News stories from Friday May 3, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Politicians in both parties say they see a deepening crisis for the Republicans in President Nixon's Watergate transcripts. The problem, they say, is more in the tone than the technicalities of what went on in the White House, and campaign veterans are raising questions about the Republican party's future. [New York Times]
- A number of officials close to the Watergate inquiry have concluded, on the basis of careful review of the edited White House transcripts, that John Dean testified with credibility and lucidity last summer about his conversations with President Nixon. They are also known to believe that Mr. Dean's testimony before the Senate Watergate committee was more accurate than the President was in subsequent public accounts of their conversations. [New York Times]
- The General Accounting Office said it was forwarding to the Justice Department a possible conflict of interest case involving Robert Bowen, an executive of the Phillips Petroleum Corporation, who is on leave working for the Federal Energy Office. The G.A.O. said Mr. Bowen's duties, including his involvement in commenting on Energy Office policies, "may possibly be in violation" of criminal statutes governing conflict of interest. [New York Times]
- The nation's unemployment rate declined slightly in April to 5 percent of the labor force, while one measure of total employment -- employer payroll reports -- showed a rise of slightly more than 100,000 jobs to a record of 76.9 million. Economists in and out of government still expect some rise in joblessness later this year, but fears of extensive unemployment because of the energy shortage or other factors have receded. [New York Times]
- Three suspects in a series of 12 random "Zebra" murders in San Francisco were arraigned there in Superior Court. Four others were released for lack of evidence. The seven men were arrested Wednesday after the lawyer for an unidentified informant gave information to Mayor Joseph Alioto that led to their arrest. [New York Times]
- Federal agents say they have uncovered evidence of an extensive, systematic air-travel kickback scheme in which millions of dollars in illegal rebates have been secretly funneled by airlines to travel agents. A federal grand jury has heard testimony in recent weeks that major airlines -- including Pan American, Trans World and many foreign lines -- have for years been paying illegal, under-the-counter rebates to high-volume travel agents, which rarely were reflected in lower fares. [New York Times]
- The United States said that Secretary of State Kissinger and President Hafez al-Assad of Syria had made "some progress" toward a troop separation agreement between Israel and Syria on the Golan Heights. Apparently, no specific agreements were reached on any of the outstanding issues, and the thorny question of where to put the line separating the Israeli and Syrian forces was put off until Monday or Tuesday when Mr. Kissinger will again be in Damascus. [New York Times]
- About 5,000 people in a carnival atmosphere filled a soccer field in Lourenco Marques, the capital of Mozambique, a Portuguese territory, to watch an event that would have been unthinkable before the military coup in Portugal. "Long live liberty!" shouted a speaker. "Frelimo! Frelimo!" retorted a cluster of hecklers in the crowd. Frelimo is the Front for the Liberation of Mozambique, and anyone shouting his support for it or for liberty before the coup in Lisbon would have been taken into custody by the secret police. Troops of the front, directed from their bases in Tanzania, continued their war with the Portuguese army. [New York Times]
- Authorities in New Delhi, trying to block a nationwide railroad strike threatened for Wednesday, intensified their roundup of union leaders and militant workers. The arrests were protested by scattered strikes during the day. Union leaders who have not been arrested called for stepped-up preparations for the strike. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 845.90 (-5.16, -0.61%)
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* |
| May 2, 1974 | 851.06 | 92.09 | 13.62 |
| May 1, 1974 | 853.88 | 92.22 | 15.12 |
| April 30, 1974 | 836.75 | 90.31 | 10.98 |
| April 29, 1974 | 835.42 | 90.00 | 10.17 |
| April 26, 1974 | 834.64 | 90.18 | 13.25 |
| April 25, 1974 | 827.68 | 89.57 | 15.87 |
| April 24, 1974 | 832.37 | 90.30 | 16.01 |
| April 23, 1974 | 845.98 | 91.81 | 14.11 |
| April 22, 1974 | 858.57 | 93.38 | 10.52 |
| April 19, 1974 | 859.90 | 93.75 | 10.71 |