News stories from Tuesday August 20, 1974

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

Nelson Rockefeller, 66-year-old former Governor of New York, was nominated as Vice President by President Ford, who, in a simple White House ceremony, called him "a good partner." Aides said he had been chosen as the best-qualified Republican to "step into the presidency should that need arise." The move also broadens Mr. Ford's political base for the 1976 election the selection of a moderate Easterner. [New York Times] President Ford's selection of Mr. Rockefeller followed his own instincts to look for unifying balance, as well as the advice of his senior counselors such as Melvin Laird and Secretary of State Kissinger, who often disagree. In recent months Mr. Ford had been making a conscious effort to get to know him better. [New York Times] The nomination won much bipartisan applause in Congress with Senate and House leaders predicting swift and easy confirmation. At the same time, Mr. Rockefeller faced intensive scrutiny of the family's vast fortune and a full inquiry into his political and personal life. There were a few rumbles from a few liberals and conservatives. [New York Times] President Ford announced after a meeting with leaders of Congress that there would be no federal mandatory wage and price controls. He said that the leaders were unanimous in believing that Congress would not approve such legislation. His brief statement evidently sought to head off price increases or wage demands made in anticipation of new controls. [New York Times] The Atomic Energy Commission released a two-year study of nuclear power plant safety, estimating the chance of mass destruction from a reactor accident as the same as the chance of a meteor striking an urban area -- once in a million years. Prof. Norman Rasmussen of Massachusetts Institute of Technology, who directed the study, said the A.E.C. never influenced it. Dr. Dixy Lee Ray, the chairman, said "there is no such thing as zero risk." [New York Times] The House of Representatives accepted without debate the 200,000-word report of its Judiciary Committee recommending the impeachment of President Nixon, moot since his resignation. The vote accepting the report and commending the committee was 412 to 3. [New York Times] The United States Court of Appeals in Washington ordered all parties in the Watergate cover-up trial to file by noon tomorrow their views on the postponement sought by the prosecution and four of six defendants. They had appealed the ruling of federal Judge John Sirica that the trial would begin on Sept. 9. [New York Times] The Federal Energy Administration reported that 10 oil companies had repaid $103.7 million in alleged overcharges following its audit and notices of possible violations. Four other companies suspected of $90.7 million in overcharges may challenge the notices. [New York Times] The House of Representatives gave overwhelming approval to a six-year mass-transportation bill. It was a major victory for President Ford, but the slashing of the fund from $20 billion to $11 billion may have doomed New York City's 35-cent transit fare if the Senate follows the lead of the House of Representatives. [New York Times] Secretary of State Kissinger said that one of President Ford's acts in office had been to ask Soviet leaders to intensify efforts "to negotiate an effective and equitable limitation of strategic arms." In a speech delivered to the American Legion convention in Miami Beach, he pledged without such agreements "we will maintain American strategic strength." [New York Times] A Cyprus government announcement said warrants were issued for three unnamed persons to facilitate investigation of the killing of Ambassador Rodger Davies of the United States. Acting President Glafkos Clerides visited thousands of Cypriote Greek refugees from areas held by Turkish forces. In talking with them he emphasized that their return home was dependent on goodwill of the Turkish armed forces. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 726.95 (+5.11, +0.71%)
S&P Composite: 74.95 (+0.38, +0.51%)
Arms Index: 0.88

	Issues	Volume*
Advances	703	6.16
Declines	674	5.22
Unchanged	441	2.44
Total Volume		13.82

* 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 19, 1974	721.84	74.57	11.67
August 16, 1974	731.54	75.67	10.51
August 15, 1974	737.88	76.30	11.13
August 14, 1974	740.54	76.73	11.75
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