News stories from Monday January 14, 1974

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

Senator William Proxmire's joint committee of Congress investigating the energy crisis heard from administration energy czar William Simon, who assured the committee that the energy crisis is real. Simon conceded that mandatory reporting systems are needed for oil companies to verify their profit and supply data. Simon stated that 55% of domestic oil consumption is not controlled by government prices, and added that he doesn't think the price of gasoline will jump to 70 cents per gallon. Consumer advocate Ralph Nader claims that no fuel shortage actually exists, but an energy crisis for consumers exists because oil companies are in collusion with the government to make quick profits. President Nixon will meet with Simon to review the energy situation. [CBS] Some areas are low on fuel supplies. The Consolidated Edison Power Company, which serves the New York City metropolitan area, is down to a 10-day supply of fuel. A 5% voltage reduction has been ordered. [CBS] Oregon's plan for regulating gasoline sales began today. Motorists will be permitted to purchase gasoline only on certain days, according to their license plate number. [CBS] States which count on gasoline taxes for revenue are feeling the effects of the fuel situation. Rhode Island's revenue is 20% below expectations. [CBS] The National Highway Traffic Safety Administration reported that the death toll dropped 15% in states with lower speed limits in December. When all states lower their speed limits uniformly, the death toll will drop considerably. [CBS] A panel of three Maryland judges concluded that former Vice President Spiro Agnew was "unfit" to be a lawyer and that he should be disbarred in order to "protect the public." "His conduct, characterized as it must be, as deceitful and dishonest, strikes at the heart of the basic object of the legal profession, and constitutes conduct prejudicial to the administration of justice," the panel said in a unanimous report. [New York Times] Senator Frank Church has alleged in letters to Secretary of State Kissinger and Attorney General William Saxbe that "secret" decisions by the government have shaped the nation's energy policy for 20 years. Mr. Church, Idaho Democrat, is chairman of the subcommittee on multi-national corporations, which is scheduled to begin hearings on the oil industry Jan. 30. He asked that 38 sensitive documents, written in the 1950's, be declassified by the Nixon administration on the ground that they "throw light on some of the most important decisions of the postwar era." [New York Times]

Stock Market Report

Dow Jones Industrial Average: 840.18 (-1.30, -0.15%)
S&P Composite: 93.42 (-0.24, -0.26%)
Arms Index: 1.11

	Issues	Volume*
Advances	797	6.95
Declines	648	6.29
Unchanged	339	1.37
Total Volume		14.61

* 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*
January 11, 1974	841.48	93.66	15.14
January 10, 1974	823.11	92.39	16.12
January 9, 1974	834.79	93.42	18.07
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