News stories from Thursday August 1, 1974

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

The leadership of the House tentatively decided that representatives would start to debate the impeachment of President Nixon on Aug. 19 and permit television coverage through the final vote at the end of the month. The head of the Rules Committee said that the House would probably be operating under a rule that would prohibit the adding of further articles of impeachment to the three voted by the House Judiciary Committee but would allow some revisions. [New York Times] Associated Milk Producers, Inc., the nation's largest dairy cooperative, was fined the maximum of $15,000 after pleading guilty to a six-count criminal information alleging that it conspired and willfully made illegal campaign contributions in 1968, 1970 and 1972. [New York Times] "Concentrated industries" -- those dominated by a few companies -- will be the particular target of an "intensive review" in an investigation of price fixing and other anti-competitive practices by major national industries. Republican members of the House were informed of this by Thomas Kauper, head of the Justice Department's Antitrust Division, who made an uncompromising defense of strict antitrust enforcement policies. He had been asked for his views by the Republican group. [New York Times] "All civil rights have been restored," said Panayotis Lambrias, Under Secretary for Press and Information, as Greece took a major step in restoring democratic government by re-invoking the Constitution that had been in force before the military coup of 1967. However, the provisions of the Constitution relating to the monarchy were temporarily suspended. [New York Times] The Central Intelligence Agency has reportedly been instructed by top officials of the Nixon administration not to interfere in the internal affairs of Greece nor to play favorites among Greek politicians. The orders were said to reflect current policies of Secretary of State Kissinger and of the Director of Central Intelligence, William Colby, that Americans should keep out of politics of countries as much as possible. The C.I.A. is said to have been deeply involved in Greek politics for 25 years. [New York Times] The Security Council adopted a resolution that enables the United Nations peace force on Cyprus to take on expanded duties under the new Geneva agreement. Twelve of the 15 Council's members voted for the resolution. The Soviet Union and Byelorussia abstained, and China did not participate in the vote. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 751.10 (-6.33, -0.84%)
S&P Composite: 78.75 (-0.56, -0.71%)
Arms Index: 0.87

	Issues	Volume*
Advances	465	3.73
Declines	828	5.80
Unchanged	434	1.94
Total Volume		11.47

* 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 31, 1974	757.43	79.31	10.96
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