News stories from Friday June 14, 1974

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

President Nixon and President Anwar Sadat of Egypt signed in Cairo a sweeping declaration of friendship and cooperation between the formerly hostile countries. Mr. Nixon pledged that the United States would make nuclear technology available to Egypt for peaceful uses; help strengthen Egypt's financial structure; play an active role in the reconstruction of Egyptian cities along the Suez Canal; give the greatest possible amount of American economic aid to Egypt subject to congressional approval, and help satisfy Egypt's urgent need for wheat and other basic commodities. Mr. Nixon went on to Jidda, Saudi Arabia, where, at a state dinner, King Faisal warned him that lasting peace in the Middle East depends on justice for the Palestinians. [New York Times] Key congressional leaders said that President Nixon would probably follow up the nuclear energy agreement with Egypt with a similar accord with Israel. Administration officials told senior members of the Joint Atomic Energy Committee and the Senate Foreign Relations Committee of both the Egyptian and Israeli nuclear agreements, the leaders said. [New York Times] The United States and its North Atlantic Treaty Alliance partners have virtually agreed on a formal "declaration of principles" that will be issued next week at the NATO foreign ministers' meeting in Ottawa on the alliance's 25th anniversary. A decision is being made on whether President Nixon and other NATO leaders will ratify the declaration when Mr. Nixon makes an anticipated stop in Brussels on his way to Moscow later this month. [New York Times] In a major address at the end of the Soviet election campaign, Leonid Brezhnev said that the Soviet Union was ready to reach an agreement with the United States to limit underground nuclear tests, leading to their complete halt on an agreed timetable. He also said that the two countries "must move ahead" to place new limitations on strategic arms. [New York Times] Deciding that the White House had fully "satisfied" its legal requirement to provide documents in the "plumbers" case, Federal Judge Gerhard Gesell set June 26 for the start of the trial of John Ehrlichman and three other defendants. Judge Gesell rejected a last-minute attempt by Mr. Ehrlichman and his lawyers to get full access to Mr. Ehrlichman's personal notes in the White House files by ruling that the additional notes were not relevant. [New York Times] The possibility that the financially troubled Franklin National Bank in New York has been a conduit, perhaps unknowingly, for stolen government securities is being investigated by Senate investigators, well-informed sources said. The Justice Department was said to be making an investigation, too. [New York Times] In Orange County, Calif., where President Nixon was raised and politics is stanchly conservative, there is one of the largest concentrations of white, elderly people in the nation. They represent a major element in the number of Americans who do not want to see Mr. Nixon impeached. In 1972, 83 percent of the residents of Leisure World, where many of these people live, voted for him. [New York Times] "I don't believe it's necessary for me to tell you the seriousness of these charges," the judge said as he sentenced Nelson Gross, the former Republican party chairman in New Jersey, to two years in jail and fined him $10,000. Mr. Gross was convicted of tax fraud and perjury stemming from his activities as chairman of the 1969 gubernatorial campaign of William Cahill. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 843.09 (-8.99, -1.06%)
S&P Composite: 91.30 (-1.04, -1.13%)
Arms Index: 1.73

	Issues	Volume*
Advances	370	1.58
Declines	953	7.05
Unchanged	380	1.40
Total Volume		10.03

* 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 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
May 31, 1974	802.17	87.28	10.81