News stories from Tuesday October 1, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The trial of the Watergate cover-up case, involving events that forced the resignation of President Nixon, opened before federal Judge John Sirica in Washington. Most of the day was taken up with preliminary jury selection, much of it closed to the public. The judge eliminated 90 of the 155 prospective jurors on the first panel summoned. Former Attorney General John Mitchell and the four other defendants -- ex-Nixon aides H.R. Haldeman and John Ehrlichman; Kenneth Parkinson of the Committee for the Reelection of the President, and former Assistant Attorney General Robert Mardian -- were introduced to the 65 prospective veniremen. [New York Times]
- President Ford will testify next week, no later than Thursday, about his pardon of former President Nixon, according to Representative William Hungate, chairman of the House Judiciary Committee's subcommittee on criminal justice. Close associates of President Ford said his decision to appear reflected his view that executive privilege is not an absolute right. [New York Times]
- President Ford gave unqualified support to a long-term, $11 billion mass transit bill at a meeting with 22 mayors and eight business and labor leaders at the White House. Mayor Beame of New York City, who arranged the meeting, said the President felt the bill could come out of the present session. The Mayor said "we're plugging for a better bill" since the $11 billion one would not be enough to save the city's 35-cent transit fare. [New York Times]
- New York Representative Bertram Podell, on trial in federal court, suddenly changed his plea to guilty to conspiracy and conflict of interest involving $41,350 received for helping a small Florida airline in 1969. He acknowledged that he acted "knowingly and intentionally" in appearing for it before the federal agencies but he said he did not know at the time that he was violating any law. He did not admit taking bribes. Judge Robert Carter set Jan. 7 as the date for sentencing Mr. Podell. He faces up to five years in prison for conspiracy and up to two years for conflict of interest. [New York Times]
- A joint House-Senate conference committee reached a compromise ending a deadlock that threatened passage of legislation to reform campaign spending. Senate members dropped their goal of federal funding of congressional election campaigns, while House negotiators yielded on the creation of a potentially powerful federal elections commission to enforce the sweeping plan. The House members also agreed to higher ceilings on spending in House election campaigns, which would aid challengers. [New York Times]
- Russell Train, administrator of the Environmental Protection Agency, ordered a ban on two pesticides used mainly for corn and citrus crops, aldrin and dieldrin, to avoid "unreasonable human health risks." The Shell Chemical Company, which manufactures both, said the decision would be far-reaching, but Mr. Train's ruling said adequate substitutes were available. [New York Times]
- The Senate voted by 72 to 16 a series of restrictions on foreign aid that would cut off military aid to Chile, stop fertilizer aid to South Vietnam and reaffirm its cutoff on military aid to Turkey. The vote came after President Ford had sharply warned that the action on Turkey would end any hope of helping achieve a just settlement of the Cyprus dispute. The resolution goes to a Senate-House conference, which in the past has upheld the President's lead on foreign affairs, but in an atmosphere this year of diminished congressional confidence in the administration's handling of these matters at issue. [New York Times]
- A United States proposal to Egypt and Israel that they agree to international inspection of all their future nuclear facilities as a condition for receiving American atomic power plants has been disclosed by State Department officials. This condition has become a major stumbling block to former President Nixon's offer of the plants last spring. Egypt is said to have suggested that inspection should also apply to existing atomic facilities in both countries, which may be unacceptable to Israel. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 604.82 (-3.05, -0.50%)
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* |
| September 30, 1974 | 607.87 | 63.54 | 15.00 |
| September 27, 1974 | 621.95 | 64.94 | 12.23 |
| September 26, 1974 | 637.98 | 66.46 | 9.06 |
| September 25, 1974 | 649.95 | 67.57 | 17.62 |
| September 24, 1974 | 654.10 | 68.02 | 9.84 |
| September 23, 1974 | 663.72 | 69.42 | 12.13 |
| September 20, 1974 | 670.76 | 70.14 | 16.25 |
| September 19, 1974 | 674.05 | 70.09 | 17.00 |
| September 18, 1974 | 651.91 | 67.72 | 11.76 |
| September 17, 1974 | 648.78 | 67.38 | 13.73 |