News stories from Monday April 22, 1974

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

The House Judiciary Committee has reportedly asked President Nixon for additional tape recordings and documents dealing with Watergate and alleged political influence in government antitrust and milk price support decisions. Well-placed sources said that the impeachment inquiry's new request was sent to the White House after its vote April 11 to subpoena tape recordings of Watergate-related conversations involving the President and former key aides. [New York Times] Investigators for the Senate Watergate Committee now believe that the White House played a major role in coordinating the Internal Revenue Service's investigation of a controversial $100,000 campaign contribution from Howard Hughes, well-placed sources said. The investigators, they said, recently questioned Fred Buzhardt, President Nixon's counsel, for more than three hours and decided to order him back for further questioning because his testimony was found to be "evasive". [New York Times] Testimony in the criminal conspiracy trial of John Mitchell and Maurice Stans ended. The case is expected to go to the jury Wednesday night. John Dean, the President's former counsel, who twice before had testified at the trial for the government, was among the last witnesses. [New York Times] Donald Johnson, embattled head of the Veterans Administration, announced tonight his intention to resign "in the near future." The announcement followed reports by well-informed sources the Mr. Johnson had been dismissed, and that Gen. Alexander Haig, President Nixon's chief of staff, called five congressional leaders to the White House in the afternoon to tell them of Mr. Johnson's dismissal. [New York Times] A powerful explosion ripped through a 24-story office building near the United Nations in New York City, injuring 70 people and leaving hundreds of tenants in an adjoining apartment house homeless. The blast occurred shortly after 7 A.M., raining tons of brick, glass and mortar on the streets around the office building at 305 E. 45th Street, which extends through the block to 46th Street just east of Second Avenue. Many of the injured were from Envoy Towers, the adjoining apartment house at 300 East 46th Street. [New York Times] Yitzhak Rabin, the commander of Israel's armies in the 1967 war with the Arabs, won the Labor party's nomination to succeed Premier Golda Meir. Despite an 11th-hour attempt by his opponents to brand him as emotionally unfit for the job, Mr. Rabin won 54 percent of the votes of the party's 614-member central committee. He is 52 years old and a former Israeli Ambassador to Washington. [New York Times] A Pan American World Airways Boeing 707 jet carrying 107 persons crashed in a remote mountainous region of Bali in Indonesia, 600 miles east of Jakarta. The plane was approaching Bali International Airport on a flight from Hong Kong to Sydney and Los Angeles. It was the fourth crash of a Pan American Boeing 707 in nine months, and the third in the South Pacific. [New York Times] Japan agreed tentatively to lend the Soviet Union $1 billion at relatively low interest to finance three projects involving the development of coal, gas and timber resources in Siberia. The deal would pour Japanese funds into the extraction of coal and gas resources and the felling of timber from the forests of Far Eastern Siberia. Japan, which is poor in natural resources, would share in some of the output. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 858.57 (-1.33, -0.15%)
S&P Composite: 93.38 (-0.37, -0.39%)
Arms Index: 1.12

	Issues	Volume*
Advances	408	2.47
Declines	913	6.17
Unchanged	438	1.88
Total Volume		10.52

* 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 19, 1974	859.90	93.75	10.71
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