News stories from Wednesday January 9, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Nixon invited leaders of the major oil-consuming nations to meet in Washington in a joint effort to formulate a coordinated policy aimed at solving the growing energy crisis. Thirteen oil-producing countries have been asked to join a meeting with the consuming nations at a later date; the oil producers may be willing to attend.
After the oil producers' meeting in Geneva, those countries decided to stabilize crude oil prices for three months. Iran's financial minister Jamshid Amouzegar insisted that oil-producing countries don't make tremendous profits from high oil prices. France reportedly made its own deal with Saudi Arabia for oil in exchange for arms. France claimed that Saudi Arabia's capital city was teeming with representatives of other nations hoping to make similar deals.
[CBS] - The American Petroleum Institute reported another substantial drop in refineries' stocks of crude oil as criticism mounted that the government was wholly dependent on the oil industry for essential data. [New York Times]
- Energy czar William Simon reported that much information regarding foreign oil comes from the CIA, but added that all government agencies are being used in order to get the correct facts and figures regarding the fuel shortage. Simon doesn't think that rationing will be necessary, and he plans to order increased production of gasoline once heating oil supplies are built up. [CBS]
- West Germany said that despite the cutbacks in oil production announced by the Arab countries, it expected to have more gasoline on hand next month than in February, 1973. The government also decided that a ban on weekend driving was no longer necessary. But since demand has increased even more than the expected February supply, the government said it would keep lower highway speed limits. [New York Times]
- Most gasoline station operators approved the unique rationing plan recently implemented in Oregon. The plan calls for motorists to only be able to purchase gasoline on certain days of the week, according to their license plate number. [CBS]
- Hearings regarding the possibility of drilling for oil in the Ocala National Forest in Florida have ended. Environmentalists object to any drilling at all. Amoco spokesman Wayne Blankenship stated that drilling is necessary, and the proposed type of drilling is an accepted process. Florida assistant Attorney General Pat Dunn said that all land and resources in Ocala National Forest belong to the state. Interior Secretary Rogers Morton will decide the drilling question. [CBS]
- A year after celebrating his 60th birthday with the prospects of wielding enormous political power, President Nixon entered his 62nd year with his ability to survive in office in doubt. [New York Times]
- The White House explanation of President Nixon's decision to raise milk price supports apparently contradicts a recent statement by Mr. Nixon that he refused to accept information about campaign contributions. The White House account disclosed for the first time that the President received information about campaign contribution pledges by milk producers before raising the support prices for milk. [New York Times]
- The Solicitor General at the time of the antitrust case against the International Telephone and Telegraph Corporation disputed part of the White House account of how the case was handled. Erwin Griswold questioned the White House version of when he was authorized to appeal a court ruling. In addition, the White House account was considered open to criticism for omitting reference to a number of meetings between I.T.T. executives and administration officials. [New York Times]
- Leaders of the nation's baking industry said that the price of bread could rise to as high as $1 for a family-size loaf this spring unless the government restricts booming wheat exports. [New York Times]
- The Ford Motor Company announced widespread layoffs, especially at plants which are cutting back on the production of large automobiles. [CBS]
- Israeli and Egyptian generals suspended their deadlocked military talks in Geneva for six days to enable their governments to make new political decisions on the disengagement issue. The recess of the talks, which had begun after Christmas, will give the United States and the Soviet Union a chance to nudge the parties closer to an agreement on the issue. [New York Times]
- Secretary of State Kissinger leaves Washington tomorrow night for talks in Egypt and Israel to help bring about an agreement on the separation of troops near the Suez Canal. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 834.79 (-26.99, -3.13%)
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* |
| January 8, 1974 | 861.78 | 96.12 | 18.08 |
| January 7, 1974 | 876.85 | 98.07 | 19.07 |
| January 4, 1974 | 880.23 | 98.90 | 21.70 |
| January 3, 1974 | 880.69 | 99.80 | 24.85 |
| January 2, 1974 | 855.32 | 97.68 | 12.06 |
| December 31, 1973 | 850.86 | 97.55 | 23.47 |
| December 28, 1973 | 848.02 | 97.54 | 21.31 |
| December 27, 1973 | 851.01 | 97.74 | 22.72 |
| December 26, 1973 | 837.56 | 95.74 | 18.62 |
| December 24, 1973 | 814.81 | 92.90 | 11.54 |