News stories from Wednesday July 10, 1974

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

A draft staff report of the Senate Watergate Committee has disclosed what it described as additional information supporting the charge that Charles "Bebe" Rebozo gave or lent part of a $100,000 "campaign contribution" to President Nixon's secretary and two younger brothers. It contradicted the President's public assertions and Mr. Rebozo's sworn statements that the money was returned to its donor. [New York Times] A federal grand jury in Jacksonville indicted Senator Edward Gurney of Florida and six other men of running an influence-peddling and extortion racket since 1971. It named 39 contractors and real estate developers as unindicted co-conspirators. Two of the six men accused with Senator Gurney were officials of the Department of Housing and Urban Development in Florida. [New York Times] It was by President Nixon's personal decision, White House officials disclosed, that his discussion of the Watergate cover-up in taped conversation on March 22, 1973, was not included in the White House version of the transcripts. His remarks, included in the House Judiciary Committee version released Tuesday, were said to be of "dubious relevancy" to his role in the case. [New York Times] President Nixon's sworn, written answers to six questions from John Ehrlichman's defense in the trial over the break-in into the office of Dr. Daniel Ellsberg's former psychiatrist were read to the jury. He was thus in effect the final witness as the defense concluded its case. He said that he had not authorized a search of the physician's files, and that he had set up the "plumbers" unit largely to halt vital security information leaks. [New York Times] A major report on alcohol and health has found that alcoholism and related problems are costing the nation more than $25 billion a year and that most American youth are drinking at least occasionally. Lost work, medical expenses and motor vehicle accidents account for most of the economic cost, the report said. [New York Times] Former Attorney General John Mitchell reportedly asserted he had a loss of memory on Watergate when testifying in a closed session of the House Judiciary Committee. He had been summoned by the President's counsel, but committee members of both parties said later that his answers had been too vague to help or hurt Mr. Nixon. [New York Times] An Israeli commission of inquiry on the Maalot incident in which 20 Israeli students were killed has found that copies of letters in Hebrew from Arab gunmen were not relayed by Israeli officials to the cabinet in Jerusalem. The commission said the precise terms would have aided the government in deciding earlier on its options. [New York Times] Arab oil ministers agreed to lift their oil embargo against the Netherlands, imposed nine months ago as a protest against support for Israel in the Middle East war. The decision came at a Cairo meeting. [New York Times] Prominent citizens announced the formation of the American Committee on U.S.-Soviet Relations, supporting the trend toward their improvement. Founders, at a news conference, sought to combat anti-detente views of Senator Henry Jackson and others. John Kenneth Galbraith of Harvard stressed that many Democrats disputed the impression that detente belonged to the administration as a partisan issue. [New York Times] Portugal's President, Antonio de Spinola, called in Premier Adelino da Palma Carlos, who with four of his cabinet ministers had submitted their resignations, in an effort to patch up the civilian coalition government. Communists, Socialists and centrists supported the attempt since the alternative would be military rule. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 762.12 (-10.17, -1.32%)
S&P Composite: 79.99 (-1.49, -1.83%)
Arms Index: 1.75

	Issues	Volume*
Advances	365	1.98
Declines	1,036	9.85
Unchanged	386	1.66
Total Volume		13.49

* 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 9, 1974	772.29	81.48	15.58
July 8, 1974	770.57	81.09	15.51
July 5, 1974	791.77	83.66	7.40
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