News stories from Friday June 21, 1974

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

Charles Colson, a former close presidential aide who pleaded guilty June 3 to a felony count of obstruction of justice, was sentenced to one to three years in prison. He told Judge Gerhard Gesell in the Federal District Court in Washington that President Nixon had urged him "on numerous occasions" to commit the acts for which he was being jailed.Members of the House Judiciary Committee said that Mr. Colson's courtroom statement implicating President Nixon in possible obstruction of justice made it imperative to call Mr. Colson as a witness at impeachment hearings. [New York Times] The Watergate special prosecution decided that at least 26 persons, ranging from President Nixon to the Watergate burglars, conspired to cover up the Watergate break-in, a number of sources said. Seven of the alleged conspirators have been indicted. Today, the sources said, the prosecution gave defense counsel in the cover-up case a list of 19 unindicted co-conspirators. [New York Times] In legal briefs filed with the Supreme Court, President Nixon's Watergate lawyers accused the Watergate special prosecutor, Leon Jaworski, of interweaving the Watergate criminal prosecutions and congressional impeachment proceedings in a way that was "manifestly unfair" to Mr. Nixon. [New York Times] The Federal Power Commission authorized a large increase in the ceiling price of natural gas sold in interstate commerce on the ground that a "national energy emergency" exists and will continue. The new national ceiling of 42 cents a thousand cubic feet, plus a cent-a-year escalation, unless blocked by the courts, will bring about a gradual, cumulative rise in the average cost of gas to interstate pipelines, local distribution companies and consumers. [New York Times] The Labor Department reported consumer prices resumed their rapid rise last month after some moderation in April. Food prices, except meat, rose and the Consumer Price Index climbed 1.1 percent both before and after adjustment for normal seasonal changes in some prices. [New York Times] Nixon administration officials disclosed that Secretary of State Kissinger, without informing Congress, made at least two secret arrangements with Soviet leaders in 1972 on the number of strategic missiles on each side. The failure to notify Congress may be a violation of the Arms Control and Disarmament Act of 1961. [New York Times] Jewish activists were reportedly rounded up in Moscow by Soviet authorities in an apparent attempt to forestall any demonstrations during President Nixon's visit to the Soviet Union next week. More than 30 people, some of them well-known scientists, were arrested in Moscow and other Soviet cities, Jewish sources said. [New York Times] Strikes by hundreds of thousands of British workers disrupted production at numerous companies, including the British Leyland Motor Corporation and the General Electric Company, as the government reported another big increase in retail prices for May. Workers are seeking wage increases to offset the rise in the cost of living.A series of defeats in Parliament for Britain's three-month-old Labor government appears to have renewed speculation about the date of a new general election. Most politicians predict that the next voting will be in late September or early October. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 815.39 (-5.40, -0.66%)
S&P Composite: 87.46 (-0.75, -0.85%)
Arms Index: 1.31

	Issues	Volume*
Advances	354	2.13
Declines	1,027	8.07
Unchanged	376	1.63
Total Volume		11.83

* 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 20, 1974	820.79	88.21	11.99
June 19, 1974	826.11	88.84	10.55
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