News stories from Friday March 15, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Nixon made several important foreign policy statements in a nationally televised question-and-answer session at the Executive Club of Chicago. He warned Arab nations not to attach conditions to the expected removal of the oil embargo and said the United States "is not going to be pressured" in its efforts to bring about a disengagement of Israeli and Syrian troops. The President also warned this country's European allies that failure to cooperate with the United States in political and economic fields could lead to a substantial cut in American forces in Europe. [New York Times]
- President Nixon declared that he would not resign because he refused "to be a party to the destruction of the presidency of the United States." He told more than 1,900 members of the Executive Club of Chicago that "resignation is an easy copout," and that "it might satisfy some of my friendly partisans who would rather not have the problem of Watergate bothering them."
Inside the cavernous grand ballroom of the Conrad Hilton Hotel in Chicago, President Nixon's huge luncheon audience of Chicago business and professional people was friendly and polite. Outside, across Michigan Avenue, more than 300 shouting, sign-carrying demonstrators stood in a cold rain and demanded the President's impeachment, and about 50 counterdemonstrators held up an enormous banner urging the nation to back the President.
[New York Times] - Daniel Hofgren, a former White House aide, testified that he asked John Mitchell if he had a meeting with Robert Vesco and was told "you stay away from that." He added "When John Mitchell says 'you stay away from it', I stay away from it." Mr. Hofgren's testimony in federal district court in New York City went to the heart of one of the perjury counts against Mr. Mitchell, who told a grand jury that he "never told Mr. Hofgren to stay away from anything." [New York Times]
- The Cost of Living Council exempted the newspaper, broadcasting, advertising and other communications industries from price controls. All were exempted from wage controls as well, the council said, except newspapers, which are currently involved in some important labor negotiations. [New York Times]
- A federal judge in Washington ordered the government to stop paying for sterilization of children and mentally incompetent persons and also to re-draft its regulations for all such operations on welfare patients. Judge Gerhard Gesell of federal district court said regulations drafted by the Department of Health, Education and Welfare were arbitrary and unreasonable because they did not sufficiently protect welfare citizens against coercion when they agreed to sterilization. [New York Times]
- The Mobil Oil Company has offered to buy time on the television networks for its critics, provided the networks allow Mobil to buy an equal number of commercials to state its own position in the energy crisis in the way it chooses. But the three national networks, ABC, NBC and CBS, have rejected the proposal as a dangerous precedent. Mobil's unusual offer grew out of the company's attempts to purchase commercials that would sell its point of view on the energy crisis rather than its products. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 887.83 (-1.95, -0.22%)
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 14, 1974 | 889.78 | 99.65 | 19.77 |
| March 13, 1974 | 891.66 | 99.74 | 16.82 |
| March 12, 1974 | 887.12 | 99.15 | 17.25 |
| March 11, 1974 | 888.45 | 98.88 | 18.47 |
| March 8, 1974 | 878.05 | 97.78 | 16.21 |
| March 7, 1974 | 869.06 | 96.94 | 14.50 |
| March 6, 1974 | 879.85 | 97.98 | 19.14 |
| March 5, 1974 | 872.42 | 97.32 | 21.98 |
| March 4, 1974 | 853.18 | 95.53 | 12.27 |
| March 1, 1974 | 851.92 | 95.53 | 12.88 |