News stories from Friday March 1, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Watergate grand jury issued seven indictments today; one indictment implied that President Nixon knew about the Watergate cover-up. H.R. Haldeman, John Ehrlichman, Charles Colson, John Mitchell, Kenneth Parkinson, Robert Mardian and Gordon Strachan were all indicted. Watergate special prosecutor Leon Jaworski said that the trial could last four months. The grand jury turned over a sealed statement to Judge John Sirica, allegedly with evidence linking the President to the cover-up. Sirica will decide what to do with the statement soon. [CBS]
- The White House reacted to the Watergate indictments. Assistant news secretary Gerald Warren said that the judiciary system will deal with the indictments, and no further comment is needed. President Nixon's son-in-law David Eisenhower said that the President is not worried about the indictments.
Vice President Gerald Ford and the leaders of both houses of Congress asked Americans to remember that indictments prove neither innocence nor guilt. The Democratic National Committee reacted to the Watergate indictments with applause at their Washington meeting.
Judge Sirica requested that all persons involved with the case remain silent. H.R. Haldeman agreed to speak with reporters in Los Angeles, but refused comment on the Watergate indictments. Former White House counsel Charles Colson spoke out, however, and insisted that his conscience is clear and his innocence will be established. Kenneth Parkinson also maintained that he is innocent of the charges against him.
[CBS] - Former Attorney General John Mitchell had no comment regarding the Watergate indictments. Mitchell and Maurice Stans are facing trial in New York City. Assistant prosecutor James Rayhill implied that the jury should convict Stans and Mitchell; defense attorney Walter Bonner immediately demanded a mistrial. Judge Lee Gagliardi will rule on the mistrial motion next week. [CBS]
- President Nixon expressed the hope that trials arising out of the new Watergate indictments "will move quickly to a just conelusion." He also cautioned the nation to remember that the accused are presumed innocent unless found guilty. [New York Times]
- Senator George McGovern called for a quick impeachment trial against President Nixon. [CBS]
- The Democratic National Committee adopted, over the muffled objections of the party's state chairmen, a new set of rules governing the selection of delegates through proportional representation to the presidential nominating convention in 1976. The main purpose of the new rules is to broaden participation in the choice of the next Democratic national ticket and, at the same time, to bury the angry debate about "quotas" for blacks, women and youth in the rules that guided the Democratic convention in Miami Beach in 1972. [New York Times]
- Prime Minister Heath, deprived of his majority in Parliament by Britain's voters, declined to resign. His action raised the prospect that Mr. Heath's Conservatives, outnumbered by the Labor party in the House of Commons, would try to remain in power. Thus, Britain faced one of the gravest crises in her modern political history.
The British pound fell sharply and London stock prices toppled in chaotic trading in a dramatic reaction to the loss of ground by the Conservative government in the national elections. The pound fell 4 cents against the United States dollar, but regained some of its losses, closing at about 1.85 cents lower at less than $2.29.
[New York Times] - Israeli prisoners held by Syria, long the focus of dispute that prevented troop-pullback negotiations, received their first visit from Red Cross inspectors. Meanwhile, Secretary of State Kissinger arrived in Damascus for talks with President Hafez al-Assad. [New York Times]
|
Stock Market Report
Dow Jones Industrial Average: 851.92 (-8.61, -1.00%)
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 28, 1974 | 860.53 | 96.22 | 13.68 |
| February 27, 1974 | 863.42 | 96.40 | 18.73 |
| 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 |