News stories from Monday June 17, 1974

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

A majority of the world's large oil-exporting countries announced a 2 percent increase in royalties paid by Western oil companies. But Saudi Arabia, the biggest exporter, dissociated herself from the increase. The Organization of Petroleum Exporting Countries also decided at a ministerial meeting in Quito, Ecuador, to continue the posted price of oil at present levels for another three months beginning July 1. [New York Times] "Your honor, I'd like to let you know how deeply embarrassed I am and how much I regret standing here before you this afternoon," said Herbert Kalmbach, President Nixon's former personal lawyer, as he was sentenced to six to 18 months in prison and fined $10,000 for illegal fundraising activities on behalf of the White House. He was sentenced by Judge John Sirica in Federal District Court in Washington. [New York Times] Supermarket spokesmen promised to try to reduce meat prices and promote sales at a White House meeting of government and food-industry officials on the financial troubles of the nation's cattle producers. [New York Times] In a decision regarded as a serious setback for women's rights advocates, the Supreme Court ruled 6 to 3 that states can deny disability benefits to women incapacitated by normal pregnancy without committing unconstitutional discrimination. In the majority opinion, Justice Potter Stewart said, "there is nothing in the Constitution that requires the state to subordinate or compromise its legitimate interests solely to create a more comprehensive social insurance program than it already has." [New York Times] The New Jersey state Senate, voting 23 to 13, passed a controversial bill that would prohibit the use of Medicaid funds for elective abortions. The bill's opponents contended that it discriminated against the poor and was unconstitutional. It will go to the Assembly. [New York Times] President Nixon assured Israel of long-term military and economic assistance and urged her new government to demonstrate its statesmanship by taking risks for peace. This dual theme dominated Mr. Nixon's tightly scheduled 26-hour visit to Israel, which included two meetings with Israeli leaders, a state banquet and a somber ceremony at Yad Vashem, the memorial to the six million Jews killed during World War II. The President then went on to Amman, Jordan, for the last stop of his Middle Eastern tour. [New York Times] The Atomic Energy Commission said that China conducted a relatively large nuclear test early today at her test range in the northwestern part of the country. Defense Secretary James Schlesinger expressed no particular concern over the test, He said it "simply reflects the slow-paced Chinese program," which, he said, has been deliberate but "moderately successful." [New York Times] A bomb that London police said was planted by the Provisional wing of the Irish Republican Army damaged Westminster Hall, the oldest and most historic part of the Houses of Parliament. Eleven persons were injured, none seriously. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 833.23 (-9.86, -1.17%)
S&P Composite: 90.04 (-1.26, -1.38%)
Arms Index: 1.48

	Issues	Volume*
Advances	336	1.54
Declines	1,037	7.04
Unchanged	371	1.10
Total Volume		9.68

* 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
Date	DJIA	S&P	Volume*
June 14, 1974	843.09	91.30	10.03
June 13, 1974	852.08	92.34	11.54
June 12, 1974	848.56	92.06	11.15
June 11, 1974	852.08	92.28	12.38
June 10, 1974	859.67	93.10	13.54
June 7, 1974	853.72	92.55	19.02
June 6, 1974	845.35	91.96	13.35
June 5, 1974	830.18	90.31	13.68
June 4, 1974	828.69	90.14	16.04
June 3, 1974	821.26	89.10	12.49