News stories from Thursday July 25, 1974

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

In the second day of its general impeachment debate, a large, bipartisan majority of the House Judiciary Committee appeared ready to adopt a resolution formally proposing President Nixon's impeachment. Nearly all of the Democrats and a half dozen of the Republicans on the committee declared sharply or hinted broadly that they would support one or both of the central proposed articles of impeachment. [New York Times] The Supreme Court raised major hurdles to merging city and suburban schools for racial integration by all but banning the busing of children across school district lines for desegregation. The 5-to-4 ruling, involving Detroit and its suburbs, was viewed by supporters of school integration as their most serious setback since the victory they won when the Court prohibited separate but equal educational facilities for black and white children its landmark decision of 1954. [New York Times] In what appeared to be a veto-proof vote, the House, 291 to 81, approved a bill that would impose strict federal environmental controls on the widespread desolation of land and water used by strip mining for coal. The extremely complex and controversial bill now goes to a conference with the Senate, which had passed a strict regulatory strip-mining bill last fall. [New York Times] President Nixon offered a steady-as-you-go policy of fiscal and monetary restraint, along with an appeal to the American people to spend less money, as his program to curb inflation. He offered no major surprises or innovations as part of his anti-inflation plan in a speech before a group of businessmen in Los Angeles. [New York Times] About 1,750 men from the ethnic Turkish enclave of Limassol in Cyprus and surrounding Turkish villages are penned behind coils of barbed wire on the sun-baked playing field of Limassol's municipal soccer stadium. Although the men are dressed in street clothes and say they are civilians, they are being held as prisoners of war by the Greek Cypriotes. Since they and other Turkish prisoners are the Greek Cypriotes' chief bargaining card in any future negotiations with the Turks, the prospects for their early release appear dim. [New York Times] The Turkish government announced that It had taken 783 Greek and Greek Cypriote prisoners during the fighting in Cyprus. Greek Cypriotes say they hold 1,750 Turkish prisoners of war. Exchange of prisoners is likely to be one of the first items on the agenda at the Geneva talks. [New York Times] "My boy, my boy," shouted an aged Greek woman as she greeted her 61-year-old son, one of the political prisoners released from confinement on the prison island of Gyaros who arrived in Athens after the fall of the junta. Wives, children and friends also embraced the political exiles and offered large bouquets. The man who had jailed many of them, former Gen. Demetrios Ioannides, was under comfortable house arrest at a military resort. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 795.68 (-10.09, -1.25%)
S&P Composite: 83.98 (-1.01, -1.19%)
Arms Index: 1.55

	Issues	Volume*
Advances	581	3.79
Declines	811	8.22
Unchanged	364	1.30
Total Volume		13.31

* 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 24, 1974	805.77	84.99	12.87
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