News stories from Friday August 9, 1974

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

Gerald Ford assumed the presidency at 11:35 A.M. today, the moment that former President Nixon's letter of resignation was handed to Secretary of State Kissinger. Twenty-eight minutes later, at 12:03 P.M. the 38th President of the United States took the oath of office administered by Chief Justice Warren Burger in the East Room of the White House. Friends, cabinet members and congressional colleagues from both parties crowded the room, where barely two hours earlier Mr. Nixon bade an emotional good-by to his cabinet and top aides. [New York Times] Immediately after the swearing-in ceremony, Mr. Ford took control of the presidency and moved to give it a character and shape different from that of his predecessor. He named a four-member committee of former elected officials to oversee the transition from the Nixon administration and to make recommendations for staff changes. The four are William Scranton, Donald Rumsfeld, Rogers C. B. Morton and John Marsh. All four had served with Mr. Ford in the House. [New York Times] Mr. Nixon, with tears in his eyes, bade an emotional good-by in the White House to the remaining members of his administration. He urged them to be proud of their record in government, and warned them against bitterness, self-pity and revenge. He and members of his family then flew to the Nixon estate in San Clemente, Calif. They were greeted by more than 5,000 people when the plane landed at El Toro Marine Air Base. [New York Times] Mr. Nixon's prospects for escaping prosecution in the Watergate case remained in doubt. He lost what immunity from prosecution that he may have had when he resigned, and the office of the special Watergate prosecutor said that a decision on whether to prosecute him had not been made. The new White House press secretary, Jerry terHorst, said that President Ford was not likely to grant a pardon to Mr. Nixon. He recalled that last fall Mr. Ford at his Senate confirmation hearings on his nomination as Vice President, said that the public probably would "not stand for" such a pardon. [New York Times] The disposition and even ownership of the vast amount of presidential records left behind by Mr. Nixon in the White House and the National Archives, some of which could be used as evidence in the forthcoming Watergate trials, was a recurring question in Washington. Some members of Congress urged impoundment of the documents, and others demanded that the Watergate investigation be continued. [New York Times] Two hours after he was sworn in as President, Mr. Ford, assisted by Secretary of State Kissinger, advised envoys of foreign governments that despite his inexperience in international affairs, he would pursue the same foreign policy objectives that brought worldwide respect to Mr. Nixon. He held brief meetings in the White House with about 60 envoys, either in groups or individually. The meetings went on into the early evening. [New York Times] The change in United States leadership was greeted around the world with expressions of hope that American policies would be unchanged, and words of relief that the long turmoil in Washington was ending. President Ford's announcement that he would keep Henry Kissinger as Secretary of State was taken as an indication that there would be continuity in American foreign policy. [New York Times] The General Motors Corporation announced an average price increase of $480, or 9.5 percent, in the average price of its 1975 automobiles and trucks that will go on sale in September. The increase will include $130 for the cost of government-required pollution control equipment, and $350 for increased labor and material costs. The Ford Motor Company and the Chrysler Corporation also said that their 1975 models will be more expensive. Ford estimates a general increase of 8 percent over its 1974 prices and Chrysler indicted that its 1975 prices will be similar to those of Ford and General Motors. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 777.30 (-7.59, -0.97%)
S&P Composite: 80.86 (-0.71, -0.87%)
Arms Index: 1.49

	Issues	Volume*
Advances	550	2.83
Declines	766	5.89
Unchanged	417	1.44
Total Volume		10.16

* 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 8, 1974	784.89	81.57	16.06
August 7, 1974	797.56	82.65	13.38
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