News stories from Friday July 26, 1974

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

The House Judiciary Committee, 27 to 11, rejected a motion calling for suspension of deliberations until President Nixon could pledge to surrender White House tape recordings as impeachment evidence. But its members then became involved in an argument over the style, rather than the substance, of the first proposed article of impeachment. This put off at least until tomorrow any action on the charge that President Nixon obstructed justice. [New York Times] Under pressure from federal Judge John Sirica, James St. Clair, President Nixon's chief defense lawyer, tentatively agreed to begin turning over to Judge Sirica the subpoenaed records of 64 White House conversations Tuesday afternoon. [New York Times] The Commissioner of Internal Revenue has conceded that he handled tax penalties against President Nixon differently from the way the agency normally would for other taxpayers. The disclosure emerged from the 10th volume of the House Judiciary committee's statements of information on Mr. Nixon's conduct, which, was made public by the committee in connection with its impeachment proceedings. [New York Times] Sidney Jones, deputy to Kenneth Rush, the White House economic counselor, said that he hoped consumers would not take President Nixon literally and save an additional 1.5 percent of their income. The President made the suggestion in an economic address Thursday. It was pointed out to Mr. Jones at a news conference that the additional saving would reduce the rate of consumer spending by more than $12 billion a year. Asked if that were what the administration wanted, he replied, "I don't want to see it. We don't want a consumer boycott." Relatively sluggish consumer spending has been a cause of the economy's slowdown this year. [New York Times] New York City Controller Harrison Goldin charged that "misleading" information from the staff of his predecessor, Mayor Beame, had led him to believe that long-standing discrepancies in the city's bank balances had been resolved before he took office. "They knew about the discrepancy, but we didn't know about it," he said. This brought a prompt denial from a City Hall spokesman. [New York Times] Arthur Watson, who built the IBM World Trade Corporation from a new subsidiary, formed in 1949, of the International Business Machine Corporation into a world enterprise, died in the Norwalk (Conn.) Hospital of injuries suffered in a fall at his New Canaan. home. He was 55 years old. In 1970, he was appointed Ambassador to France, a post he held two years. [New York Times] A breakdown in the three-power conference on Cyprus was averted in Geneva tonight. At the urging of Britain's Foreign Secretary, James Callaghan, Turkey came up with a package proposal that Greece agreed to discuss with the Turkish Foreign Minister, Turan Gunes, tomorrow. Late this afternoon, the Greek Foreign Minister, George Mavros, had said that he could no longer participate in the conference without Turkish assurances that the fighting would be ended. [New York Times] Scattered fighting in Cyprus broke out between Greek Cypriote and Turkish forces shortly after President Glafkos Clerides charged that Turkey was using the cease-fire as a pretext to expand the territory under her control. He warned that full-scale war could erupt unless the Turks stopped what he called cease-fire violations. [New York Times] In establishing his civilian cabinet, Premier Constantine Caramanlis of Greece included several men who were imprisoned during the seven years of military rule. The appointments were followed by an order to the military police forbidding any further arrests of civilians. The new cabinet appointments included several men who are left of center politically and thus eased some complaints over the absence of the non-Communist left in earlier appointments to the cabinet. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 784.57 (-11.11, -1.40%)
S&P Composite: 82.40 (-1.58, -1.88%)
Arms Index: 2.14

	Issues	Volume*
Advances	404	1.54
Declines	959	7.84
Unchanged	362	1.04
Total Volume		10.42

* 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 25, 1974	795.68	83.98	13.31
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