News stories from Friday June 28, 1974

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

President Nixon and the Soviet leader, Leonid Brezhnev, moved toward an agreement that would reduce the number of anti-missile defense systems permitted under the treaty they signed two years ago. Authoritative sources said that negotiations at the Kremlin had focused on limiting each nation to a single anti-missile complex instead of the two now allowed. The 1972 agreement permitted the United States and the Soviet Union to maintain two complexes with up to 100 launches each, one to protect the Capital region, and the other to guard offensive strategic missiles. [New York Times] High administration officials have disclosed that President Nixon went to Moscow with his two top advisers on national security, Secretary of State Kissinger and Secretary of Defense James Schlesinger, still in disagreement over what would constitute an acceptable accord now to limit strategic nuclear weapons. Mr. Kissinger and Mr. Schlesinger were described as having the kind of fundamental differences where neither can be shown to be right or wrong. One administration official said that "it is a matter of judgment and the President has a clear choice." [New York Times] The word "personal" was dropped from the official Soviet translation of a speech by President Nixon in Moscow in which he said that the "personal relationship" between him and Mr. Brezhnev would be the basis for continued Soviet-American détente. The deletion caused a controversy and it was interpreted by some in Moscow as indicating that the Soviet government did not want to tie relations with the United States to a President involved in impeachment proceedings. [New York Times] Chairman Peter Rodino of the House Judiciary Committee was accused of bias by some Republicans, and a White House spokesman called for his discharge as head of the impeachment inquiry. A partisan furor followed an article in the Los Angeles Times that quoted Mr. Rodino as saying that all 21 Democrats on his committee were prepared to vote for President Nixon's impeachment. The chairman went to the House floor and denied and denounced the story and said there was no chance that he would resign. [New York Times] John Ehrlichman's lawyers, offering a new defense in the White House "plumbers" case, accused David Young, one of the co-conspirators in the Watergate prosecutor's case, and who is expected to be a key prosecution witness, of falsifying statements and documents against Mr. Ehrlichman "in order to save his own neck." [New York Times] The three year-old case of William Farr, a newspaper reporter who has been held in Los Angeles for contempt of court, took another turn with the indictment of the chief prosecutor and a defense lawyer in the 1970 Charles Manson murder trial on three counts each of perjury. Vincent Buglosi, the prosecutor, and Daye Shinn, a defense attorney, were accused of perjuring themselves in denying they were the sources of an article by Mr. Farr about the Manson trial in the Los Angeles Herald Examiner. [New York Times] The State Department said it had been informed that the eight Palestinian guerrillas who were convicted of killing two senior American diplomats add a Belgian in the Sudan last year were now in prison in Egypt. The department had denounced the virtual release of the eight men after commutation of their life sentences by the Sudanese government on Monday. [New York Times] In Portuguese Guinea, soldiers of the African Party for the Independence of Guinea and Cape Verde and troops of the Portuguese Army gingerly confronted each other, but the tension dissolved in smiles and handshakes. It was another of the fraternization meetings that have become daily occurrences between the two armies. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 802.41 (-1.25, -0.16%)
S&P Composite: 86.00 (-0.31, -0.36%)
Arms Index: 0.97

	Issues	Volume*
Advances	439	3.36
Declines	941	7.00
Unchanged	386	1.65
Total Volume		12.01

* 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 27, 1974	803.66	86.31	12.65
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