News stories from Friday December 21, 1973

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

The Cost of Living Council cut 15% off the rate increase requested by the Postal Service. [CBS] The White House stated that President Nixon was not aware of the request for IRS tax audits of those on the White House "enemies list". A study by Congress concluded that persons on the list were not harassed by the IRS, however the investigation will continue. [CBS] Senator Hubert Humphrey released details of his personal finances, including tax deductions he received from donating his political papers. [CBS] A military court of appeals upheld Lt. William Calley's conviction. Ultimately, President Nixon will review the case. [CBS] Former United Mine Workers president Tony Boyle pleaded innocent to murder charges involving his rival Joseph Yablonski, who was killed in December, 1969. Boyle has begun serving a prison term in Springfield, Missouri, for misuse of union money. [CBS] Holiday travel turned into a mess because of the energy crisis and the weather. An ice storm hit Washington, DC today. [CBS] One of the two Rembrandt paintings stolen from the Taft Museum in Cincinnati was returned. [CBS] President Nixon's friend Bebe Rebozo discussed his friendship with Richard M. Nixon -- the man, not the President. Rebozo was asked if the President complains to him about presidential problems. Rebozo replied that Nixon doesn't discuss his work with him, though he does like to reflect while visiting with Rebozo on his boat. Questioned if Nixon ever truly relaxes, Rebozo stated that a warm fireplace and boat riding both relax the President, who does his best thinking at those times. Rebozo added that the President has a quick sense of humor; jokes are part of his relaxation, and he is particularly fond of practical jokes. Questioned about the presidency and the tremendous pressures of the office, Rebozo said that the President doesn't show the intense pressure he is often under. [CBS] Arabs and Israelis met in Geneva, Switzerland, to open the Mideast peace conference. The start of the meeting was delayed over a seating squabble.United Nations Secretary General Kurt Waldheim opened the conference. Soviet foreign minister Andrei Gromyko declared that Israel must withdraw to the 1967 cease-fire line; Egyptian foreign minister Ismail Fahmy echoed Gromyko's words. Secretary of State Henry Kissinger stated that this peace conference must be dedicated to peace, not propaganda. Israeli foreign minister Abba Eban flatly refused to withdraw to the 1967 lines. Eban stated that Israel has been proposing peace since 1949, and Fahmy retorted that Israel is the one distributing propaganda. The historic summit meeting will continue tomorrow. As negotiations began in Geneva, Egypt reported sporadic fighting with Israeli troops. [CBS] Funeral services for Spanish Prime Minister Luis Carrero Blanco took place in Madrid. Vice President Gerald Ford represented the United States. Demonstrators lined the funeral procession. Dictator Francisco Franco did not attend the funeral. [CBS] Congress passed a bill to boost Social Security payments by 11%. [CBS] The emergency energy bill remains deadlocked in Congress as disagreements have begun to brew over the bill. Senator Henry Jackson stated that profiteering and price gouging must be removed if the energy bill is to work. The Senate is working on an emergency energy bill without any superfluous amendments. [CBS] The oil industry made record profits during 1973. The AFL-CIO stated that the industry shouldn't profiteer from the hardships of Americans. Oil companies are embarrassed over the amount of the profits, and attempted to explain them.Atlantic Richfield CEO Robert Anderson insisted that the charges against the oil companies can't be substantiated. Exxon chairman of the board James Jamieson noted that profits are being used to explore new drilling sites and pay for costs that are incurred in the process of getting fuel from the oil well to the gasoline pump. Senator Warren Magnuson announced that he favors an excess profits tax on the oil industry. White House energy czar William Simon requested a delay in revealing how much oil and gasoline has been allocated to business and industry. [CBS] The cost of living rose 0.7% for November. White House economist Herbert Stein predicted further price increases due to the energy crisis. AFL-CIO president George Meany accused the Nixon administration of being responsible for getting the economy into this mess. [CBS]

Stock Market Report

Dow Jones Industrial Average: 818.73 (-9.38, -1.13%)
S&P Composite: 93.54 (-1.01, -1.07%)
Arms Index: 1.19

	Issues	Volume*
Advances	568	5.60
Declines	920	10.82
Unchanged	366	2.26
Total Volume		18.68

* 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*
December 20, 1973	828.11	94.55	17.43
December 19, 1973	829.57	94.82	20.67
December 18, 1973	829.49	94.74	19.49
December 17, 1973	811.12	92.75	12.93
December 14, 1973	815.65	93.29	20.00
December 13, 1973	800.43	92.38	18.13
December 12, 1973	810.73	93.57	18.19
December 11, 1973	834.18	96.04	20.10
December 10, 1973	851.14	97.95	18.59
December 7, 1973	838.05	96.51	23.23