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News stories from Friday January 25, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- America is facing a grave wheat shortage. President Nixon has suspended limits on wheat imports, though White House spokesman Gerald Warren denied the action was taken because of the shortage. The quotas will remain suspended until June, when a bumper crop of U.S. wheat is expected.
The United States has already committed over a billion bushels of wheat to Russia and other nations, but the number of available bushels in the U.S. is less than the amount which has been committed. Bread prices are almost certain to rise because Canadian wheat prices will rise also. [CBS]
- President Nixon's tax deductions for the donation of his vice-presidential papers to the national archives is under scrutiny. The deed of the gift may have been backdated, at least that possibility is being investigated by California Secretary of State Jerry Brown. Brown says he's convinced the deed was backdated. [CBS]
- Judge Gerhard Gesell requested that President Nixon explain his reason for invoking executive privilege after the Senate Watergate Committee subpoenaed five White House tapes involving conversations between John Dean and the President. The judge quashed another Watergate committee subpoena. The Watergate hearings will resume next week, with the major networks rotating live coverage. [CBS]
- House Republican leader John Rhodes challenged members of the House Judiciary Committee to disqualify themselves from voting on President Nixon's impeachment if they have already made up their minds before the articles of impeachment have even been drafted. [CBS]
- Vice President Gerald Ford said that he doubts Republicans will suffer in congressional elections because of Watergate, as Senator Barry Goldwater predicted. In Johnstown, Pennsylvania, Ford spoke in support of Republican candidate Harry Fox. Fox hopes to win the special election for the seat which was made vacant by John Saylor's death.
Ford said that he doesn't plan to view the documents that would supposedly exonerate President Nixon from all involvement in Watergate, and he will take Senator Hugh Scott's word and the President's. The Vice President still supports the President, but is doing so now with less flamboyancy than before. However, Ford's strong defense of President Nixon drew criticism from Democratic party chairman Robert Strauss. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 859.39 (-3.69, -0.43%)
S&P Composite: 96.63 (-0.19, -0.20%)
Arms Index: 0.97
| Issues | Volume* |
|---|
| Advances | 733 | 6.93 |
| Declines | 702 | 6.42 |
| Unchanged | 350 | 1.51 |
| Total Volume | 14.86 |
* in millions of sharesArms Index is the ratio of volume per declining issue to volume per advancing issue; a figure below 1.0 is bullish.
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| Market Index Trends |
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| Date | DJIA | S&P | Volume* |
|---|
| January 24, 1974 | 863.08 | 96.82 | 15.98 |
| January 23, 1974 | 871.00 | 97.07 | 16.89 |
| January 22, 1974 | 863.47 | 96.55 | 17.33 |
| January 21, 1974 | 854.63 | 95.40 | 15.63 |
| January 18, 1974 | 855.47 | 95.56 | 16.47 |
| January 17, 1974 | 872.16 | 97.30 | 21.04 |
| January 16, 1974 | 856.09 | 95.67 | 14.93 |
| January 15, 1974 | 846.40 | 94.23 | 13.25 |
| January 14, 1974 | 840.18 | 93.42 | 14.61 |
| January 11, 1974 | 841.48 | 93.66 | 15.14 |
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