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Tuesday June 25, 1974
. . . where the 1970s live forever!

News stories from Tuesday June 25, 1974

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

  • The Commerce Department announced that the United States export surplus of April had changed to a trade deficit of $777 million in May, second highest on record. It said this was due to a possibly temporary decline in agricultural exports while imports continued to grow. Oil imports were unchanged from April but cost almost four times as much as in May, 1973. [New York Times]
  • The House Judiciary Committee voted to make public as soon as possible virtually all the evidence assembled for its investigation of President Nixon's conduct in office. The vote was 22 to16, with bitter and bipartisan dissent from the majority view. The White House was for release, but the Republicans and Democrats who were against it said it would mean a travesty of justice in forthcoming Watergate-related trials. [New York Times]
  • The Supreme Court unanimously struck down a Florida law that newspapers must print replies from political candidates attacked in their columns. The Court said the law unconstitutionally restricted press freedom. Chief Justice Burger, who wrote the decision, said that compelling the inclusion of some news was the constitutional equivalent of censorship. [New York Times]
  • In a 5-to-4 decision, the Supreme Court ruled that persons not in public office but temporarily prominent in news events may sue print and broadcast media for false defamatory statements. It overruled a 1971 decision that false press accounts of matters of general or public interest involving persons not normally prominent are protected under the First Amendment against libel action. [New York Times]
  • The federal government has sharply relaxed its pressure on New York City to meet national clean air standards. The Environmental Protection Agency said the city could take into account the action of Congress in allowing car makers at least until 1977 to meet the exhaust standards originally set for 1975. Measures such as requiring truck deliveries at night and banning cruising midtown Manhattan taxicabs will become less urgent. [New York Times]
  • Al Fatah, the largest and most moderate of the Palestinian resistance organizations, said in Baghdad that it was responsible for the commando operation in Nahariya in northern Israel. Because Fatah has never before openly claimed such responsibility, the announcement was seen as a sign that like the more radical Palestinian groups, it will openly maintain pressure by armed attacks on Israel. [New York Times]
  • President Nixon, on arriving in Brussels to confer with Western European leaders before heading for his summit meeting in Moscow with Leonid Brezhnev, hailed the 25th anniversary of the North Atlantic Treaty Organization. He said he expected the Brussels meeting would give new purpose to an organization which he praised as indispensable in the maintenance of European peace since 1949. [New York Times]
  • The United States recalled its ambassador from the Sudan because of that country's "virtual release of confessed murderers" of two senior American diplomats and one Belgian in 1973. The State Department said the Sudanese authorities had violated a promise to punish the eight guerrillas severely. The terrorists were flown from Khartoum to Cairo. Top United States officials in Washington privately expressed anger. [New York Times]
  • The Soviet Union has sent its chief negotiator of border issues with China to Peking in an effort to revive the long-stalled talks. Leonid Ilyichev, a deputy foreign minister, resumed his role after being absent from the talks for about 11 months. Chinese sources said the move was a Soviet initiative and that they had agreed to receive him. It is timed to the eve of President Nixon's visit in Moscow. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 828.85 (+12.52, +1.53%)
S&P Composite: 88.98 (+1.29, +1.47%)
Arms Index: 0.77

Total Volume11.92
* 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
June 24, 1974816.3387.699.95
June 21, 1974815.3987.4611.83
June 20, 1974820.7988.2111.99
June 19, 1974826.1188.8410.55
June 18, 1974830.2689.4510.11
June 17, 1974833.2390.049.68
June 14, 1974843.0991.3010.03
June 13, 1974852.0892.3411.54
June 12, 1974848.5692.0611.15
June 11, 1974852.0892.2812.38

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