News stories from Monday June 3, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- In a surprise one-count plea, worked out in the last week with the Watergate special prosecutor's office, Charles Colson, who had been one of President Nixon's closest aides, pleaded guilty to a charge that he attempted to obstruct justice and influence the 1971 trial of Dr. Daniel Ellsberg. It is believed that his plea could have immense -- and adverse -- implications on Mr. Nixon's drive to forestall impeachment. [New York Times]
- Secretary of Agriculture Earl Butz said that he found himself "playing pretty closely" with those Congressmen who support President Nixon against impeachment. His statement, made at a news conference, was the first public acknowledgement by a senior member of the administration of a trend that has been apparent for some time -- that policies and actions by the executive branch frequently are shaped to appeal to the pro-Nixon conservative bloc. [New York Times]
- In a 5-to-3 decision, the Supreme Court said that women who do the same work as men are entitled to the same wage rates that the men get, whether or not the men work different shifts or claim special privileges predating the equal pay act of 1964. Thus, for the first time, the Court upheld the 10-year-old congressional mandate that employers pay women equal wages for equal work. [New York Times]
- Lewis Engman, chairman of the Federal Trade Commission, said that television advertising of premiums to children violated federal law, and that television advertising directed at selling dangerous drugs and toys to children was not properly regulated. He told members of the American Advertising Federation that an effort by the television industry to set a new code for children's television had not been effective. [New York Times]
- The directors of Lockheed Aircraft Corporation and Textron, Inc., tentatively approved a top-level management change in which G. William Miller, head of the Textron conglomerate, would become chairman and chief executive officer of Lockheed as well. Textron, which is attempting to save Lockheed from insolvency, would invest $85 million in its stock. [New York Times]
- Emphasizing his independence of President Nixon, Senator Jacob Javits, the New York Republican, announced his candidacy for a fourth term. He castigated the "moral and systematic decadence that has led us to the disgrace and tragedy of Watergate," and said that the scandal had made it "extremely difficult" to raise campaign funds. [New York Times]
- There were also political decisions affecting seats in the House. Representative John Rooney, Democrat of Brooklyn and senior member of the New York congressional delegation, said that because of poor health he would not seek re-election this year, ending a 30-year tenure in the House. Representative Angelo Roncallo, a Republican who was acquitted of federal extortion-conspiracy charges last month, announced that he would seek a second term in the Third Congressional District, which embraces parts of Nassau and Suffolk Counties. And former Representative James Scheuer formally declared his candidacy for the Democratic nomination in the 11th District in Brooklyn and Queens. [New York Times]
- The Commerce Department said that trade with China surged ahead of United States-Soviet exchanges in the first four months of 1974 and will total $1.25 billion by the end of 1974. To emphasize the importance of American trade, Chinese officials attended a dinner in Washington tonight, at which an official of a trade promotion group said the United States was China's third largest trading partner after Japan and Hong Kong. [New York Times]
- Yitzhak Rabin became Israel's fifth Premier after his coalition government won parliamentary approval by a narrow margin. The vote was 61 to 51, with five abstentions. In his first major policy address, Mr. Rabin outlined foreign and domestic policies strikingly similar to those of his predecessor, Golda Meir. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 821.26 (+19.09, +2.38%)
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 31, 1974 | 802.17 | 87.28 | 10.81 |
| May 30, 1974 | 803.58 | 87.43 | 13.58 |
| May 29, 1974 | 795.37 | 86.89 | 12.30 |
| May 28, 1974 | 814.30 | 88.37 | 10.58 |
| May 24, 1974 | 816.65 | 88.58 | 13.74 |
| May 23, 1974 | 805.23 | 87.29 | 14.77 |
| May 22, 1974 | 802.57 | 87.09 | 15.45 |
| May 21, 1974 | 809.53 | 87.91 | 12.19 |
| May 20, 1974 | 812.42 | 87.86 | 10.55 |
| May 17, 1974 | 818.84 | 88.21 | 13.87 |