Select a date:      
Tuesday January 29, 1974
. . . where the 1970s live forever!

News stories from Tuesday January 29, 1974


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

  • A California judge granted the defense's request for a subpoena of President Nixon in the upcoming trial of John Ehrlichman and two White House "plumbers" pertaining to the break-in of Daniel Ellsberg's psychiatrist's office. Judge Gordon Ringer's decision marked a historical moment. Ehrlichman attorney Joseph Ball conceded that the President has the right to resist the subpoena, but Ehrlichman's attorneys believe that the President's testimony would clarify the purpose of the White House plumbers unit.

    Assistant press secretary Gerald Warren said that the court order would be considered by President Nixon. However, Nixon attorney James St. Clair allegedly told Ehrlichman's lawyers that the President would not appear in court voluntarily on behalf of Ehrlichman. [CBS]

  • House Judiciary Committee special counsel John Doar will present his report on impeachment proceedings soon. [CBS]
  • Tapes involving the CIA are under investigation. CBS has learned that the CIA destroyed several tapes vital to the Watergate probe; those recordings were made secretly by the CIA. The agency director was set to allow one Senator to hear the actual recordings of the conversations in question, but before those tapes could be heard, word reached the Senate that all but one tape had been destroyed. The lone remaining tape contains a conversation between General Robert Cushman and E. Howard Hunt. [CBS]
  • The Justice Department reportedly agreed to pay $10,000 postage for the mass mailing of a Nixon speech to thousands of persons last April. Representative Patsy Schroeder's complaint led to the revelation of the department's payment. The legality of such a "free" mailing upset Schroeder. [CBS]
  • Comptroller General Elmer Staats stated that he has found no legal authority for continuing Secret Service protection of Spiro Agnew. However, Representative John Moss said he is not sure that the expenditure can be halted. [CBS]
  • The ranking Republican on the House Judiciary Committee said that President Nixon could not use executive privilege to withhold information from an impeachment inquiry. Representative Edward Hutchinson of Michigan told newsmen that if the White House asked his advice, "I would tell them that executive privilege, in the face of an impeachment inquiry, must fall." [New York Times]
  • President Nixon in his State of the Union Message tomorrow night will propose what is described as a big, new income maintenance program, a form of "negative income tax" for the poor. He will also recommend an area development program to provide new aid to regions with severe poverty and unemployment problems. The President will deliver a 30-minute version of his message to a joint session of Congress and nationwide television audience at 9 o'clock, Eastern daylight saving time. [New York Times]
  • The Senate sent the energy emergency bill back to a House-Senate conference, thereby raising doubts that Congress will give the Nixon administration rationing authority in time for the expected spring worsening of gasoline supplies. Voting 57 to 37, a coalition of Republicans, oil-state Democrats and liberal Democrats from the Northern Plains supported the motion of Senator Gaylord Nelson, Wisconsin Democrat, to return the bill to conference. [New York Times]
  • While the government warns that the nation still faces a "critical" heating fuel situation, many dealers and distributors who provide fuel oil to homes in the Northeast say their storage tanks are full and the threat of a shortage this winter has been all but eliminated. As a result, some companies are reducing their prices, while others are increasing the amounts of fuel oil they allow their customers. [New York Times]
  • The government ended its array of controls over the outflow of dollars for lending and investing abroad. Some of the controls were more than a decade old. The action was taken because of the huge improvement last year in the nation's balance of trade and its overall balance of international payments and the resulting strengthening of the dollar in foreign exchange markets. [New York Times]
  • Egyptian troops in the Sinai along with soldiers and civilians in heavily damaged Suez city celebrated their reunion with the rest of Egypt in an explosion of joy. Soldiers and irregulars, who had beaten back an Israeli attempt to penetrate the core of the city three months ago, roamed the streets all day. They fired submachine guns, rifles and revolvers into the air and danced on the wrecks of Israeli tanks. [New York Times]
  • Appeals by President Anwar Sadat of Egypt to other Arab leaders to lift the oil embargo against the United States have been described as fulfillment of a pledge he made to Secretary of State Kissinger. A senior administration official said that according to information received in Washington, Mr. Sadat told King Faisal of Saudi Arabia, among other Arab leaders, that American policy in the Middle East had changed and that in response the embargo should be ended. [New York Times]


Stock Market Report

Dow Jones Industrial Average: 852.32 (-0.69, -0.08%)
S&P Composite: 96.01 (-0.08, -0.08%)
Arms Index: 1.18

IssuesVolume*
Advances6574.83
Declines7416.44
Unchanged3771.58
Total Volume12.85
* 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
DateDJIAS&PVolume*
January 28, 1974853.0196.0913.41
January 25, 1974859.3996.6314.85
January 24, 1974863.0896.8215.98
January 23, 1974871.0097.0716.89
January 22, 1974863.4796.5517.33
January 21, 1974854.6395.4015.63
January 18, 1974855.4795.5616.47
January 17, 1974872.1697.3021.04
January 16, 1974856.0995.6714.93
January 15, 1974846.4094.2313.25


Copyright © 2014-2024, All Rights Reserved   •   Privacy Policy   •   Contact Us   •   Status Report