News stories from Friday July 19, 1974

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

Generalissimo Francisco Franco, gravely ill, delegated his powers as ruler of Spain to his designated successor, Prince Juan Carlos de Borbon. The 81-year-old general has been under treatment for phlebitis. His physicians said that he had suffered "a setback." [New York Times] The House Judiciary Committee's bipartisan senior lawyers urged the committee to recommend a Senate trial of President Nixon on one or more of five central impeachment charges. John Doar, the committee's special counsel, reportedly told the panel as it began impeachment deliberations that he could not remain "indifferent" to what he called the "terrible deed of subverting the Constitution."Mr. Doar presented to the committee a 306-page summary of evidence against President Nixon that, in the view of the committee's staff, "demonstrates" various abuses of presidential power. [New York Times] A new transcript of a White House tape recording shows that President Nixon announced his decision to raise milk-price supports in 1971 after listening to arguments by John Connally, who at the time was Secretary of the Treasury. He had told Mr. Nixon that Congress would probably raise milk-price supports if the administration did not, and he warned Mr. Nixon, "If you do [veto the increase] you've cost yourself the money, you've lost your political advantage." Mr. Nixon said, according to the transcript, "Under the circumstances, I think the best thing to do is to just, uh, relax and enjoy it." [New York Times] The House Judiciary Committee made public voluminous documentation on "the I.T T. affair," but no document substantiated conclusively the allegation that the administration had settled the antitrust suit in return for a guarantee of up to $400,000 in convention funds. [New York Times] The Labor Department reported that despite a slower rise in food costs, consumer prices generally rose 1 per cent in June, and the Consumer Price Index was 11.1 percent higher than in June, 1973. There was a seasonally adjusted increase of three-tenths of 1 percent in food prices. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 787.94 (-1.25, -0.16%)
S&P Composite: 83.54 (-0.24, -0.29%)
Arms Index: 1.08

	Issues	Volume*
Advances	654	4.36
Declines	675	4.86
Unchanged	416	1.86
Total Volume		11.08

* 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 18, 1974	789.19	83.78	13.98
July 17, 1974	784.97	83.70	11.32
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