News stories from Wednesday July 17, 1974

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

Republican members of the House Judiciary Committee are torn between pressures for and against a vote recommending impeachment. Undecided Republicans are being urged by those against impeachment to join a solid Republican bloc. Constituents are warning they could lose support either way. But the senior Republican member, Robert McClory of Illinois, said he would ignore the perils to his own career if he decided Mr. Nixon should be held accountable for "wrongdoing taking place right under the President's nose." [New York Times] A committee of Democratic members of the House reopened the battle over reorganizing its committees with a proposal that would reduce the power of the Rules Committee and increase that of the Speaker. The changes are more modest than another proposal by a bipartisan panel. [New York Times] New York City Controller Harrison Goldin reluctantly borrowed $800 million in short-term funds at an interest rate of 8.586 percent, the highest in New York's history, to meet debts due in the next few weeks. He then left for Washington to ask top federal officials to help ease the credit squeeze on cities, and won a promise from the chairman of the President's Council of Economic Advisers to consider speeding federal payments to cities. [New York Times] The United States has begun discussions with the new leadership on Cyprus but Washington insists that no decision has been made on diplomatic recognition. High American officials indicated the Nixon administration was leaning toward Nikos Giorgiades Sampson rather than President Makarios, who was overthrown in the military coup that Mr. Sampson led. [New York Times] Archbishop Makarios and Premier Bulent Ecevit of Turkey conferred separately in London with Prime Minister Harold Wilson and Foreign Secretary James Callaghan, trying to work out a common approach to reverse the Cyprus coup. Britain is reluctant to use more than diplomatic pressure on Greece. Word that the United States is dropping Archbishop Makarios adds another complication. [New York Times] Turkey took no decisive action in the Cyprus situation, in response to American and British requests. Government spokesmen expressed satisfaction with Britain's quick response to Turkey's call for consultation, but some informants said Turkey was disappointed at British reluctance to undertake joint military action. [New York Times] Most of the diplomats calling at the Foreign Ministry in Athens urged respect for an independent Cyprus and for the constitutional procedures under .which Archbishop Makarios was elected President. Privately, however, their feeling was that the coup that overthrew him had succeeded despite the Archbishop's escape from Cyprus. [New York Times] More than 40 tourists were injured and one of them was killed by a time bomb in a cellar armory of the Tower of London. There was no advance warning and no claim of responsibility for the attack. A major tourist attraction was apparently chosen for maximum emotional impact. [New York Times] West Germany approved acquisition by the Iranian government of a one-fourth interest in the steelmaking subsidiary of the giant Krupp enterprise. It was the largest move yet of an oil-producing state to invest in Western industry. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 784.97 (+9.00, +1.16%)
S&P Composite: 83.70 (+0.89, +1.07%)
Arms Index: 0.80

	Issues	Volume*
Advances	781	6.22
Declines	534	3.39
Unchanged	438	1.71
Total Volume		11.32

* 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 16, 1974	775.97	82.81	9.92
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