News stories from Monday October 21, 1974

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

Judge Charles Richey of Federal District Court ordered a delay in carrying out an agreement on White House tape recordings and papers between the Ford administration and former President Nixon. The judge issued a temporary restraining order barring Ford administration officials from "effectuating the terms and conditions of the agreement." [New York Times] Henry Ruth, the deputy special Watergate prosecutor, is expected to be named this week to succeed Leon Jaworski, whose resignation as special prosecutor takes effect on Friday. Sources in and out of the government confirm that Mr. Ruth has been the only candidate for the prosecutor's post given serious consideration since Mr. Jaworski tendered his resignation on Oct. 12. [New York Times] Despite the heated objections of defense counsel, the jury in the Watergate case heard the tape recording in which Richard Nixon said he wanted his aides to "stonewall it . . . plead the Fifth Amendment, cover up or anything else, if it'll save it save the plan." Mr. Nixon made these remarks on March 22, 1973, to John Mitchell, his former re-election campaign director and now one of the five defendants on trial in the Watergate case. [New York Times] Premier Castro says he sees new hope for closer relations between Cuba and the United States because President Ford "is not involved with Cuban counter-revolutionary elements." The Cuban leader made the remark in an interview broadcast on CBS television, in which he asserted former President Nixon was personally involved with counter-revolutionary elements. [New York Times] The New Jersey Senate has approved a legislative investigation of Vice President-designate Nelson Rockefeller's $550,000 gift to Dr. William Ronan, the chairman of the Port Authority of New York and New Jersey. The resolution drew unanimous support from both parties. [New York Times] The Supreme Court announced that it had agreed to decide whether involuntary patients in public mental hospitals have a constitutional right to receive some sort of psychiatric treatment, rather than merely custodial care. The Court's decision in the case could have extensive impact on the national system of state mental institutions, forcing them to upgrade their professional staff or to release thousands of patients they cannot afford to treat. [New York Times] New York City's Human Rights Commissioner warned that racial hostility would become the central problem of the city's high schools unless there was immediate action to temper it. Commissioner Eleanor Holmes Norton urged the Board of Education, as well as individual schools, to initiate a full-scale drive aimed at preventing student clashes and calming neighborhoods. [New York Times] President Luis Echeverria Alvarez of Mexico has confirmed in talks with President Ford that a substantial amount of oil has been discovered in his country and will be put on the world market when it can be developed. Mr. Echeverria, who with Mr. Ford visited along the Mexican-American border, said the find would be a boon to the Mexican economy. [New York Times] Secretary of State Kissinger flies to Moscow tomorrow night to test the willingness of the Soviet leadership to work with the Ford administration to obtain a curb on strategic arms and settlements of European and Middle Eastern problems. Mr. Kissinger will spend three and a half days in Moscow on the first leg of a three-week trip that is expected to cover at least a dozen countries in East and West Europe, South Asia and the Middle East.In Moscow, Soviet officials are hoping that Mr. Kissinger's visit will demonstrate that the Ford administration is continuing the momentum of detente begun by President Richard Nixon. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 669.82 (+14.94, +2.28%)
S&P Composite: 73.50 (+1.22, +1.69%)
Arms Index: 0.59

	Issues	Volume*
Advances	848	9.27
Declines	528	3.40
Unchanged	395	1.83
Total Volume		14.50

* 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 18, 1974	654.88	72.28	16.46
October 17, 1974	651.44	71.17	14.47
October 16, 1974	642.29	70.33	14.79
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