News stories from Thursday August 22, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A landmark pension reform bill that sets standards for private pension plans and is intended to protect the pension rights of 30 million employees who belong to company and union plans was approved by the Senate, 85 to 0. President Ford is expected to sign it. The bill would establish a pension benefit guarantee corporation under the Department of Labor. [New York Times]
- The House Judiciary Committee published its final impeachment report, providing the historical, official record on which former President Nixon, had he not resigned, would have been brought to trial in the Senate. The 528-page document gives in detail the "clear and convincing evidence" on which the committee concluded that Mr. Nixon had obstructed justice in the Watergate case, had abused his presidential powers for his personal and political benefit and had defied congressional demands for information. It also sets precedents for impeachment proceedings by future Congresses. [New York Times]
- The Watergate cover-up trial, which was scheduled to start Sept. 9, was postponed by federal Judge John Sirica to Sept. 30 at the urging of the Court of Appeals. The postponement gives the parties to the case at least some of the additional time they said was necessary to prepare for the trial. It also gives Leon Jaworski, the Watergate special prosecutor, more time to resolve the legal status in the Watergate case of former President Nixon. [New York Times]
- President Ford's advisers have recommended that the Office of Management and Budget be stripped of its policy-making power, according to Secretary of the Interior Rogers C. B. Morton, one of the four advisers appointed by Mr. Ford to aid him in the transition from the Nixon administration. Mr. Morton, in remarks to reporters, indicated that Mr. Ford had approved the recommendation. He said the "Office of Management and Budget was becoming too involved in the policy development of the departments" under the Nixon administration, and consequently had "inhibited the creativity" of the departments and cabinet officers. [New York Times]
- Premier Bulent Ecevit said that Turkey could compensate for any weaknesses in the United States defenses in the Mediterranean caused by Greece's military withdrawal from the North Atlantic Treaty Organization. He said in an interview that "even though Greek withdrawal from the military structure of NATO would inevitably cause some damage to the eastern flank of NATO, I think we would be in a position to compensate this to a large extent." [New York Times]
- The civilian leaders of the Greek Cypriote and the Turkish Cypriote administrations in Cyprus agreed to meet each other for the first time since the Turkish army gained control of 40 percent of the island. The meeting is expected to take place next week, after the scheduled visit to Cyprus of Secretary General Waldheim of the United Nations. [New York Times]
- President Park Chung Hee of Korea lifted two politically repressive emergency decrees. One forbade all discussion, criticism and demands for revision of the Constitution. The second prohibited all dissent against the government and its policies. He said there would be no amnesty now for opponents of the government who had been arrested and tried under the two emergency decrees. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 704.63 (-6.96, -0.98%)
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* |
| August 21, 1974 | 711.59 | 73.51 | 11.65 |
| August 20, 1974 | 726.95 | 74.95 | 13.82 |
| August 19, 1974 | 721.84 | 74.57 | 11.67 |
| August 16, 1974 | 731.54 | 75.67 | 10.51 |
| August 15, 1974 | 737.88 | 76.30 | 11.13 |
| August 14, 1974 | 740.54 | 76.73 | 11.75 |
| August 13, 1974 | 756.41 | 78.49 | 10.14 |
| August 12, 1974 | 767.29 | 79.75 | 7.78 |
| August 9, 1974 | 777.30 | 80.86 | 10.16 |
| August 8, 1974 | 784.89 | 81.57 | 16.06 |