News stories from Thursday June 20, 1974

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

Transcripts of some of President Nixon's Watergate tape recordings made available for the first time through the House Judiciary Committee show many significant differences from the edited transcripts given out by the White House. The new version suggests President Nixon knew of some elements of the Watergate scandal before he met with John Dean on March 21, 1973. [New York Times] The House of Representatives passed its first major housing bill since 1968. The measure reactivates a program of aid to housing for the elderly phased out in 1969. The bill lumps various federal housing programs into bloc grants that localities use largely as they see fit. The bill was passed by a vote of 352 to 25, but it now heads for a House-Senate conference that is expected to be long and difficult. [New York Times] Members of the House Judiciary Committee disclosed that the Internal Revenue Service seriously considered charging President Nixon with income tax fraud. They decided on the lesser charge of negligence for underpayment of more than $400,000, on which he was assessed a 5 percent penalty. [New York Times] A Washington meeting of state, county and city consumer protection officials agreed to form a national organization. Its goals will include pressing for federal and state consumer legislation, exchange of information on problems, and giving a counter-voice to business on consumer issues. Those attending unanimously favored pending legislation to establish a federal Consumer Protection Agency. [New York Times] The troubled Franklin National Bank disclosed that its losses in the first five months of 1974 have reached $64.6 million, some $25 million more than it indicated six weeks ago. Former Treasury Secretary Joseph Barr took over from Harold Gleason as chairman, president and chief executive. New York Clearing House figures indicated the bank's deposits fell by $100 million for the fifth straight week. [New York Times] In his campaign against Senate restrictions on Soviet American trade, Secretary of State Kissinger is said to have told Senators that Moscow is prepared to issue a written guarantee to allow 45,000 Jews to emigrate each year and a statement on harassment of would-be emigrants. The Senators have reportedly called the pledge on harassment unacceptably vague. [New York Times] Preparations for next week's summit meeting in Moscow are less advanced than before the previous two Nixon-Brezhnev sessions, according to some Soviet quarters in Moscow. Agreements may be signed on trade and underground nuclear testing. Strategic arms controls and lesser areas such as shipping and energy are said to be still unresolved. As a result, the Soviet press build-up is relatively modest. [New York Times] Israeli planes attacked Palestinian camps in South Lebanon for the third day, reportedly killing at least 20 people and wounding scores. The Lebanese Defense Ministry said the planes had been fired at but did not say whether any had been hit.In Jerusalem, official sources said the raids against targets in Lebanon reflected a new government policy of pre-emptive attacks against guerrilla bases. The sources said the purpose of the new policy was to disrupt the guerrilla organizations and to pressure the Lebanese government into curbing guerrilla activity in Southern Lebanon. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 820.79 (-5.32, -0.64%)
S&P Composite: 88.21 (-0.63, -0.71%)
Arms Index: 1.44

	Issues	Volume*
Advances	391	2.32
Declines	940	8.03
Unchanged	403	1.64
Total Volume		11.99

* 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 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
June 7, 1974	853.72	92.55	19.02
June 6, 1974	845.35	91.96	13.35