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Thursday December 13, 1973
. . . where the 1970s live forever!

News stories from Thursday December 13, 1973

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

  • The Nixon administration announced more plans to conserve fuel and electricity. The President declared that voluntary energy conservation programs have been successful, and he praised the response of Americans to the call for conservation. Later, President Nixon and energy czar William Simon met with governors.

    The government announced erroneously yesterday that gasoline production would be cut 25%. Simon today corrected the figure to 5%. He admitted the mistake and accepted blame for the error. Gasoline rationing may be avoided. [CBS]

  • A Senate committee is investigating the reasons behind the energy crisis. Committee staffer LaVern Duffy testified that the Office of Emergency Preparedness failed to increase oil imports sufficiently in 1971 and 1972. Duffy stated that government officials gambled with the energy situation and lost.

    Former Office of Emergency Preparedness director George Lincoln testified that officials within the organization couldn't decide on definitive action. Senator Henry Jackson questioned Lincoln about contingency plans for an Arab oil cutoff. Lincoln claimed that a contingency plan was formulated by his department, but he stated that the plan was surrendered to the General Services Administration when the Office of Emergency Preparedness was disbanded. [CBS]

  • The House voted to forbid the use of gasoline under the new allocation system for busing students beyond neighborhood schools. Representative John Dingell of Michigan attached the amendment to the emergency energy bill. The legislation is not likely to pass the Senate. [CBS]
  • Independent truckers began a two-day work stoppage as strikers harassed those truckers who remained on the job. Most union truckers continued their routes, traveling in convoys. A member of the Joliet livestock exchange stated that the livestock industry and the entire food industry will come to a grinding halt if the strike lasts as long as one week. [CBS]
  • Some airline pilots are considering a work stoppage during the peak holiday travel season to protest airline cutbacks. Pan Am laid off more employees today. [CBS]
  • Venezuela will use oil as political weapon according to new President Carlos Andres Perez. Venezuela supplies one-third of U.S. oil imports. In a news conference in Caracas, Perez promised not to reduce U.S. oil shipments during the energy crisis, but criticized President Nixon's foreign policy towards Latin America. [CBS]
  • President Nixon plans to spend the week after Christmas in Florida. Plans for traveling by train are under consideration. [CBS]
  • Electronics experts filed a report with Judge John Sirica concerning the 18-minute gap on the White House tape which contained President Nixon's conversation with H.R. Haldeman regarding Watergate. The report concluded that a lamp and typewriter likely did not cause the 18-minute buzz on the tape, as Nixon's personal secretary Rose Mary Woods theorized. White House attorney Fred Buzhardt said that he accepts the experts' report. [CBS]
  • United Press International reported that aides have urged President Nixon to request that his critics in Congress fully disclose their personal financial records, as the President has done. Senators Lowell Weicker and Sam Ervin were named as targets. [CBS]
  • A Gallup poll showed a rise in the approval of President Nixon's handling of his job. A Harris poll revealed that only 37% agree with the President's actions, however. [CBS]
  • The Senate Judiciary Committee approved the nomination of Attorney General-designate William Saxbe. Senator Sam Ervin voted against Saxbe. [CBS]
  • Secretary of State Henry Kissinger is in Cairo, discussing the Geneva peace conference with Egyptian officials. Israeli Prime Minister Golda Meir today expressed doubt that Israel will attend those talks. Earlier, Kissinger visited Algeria. Later this month, Kissinger will meet again with North Vietnam's Le Duc Tho in Paris to discuss peace in Southeast Asia. [CBS]
  • The situation in Southeast Asia looks to be threatening. North Vietnamese military troops remain in South Vietnam and an increase in troop strength is likely. The Communists have come up with new developments designed to beat South Vietnam. [CBS]
  • The Senate voted to cut off the supply of U.S. oil to South Vietnam. [CBS]
  • Britain announced strong emergency measures to deal with the energy and economic crises. A three-day work week will be implemented in January. Prime Minister Edward Heath explained that the government must assure the survival of the nation. Britain was faced with work slowdowns by coal miners, electrical workers and railroaders.

    All television programming in Britain will stop at 10:30 p.m. nightly. Britain's population stabilization group is concerned. [CBS]

  • There are reports that more than $3 million in ransom has been paid to the kidnappers of John Paul Getty III. Getty's mother, Mrs. Gail Harris, denied this. [CBS]

Stock Market Report

Dow Jones Industrial Average: 800.43 (-10.30, -1.27%)
S&P Composite: 92.38 (-1.19, -1.27%)
Arms Index: 1.19

Total Volume18.13
* 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 12, 1973810.7393.5718.19
December 11, 1973834.1896.0420.10
December 10, 1973851.1497.9518.59
December 7, 1973838.0596.5123.23
December 6, 1973814.1294.4223.26
December 5, 1973788.3192.1619.18
December 4, 1973803.2193.5919.03
December 3, 1973806.5293.9017.90
November 30, 1973822.2595.9615.38
November 29, 1973835.1197.3118.87

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