News stories from Monday April 1, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Members of the House Judiciary Committee are considering a timetable of proceedings that schedules the start of hearings on impeachment evidence by May 1 and the completion of committee action by mid-June. Some of the hearings are expected to be open to the public, and the possibility of television coverage is being discussed. [New York Times]
- Stanley Sporkin, a Securities and Exchange Commission official, testified at the Mitchell-Stans trial that he had been under considerable pressure from his superiors to avoid doing anything that would be "politically embarrassing" to President Nixon. Judge Lee Gagliardi, who is presiding at the trial in Federal District Court in New York, denied a motion to quash a subpoena issued to Donald Nixon, the President's brother, who is now expected to testify this week. [New York Times]
- Congressional staff investigators have completed their examination of President Nixon's tax returns for the years 1969 to 1972, but it was not clear how soon the public would learn what they have found. The staff's report, which was taken under armed guard to the section of the government Printing Office that deals with secret documents, is scheduled to be examined at a closed meeting tomorrow of the congressional Joint Committee on Internal Revenue Taxation. [New York Times]
- The Supreme Court upheld the constitutionality of the controversial Bank Secrecy Act, overriding charges that the privacy of depositors is invaded by reports required under the act. It requires recordkeeping by banks and reports of certain domestic and foreign transactions to the Secretary of the Treasury. The 6 to 3 decision was a victory for congressional proponents of law enforcement who insisted that bank records were needed to help the government catch criminals and tax dodgers at home and to detect the existence of secret bank accounts abroad. But the Court's decision was a defeat for civil libertarians who maintained that giving the government access to an individual's bank statement was as much an invasion of his privacy as tapping his telephone. [New York Times]
- The Supreme Court also upheld the authority of a Long Island village to bar six unrelated college students from sharing a rented one-family house, rejecting the students' contentions that their constitutional rights of privacy and freedom of association were being violated. The Court, ruling 7 to 2, held that Belle Terre, a Suffolk County community of 700 population, had acted reasonably in zoning out all but one-family homes and forbidding their occupancy by more than two people who were not related by blood or marriage. [New York Times]
- The Justice Department announced that the composition of a number of legislative districts in Manhattan and Brooklyn and one Brooklyn congressional district violate the Voting Rights Act of 1970 and will have to be redrawn to eliminate the resulting racial discrimination before elections can be held in the districts. [New York Times]
- Fifteen months after her entry into the Common Market, Britain met in Luxembourg with her European partners to tell them that unless major changes were made she might put the question of withdrawal to a popular vote. The warning, which derived from the new Labor government's election promise to renegotiate the terms of entry into the European Economic Community, was made by her Foreign Secretary, James Callaghan, in an address uncompromising in tone. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 843.48 (-3.20, -0.38%)
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 29, 1974 | 846.68 | 93.98 | 12.15 |
| 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 |