News stories from Friday May 10, 1974

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

Speculation swept official Washington that President Nixon was on the verge of announcing his resignation, The White House denied it more than once, and lawyers defending the President against the possibility of impeachment dismissed it as "ridiculous." But each denial appeared to give credence to a new rumor. [New York Times] President Nixon's Republican support continued to deteriorate in a capital rife with rumor and absorbed by doubts about the President's chances of riding out the Watergate crisis. Senator Richard Schweiker, Pennsylvania Republican, called for the President's resignation. Other old friends and allies were abandoning Mr. Nixon's defense, and predictions grew more confident that if Mr. Nixon stays in office he will be impeached. [New York Times] Charles "Bebe" Rebozo, President Nixon's close friend and confidant, has reportedly told the Senate Watergate committee that he accepted a $50,000 contribution from a Florida grocery executive that he believed was intended for the President's re-election campaign. Sources close to the committee's investigation said that Mr. Rebozo's testimony marked the second time he acknowledged the acceptance of large cash payments on behalf of Mr. Nixon -- and the second time the committee staff has developed testimony that reportedly conflicts with Mr. Rebozo's version of where the money went. [New York Times] Vice President Ford, expressing full support for President Nixon after they had a one-hour meeting at the White House, added that the President had suggested that Mr. Ford curtail his speaking appearances. The White House meeting was held just before Mr. Ford flew to Buffalo to attend a Building Trades Council luncheon and occurred the day after Mr. Ford talked about Mr. Nixon's role in "the 'sorry mess labeled as Watergate." [New York Times] A former pilot for Robert Vesco, the fugitive financier, flew Mr. Vesco's Boeing 707 jet from Panama to Newark Airport and said he had taken the plane without the owner's "knowledge and consent" at the direction of a New Jersey Superior Court judge. Alwyn Eisenhauer, the pilot, said he had brought the plane to the United States under an arrangement approved by Judge Irwin Kimmelman to help satisfy a lien against Mr. Vesco. [New York Times] President Nixon announced an emergency program that would provide up to $10.3 billion of additional mortgage money to help stimulate the stagnant private housing market. The administration said that the program would help middle-income families to buy new homes by increasing the supply of mortgage financing. [New York Times] Maurice Nadjari, the special New York state prosecutor, announced the indictments of a former narcotics division detective and a convicted heroin trafficker on charges of conspiring to harbor fugitives and obstruct justice. The indicted men were Frank King, a retired detective, and Vincent Papa, an alleged Mafia member who is in prison. Both men have figured in speculation in the so-called French Connection case. [New York Times] Dr. Kenneth Riland, a Manhattan osteopath whose patients have included President Nixon, former Gov. Nelson Rockefeller, Secretary of State Kissinger and Chief Justice Warren Burger, was acquitted on all five counts of a federal indictment charging him with evading taxes. [New York Times] New political uncertainties have begun to appear in the aftermath of Willy Brandt's unexpected resignation as Chancellor Monday. The deadline for nominating a presidential candidate, originally set for today, has been postponed until next Tuesday at the request of the Free Democratic Party. This immediately started a rumor that the party's candidate, Foreign Minister Walter Scheel, might not run after all in the election set for next Wednesday. [New York Times] The road between the city of Beira and Lourenco Marques, the capital of Mozambique, provides some clues as to why the Portuguese junta has been rebuffed and is facing a spreading war after proposing a cease-fire to the rebellious Mozambique Liberation Front. One of the few main arteries in the country, extending about 2,000 miles north to south, the Lourenco Marques-Beira road connects two prosperous port cities in which the whites live in houses and apartments and most of the blacks in shanties around them. Between the cities, the road passes through 800 miles of human misery and natural beauty. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 850.44 (-15.33, -1.77%)
S&P Composite: 91.47 (-1.49, -1.60%)
Arms Index: 1.58

	Issues	Volume*
Advances	430	2.97
Declines	988	10.75
Unchanged	348	1.56
Total Volume		15.28

* 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 9, 1974	865.77	92.96	14.71
May 8, 1974	850.99	91.64	11.85
May 7, 1974	847.15	91.46	10.71
May 6, 1974	844.88	91.12	9.45
May 3, 1974	845.90	91.29	11.08
May 2, 1974	851.06	92.09	13.62
May 1, 1974	853.88	92.22	15.12
April 30, 1974	836.75	90.31	10.98
April 29, 1974	835.42	90.00	10.17
April 26, 1974	834.64	90.18	13.25