News stories from Thursday July 11, 1974

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

The House Judiciary Committee made public the voluminous evidence it has received in its impeachment inquiry into President Nixon's role in the Watergate affair. Much of the material had been made public previously. There were no startling disclosures, but the 4,133-page record showed a pattern of concern by Mr. Nixon and his aides, going back to within two weeks from the Watergate break-in, about possible further revelations.President Nixon responded to the committee's massive compilation of evidence against him with a defense focusing on the argument that he did not authorize hush money payments to the Watergate burglars. He told the committee in a 242-page response prepared by his lawyers exactly what he has said publicly for months: that he first learned of the Watergate cover-up on March 21, 1973; that he then tried to ascertain the facts, and that he then took steps to bring the facts to the proper authorities. [New York Times] In what a member of the House Judiciary Committee said was "a real bloodletting," James St. Clair, President Nixon's chief defense lawyer tried to discredit John Dean before the committee. It was the first time that Mr. St. Clair or any of Mr. Nixon's other lawyers had to cross-examine Mr. Dean, the President's former counsel who became the chief witness against the President. [New York Times] President Nixon, his funds depleted by paying federal income tax assessments, will be unable to meet his share of the $600,000 payment due Sunday on his estate in San Clemente, Calif., said a lawyer representing him in the matter. Mr. Nixon, the lawyer said, has asked for an extension of six months. [New York Times] President Nixon met privately with a group of leading business executives and economists, whom he had summoned for a discussion of the economy, and repeatedly expressed the fear that Congress would pass "silly" and "dangerous" legislation if the administration miscalculated its anti-inflation program and tipped the economy into a recession. He ruled out any tax changes for this year and said that he would make a major speech or statement on the economy within a week or 10 days. [New York Times] The Senate voted 64 to 31 to repeal the controversial "no knock" provision in the federal drug laws. An amendment to strike the provision from the law was added to an $875 million authorization measure that was passed to extend the Drug Enforcement Administration for five years. The legislation must be approved by the House, where its prospects are uncertain. [New York Times] An undetermined number of federal prisoners seized United States marshals and lawyers at the Federal District Courthouse in Washington and reportedly threatened to kill the hostages unless they were granted safe conduct out of the country. At least two armed prisoners had overpowered four marshals and two lawyers and a female secretary in a cellblock. [New York Times] President Antonio de Spinola of Portugal dismissed the rest of the two-month-old civilian provisional cabinet as a prelude to the formation of a new cabinet that well-informed sources said would be dominated by military officers. The sources said an army officer would be named premier and other officers would get key cabinet posts. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 759.62 (-2.50, -0.33%)
S&P Composite: 79.89 (-0.10, -0.13%)
Arms Index: 0.87

	Issues	Volume*
Advances	554	5.47
Declines	780	6.69
Unchanged	453	2.48
Total Volume		14.64

* 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 10, 1974	762.12	79.99	13.49
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