News stories from Tuesday October 2, 1973
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Nixon administration announced its plan for mandatory fuel allocation. Energy policy office director John Love outlined the method for equal distribution, and Interior Secretary Rogers Morton said that he hopes the mandatory allocation will offset the anticipated fuel shortages during the winter. Propane allocations will begin immediately.
Propane and oil dealers immediately expressed their displeasure with the administration's plan, noting that mandatory allocations do nothing to increase overall fuel supplies and accusing the government of lacking an effective plan to address shortages. Senator Hubert Humphrey stated that the administration's action was too little and too late, but said he was thankful that some action was finally taken.
Sunoco raised its price for home heating oil by 3¢ a gallon.
[CBS] - Dairy farmers are reportedly boosting wholesale milk prices by 2¢ a quart. The cost increase will show up at the retail level soon. [CBS]
- Israeli prime minister Golda Meir flew to Vienna, Austria, for a meeting with Chancellor Bruno Kreisky. Mrs. Meir requested that Kreisky not close Austrian transit stations to Soviet Jews on their way to Israel. Kreisky made the decision after Arab guerrillas demanded the closure in exchange for the release of hostages last week.
Kreisky stated that although Austria is willing to receive refugees from all parts of the world, there is no way the stations will be kept open. Security was tight as Mrs. Meir met with Kreisky. Following the meeting, Kreisky insisted that no agreement was made between him and Meir.
[CBS] - Demonstrators protesting restrictive emigration for Soviet Jews were arrested outside the news agency in Moscow. Treasury Secretary George Shultz and Premier Kosygin were meeting at the Kremlin to discuss trade policy. Congress has threatened to halt "most favored nation" status for Russia if free emigration is not permitted. [CBS]
- At the United Nations, mainland China's spokesman scoffed at the United States and the Soviet Union for insisting that tranquility exists among the world's superpowers when the struggle for power is actually intense. He also criticized the U.S.-Soviet nuclear arms treaty. [CBS]
- Ensign Michael Long, an American naval officer, fell off his ship on Friday. Long was rescued by a Russian fishing boat and returned safely to his ship. [CBS]
- Senate Watergate hearings resume Wednesday. Donald Segretti, "dirty tricks" specialist, will testify. Segretti was originally hired by former Nixon aide Dwight Chapin. He allegedly carried out dirty tricks under directions from the White House. Committee counsel Sam Dash may recall some big names in the White House because of the latest developments.
CBS will broadcast the hearings live beginning at 10 a.m.
[CBS] - Many past and present government officials have been subpoenaed before the court in a Texas stock fraud case. Bank owner Frank Sharp received immunity for his testimony after his bank was charged with mail and stock frauds. Former Attorneys General John Mitchell and Richard Kleindienst were subpoenaed to testify today along with the Justice Department's Henry Petersen. [CBS]
- Years ago Otto Otepka lost his State Department security job for leaking information to Congress. Otepka has made a similar charge against President Nixon's nominee for Treasury undersecretary. [CBS]
- Welfare Secretary Caspar Weinberger announced the formation of new agency called the Alcohol, Drug Abuse and Mental Health administration. It will be headed by Dr. Roger Egeberg. [CBS]
- A spree in which six people were killed by escaped prison inmates ended after the suspects were captured by police in Lexington, Ky. Escape and robbery appear to be the only motives for the killings. [CBS]
- Three more murders linked to possible racial motives occurred in Saint Croix, Virgin Islands. [CBS]
- Skylab astronauts in Houston held their first news conference since returning from space. [CBS]
- The Elks voted to drop racial discrimination and admit blacks to their fraternal order. [CBS]
- The Soapbox Derby scandal has gone to court. Robert Lange, uncle of the deposed winner, faces charges of contributing to the delinquency of a minor. The derby fell victim to its own "Watergate" in the '73 race.
Bob Turner, the winner of the first Soapbox Derby in 1934, said he was suspicious of the winning car from the beginning of this year's race. Lange charged that a majority of entries get away with rules violations. Officials are busy creating a new set of rules. The downfall of the Derby's purity may reflect America's priorities.
[CBS]
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Stock Market Report
Dow Jones Industrial Average: 956.80 (+7.97, +0.84%)
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* |
| October 1, 1973 | 948.83 | 108.21 | 15.83 |
| September 28, 1973 | 947.10 | 108.43 | 16.30 |
| September 27, 1973 | 953.27 | 109.08 | 23.66 |
| September 26, 1973 | 949.50 | 108.83 | 21.13 |
| September 25, 1973 | 940.55 | 108.05 | 21.53 |
| September 24, 1973 | 936.71 | 107.36 | 19.49 |
| September 21, 1973 | 927.90 | 107.20 | 23.76 |
| September 20, 1973 | 920.53 | 106.76 | 25.96 |
| September 19, 1973 | 910.37 | 105.88 | 24.57 |
| September 18, 1973 | 891.26 | 103.77 | 16.40 |