News stories from Wednesday October 16, 1974

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

Former White House counsel John Dean, now a federal prisoner for his own Watergate role, testified in the cover-up trial that John Ehrlichman had told him to destroy evidence. He said that he had been told that H.R. Haldeman had also ordered the destruction of evidence, and that John Mitchell and Robert Mardian had helped to devise a story explaining the transfer of campaign funds to one of the Watergate burglars. [New York Times] Campaigning for Republican candidates in the Middle West, President Ford said that massive Democratic victories in November could create a "veto-proof Congress" amounting to a "legislative dictatorship." At most stops his reception was friendly but rarely uproarious. [New York Times] The Federal Bureau of Investigation arrested two white South Boston men and charged them with beating a black man in a mob incident 10 days ago -- a civil rights offense. Boston's racially tense schools were quiet under a heavy downpour, with 450 National Guardsmen on stand-by alert in their armories. [New York Times] Howard Cannon, chairman of the Senate Rules Committee, said he would reconvene hearings on the nomination of Nelson Rockefeller for Vice President on Nov. 13, after the elections. He said the Rockefeller tax audit was not expected before Oct. 25 and the committee's investigators were still looking into several matters, notably a $50,000 loan to L. Judson Morhouse in the late 1950's which was given by "Rockefeller interests." [New York Times] Robert Collier, a former counsel to a House Judiciary subcommittee and Senate subcommittee on Investigations, was identified as sole officer and stockholder in Literary Productions, Inc., which arranged for the Rockefeller-financed derogatory biography of Arthur Goldberg. Mr. Collier said he acted at the request of John Wells, a close adviser of Nelson Rockefeller, but did not know of the book's subject or of Laurance Rockefeller's $60,000 investment in it. [New York Times] At Armagh women's jail in Northern Ireland, women prisoners, including supporters of both Roman Catholic and Protestant militants, released a prison warden and four women officers as hostages. The inmates were acting in support of men prisoners who set the Maze prison camp on fire to protest detention by the British authorities without any trial. [New York Times] Congress defied warnings of another presidential veto by adopting in both houses an amendment that would cut off military aid to Turkey at once if she shipped American equipment to her forces on Cyprus. [New York Times] Japan is almost certainly headed for a depression, according to Eimei Yamashita, Vice Minister of International Trade and Industry. He said in Tokyo that trying to restrain inflation would bring "a kind of depression" in 1975. Mr. Yamashita called high oil prices "a fatal blow to the Japanese economy." [New York Times] Ray Cline, who headed the State Department's intelligence bureau in the Nixon administration, said he had been dubious about the ultimate wisdom of the United States covert intervention against President Salvador Allende of Chile. He confirmed in a telephone interview that the intervention had included Central Intelligence Agency financing of trade and labor groups which were striking against the administration of President Allende. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 642.29 (-16.11, -2.45%)
S&P Composite: 70.33 (-1.11, -1.55%)
Arms Index: 1.60

	Issues	Volume*
Advances	461	3.04
Declines	954	10.06
Unchanged	345	1.69
Total Volume		14.79

* 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 15, 1974	658.40	71.44	17.06
October 14, 1974	673.50	72.74	19.77
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