News stories from Monday May 13, 1974

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

Prominent Senate conservatives of both parties said that they had no intention of pressing either publicly or privately for President Nixon's resignation. They appeared to have decided that they should stand fast and await developments in the House Judiciary Committee and the full House.. [New York Times] A survey by the New York Times of 65 Republican party leaders in New York, New Jersey and Connecticut found that an overwhelming majority believe that President Nixon should not resign, but they are withholding judgment on his guilt or innocence in the Watergate case. Eleven said the Pres-dent should quit. The majority view was expressed by Thomas MacKinnon, the Republican chairman of Erie County, which includes Buffalo: "He should not resign; it is a constitutional question and we have a constitutional process we should go by." [New York Times] Highly reliable sources reported that President Nixon, in a letter sent two weeks ago to Judge Gerhard Gesell of Federal District Court in Washington, said that the White House "plumbers" unit was operating under a general delegation of his presidential authority when it broke into the office of Dr. Daniel Ellsberg's former psychiatrist in 1971. Judge Gesell will preside over the trial of the six men who have been indicted in the break-in. [New York Times] The Supreme Court ruled that a group of narcotics sellers were illegally convicted in 1970 because the Department of Justice obtained evidence against them with invalid wiretapping orders. The decision may wipe out convictions of more than 600 other federal offenders against whom the same kind of tainted evidence was used. The wiretap orders were issued when John Mitchell was Attorney General. [New York Times] The country's six largest cities would get most of the $24 billion in mass-transit funds that would be provided under legislation being prepared by the House Public Works Committee. The funds would be used for capital and operating expenses over the next six years and would provide $8 billion more than requested by President Nixon. They would be provided by new revenues rather than from highway funds, as proposed by the administration. [New York Times] A majority of Italians want to retain the country's divorce law, final returns of a two-day referendum indicated. More than 59.1 percent of the 32 million ballots upheld the law that since 1970 has made divorce possible in Italy. Votes in favor of repealing the law totaled 40.9 percent. [New York Times] The next 24 to 48 hours will probably be decisive in Secretary of State Kissinger's efforts to mediate between Israel and Syria, American officials said in Jerusalem, Negotiations apparently entered a crucial phase, the officials reported, and they said that Israeli and Syrian differences over a new demarcation line had been reduced to "a few kilometers." [New York Times] At least 400 million children -- the figure may be as high as 500 million -- in poor countries face severe malnutrition -- even starvation, Henry Labouisse, the executive director of the United Nations Children's Fund said. He told a board meeting of UNICEF that the situation was sufficiently grave for the board to consider declaring an emergency. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 845.59 (-4.85, -0.57%)
S&P Composite: 90.66 (-0.81, -0.89%)
Arms Index: 0.86

	Issues	Volume*
Advances	350	2.86
Declines	1,045	7.32
Unchanged	361	1.12
Total Volume		11.30

* 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 10, 1974	850.44	91.47	15.27
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