News stories from Wednesday July 31, 1974

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

Carl Albert, the Speaker, met with key members of the House to lay ground rules for the impeachment proceedings against President Nixon, Some said they expected a "modified open rule". that would speed debate. In the Senate, Mike Mansfield, the majority leader, met with Rules Committee members to discuss revision of its rules, including provision for television coverage, if the House votes impeachment and a trial in the Senate. [New York Times] John Ehrlichman, a former chief aide to President Nixon, was given a 20-month to five-year prison sentence for conspiring to violate the civil rights of Dr. Lewis Fielding by breaking into the office of the former psychiatrist to Daniel Ellsberg. Federal Judge Gerhard Gesell called the crime "a shameful episode in the history of this country." [New York Times] The White House disclosed that President Nixon was considering a shift in strategy in which he would try to bypass any impeachment debate in the House by asking it to vote unanimously for his impeachment. He would then take his case to the Senate for quick resolution. He has not reached a decision on this. [New York Times] The House of Representatives gave a surprising 323 to 83 margin to the education bill with a compromise provision to limit the busing of children for school integration. The Supreme Court decision last week banning busing across school district lines apparently eased passage. [New York Times] New York City's $5.4 million in securities reported missing by an outside audit two weeks ago was there all the time. Investigation Commissioner Nicholas Scopetta and District Attorney Richard Kuh of Manhattan announced that after talking with knowledgeable civil servants and checking supplementary records, the reported "discrepancy" had been reconciled. [New York Times] A group of prominent Democrats called for a tougher stance in future dealings with the Soviet Union, asserting that "the goal of detente has not been reached in any sense of the term Americans can accept." The group is one seeking to move the party away from the policies of Senator George McGovern during the 1972 presidential campaign. The group accused the Nixon administration of seeking partisan advantage with its "myth of detente." [New York Times] The Cyprus cease-fire was marred by the Turkish takeover of two towns near Kyrenia following bombardment, in the absence of United Nations peace-keeping troops, between the opposing sides. At the United Nations, the Soviet delegate vetoed a Security Council resolution to give the force added duties under the Geneva accord. [New York Times] The British government announced plans to nationalize the faltering shipbuilding, ship repairing and marine engineering industries. The Labor government's left-wing supporters cheered and the Conservative opposition immediately denounced the proposal as "doctrinal." The London stock market fell further on the news. [New York Times] Premier Bulent Ecevit of Turkey, hailed as a hero since Turkey's Cyprus intervention, said at an Ankara news conference that the United Nations force had been unable to help the Turkish communities on the island during the crisis. He said those communities outside the Turkish-held corridor would inevitably be assisted with supplies, weapons, and perhaps training. [New York Times] Most spokesmen for Greek leftist groups, emerging from seven years of repression, have endorsed the Caramanlis government. The new cabinet is said to be considering the major political step of lifting the ban since 1947 on the Communist party. A senior anti-Communist minister said: "Let them come out and run for office. There is nothing for us to be afraid of." [New York Times] The East German delegation that came to Washington July 15 to complete negotiations for an exchange of embassies went home with the word that the United States could not inaugurate ties while traffic on access routes to West Berlin was hampered. A State Department spokesman said the decision "must be held in abeyance" until interference with the traffic is halted. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 757.43 (-8.14, -1.06%)
S&P Composite: 79.31 (-1.19, -1.48%)
Arms Index: 1.54

	Issues	Volume*
Advances	372	1.89
Declines	924	7.21
Unchanged	410	1.84
Total Volume		10.94

* 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 30, 1974	765.57	80.50	11.36
July 29, 1974	770.89	80.94	11.55
July 26, 1974	784.57	82.40	10.42
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