "my state of mind and anxiety over my wife's [illness] condition." [New York Times] The television networks next fall will cut back on programs that deal with violence and stress series concerned with family life and personal relationships. This is evident from the new prime-time schedules for September disclosed by the National Broadcasting Company and CBS, Inc. [New York Times] Restrictions on fetal research that have been instituted in the last few weeks are seriously impeding doctors in several medical centers in the United States in their efforts to develop potential cures and preventions for a wide variety of diseases. These curbs are now affecting research on cancer, birth defects, aging, the common cold and other major health problems, according to leading medical investigators. [New York Times] While their parents are planning vacations closer to home this year, young Americans -- undeterred by the abolition of special youth fares by international airlines -- are still finding relatively inexpensive ways to go abroad this year, even though their transportation options will be less convenient and more expensive than they were last year. [New York Times] Syria and Israel fought their first air battle over the Golan Heights front since the October war. Artillery duels continued on the ground for the 39th day. Both sides sent planes on bombing runs. [New York Times] A senior American official said that while the United States was interested in President Anwar Sadat's stated intention to end Egypt's total reliance on Soviet arms, Washington had no current plans to begin selling military equipment to Cairo. Privately, officials in Washington said that Mr. Sadat's statement fortified Washington's view that Egypt was seeking to play a more independent role in world affairs and to build closer ties with the West to end its dependence on Soviet help. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 859.90 (-10.02, -1.15%)
S&P Composite: 93.75 (-1.03, -1.09%)
Arms Index: 1.50

	Issues	Volume*
Advances	386	1.90
Declines	1,005	7.42
Unchanged	386	1.39
Total Volume		10.71

* 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 18, 1974	869.92	94.78	12.47
April 17, 1974	867.41	94.36	14.02
April 16, 1974	861.23	93.66	14.53
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