News stories from Thursday April 4, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Internal Revenue Service and the congressional Joint Committee on Internal Revenue Taxation formally closed their inquiries into President Nixon's taxes. The committee commended the President's decision to pay more than $400,000 in back taxes and officially noted its agreement with the substance of most of the recommendations of its staff, which found that the President underpaid his taxes during his first four years in the White House.
The White House said that President Nixon's personal wealth would be virtually wiped out when he pays his tax bill of more than $460,000. Mr. Nixon has been given 30 days to pay, and will reportedly have to borrow almost half the amount.
[New York Times] - The staff of the House Judiciary Committee has reportedly been ordered to determine whether there was a violation of a constitutional provision barring a President from receiving extra compensation. The inquiry stems from the report on Mr. Nixon's taxes, which found that he personally benefited from several federal expenditures and that they constituted taxable income. [New York Times]
- The House Judiciary Committee demanded that the President decide by Tuesday whether he will give the committee the 42 tape recordings it has requested for its impeachment inquiry. Declaring that "the patience of this committee is wearing thin," Peter Rodino, the committee chairman, said "we will subpoena them if we must," perhaps as early as Wednesday. [New York Times]
- As the residents of 11 Southern and Middle Western states surveyed the devastation left by the nation's worst tornado disaster in almost half a century, new tornado warnings were issued for six additional states. Wednesday's outbreak of nearly 100 twisters claimed more than 300 lives, caused more than $1 billion in property damage and led President Nixon to declare parts of five states disaster areas. [New York Times]
- For the old Miami Valley city of Xenia, Ohio, Wednesday was the day of the tornado; today was the day of the bulldozers. Still stunned by the sudden twister that cut a path several hundred yards wide through the city of 25,000, the residents began clearing away the debris. [New York Times]
- On his first swing of the season, Hank Aaron hit the 714th home run of his major league career, tying Babe Ruth's record with a 400-foot, three-run line drive against the Reds in Cincinnati. [New York Times]
- India has quietly asked the United States to resume foreign aid, a move that underlines government concern over food shortages and the faltering Indian economy. American aid to India was broken off in 1971, when the Nixon administration leaned toward Pakistan in the war against India. Recently, the United States says, it has indicated a willingness to resume aid, and Indian officials have in turn expressed a desire to get it. [New York Times]
- The House unexpectedly rejected an administration request for an additional $474 million in military aid for South Vietnam. The action could cause considerable difficulty for the administration in continuing military support to the Saigon government during the next three months. [New York Times]
- Jacques Chaban-Delmas, a liberal Gaullist and a former Premier under President Pompidou, became the first announced candidate in the campaign to succeed the late Mr. Pompidou as President. His announcement was quickly followed by that of Edgar Faure, the president of the National Assembly, and himself a former Premier. [New York Times]
- A gilded oak coffin draped with the Tri-color of France was lowered into a grave near Paris and President Georges Pompidou was laid to rest. The simple burial service in the village churchyard at Orvilliers, where Mr. Pompidou spent his weekends, followed an austere funeral at his parish church in Paris. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 858.89 (+0.86, +0.10%)
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* |
| April 3, 1974 | 858.03 | 94.33 | 11.50 |
| April 2, 1974 | 846.61 | 93.35 | 12.01 |
| April 1, 1974 | 843.48 | 93.25 | 11.47 |
| March 29, 1974 | 846.68 | 93.98 | 12.15 |
| March 28, 1974 | 854.35 | 94.82 | 14.94 |
| March 27, 1974 | 871.17 | 96.59 | 11.69 |
| March 26, 1974 | 883.68 | 97.95 | 11.84 |
| 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 |