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Wednesday May 22, 1974
. . . where the 1970s live forever!

News stories from Wednesday May 22, 1974

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

  • President Nixon told the House Judiciary Committee he would not comply with its subpoena for additional White House tapes on Watergate and would reject future subpoenas. The tone of the President's letter to the committee chairman indicated that Mr. Nixon has adopted a firm, hard-line course that may increase his chances for impeachment since it appears to flout a well-established legal doctrine that the House is entitled to any presidential material it deems relevant to an impeachment inquiry. [New York Times]
  • Calling the President's refusal to honor committee subpoenas a "very grave matter," the chairman of the House Judiciary Committee, Representative Peter Rodino, strongly implied that Mr. Nixon's defiance might constitute grounds for impeachment. But in a statement he said was issued on behalf of the committee, Mr. Rodino said that formal committee action on the issue would be deferred until next week. [New York Times]
  • The judge in the trial of the White House "plumbers" said that he might dismiss the case if the government refused to turn over material helpful to the defendants. Federal Judge Gerhard Gesell said that he might have no other recourse "if the court rules the documents are relevant and material and the government doesn't produce them." The prosecution contends that so-called national security materials sought by the defense are irrelevant to the case growing out of the break-in at the office of Dr. Daniel Ellsberg's former psychiatrist, and Judge Gesell has not ruled. [New York Times]
  • A Jesuit priest who serves as a White House aide and who has spoken out forcefully in defense of the President was summoned back to Boston by his religious superior for "prayer" and "reflection." In announcing the action, the head of the Jesuit Fathers of New England said it was possible Father John McLaughlin might be ordered to leave the White House staff or be dismissed from the Jesuits. [New York Times]
  • The British and Ulster governments began a military, political and economic offensive against striking Protestant extremists in Northern Ireland. Some 3,000 soldiers dismantled street barricades (some were re-established), the provincial government announced what appeared to be a major concession to the strikers by scaling down the immediate plans for an All-Ireland Council and the British government announced the suspension of $12 million in subsidies for a huge Belfast shipyard employing about 10,000 Protestants. [New York Times]
  • Secretary of State Kissinger has reportedly worked out the basic text of a Syria-Israeli troop separation agreement with just two major issues remaining to be settled: the size of the United Nations force to patrol the buffer zone, and the size of the military forces allowed in the front-line zones, After another day of shuttling between Syria and Israel, American officials said Mr. Kissinger had won agreement on other issues. [New York Times]
  • In a protest against India's nuclear test explosion, Canada suspended her aid program to India for nuclear development and called upon other governments for immediate joint consideration of "the broad international implications." [New York Times]
  • Before passing the military procurement bill, the House killed a move to require a 100,000-man reduction in American troops stationed overseas, but refused to approve a $474 million increase in military aid to South Vietnam for the next fiscal year. An intensive administration effort helped defeat an amendment to force the troop cutback, but the administration was unable to get a $1.6 billion ceiling on military aid to South Vietnam, which was set by the House at $1.126 billion, the same level set for the current fiscal year. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 802.57 (-6.96, -0.86%)
S&P Composite: 87.09 (-0.82, -0.93%)
Arms Index: 1.83

Total Volume15.47
* 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
May 21, 1974809.5387.9112.19
May 20, 1974812.4287.8610.55
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

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