News stories from Monday February 4, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Amoco announced a decrease of 2 cents per gallon in the price of its gasoline, and a 1 cent decrease for heating and residual fuel oils. A congressional committee approved legislation to force a rollback in the prices of crude oil. Both house of Congress must approve the measure before it becomes law. [CBS]
- Negotiations between the government and truckers continued in Washington. The National Guard is on call to prevent violence and protect working truckers in Ohio, Michigan and Pennsylvania. Food distribution has been seriously affected. There is a backlog of undelivered meat products in the Chicago stockyards because of the strike, which is keeping grocery stores from carrying meat. Illinois Governor Daniel Walker ordered escorts for working truckers, but few chose to risk violence. Much of Florida's vegetable and fruit harvest won't reach Northern markets because truckers refuse to haul the produce. Products which do reach Northern markets will cost the consumer dearly.
Teamsters union president Frank Fitzsimmons declared that he opposes the strike, and he urged federal and state governments to crack down. Former Teamsters president Jimmy Hoffa said that he supports the strike.
[CBS] - The truckers' strike has also affected gasoline distribution. Schools in many areas have been forced to close, and there are long lines at service stations. Federal energy czar William Simon requested that motorists not buy gasoline unless they need at least $3.00 worth, in order to shorten lines at the pumps. [CBS]
- Treasury Secretary George Shultz told the House Ways and Means Committee that a windfall tax should be imposed on oil company profits, but he stated that price rollbacks would not work. Talk of nationalizing oil companies is "outrageous", according to Shultz. Shultz backed the administration's plan to break the tax advantage for overseas oil production. [CBS]
- A spokesman for the baking industry claimed that the United States could completely deplete its bread supply if the wheat shortage continues. An Agriculture Department economist said that the wheat shortage won't become critical. [CBS]
- President Nixon sent Congress his $304.4 billion budget for the coming fiscal year, terming it a budget of moderate restraint and fiscal responsibility. According to his assistants, the budget might be "busted" if a slump in the economy calls for more spending. As it is, the budget makers foresee a deficit of $9.5 billion, largely because an economic slowdown is expected to curb the growth in revenues. The budget totals, the President said, were in line with "a continuing anti-inflation program."
The Watergate scandal found itself reflected in several areas of the President's budget requests for fiscal 1975. For instance, the President asked for a substantial increase in the White House payroll, much of it reportedly to pay for the legal staff the White House has added to handle the complex Watergate litigation.
[New York Times] - The White House declared "categorically" that evidence handed to the Watergate prosecutor, Leon Jaworski, did not support John Dean's testimony implicating President Nixon in the Watergate cover-up but rather bore out Mr. Nixon's version of events. The statement referred to unspecified' "tapes and other evidence." [New York Times]
- British union officials announced that the coal miners had voted overwhelmingly for a strike. By an 81 percent margin, they gave their leaders authority to set a date for a walkout. Prime Minister Heath failed, meanwhile, in a latest effort to avert economic disruption with a settlement. Leaders of the miners' union are to meet tomorrow to consider a strike date, which could be as early as next Sunday. [New York Times]
- The Soviet Foreign Minister, Andrei Gromyko, opened talks with President Nixon and Secretary of State Kissinger, focusing on the Middle East and Soviet-American issues. Officials withheld details of the discussions, but Mr. Gromyko, who had just arrived from Havana, said the topics had "definitely not" included Cuba during his initial meeting. [New York Times]
- Syrian and Israeli artillery and tanks exchanged fire for the ninth day, and a Syrian spokesman said that six Israeli tanks were destroyed. In Tel Aviv, an Israeli spokesman said two Israeli soldiers were wounded on the Golan Heights front. [New York Times]
|
Stock Market Report
Dow Jones Industrial Average: 821.50 (-22.44, -2.66%)
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* |
| February 1, 1974 | 843.94 | 95.32 | 12.48 |
| January 31, 1974 | 855.55 | 96.57 | 14.02 |
| January 30, 1974 | 862.32 | 97.06 | 16.79 |
| January 29, 1974 | 852.32 | 96.01 | 12.85 |
| January 28, 1974 | 853.01 | 96.09 | 13.41 |
| January 25, 1974 | 859.39 | 96.63 | 14.85 |
| January 24, 1974 | 863.08 | 96.82 | 15.98 |
| January 23, 1974 | 871.00 | 97.07 | 16.89 |
| January 22, 1974 | 863.47 | 96.55 | 17.33 |
| January 21, 1974 | 854.63 | 95.40 | 15.63 |