News stories from Tuesday March 26, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The defense in the Mitchell-Stans trial used Watergate tapes in an attempt to impugn the testimony of John Dean. The effort resulted in an all-day struggle, as fierce in its way as a prizefight, between the witness and defense lawyers. It was the first time that any of the Watergate tapes had been used in a trial. Mr. Dean will be on the stand again today. [New York Times]
- Lawyers for the House Judiciary Committee received a briefcase of evidence relating to President Nixon's role in the Watergate scandal. Counsel for the House impeachment inquiry spent more than two hours privately with Federal District Judge John Sirica checking each item of the material, which has been described as "evidence" that "deals with the President of the United States." [New York Times]
- A report on political spending by Associated Milk Producers, Inc., prepared at the request of its own officers, indicates general irregularities involving both Republicans and Democrats over a long period. The most pervasive irregularity disclosed in the report was the concealment of political contributions by funneling the donations through lawyers and other professionals retained by the milk group. [New York Times]
- The House voted to prohibit federal courts from ordering long-distance busing of children as a means of ending school segregation. The House also agreed to cut federal aid to poor children in New York state by about $30 million in the next school year. About $23 million of the cut would be applied to New York City. [New York Times]
- Donald Alexander, the Commissioner of Internal Revenue, said that the number of tax returns his agency would audit this year would be "materially greater" than in recent years. The audits are being increased, he said, because I.R.S. will have more people to do the job, not because the agency expects a wave of tax cheating. He estimated that 300,000 more audits would be made this year than last year, in which a total of 1,780,000 was made. [New York Times]
- Thomas Kean, the Assembly Republican minority leader in New Jersey, announced his candidacy for the congressional nomination in the state's Fifth District with what constituted an attack on the Nixon administration. He seeks the seat of Peter Frelinghuysen, the G.O.P. incumbent, who has announced his retirement. [New York Times]
- Representative Hugh Carey of Brooklyn, and a leader of the New York delegation in the House, announced his candidacy for the Democratic nomination for Governor, charging that Governor Wilson was "tied irrevocably by financial obligation and political ambition to Nelson Rockefeller and Richard Nixon." [New York Times]
- Britain's new cabinet announced a broad range of tax increases, substantial food subsidies and other fiscal measures in a dramatic effort to resolve the country's economic difficulties and bolster international confidence. Personal income and corporate tax rates were raised, but the cost of some basic necessities was reduced. The government also announced that Britain's deficit in visible trade had risen to a record of $1.01 billion in February. [New York Times]
- The Nixon administration has notified Western European countries that it is no longer interested in obtaining any redefinition in writing of their relationships with the United States. It suggested that they propose a system of consultations. A high administration official said that Secretary of State Kissinger told Chancellor Willy Brandt of West Germany and Foreign Minister Walter Scheel Sunday that it was a matter of indifference to the United States whether any declarations were completed in this "year of Europe." West Germany was notified because it is the current chairman of the Common Market Council. [New York Times]
- Leonid Brezhnev and Secretary of State Kissinger, meeting for a second day in the Kremlin, concentrated on approaches to a settlement in the Middle East. Their spokesmen reported that during two long sessions, in the morning and evening, they had also dealt with the issues of force reductions in central Europe, and held preliminary talks on a European security conference. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 883.68 (+2.66, +0.30%)
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* |
| March 25, 1974 | 881.02 | 97.64 | 10.54 |
| March 22, 1974 | 878.13 | 97.27 | 11.93 |
| March 21, 1974 | 875.47 | 97.34 | 12.95 |
| March 20, 1974 | 872.34 | 97.57 | 12.96 |
| March 19, 1974 | 867.57 | 97.23 | 12.80 |
| March 18, 1974 | 874.22 | 98.05 | 14.01 |
| March 15, 1974 | 887.83 | 99.28 | 14.50 |
| March 14, 1974 | 889.78 | 99.65 | 19.77 |
| March 13, 1974 | 891.66 | 99.74 | 16.82 |
| March 12, 1974 | 887.12 | 99.15 | 17.25 |