News stories from Tuesday July 23, 1974

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

Senior Democrats on the House Judiciary Committee are redrafting the proposed articles of impeachment of President Nixon in an attempt to elicit broad, bipartisan support for formal charges. The formula, designed to get the widest Republican backing, was said to focus on two central articles: that the President played an active and central role in the Watergate cover-up and that he abused his authority by defying Watergate subpoenas and by taking secret steps to eavesdrop on citizens. [New York Times] Representative Lawrence Hogan of Maryland announced that he would vote to recommend impeachment of President Nixon. He was the first Republican member of the Judiciary Committee to do so. Mr. Hogan, a candidate for his party's nomination for Governor of Maryland, said he thought that his decision might end his political career. He said that the President had lied repeatedly, withheld necessary information from the system of justice, and concealed and covered up evidence. [New York Times] Senate and House conferees agreed on compromise language to limit the power of the federal courts to order busing for school desegregation. The draft would still enable the courts to order busing beyond the school nearest or next nearest to the child's home if necessary to guarantee the constitutional rights of minority-group children. [New York Times] Senator Edward Gurney of Florida announced his withdrawal as a candidate for re-election to prepare his defense against charges of bribery, conspiracy and false statements to a federal grand jury. The 60-year-old Republican, who was a member of the Watergate committee, was completing his first term. [New York Times] David Parr, former special counsel to the nation's largest milk cooperative, entered a guilty plea to a single charge of conspiring to make illegal contributions to campaigns of Senator Hubert Humphrey, Representative Wilbur Mills and others. It was accepted on the understanding he would testify if called. [New York Times] Groups of Indians carried out an ultimatum issued in March by smashing into houses of several white families who had settled on the Onondaga Reservation near Syracuse, New York. The County District Attorney had warned at the time that the law supported the warning by the tribal chiefs. [New York Times] Greece's military rulers announced they were turning the nation back to the rule of former civilian leaders. Athens crowds shouted "Tonight fascism dies!" and "No more blood!" in jubilation. After a meeting of politicians called by President Phaidon Gizikis, former Premier Constantine Caramanlis, self-exiled in Paris, was asked to form the government. He will return to Athens early tomorrow. The military abdication resulted from the Cyprus crisis. [New York Times] Nikos Sampson, installed as President of Cyprus when the national guard overthrew Archbishop Makarios, resigned and was replaced by Glafkos Clerides, widely respected President of the House of Representatives. Though there was some fighting, a tenuous cease-fire settled over the island after four days of warfare. [New York Times] United States officials privately welcomed reports of steps toward the return of constitutional government in Greece and Cyprus. Secretary of State Kissinger postponed any public comments until the situation cleared in Athens and Nicosia. "We are mainly concerned at this point to get the fighting stopped on Cyprus," an official said. Mr. Kissinger and his aides have been telephoning overseas leaders. [New York Times] Premier Bulent Ecevit told the Turkish Parliament that 57 members of the Turkish armed forces had been killed and 184 wounded during the invasion and fighting on Cyprus, and that 242 were listed as missing. He gave figures after an Israeli radio report that 80 Turkish sailors had been drowned or killed and 110 were missing after Turkey's air force accidentally bombed and sank a Turkish warship Sunday off the coast of Cyprus. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 797.72 (+7.36, +0.93%)
S&P Composite: 84.65 (+0.84, +1.00%)
Arms Index: 1.04

	Issues	Volume*
Advances	1,047	8.46
Declines	394	3.31
Unchanged	320	1.15
Total Volume		12.92

* 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 22, 1974	790.36	83.81	9.29
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