News stories from Tuesday June 11, 1974

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

A number of Democrats and Republicans on the Senate Foreign Relations Committee and elsewhere in Congress expressed support for Mr. Kissinger and urged him not to resign. The committee unanimously agreed to accept his request for a review of information about the wiretaps initially given to the committee at his confirmation hearings last September while he was Secretary of State-designate. [New York Times] A separate, and delayed, trial for John Ehrlichman in the "plumbers" case was ordered by Federal District Judge Gerhard Gesell, who cited President Nixon's refusal to provide White House documents. The judge's order was regarded as a significant victory by Mr. Ehrlichman and his lawyers, but lawyers for the special Watergate prosecution were reportedly bitter and angry. [New York Times] President Nixon's lawyers said that he had asked the Supreme Court to decide the legal question of whether a grand jury had the right "under the Constitution," to "charge an incumbent President as an unindicted co-conspirator in a criminal proceeding." Mr. Nixon, the lawyers said, will argue that the evidence the Watergate grand jury acted on was "totally insufficient." [New York Times] The House voted, 211 to 204, to kill a highly controversial land-use bill that would have given federal aid to states seeking to control runaway real estate development. The bill's opponents said that it would undermine states' rights, threaten personal property rights and "bring big government into everyone's backyard." The bill's supporters said it had been smeared by a "campaign of distortion." [New York Times] The Senate approved a $21.9 billion military procurement bill that provides $1.3 billion less than the amount requested by the administration for the new fiscal year. The bill will be reviewed in a conference with the House. The Senate, voting 46 to 45, defeated an amendment proposed by Senator Edward Kennedy that would have lowered the ceiling on military aid to South Vietnam to $750 million. [New York Times] President Nixon, on his way to Cairo, conferred with Austria's Chancellor, Dr. Bruno Kreisky, in Salzburg as part of his preparations for the beginning of his Middle East tour today. Dr. Kreisky recently led a Socialist International fact-finding mission on a tour of Middle East capitals. [New York Times] Secretary of State Kissinger, traveling to the Middle East with President Nixon, declared in an emotional statement at a news conference in Salzburg that he would resign unless he was cleared of allegations that he participated in "illegal or shady activity" in government wiretapping of individuals. Mr. Kissinger's statement appeared to threaten what is widely believed to be one of the purposes of the President's journey -- to divert public attention from the administration's scandals.A summary of an inquiry made last year by the Federal Bureau of Investigation concluded that some of the "original requests" for wiretaps on 17 government officials and newsmen came from Mr. Kissinger or Gen. Alexander Haig, who, at the time the taps were first ordered in 1969, was Mr. Kissinger's deputy. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 852.08 (-7.59, -0.88%)
S&P Composite: 92.28 (-0.82, -0.88%)
Arms Index: 1.43

	Issues	Volume*
Advances	490	3.04
Declines	905	8.04
Unchanged	371	1.30
Total Volume		12.38

* 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 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
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