News stories from Monday June 10, 1974

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

Apparently moving toward a constitutional confrontation with Congress, President Nixon said in a letter to the chairman of the House Judiciary Committee that he must "draw a line" and refuse to provide the committee with additional Watergate evidence. The letter drew quick criticism from committee members and other members of Congress. The probability that the committee will vote to present a bill of impeachment to the House appears greater. [New York Times] In another letter relating to Watergate, made public shortly after Mr. Nixon departed for the Middle East, the President's lawyer, James St. Clair, told federal Judge Gerhard Gesell that only the President had the right to determine which White House documents could be made available in the defense of John Ehrlichman in the "plumbers" 'case. However, the letter did offer some compromises in an apparent attempt to end an impasse. [New York Times] The Supreme Court ruled that cities may levy a high tax on private downtown parking lots and garages in an effort to reduce traffic congestion and divert commuters to public transportation. The decision specifically involved Pittsburgh, but it was expected to encourage other large cities to discourage automobile traffic in crowded areas by raising parking fees through the imposition of higher taxes on gross receipts of parking garage and lot fees. [New York Times] With the afternoon temperature at 95 degrees, today was the hottest day of the year in New York City and the city's hottest June 10 since weather records were first kept. The heat buckled roadways and strained the city's reserves of electrical power and good humor. Consolidated Edison cut voltage by 5 percent, and its No. 2 nuclear power plant at Indian Point failed, depriving the city and Westchester County of slightly more than 10 percent of their share of power. [New York Times] President Nixon arrived in Salzburg, Austria, tonight on his way to the Middle East, declaring that he is on a mission for peace not only for those nations directly involved but for the entire world. He was accompanied by Mrs. Nixon and secretary of State Kissinger. In Bonn, Common Market foreign ministers decided to propose, despite American objections, a broad program of economic, technical and cultural cooperation with 20 Arab countries. [New York Times] Premier Mariano Rumor of Italy and his cabinet resigned because they could not agree on what measures to take to cope with a threat of national insolvency. Leading bankers at a meeting in Basel, Switzerland, said that they were prepared to arrange for extensive credits for Italy only shortly before the resignation of the government was announced. [New York Times] The Senate, putting Congress squarely on record in favor of one of the most basic and controversial changes in strategic defense doctrine in the last 20 years, endorsed the government's potentially far-reaching decision to develop more powerful and accurate intercontinental missiles capable of attacking Soviet missiles in their underground silos. [New York Times] The Arabian American Oil Company, a partnership of American oil companies, and the Saudi Arabian government, announced an agreement under which the Saudis will assume majority ownership with 60 percent of the company's concession rights and assets, retroactive to the start of the year, There had been indications recently that the Saudi Arabian government had been dissatisfied with only a 25 percent interest in the company. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 859.67 (+5.95, +0.70%)
S&P Composite: 93.10 (+0.55, +0.59%)
Arms Index: 0.99

	Issues	Volume*
Advances	834	7.06
Declines	551	4.64
Unchanged	385	1.84
Total Volume		13.54

* 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 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
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