News stories from Tuesday December 11, 1973

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

President Nixon's top economic adviser Herbert Stein reported that the oil shortage may not be as critical as expected, although the energy crisis is dire. Stein outlined a grave economic outlook for 1974 because of the energy crisis, with increased fuel costs, unemployment, and a higher cost of living.Frank Ikard, president of the American Petroleum Institute, stated that the energy crisis is real, and Americans must learn to conserve. The federal government announced plans to set up car pools in metropolitan areas. [CBS] Truck drivers remain upset over high fuel costs and low speed limits. Truckers are threatening work stoppages unless their demands are met. No more road blocks will be put up; truckers will simply stop working. Teamsters president Frank Fitzsimmons said he doesn't think a work stoppage is likely, however. Truckstop operators today attended a meeting called by Transportation Secretary Claude Brinegar. Unless more fuel is allocated, airlines will be affected severely, just as the trucking industry has been. [CBS] Administration energy czar William Simon approved indoor Christmas tree lights, but all outdoor holiday lighting is likely to be banned soon. Eli Reich, who was in charge of the Petroleum Allocation Office, resigned today following conflicts with Simon. [CBS] Carlos Andres Perez, the apparent winner of Venezuela's presidential election this past Sunday, campaigned on a platform of using his nation's oil as a political weapon against industrialized countries. [CBS] President Nixon and Republican leaders in Congress held a strategy meeting for the 1974 congressional elections. Watergate was not mentioned. National party chairman George Bush declared that not only was Watergate never mentioned at the meeting today, Watergate won't be the main issue in the elections. Senator William Brock, however, acknowledged Watergate's effect on the Republican party but agreed with Bush that the main issues in '74 won't include Watergate. [CBS] In President Nixon's recently-released financial statement, the subject of California taxes was skirted. But that topic became a hot issue at a meeting of the Franchise Tax Board in Sacramento.State controller Houston Flournoy insisted that the President will be accorded the same privacy as any other citizen. Democrat William Bennett demanded that the President be charged with tax evasion and that he be sent a bill for back taxes. The two Republicans on the board disagreed with Bennett. Bennett then accused the board of giving President Nixon preferential treatment; accusations and angry words flowed freely between Flournoy and Bennett until the meeting was adjourned. [CBS] Judge Charles Richie ruled that the organization formed by consumer advocate Ralph Nader is eligible for tax-deductible donations, but White House pressure kept Nader's organization from getting the deductions. [CBS] New York Governor Nelson Rockefeller announced his resignation. Rockefeller insisted he does not plan to be a candidate for president in 1976, but was unsure about future plans regarding the presidency. Rockefeller stated that he will now devote full time to two national commissions which are attempting to deal with America's problems. Rockefeller claimed that his resignation isn't a "trick", but all of his actions point directly to him having an eye on the White House. [CBS] The Supreme Court ruled that police may fully search any person who has lawfully been arrested, and any evidence found during a search may be used against that person. [CBS] Elite Army airborne units, synonymous with masculinity, are facing changes. At Fort Benning, Georgia, Pvts. Joyce Kooch and Rita Johnson have become the first females in the paratrooper unit. Veteran jumpers were resentful of the allegedly watered-down training received by Kooch and Johnson. Sgt. Larry Taylor said he believes that the public will resent female paratroopers. [CBS] Ford, Chrysler and American Motors announced immediate price increases after the Cost of Living Council lifted price controls. [CBS] Security precautions have been increased for Secretary of State Henry Kissinger. In London, Kissinger will meet with British Prime Minister Heath and Foreign Secretary Douglas-Home. The U.S. State Department confirmed that assassination threats were made against Kissinger, reportedly by Palestinian terrorists. Earlier, Kissinger had been in Brussels for a meeting with NATO foreign ministers. [CBS] Israeli Defense Minister Moshe Dayan warned that Israel won't participate in the Mideast peace talks in Geneva unless Syria releases a list of Israeli POWs it is holding. [CBS] The House passed a trade reform bill to forbid loan credits to the Soviet Union unless that nation's emigration restrictions are eased. [CBS] Tonight's CBS news broadcast was interrupted earlier in the program by a disturbance caused by a member of the "Gay Raiders" who was protesting the defamation of homosexuals on entertainment programs. [CBS] The U.S. aircraft carrier Kitty Hawk caught on fire; six persons were killed. [CBS] Houston Astros baseball star Cesar Cedeno was charged with voluntary manslaughter for being involved in an incident in which his gun discharged in a motel room in the Dominican Republic, killing his girlfriend. [CBS]

Stock Market Report

Dow Jones Industrial Average: 834.18 (-16.96, -1.99%)
S&P Composite: 96.04 (-1.91, -1.95%)
Arms Index: 1.59

	Issues	Volume*
Advances	511	4.32
Declines	1,028	13.82
Unchanged	317	1.96
Total Volume		20.10

* 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 10, 1973	851.14	97.95	18.59
December 7, 1973	838.05	96.51	23.23
December 6, 1973	814.12	94.42	23.26
December 5, 1973	788.31	92.16	19.18
December 4, 1973	803.21	93.59	19.03
December 3, 1973	806.52	93.90	17.90
November 30, 1973	822.25	95.96	15.38
November 29, 1973	835.11	97.31	18.87
November 28, 1973	839.78	97.65	19.99
November 27, 1973	817.73	95.70	19.75