News stories from Monday October 14, 1974

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

The Watergate cover-up trial jury was told by the prosecution that former President Nixon was one of the central conspirators in the case and had a particularly crucial role in the spring of 1973, meeting with his chief aides to devise "scenarios" and "lines" to "cover up the cover-up." Richard Ben-Veniste, the assistant special prosecutor, presenting the opening statement to the jury, said Mr. Nixon had held a "multitude of meetings" relating to the cover-up. [New York Times] The House Judiciary Committee plans to investigate whether there was a relationship between the Rockefeller family's unpublicized $200,000 campaign contribution to President Nixon's re-election campaign and Mr. Nixon's reversal of a Civil Aeronautics Board ruling involving Eastern Airlines, in which the Rockefellers hold a substantial financial interest. Within a year after the contribution was made, Mr. Nixon reversed two C.A.B. rulings and allowed Eastern Airlines to acquire Caribair, a Puerto Rican-based airline. [New York Times] "I don't have anything to add to what's been reported," John Ashley Wells, an attorney and long-time colleague of Nelson Rockefeller told newsmen when asked about what he had told Mr. Rockefeller about the derogatory book on Arthur Goldberg in 1970. Earlier both the author of the book, Victor Lasky and Neil McCaffrey, its publisher, had reported that Mr. Wells had been instrumental in arranging the book's publication. [New York Times] The federal government is tightening up on its billion dollar program of sewer grants to localities after determining that the projects are encouraging unsound community growth. In their apparent zeal to obtain federal subsidies, communities are building sewerage facilities on a scale calculated to handle pollution increases for as much as 2,000 years. [New York Times] The United Nations General Assembly has overwhelmingly endorsed an Arab-led move to give the Palestine Liberation Organization a voice in its meetings. The roll call vote was 105 to 4, with 20 abstentions. Dissenting votes were cast by Bolivia, the Dominican Republic, Israel and the United States. [New York Times] President Ford vetoed and sent back to the Congress a controversial spending authority bill that would stop United States military aid to Turkey. In a message to Congress, the President said the cutoff would force this country's withdrawal from the Cyprus peace talks and would jeopardize the North Atlantic Treaty Organization. The measure, Mr. Ford said, would "imperil our relationship with our Turkish ally and weaken us in the crucial eastern Mediterranean." [New York Times] Secretary of State Kissinger, in the most optimistic public statement since the start of his current Middle East tour, said he saw "indications that we are making progress toward peace in the area." Mr. Kissinger said he planned to return to the Middle East in the first week of November, following an Arab leadership meeting in Morocco. The statement by the American official came after a meeting with Egypt's President Sadat. [New York Times] French management and labor have agreed to a plan which gives 20 million wage earners in that country the guarantee of a year's pay if they are laid off as a result of a bad turn in the economic weather. The agreement, which was encouraged by the government of President Valery Giscard d'Estaing, will be financed by a fund to which employers, employees and eventually the government will contribute. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 673.50 (+15.33, +2.33%)
S&P Composite: 72.74 (+1.60, +2.25%)
Arms Index: 0.74

	Issues	Volume*
Advances	1,199	14.95
Declines	338	3.11
Unchanged	295	1.72
Total Volume		19.78

* 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*
October 11, 1974	658.17	71.14	20.09
October 10, 1974	648.08	69.79	26.36
October 9, 1974	631.02	67.82	18.82
October 8, 1974	602.63	64.84	15.46
October 7, 1974	607.56	64.95	15.00
October 4, 1974	584.56	62.34	15.91
October 3, 1974	587.61	62.28	13.15
October 2, 1974	601.53	63.38	12.23
October 1, 1974	604.82	63.39	16.89
September 30, 1974	607.87	63.54	15.00