News stories from Wednesday May 1, 1974

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

The staff of the House Judiciary Committee said it had found discrepancies, perhaps minor, between parts of the White House transcripts and transcripts of the same conversations prepared by the staff. John Doar, the committee counsel, cited the discrepancies in urging the committee to insist that the President yield the actual recordings, to comply with the panel's subpoena. [New York Times] President Nixon's special counsel, James St. Clair, indicated that the President would resist the Judiciary Committee's request for additional White House materials sought for the impeachment inquiry. Mr. St. Clair's statement left the clear impression that President Nixon would give no further material to investigators. [New York Times] President Nixon repeatedly warned the Justice Department that any inquiry into his personal involvement in he Watergate cover-up would be "dangerous to the presidency," according to edited White House transcripts of presidential conversations during April, 1973. The transcripts reveal that Mr. Nixon won a pledge from Assistant Attorney General Henry Petersen that "we have no mandate to investigate the President." [New York Times] Among the most riveting conversations included in the edited White House transcripts are those for April 16, 1973, the day Mr. Nixon apparently fit together the pieces of what he called a "scenario," to insulate himself from being implicated in the Watergate cover-up. The transcripts show the President leading John Dean through a careful, step-by-step interrogation, evidently designed to construct a record of the President's innocence. [New York Times] The transcripts of presidential conversations released by the White House indicate that of the many options discussed by Pres-dent Nixon and his top advisers for dealing with their Watergate problems in April, 1973, one that was only rarely mentioned and invariably discarded was to tell the full truth about the cover-up. [New York Times] Demonstrating a marked aversion to government economic controls, the Senate voted decisively against a proposal that would have given the administration authority to re-impose wage-price controls. [New York Times] Seven black men were arrested on murder charges by the San Francisco police, and Mayor Joseph Alioto promptly announced that he was satisfied that "we have the men," who killed 12 white persons in a series of random slayings. [New York Times] Delegates to the United Nations General Assembly's special session on raw materials and development brushed aside a last-minute United States proposal for a $4 billion aid program for poor countries, and instead gave enthusiastic approval of a package proposal by the developing countries that would establish a special fund to aid impoverished lands and create a new economic relationship between rich and poor nations. [New York Times] In Portugal's first May Day holiday in half a century, millions of citizens poured into the streets of Lisbon and other cities to celebrate the overthrow last week of the authoritarian government of Premier Marcello Caetano. The Portuguese left, mainly Socialists and Communists, demonstrated impressive strength during the celebrations. [New York Times] As thousands of policemen patrolled the streets of Buenos Aires to prevent violent clashes between rival Peronist factions, President Juan Domingo Peron of Argentina faced a tense May Day crowd of 100,000 followers and gave full backing to his conservative supporters while denouncing the left wing of his movement. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 853.88 (+17.13, +2.05%)
S&P Composite: 92.22 (+1.91, +2.11%)
Arms Index: 0.58

	Issues	Volume*
Advances	1,080	11.51
Declines	361	2.22
Unchanged	307	1.39
Total Volume		15.12

* 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 30, 1974	836.75	90.31	10.98
April 29, 1974	835.42	90.00	10.17
April 26, 1974	834.64	90.18	13.25
April 25, 1974	827.68	89.57	15.87
April 24, 1974	832.37	90.30	16.01
April 23, 1974	845.98	91.81	14.11
April 22, 1974	858.57	93.38	10.52
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