News stories from Wednesday July 3, 1974

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

A Senate Watergate Committee inquiry has brought to light a tale of a drunken and despondent Central Intelligence Agency aide who apparently told what he knew to a Soviet agent somewhere in an unnamed Latin American country. [New York Times] The House Judiciary Committee, in a closed session, heard from two key witnesses in the $75,000 payment to E. Howard Hunt. Members agreed that Paul O'Brien, a lawyer, had quoted Mr. Hunt as saying that if he did not get the money he sought he would disclose "seamy things" he had done for the White House. Neither Mr. O'Brien nor the other witness, Fred LaRue, said the President had ordered or acquiesced in the payment and, if so, whether he had done so to keep Mr. Hunt from testifying freely. [New York Times] The typical American family managed to keep a little bit ahead of inflation on an income of $12,051 last year, according to the Census Bureau. It said there was a 1.5 million decline in the number of persons below the official poverty level. But the definition of that level, while allowing for some price changes, did not take into account that food takes a greater proportion of income for the poor than for the middle class. [New York Times] President Nixon and Leonid Brezhnev in a friendly but restrained ceremony ended their third summit meeting by signing a communique in which they said their countries would seek a new interim accord on limiting offensive nuclear weapons. The six-day talks failed to devise a permanent agreement. Secretary of State Kissinger observed that the military establishments of both countries must be convinced of the benefits of restraint. [New York Times] Secretary of Defense Schlesinger rejected as unfounded the suggestion by Secretary of State Kissinger that the Pentagon had impeded progress toward further agreement with the Soviets on limiting offensive nuclear arms. He expressed confidence that the military establishment is under firm civilian control. [New York Times] Soviet television technicians for the second night in a row refused to transmit an outgoing American broadcast about Soviet dissent. Although officials expressed "regret" after the previous interruption of seven broadcasts, equipment was turned off when a C.B.S. correspondent tried to send a report on the hunger strike of Andrei Sakharov, the dissident physicist. [New York Times] The defense council of the Arab League met in Cairo to hear appeals from Lebanon and the Palestine Liberation Organization for help in protecting refugee camps in Lebanon from Israeli attacks. The Lebanese Premier said it should be a collective task but made no specific proposal during a brief open session. The Palestine Liberation Organization said Arab governments should be ready to reimpose an oil embargo on the United States and other countries. [New York Times] France's three-channel television network will be divided into independent, competing units but will continue under state control. Premier Jacques Chirac said that if the change failed to cut costs and improve programs, the government might consider introducing commercial television. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 792.87 (+2.19, +0.28%)
S&P Composite: 84.25 (-0.05, -0.06%)
Arms Index: 0.86

	Issues	Volume*
Advances	559	4.99
Declines	811	6.23
Unchanged	391	2.21
Total Volume		13.43

* 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 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
June 19, 1974	826.11	88.84	10.55