News stories from Thursday May 30, 1974

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

The House Judiciary Committee formally notified President Nixon that his defiance of committee subpoenas "might constitute a ground far impeachment." As if to underscore the warning, the committee voted overwhelmingly to subpoena 45 more White House tapes. And, in a further rebuff to the White House, which has sought open hearings, the committee, led by Republican members, voted to continue its impeachment inquiry behind closed doors. [New York Times] President Nixon's lawyers urged the Supreme Court not to "rush to judgment" by accepting an accelerated review of a lower court ruling that the President must surrender 64 more tapes to the special Watergate prosecutor. In urging the high court not to accept a direct appeal that would bypass the Court of Appeals, the lawyers argued that the importance of the issue required "a thorough and carefully considered review," including full deliberations before the Court of Appeals. [New York Times] President Nixon agreed to give two defendants in the "plumbers" case and their lawyers access to the defendants' personal White House files and to allow the Watergate prosecutor to use any of the material that does not jeopardize national security. However, he said he would retain the right to withhold national security documents even if his decision led to dismissal of charges against the defendants. [New York Times] Leon Jaworski, the special Watergate prosecutor, said his office had failed to find that executives of the International Telephone and Telegraph Corporation had committed criminal offenses in connection with the settlement of antitrust suits against the company in 1971. In a letter to the head of a House committee, Mr. Jaworski said no such offenses were expected to be found as the staff investigation continued under vigorous new leadership. [New York Times] The American Telephone and Telegraph Company agreed to pay more than $30 million to 25,000 managers who had charged that the company's policies had led to salary discrimination. The majority of those to receive back pay and future salary adjustments are women. [New York Times] Pan American World Airways said it had paid thousands of dollars to an organized crime ring to buy back blank flight tickets stolen from the airline. Company officials defended the action on the ground that the stolen tickets could have otherwise been used to make trips around the world that could have cost the airline $2 million. [New York Times] Secretary of State Kissinger ended his month-long Middle East mission and headed home after a stop in Cairo, where he was praised by President Anwar Sadat. The Egyptian leader hailed the Nixon administration's "effective role" as a great power and expressed an advance welcome to President Nixon, who is expected to visit Egypt during a Middle Eastern trip in June. [New York Times] Secretary of State Kissinger was reportedly on the verge of breaking off his Middle East negotiations in Damascus Monday morning when Syria's President, Hafez al-Assad, made a last-minute decision for an all-out effort that led to the Israeli-Syrian agreement on troop disengagement. American officials, who reconstructed Mr. Kissinger's month of intensive diplomacy, said that it was the third time he had been close to giving up. [New York Times] President Valery Giscard d'Estaing of France proposed a series of basic political reforms in his first message to the National Assembly. These included a proposal for an appeal system for citizens complaining of civil rights violations and a British-style weekly Parliamentary question time giving deputies an opportunity to question the President and cabinet members. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 803.58 (+8.21, +1.03%)
S&P Composite: 87.43 (+0.54, +0.62%)
Arms Index: 0.81

	Issues	Volume*
Advances	748	6.95
Declines	623	4.70
Unchanged	389	1.93
Total Volume		13.58

* 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 29, 1974	795.37	86.89	12.30
May 28, 1974	814.30	88.37	10.58
May 24, 1974	816.65	88.58	13.74
May 23, 1974	805.23	87.29	14.77
May 22, 1974	802.57	87.09	15.45
May 21, 1974	809.53	87.91	12.19
May 20, 1974	812.42	87.86	10.55
May 17, 1974	818.84	88.21	13.87
May 16, 1974	835.34	89.72	12.09
May 15, 1974	846.06	90.45	11.24