News stories from Friday July 5, 1974

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

The Labor Department reported that the unemployment rate remained unchanged at 5.2 percent in June, holding at a level that has been essentially stable for five consecutive months. Herbert Stein, chairman of the President's Council of Economic Advisers, said that the unemployment rate "is one of the more gratifying economic developments of 1974 so far." However, there was at least one puzzling conflict in the agency figures. [New York Times] As the prosecution rested its case in the conspiracy trial of John Ehrlichman and three other defendants, Judge Gerhard Gesell of the Federal District Court in Washington ordered Secretary of State Kissinger to "hold himself in readiness" for a possible appearance as defense witness. Mr. Kissinger had been subpoenaed to appear today, but his lawyers presented a motion to quash the subpoena on the ground that he had no information relating to the break-in at the office of Dr. Lewis Fielding, who was Dr. Daniel Ellsberg's psychiatrist, the central incident on which the conspiracy charged is based. [New York Times] Offering an incentive to lenders, the Department of Housing and Urban Development and the Veterans Administration announced that they would increase interest rates on F.H.A. and V.A.-insured home mortgages to 9 percent from 8¾ per cent, effective Monday. In announcing the increase, James Lynn, Secretary of Housing and Urban Development, said that the increase was necessary because mortgage lenders were reluctant to take on government-guaranteed loans when they could get a return of up to 12 percent on loans. [New York Times] At the women's final at the Wimbledon tennis championships, Chris Evert of the United States, in just under an hour, defeated Olga Morozova of the Soviet Union, 6-0, 6-4, and added the Wimbledon tennis title to the Italian and French titles that she won a few weeks ago. She was the runner-up a year ago in all three of the tournaments. At the age of 19, Miss Evert, of Fort Lauderdale, Fla., was the youngest winner of the Wimbledon women's singles since Maureen Connolly, also an American, took the title in 1952 at the age of 17. [New York Times] The State Department said that William Macomber, the United States Ambassador to Turkey, had been called back for consultation because of the strained Turkish-American relations resulting from Turkey's decision to resume the cultivation of opium poppies. Turkey was once the main source of illegal heroin in the United States. On Monday, Turkey lifted her ban -- imposed in 1971 as part of an agreement with the United States -- on cultivation of the poppy. The 1971 arrangement included an American pledge to give Turkey $35.7 million over a four-year period as compensation. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 791.77 (-1.10, -0.14%)
S&P Composite: 83.66 (-0.59, -0.70%)
Arms Index: 1.41

	Issues	Volume*
Advances	523	2.01
Declines	755	4.08
Unchanged	410	1.31
Total Volume		7.40

* 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*
July 3, 1974	792.87	84.25	13.43
July 2, 1974	790.68	84.30	13.46
July 1, 1974	806.24	86.02	10.27
June 28, 1974	802.41	86.00	12.01
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