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Monday May 20, 1974
. . . where the 1970s live forever!

News stories from Monday May 20, 1974


Summaries of the stories the major media outlets considered to be of particular importance on this date:

  • District Judge John Sirica rejected White House arguments and ordered President Nixon to turn over tapes and other records concerning the Watergate cover-up, which had been subpoenaed by the special prosecutor. He stayed his order pending appeal, but declared that Mr. Nixon tried to "abridge" the special prosecutor's independence in violation of the law and the President's own promises. [New York Times]
  • The House Judiciary Committee is to resume closed impeachment hearings today, and its chairman, Peter Rodino, said there would be no open sessions until the staff finished its presentation of all the Watergate evidence. One official said Mr. Rodino was "leaning" toward holding several more weeks of closed meetings. [New York Times]
  • President Nixon offered to compromise on a national health insurance plan in order to ease the passage of comprehensive health legislation this year The offer, made in a radio address, came on the eve of Senate Finance Committee hearings on different programs submitted by Mr. Nixon and members of Congress. [New York Times]
  • The Senate voted 81 to 5 to authorize $25.2 billion to aid the country's elementary and secondary schools. It also stood firm on a compromise amendment that would reduce the busing of pupils after defeating, 61 to 26, yet another effort to toughen the busing provision. Another amendment would provide $631 million more in federal funds to aid the country's 6 million handicapped and retarded children now in school, plus another 1 million preschool children. [New York Times]
  • Secretary of State Kissinger said that his talks with President Hafez al-Assad of Syria in Damascus had made "good progress" toward an agreement on Israeli-Syrian troop disengagement on the Golan Heights. A senior American official added that the key issue -- definition of a demarcation line -- had been "buttoned up" to all practical purposes. But he cautioned that the negotiations could be prolonged and Mr. Kissinger insists on returning to Washington by the weekend. [New York Times]
  • The leader of the guerrilla group that attacked the Maalot school in Israel said the Palestinian resistance should attend the Middle East peace conference in Geneva if Israel recognized the Palestinians' "national rights." He said that these required Israeli agreement to withdraw from territory seized in 1967, to recognize Palestinian self-determination and statehood on the West Bank of the Jordan River and to carry out United Nations resolutions. [New York Times]
  • Defense Minister Moshe Dayan of Israel, in an emotional speech in Parliament, denounced the government's initial decision last week to accept the demands of Palestinian terrorists holding students hostage at Maalot. He declared that he opposed that decision, which was later revoked, and insisted that terrorists who take hostages in Israel must be killed without regard to the age of the hostages. [New York Times]
  • The hard-line Ulster Protestant movement choked the economic life of Belfast down to a bare subsistence level, halting all industries and many services. Barricades sealed off the city's Protestant quarters and cut off most roads into and out of Belfast. Neither the government nor the strikers made a move to end the impasse. [New York Times]
  • The Canadian government, which aided India's nuclear energy program, is taking exception to the nuclear blast set off by India last Saturday. A government aide said a 1971 agreement with New Delhi did not extend to explosions, adding that Canada would "demand all information" from India concerning the underground test. [New York Times]


Stock Market Report

Dow Jones Industrial Average: 812.42 (-6.42, -0.78%)
S&P Composite: 87.86 (-0.35, -0.40%)
Arms Index: 0.94

IssuesVolume*
Advances5083.48
Declines8585.54
Unchanged3921.53
Total Volume10.55
* in millions of shares

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
DateDJIAS&PVolume*
May 17, 1974818.8488.2113.87
May 16, 1974835.3489.7212.09
May 15, 1974846.0690.4511.24
May 14, 1974847.8590.6910.88
May 13, 1974845.5990.6611.29
May 10, 1974850.4491.4715.27
May 9, 1974865.7792.9614.71
May 8, 1974850.9991.6411.85
May 7, 1974847.1591.4610.71
May 6, 1974844.8891.129.45


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