News stories from Monday November 18, 1974

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

A White House tape recording played at the Watergate cover-up trial and made public for the first time disclosed that Richard Nixon agreed to clemency for E. Howard Hunt, one of the seven original Watergate defendants, on Jan. 8, 1973, the day they went on trial in the first Watergate case. Mr. Nixon did so in a discussion with Charles Colson, an aide, who told Mr. Nixon that the Watergate burglars were acting on orders issued on behalf of John Mitchell, and that Mr. Hunt had information "very incriminating to us." [New York Times] Dr. William Ronan denied any "sinister purpose" in $625,000 in loans and gifts from Nelson Rockefeller, which he said were "motivated solely by friendship and a life-long practice of sharing." He was the principal witness on the final day of the Senate Rules Committee's hearings on Mr. Rockefeller's nomination as Vice President. The committee is scheduled to meet in executive session Wednesday morning to consider the nomination and is expected to vote overwhelmingly, if not unanimously, in favor of confirming it. [New York Times] More than 16,000 drivers and other employees struck the Greyhound Bus Lines in a contract dispute, shutting down the country's largest intercity bus system and stranding tens of thousands of travelers at terminals. Buses did not complete their runs, but dropped passengers at the "nearest sizable terminal" where Greyhound supervisory personnel assisted with arrangements for alternative connections. [New York Times] Eduardo Romauldez, the Philippine Ambassador to the United States, was released unharmed by the Philippine gunman who had held him hostage for over 10 hours. The gunman, who had been seeking an exit visa from Manila for a son, had earlier shot a Philippine diplomat. The gunman was taken into custody by Washington police. [New York Times] The Canadian government introduced a $30 billion budget calling for substantial reductions in personal income taxes but an increase in the taxes of big corporations. Other measures were proposed to spur an economy that "shows signs of slowing down," the Finance Minister said. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 624.92 (-22.69, -3.50%)
S&P Composite: 69.27 (-2.64, -3.67%)
Arms Index: 4.25

	Issues	Volume*
Advances	140	0.33
Declines	1,382	13.86
Unchanged	302	1.04
Total Volume		15.23

* 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 15, 1974	647.61	71.91	12.48
November 14, 1974	658.40	73.06	13.54
November 13, 1974	659.18	73.35	16.04
November 12, 1974	659.18	73.67	15.04
November 11, 1974	672.64	75.15	13.22
November 8, 1974	667.16	74.91	15.89
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