News stories from Tuesday August 13, 1974

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

President Ford discussed the nation's economic problems with George Meany, labor's chief spokesman, in a session the President called "very friendly and very constructive." Mr. Meany, a foe of the Nixon administration, had not been in the White House for 14 months. Mr. Ford sought cooperation against inflation. The White House said the proposed "summit" meeting on the economy would probably take place next month. [New York Times] Several close associates said that President Ford had decided at least tentatively to seek a full term in 1976. George Bush, the Republican National Chairman, said most party people he had talked with assumed he would run. Associates said that he would not want to commit himself before establishing a record of his own. [New York Times] The Senate Defense Appropriations subcommittee cut $5.1 billion from the $87 billion Defense Department appropriations bill while the Senate Foreign Relations Committee reduced the foreign aid bill from the administration's requested $3.2 billion to $2.5-billion. The White House did not comment on whether President Ford would consider these as "unwarranted cuts in national defense," which he warned against in his message to Congress. [New York Times] The Senate, by a 53 to 35 margin, voted down the agreement under which the Navy would advance payments of up to $100 million to the Grumman Aerospace Corporation to continue production of the F-14 fighter plane. Senator William Proxmire, the Wisconsin Democrat who led the fight against the loan plan, said Grumman would have to get commercial financing or a new Navy arrangement. The Senate action was taken under a 1972 law. [New York Times] The Department of Justice announced an agreement to settle its antitrust suit against Associated Milk Producers, Inc. The group agreed not to threaten boycotts of processors who bought milk from non-members, nor to coerce truckers against hauling milk for non-members, nor to manipulate deliveries to qualify for prices higher than proper under Agriculture Department orders. [New York Times] Turkish invasion forces resumed fighting in Cyprus around midnight tonight shortly after peace talks broke down in Geneva. Britain ,immediately called for an emergency meeting of the United Nations Security Council in New York. The Turkish military action resumed with an air attack on Nicosia, the capital. Bombs fell near the airport on the southern outskirts of the city. [New York Times] The State Department said President Ford and Secretary of State Kissinger had taken an active role to keep the Geneva talks on the Cyprus question going. A spokesman said the United States supported more autonomy for the Turkish Cypriote community but would regard as unjustified any resort to direct military action by Turkey or Greece. [New York Times] Henry Tasca, the career diplomat who has been Ambassador to Greece since 1970, will be replaced by Jack Kubisch, Assistant Secretary of State for Inter-American Affairs. Greek newspapers have been criticizing him as unduly close to the military dictators who were in power until this summer. [New York Times] A compromise on formulating the United States position on Soviet Jewish emigration is nearing between Secretary of State Kissinger and Senators representing the majority who have linked a solution with support of a trade bill. Congressional aides say President Ford may enter the discussions to help solve remaining points. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 756.41 (-10.88, -1.42%)
S&P Composite: 78.49 (-1.26, -1.58%)
Arms Index: 1.69

	Issues	Volume*
Advances	283	1.19
Declines	1,084	7.72
Unchanged	369	1.23
Total Volume		10.14

* 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 12, 1974	767.29	79.75	7.78
August 9, 1974	777.30	80.86	10.16
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