News stories from Friday November 8, 1974

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

Eight former Ohio National Guardsmen were acquitted of violating the rights of students at a demonstration at Kent State University in Ohio on May 4, 1970, in which four students were killed and nine wounded. Chief Judge Frank Battisti of the Federal District Court in Cleveland said that the government prosecutors had not proven "beyond a reasonable doubt" that the guardsmen willfully intended to deprive the students of their civil rights. [New York Times] The Army announced that former Lt. William Calley, who was convicted of murdering 22 South Vietnamese civilians in the My Lai massacre, will be paroled this month. Howard Callaway, Secretary of the Army, said that Mr. Calley would be freed Nov. 19, when he will have completed one-third of his 10-year prison sentence. He made the announcement soon after the United States Court of Appeals ordered that Mr. Calley be promptly freed on bail. [New York Times] Edward Morgan, who in the early years of the Nixon administration was the deputy to the White House adviser John Ehrlichman, pleaded guilty to participation in a criminal conspiracy to establish a fraudulent $576,000 tax deduction for former President Nixon. [New York Times] White House aides said privately that the nomination of Andrew Gibson as Federal Energy Administrator would not be submitted to the Senate for confirmation because of the conflict-of-interest controversy raised after President Ford announced his selection on Oct. 29. [New York Times] Hard bargaining between the coal industry and the United Mine Workers continued almost up to the miners' strike deadline tonight and was scheduled to resume tomorrow. Thousands of miners in eastern Ohio and northern West Virginia left their jobs during the day, apparently in anticipation of a national walkout. [New York Times] Federal Judge John Sirica said that he would appoint a panel of three leading physicians to examine former President Richard Nixon to determine whether he will be able to give testimony at the Watergate cover-up trial. [New York Times] Key members of the American delegation at the World Food Conference in Rome said that the United States expects to double its food assistance to hungry nations for humanitarian purposes, increasing the total in that category to two million tons a year. The delegation cabled President Ford for permission to declare the United States intention publicly. [New York Times] Yasser Arafat, the Palestinian guerrilla leader, said that peace in the Middle East would "remain distant" until the United States recognized the right of the Palestinian people to statehood and stopped what he called the arming of Israel for a new war. He said that recognition by the United States of the Palestine Liberation Organization as a party to Middle East peace negotiations "would be helpful if it happens." [New York Times]

Stock Market Report

Dow Jones Industrial Average: 667.16 (-4.77, -0.71%)
S&P Composite: 74.91 (-0.30, -0.40%)
Arms Index: 1.21

	Issues	Volume*
Advances	746	6.81
Declines	596	6.60
Unchanged	438	2.48
Total Volume		15.89

* 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*
November 7, 1974	671.93	75.21	17.15
November 6, 1974	669.12	74.75	23.93
November 5, 1974	674.75	75.11	15.96
November 4, 1974	657.23	73.08	12.74
November 1, 1974	665.21	73.88	13.47
October 31, 1974	665.52	73.90	18.84
October 30, 1974	673.03	74.31	20.13
October 29, 1974	659.34	72.83	15.61
October 28, 1974	633.84	70.09	10.54
October 25, 1974	636.19	70.12	12.65