News stories from Tuesday May 14, 1974

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

Whether President Nixon played any role in originating the Watergate cover-up attempt was the principal question the House Judiciary Committee considered in its second closed impeachment hearing. The committee moved toward subpoenaing 11 more White House tape recordings when its lawyers decided it would not be possible to clarify the President's early attitude toward the Watergate break-in without them. [New York Times] General revulsion was expressed by Republican party leaders in a dozen states -- east and west, north and south -- who were interviewed about their reactions to President Nixon's edited Watergate transcripts. They agreed that the President had been harmed by the transcripts' release, and like most Republicans in Congress they appeared to want the House impeachment investigation to continue. [New York Times] James St. Clair, Mr. Nixon's chief defense attorney, has been rebuked by Raoul Berger, a constitutional scholar, for basing the impeachment defense on what Mr. Berger calls "instant history," "far-fetched theories" and "sheer effrontery." Mr. Berger's criticism of Mr. St. Clair's legal defense of the President appears in the current issue of the Yale Law Journal. [New York Times] Gifts of jewelry to Mrs. Nixon and her daughters, made in recent years by the Saudi Arabian royal family, were acknowledged by the White House. A White House spokesman deplored published reports that said there had been no public announcement of the gifts. Public disclosure of the gifts to Mrs. Nixon, which included an emerald and diamond necklace with matching pieces valued at $52,400; was made by the Washington Post. [New York Times] Congress and the Nixon administration appeared to be heading for another battle: this time over the refusal of the Internal Revenue Service to provide certain information about I.R.S. investigations of "militant and revolutionary" organizations wanted by the Senate Subcommittee on Constitutional Rights, headed by Senator Sam Ervin Jr. The I.R.S. has decided so far to provide only one of the items requested, a list of the names of the 8,000 politically active individuals and 3,000 activist organizations on which the I.R.S. has gathered information. [New York Times] Mayor Kenneth Gibson of Newark was re-elected to a second term on the strength of black votes in the city's South and Central Wards, which also put him in office in 1970. He defeated his principal opponent, State Senator Anthony Imperiale, easily, and with 50 percent of the vote he avoided a runoff. [New York Times] No significant progress was reported in Secretary of State Kissinger's efforts to obtain a troop separation agreement between Israel and Syria as he shuttled in his Air Force jet between Damascus and Tel Aviv. He had set tonight as his deadline for the completion of the agreement, but he said he needed 24 to 36 hours more. [New York Times] Queen Elizabeth II, advised by Prime Minister Wilson, appointed a new Archbishop of Canterbury to succeed Dr. Michael Ramsey, who will retire in November. He is Dr. Donald Coggan, 64 years old, an active evangelist, a critic of permissiveness and, at present, Archbishop of York. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 847.85 (+2.26, +0.27%)
S&P Composite: 90.69 (+0.03, +0.03%)
Arms Index: 0.94

	Issues	Volume*
Advances	551	3.95
Declines	784	5.29
Unchanged	427	1.58
Total Volume		10.82

* 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*
May 13, 1974	845.59	90.66	11.29
May 10, 1974	850.44	91.47	15.27
May 9, 1974	865.77	92.96	14.71
May 8, 1974	850.99	91.64	11.85
May 7, 1974	847.15	91.46	10.71
May 6, 1974	844.88	91.12	9.45
May 3, 1974	845.90	91.29	11.08
May 2, 1974	851.06	92.09	13.62
May 1, 1974	853.88	92.22	15.12
April 30, 1974	836.75	90.31	10.98