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Wednesday December 4, 1974
. . . where the 1970s live forever!

News stories from Wednesday December 4, 1974

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

  • The prosecution at the Watergate cover-up trial read from transcripts of previously undisclosed tapes and contended that one of them showed President Nixon offering John Ehrlichman and H.R. Haldeman $200,000 to $300,000 in cash. The suggested context was that the three men understood they were protecting one another. [New York Times]
  • The United Mine Workers leadership will announce tomorrow that its members have ratified their new contract and will end their strike Friday morning. The vote for approval is estimated at about 55 percent of those taking part. [New York Times]
  • The Federal Power Commission, seeking to lift production of natural gas, raised its uniform price by 8 cents to a level of 50 cents a thousand cubic feet. It projected a price increase to residential consumers of 8 to more than 16 percent by 1978. Its chairman joined the administration in asking Congress to remove gas price controls to head off a dangerous shortage. [New York Times]
  • A federal jury in Los Angeles awarded $2,823,333.30 in damages to Robert Maheu in his defamation suit against the Summa Corporation of the billionaire Howard Hughes. The suit was based on Mr. Hughes's assertion during an interview that he had dismissed Mr. Maheu for dishonesty and stealing from him. [New York Times]
  • The Democratic caucus in the House of Representatives continued its procedural reforms. It further undercut the seniority system by barring the chairman of a major committee from heading another full committee, select committee or joint Senate-House committee. It also bolstered the Speaker's power.

    The House Democratic leadership got wind of discussion among other members of the Ways and Means Committee following the hospitalization of its chairman, Wilbur Mills, that seemed to portend locking themselves into their strong positions. They scrapped the scheme after advice from the leadership and said they had not planned to circumvent reform. [New York Times]

  • Skin doctors at Massachusetts General Hospital report "complete clearing" of psoriasis treated with an experimental technique combining a new ultraviolet light device and a naturally occurring drug used by Egyptians and Indians since ancient times. Similar results have been achieved in Vienna. [New York Times]
  • France has signed a contract to sell $800 million in arms to Saudi Arabia. The Saudi Defense Minister, Prince Sultan ibn Abdel Aziz, was quoted in Lebanese newspapers as having said that France would provide anti-aircraft missiles and anti-tank weapons and would strengthen his country's tank force. The Defense Minister was further quoted as having said his government was confident of purchasing additional weapons from the United States "with no strings attached." [New York Times]
  • A Dutch charter aircraft carrying 182 Moslem pilgrims from Indonesia to Jidda in Saudi Arabia crashed and burned as it was preparing to land at Colombo in Sri Lanka. An air force spokesman said all aboard were presumed to have been killed. Seven of the DC-8's crew were Dutch and two stewardesses were from Indonesia. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 598.64 (+2.03, +0.34%)
S&P Composite: 67.41 (+0.24, +0.36%)
Arms Index: 0.72

Total Volume12.59
* 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
December 3, 1974596.6167.1713.62
December 2, 1974603.0268.1111.14
November 29, 1974618.6669.977.40
November 27, 1974619.2969.9414.81
November 26, 1974617.2669.4713.60
November 25, 1974611.9468.8311.30
November 22, 1974615.3068.9013.02
November 21, 1974608.5768.1813.82
November 20, 1974609.5967.9012.43
November 19, 1974614.0568.2015.72

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