News stories from Thursday June 13, 1974

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

Highly reliable sources said that Secretary of State Kissinger was not "a target" of the Watergate prosecutor's investigation of the Nixon administration's secret wiretapping program. And one source said that the prosecutor's office had told the Senate Foreign Relations Committee that it had no indication of any criminal liability on the part of Mr. Kissinger.A majority of the Senate membership endorsed a proposed resolution declaring Secretary of State Kissinger's integrity and veracity to be "above reproach." Among those who endorsed the measure were members of the Foreign Relations Committee, which has agreed to review Mr. Kissinger's role in the secret decision to institute wiretaps of 17 officials and newsmen. Mr. Kissinger has threatened to resign if he is not cleared of allegations that he played a greater role in the wiretapping than he acknowledged in sworn testimony before the committee. [New York Times] The House Judiciary Committee reportedly heard evidence of efforts by White House officials to use the Internal Revenue Service for President Nixon's political benefit. Committee members said that, in most instances reviewed at a closed committee session, the I.R.S. had refused to cooperate with White House aides. [New York Times] Fred Buzhardt, one of President Nixon's key Watergate defense lawyers, suffered an apparent heart attack and was rushed to a Virginia hospital where he was reported in serious condition. His illness could create difficulties for Mr. Nixon since Mr. Buzhardt has been in overall charge of the President's defense, according to some sources, and is reportedly more familiar with tapes and documents related to Watergate than anyone else in the White House. [New York Times] President Nixon announced that President Anwar Sadat of Egypt would make a state visit to the United States before the end of the year, the latest of several signs that the two leaders have developed a close relationship during Mr. Nixon's triumphant visit to Egypt. Today the two men were again acclaimed by hundreds of thousands of cheering Egyptians as they journeyed by train from Cairo to Alexandria. [New York Times] Four Arab terrorists attacked a kibbutz in northern Israel and killed three women before being killed during a gunfight with members of the kibbutz. The Popular Front for the Liberation of Palestine General Command promptly issued a statement claiming responsibility for the abortive raid and calling it a response to President Nixon's Middle East trip. [New York Times] Three Lebanese villages on the eastern slopes of Mount Hermon were shelled by Israeli artillery and Lebanon returned the fire, according to a military communique in Beirut, which said an Israeli military unit had been intercepted in the same area and forced to fall back. [New York Times] Prince Charles, the heir to the British throne, delivered his maiden speech from the floor of the House of Lords, the first such address made by a member of the royal family in 90 years. His plea for more government support of recreation seemed less significant than his appearance, which served to focus attention on the 25-year-old Prince of Wales. In the gallery as the Prince's guest was 20-year-old Laura Jo Watkins, an American. [New York Times] The 20 nations negotiating world monetary reform agreed to a series of "interim" arrangements pending an eventual return to more stable currency exchange rates. The arrangements are designed to promote financial harmony and to help the less-developed countries. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 852.08 (+3.52, +0.41%)
S&P Composite: 92.34 (+0.28, +0.30%)
Arms Index: 1.02

	Issues	Volume*
Advances	648	4.85
Declines	671	5.14
Unchanged	411	1.55
Total Volume		11.54

* 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 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
June 5, 1974	830.18	90.31	13.68
June 4, 1974	828.69	90.14	16.04
June 3, 1974	821.26	89.10	12.49
May 31, 1974	802.17	87.28	10.81
May 30, 1974	803.58	87.43	13.58