News stories from Friday March 29, 1974

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

The White House agreed to surrender all the materials subpoenaed by the special Watergate prosecutor, Leon Jaworski. President Nixon, in deciding not to fight the subpoena, made an important concession in his efforts to limit, on the ground of executive privilege, the number of documents and tape recordings that may be given Watergate investigators. But the dispute between Mr. Nixon and the House Judiciary Committee, which wants additional material for its impeachment inquiry remains. [New York Times] George Bradford Cook, one of the government's chief witnesses in the Mitchell-Stans trial, admitted that he lied under oath on three occasions to the grand jury which investigated the Vesco case and twice to congressional committees. He lied, he said, to protect Maurice Stans and also to protect the reputation of the Securities and Exchange Commission. [New York Times] A federal grand jury in Cleveland has indicted a member and seven former members of the National Guard on charges of violating the civil rights of four Kent University students who were shot to death and of nine others who were wounded in a campus demonstration on May 4, 1970. However, the jury found no conspiracy among the guardsmen to shoot the students. [New York Times] Nelson Gross, the former state Republican chairman in New Jersey, was convicted on five tax fraud and perjury counts that stemmed from his activities as chairman of the 1969 gubernatorial campaign of William Cahill. Mr. Gross, who is 42 years old, faces jail terms of up to 23 years and fines totaling $32,000. [New York Times] Women's rights advocates won notable victories in New Jersey and Connecticut. The New Jersey Superior Court in Trenton ruled that girls must be permitted to play Little League baseball with boys. In a decision that is expected to have national impact, a panel of three appellate division judges ruled two to one that the Little League is a public accommodation that under state law cannot discriminate against prospective players on the basis of sex. [New York Times] The Soviet Union brushed aside "pessimistic" Western press appraisal of Secretary of State Kissinger's mission to Moscow and asserted that a new accord on strategic arms limitations could be worked out by the time of President Nixon's visit to the Soviet Union in June. The Soviet assessment contrasted sharply with the version given American reporters traveling home with Mr. Kissinger after his talks with Leonid Brezhnev. [New York Times] The foreign business community in London was in turmoil at the prospect of the end of the international tax haven that Britain has provided for foreign businessmen. The Labor government has closed a loophole that gave foreigners extremely favorable treatment under the tax laws. Foreigners working in Britain for five or more years, under a Labor government proposal, would be taxed on the same basis as British subjects. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 846.68 (-7.67, -0.90%)
S&P Composite: 93.98 (-0.84, -0.89%)
Arms Index: 1.36

	Issues	Volume*
Advances	459	2.73
Declines	917	7.40
Unchanged	395	2.02
Total Volume		12.15

* 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*
March 28, 1974	854.35	94.82	14.94
March 27, 1974	871.17	96.59	11.69
March 26, 1974	883.68	97.95	11.84
March 25, 1974	881.02	97.64	10.54
March 22, 1974	878.13	97.27	11.93
March 21, 1974	875.47	97.34	12.95
March 20, 1974	872.34	97.57	12.96
March 19, 1974	867.57	97.23	12.80
March 18, 1974	874.22	98.05	14.01
March 15, 1974	887.83	99.28	14.50