News stories from Wednesday August 14, 1974

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

The tape recordings made by former President Nixon of his conversations with aides, associates and advisers are his personal property and will be returned to his control, according to President Ford's press secretary, Jerry terHorst. He said that the decision was based on an opinion by the White House lawyers who coordinated the Watergate defense for Mr. Nixon. [New York Times] Changes in White House ways of doing things to fit the style of President Ford are under consideration by his transition team, according to its coordinator, Donald Rumsfeld. Another aide said the general theme would be "decentralization," to restore authority to government agencies and departments which they lost to the White House under President Nixon. [New York Times] The draft report on impeachment by the House Judiciary Committee, now circulating among its members, says that for more than two years President Nixon engaged in "deliberate, repeated and continued deception of the American people." It is expected to go to the full House on Monday. But the committee chairman, Peter Rodino, Democrat of New Jersey, said it would lie "dormant," as a record of events leading to Mr. Nixon's resignation. [New York Times] Claude Brinegar, Secretary of Transportation, urged Congress to require localities to assume much more responsibility for financing transit operations, matching federal aid for operating losses on a 2-to-1 basis. Mayor Beame of New York City, who with 14 other Mayors had been talking with President Ford for nearly an hour, was upset and said the Secretary was taking a different position from that of the administration. [New York Times] President Park Chung Hee of South Korea escaped unhurt when a man shot at him while he was speaking at national day ceremonies in Seoul. The man was immediately shot and seized by security men. The President's wife was struck in the head and least one other person, a high school choir singer, was wounded by return fire. Mr. Park continued his speech afterward. [New York Times] Turkish forces, which began heavy air and ground attacks, seem headed for control of much of northern Cyprus, as armored columns approached the eastern coastal city of Famagusta. Its capture would establish by force the partition plan rejected by Greece at the Geneva peace talks. Greek Cypriotes fled south from Nicosia, the capital, following a heavy air strike, after a day-long fight a cease fire, urged by the United Nations, was agreed to for the capital area. [New York Times] Greece withdrew her troops from the North Atlantic Treaty Organization in reaction to the breakdown of the Geneva talks and the new fighting in Cyprus. Officials said it was primarily a political move to rally public opinion at home and to arouse world attention to Turkey's action. [New York Times] The United States, after failing to persuade Turkey not to renew hostilities on Cyprus, called for an immediate cease-fire and resumption of negotiations. High-level meetings on the situation were held at the White House and State Department. Aides of Secretary of State Kissinger said he had learned Saturday of Turkey's. military preparations but had been reassured by Premier Bulent Ecevit that no operations were planned at that time. [New York Times] Immigration to Israel felt 33 percent in the first six months of 1974, apparently because of economic dislocation and political uncertainty caused by the October war. Unlike the 1967 war, whose overwhelming victory boosted immigration, the inconclusive 1973 conflict discouraged many would-be immigrants, Jerusalem officials said. [New York Times] Iran, which has ordered 80 of the Grumman F-14 fighter planes, has offered a loan to the company to continue production. The Senate had rejected a Navy arrangement to ease its financial difficulties. Representative Otis Pike of Long Island disclosed the new possibility. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 740.54 (-15.87, -2.10%)
S&P Composite: 76.73 (-1.76, -2.24%)
Arms Index: 1.41

	Issues	Volume*
Advances	221	1.29
Declines	1,165	9.60
Unchanged	346	0.86
Total Volume		11.75

* 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 13, 1974	756.41	78.49	10.14
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