News stories from Monday March 11, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The nation's steel industry began closing down in the wake of the West Virginia coal strike. The United Mine Workers went to court in an effort to overthrow the state's gasoline sales restrictions. U.S. Steel has been hard hit by the strike; layoffs have begun. Plant superintendent Charles Kay stated that the coal miners' strike could result in 200,000 people being laid off in the steel industry. Inland Steel reported that the coal shortage is becoming critical. The coal miners' strike will significantly affect the economy. [CBS]
- The Internal Revenue Service reportedly has received thousands of complaints of gasoline price gouging or discrimination. [CBS]
- The state of California dropped charges against John Ehrlichman, G. Gordon Liddy and David Young stemming from the Daniel Ellsberg break-in case. The announcement was made after a meeting between Los Angeles District Attorney Joseph Busch and special Watergate prosecutor Leon Jaworski.
Busch explained that he only dropped the state charges because the matter should be handled by the federal justice system. Ehrlichman is still charged with perjury in California, however. Liddy and Ehrlichman will be tried in the federal case regarding the break-in of Ellsberg's psychiatrist's office; Young will be given immunity in exchange for his testimony against the others.
[CBS] - The trial of John Mitchell and Maurice Stans continued in New York. Today the prosecution read a memo addressed to Donald Nixon which was allegedly written by financier Robert Vesco. Prosecution witness Harry Sears was cross-examined beginning late in the afternoon. Attorney Peter Fleming came down hard on Sears. [CBS]
- The White House again refused to turn over some of the evidence requested by the House committee which is preparing an impeachment resolution against the President. The committee wants 42 of the White House tapes. [CBS]
- President Nixon suggested in June, 1969, that members of his staff be given access to the tax returns of former Presidents so that he could find out what tax deductions his predecessors had taken, according to a White House memorandum written by John Ehrlichman, who was then the President's counsel. Congressional investigators have the memorandum. [New York Times]
- James St. Clair, President Nixon's chief defense lawyer, defended him against suggestions that he violated the law when he failed to report to federal prosecutors as soon as he found out that hush money had been paid to the Watergate burglars. The President's legal obligation when informed of a crime is simply "to see" that the judicial process is set in motion and carried out, Mr. St. Clair said in an interview. He also said that he did not believe that the House would vote to impeach the President. [New York Times]
- The state of emergency declared in Britain last Nov. 13 because of growing economic problems was formally ended by the new Labor government of Prime Minister Wilson. A proclamation by Queen Elizabeth II, ending the emergency, followed the return to work of 260,000 coal miners and the start of the first five-day work week since the beginning of the year. At the same time, industry and labor leaders reported that the impact of the coal strike and the three-day work week had been much less serious than expected. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 888.45 (+10.40, +1.18%)
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 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 |
| 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 |