News stories from Wednesday August 7, 1974

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

Three Republican leaders met with President Nixon and gathered that he was leaving open the possibility of resignation. He told them his decision would be based on the national interest. Under mounting pressure to resign from members of Congress and of his staff, he asked Senator Hugh Scott, the Republican leader, Senator Barry Goldwater and Representative John Rhodes, the House Republican leader to meet him in the Oval Office. Mr. Rhodes found him "in good spirits and good health, and as four old friends we talked over a very distressing situation."' [New York Times] Senate leaders discussed the fate of the Nixon presidency without reaching any conclusion, it was said, about what action, if any, they should take. Senator Barry Goldwater said he had told Mr. Nixon he had only 15 certain votes for acquittal in the event of a Senate impeachment trial. One possibility discussed, according to a ranking Senator, was a ''sense of the Senate" resolution recommending immunity from prosecution if he resigns. [New York Times] Vice President Ford told the New York Times that he felt prepared to assume the presidency but had made no "transition plans." In an interview, he gave the impression of being fully aware he is on threshold but uncertain when he will cross it. He declined to say if transition was discussed in his hour-long meeting with Mr. Nixon's chief aide, Gen. Alexander Haig. It would be "premature," he said, to discuss whether he would pick former Gov. Nelson Rockefeller as Vice President. [New York Times] Jake Jacobson, a former aide to President Johnson who became a lawyer for a major dairy co-op, pleaded guilty in Washington to charges of bribing former Treasury Secretary John Connally. He is expected to be the key witness in Mr. Connally's trial on charges of perjury, conspiracy and accepting a bribe. [New York Times] Israeli leaders report that Syria has received large amounts of modern Soviet weaponry that would enable the Syrians to launch war against Israel independently of Egypt. Jerusalem says this massive rearmament is the keystone of a deliberate Soviet policy to develop an alternative base of influence in the Arab world apart from Egypt. Top leaders see a new war as possible in the next six to 12 months. [New York Times] Lebanon announced that Israeli planes had attacked several southeastern villages, killing two civilians. Israel said it was the second air attack in 13 hours against "terrorist concentrations." [New York Times] The French government said it would reconsider its Middle East arms sales policy after President Sadat confirmed that French-made Mirage fighter-bombers sold to Libya had been based in Egypt during the October war against Israel. This violated a 1969 contract stipulating that the 110 Mirages sold to Libya would not be used outside the country. [New York Times] Greek Cypriote forces retreated in growing disorder along the northern coast of the island under Turkish shelling. Military delegates from Greece and Turkey continued to draw lines for a United Nations-manned cease-fire zone around the main Turkish sector. President Glafkos Clerides expects to attend the conference in Geneva scheduled for tomorrow, [New York Times] State Department officials said they believed that the controversy with the Soviet Union over East German interference with traffic from West Germany to West Berlin had ended. They said that the three Western allies had advised the Soviet Union that Bonn's new federal environment agency in West Berlin was not a forerunner of a major influx of West German agencies. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 797.56 (+23.78, +3.07%)
S&P Composite: 82.65 (+2.13, +2.65%)
Arms Index: 0.55

	Issues	Volume*
Advances	1,180	10.81
Declines	261	1.31
Unchanged	346	1.26
Total Volume		13.38

* 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*
August 6, 1974	773.78	80.52	15.77
August 5, 1974	760.40	79.29	11.23
August 2, 1974	752.58	78.59	10.11
August 1, 1974	751.10	78.75	11.47
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