News stories from Tuesday May 28, 1974

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

The Supreme Court announced that James St. Clair, President Nixon's lawyer, had agreed to respond within the next two days to the request by Leon Jaworski, the Watergate special prosecutor, for an immediate ruling by the Court on his right to obtain more White House tape recordings. Mr. St. Clair is expected to oppose Mr. Jaworski's attempt to bypass the United States Court of Appeals. [New York Times] A stiffly phrased letter to President Nixon is being drafted by the House Judiciary Committee, to warn him that his refusal to honor impeachment inquiry subpoenas would force it to conclude that he is withholding incriminating evidence. [New York Times] Reading the transcripts of President Nixon's Watergate conversations has been "a profoundly disturbing and disappointing experience" to the Rev. Billy Graham, but he added that as Mr. Nixon's friend, he had "no intention of forsaking him now." [New York Times] In a special report to Congress, President Nixon's Council of Economic Advisers predicted that the nation's inflation rate, now 12 percent as measured by the Consumer Price Index, would drop to "the neighborhood of 7 percent" by the final quarter of 1974. But the council noted that 7 percent would be "welcome", but would still be very high by historical standards. [New York Times] Northern Ireland's coalition government of moderate Protestants and Roman Catholics collapsed, brought down by the action of Protestant extremists whose general strike crippled the economy and gained wide public support. Another period of direct British rule is expected. [New York Times] Secretary of State Kissinger unexpectedly flew to Damascus tonight in an attempt to resolve what were called "the very, very few problems" holding up a Syrian-Israeli troop separation agreement on the Golan Heights. After conferring with President Hafez al-Assad of Syria, he went to Jerusalem for an early morning meeting with Premier Golda Meir and other Israeli officials. The Israeli cabinet was expected to decide later whether to accept the proposal. [New York Times] Israel named a new cabinet, composed of Ministers who are younger and who are expected to be generally more dovish in foreign policy matters than the outgoing government of Premier Golda Meir. Formation of the cabinet was announced by Premier-designate Yitzhak Rabin, who chose Yigal Allon as Deputy Premier and Foreign Minister, and Shimon Peres as Minister of Defense. [New York Times] While about 3,000 people held a rally in Brescia, an industrial town in northern Italy, a time bomb exploded, killing six persons and injuring more than 90. The rally was being held to protest a recent wave of extreme right-wing terrorist actions in the Brescia area. [New York Times] As he had promised during his campaign, President Valery Giscard d'Estaing of France chose younger, technically qualified men for his cabinet. Only three were holdovers from the previous government, including Jacques Chirac, who was named Premier on Monday. The 12 others were new faces, and included Jean Sauvagnargues, a specialist in German affairs, who is the new Foreign Minister. He was Ambassador to West Germany, and his appointment was taken as a deliberate gesture to emphasize the new direction French policy has taken toward cooperation with Bonn. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 814.30 (-2.35, -0.29%)
S&P Composite: 88.37 (-0.21, -0.24%)
Arms Index: 1.51

	Issues	Volume*
Advances	657	3.35
Declines	697	5.35
Unchanged	399	1.93
Total Volume		10.63

* 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*
May 24, 1974	816.65	88.58	13.74
May 23, 1974	805.23	87.29	14.77
May 22, 1974	802.57	87.09	15.45
May 21, 1974	809.53	87.91	12.19
May 20, 1974	812.42	87.86	10.55
May 17, 1974	818.84	88.21	13.87
May 16, 1974	835.34	89.72	12.09
May 15, 1974	846.06	90.45	11.24
May 14, 1974	847.85	90.69	10.88
May 13, 1974	845.59	90.66	11.29