News stories from Tuesday January 15, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A group of electronics experts testified that the 18-minute gap on a White House tape was caused by repeated erasures and rerecording. A buzz obliterates a portion of a conversation which took place between President Nixon and H.R. Haldeman three days after the Watergate break-in.
The President's new Watergate defense lawyer, James St. Clair, made his first appearance in the case today. The electronics experts' report to Judge John Sirica refutes Rose Mary Woods' theory of how the tape gap occurred. Dr. Richard Bolt said that erasures were made repeatedly on the tape in question. Dr. Thomas Stockham testified that some erasures overlap, while there are tiny gaps between others. Dr. Mark Weiss testified that the buzz on the tape was caused by a defective part in Mrs. Woods' recorder. The President's lawyers delayed cross-examining the experts until Friday. Records show that only three persons ever played the tape: presidential assistant Steve Bull, President Nixon and Mrs. Woods.
The White House had no comment on today's testimony, but the President's lawyers urged the public not to jump to conclusions. Nixon spent most of the day concerned with the federal budget. Budget director Roy Ash met with the President. Presidential spokesman Gerald Warren said that the explanation of the White House plumber's unit is now "inoperative". Republican Senator Howard Baker said that these latest developments are potentially damaging to the President. Former Attorney General Elliot Richardson stated that the credibility and public confidence of President Nixon won't improve with this latest news.
[CBS] - CBS reporter Daniel Schorr uncovered more information on Howard Hughes' $200,000 campaign contribution which was given to President Nixon's friend Bebe Rebozo for delivery to Nixon. Rebozo allegedly kept the money for two years before returning it to Hughes. Hughes' aide Richard Danner testified that the contribution originated from a personal request by the President. Danner revealed new information at secret hearings with the Senate Watergate Committee. Rebozo almost refused to accept the money because President Nixon's brother Donald was involved in the arrangements. White House press secretary Gerald Warren flatly denied the story. [CBS]
- Speaking to a convention of the conservative American Farm Bureau in Atlantic City, Vice President Gerald Ford defended President Nixon. Ford declared that no valid grounds exist for the President's impeachment, and he hopes that the House Judiciary Committee will complete its job promptly regarding the impeachment probe. Ford had no comment on today's developments in the White House tape controversy. [CBS]
- The government released new fuel allocation plans. Energy official John Sawhill announced that the needs of customers will be fulfilled if homeowners turn down their thermostats. Questioned about homeowners running out of fuel, Sawhill stated that the government would not allow utility customers to freeze to death. Gasoline supplies will be cut 20%. Sawhill revealed that the shortage will be felt even more during the summer months. A stand-by gasoline rationing plan will be published tonight.
The fuel allocation system may work on paper, but dealings on a personal level upset the inflexible and dehumanized system. Temperatures for homes containing sick persons is one example. Mandatory allocations place fuel dealers in the middle.
[CBS]
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Stock Market Report
Dow Jones Industrial Average: 846.40 (+6.22, +0.74%)
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* |
| January 14, 1974 | 840.18 | 93.42 | 14.61 |
| January 11, 1974 | 841.48 | 93.66 | 15.14 |
| January 10, 1974 | 823.11 | 92.39 | 16.12 |
| January 9, 1974 | 834.79 | 93.42 | 18.07 |
| January 8, 1974 | 861.78 | 96.12 | 18.08 |
| January 7, 1974 | 876.85 | 98.07 | 19.07 |
| January 4, 1974 | 880.23 | 98.90 | 21.70 |
| January 3, 1974 | 880.69 | 99.80 | 24.85 |
| January 2, 1974 | 855.32 | 97.68 | 12.06 |
| December 31, 1973 | 850.86 | 97.55 | 23.47 |