News stories from Wednesday February 27, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Army Lt. William Calley, who in 1971 was sentenced to 20 years in jail for his part in the 1968 My Lai massacre, was released today on bond. Former military trial judge Col. Reid Kennedy recommended that Calley be released, and District Judge Robert Elliott granted it. [CBS]
- Secretary of State Henry Kissinger obtained a list of Israeli POWs from Syrian President Assad. Israeli Prime Minister Golda Meir announced the news of the POW list on nationwide television. A few hours after Secretary of State Kissinger left Damascus, Soviet foreign minister Andrei Gromyko arrived. The nature of his visit was not disclosed. [CBS]
- Congress completed action on an emergency energy bill as the House passed the controversial measure by a vote of 258 to 151 -- 15 votes short of the two-thirds margin that would be required to override a presidential veto. President Nixon has said he would veto the measure because it orders a rollback of prices for some domestic crude oil, an action Mr. Nixon said would lead to further shortages by discouraging domestic oil production. [New York Times]
- Federal Energy Office deputy director John Sawhill admitted that the government's fuel allocation system contains flaws. The FEO is trying to take action to increase crude oil imports. [CBS]
- The White House offered to compromise with Congress on a new minimum wage bill, raising the possibility that a bill might be enacted within the next several weeks. In a letter to congressional leaders, President Nixon called for a "responsible" bill that would allow lower minimums for youths, gradual increases and limitations on the coverage of domestic workers and government employes. Though Mr. Nixon vetoed a bill without such provisions last year, his letter did not threaten another veto. [New York Times]
- John Ehrlichman has received -- and rejected -- an offer to plead guilty to a single charge in return for his cooperation with the Watergate prosecutor, one of his lawyers said. Mr. Ehrlichman, who has been indicted by California for burglary, conspiracy and perjury in connection with the break-in at the office of Daniel Ellsberg's former psychiatrist, has not been indicted in the Watergate case. [New York Times]
- The campaign for what is considered the closest and most unpredictable election in recent British history came to an end with the polls indicating a narrow Conservative victory. But the Labor party, which has been gaining strength, was in striking distance of victory in tomorrow's election, and the small Liberal party was given a chance to win enough seats in Parliament to hold the balance of power. [New York Times]
- A military mutiny in Ethiopia spread from the northern city of Asmara, and the cabinet of Emperor Haile Selassie submitted its resignation. Rejecting demands for big pay increases, the Emperor sent several generals to negotiate with the Asmara troops, but the mutineers took the envoys into custody. Though continuing to express loyalty to the 81-year-old Emperor, the troops asked for "total acceptance" of their demands in a radio broadcast. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 863.42 (+3.91, +0.45%)
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* |
| February 26, 1974 | 859.51 | 96.00 | 15.86 |
| February 25, 1974 | 851.38 | 95.03 | 12.90 |
| February 22, 1974 | 855.99 | 95.39 | 16.36 |
| February 21, 1974 | 846.84 | 94.71 | 13.93 |
| February 20, 1974 | 831.04 | 93.44 | 11.67 |
| February 19, 1974 | 819.54 | 92.12 | 15.94 |
| February 15, 1974 | 820.32 | 92.27 | 12.64 |
| February 14, 1974 | 809.92 | 90.95 | 12.23 |
| February 13, 1974 | 806.87 | 90.98 | 10.99 |
| February 12, 1974 | 806.63 | 90.94 | 12.92 |