News stories from Tuesday July 30, 1974

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

The House Judiciary Committee completed its bill of impeachment against President Nixon with a third article charging him with unconstitutionally, defying its subpoenas. The 21 to 17 vote ran close to party lines. The committee rejected charges of usurping congressional war powers and of demeaning his high office by his personal financial conduct. [New York Times] A former press secretary of Senator Hubert Humphrey and the aide's partner in a computer services concern were charged with helping a large milk cooperative make illegal contributions to campaigns of the Minnesota Democrat and others. The special prosecutor's office said they provided computerized mailing lists to Democrats, for which Associated Milk Producers, Inc., paid the sum of $82,000. [New York Times] The House Ways and Means Committee approved changes in the tax laws that would bring modest tax reductions to many low and middle-income persons but would have the effect of reducing the top tax rate for many of the wealthiest from the present 70 percent to 50 percent. [New York Times] The House of Representatives unexpectedly defeated by a 221 to 181 vote a move to give $800 million in federal subsidies to mass transit systems, including the New York subway. Rural and conservative Congressmen joined forces against what they called a "big-city boondoggle," The action effectively killed immediate hopes of federal funds to help underwrite the subway deficit threatening the 35-cent fare. [New York Times] Greece and Turkey reached agreement in Geneva on a new Cyprus cease-fire letting Turkey keep forces there until an acceptable settlement is reached. The British Foreign Secretary, James Callaghan, who kept the negotiations going as mediator, called the accord "the first step on a long, hard road." The talks will resume Aug. 8. [New York Times] East German border guards prevented an official of West Germany's environmental office from driving to West Berlin, where location of the agency is challenged by East Germany with Soviet backing. The East Germans contend West Berlin is neither ruled by West Germany nor a part of it. The dispute has delayed United States recognition of the East German government. [New York Times] Generalissimo Franco walked unaided to his car as he left a Madrid hospital to recuperate from phlebitis. But there was debate within his government whether he should resume powers temporarily delegated to his successor as Spain's chief of state, Prince Juan Carlos. Opponents of the regime appeared to be rallying their forces for an early test of strength. [New York Times] India's Parliament heard sharp attacks on the United States following allegations that a World Health Organization malaria research project was really an American project for research in germ warfare. The Indian government denied allegations of secrecy in the project and a W.H.O. official said the only American involvement was the contribution of some funds. [New York Times] Members of House Foreign Affairs subcommittees heard State Department and Pentagon officials testify against curtailing military aid to South Korea, saying it might jeopardize the security of all East Asia. Prof. Edwin Reischauer, former ambassador to Japan, said the South Korean government's repressive policies had so weakened the country that aid should be cut to pressure President Park Chung Hee to liberalize his policies. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 765.57 (-5.32, -0.69%)
S&P Composite: 80.50 (-0.44, -0.54%)
Arms Index: 0.99

	Issues	Volume*
Advances	433	3.28
Declines	877	6.60
Unchanged	400	1.48
Total Volume		11.36

* 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*
July 29, 1974	770.89	80.94	11.55
July 26, 1974	784.57	82.40	10.42
July 25, 1974	795.68	83.98	13.31
July 24, 1974	805.77	84.99	12.87
July 23, 1974	797.72	84.65	12.91
July 22, 1974	790.36	83.81	9.29
July 19, 1974	787.94	83.54	11.08
July 18, 1974	789.19	83.78	13.98
July 17, 1974	784.97	83.70	11.32
July 16, 1974	775.97	82.81	9.92