News stories from Monday June 24, 1974

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

In an attempt to accelerate the impeachment inquiry, the House Judiciary Committee issued four -- and what were described as its final -- subpoenas for 49 more White House tape recordings and authorized President Nixon's defense counsel to begin presenting rebuttal evidence Thursday. A committee resolution permitting James St. Clair, Mr. Nixon's chief defense lawyer, to offer rebuttal evidence orally and in writing stipulated that it must be factual, not argumentative or interpretive. [New York Times] The White House disclosed that President Nixon had recently suffered from phlebitis, an inflammation in a leg vein, but said that it had presumably abated. A spokesman quoted Dr. Walter Tkach, the President's physician, as having said: "The President is in good health and is looking forward to his trip to Brussels and the Soviet Union." President Nixon will start on his trip tomorrow. [New York Times] President Nixon held a meeting with his economic advisers and said afterward that the government would try to limit spending in the new fiscal year, which begins Monday, and that he was adopting a more stringent budgetary policy as a means of coping with inflation. He said that he planned to cut the budget estimate for the new fiscal year by $5 billion, and he also announced his intention of bringing the budget for fiscal year 1976 into balance. [New York Times] The weakened economic situation was reflected in developments on both sides of the Atlantic. Interest rates in the United States continued upward, contributing to the weakening of both the pound and stock prices in London. A large Chicago bank and five California banks raised their lending rate to corporate borrowers.In London, the pound dropped sharply -- more than 2 cents against the dollar -- and the already weak stock market sank to another 15-year low. Italy's Treasury predicted the nation's balance-of-payment deficit would be $10 billion this year. [New York Times] The Treasury Department announced that in the new fiscal year that starts Monday, New York State will get a $22 million increase in federal revenue-sharing funds, bringing the state's annual share up to $690 million, the largest amount received by any of the states. The $22 million was part of a total of $32 million more in the funds announced by the Treasury for New York, New Jersey and Connecticut. [New York Times] Many law enforcement authorities believe that New York state's stringent new anti-drug laws have not measurably slowed the overall flow of drugs or driven major narcotics dealers out of business. But they said that since last Sept. 1, when the laws became effective, there have been increasingly long sentences for addicts and small-scale pushers. [New York Times] Secretary of State Kissinger, at a news conference on the eve of President Nixon's departure for the Soviet Union, said that the United States and the Soviet Union were hoping to announce an agreement in principle for a limitation on underground nuclear tests at the meetings to be held by President Nixon and Leonid Brezhnev, the Soviet Communist party leader. But he said that he was uncertain how much headway would be made toward another accord limiting strategic arms. [New York Times] Mr. Kissinger also said at the press meeting that assertions that he negotiated secret arrangements in the missile limitation agreement of 1972 between the United States and the Soviet Union were "totally false in every detail." However, Senator Henry Jackson, Democrat of Washington, continued to take issue with the Secretary's interpretation of the agreement. [New York Times] Prime Minister Wilson announced that Britain's first nuclear bomb test in nine years was carried out "a few weeks ago" in Nevada. His announcement caused dismay and anger in the left wing of his Labor party, which was also not satisfied with Mr. Wilson's explanation that arrangements for the test had been made by the former Conservative government. [New York Times] After a Sudanese court earlier in the day had sentenced the eight Palestinian guerrillas who killed two American diplomats and a Belgian in a siege of the Saudi Arabian Embassy in Khartoum 15 months ago to life imprisonment, President Gaafar al-Nimeiry of the Sudan decided to hand them over to the Palestine Liberation Organization. General Nimeiry's decision meant that the guerrillas would be freed promptly. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 816.33 (+0.94, +0.12%)
S&P Composite: 87.69 (+0.23, +0.26%)
Arms Index: 0.92

	Issues	Volume*
Advances	580	3.89
Declines	728	4.47
Unchanged	435	1.61
Total Volume		9.97

* 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 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
June 12, 1974	848.56	92.06	11.15
June 11, 1974	852.08	92.28	12.38
June 10, 1974	859.67	93.10	13.54