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Wednesday December 5, 1973
. . . where the 1970s live forever!

News stories from Wednesday December 5, 1973

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

  • The Cost of Living Council approved a price increase for heating oil. The price of refinery gasoline was reduced by one cent per gallon; heating oil increased two cents. Cost of Living Council director John Dunlop said that today's actions will encourage refineries to shift their emphasis to home heating oil rather than gasoline. But the gasoline price decrease still won't benefit the consumer. The Cost of Living Council ordered an investigation into diesel fuel price gouging at truck stops. The National Association of Truck Stops denied the charges. [CBS]
  • Truck drivers again blocked major highways to protest higher diesel fuel prices and lower speed limits. Along Interstate 80 in Pennsylvania, truckers used diners and CB radios to coordinate the blockade. Drivers stopped on the Delaware Memorial Bridge during rush hour to protest the government actions.

    Near Berlin Heights, the Ohio turnpike was completely blocked by truckers. Ohio Governor John Gilligan warned that court action is likely if the trucks aren't moving by tomorrow morning. The governors of New Jersey and Pennsylvania are considering calling in the National Guard to clear the roads if further blockades are set up. [CBS]

  • CBS reporters viewed some truckers' lives first-hand. The citizens band radio is used to find diesel fuel for truckers along their routes. Trucker Charley Tederman said that he's currently forced to stop three times for fuel from California to Salt Lake City. Usually one stop would suffice. Tederman believes that the federal government is down on truckers, and he stated that the country couldn't function without trucks.

    In New Jersey, driver Mike Pryslak's operating costs are tremendous now, leaving less money for his family. Pryslak noted that diesel fuel price hikes mean a profit for someone -- and it's not truckers. Truckers discussed operating costs at every stop. The Teamsters Union has requested that President Nixon call a meeting to discuss truckers' problems. [CBS]

  • The head of the Federal Law Enforcement Assistance Administration believes that the energy crisis could lead to an increase in crime. Administrator Donald Santarelli reported that his agency will give priority to local police dealing with the threat of increased crime. [CBS]
  • Saudi Arabia's oil minister Sheik Ahmed Yamani met with Secretary of State Henry Kissinger in Washington. Yamani vowed that there will be no relaxation of the oil embargo until Israelis withdraw from all Arab lands currently occupied, including the city of Jerusalem. [CBS]
  • Romanian President Nicolae Ceausescu met with President Nixon and they discussed oil shipments to the United States. Nixon and Ceausescu signed a joint declaration of economic and political cooperation. [CBS]
  • Hopes for Mideast peace continue to dim. Shooting incidents along the cease-fire line have increased, and Israel's armed services are on an urgent state of alert along the Egyptian and Syrian fronts and they are now preparing for fighting on the Jordanian front. Egypt claimed that an Israeli jet was destroyed over the Suez Canal today; Israel denied the report. In Tel Aviv, a terrorist bomb exploded on a bus; 16 were injured. [CBS]
  • President Nixon's personal secretary Rose Mary Woods and White House chief of staff Alexander Haig appeared before Judge John Sirica regarding the White House tapes and the missing 18 minutes. After hearing their testimony, it's clear that the White House has no explanation for the gap on the tape. Miss Woods was unable to explain the reason for the length of the gap. Haig recalled the President's reaction upon learning about the 18-minute gap. The hearing is expected to end tomorrow. [CBS]
  • Gerald Ford is expected to be confirmed and sworn in as Vice President tomorrow. Republican Senator Jacob Javits noted the likelihood of the issue of President Nixon's resignation or impeachment being quickly revived after Ford is officially named Vice President. [CBS]
  • President Nixon will name Arthur Flemming as chairman of the Civil Rights Commission to replace Father Theodore Hesburgh. White House adviser Bryce Harlow will be leaving the administration soon also. [CBS]
  • The funeral of a slain Boston police officer set the stage for a police demonstration favoring capital punishment. Detective John Schroder was buried today after dying in the line of duty. The Boston Patrolmen's Association believes that capital punishment will help stop the killings of policemen. Massachusetts Governor Francis Sargent said that he understands the policemen's view. A veto of any capital punishment bill passed by the state legislature is likely, however. [CBS]
  • A mass demonstration is planned tomorrow in Paris, France, to protest cost of living increases. [CBS]
  • Yesterday's election in Denmark marked voters' disillusionment with rising taxes and radical social change. Danish Prime Minister Anker Jorgensen resigned after his Social Democratic Party was routed, losing 24 seats in parliament. Opposition leader Mogens Glistrup, an advocate of lower taxes who is the leader of the new Progress Party, is credited with leading people away from Jorgensen. [CBS]
  • Two main bodies of the Presbyterian Church have existed since the Civil War when a North-South division occurred; now the Southern faction has split again. The newly-organized "Presbyterian Church in America" practices conservative theology, which is believed to be spreading. [CBS]

Stock Market Report

Dow Jones Industrial Average: 788.31 (-14.90, -1.86%)
S&P Composite: 92.16 (-1.43, -1.53%)
Arms Index: 1.29

Total Volume19.18
* 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
December 4, 1973803.2193.5919.03
December 3, 1973806.5293.9017.90
November 30, 1973822.2595.9615.38
November 29, 1973835.1197.3118.87
November 28, 1973839.7897.6519.99
November 27, 1973817.7395.7019.75
November 26, 1973824.9596.5819.83
November 23, 1973854.0099.4411.47
November 21, 1973854.9899.7624.26
November 20, 1973844.9098.6623.96

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