News stories from Thursday June 27, 1974

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

The "strengthening of universal peace" was pledged in Moscow by President Nixon and Leonid Brezhnev, the Soviet leader. Mr. Nixon was warmly welcomed as he arrived for his third summit meeting with Mr. Brezhnev. A dinner was given for Mr. Nixon in the Great Kremlin Palace, and in an exchange of toasts he and Mr. Brezhnev expressed hope that significant progress could be made in the control or nuclear weapons. Mr. Brezhnev spoke out against critics of detente in the United States. [New York Times] Announcing its sixth major price increase for its 1974 models, the Chrysler Corporation said it was acting to keep up with the rising price of steel, Effective July 1, Chrysler cars will average $60 higher in price -- about $49 on the basic price and $11 for options. [New York Times] Vincent de Roulet, a former Ambassador to Jamaica, apparently received an "express commitment" of a more attractive embassy in return for a $100,000 campaign contribution to President Nixon and other Republican candidates, a Senate panel has been told. Herbert Kalmbach, who was President Nixon's personal lawyer, made assurances of a reassignment to Mr. de Roulet, who subsequently fulfilled the $100,000 pledge, according to a draft report of the Senate Watergate committee. [New York Times] President Nixon's lawyers began their rebuttal to evidence gathered by impeachment inquiry lawyers. James St. Clair, Mr. Nixon's chief defense lawyer, cited sworn testimony by John Dean in an attempt to convince the House Judiciary Committee that the President had committed no wrongdoing that would justify impeachment. [New York Times] Members of the House Judiciary Committee said that they believed the wounds from Wednesday night's partisan battle over the calling of impeachment witnesses need not be permanent, but Republicans insisted that the Democratic majority would have to make some concessions. [New York Times] A jury of six men and six women was sworn in at the trial in Washington of John Ehrlichman, a senior presidential aide, and three persons accused of conspiring to commit a burglary. [New York Times] An energy research and nuclear reorganization bill that emphasizes safety and seeks to protect development of non-nuclear energy sources, such as coal and sunlight, was sent by a Senate committee to the floor. The measure is said to go well beyond a similar measure approved by the House. [New York Times] A report to be published tomorrow under the sponsorship of the Carnegie Commission on Higher Education charges that the affirmative action program by which the federal government is compelling colleges and universities to hire more women and blacks is lowering standards and undermining faculty quality. It asserts that institutions are "playing musical chairs," pirating the limited number of minority faculty members from each other. [New York Times] France and Iran signed in Paris a massive 10-year, $4 billion development agreement. It included a provision for the sale to Iran of five 1,000-megawatt nuclear reactors worth $1.1 billion. The agreement will make France Iran's principal industrial partner and is expected to greatly ease France's balance of payments problem provoked by spiraling oil prices. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 803.66 (-13.30, -1.63%)
S&P Composite: 86.31 (-1.30, -1.48%)
Arms Index: 1.88

	Issues	Volume*
Advances	258	1.21
Declines	1,128	9.96
Unchanged	363	1.48
Total Volume		12.65

* 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 26, 1974	816.96	87.61	11.41
June 25, 1974	828.85	88.98	11.92
June 24, 1974	816.33	87.69	9.95
June 21, 1974	815.39	87.46	11.83
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