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Tuesday August 6, 1974
. . . where the 1970s live forever!

News stories from Tuesday August 6, 1974


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

  • President Nixon told his cabinet he would not resign but remain in office while the constitutional impeachment process ran its course. Vice President Ford, top White House aides and Republican National Chairman George Bush attended the meeting. In statements later, none suggested Mr. Nixon thought he would win, simply that he would stick it out in the belief he had committed no impeachable offense. [New York Times]
  • President Nixon's support in the Senate crumbled -- and with it, apparently, the prospect of long survival for his presidency. Senator Robert Dole, a conservative Kansas Republican, said that if the President had 40 votes a week ago, it had fallen to 20 at most -- not even close to the 34 he would need to survive a Senate trial. Another Republican Senator, unwilling to be quoted, guessed that 10 members would stand by him on the basis of current evidence. [New York Times]
  • President Nixon's political friends in the House of Representatives joined one by one in a march toward impeachment. The House minority leader, John Rhodes of Arizona, announced he would vote for it because "cover-up of criminal activity and misuse of federal agencies can neither be condoned nor tolerated." The impeachment tide rose to the point that Democratic and Republican leadership decided one week of floor debate rather than two would be enough. [New York Times]
  • The Senate Foreign Relations Committee unanimously cleared Secretary of State Kissinger of allegations that he had misled it on his role in the wiretapping of 17 officials and newsmen from 1969 to 1971. It acted after six closed-door hearings. Senator Hubert Humphrey, Democrat of Minnesota, called the study "very exhaustive" and described the Secretary as "a tremendous national asset." [New York Times]
  • Dr. Arthur Burns, the chairman of the Federal Reserve Board, proposed a $4 billion program of public service employment if the nation's unemployment rate should rise above 6 percent of the labor force. This would create some 800,000 jobs in state and local government. He told a receptive Joint Economic Committee of the House and Senate that this would ease the pain of budgetary and monetary restraint on the economy to curb inflation. [New York Times]
  • Israel is now prepared to open talks with Jordan involving some military withdrawal from the Jordan River and some Jordanian civilian administration in the occupied West Bank area, according to senior officials in Jerusalem. According to government sources, preliminary contacts began in late May when Secretary of State Kissinger arranged a secret desert meeting between King Hussein of Jordan and Premier Golda Meir and Defense Minister Moshe Dayan before they left office. [New York Times]
  • Military delegates from Turkey and Greece met in Nicosia to discuss Cyprus cease-fire lines while fighting continued elsewhere on the island. Turkish armored infantry drove Greek Cypriote defenders out of two more northern villages. Osman Orek, defense minister of the Turkish Cypriote community, said at a news conference there could be no cease-fire while Turkish Cypriotes were in areas controlled by the Greek Cypriote National Guard. [New York Times]


Stock Market Report

Dow Jones Industrial Average: 773.78 (+13.38, +1.76%)
S&P Composite: 80.52 (+1.23, +1.55%)
Arms Index: 0.78

IssuesVolume*
Advances1,04810.63
Declines3873.08
Unchanged3532.07
Total Volume15.78
* 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
DateDJIAS&PVolume*
August 5, 1974760.4079.2911.23
August 2, 1974752.5878.5910.11
August 1, 1974751.1078.7511.47
July 31, 1974757.4379.3110.96
July 30, 1974765.5780.5011.36
July 29, 1974770.8980.9411.55
July 26, 1974784.5782.4010.42
July 25, 1974795.6883.9813.31
July 24, 1974805.7784.9912.87
July 23, 1974797.7284.6512.91


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