News stories from Wednesday July 24, 1974

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

The Supreme Court ruled 8 to 0 that President Nixon must provide potential evidence for the criminal trial of his former associates. It rejected flatly the White House contention that he had absolute authority to refuse such assistance. Under the decision announced by Chief Justice Warren Burger, Mr. Nixon will be required to surrender tape records of 64 White House conversations for use in the Watergate cover-up trial and also for possible use in impeachment proceedings. [New York Times] President Nixon abandoned his challenge to the Supreme Court's jurisdiction over him and said that he would comply with its ruling on subpoenaed data "in all respects." In a statement read by his lawyer, James St. Clair, he said that he was disappointed but would obey. [New York Times] The House Judiciary Committee began its final deliberations on the possible impeachment of President Nixon. Some Republican members had urged a delay after the Supreme Court ruling on White House tapes, but the committee's Democratic leaders insisted on pressing ahead. The newly-drafted language recommending impeachment was introduced. Opening statements -- interrupted by a bomb scare -- expressed individual members' awe at their responsibility. [New York Times] New Census Bureau figures show a shift in historic migration patterns during the 1970's, with many Southern states attracting net in-migration and most Northern industrial states showing a moderately heavy out-migration. The rate and numbers of Americans moving west were lower than for the South. [New York Times] Governor Byrne of New Jersey yielded to state Senate Democratic majority leaders opposed to his tax-reform plan, avoiding a humiliating floor defeat by agreeing, according to Senate sources, not to initiate another income tax proposal for the next two years. Disputing this, the Governor said later to reporters that he had told the leaders be would seek alternative taxes. [New York Times] A bill for a countrywide transit subsidy that could funnel $200 million to the rail, subway and bus systems of the New York City metropolitan area was resurrected by the House Rules Committee and sent to the floor. If passed by both houses it could maintain the 35-cent fare through next June -- if it escapes or survives an expected veto. [New York Times] Greece's new civilian government under Premier Constantine Caramanlis moved quickly toward democracy by announcing the release of all political prisoners and amnesty for all political crimes. Several members of his cabinet had been jailed or deported by the former military rulers. Its first meeting dealt with Cyprus and steps toward restoration of civil rights. [New York Times] President Nixon sent congratulations to Premier Caramanlis, pledging full support and looking forward to close and friendly relations with "the new leader of Greek democracy." Secretary of State Kissinger said the new government was composed of "old friends of ours." In a separate statement, the State Department said that the new Cyprus government represented a return to constitutionality. [New York Times] Premier Bulent Ecevit of Turkey hailed Greece's new civilian government as a step toward "a new era for democracy and freedom in our region." He sent warm greetings to Premier Caramanlis and told reporters, "We shall be speaking the same political language." Ankara officials saw a chance to negotiate long-standing disputes over Cyprus and Aegean Sea oil rights. [New York Times] President Glafkos Clerides of Cyprus said the people would decide in general elections in the next few months whether Archbishop Makarios would ever resume the presidency. Meanwhile, he said, it would be very unwise for the Archbishop to attempt to return to the island. Mr. Clerides insisted that he had not been installed by the Greek officers who led the coup that overthrew Archbishop Makarios, but the military seemed in control in Cyprus. [New York Times] On a private visit to Moscow, Elliot Richardson, President Nixon's former Secretary of Defense and Attorney General, has been seeking to assure Soviet leaders that, in his view, even if the President is removed, detente will be continued. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 805.77 (+8.05, +1.01%)
S&P Composite: 84.99 (+0.34, +0.40%)
Arms Index: 0.97

	Issues	Volume*
Advances	798	6.76
Declines	574	4.71
Unchanged	383	1.40
Total Volume		12.87

* 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 23, 1974	797.72	84.65	12.91
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