News stories from Monday July 22, 1974

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

Sam Garrison, the House Judiciary Committee's new Republican special counsel, told the committee that the House should not impeach President Nixon unless it appeared probable that he would be convicted in a Senate trial and removed from office. Even then, he said, the House had an obligation to make a "political" judgment whether "the best interests of the country" would be served by ejecting Mr. Nixon from the presidency. He also challenged the contention of John Doar, the committee's special counsel on impeachment, that impeachment was warranted on direct and circumstantial evidence. [New York Times] The House Judiciary Committee's final sessions of its impeachment inquiry will be televised and broadcast over radio starting tomorrow. By a wide margin of 346 to 40, the House approved a rules change to permit such coverage, and the committee later approved it by 31 to 7. [New York Times] James St. Clair, President Nixon's defense lawyer, who had a meeting with Mr. Nixon in San Clemente, Calif., refused under repeated questioning at a news conference later to say whether the President would obey a Supreme Court order to turn over subpoenaed evidence to the special Watergate prosecutor. He repeated his argument that it would be "inappropriate" for him to discuss a pending case before the Court. [New York Times] John Ehrlichman, who had been President Nixon's domestic affairs adviser, was acquitted of one of the four felony counts on which he had been convicted 10 days ago in connection with the burglary of the office of Dr. Daniel Ellsberg's former psychiatrist. But his conviction on two counts of perjury and one of violating a citizen's civil rights stands. [New York Times] Wayne Morse, an outspoken congressional liberal who supported many unpopular causes while serving as a Senator from Oregon from 1945 to 1968, died of kidney failure in Portland, Ore., at the age of 73. He died during a strenuous campaign in which his chances to regain the Senate seat he lost in 1968 were considered good. He had won the Democratic nomination two months ago. He began his career as a Republican. [New York Times] Mayor Beame of New York City attempted to lessen the political damage done to his reputation as a fiscal expert by three audits depicting sloppy bookkeeping and multi-million-dollar discrepancies in the city's financial records when he was Controller. A few hours before the Mayor faced a roomful of questioners at a news conference at Gracie Mansion, Controller Harrison Goldin made public the findings of the third audit. [New York Times] The Byrne administration acknowledged it did not have the necessary support for its income-tax proposal in the New Jersey state Senate and asked that the measure be withdrawn and not put to a vote in the Senate on Wednesday. Senator Joseph Merlino, Democrat of Mercer County, who was to have introduced the bill, said, "We counted heads and we didn't have 21 votes." The 21 votes were needed to get a majority in the 40-member Senate. [New York Times] Turkish invasion forces and Greek Cypriote troops continued fighting past a cease-fire deadline in Cyprus, but by nightfall the United Nations command reported that the gunfire had halted. In Washington, Secretary of State Kissinger said the danger of war between Greece and Turkey had been overcome. [New York Times] Premier Bulent Ecevit asserted that Turkey accepted the cease-fire in Cyprus, but that the Turkish presence there "is now irrevocably established." In a televised press conference, he said that Kyrenia, which took the brunt of the main Turkish invasion thrust, was forever Turkish. [New York Times] Greeks reacted to the agreement on a cease-fire in Cyprus with relief, tinged with humiliation. There was also mild panic caused by rumors of impending changes in the Greek government. Several diplomats reported signs of strain within the military government over the way it met the crisis with Turkey. There were reports in Athens that some of the government's leaders would soon be ousted. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 790.36 (+2.42, +0.31%)
S&P Composite: 83.81 (+0.27, +0.32%)
Arms Index: 0.85

	Issues	Volume*
Advances	703	4.43
Declines	619	3.31
Unchanged	421	1.54
Total Volume		9.28

* 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 19, 1974	787.94	83.54	11.08
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