News stories from Tuesday July 16, 1974

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

The House Judiciary Committee released testimony of Clark Mollenhoff, a former White House staff member, that H.R. Haldeman told him in 1970 that President Nixon personally wanted a report on an Internal Revenue Service investigation of Gov. George Wallace of Alabama. The testimony showed that Mr. Nixon's first two I.R.S. commissioners confirmed earlier indications that they had offered their resignations .in the face of White House pressures to take actions they thought improper. [New York Times] Senior officials of the House Judiciary Committee said that its special counsel, John Doar, would take a forceful line urging impeachment of President Nixon when he presented his brief late this week. He was said to believe that the evidence led to that conclusion. Senior committee Republicans took strong exception. [New York Times] The five-day strike of Baltimore's 2,800 policemen ended with all but 100 resuming normal assignments. Many were bitter because the new two-year agreement omitted any promise of amnesty from departmental discipline for those who walked out. [New York Times] Archbishop Makarios, deposed as President of Cyprus in a coup that heightened international tensions, flew to Malta from a British air base on Cyprus where he had taken refuge. He was expected in London and then reportedly at the United Nations to press the cause of his ousted government. Greek sources said his home town of Paphos had fallen to rebel forces. [New York Times] The British government, as a guarantor of the Cyprus independence treaty, was heavily involved in diplomatic efforts to head off a conflict between Greece and Turkey. Foreign Minister James Callaghan said Greece was being asked to withdraw her officers from the Cyprus National Guard, which overthrew President Makarios, in effect to reverse the coup. [New York Times] The United Nations Security Council heard the delegate of President Makarios's Cypriote government call for a cease-fire and for aid in preventing intervention by outside military forces. But after the United States and Britain had contended more facts were needed, the council adjourned without taking any immediate action. [New York Times] Washington officials said the United States was leaning hard on Greece and Turkey to keep a dangerous situation in Cyprus from getting out of hand. An interagency special action group was convened. The United States reportedly believed National Guard units had seized effective power. It now seeks to discourage Turkish involvement. [New York Times] The Greek government called the Cyprus coup an internal affair of an independent state and said Athens would not interfere. But some former politicians and average citizens share Makarios's broadcast view, accusing the Greek regime of trying to impose a "dictatorship" in Cyprus. Right-wingers are rejoicing and calling Makarios a traitor to Hellenism. [New York Times] In Ankara the Soviet Ambassador conferred with Turkey's President and then said his country supported "those who are fighting against insurgents." The Turkish Premier, Bulent Ecevit, said Greece was trying to change the status of the independent republic. He said Turkey had asked Britain to help implement the 1960 agreement on Cyprus. [New York Times] President Valery Giscard d'Estaing appointed Francoise Giroud, writer, co-founder of the news magazine L'Express and a leading feminist, to the new post of Secretary of State for the Condition of Women. She accepted after presumably receiving assurances that she would have scope for a program going beyond such domestic concerns as "brassieres and dishwashing." [New York Times]

Stock Market Report

Dow Jones Industrial Average: 775.97 (-10.64, -1.35%)
S&P Composite: 82.81 (-0.97, -1.16%)
Arms Index: 1.33

	Issues	Volume*
Advances	459	2.39
Declines	894	6.17
Unchanged	393	1.36
Total Volume		9.92

* 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 15, 1974	786.61	83.78	13.58
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