News stories from Monday January 21, 1974

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

Skeptical Senators and the heads of major oil companies battled at the opening of the Senate oil hearings. The oil companies insisted that the shortage isn't contrived. Senator Abraham Ribicoff stated that oil companies are responsible for scaring Americans needlessly about a fuel shortage and causing them to change their buying habits because of fear. Ribicoff was also critical of foreign tax credits and depletion allowances for oil operations overseas, and he declared that the tax breaks should be stopped. Gulf Oil president Z.D. Bonner stated that industry and government must stop bickering, learn to cooperate and attempt to solve the energy crisis.At the White House, President Nixon met with officials of the Federal Energy Office and the IRS to discuss the oil companies and the energy crisis. The President promised several thousand agents to the IRS if necessary to stop price gouging. [CBS] The 93rd Congress returned for its second session; members are faced with the energy shortage and their attempt to impeach President Nixon. Majority leader Tip O'Neill said that the President should resign in the best interest of the country because he lacks credibility. Republican leader John Rhodes said that the White House should cooperate with the impeachment probe. Rhodes announced that he favors resignation if the President is impeached. Senator Robert Byrd also offered his advice to the President to resign if he's impeached.Senator Carl Curtis attempted to keep new Ohio Senator Howard Metzenbaum from being sworn in until an investigation into Metzenbaum's taxes is begun. Vice President Gerald Ford swore in Metzenbaum after Curtis' move was rejected. [CBS] Herbert Porter, the former scheduling director for President Nixon's re-election campaign, was charged with lying to the FBI. [CBS] Vice President Gerald Ford's hometown newspaper, the Grand Rapids Press, was critical of Ford's recent speech defending the President. [CBS] Senior presidential aides ordered all White House staff members to report any contacts with the news media. [CBS]

Stock Market Report

Dow Jones Industrial Average: 854.63 (-0.84, -0.10%)
S&P Composite: 95.40 (-0.16, -0.17%)
Arms Index: 0.80

	Issues	Volume*
Advances	542	5.94
Declines	897	7.86
Unchanged	323	1.83
Total Volume		15.63

* 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 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
January 8, 1974	861.78	96.12	18.08
January 7, 1974	876.85	98.07	19.07