News stories from Tuesday April 23, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Nixon apparently won five more days to respond to a House Judiciary Committee subpoena for tape recordings related to the Watergate case. The delay in the subpoena's date -- from Thursday to next Tuesday -- was requested by James St. Clair, Mr. Nixon's special counsel for Watergate matters. Representative Peter Rodino, the committee's chairman, said he was confident that the committee would agree to the request. [New York Times]
- Vice President Ford has confided to associates in recent weeks that he is perplexed by what he senses to be a feeling that he is attempting to undercut Mr. Nixon. [New York Times]
- The Internal Revenue Service, in an abrupt reversal, has agreed to provide the Senate Watergate Committee with politically sensitive tax returns from its files on one of the President's brothers, Donald Nixon, and the President's closest friend, Charles 'Bebe' Rebozo, well-placed sources said. [New York Times]
- Using sarcasm and solemnity, evangelistic fervor and laughter, Walter Bonner, the lawyer for Maurice Stans, summed up his defense in an oration to the jury that lasted nearly five hours. Its thrust was to create the impression that it was preposterous to suppose that "that honorable man" -- Mr. Stans -- would commit a crime. [New York Times]
- The Supreme Court, dividing 5 to 4, refused to decide whether professional schools can constitutionally give preference in admissions to members of racial minorities at the expense of white applicants. At stake but not mentioned by the Justices in their decision, was the broader issue of "reverse discrimination," whether giving special treatment in education and employment to blacks unfairly deprives whites of their right to be judged on their own merits. [New York Times]
- The Exxon Corporation and Texaco, Inc., two of the largest multinational oil companies, reported sharp first quarter gains in profits, continuing their outstanding performance in late 1973. Exxon estimated its net income at $705 million, up nearly 39 percent over the first quarter of 1973, and Texaco had a 123 percent rise in net income, from $264 million to $589.4 million.
The Consolidated Edison Company, plagued by soaring fuel costs and the effects of energy conservation by consumers, suspended payment of its quarterly dividend, something the company had never previously done since it started paying them in 1885. This started a selling wave of its stock on the New York Stock Exchange.
[New York Times] - The Nixon administration is preparing to give Egypt over $250 million in economic assistance beginning July 1, a senior United States official said. Another official said that the assistance would be part of a new foreign aid program to be discussed with congressional leaders tomorrow by President Nixon, and that the administration also planned to offer economic aid to Algeria and Syria. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 845.98 (-12.59, -1.47%)
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* |
| April 22, 1974 | 858.57 | 93.38 | 10.52 |
| April 19, 1974 | 859.90 | 93.75 | 10.71 |
| April 18, 1974 | 869.92 | 94.78 | 12.47 |
| April 17, 1974 | 867.41 | 94.36 | 14.02 |
| April 16, 1974 | 861.23 | 93.66 | 14.53 |
| April 15, 1974 | 843.79 | 92.05 | 10.13 |
| April 11, 1974 | 844.81 | 92.12 | 9.97 |
| April 10, 1974 | 843.71 | 92.40 | 11.16 |
| April 9, 1974 | 846.84 | 92.61 | 11.33 |
| April 8, 1974 | 839.96 | 92.03 | 10.74 |