News stories from Wednesday June 19, 1974

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

The chairman of the House Judiciary Committee said that President Nixon's dismissal of Archibald Cox and his continuing refusal to supply evidence to Congress and the courts raised the question of whether the Watergate cover-up had ever ended. Calling it "a very pertinent question," Representative Peter Rodino discussed the issue during a recess in the committee's closed hearings on the ouster of Mr. Cox as the Watergate prosecutor. [New York Times] A study commissioned by the Senate Select Committee on Nutrition and Human Needs has found that the needy in this country are hungrier and poorer than four years ago. The experts also told the committee that abroad as well, rising agricultural output has brought little benefit to the world's hungry. [New York Times] The Supreme Court upheld the 1967 court-martial conviction of Dr. Howard Levy, the Army doctor who encouraged his soldier patients to oppose the war in Vietnam. The 5-to-3 decision overturned a Court of Appeals ruling that had set aside Dr. Levy's conviction on the ground that the relevant sections of the Code of Military Justice were unconstitutionally vague. [New York Times] Thousands of foreign-trained doctors are practicing in American hospitals without licenses and often without supervision, according to a report just published in the New England Journal of Medicine. [New York Times] Members of the North Atlantic alliance agreed to wider and more intimate consultations on common problems, including situations outside the alliance area. The agreement was part of a declaration designed to guide the North Atlantic Treaty Organization through its next 25 years. Under the agreement, European members said they would maintain defense forces sufficient to deter or repel a Soviet attack, and the United States pledged not to accept a situation that would expose its allies to external political or military pressure. [New York Times] The effectiveness of multiple warheads in attacking missile silos may be limited by a phenomenon called "fratricide" in which one attacking nuclear warhead would destroy another with its explosion. Nuclear experts say this phenomenon would come into play in attacks on targets relatively close together such as silos. The Air Force has therefore concluded that it would be unfeasible for the Soviet Union to mount an overwhelming first strike against the United States Minuteman missile force. [New York Times] President Nixon returned to Washington from his visit to five Middle East countries and declared that "a profound and lasting change has taken place" in the area. Speaking at a welcoming ceremony on the White House lawn, Mr. Nixon said that there was now hope for peace and there was friendship for the United States. [New York Times] The Canadian government announced a plan to take over the money-losing passenger service of the nation's two principal railroads and to improve bus, air and sea transportation. The action, which would require special legislation, would depend upon a victory by Prime Minister Pierre Trudeau's Liberal party in the general elections set for July 8. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 826.11 (-4.15, -0.50%)
S&P Composite: 88.84 (-0.61, -0.68%)
Arms Index: 1.17

	Issues	Volume*
Advances	383	2.42
Declines	899	6.65
Unchanged	422	1.48
Total Volume		10.55

* 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 18, 1974	830.26	89.45	10.11
June 17, 1974	833.23	90.04	9.68
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