News stories from Friday August 30, 1974

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

President Ford, speaking at summer commencement exercises at Ohio State University in Columbus, pursued the theme of national unity that has characterized his public statements since becoming President. He asked for "real partnership between the academic community and the rest of our society" and promised to help to bring educators and education together with labor and employers in "a new climate of credibility" to confront the nation's urgent problems and to provide rewarding jobs for graduates. [New York Times] George Steinbrenner, an industrialist and the principal owner of the New York Yankees, was fined $15,000, but was spared a jail sentence, in Federal District Court in Cleveland on two charges resulting from illegal donation of corporate funds to campaigns of former President Nixon and several Democrats. [New York Times] President Ford's Committee on Deserters and Draft Evaders argued over whether to recommend that an admission of wrongdoing be a condition for government leniency. The requirement "would be a mistake," said Senator Robert Taft Jr., Ohio Republican and sponsor of the amnesty bill. Attorney General William Saxbe and Defense Secretary James Schlesinger, who head the committee, were expected to present their recommendations to Mr. Ford tomorrow. Officials in Indiana confirmed that Fort Benjamin Harrison and Camp Atterbury were making contingency plans to receive returning deserters. [New York Times] The White House announced that President Ford had decided to participate in the fall election campaign by speaking at Republican fundraising rallies and taking the unusual step of urging support for candidates of both parties who back his policy of fiscal restraint. [New York Times] The growing belief among economists that United States production will be sluggish for the rest of this year and into 1975 has been supported by the rapid build-up of manufacturers' inventories in July, which was the largest rise in the dollar value of manufacturing inventories so far this year. The Commerce Department reported that the inventories rose by $2.91 billion. [New York Times] The New York stock market paused in its three-week slide as a strong technical rally sharply advanced prices in heavier trading. The Dow Jones industrial average was up 21.74 points to 678.58. It had dropped 140.72 points since Aug. 7. [New York Times] Attorney General William Saxbe threatened to seek a court order shutting down state lotteries operated by 13 states, including New York, New Jersey and Connecticut. He said it might be necessary for the Department of Justice to file suit for a permanent injunction against all state lotteries unless Congress passes legislation exempting them from federal anti-gambling laws they appear to violate. He summoned the Governors of the 13 states to a conference in Washington next Friday. [New York Times] New York City police officer Thomas Shea, who was acquitted by a jury of murdering 10-year-old Clifford Glover of South Jamaica, Queens, was found guilty by the police department and dismissed from the force for "wrongfully and without just cause" firing several shots that caused the boy's death. Mr. Shea's partner, officer Walter Scott, was dismissed on charges of having lied in an attempt to protect Mr. Shea. Concluding a departmental trial of nearly two weeks, Deputy Police Commissioner Philip Michael declared that the two officers lacked "the maturity and judgment that is required of all police officers." [New York Times] Greece sent notes to the United States and other members of the North Atlantic Treaty Organization informing them that Athens wanted to begin talks on the future of foreign military installations in Greece. Washington officials said that the note stressed the Greek government's desire, in view of the Cyprus crisis, to assert its sovereignty over all installations, but that it was not explicit about whether Greece would demand the withdrawal of American and other NATO forces from Greece. [New York Times] The United Nations World Population Conference in Bucharest ended two weeks of talks by approving what it called a Plan of Action. The program, which contains 108 items, sets no quantitative national or international population goals, but it does suggest that the world's present annual population growth rate of 2 percent could substantially be reduced by 1985. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 678.58 (+21.74, +3.31%)
S&P Composite: 72.15 (+2.16, +3.09%)
Arms Index: 0.55

	Issues	Volume*
Advances	1,116	12.73
Declines	338	2.13
Unchanged	323	1.37
Total Volume		16.23

* 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 29, 1974	656.84	69.99	13.69
August 28, 1974	666.61	70.76	16.67
August 27, 1974	671.54	70.94	12.97
August 26, 1974	688.13	72.16	14.63
August 23, 1974	686.80	71.55	13.59
August 22, 1974	704.63	72.80	15.69
August 21, 1974	711.59	73.51	11.65
August 20, 1974	726.95	74.95	13.82
August 19, 1974	721.84	74.57	11.67
August 16, 1974	731.54	75.67	10.51