News stories from Wednesday January 23, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Senator Henry Jackson reported that the Senate oil hearings turned up no evidence of oil companies' creating the energy crisis, but he claimed that windfall profits were made. Exxon reported that its 1973 profits were up 60% from '72.
President Nixon sent his energy message to Congress. Environmentalists are angry over a proposal to use coal in some power plants. Energy czar William Simon urged Congress to go along with the proposal which allows oil companies to reinvest profits in the search for new fuel sources.
Interior Secretary Rogers Morton signed the permit for construction of the Alaska pipeline. Commerce Secretary Fred Dent announced the establishment of export quotas on gasoline and other petroleum products.
[CBS] - The profit question came up again at Senate hearings. Senator Jacob Javits noted that oil companies are reporting "enormous" profits for 1973. Administration energy czar William Simon testified at another hearing regarding the windfall profits tax, and stated that oil company profits are not unreasonable. Executives from Shell, Amoco and Gulf all reported the likelihood of serious gasoline shortages next summer.
Senator Jackson learned that some American companies in Saudi Arabia obeyed orders to cut off fuel supplies to U.S. military forces during October's Mideast alert; the Pentagon declined comment.
[CBS] - The American Petroleum Institute reported that crude oil imports last week were the lowest since February '72. [CBS]
- The government assured trucking firms that they are permitted to pass along the higher costs of diesel fuel; as a result, consumers will pay more for everyday commodities. A hike in the national speed limit was rejected. [CBS]
- President Nixon has apparently told Republican leaders that he will "fight like hell" against efforts to impeach him. Reports on a recent meeting between the President and 18 members of the House portray Mr. Nixon as firm in his refusal to consider resigning and deterined to fight the current House inquiry into his possible impeachment. [New York Times]
- In a straight party-line vote, the Senate Watergate Committee decided to end its two-month recess and resume public hearings next week. The hearings will begin with testimony on the $100,000 given to the President's friend, Charles G. Rebozo, by agents of Howard Hughes and will go on to an investigation of contributions by the dairy industry to the Nixon campaign. [New York Times]
- Leaders of Britain's coal miners agreed to increase the pressure in their wage struggle with the British government by proposing a vote on whether to extend the present slowdown to an all-out strike. If the proposal is approved by the union's executive, the vote would be the first gauge of sentiment among the miners since their leaders ordered a ban on overtime work in mid-November. [New York Times]
- Israeli troops and tanks have begun withdrawing from the western bank of the Suez Canal to new positions on the eastern side ahead of schedule, according to military sources in Tel Aviv. The withdrawal and the removal of land mines were made in preparation for the full evacuation of the bridgehead under the terms of the Egyptian-Israeli agreement signed last week. [New York Times]
- Ending a six-day tour of eight Arab capitals, President Anwar Sadat of Egypt indicated that Syria was willing to talk with Israel about the separation of troops from the Golan Heights front. At a news conference in Rabat, just before returning to Cairo, Mr. Sadat said that the Middle East peace conference in Geneva would not be resumed until Syria and Israel reached agreement on troop withdrawal. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 871.00 (+7.53, +0.87%)
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 22, 1974 | 863.47 | 96.55 | 17.33 |
| January 21, 1974 | 854.63 | 95.40 | 15.63 |
| January 18, 1974 | 855.47 | 95.56 | 16.47 |
| January 17, 1974 | 872.16 | 97.30 | 21.04 |
| January 16, 1974 | 856.09 | 95.67 | 14.93 |
| January 15, 1974 | 846.40 | 94.23 | 13.25 |
| January 14, 1974 | 840.18 | 93.42 | 14.61 |
| 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 |