News stories from Thursday June 6, 1974

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

President Nixon was reportedly named by a Watergate grand jury last February as a co-conspirator in the alleged attempt to cover up the Watergate burglary. The report, which was confirmed by the President's lawyer, James St, Clair, completes the circle of conspiracy alleged in the indictment handed up March 1 and explains what was contained in the mysterious briefcase handed to the judge at that time, The revelation is expected to have a political Impact on the President's chances at the impeachment hearings and to affect the trials of his former aides named in the indictment. [New York Times] The House Judiciary Committee heard evidence that 17 wiretaps undertaken in 1969 against reporters and government officials produced some political information about the President's opponents but no evidence of "national security" leaks, according to members of the committee. The members said that in one case electronic surveillance of an adviser to a Democratic presidential contender continued for 19 months after federal agents concluded that the wiretap had produced "nothing significant" about security leaks. [New York Times] After more than a year of mounting pressures from the Watergate scandals, a study of administration officials indicates that President Nixon has lost much of his control of the machinery of government and is presiding over a loose confederation of departments and agencies that feel increasingly independent of the White House. And now there are signs that the key Office of Management and Budget is beginning to weaken its grip on the lines of authority over government activities. [New York Times] Rutgers University has agreed to pay more than $375,000 to women and minority-group faculty members who have been receiving lower salaries than their white male colleagues. The settlement, which affects 186 women and 24 minority-group members, was described as the largest payment ever made by a university to compensate for racial or sexual discrimination. [New York Times] The Nixon administration scored a major victory when the Senate rejected proposals for reducing the number of troops abroad. First defeated was an amendment that would have required a 125,000-man reduction over the next 18 months, then a compromise that would have required a 76,000-man reduction in the force of 450,000 overseas troops. [New York Times] Secretary of State Kissinger sought to reassure Soviet leaders about their continuing role in the Middle East. At a news conference, Mr. Kissinger disclaimed any American intention of expelling Soviet influence from the area. He also said that Arab leaders had agreed that the President's trip to the Middle East next week would be a timely symbol of the American commitment to the new relationship with the Arabs. [New York Times] Prince Fahd lbn Abdel Aziz, the Deputy Premier of Saudi Arabia and a brother of King Faisal, was given a warm welcome at the White House, where he conferred with President Nixon and Secretary of State Kissinger. The elaborate reception, including a formal luncheon, underscored what administration officials described as a major effort to befriend the oil-rich Arab country. [New York Times] In a surge of unrestrained jubilation that swept away security guards and official arrangements, more than 1,000 Israelis stormed an airplane at Ben Gurion Airport to welcome home 56 prisoners of war being returned from Syria, where most had been held since the October war.And in Damascus, where 382 Arab prisoners were returned as part of the exchange, the joy of welcome was just as unrestrained. Not even fire hoses could keep the swarming crowd in check. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 845.35 (+15.17, +1.83%)
S&P Composite: 91.96 (+1.65, +1.83%)
Arms Index: 0.70

	Issues	Volume*
Advances	1,007	9.31
Declines	386	2.50
Unchanged	388	1.55
Total Volume		13.36

* 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 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
May 31, 1974	802.17	87.28	10.81
May 30, 1974	803.58	87.43	13.58
May 29, 1974	795.37	86.89	12.30
May 28, 1974	814.30	88.37	10.58
May 24, 1974	816.65	88.58	13.74
May 23, 1974	805.23	87.29	14.77
May 22, 1974	802.57	87.09	15.45