News stories from Friday August 2, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- John Dean, who had been President Nixon's legal counsel, asked for "compassion" and "understanding" and said he was trying to "right the wrong" he had done as he was sentenced to a minimum of one year in prison and a maximum of four years for his admitted role in the Watergate cover-up, Mr. Dean, President Nixon's chief accuser in the Watergate affair, is expected to be called as a major prosecution witness in the Watergate cover-up trial and, if Mr. Nixon is impeached, in the Senate trial on the impeachment charges. [New York Times]
- President Nixon was described as "an underdog" in the congressional impeachment move by Gerald Warren, one of his spokesmen, who read from notes apparently approved by the President. He said that Mr. Nixon faced an "uphill struggle -- it is a political struggle," but that because it was a political struggle the President had a chance to win. [New York Times]
- The Labor Department reported that the unemployment rate rose in July to 5.3 percent of the total labor force compared with 5.2 percent in May and June and 5 percent in April. The agency also found that the near-explosion of wages in the two months following the end of controls on April 30 was followed by a much more moderate increase of one-half of 1 percent. [New York Times]
- The Treasury Department put a 9 percent interest rate on $4 billion of notes it plans to sell to investors next week. The rate is the highest in the country's history for Treasury securities with maturities of more than one year. The chief cause of the record rate is inflation. [New York Times]
- The production of the most widely used pesticides in the United States -- aldrin and dieldrin -- was ordered stopped by the Environmental Protection Agency on the ground that their use provides an "imminent hazard" to the public health. The order affects the Shell Chemical Company, the only producer of the pesticides. The E.P.A. began its investigation into the toxic qualities of the pesticides about a year ago. [New York Times]
- The Offtrack Betting Corporation estimates that New York City is losing $200,000 a week in revenue as a result of the 5 percent surtax it recently imposed on offtrack payoffs, and that the tax has reduced betting at the 132 OTB parlors by about 26 percent since it took effect July 1. The revenue comparisons were based on the last week of June. Paul Screvane, president of the corporation, said "the big bettors aren't with us anymore. They can't afford to be. They've gone back to the bookies or the tracks." [New York Times]
- Greek and Turkish military delegates met near Nicosia to agree on buffer zones where United Nations peace-keeping forces will separate the troops still skirmishing in Cyprus. It was the first step toward implementing a Security Council resolution calling for separation of Greek and Turkish forces to strengthen the recent cease-fire agreement. [New York Times]
- As Secretary General Waldheim arrived in Lisbon to help Portugal decolonize her African territories, a crisis broke out over the suspension of three afternoon newspapers for reporting a demonstration by the extreme left against the African war. A special 10-man military commission overseeing the press resigned following the suspensions, which were believed to have been ordered by the military junta which has been governing the country. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 752.58 (+1.48, +0.20%)
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* |
| August 1, 1974 | 751.10 | 78.75 | 11.47 |
| July 31, 1974 | 757.43 | 79.31 | 10.96 |
| July 30, 1974 | 765.57 | 80.50 | 11.36 |
| July 29, 1974 | 770.89 | 80.94 | 11.55 |
| July 26, 1974 | 784.57 | 82.40 | 10.42 |
| July 25, 1974 | 795.68 | 83.98 | 13.31 |
| July 24, 1974 | 805.77 | 84.99 | 12.87 |
| July 23, 1974 | 797.72 | 84.65 | 12.91 |
| July 22, 1974 | 790.36 | 83.81 | 9.29 |
| July 19, 1974 | 787.94 | 83.54 | 11.08 |