News stories from Monday July 15, 1974

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

Charles Colson reportedly told the House Judiciary Committee today that President Nixon had called him as late as last March 4 in search of information about the payment of $75,000 to one of the Watergate burglars. Mr. Colson, who had been indicted three days before the call, also reportedly testified that he was told last year that President Nixon had approved "the operation" by the "plumbers" unit that led to the burglary of the office of Dr. Daniel Ellsberg's former psychiatrist. [New York Times] The Internal Revenue Service, as part of its audit of President Nixon's tax returns, employed independent appraisers who valued his pre-presidential papers at less than half the $576,000 claimed by Mr. Nixon's own appraiser. This is shown in the full I.R.S. report on the audit of Mr. Nixon's income taxes. The House Judiciary Committee has copies of it and is debating whether to make it public. [New York Times] A 15-day strike by Baltimore sanitation men, jail guards and most other municipal employees ended with a wage settlement exceeding the 6 percent ceiling the city had insisted was its limit. However, many policemen refused to return to work without an unqualified amnesty for their illegal four-day strike. But many other policemen were going back to work. [New York Times] Governor Byrne's New Jersey income tax bill won its first legislative test by the narrowest possible margin when the State Assembly passed it by a vote of 41 to 38. The bill appeared to be heading for defeat, but at the last minute its supporters combed the crowded Assembly chamber for affirmative votes. The necessary majority of 41 in the 80-member chamber was obtained only after some members were paged to record their vote. [New York Times] Former New York City Mayor John Lindsay has been cast as a United States Senator, a key part, in a motion picture named "Rosebud" that is being filmed in France by Otto Preminger, the producer-director. [New York Times] Cypriote troops led by Greek officers overthrew the Government of Cyprus. There were conflicting reports on the fate of Archbishop Makarios, the country's 60-year-old President who, according to early dispatches, was killed. But later reports indicated he might have been given refuge. The rebels named Nikos Giorgiades Sampson as the new President. He is a 38-year-old Greek-Cypriote newspaper publisher who had been an assassin.Diplomats in Athens expressed fears that the coup in Cyprus might bring Greece and Turkey to the point of war, the kind of war that the members of the North Atlantic Treaty Organization barely averted 10 years ago. They fear that Athens is somehow involved in the coup and that Cypriote independence is at stake. Reacting to the news of the coup in Cyprus, Turkey's Premier, Bulent Ecevit, interrupted a speech in Afyon, the province in which opium poppy cultivation was resumed, to declare that "interference with our brethren's rights in Cyprus and any fait accompli cannot be accepted." He informed a crowd of about 5,000 poppy farmers about the "murder of Makarios." [New York Times] Apparently overruling a conciliatory gesture made last Friday by Israel's Information Minister, Aharon Yariv, Premier Yitzhak Rabin said he saw "no possibility whatsoever" of talks between Israel and Palestine Liberation Organization, and said that the key to peace in the Middle East lay in negotiations with the Arab states. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 786.61 (-0.62, -0.08%)
S&P Composite: 83.78 (+0.63, +0.76%)
Arms Index: 1.14

	Issues	Volume*
Advances	1,029	8.17
Declines	444	4.02
Unchanged	312	1.37
Total Volume		13.56

* 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 12, 1974	787.23	83.15	17.77
July 11, 1974	759.62	79.89	14.64
July 10, 1974	762.12	79.99	13.49
July 9, 1974	772.29	81.48	15.58
July 8, 1974	770.57	81.09	15.51
July 5, 1974	791.77	83.66	7.40
July 3, 1974	792.87	84.25	13.43
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